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Malians: No significant impact of dollar's rise in markets
Economic 10/17/2024
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Financial experts believe that the rise in the dollar exchange rate in the parallel market has no impact on the prices of imported goods, attributing this to the fact that most imports are carried out at the official exchange rate.
Economic expert Dr. Nabil Al-Marsoumi said in an interview with Al-Sabah: “The rise in the dollar exchange rate is not related to bank transfers and documentary credits, because they are proceeding as planned to cover imports according to the official price,” adding that “market sentiment did not seem good and was harmed by tensions in the region.”
Al-Marsoumi attributed the current rise to "purely political and security reasons related to morale and attempts to preserve savings," indicating that "many resort to buying gold and the dollar as a safe haven that saves them from fluctuations."
He added, "It is natural for the gap between the official and parallel prices of the dollar against the dinar to widen when there are fears of the conflict spreading in the region," noting that "we notice some citizens tending to store food supplies, fearing what is coming."
He noted that "money owners prefer at such times to convert their savings from the Iraqi dinar to the dollar for fear of a disruption in dollar supplies, especially the oil dollar," noting that "most imports are carried out at the official exchange rate of 132 thousand for 100 dollars."
For his part, financial and banking expert Ahmed Brihi said in a press statement that “the rise in the dollar exchange rate in the local market has nothing to do with the measures of the Central Bank because the latter adopts an exchange rate of 132,000 dinars for the 100 US dollar denomination.”
He attributed the rise in the exchange rate in the parallel market to "the high demand for the dollar, especially by small traders who do not deal with the Central Bank."
The exchange rate in Baghdad yesterday, Wednesday, was recorded at 153,000 dinars for 100 dollars.
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