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An economist warns of a widening gap between the official and parallel dollar price in the markets
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Baghdad today - Baghdad
Today, Thursday (August 10, 2023), economist Nabil Al-Marsoumi warned of the dangers of widening the gap between the official and parallel prices of the US dollar against the dinar in the local markets.
Al-Marsoumi told "Baghdad Today" that "the widening gap between the official and parallel rates of the dollar against the dinar weakens confidence in the Iraqi dinar and reduces incentives for depositing money in Iraqi banks."
He added, "This matter prompts savers to replace the Iraqi dinar with dollars and gold, or by investing in the purchase of land and real estate," noting that "it leads to higher prices and a decrease in the real value or purchasing power of the Iraqi dinar."
Dollar prices witnessed great confusion due to the discrepancy between the official price announced by the Central Bank, which is 132,000 thousand Iraqi dinars per 100 US dollars, and the price of the dollar in the markets, as it exceeded 150,000 Iraqi dinars per 100 US dollars, i.e. a difference of more than 20,000 Iraqi dinars.
Yesterday, Wednesday (9 August 2023), the Central Bank of Iraq threatened exchange companies authorized to enter the window for selling foreign currency, by depriving the dollar and withdrawing licenses in the event that “sequences of dollars sold to travelers” were found leaked to the parallel market and speculators.
In its letter addressed to exchange companies of categories A and B, the Central Bank stressed the need to adhere to the approved controls for providing travelers with dollars, and not to allow it to leak to speculators. The bank also threatened to take action against exchange companies that have 3 complaints, after verifying the validity of the allegations.
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