Parliamentary Economic describes the reasons for the high dollar exchange rate against the dinar

Network Iraqi position

Made it clear to economic and investment commission in Parliament on Monday, the reasons for rising dollar against the Iraqi dinar, the second month in a row in the middle of the economic crisis plaguing the country markets.

He said committee member Najiba Najib said that "there is a large and growing demand for the dollar is estimated three billion dollars a month," indicating that "the possibility of the central bank in a few future revenues compared to the demand, as it does not exceed two billion and 500 million dollars."

Najib added, "The increased demand versus supply and one of the reasons for the high price of the dollar," indicating that "the second reason is the lack of balance between the dollar and the dinar."

She explained that "there is a joint committee of the bank is working to strike a balance in the market between the dollar and the dinar, as well as to maintain the bank's reserves, because the coverage of all applications require the use of bank reserves."

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Keywords carries speculators responsible for rising dollar and confirms: devaluation of the dinar is Matrouh option


Author: AR, HH, ZJ
Editor: AR, BK, HH
11/16/2016 16:53



Long-Presse / Baghdad

He attributed the Governor of the Central Bank, on Wednesday, rising dollar exchange rate to the supply and demand and the imposition of measures on speculators, and as he emphasized that the devaluation of the dinar option is Matrouh time present, the economist pointed out that the dollar distribution of "irregular" methods contributed to the lifting of the dollar.

The increased sale price of the dollar against the dinar in local markets to 1130 or more, up from 1120 dinars to the one last month.

The governor of the Central Bank and the Agency on the Keywords, in an interview to the (long-Presse), "The supply and demand of the reasons for the different dollar exchange rate and the central bank cut dollar sales by 40% during the past period compared to previous years to maintain a certain level of cash reserves level," noting , that "the tight supply with demand remain at the same level and increased government spending on dollar revenues should open the way for speculation in the market."

He Keywords that "Another reason for the rise in the dollar exchange rate caused by the central bank to impose a lot of requirements Kalamtthal and oversight of procurement and implementation of accreditation and compliance with the rules and documentation requests operations," adding that "the central bank when it calls for specific actions must lead to action added to brokers Kaltbarhat customs tax and import settling accounts and leave. "

He Keywords that "securing those things cost speculators amounts they pay under the table, despite the deterrent measures as a result of imbalances in some state agencies are reflected in the dollar's exchange rate," pointing out that "the lack of citizen cooperation with the Central Bank and the speculators install dollar transactions leads to push buyer in cash the difference between the exchange rate and prevent pursued legally. "

And on the devaluation of the dinar confirmed the Governor of the Central Bank and the Agency, that "the devaluation of the dinar is Matrouh option at the present time."

For his part, the economic expert on behalf of Antoine, that "the dollar determines based on supply and demand, but the dollar distribution methods are not conducted systematically and banks with banking Office do not give a dollar to those who deserved easily."

Antoine said, in an interview to the (long-Presse), said that "citizens accept to buy the dollar for the weak confidence in Iraqi dinars," pointing out that "punitive measures imposed by the Central Bank of the withdrawal of licenses and the closure of some offices that do not do any good."

He called the economic expert, to "take other actions with the provision of facilities to the citizen rather than the complex distribution areas because the disparity between the dollar exchange rate and a large whenever the dollar rose as commodity prices rose in the market which affects people with weak prices of entry."

Antoine pointed out that there were "many ideas to resolve the problem of the budget and reduce the dollar exchange rate to 1,500 dinars, but it affects the poor because the higher the price of the dollar declining standard of living through low salaries nearly twenty percent, because the removal of subsidies on the Iraqi currency raises the price of the dollar ".

The Iraqi Central Bank has imposed a number of measures to curb some manipulation at the exchange rate of the dollar, and stressed the need for the cooperation of citizens in this regard to report any office violates the laws.

The member of the Committee of Economy and Parliamentary investment, Nora Albjara confirmed in an interview Saig to (long-Presse), that the rise in price of the dollar crisis will be resolved only after amending the Central Bank of Iraq Law No. 94 of 2004 in harmony with the current stage, usually the law is a big part of the market crisis, especially with the rise of the dollar against the dinar, as well as financial liquidity.

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