Economists: the central bank deliberately lifted the dollar to cope with the financial crisis

04/25/2015



BAGHDAD / JD / .. carry a number of experts and specialists in the financial and economic affairs, the central bank responsible for the local currency degradation and raising the US dollar exchange rate, the grounds contain the financial crisis afflicting the country, while warning of rising inflation in the domestic market as a result of the continuing decline in the price of exchange rate of the dinar against the dollar.

He says the economic and investment commission member of the parliamentary Majid Chenkali, that recent central bank measures for the sale of the dollar at auction helped raise the value of the dollar against the dinar, where he cut his sales pretext to contain the financial crisis faced by the country, in addition to the presence of mafia operating within the central trying to harm national currency for their personal interest.

He told Chenkali / JD /, the central bank must take measures supportive of the Iraqi dinar and the fight against those who tamper with the security of the national economy, because the interest of the country above all else.

The student Chenkali, the government speed up the development of the banking and industrial sector especially what we observe these days there are a significant rise in the dollar against the Iraqi dinar ", calling for" legislation Investment Act helps to bring international companies to develop Iraq's infrastructure. "

With the parliamentary finance committee attributed, why drop the dinar exchange rate against the dollar to decline in fiscal revenue belonging to the state from oil sales, indicating that the oil was sold at more than $ 100 a barrel and today reached its price to below $ 50 and this means that revenue fell by 50%, which impact on the national currency exchange rate. "

Said Haider told / JD /, that the committee "discussed with the Governor of the Central Bank on the Keywords main reasons for the decline in the dinar exchange solutions effective for the return of stability of the price," adding that "the central bank will take new measures to maintain the hard currency and the return of stability of the dinar against the dollar." .

He said, "The measures will include open outlets to sell the US dollar after the lack of display in the local market and its high price will contribute to a decline of the dollar, stressing that the dollar selling price pursuant to Article 50 of the budget reflected negatively on the Iraqi citizen Madf Finance Committee to call for pumping the dollar in the market."

For his part, likely economist Dergham Mohammed Ali, the low dollar exchange rate in conjunction with the expectations of rising world oil prices over the next few days.

Mr Mohamed Ali told / JD /, there are expectations of higher oil prices on global markets and this in turn will increase the assets of the Central Bank of Iraq in hard currency as the main source of dollars, which the central bank sells comes from Iraqi oil sales.

He added that the central bank made a mistake in the implementation of some of the measures, which led to the loss of control of the dollar exchange rate, indicating that the central has now begun to correct mistakes by opening multiple outlets to sell the dollar in order to reduce the price.

Observers believe that the high dollar prices in the Iraq crisis fabricated by some quarters.
The Iraqi market is witnessing a remarkable rise in the US dollar against the dinar reached more than double the official rate in 1166 dinars to the dollar.


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