An Iraqi government official: The rise in the dollar is temporary. My bank: It is caused by the electronic platform

Iraq's oil exports to America increased during the first third of this year.

An Iraqi government official commented on the recent increase in the dollar exchange rate against the dinar in the parallel market, stating that the central bank’s monetary policy will rectify the situation. Meanwhile, an exchange office owner attributed the rise to the electronic platform.

In an interview with Shafaq News agency, the official explained that the rise in the parallel market’s dollar value is determined by supply and demand, and is therefore affected by rumors spread by speculators who seek to make a profit. He also noted that the exchange market is one of the most vulnerable markets to such rumors.

According to his statement, individuals buy dollars as a precaution against potential increases in the dollar’s exchange rate. He went on to emphasize that the responsibility of adjusting the exchange rate lies solely with the Central Bank of Iraq and their monetary policies.

In an interview with Shafaq News agency, Al-Waha Exchange Office stated that the rise in dollar exchange rates is due to Central Bank’s restrictions on the electronic platform for selling dollars. They noted that removing the platform would cause the dollar to decrease and approach its official price.

The Central Bank has announced that they will now be selling dollars to banks and merchants through an electronic platform. This new service will allow individuals to finance their personal needs, such as travel, treatment, and study, in addition to covering imports. The process will be completely electronic, making it convenient and easy for everyone involved.

The value of the US dollar has increased gradually against the Iraqi dinar. As of today, it stands at 148,250 dinars per 100 dollars in Kifah and 148,650 dinars per 100 dollars in Erbil, the capital of Kurdistan Region.