Central Bank: The rise of the dollar in the parallel market is due to customs duties.

The Central Bank issued its first official statement on Wednesday following the dollar exchange rate approaching the 150,000 dinar mark in local markets, confirming its continued monitoring of exchange market developments and its taking of necessary measures to maintain monetary stability.

The bank explained in a statement received by Al-Maalomah that “the official dollar exchange rate has not changed and remains fixed at 1320 dinars per dollar.”

He explained that “the high dollar exchange rates being traded are due to demand in the informal market outside the banking system authorized to conduct foreign transfers through correspondent banks,” noting that “the main reason for the rise in the dollar exchange rate in the parallel market is related to the application of the pre-customs duty and the resulting increase in demand outside the banking system.”

The bank added that “the application of the pre-transfer customs duty placed significant pressure on those seeking cash dollars, and was one of the most prominent factors contributing to the increased demand for dollars against the dinar in local markets.”

The Central Bank concluded its statement by affirming its “continued monitoring of the market and taking all necessary measures to ensure the stability of the exchange rate and protect the national currency.”

Almaalomah.me