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The Central Bank expects the dollar exchange rate to continue to decline
Economical 2023/04/05
Baghdad: Shukran Al-Fatlawi
The Central Bank of Iraq has suggested that the dollar exchange rate will continue to decline in the parallel market during the coming days,
attributing this to a number of reasons, including the
packages of measures taken by the monetary authority, the
great response of merchants and banks, and
adherence to the bank’s directives regarding the instructions of the currency sale window,
while specialists in economic affairs praised, With the
"macroeconomic policy" that has been reflected in
strengthening the dinar and
will lead to reducing or ending the difference between the official and parallel exchange rates.
The opinions of the specialists coincided with the Central Bank’s suggestions that the exchange rate of the parallel dollar would continue to decline, as
experts confirmed that the
coming days will witness a clear relative stability in the foreign exchange rate, stressing that this matter will be accompanied by a
decrease in the prices of imported goods and materials,
especially after it touched the exchange rates of the dollar.
In the parallel markets, the barrier of 148 thousand dinars per 100 dollars, which is what specialists see as an important step resulting from the continuous measures of the Central Bank.
And the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, believes that "the
recent decline in the dollar was not born of the hour,
but rather due to previous measures, especially the
procedural packages launched by the Central Bank and the
response of the market, merchants and banks to the directives and instructions of the Central Bank, and
all of this helped to provide the dollar to the beneficiaries.”
Khalaf added, "The
central bank sells more than 200 million dollars a day,
all for real and organized purposes by the merchant and by the bank, and
all of this helps in lowering the dollar exchange rate,"
expecting "a further decline in the future as long as there is a response by sectors and merchants.".
In turn, the financial expert, Dr. Amr Hisham, counted in an interview with "Al-Sabah"
the drop in the exchange rates of the dollar against the Iraqi dinar as expected,
resulting from the state of health due to the
high foreign reserves amounting to 115 billion dollars, which is the record that has not been achieved in the history of Iraq. Hisham also pointed out that "The
measures that have been taken with regard to the
electronic window, the
dollar supply outlets, and the
supply of dollars to travelers, as well as the
use of the Iraqi dinar in buying and selling operations, are
all combined factors that have led to an increase in confidence among citizens and merchants, and thus
reflected positively on the issue of expectations." Therefore,
expectations turned from pessimistic to optimistic, in addition to
increasing the percentage of Central Bank sales to more than 200 million dollars. And the financial expert added, "The
increase in strengthening balances abroad,
those that acquire sales, and not cash sales balances as it was in the past. Or
ending the difference between the parallel market price and the official price of the Iraqi dinar.
For his part, economist Dr. Adnan Bahia told Al-Sabah that "the
slow gradual decline in the dollar is better than the sudden decline for the citizen,” pointing out that the
decline in the exchange rate occurred as a result of the recent measures taken by the Central Bank, foremost of which is the
increase in the outlets that offer the dollar, as well as
Commitment to the exchange rate by many banks and the
prevention of speculation, not to mention the
increase in exchange with what is presented daily from the dollar to the markets and
it is constantly increasing, i.e. the
application of the theory that if supply increases, demand decreases.
Baheya pointed out that
there is a balance in favor of the citizen in the process of declining, because
the lower the price and the smaller the difference between the parallel and the central bank rate, it will be
in the interest of the citizen through lower prices, especially those imported from abroad. He noted that
the processing paper put forward by the Central Bank, if all of them were implemented, especially those related to
obligating all banks and sales outlets to have an electronic board linked to the Central Bank to define the official price of the state, would be sufficient to end the process of manipulation and speculation between merchants and exchange houses, which are simple, fast and inexpensive procedures that will organize this process.
and pour in Citizen's benefit.
https://alsabaah.iq/74665-.html
[/size]
Economical 2023/04/05
Baghdad: Shukran Al-Fatlawi
The Central Bank of Iraq has suggested that the dollar exchange rate will continue to decline in the parallel market during the coming days,
attributing this to a number of reasons, including the
packages of measures taken by the monetary authority, the
great response of merchants and banks, and
adherence to the bank’s directives regarding the instructions of the currency sale window,
while specialists in economic affairs praised, With the
"macroeconomic policy" that has been reflected in
strengthening the dinar and
will lead to reducing or ending the difference between the official and parallel exchange rates.
The opinions of the specialists coincided with the Central Bank’s suggestions that the exchange rate of the parallel dollar would continue to decline, as
experts confirmed that the
coming days will witness a clear relative stability in the foreign exchange rate, stressing that this matter will be accompanied by a
decrease in the prices of imported goods and materials,
especially after it touched the exchange rates of the dollar.
In the parallel markets, the barrier of 148 thousand dinars per 100 dollars, which is what specialists see as an important step resulting from the continuous measures of the Central Bank.
And the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, believes that "the
recent decline in the dollar was not born of the hour,
but rather due to previous measures, especially the
procedural packages launched by the Central Bank and the
response of the market, merchants and banks to the directives and instructions of the Central Bank, and
all of this helped to provide the dollar to the beneficiaries.”
Khalaf added, "The
central bank sells more than 200 million dollars a day,
all for real and organized purposes by the merchant and by the bank, and
all of this helps in lowering the dollar exchange rate,"
expecting "a further decline in the future as long as there is a response by sectors and merchants.".
In turn, the financial expert, Dr. Amr Hisham, counted in an interview with "Al-Sabah"
the drop in the exchange rates of the dollar against the Iraqi dinar as expected,
resulting from the state of health due to the
high foreign reserves amounting to 115 billion dollars, which is the record that has not been achieved in the history of Iraq. Hisham also pointed out that "The
measures that have been taken with regard to the
electronic window, the
dollar supply outlets, and the
supply of dollars to travelers, as well as the
use of the Iraqi dinar in buying and selling operations, are
all combined factors that have led to an increase in confidence among citizens and merchants, and thus
reflected positively on the issue of expectations." Therefore,
expectations turned from pessimistic to optimistic, in addition to
increasing the percentage of Central Bank sales to more than 200 million dollars. And the financial expert added, "The
increase in strengthening balances abroad,
those that acquire sales, and not cash sales balances as it was in the past. Or
ending the difference between the parallel market price and the official price of the Iraqi dinar.
For his part, economist Dr. Adnan Bahia told Al-Sabah that "the
slow gradual decline in the dollar is better than the sudden decline for the citizen,” pointing out that the
decline in the exchange rate occurred as a result of the recent measures taken by the Central Bank, foremost of which is the
increase in the outlets that offer the dollar, as well as
Commitment to the exchange rate by many banks and the
prevention of speculation, not to mention the
increase in exchange with what is presented daily from the dollar to the markets and
it is constantly increasing, i.e. the
application of the theory that if supply increases, demand decreases.
Baheya pointed out that
there is a balance in favor of the citizen in the process of declining, because
the lower the price and the smaller the difference between the parallel and the central bank rate, it will be
in the interest of the citizen through lower prices, especially those imported from abroad. He noted that
the processing paper put forward by the Central Bank, if all of them were implemented, especially those related to
obligating all banks and sales outlets to have an electronic board linked to the Central Bank to define the official price of the state, would be sufficient to end the process of manipulation and speculation between merchants and exchange houses, which are simple, fast and inexpensive procedures that will organize this process.
and pour in Citizen's benefit.
https://alsabaah.iq/74665-.html
[/size]
