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Revealing the reason for the dollar’s decline.. Are the parallel and the official equivalent?
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Baghdad Today - Baghdad
Financial affairs expert, Nasser Al-Kinani, revealed today, Thursday (December 21, 2023), the reason for the decline in the dollar exchange rate in the parallel market.
Al-Kanani told "Baghdad Today", "The most prominent reason for this decline is the reduction and limitation of black transfers, and this is due to the recent Iraqi agreement to finance foreign trade with non-dollar means, especially with the Turkish side."
He expected that "the exchange rate will continue to decline gradually, especially with the reduction of black transfers, but it will take more time for the exchange rate in the parallel market to reach the official rate."
Al-Kinani stated, “The decline will be gradual and very slow during the coming period.”
The parallel market in Baghdad and the governorates is witnessing a noticeable decline in the exchange rate of the dollar against the dinar, and the selling price in the banking offices in the capital this evening reached 152,400 dinars for every hundred dollars, and in Erbil it was 152,650 dinars, and in Basra it was 152,300 dinars.
On the 14th of this month, the Central Bank of Iraq announced that it had reached an agreement with the US Federal Bank and the US Treasury regarding meeting Iraq’s needs for cash dollar shipments for the next year.
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