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The Central Bank announces a solution soon to reduce the dollar rate and clarify its details - urgent

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The Central Bank announces a solution soon to reduce the dollar rate and clarify its details - urgent

Posted 8 hours ago  News source / Baghdad today Baghdad today
News source / Baghdad today
Baghdad Today - Follow-up

The Central Bank branch in Basra Governorate determined the reason for the high price of the dollar, today, Monday, in exchange offices, and the sale price reached 133 thousand dinars against the $100, while the purchase prices reached 131 thousand dinars for the same value.

The Central Bank, Basra Branch, during statements followed by (Baghdad today), attributed the high exchange rates of the dollar to "statements made by some politicians and economic analysts on addressing the financial crisis that raising the dollar against the dinar will contribute to the stability of the economy."

The bank’s management indicated that “this matter is not based on a study,” confirming that “the official exchange rate is 120,000 dinars per $100,” while revealing “measures to maintain the stability of this, including pumping nearly $250 million a day in preparation for the end of this rise in Within the next week”.

Branch manager Qasim Raheef said, in a press statement, that “these statements indicated that one of the solutions to address the economic crisis in Iraq is to reduce the value of the Iraqi dinar against the dollar.

These statements are not based on reliability or being issued by the Central Bank, but thus they have led to Increased demand for foreign currency, increased demand from the local community, some owners of capital and others apprehensive about the economic situation, as it led to a decrease in supply and an increase in prices.

"The official price, as approved according to the Central Bank bulletins, is 120 thousand dinars per 100 dollars," Raheef added.

Regarding the effects of the rise in the price of the dollar on the markets, Raheef stated that “if the dollar exchange rate rises, it will lead to a significant increase in the prices of consumer and productive goods, and even if the exchange rate decreases, some commodities will not decrease in prices, which is one of the problems, so the bank The Central Bank made sure that the exchange rate was fixed.

He denied at the same time that “the central bank has a plan to raise the exchange rate of the dollar as it is said, especially since such plans are not within the jurisdiction of the bank, but within the jurisdiction of the Ministry of Finance, considering that the dollar is originally the property of finance,

and as it is known, the dollar comes as a result of selling oil and it is considered The revenues of the Ministry of Finance,

and that the Central Bank plays a mediating role between finance and some beneficiaries of the dollar with the aim of converting it to the Iraqi dinar and then to the Ministry of Finance, which in turn will distribute it in the form of expenditures, salaries and the like.

He added that "the ministry did not inform the bank that it wanted to raise the price, nor did the central bank intend to reduce the value of the Iraqi dinar against the dollar."

Regarding their expectations regarding the period for which this price will remain, Rahaif said, "It is expected that this issue will end next week, despite the difficulty of expectations.

If real solutions are found in the process of pumping a larger amount of dollars into the market, it will not continue this week or next week."

The price of the dollar against the dinar rose today in several governorates, reaching more than 130,000 dinars for every $100.

The Al-Kifah and Al-Harithiya Stock Exchanges in Baghdad recorded an exchange rate of 132 thousand Iraqi dinars against 100 dollars, while the exchange rate this morning did not exceed 128 thousand dinars compared to 100 dollars.

The price of the dollar rose in exchange offices in Baghdad, bringing the selling price to 133 thousand dinars against the $100, while the purchase prices reached 131 thousand dinars for the same value.

The exchange rate of the dollar in the markets of Erbil rose to 130 thousand dinars for every 100 dollars.

This jump comes with news of the central bank’s intention to fix the dollar’s price at 130,000 dinars per $100, to cover the budget deficit.

About a week ago, the financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, on Tuesday, December 08, 2020, denied the existence of a government intention to raise the exchange rate of the dollar.

Saleh said in an interview with (Baghdad Today), that "the talk about a governmental tendency to raise the exchange rate of the dollar, until it reaches the level of 150 thousand dinars against
the $100, is absolutely incorrect and there is no plan proposed by the government for such an option."

He added that "the high exchange rate of the dollar in the local markets, at the present time, came because of rumors, which are launched here and there, and they are unfounded," noting that

"this rise is temporary, and the coming days will witness a new decline in the exchange rate."

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