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The "sudden" decline of the dollar in Iraq.. What is the reason and will it rise again?
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Baghdad today - Baghdad
During the past 24 hours, dollar exchange rates suddenly decreased by more than 4%, amid questions about the reason for this decline and whether it is permanent or will return to rising again.
Professor of Economics at Saladin University, Khurshid Othman, considered today, Monday (November 13, 2023), that the fall in the price of the dollar in the parallel market is “temporary . ”
Othman said in an interview with “Baghdad Today” that, “There is a group of speculators who have coordination and cooperation among themselves, and they are the ones who control the dollar exchange rate, whether rising or falling.”
He added, "The decline in the dollar exchange rate will continue during the next two days, but it will rise again. It is a trick by speculators to withdraw the dollar from the citizen at a low price and then sell it again."
Today, Monday, the dollar exchange rates witnessed a noticeable decline in the parallel market and money exchanges, as the average exchange rate reached 160 thousand dinars for every 100 dollars, after exceeding the barrier of 166 thousand dinars during the past two days.
The decrease came in conjunction with the Central Bank’s announcement of an agreement with the US Federal Reserve to supply new bank balances in dollars and increase the number of banks capable of carrying out transfers from 5 to 10 banks, in addition to opening the door to importing dollars from abroad to licensed banks, in addition to opening a platform for booking dollars by travelers. All of these decisions led to reducing the demand for the dollar, according to specialists.
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