Echo Iraq: Concerns about US sanctions and increased demand have made the dollar more expensive in Iraq

According to Kurdistan Press, the Echo Iraq website announced that the dollar rate against the Iraqi dinar in the open market of Iraq has witnessed a rapid increase.

According to this report, the increase in the dollar rate is influenced by a set of factors, one of the most important of which is the concern about the possibility of US sanctions against Iraq.Eco Iraq has emphasized that the current increase in the dollar against the dinar is not due to a single factor, but rather to several economic, financial and psychological factors that are active at different times. The increase in demand for the dollar and the decrease in its supply are also among the factors that have affected the increase in the exchange rate.

The site also reported that concerns and speculation about the developments after September 30 and the issue of weapons collection and their monopoly in the hands of the government, along with discussions about possible US sanctions and expected measures, have increased the level of distrust in the market. Accordingly, some traders have found greater demand for buying dollars to preserve the value of their assets.Eco Iraq also considered the decline in confidence in the banking sector as another factor in the increase in demand for the dollar, citing the crisis at Al-Tif Bank and the transfer of management of the bank to the Central Bank of Iraq on September 3 as an example.

The site finally called on the Central Bank of Iraq to closely monitor developments in the foreign exchange market and take appropriate measures to limit fluctuations and maintain market stability; measures that, according to Eco Iraq, could help strengthen confidence in the Iraqi dinar and the country's banking sector.