An economic expert revealed today, Saturday, the reasons for the rise in dollar exchange rates in Iraqi markets in general and the Sulaymaniyah markets in the Kurdistan Region in particular, while explaining that selling the dollar against the local currency is not one of the Central Bank’s responsibilities and that the matter must be left to the “black market” for stability. market.
In an interview with Shafaq News Agency, economist Dana Mawloud stated, “There are two main reasons behind the sudden rise in the dollar exchange rate, the first of which is the Central Bank of Iraq’s announcement to stop pumping and selling the dollar to the markets as of the beginning of next year, and the second reason is inflation.”
Mawloud elaborated on the reasons for the Central Bank of Iraq’s decision to stop pumping currency at the start of the new year, saying, “The Central Bank of Iraq, in coordination with the World Bank, took this decision and with the approval of the US Treasury, and it will be implemented as of next January 1, with the aim of preventing the US dollar from reaching Iran through Iraqi markets.” And Turkey, because these two countries buy the most US currency from Iraqi markets.”
He said that “the Central Bank is the only body that sells foreign currency in the markets and it acts as a money exchange, and there is no bank or bank in the world that sells foreign currencies,” pointing out that “the issue is supposed to be left to the black market and the Central Bank and other banks exchange and transfer currencies.” The dollar exchange rate stabilizes between the government-specified rate and does not exceed 137,000 thousand dinars for every 100 dollars at the government rate.”
“The reasons for currency smuggling are that the dollars pumped by the Central Bank of Iraq do not go to citizens, but rather to banks and companies that do not benefit the citizens,” Mawloud added.
Today, Saturday, the Sulaymaniyah Stock Exchange’s exchange rate for the US dollar hit 158,500 thousand dinars per 100 dollars.