Dollar rises again .. specialists are demanding the central bank to clarify the reason for the low value of the dinar

08/02/2016




BAGHDAD / JD / .. After a period Tzbzbah to the dollar exchange rate against the dinar back today to rise to $ 1 280 thousand dinars per dollar, it has a number of specialists warned the financial and economic of the continued rise in the dollar exchange rate, which will lead to stasis of inflation in the domestic market issue, demanding Central Bank to clarify the real reasons behind the dramatic decline at the price of the Iraqi dinar exchange rate against the US dollar.

He says the financial expert on behalf of al-Tamimi, said that "there is a big spike in the US dollar against the dinar For the central bank need to clarify the reasons for this increase and that shows what actions and policies taken to preserve the value of the dinar."

He said al-Tamimi told / KD / that "a determining central bank sales of the dollar in its daily auction was due to financial distress, home to Iraq and maintain the bank's reserves of foreign currency which is linked with earnings of Iraq in the fall and rise and be maintained by reducing its demand for the dollar and cover needs core of it. "

He continued, "We in Iraq uncontrollable commercial and there are goods in the market is not worth the importation where there are stocks of durable household as materials and cars suffice Iraq for several years, but the import is continuing and this exhausts the state budget."
He noted that "the strength of the Iraqi dinar, which is covered in foreign currency, according to the definition of the money supply more than one and a half times, but at the same time, we must achieve a balance in maintaining the amount of foreign currency exchange rates and the value of the Iraqi dinar."

For his part, called on the parliamentary Economic Committee, the central bank need to take the necessary measures to maintain the dollar's exchange rate against the dinar, stressing that the continuation of rising inflation will lead to stasis in the market.

Said committee member Rep. Najiba Najib told / KD / The rise of the dollar was due to the lack of central bank sales of foreign currency in the light of the increasing demand to buy it, which led to a rise in the market, stressing the need to take necessary measures and processors to create a balance between the dinar and the dollar in the market and maintain the stability of the exchange rate.

The Iraqi market is witnessing a marked rise in the US dollar against the dinar as it is expected that the dollar sales decline in the central bank auction of this year, according to the law of the state budget, which began in Parliament on 29 January last.

The law stipulates that the central bank is committed to identifying sales of hard currency) dollar (in the daily auction ceiling does not exceed $ 75 million a day, with the exercise of justice in the sales process, and calls for co-bank at the auction to provide the introduction of cargo documents and statements of tax settling accounts and savings Alkmarki within 30 days from the date of buy it for the amount and otherwise applied to the bank penalties stipulated in the Central Bank Act or regulations issued from it, and use other banking instruments to maintain the strength of the dinar against the dollar.

It was not immediately known whether the price of the Iraqi dinar will be affected by the application of this article and observers fear that a lack of supply of the dollar in the markets will lead to a high price Bdinar.anthy 8 /

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