Economists warn of continued high dollar exchange rate .. and are demanding action to reduce currency auction

08/07/2016 (0:01 pm)



 Baghdad / Ibrahim Ibrahim

Economists and specialists warned in financial affairs, on Saturday, the continued rise in the dollar exchange rate, which led to stagflation and an increase in prices of goods and commodities price. As they called for the central bank to reduce the amount of dollar selling by the daily currency auction, called for activating the laws on import and export operations to prevent money laundering and smuggling operations out of the country and install a specified exchange rate helps to stabilize market prices price.

The Iraqi Central Bank announced on Sunday (July 24, 2016), agreed to open the windows of government banks to sell the dollar to citizens.

He says economist Bassem Jamil Anton in an interview for the "long", that "the main reason for the rise in the dollar exchange rate future dinar due to the process of the display and daily demand, and today we note low amount of supply in half, where the central bank sells more than $ 300 million, while it decreased to $ 120 million due to lower revenues derived from the export of crude oil. "

He added that "the work of some government and private banks and the old laws led to citizens refrain from saving their money in banks and head to transfer their money from the Iraqi dinar to the dollar because it is more a guarantee less the amount resulting in a large demand for the dollar coin for that note its high price gradually."

Between Anton and that "there are the views put forward for re-dollar pricing according to real-time data to the market and to control the installation of the real price without being subject to speculators and currency traders who are making a difference selling price exceeds ten points derive from this process millions of dollars."

"The dollar pricing process you need to prepare a complete program to deal with the collateral damage such as inflation and rising cash cumulative goods which traders and speculators caused by lifting prices to double fold."

He called economic expert, "the central bank to put daily control to follow up the work of the currency auction sales and reduce and gradually transform the import process to the Ministry of Commerce, according to the law to issue import certificates."

In turn, the economic expert, Abbas Ibrahim al-Bahadli said in an interview for the "long", said that "a strong dollar against the dinar got progressively since nearly a year and a half year due to the economic and political crises witnessed by the country in addition to mismanagement by the central bank."

He added that "the central bank law the foundations of so-called daily currency auction to supplement the domestic market in dollars through the government's sales of crude oil."

Bahadli said that "the central bank's policy in the process of selling the dollar marred dealings daily operations of corruption and money laundering by influential individuals and companies in collaboration with some of the departments of the banks responsible for the daily auction to sell the dollar."

He said the "financial distress experienced by the country has forced the central bank to determine the daily sales of the dollar to drop to almost half and to maintain the bank's foreign currency reserves drained by previous governments as a result of mismanagement."

Bahadli said that "chaos and confusion import, which passes by the country since 2003, led to the entry of a large stock of goods exceeded the needs of citizens, such as household appliances and cars that cost the state billions of dollars in oil imports."

He said he "must be on the central bank to achieve a balance between the amount of supply of a dollar coin and asked the domestic market gradually to avoid economic sudden vibrations."

For its part, it has called for parliamentary Committee of Economy, Central Bank of the 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 in a press statement seen by the "long", "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 the necessary and processors to create a balance measures between the dinar and the dollar in the market and maintain stability in the exchange rate. "

The Central Bank of Iraq, announced on Wednesday (22 June 2016), not to deal with customers who were struggling permits special customs Bastiradathm or who relied forgery requests, while committed banks and remittance to submit the names of those customers for the purpose of uncles to prevent their access to foreign currency in the future.

The Iraqi Central Bank decided on Thursday (16 June 2016), up dollar sales for citizens wishing to travel to the (3000) dollars instead of 5,000 dollars, while stressing the need for the sale takes place after the completion of all required archives.

The central bank called on Monday (6 June 2016), citizens and merchants who buy the dollar by more than 1,200 Iraqi dinars, from remittance companies and foreign exchange to make a complaint to the bank's board, and required attach a payment with the complaint arrived, while undertook to pay the difference in value purchase and deducted from the vendors.

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