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Low exchange rate in the local market
Economical 06/11/2023
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The exchange rate of the dollar in the local markets recorded a new decline after voting on an article related to the exchange rate in the General Budget Law, while specialists in economic affairs expect a greater decline during the coming period in light of the recent government measures.
According to the "Al-Sabah" correspondent, "the exchange rates of the US dollar against the Iraqi dinar were recorded yesterday, Saturday, in exchange shops in the local markets, 145,500 dinars per 100 dollars, after it was 147,500 last Friday."
He added, "The movement of buying and selling the dollar witnessed increases, especially during the past hours," while it is expected to decrease more than the increase in the supply of the dollar in the markets.
local".
In turn, the economic expert, Ismail Muhammad, revealed that the vote on the article related to determining the exchange rate of the dollar in the federal budget for the current year has affected and will affect the dollar exchange rate more, and it is expected that the price of the dollar will gradually decline, especially after the completion of the approval of the federal budget. Ismail indicated that after the approval of the budget, it will be available The Iraqi Council of Ministers and the federal ministries have the right to deal with the amounts allocated to them from the budget, which will be pumped to the street through these institutions, and these amounts will certainly be reflected in the movement of the market and the exchange rate of the dollar, especially since all government institutions deal with the Central Bank of Iraq, which is the most influential party in the movement of funds in markets.
According to the articles of the budget law that the House of Representatives voted on, the federal budget for the year 2023 amounts to 134 trillion and 552 billion and 919 million and 63 thousand dinars.
And by calculating speculative revenues from exporting crude oil at a price of $70 per barrel, at an export rate of three million and 500 thousand barrels per day, including 400 thousand barrels per day of Kurdistan Region oil, based on an exchange rate for the dollar equivalent to 1,300 dinars per dollar.
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