Depreciation of Iraqi Dinar Shakes Kurdistan Region Markets
Food prices have risen in Erbil and Suleymaniye, and some companies have halted sales as the Iraqi dinar depreciated against the dollar.
Rapid fluctuations and the depreciation of the Iraqi dinar against the US dollar have caused economic difficulties in the currency and product markets of the Kurdistan Region.
Activity in the Foreign Exchange Market
Rapid fluctuations in the value of the Iraqi dinar against the US dollar are directly affecting the foreign exchange market across the Kurdistan Region.
The depreciation of the dinar has caused market activity and an atmosphere of uncertainty in Erbil and Suleymaniye.
The Possibility of the Dollar Reaching 170 Thousand Dinars
Kak Xoşnaw, a spokesperson for currency exchange offices in Erbil, stated that if the government does not intervene and fails to provide sufficient dollars to the market, the dollar could rise to 170 thousand dinars.
Xoşnaw stated that he had previously warned citizens to hold onto their dollars and that the current situation may continue.
Impact of Speculative Transactions
It was noted that speculative transactions are also effective in the rise of the dollar, with some individuals conducting such transactions in Baghdad and other regions.
Emphasizing that the market is extremely unstable, currency traders were advised to protect their money.
Price Increases in Suleymaniye
The effects of the fluctuations in the foreign exchange market are also felt in Suleymaniye, with a notable increase in food and dry goods prices.
It was reported that some food distribution companies have temporarily suspended their sales due to rapid changes in the value of the dinar.
Reflections on Trade and Imports
It is stated that the depreciation of the dinar negatively affects remittance fees and commercial import transactions from abroad.
Price increases are observed in the clothing sector as well as food products, and some wholesalers are withdrawing from the market earlier than usual.