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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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    An expert reveals the reasons for the return of the dollar’s ​​price rise.. What is the relationship

    Rocky
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    An expert reveals the reasons for the return of the dollar’s ​​price rise.. What is the relationship Empty An expert reveals the reasons for the return of the dollar’s ​​price rise.. What is the relationship

    Post by Rocky Wed 17 Jul 2024, 4:43 am

    An expert reveals the reasons for the return of the dollar’s ​​price rise.. What is the relationship with the “Chinese Yuan”?
    [You must be registered and logged in to see this link.] |Today, 
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    Baghdad Today - Baghdad 
    Today, Wednesday (July 17, 2024), the economic and financial affairs specialist, Nawar Al-Saadi, revealed the reasons for the return of the rise in the dollar exchange rate in local markets.
    Al-Saadi said in an interview with Baghdad Today, "The rise in the price of the dollar in Iraq is due to a group of complex and intertwined factors, the first of which is the decision of the Central Bank of Iraq to stop dealing in the Chinese yuan after the US Federal Reserve accused Iraq of inflating remittances, which directly affected the local market."
    He explained that "this decision prompted traders and companies that were relying on the Chinese yuan in their commercial transactions with China to resort to the US dollar as an alternative, which increased the demand for the dollar and raised its price. In addition, the US sanctions imposed on some Iraqi banks reduced the flow of dollars to the market, which reduced the supply and increased the demand for it."
    The economic and financial expert added, "The rise in the price of the dollar naturally leads to an increase in inflation rates in the country, which negatively affects the purchasing power of Iraqi families and increases the complexity of the economic situation."
    The past two weeks have witnessed a significant increase in the exchange rate of the US dollar against the Iraqi dinar, with the 100 US dollar denomination reaching more than 150,000 dinars.
    On Monday (July 4, 2024), the Central Bank of Iraq issued new instructions regarding granting US dollars to travelers, indicating that these instructions will come into effect starting from July 14.
    According to the statement issued by the bank, it was directed to Rafidain, Rashid, and Iraqi Trade Banks, exchange companies currently operating at airports, and exchange companies of category  A and  B , that "in order to ensure that travelers receive cash dollars and to prevent exchange companies from passing improper transactions, it was decided to set 7/14/2024 as the final date for starting the mechanism of granting dollars to travelers at airports exclusively."
    According to the Central Bank, the aforementioned banks and exchange companies operating at the airport are entitled to a fixed commission of (15,000) dinars from the customer for each transaction, and the exchange companies outside the airport collect it for the benefit of the companies and banks operating at the airport, according to a mechanism determined between the two parties, the banks and companies operating at the airport and the exchange companies outside the airport.
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