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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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    Why did the dollar exchange rate fall in Iraq?

    Rocky
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    • Post n°1

    Why did the dollar exchange rate fall in Iraq? Empty Why did the dollar exchange rate fall in Iraq?

    Post by Rocky Tue 14 Nov 2023, 1:59 pm

    Why did the dollar exchange rate fall in Iraq?
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    Baghdad today - Baghdad
    Today, Tuesday (November 14, 2023), economic expert Nabil Al-Marsoumi suggested that the reason for the decline in exchange rates in the parallel (black) markets was due to the recent agreement between the US Central Bank and the Federal Reserve.
    Al-Marsoumi said in a blog post on Facebook, followed by Baghdad Today, that “good market sentiment and optimistic expectations associated with the agreement between the US Federal Bank and the Central Bank of Iraq on a combination of policies and procedures are what was behind the recent rise in the dinar’s exchange rate against the dollar.” Until the dollar reached 1,560 dinars.
    He added, "These measures have not been tested on the ground to determine the extent of their ability to narrow the gap between the official and parallel prices. Therefore, the price of the dollar will continue to decline for some time and then stabilize after that, perhaps close to 1,500 dinars, and then rise after that," indicating that "the treatments and procedures The latter did not address the essence of the problem, which is trade with Iran and Syria and the problem of Iraqi travelers to Iran and Syria who are deprived of obtaining the dollar at the official rate.”
    He continued: There is a fatal duality in Iraq represented by the presence of two tax and customs tariff systems, the presence of illegal ports, weak control over official border crossings, and the presence of goods that are not financed through the electronic platform, but rather through the parallel market, such as alcoholic beverages, cigarettes, and drugs.
    Earlier, reports revealed an agreement between the Central Bank of Iraq and the US Federal Bank during a meeting in the Emirates, to add new banks as part of the work of enhancing foreign remittances.
    According to the agreement, the number of banks capable of enhancing balances and transferring currencies abroad became 10 instead of 5 banks, and enhancing their balances in dollars in advance, in addition to strengthening a number of banks in Chinese yuan or the UAE dirham and the Indian rupee, which allows foreign trade to be easily enhanced and financed with dollars.
    While  economic affairs researcher Nasser Al-Kanani revealed the importance of the Iraqi-American negotiations in the Emirates regarding the recent agreement on dollar transfer mechanisms.
    Al-Kinani told “Baghdad Today” in previous statements, “The recent dialogues between the Central Bank of Iraq and the US Federal Reserve, in the UAE, are a very important step in order to find real solutions to the dollar crisis that Iraq has been going through for nearly a year, and for which it has not been found.” “There are no solutions, as the dollar exchange rate continues to rise.”
    He added that "strengthening the balances of some Iraqi banks in dollars directly by (JP Morgan Bank) is an important step that will reduce the scarcity of dollars in banks and the market, which was the reason for the recent rise in the exchange rate in the parallel market. We also believe that implementing what was stated in the agreement The Iraqi-American latest regarding commercial transactions in the UAE dirham and the Chinese yuan will prompt a reduction in the dollar exchange rate in the coming days.”
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