Call to support the dinar transactions instead of the dollar

2/10/2015 0:00

High hard currency «spongy» and return to a normal level
BAGHDAD - Mustafa al-Hashemi

Predicted Mokhtassan returning dollar exchange rate stability and Bmadlath normal soon after work alternatives and solutions Sulaima.oukal banking advisor Dr. Essam Mahouelle that rising dollar exchange rate is the rise of squishy temporary and will return to a normal level, but it will take two to three months at the farthest limits.

The dollar rate in the past few days, due to specify the width dollar amount of $ 75 million at a time when the markets absorb about $ 300 million a day, to rates seen by those with large low-income compared to their potential financial and limited resources where affected in buying and selling and the general commercial traffic and daily transactions.

He said in a statement the "morning" that the central bank sober institution able to handle such an imbalance that got by binding to sell a specific dollar amount to the local markets, noting that Iraq is a rich country was interrupted by the revenues derived from the export of oil, despite the low price of a barrel globally, stressing that prices will return to normal rates after a period of time passing.

He stressed that proper planning to spend would facilitate the recovery of the country's economy, despite the financial conditions facing, pointing to the possibility of borrowing from the inside bonds and money orders instead of borrowing from international financial institutions, as well as solutions and actions can be large economic mentalities devised and proposed to the executive bodies to be applied in order to pass Iraq to this temporary crisis.

Banking consultant, said the activation of the productive sectors would reduce the effects of the low exchange rate of the dinar against the dollar as it is the final nutshell reduces imports of goods that can be produced and manufactured locally, which costs a lot of money can be employed and invested in the revitalization of these sectors.

Mahouelle called not to buy the dollar and dealing in the sale and purchase and reliance in daily trading on the dinar because it will reduce demand over supply and hence the abundance will contribute a lot to reduce the rate of exchange, stressing the need to support the dinar in this economic phase through which Iraq.

The number of banking companies stopped selling the dollar for fear of losses due to non-achievement of the stability of foreign currency exchange rate at a time when public demand to buy Atar.bdorh economic decline, said Dr. Ali Anbure: that such a disruption in the process of exchange rate due to circumstances out of the country, along with Article 50 of the budget, which is the main reason for the rise in the dollar exchange rate against the dinar, which compelled him «central bank» to sell about a third of the amount that was sold prior to the budget bill, while the market was more accommodating law.

He Anbure "morning" This volatility in the price will continue for a period of up to back the gap between supply and demand to its normal size, adding that this imbalance was not expected because of the stability of the dollar exchange rate during 2013 and 2014.

The central bank is responsible for maintaining stability and rates of exchange rate of foreign currency against the dinar.


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