The Iraqi dinar exchange rate against the dollar decreased economy

Baghdad – The Iraqi dinar exchange rate against the dollar decreased in trading today, Sunday, in the parallel market, with the continued confirmation of the price in the official market and the opening of the currency exchange market activity in the capital Baghdad And the rest of the provinces.

The exchange rate of the Iraqi dinar in the parallel market

• The price of the dollar in Baghdad reached 1415 dinars when selling and 1411 dinars when purchasing, a decrease in yesterday’s prices of 1412 dinars when selling and 1410 when purchasing.
• In Erbil, the sale price reached 1415 dinars, and the purchase price was 1411.5 dinars, after yesterday evening registered 1410.5 dinars for sale, while the purchase price was 1407.5 dinars.
• The exchange rate in Basra 1415 dinars for sale and 1410 dinars for purchase in transactions today, Sunday, after he registered yesterday evening for sale 1412.5 dinars. As for the purchase, it was 1405 dinars.

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.

The Central Bank of Iraq’s dealings are limited to selling only through a dedicated platform, and it is the main source of the dollar in Iraq, and it gets it in exchange for selling oil globally.

It is worth noting that the decision to sell in banks is fixed and obligated to it Central Bank As binding decisions, 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 passengers exclusively.

Factors affecting the dinar exchange rate

• Currency sale auction: The volume of daily sales in the currency sale auction significantly affects 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 Bank (the US Central) and it is prohibited to transfer the dollar through the official platform directly on the dollar exchange rate against the dinar, especially with 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 the high demand against supply and the high prices.
• Withdrawing the dollar from authorities dealing with IranSometimes some merchants and brokers buy those with the Iranian side the dollar from the Iraqi market in large quantities to send to Iran That needs the dollar for its international trade transactions because of the US sanctions on it prohibited from obtaining the American currency.

  Iran’s obtaining the Iraqi dinar is by paying Iraq 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 its excessively high prices due to the imbalance of the supply and demand

• Dinar smuggling: 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.
• Speculation: 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.