The rise of the Iraqi dinar against the dollar after the dismissal of the governor of the Central Bank

The rise of the Iraqi dinar against the dollar after the dismissal of the governor of the Central Bank
The rise of the Iraqi dinar against the dollar after the dismissal of the governor of the Central Bank
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The Iraqi dinar recorded a remarkable rise against the dollar in trading today, Tuesday, one day after the overthrow of the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, and the government promised measures it would take against banks and financial institutions operating in the country accused of involvement in the recent speculations that took place in the Baghdad and Erbil stock exchanges.

The Kifah and Al-Harithiya stock exchanges for trading in foreign currencies recorded a clear rise in the value of the Iraqi dinar, with trading at twelve o’clock in the afternoon, Tuesday, reaching 1580 dinars per dollar, after it closed at 1640 dinars per dollar, yesterday evening, Monday, while the official price is 1460 dinars per dollar.

He added that private transfer and exchange companies have set up an electronic regulation of exchange rates, based on recent government directives.

On Tuesday, the expert and professor of economics at the University of Basra, Nabil Al-Marsoumi, analyzed the reasons for the decline in the price of the dollar against the Iraqi dinar as a result of “good market sentiment” and had nothing to do with the existence of new measures taken by the new governor.

Al-Marsoumi added, in statements reported by Iraqi media, that “the Central Bank of Iraq’s sales of dollars for this day, Tuesday, amounted to 17 million and 374 thousand dollars in transfers and credits, and 59 million and 900 thousand dollars in cash sales, which means that the total sales of dollars amounted to Today, 77 million and 274 thousand US dollars.

He added, “There is no change in the fundamentals. Cash sales are still the largest, and remittances and credits are the lowest. This means that the decline in the dollar exchange rate is not linked to the application of compliance rules for the electronic platform developed by the US Federal Bank.” He explained that this “is linked to good market sentiment and psychological motives.” Resulting from recent government actions, and replacing the governor of the Central Bank of Iraq.

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Meanwhile, the Iraqi Ministry of Interior issued a statement vowing to take measures to prevent manipulation of dollar prices or monopolizing foodstuffs, while indicating the arrest of a number of them.

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The official Iraqi News Agency (INA) quoted the official spokesman for the ministry, Major General Khaled Al-Muhanna, as saying that “some owners of exchange offices that operate outside controls, and without approvals or official permits, have been arrested.”

He added, “Some banks that receive from the currency auction and sell it at a price different from what is found in the instructions and regulations are an explicit violation of the laws of the Central Bank, and as the police are the law enforcement agency, so they deal with this situation,” noting that “there are campaigns against some people who They try to take advantage of any crisis, whatever it is, even if it is fabricated, with the intention of profiting at the expense of the citizen’s interest.”

He continued, “There is a campaign to pursue price manipulators, and it is still continuing to catch anyone trying to create a crisis,” pointing out that “the police and the economic security and combating organized crime detachments are deployed in the markets to follow up on selling the dollar, in addition to following up on people who are trying to monopolize commodities with the intent to raise their price.” .

He added that “monopoly of commodities constitutes a violation of the law, and it is not permissible to monopolize commodities or speculate at the expense of the citizen’s interest and attempt to profit illegally,” noting that “the manipulators of food prices have been arrested, and the law is against them.”

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