The exchange rate of the Iraqi dinar against the dollar today, Thursday, decreased in a relative manner in the parallel market, with stability in the price in the official market, coinciding with the weekly closure and the approaching Eid Al -Fitr holiday.
The exchange rate of the Iraqi dinar against the dollar in official transactions
- The sale price for transfers, documentary credits, and international electronic cards: 1310 dinars for the dollar.
- selling price: 1305 dinars per dollar.
- Selling price in banks: 1310 dinars per dollar.
It is noteworthy that the central bank does not buy the dollar and sell it only through a platform designated for that; It is the main source of green currency in, and gets it in exchange for exporting oil.
And the decision to sell in banks is fixed and obligated to the central bank in its capacity as a decision and not a consultant, and the price is not related to the fluctuation of prices in the parallel market, and the sale of this price is for the categories specified by the central bank, which is the category of travelers exclusively.
The Iraqi dinar exchange rate today, Thursday, in the parallel market
The exchange rate of the dollar against the Iraqi dinar increased today, Thursday, in the parallel market, with a disparity not exceeding 2.5 dinars per dollar, at the time of writing this report:
- The Iraqi dinar exchange rate in Baghdad decreased to 1475 dinars when selling, 1471.5 dinars upon purchase, from yesterday, registered price is 1471 dinars for sale and 1467 when purchasing.
- In Erbil, the Iraqi dinar exchange rate fell to 1472.5 dinars when selling, and 1470 dinars upon purchase, after yesterday evening, 1470 dinars were recorded for sale, while the purchase price was 1468 dinars.
- The exchange rate in Basra decreased to 1480 dinars for sale and 1470 dinars for purchase after yesterday evening for sale 1470 dinars for purchase 1467.5 dinars.
Factors affecting the dinar exchange rate
- Currency sale auction: The volume of daily sales in the currency sale auction significantly affects the exchange rate.
- Central Bank proceduresThe measures taken by the central bank in addressing external transfers play an important role in stabilizing the exchange rate.
- The need for the dollar: Traders need the dollar to import goods from countries that suffer from economic sanctions from the American Federal Reserve (US Central), and it is prohibited to transfer the dollar through the official platform directly on the dollar exchange rate against the dinar, especially what is related to Iran for the need of traders to withdraw the dollar significantly from the parallel market to pay the bills of those imported goods, which leads to a rise in demand against supply and high prices.
- Withdrawing the dollar from entities dealing with the Iranian sideSometimes some traders and brokers are bought with the Iranian side of the dollar from the Iraqi market in large quantities to send it to Iran, which needs the American currency to finance its international trade transactions because of the US sanctions on it that prevent Iran’s obtaining the green currency.
Iran’s obtaining the Iraqi dinar is through the payment of Iraq for bills imported from Iran to operate the electric power plants in the Iraqi dinar because there is no mechanism for payment in dollars due to these sanctions; This purchase of the dollar from the parallel market leads to excessively high prices due to the imbalance of supply and demand. - The smuggling of the dinar to other countries: Some traders work by smuggling the dinar to other countries to benefit from the exchange rate teams between the official and the parallel, which effectively affects the dollar exchange rate.
- Merchants of merchants through leaked information or rumors: Some merchants get leaked information from banks or from the central bank about a possible procedure related to changes in the mechanism of dealing with dollars, so these exchanges take precautionary measures to raise or reduce the price, purchase or sale only to anticipate the repercussions of the potential decision, and sometimes these leaks are just rumors that appear to be lied in the future, and their purpose is to either pump the currency significantly to the market to withdraw the dinar and buy the future or the opposite by buying the dollar And withdraw it from the market to sell it in the future.
