Iraq – Fluctuations in the dollar’s exchange rates against the dinar cause financial losses

Location: Baghdad – Iraq

Language: Arabic

Voice: Natural

Duration: 00:04:14

Source: A24

Restrictions: A24 Clients

Dateline: 22-02-2022

Storyline

The exchange rate of the US dollar against the Iraqi dinar returned to stability at 174 thousand and a half per 100 dollars, after declining nearly fifty points during the past three days, when the indicators of the purchase value fell and reached 143 thousand per 100 dollars.

The Iraqi market suffered considerable financial losses as a result of the fluctuating situation.

The financial and banking expert, Mahmoud Dagher, said that the fluctuation was due to some political statements and stances, and the only one affected is the citizen among the few owners of capital who resorted to exchanging the dollar for fear of expected loss.

The owners of money and hard currency benefited from the fluctuations of the market.

The owners of exchange companies said the occurrence of huge losses in their capital amid the instability in the exchange rate because of the due obligations.

Shotlist

• (SOUNDBITE) Dr. Mahmoud Dagher – Financial and banking expert:

“The message of Muqtada al-Sadr a few days ago, then the issue of the Minister of Finance not attending the Parliament inflamed the street. The currency market is a transparent market for political changes. People who have two to five thousand dollars sold them. The Central Bank issued a reassurance statement that there is no return to a previous time.”

• (SOUNDBITE) Dr. Mahmoud Dagher – Financial and banking expert:

“We are afraid of fluctuations in the market that make traders uncomfortable. The dollar was sold at 148 and the market become 143. So we say that stability is the basis of everything in the market.”

• (SOUNDBITE) Mustafa Birka – Owner of an exchange company:

“Fluctuation of the dollar causes a loss in all aspects, after that the financial obligations of all companies buy the dollar at 148 to 149. Suddenly it goes down causing the loss. There are people, who buy and sell amounting to hundreds of thousands of dollars. Surely there are obligations; however, they sell because they are forced. The sudden decline causes loss.”

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