Dinar enhances strength and lower Iranian Rial in Najaf

Hazem al-Shara , Acer Yasiri

07/10/2012
Iraqi central bank raised restrictions it had imposed in 2011 on the auction to buy the U.S. dollar from the treasury shares to raise the exchange rate of the Iraqi dinar against the dollar, up to 1170 dinars for one dollar, after a week ago was equal to 1220 dinars.

This comes at a time when the national currency of Iraq's neighbors, Iran and Syria at a critical stage, after the decline Qimitehma against the dollar after the imposition of economic sanctions international them, trimmed from the proceeds of foreign currency received by both, which raised fears among many of the possibility that exploit Tehran and Damascus auction Iraqi currency to secure their need of hard currency, but the deputy governor of the Iraqi Central Bank the appearance of Mohammed Saleh describes these concerns as mere concerns political, noting that the measures the central bank, in particular the adoption CR to the buyer, was able to reduce demand and save about $ 100 million of " quota "for market, amounting to $ 340 million.

For its part, reported a member of the Finance Committee in the House of Representatives Magda Tamimi that the decline in demand for the U.S. dollar was due to the monopoly of six banks to auction the Central Bank of Iraq, and added that most of the trade and transfers with those fake banks shall not exceed the real rate of 10%.

Noted economic expert on behalf of Jamil Antoine out there that are difficult to get rid Iraq of pressure Iran and Syria, on the open hard currency smuggling corridors etc, in spite of all attempts by the Iraqi Central Bank to curb currency smuggling damage on the Iraqi economy.
It is worth mentioning that the Iraqi market has seen strong demand for the U.S. dollar in 2011, after the international community imposed economic sanctions on Iran over its nuclear program controversial, which led to a decline in the value of the Iraqi dinar at the time.


Najaf: Falling "Rial" Iranian

Iranian currency saw a big drop in the markets Najaf during the current week, which was reflected in the low influx of Iranian pilgrims to holy sites in the city.

Said Abu Ahmed, a shopkeeper of banking that this reduction make Najaf traders and residents agree to buy Iranian currency significantly.

Due Observers cause of the low exchange rate "Rial" Iranian front Iraqi dinar or the U.S. dollar to the international sanctions imposed on Iran, and finds Hassan al-Moussawi said the popularity of buy allows merchants and citizens turn a little amount of Aldnarner to thousands of riyals, they can benefit from them in the business or travel.

He says the citizen Abu Haidar that the value of two hundred dollars could cover his and his family to Iran with all expenses covered, what he called Iran to buy the currency.

For his part, said economic Hameed Alknbe said marked decline of the Iranian currency extent of the influx of Iranian pilgrims to holy sites because of the high value of the goods in front of the low riyal, which is the cause of recession in religious tourism in Iraq.

The number of Iranian pilgrims visiting the holy sites in Iraq has dropped to half after the imposition of international sanctions on Iran over its nuclear program.


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