by Rocky Thu 08 Aug 2024, 11:04 am
MM&C 8/8/24
There are calls to float the exchange rate in Iraq. Is this related to the issue of controlling the exchange rate and preventing its rise?In this reg... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
There are calls to float the exchange rate in Iraq. Is this related to the issue of controlling the exchange rate and preventing its rise?
In this regard, the member of the Parliamentary Finance Committee, Khalil Al-Doski, denied the truth of the fact that “floating the currency will reduce the dollar,” stressing that floating the currency has nothing to do with reducing the dollar, but rather has to do with the issue of supply and demand for the currency, as it could lead to instability in the value of the Iraqi currency.
Al-Doski said, “the benefit of floating is to highlight the true value of the Iraqi dinar only, meaning that the dollar will range in price between 200 and 300 Iraqi dinars, and in any case, with the circumstances that Iraq is currently going through, it is possible that the value of the Iraqi currency will decrease.”
He added, "if Iraq adopts the floating method in its economic dealings, it will not sell the dollar at the official price, and the Central Bank will sell hard currency to the party that pays more. Therefore, floating will ultimately lead to instability in the value of the currency."
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Here is another view on that floating the currency is likely a choice Iraq will not use or take and Al~Saleh the financial advisor of the Prime Minister has indicated a mixed approach of float and a peg, that will likely be the best and most appropriate option to be used when necessary. Imo. ~ MM | | | |
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