Economist: Oversupply and local deflation are behind the dollar's decline

[RJG]

Economist: Oversupply and local deflation are behind the dollar's decline

• Time: 03/25/2024 13:39:28
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• Read: 1,014 times

  

{Economic: Al-Furat News} An economic expert attributed the decline in the dollar exchange rate to the state of deflation in local markets.

 

Bassem Jamil Antoine told Al-Furat News Agency, “The explanation behind the recent decline in dollar exchange rates, despite the approaching Eid al-Fitr, is due to the government’s tendency towards offering and displaying large quantities of dollars in the markets, as about less than a billion dollars were sold recently.”
He stated that "supply quantities in general work to reduce prices in the absence of significant economic activity."
Antoine added, "Now the purchasing power of citizens has decreased greatly, and the apathy and shrinkage are the result of the arrival of security teams to monitor the markets and the lack of citizens' desire to shop and buy."
It is noteworthy that the currency markets and local stock exchanges for selling foreign currency have been witnessing for days a decline in the exchange rate of the dollar against the dinar, as it reached 1,470 dinars to the dollar today, Monday.
The Central Bank of Iraq sells the dollar at the official rate of 1,320 dinars.

Raghad Dahham

https://alforatnews.iq/news/خبير-اقتصادي-وفرة-المعروض-والانكماش-المحلي-وراء-انخفاض-الدولار

[RJG]

The decline of the dollar.. Parliamentary Finance says that the crisis is on its way to ending “finally”

EconomyYesterday, 21:53 |

    

 

 

Baghdad today - Baghdad

The Finance Committee in the Iraqi Parliament confirmed, today, Sunday (March 24, 2024), that the dollar exchange rates in the parallel market will continue to decline until the official price fixed by the Central Bank of Iraq is reached.

Committee member Moeen Al-Kazemi told “Baghdad Today” that “the dollar is still continuing to decline in the parallel market, and this decline will continue, even if slowly, until the official price fixed by the Central Bank of Iraq is reached,” indicating that “there is significant government control over "The market and this crisis are on their way to being resolved once and for all."

Al-Kadhimi stated, “The visit of Prime Minister Muhammad Shiaa Al-Sudani to Washington is very important at the level of financial and economic files, and Al-Sudani is discussing with the American side strengthening and strengthening the Iraqi dinar, and lifting obstacles on some banks, as well as providing sufficient cash liquidity from the dollar to Iraq by "The treasury, which is why the visit is considered important and will have positive results on the economic files."

It is hoped that Sudanese will visit Washington in mid-April to discuss several files, most notably the economic and Iraqi measures to combat money laundering and terrorist financing

https://baghdadtoday.news/245559-انخفاض-الدولار.-المالية-النيابية-تقول-ان-الازمة-بطريقها-للانتهاء-بشكل-نهائي.html

[BETTYBOOP]

Funny.... they have been saying for months the decline would happen.... it will jump again shortly. Just rv the currency and the problem solves itself!

[horsesoldier]

They've been blowing smoke up our butts for 20 years...bunch of worthless criminals & their