Baghdad The expert in economic affairs, Raad Twaij, attributed the rise in the exchange rate of the dollar against the dinar to the weakness of managing monetary demand and reliance on a certain situation without calculating the expectations of demand.

Twaij said in a statement to the National Iraqi News Agency / NINA / that “the current rise in the exchange rate of the dollar against the dinar is caused by poor management of monetary demand within the framework of ineffective monetary policy and reliance on a specific situation without calculating the expectations of demand and trying to direct it according to the goals set by the Central Bank for it.”

He pointed out that “the multiplicity of parallel exchange markets, the absence of a margin for the exchange rate, the low effectiveness of the banking market, the decline of banking products and excessive importation, which is reflected in excessive monetary demand, as well as the rate of imported inflation and the presence of cash issuance all led to the expansion of monetary demand in an unprecedented manner and in a remarkable way that contributed to the rise of the exchange rate of the dollar higher than the official price of 145 thousand dinars for one hundred dollars.”

He stressed the need to “take a package of continuous measures to calm the panic of market dealers.”

The local markets in Baghdad and the provinces witnessed an unprecedented rise in the exchange rate of the dollar, as it reached 152 thousand dinars to 100 dollars.

Source: National Iraqi News Agency