Digital tracking reveals the threads.. What happened to the dollar exchange rate in Iraq?

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Digital tracking reveals the threads.. What happened to the dollar exchange rate in Iraq?
Economy
03-25-2024 | 05:12

14,205 views
Al-Sumaria News - Economy

Over the past few days, Iraqi citizens have been observing the rapid decline in the dollar exchange rates until it reached the stock market at 146 thousand dinars per 100 dollars.
In a quick look conducted by "Al-Sumaria News" to find out the reason for the rapid and continuous decline in exchange rates, we found a close connection between the variables of the exchange rate figures and the variables of the central bank's sales figures.

The dollar exchange rates on stock exchanges in Iraq between March 15 and 18 were at 150,000 dinars for every 100 dollars, and began to gradually decline after March 18, below 150,000 dinars.

The exchange rate on March 18 was 149.6 dinars per dollar, and it dropped to 149.5 and then 148.8. The gradual decline also continued two days ago to 147.5, until today, March 25, the exchange rate reached 146.5 dinars per dollar.

On the other hand, by monitoring the Central Bank’s sales of dollars, it appears that sales were less than $220 million and stable at this level throughout the past weeks and months, but since March 17, that is, on the date of the start of the rapid decline in the exchange rate on March 18, it appears that sales On March 14, the Central Bank jumped above $235 million for the first time in many months, and the rise continued on March 17, reaching more than $240 million, and on March 18, it reached more than $242 million, and on March 19, it reached more than $245 million, and on March 20, it reached more than $242 million. In March, it reached more than $250 million, and continued until today, March 25, with numbers hovering around $250 million.

From this, it appears that the Central Bank’s sales of the dollar increased by more than 13%, while the dollar exchange rates decreased by 3% during the past two weeks.

It seems that the Central Bank of Iraq began to cover the need for trade dollars, and merchants began to buy quantities of dollars from the parallel market, and began to head to the Central Bank’s window, especially with the facilities that were granted to gold and cigarette merchants, who represent the largest percentage of merchants evading the platform and the currency selling window. The official government resorts to buying dollars from the parallel market.

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