Advisor to Al-Sudani: The dollar is on the way to further decline

Advisor to Al-Sudani: The dollar is on the way to further decline, and 70% of Iraqi traders have entered the platform

link to My FX Buddies Blog https://www.myfxbuddies.com/2024/03/advisor-to-al-sudani-dollar-is-on-way.html

Fadi Al-Shammari, advisor to the Prime Minister, Muhammad Shiaa Al-Sudani, expected on Wednesday (March 27, 2024) a continued decline in the dollar’s ​​exchange rate against the dinar.

Al-Shammari said in a televised statement followed by “Baghdad Today,” “The dollar is on its way to further decline and is subject to supply and demand.”

He stated, “70% of Iraqi merchants deal with the platform, up from only 10%.”

Reuters previously quoted an official in the Central Bank of Iraq who revealed that merchants are increasingly interested in the electronic platform for selling the dollar at the official price (1,320 dinars), and working in a regular manner, as foreign trade remittances rose to 200 million dollars after it was only 50 million dollars last year.