The U.S Dollar is continuously putting pressure on Iraqi Dinar

The U.S dollar exchange rate in the Iraqi domestic markets is being increased significantly since last few days. Last month, the Iraqi dinar exchange rate against the U.S dollar was at 1200 Iraqi dinars per U.S dollar, but currently it is moving approximately at 1280 Iraqi dinars per U.S dollar. The foreign currency traders in Baghdad said in a press interview that the U.S dollar exchange rate is showing a considerable increase since the first week of January 2016, but last Wednesday this increase has reached at its peak value when it touched the peak level of 1285 Iraqi dinars per U.S dollars. Point to be noted that some neighboring countries and internal factors caused this unexpected increase in the U.S dollar exchange rate against the Iraqi dinar.

A famous economic expert Majid said poor security situation in the region, especially the conditions in the neighboring countries, Iran and Syria. This factor also caused a significant increase in the U.S dollar price in the Iraqi domestic currency markets. It is important that Iraqi Central Bank is selling 100 million U.S dollars per day foreign currencies in its auction sales. It is showing that Central Bank of Iraq is holding at least 500 million U.S dollars per week. It is said that more than 26 billion U.S dollars are being used for import purposes. It is important that most of these amounts are being smuggled without giving any kind of benefits to the country. A couple of months ago, the CBI was selling 1189 Iraqi dinars per U.S dollar at foreign currency auction sales, but now it is at 1280 Iraqi dinars per U.S dollar in the Iraqi domestic currency markets that motivated most of speculators.

Share This Post

Recent Articles

· Designed by RF