Baghdad- The Iraqi dinar exchange rate against the dollar declined today, Sunday, in a relative manner in the parallel market during the opening of the markets, with the price stability in the official market.
The exchange rate of the Iraqi dinar against the dollar in official transactions
Today, the Iraqi dinar exchange rate continued to persevere against the dollar in official transactions, as the bulletin of the results of selling the daily foreign currency issued by the Central Bank of Iraq indicated that the total reinforcements abroad amounted to about 257 million and 440 thousand dollars, and the total cash withdrawal is 17 million and 900 thousand Dollars, with a total total sale of 293 million and 340 thousand dollars.
These official registered prices:
- 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 decision to sell in banks is fixed and binding on it from the central bank in its capacity as remarkable decisions, not a consultant, and the price is not related to the fluctuation of prices in the parallel market, and the sale is at this price for the categories specified by the central bank, which is the category of passengers exclusively.
It is also indicated that the central bank does not buy the dollar but only sells it through the dollar sale platform, because it is the main source of the dollar in Iraq, and it gets it in exchange for selling oil globally.
The Iraqi dinar exchange rate today, Sunday, in the parallel market
The Iraqi dinar exchange rate against the dollar decreased today, Sunday, in the parallel market, with a disparity that does not exceed 2.5 dinars per dollar, at the time of writing this report:
- The price of the dollar fell in Baghdad to 1504 dinars when purchasing from 1500 pm yesterday, and the selling price decreased to 1497 dinars from 1490.
- In Erbil, the Iraqi dinar exchange rate fell to 1502 dinars from 1500 dinars for purchase and to 1493 dinars from 1490 when selling.
- In Basra, the price of the dinar decreased to 1502 dinars when purchasing from 1500 records yesterday, and the selling price decreased to 1493 from 1491.
The Iraqi dinar exchange rate against other currencies
- The euro: 1555 dinars upon sale, while the purchase price recorded 1545 dinars.
Factors affecting the Iraqi dinar exchange rate
- Currency sale auction, which greatly affects the exchange rate.
- The procedures taken by the central bank in addressing external transfers play an important role in stabilizing the exchange rate.
- Traders need the dollar to import goods from countries that suffer from US economic sanctions, and it is prohibited to transfer the dollar through the official platform directly on the exchange rate of the dollar against the dinar, especially with regard 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 high demand against supply and high prices.
- Withdrawing the dollar from authorities dealing with the Iranian side. Sometimes some traders and brokers deal with the Iranian side the dollar from the Iraqi market in large quantities to send to Iran, which needs the dollar for its international commercial dealings because of the US sanctions on it that prohibits it from obtaining the dollar.
- Iran’s obtaining the Iraqi dinar by paying Iraq bills imported from Iran to operate the electric power stations in the Iraqi dinar because there is no mechanism for paying the dollar due to these sanctions, so this purchase of the dollar from the parallel market leads to its excessively high prices due to the imbalance and demand.
- Some traders are 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.
- Some merchants get leaked information from banks about a possible procedure related to changes in the mechanism of dealing with dollars, so these stock exchanges take precautionary measures to raise or reduce the price, purchase or sale only to anticipate the implications of the potential decision.
