19 hours ago
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Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, identified the reasons behind the rise in the dollar in the parallel markets.
Rashid said in a press interview seen by Taqaddam that “there is a misconception that has been circulated recently related to the fact that the price of the dollar in the parallel markets will decrease with the approval of the 2023 budget. .”
And he added, “The exchange rate of the dollar in the parallel markets depends on the principle of supply and demand, and the start of implementing the 2023 budget will mean the release of large sums of money that will lead to a greater increase in the purchase of the dollar.”
He pointed out that "the government's treatments to contain the rise in the exchange rate of the dollar were not sufficient until now," stressing that "Iraq sells nearly 7 billion dollars a month of oil, two billion goes to its multiple financial obligations, and it sells in 5 weekly sessions 200 million dollars each time, but it remains less." From the increasing demand for hard currency, and thus pushes up prices.
The exchange rate of the dollar in the parallel markets in Iraq witnessed a remarkable rise in the past weeks, reaching 147 thousand dinars per 100 $, while the Central Bank set the exchange rate at 132 thousand dinars per 100 $.
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