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Security tension contributes to the rising USD exchange rates

Category: Economy

Date: 2021-11-07T09:27:29+0000
Security tension contributes to the rising USD exchange rates

Shafaq News/ A government source attributed the rise of the U.S. dollar (USD) exchange rates against the Iraqi dinar (IQD) to the security tension the Iraqi capital, Baghdad, has been witnessing over the past few days.

The source told Shafaq News Agency that the demand overwhelms the supply at the Central al-Kifah exchange.

"The exchange shops are retaining the USD. The citizens also resorted go to buy the USD for fear from the unstable conditions," the source said, "the cash sales of the Central Bank of Iraq, around 50 million dollars daily, have nearly a nill impact on the market."

"The USD exchange rates might witness a further rise in the tension persists," the source continued.

A drone laden with explosives targeted Al-Kadhimi's residence inside the Green Zone, downtown the Iraqi capital Baghdad, early on Sunday in what the Iraqi military deemed an attempted assassination, but said al-Kadhimi escaped unhurt.

The attack, which security sources said injured several members of al-Kadhimi’s personal protection team, came after protests in the Iraqi capital over the result of a general election last month turned violent.

No group immediately claimed responsibility for the attack on al-Kadhimi’s residence in Baghdad’s fortified Green Zone, which houses government buildings and foreign embassies.

Supporters of Iran-aligned armed groups which have grown their power in parliament and government in recent years have protested the results of the October election.

Demonstrations by their supporters turned violent on Friday when protestors pelted police with stones near the Green Zone, injuring several officers.

The police responded with tear gas and live gunfire, killing at least one demonstrator and wounding hundreds, according to security and hospital sources in Baghdad.

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