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The budget revives currency markets in Iraq

The unanimous vote of the House of Representatives, last Wednesday, on the Federal Budget Law for 2021, left a general impression of satisfaction at the official and popular levels.

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Parliament ended many months of disagreements and quarrels between the political blocs, as well as the effects of the failure to approve the budget on movement, market and trade, which showed signs of a return to activity, yesterday, through the relative rise in the movement of buying and selling currencies.

Traders in the stock market in the Shorja area in Baghdad said, “The market witnessed good movement and the price of the dollar rose slightly against the dinar, as a result of approving the budget.”

They attributed the reasons for this to that “traders and even ordinary citizens had expected that the decision to reduce the value of the dinar against the dollar, which was approved by the government last year, would be reversed. However, the approval of the budget while the exchange rate remained in a state encouraged the return of market movement to normal.”

The Baghdad Stock Exchange closed yesterday evening, Thursday, at 1467 dinars to one dollar.