Baghdad / NINA / – A member of the Finance Committee, Ahmed Hama Rashid, confirmed that the rise in oil prices will positively affect the exchange rate of the dollar against the dinar in the Iraqi market.
Rashid said in a statement to the National Iraqi News Agency (NINA) that “the recent period witnessed a rise in oil prices, which reached 75 $ per barrel, and this means the entry of hard currency to Iraq in particular and an increase in the supply of the dollar, which contributes to reducing its price against the dinar, which witnessed a significant decline against the dollar.” “.
Rashid called on the Central Bank to “increase pumping the dollar into the local market and oblige banks to reduce the sale of the dollar to revive the Iraqi dinar.”
The price of Brent crude oil has crossed the level of $74 a barrel for the first time since April 2019.
The price of northern “Brent” blend in the futures contracts for the month of August on the London Stock Exchange reached $74.04 per barrel, an increase of about 1.6 percent.
The price of US oil “WTI” futures contracts for the month of July also rose to the level of $72.09 per barrel, an increase of 1.74%.
Oil prices have been rising continuously for 3 weeks, on the back of improved demand expectations, after the successes in the field of vaccination against the Coronavirus contributed to lifting some restrictions on travel and in light of a limited supply in the markets.
On the other hand, the price of the dollar rose against the dinar in the Iraqi Stock Exchange, where the selling price was 152 thousand dinars. /End
Source: National Iraqi News Agency