The price of the dollar will decrease against the dinar in the coming days for these reasons

Baghdad / Obelisk: The economist and former director of operations at the Central Bank of Iraq, Mahmoud Dagher, expected, on Thursday, a decrease in the dollar exchange rate against the dinar, within two or three weeks, if the central bank continues to pump more dollars into local markets.

Dagher said in a television interview (June 10, 2021), that “after the approval of the general budget, the demand for the dollar increased, and the recent developments during the past days, especially in the capital, Baghdad, generated pressure on the dollar.”

He added, “The central bank began a few days ago to pump more dollars into the markets, and if the bank continues to do so, it is expected that the exchange rate will return to its previous levels, and the exchange rate of the hundred-dollar note will stabilize at 147,000 thousand dinars, which is the official price for the public.”

He continued, “The continuation of the dollar exchange rate remaining at the level of 1500 dinars will generate great pressure on local markets and projects and will cause great problems for the state as a whole, and the only beneficiary of this rise are banks and financial companies that buy the dollar at a price of 1460 dinars from the Central Bank.”

Dagher denied rumors about the rise in the exchange rate of the hundred-dollar note to 170,000 dinars in the coming days, stressing that “the Central Bank’s sale of the dollar through the currency auction will contribute to preventing the exchange rate from rising to these record levels.”

Almasalah.com