Baghdad – The exchange rate of the Iraqi dinar against the dollar increased in a relative manner in the parallel market, with stability in the price in the official market, with the weekly opening of the activity of the currency exchange market in the capital, Baghdad and the rest of the provinces.
The exchange rate of the Iraqi dinar against the dollar in official transactions
Today, the Iraqi dinar exchange rate continued its stability 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 278 million and 872 thousand dollars, and the total cash withdrawal is 13 million and 500 thousand dollars, and with a total Total sale of 292 million and 372 thousand dollars, and these official prices recorded:
- The sale price for transfers, documentary credits, and international electronic cards: 1310 dinars for the dollar.
- selling price: 1305 dinars per dollar.
- It is noteworthy 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 dollar rose against the dinar today, Sunday, in the parallel market, with a variation not exceeding 2.5 dinars per dollar, at the time of writing this report:
- The price of the dollar in Baghdad reached 1503 dinars when purchasing from 1501 dinars and 1493 dinars upon sale from 1491 dinars registered yesterday.
- In Erbil, the purchase price reached 1502 dinars, and the sale price is 1491 dinars.
- The exchange rate in Basra reached 1502 dinars in trading today, Sunday, after yesterday evening recorded 1500 dinars.
The Iraqi dinar exchange rate against other currencies
- euro: 1547 dinars upon sale, while the purchase price recorded 1535 dinars.
- sterling: 1847 dinars for sale and 1832 dinars for purchase.
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 Federal Reserve Bank, 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 those bills. Imported goods, which leads to high demand against supply and high prices.
- Withdrawing the dollar from authorities dealing with IranSometimes some traders and brokers are bought with the Iranian side of 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 American currency.
Iran’s access to the Iraqi dinar is through the payment of Iraq to the gas 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: He works with merchants by smuggling the dinar to other countries to take advantage of the exchange rate teams between the official and the parallel that effectively affect 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 Its lie appears in the future, and its purpose is to either pump the currency significantly to the market to withdraw the dinar and buy in the future, or vice versa by buying the dollar and withdrawing it from the market to sell it in the future.
