A new economic crisis in Iraq

Date: October 18, 2016


After continued high US dollar against the Iraqi dinar in local markets amid the absence of solutions and treatments by the central bank warned a number of specialists in the financial and economic affairs to continue rising dollar exchange rate, because it could lead to the collapse of the local currency and rising inflation rates in the market of Iraq , which It will create a new economic crisis in the country.

The total US dollar exchange rate in the Iraqi market for 1310 dinars selling price while the purchase price of 1,300 dinars per one dollar.

He says economist Adel Mandalawi, said the continued rise of the dollar in the local market price foreshadowing a new economic crisis in the country through the lack of dealing dinar and increasing inflation rates in the market.

He Mandalawi "The central bank seems to have lost control over the price of the dollar after it was fixed at a price of 1240 dinars to the dollar, despite the presence of the auction to sell the dollar, but the demand has increased and a multiplier for the former , which indicates the presence of suspicion by some speculators and corporate banking manipulation the exchange rate and the purchase of large amounts of dollar monopoly.

He noted that "there are floundering monetary policy at the Central Bank, as the cash reserve fell dramatically from what it was in the past as well as today 's dollar rises to unprecedented levels."

He said economic expert , said "the central bank shows that the reason for this dramatic rise in the dollar, warning of the arrival of its price to 1,500 or 2,000 dinars in case of failure to take the necessary measures and procedures."

For its part, the parliamentary finance committee Ezzat, the reason for soaring price of the dollar to the economic crisis that led to a lack of fiscal revenue in hard currency, as well as security conditions around the country.

The committee member said Ahmed Rashid , "that" his committee had an earlier meeting with the Governor of the Central Bank and a number of experts in the bank , and stressed that the central bank is controlled on the exchange rate does not exist any concerns about a significant rise in the price of the dollar.

He added that the central bank has promised the Finance Committee to put an end to this rise and will probably decline in the dollar rate against the dinar during the coming period.

Iraq has suffered from a major economic crisis since 2014 as a result of lower world oil prices, which led to a lack of financial revenues of hard currency.

Source / KD fees

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