*************** Dollar exchange rate .. its causes and its impact on the Iraqi market

Under the highs and lows witnessed by dollar prices daily, said in the Finance Committee of the House of Representatives member, that "the subject of the dollar exchange rate in Iraq, the issue of auction of the Central Bank."

Where Masood Haider said, in a statement to PUKmedia, on Sunday, 08/03/2015, that "the Iraqi market used to put huge amounts of money at auction but now because of the financial situation faced by the country has been reduced these amounts only approximately 90 million dollar a day, not to mention the financial speculation by foreign currency traders. "

He Haider, believed that "this crisis will end soon," noting at the same time, that "the investment projects have had a significant role in the operation of the funds and is now almost virtually non-existent and all this has a role in influencing the markets and the dollar exchange rate."

For his part, professor of economics at the University of Sulaymaniyah Mohammed Rauf, that there are many reasons behind the rise in the US dollar against the Iraqi dinar prices.

He said in a statement to PUKmedia, that "the main reason is that the central bank after the fall of the former regime in March that do an auction for five days a week, where the central bank introduced a certain amounts of US dollars at a price determined by his own policy."

And that "the Central Bank is leading the process of determining the US dollar exchange rate, therefore, that at the time was Iraq could happen to greater amounts of foreign cash resources such as the US dollar was Amekdor central bank that raises large amounts of US dollars at the rate determined by the price ranged between 100 000 or 120 000, where he was being put up $ 350 million a day to the extent of 400 000 dollars at a time when the financial capacities of Iraq because of the large oil prices when it was 120 per barrel. "

He said that during the recent period, oil prices dropped to around $ 55 per barrel, Iraq sells its oil at a lower price than the world price and spending Iraq on military requirements for the purchase of arms and perpetuate the fighting fronts imposed on him big spenders thus the Central Bank of the capacity to put up larger amounts of US dollars to keep the price certain prescribed by the Central Bank against the Iraqi dinar has become very limited.

 He said that the Central Bank at the present time to Aatrah only $ 75 per day thus that the same US dollars in the Iraqi market and demand a lot Ay dollar in the market, which is determined by the auction led to a higher dollar prices in front of the Iraqi dinar.

The US dollar jumped to its highest level in 11 years and a half against the basket of major currencies, as the strong data on non-farm payrolls in the United States fueled expectations that the Federal Reserve (central bank) will raise interest rates as soon than expected.

Special PUKmedia

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