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Despite the fluctuation of its exchange rate ... Demand for buying dollars in Sulaymaniyah

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Despite the fluctuation of its exchange rate ... Demand for buying dollars in Sulaymaniyah

Sunday 10 January 2021 44
Sulaymaniyah: Virgin Juma


Although the Central Bank of Iraq determined the exchange rate of the dollar against the Iraqi dinar at 1450, its price is still fluctuating in Sulaymaniyah province in light of the great demand for its purchase by merchants and citizens, offset by a noticeable increase in the prices of all imported materials.

Balance reform

"The main problem facing the government is the 2021 budget deficit, which exceeds more than 50 percent, indicating that it had only three options, which is to increase the exchange rate," said academic specialist in finance and accounting, Nabrd Karim from Sulaymaniyah Technical University.

The dollar against the Iraqi dinar, as well as reforming the operating budget by imposing taxes on employees ’salaries.

The third option is to increase the quantities of oil exports to 4 million barrels per day, which is the best, safest and most reforming option for the country's economic situation, in my opinion, but OPEC refused that because of the falling prices. Selling oil as a result of the Corona pandemic ».

Domestic production

He indicated that increasing the exchange rate of the dollar against the Iraqi dinar from 1119 to 1450 would cause negative effects, as Iraq is an import rather than an export country, and would work to increase the poverty rate in the country,

warning that both Turkey and Iran have raised the exchange rate of the dollar against their cash currencies in circulation except They were not affected by the fact that they were two countries of exporters and not importers, and they depended on companies, internal resources and local production,

indicating when conducting a tour of the market that the prices for all materials rose from 8 to 10 percent, and for medicines and health supplies, their increase is much greater and may reach 40 percent, especially with The emergence of the new strain of Corona virus 20.

Shocking price

The owner of a banking office in central Sulaymaniyah, Ali Marwan, said in a statement to «Al-Sabah» that «the increase in the exchange rate of the dollar against the dinar was surprising to us because this increase was not expected and was not gradual, which made the dollar market volatile during the first two days of the announcement of the central bank’s decision.

He explained that «the high turnout by merchants and citizens to buy dollars in a manner that the banking offices throughout the province have not seen for years, as we have run out of our Iraqi dinars, thinking that its price will increase much more than what is planned for him in the coming weeks.

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