Baghdad - Al-Forat
Al-Forat’s economic bulletin opened with exchange-rate movements, as the dinar held steady against the dollar in local markets while the Central Bank continued to meet banks’ requests for foreign currency to finance foreign trade and transfers.
Bulletin highlights
- Exchange rate: the Kifah and Harithiya exchanges in Baghdad recorded about 142,000 dinars per $100, little changed from the previous session
- Stock exchange: the Iraq Stock Exchange’s main index closed 0.8% higher, supported by banking and telecoms shares
- Gold: a slight fall in the price per mithqal in local markets, tracking lower global prices
- Markets: staple food prices stable as the supply of local produce increases
Reading the market, experts on the bulletin said the stable exchange rate reflected improved trade-financing mechanisms through banking platforms and lower demand for cash dollars on the parallel market, adding that the gap between the official and parallel rates was at its narrowest in months.
On the stock exchange, trading volume exceeded three billion dinars across 42 listed companies, with banking shares posting the biggest gains amid investor optimism about third-quarter results.
“The dinar’s stability in recent weeks has given traders a clearer margin for planning, and this is gradually feeding through to the prices of goods in the markets”Dr Nawal Al-Khazraji, professor of economics at Mustansiriyah University
Gold and markets
Gold prices in Baghdad’s jewellery shops fell by about 5,000 dinars per mithqal, following lower prices on global exchanges. Goldsmiths said sales remained limited as families waited for further falls before the wedding season.
The bulletin closed with a tour of Najaf’s markets, which found food prices stable and vegetable prices falling as local produce came in, as well as a look at the Central Bank’s online platform for small-business loans, which has seen strong demand since its launch.
The economic bulletin airs daily on Al-Forat, and its main segments are available on the website.
