Location: Sulaymaniyah – Iraq
Restrictions: A24 Clients
The buy and sell rate of the US dollar fluctuates in the Kurdistan region, Iraq confusing the exchange offices and the merchant, and affecting the stability of prices in the markets.
The decline in the dollar exchange rates in the Iraqi stock exchanges and the Kurdistan region is due to rumors regarding the government’s intention to reduce the price of the dollar in the general budget, which has caused market stagnation.
- (SOUNDBITE) Jabbar Koran – Currency market speaker at the Sulaymaniyah Stock Exchange:
“The low exchange rates of the dollar in the Iraqi stock exchanges and the Kurdistan region is due to rumors about the Iraqi government’s tendency to reduce dollar prices in the general budget. This led to confusion in currency and commodity prices. The processes of buying and selling the dollar are unstable. I think that any decrease in the exchange rate and the reduction of the dollar against the dinar without a careful study has negative repercussions on the economic situation, confuses the local markets, and leads to stagnation. I do not think there will be a change in the dollar exchange rate from the Central Bank of Iraq.”
- (SOUNDBITE) Omar Fadel – Exchange office:
“The price variation on daily basis leads to losses. Things weren’t like that when the price was fixed. Officials should declare that the central bank rate is fixed. This confusion in the markets is due to rumors.”
- (SOUNDBITE) Sarbsat Fatih – Textile merchant:
“The change in the price of the dollar affects the market, which is witnessing a state of stagnation. The one who owns the dollar cannot exchange it, and the one who owns the dinar cannot buy the dollar. We cannot repay our debts to the merchants. The dollar fluctuates and there is no stability in the market.”