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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Parliament enters the line.. Mixed expectations for the dollar crisis in Iraq

    Rocky
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    Parliament enters the line.. Mixed expectations for the dollar crisis in Iraq Empty Parliament enters the line.. Mixed expectations for the dollar crisis in Iraq

    Post by Rocky Wed 25 Oct 2023, 4:09 pm

    Parliament enters the line.. Mixed expectations for the dollar crisis in Iraq



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    2023-10-25 11:03
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    Shafaq News/ Economic affairs specialists believe that the unstable exchange rate of the US dollar against the Iraqi dinar will continue, in light of the repercussions of the war in Gaza, and the availability of a “stimulating” economic and political environment for the decline of the dinar’s value against the dollar.

    On the other hand, observers expect the exchange rate to fall after the Central Bank of Iraq and its Iranian counterpart agreed to deal in the dinar and the toman and dispense with the dollar, while the House of Representatives intends to host those concerned with the financial file to discuss these fluctuations next week.

    Low after high

    The dollar exchange rates decreased in Baghdad today, Wednesday, and in Erbil, the capital of the Kurdistan Region, with the closing, after recording an increase at the opening this morning.

    Shafaq News correspondent said that dollar prices fell with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 161,000 dinars against 100 dollars, while prices this morning were 162,200 dinars against 100 dollars.

    Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad decreased, as the selling price reached 162,000 dinars for 100 dollars, while the purchase price reached 160,000 dinars for 100 dollars.

    As for Erbil, the dollar also recorded a decline, as the selling price reached 160,500 dinars for every 100 dollars, and the purchasing price was 160,400 dinars for every 100 dollars.

    New change

    Financial and economic expert, Mahmoud Dagher, points out that “the fluctuation in the price will continue to rise, then decline slightly, then rise, as a result of the entry of a new variable represented by the repercussions of the Gaza issue and the Islamic resistance factions, which will add instability to the dollar.”

    In an interview with Shafaq News Agency, Dagher believes that “the economic and political environment stimulates the decline in the value of the dinar, and the subsequent emergence of the dollar at a higher value, whether due to the desire to cover imports for the sanctioned countries, or due to internal speculation.”

    Price drop

    For his part, researcher and writer, Halim Salman, explains that “one of the reasons for the lack of control over the exchange rate is the existence of trade with sanctioned countries and entities to which the US Federal Reserve does not allow the transfer of dollars, so the merchant is forced to resort to the parallel market, where demand is high and supply is low.”

    Salman added to Shafaq News Agency, “The most important reasons for the recent rise is the failure of the Central Bank of Iraq administration to open real outlets for merchants for the purpose of final entry to transfer platforms, and also the Central Bank’s lack of control over some large banks and exchange houses that trade in dollars.”

    He continues, "The Sudanese Prime Minister's statements are clear that speculators in the currency market are still challenging the authority of the state, so we expect stricter measures against those who want to threaten economic security in the country."

    At the conclusion of his speech, he expected "a decline in the exchange rate, due to the agreement of the Central Bank of Iraq and its Iranian counterpart for commercial payments, which will be in dinars and tomans, and dispensing with the dollar."

    Parliamentary hosting

    In turn, Representative Nayef Al-Shammari says, “The rise in the dollar exchange rate affects the poor citizen, so the House of Representatives will take a stand in this regard, as those concerned with the financial file will be hosted during next week’s sessions.”

    Al-Shammari explained to Shafaq News Agency, “These sessions will discuss the details of this rise, its causes, and the measures to be taken to reduce it,” pointing out that “the decline of the dollar depends on the measures followed by the Iraqi monetary policy.”
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