#####Dollar continues to climb against the dinar amid shy

03/31/2013 (00:01 pm) -



 Baghdad / Adel Saffar

Financial experts attributed the continuous rise of the dollar's exchange rate against the dinar in the local bourse to increase demand for the dollar in light of collapse of currencies Syria and Iran, Iraq's dependence on imported products as a result of the absence of government support for local industries in the country.

And exceeded the high dollar per 1225 thousand dinars, while the exchange rate of the dollar against the dinar 1180 thousand dinars for a long time.

The economist said Bassem Jamil Anton: "What is witnessing the dinar exchange rate of decline its value against the dollar during the current period, as a result of actions the central bank for the sale of hard currency, as increased demand for the dollar," noting that "the Iraqi dinar powered dollars from the central bank and when more than expected demand leads to lower prices for the currency.

Anton said the extent "that" The other main reason is strong pressure from the neighboring countries as a result of what these countries suffer from severe economic crises due to the economic blockade imposed on it, as there are reports of the existence of smuggling of foreign currency out of the country.

Promised the country's dependence on imports to meet the basic needs of consumption in all economic fields of agricultural, industrial and other reason decline in the value of the dinar, noting that the volume of imports in the last year exceeded $ 60 billion.

For his part, explained the economic expert Majid picture that there are attempts by the Iraqi Central Bank to resolve the problem of the volatility of the local currency.

He said the picture of the extent of: "There is a strong pressure from Iran and Syria over the withdrawal of foreign currency of the country, these countries rely on the Iraqi economy being subjected to a major economic crisis.

It likely Vice-Chairman of the Finance Committee MP Ahmed Faizullah, the return of the Iraqi dinar exchange rate to its natural price against the U.S. dollar, central bank requirement to take the necessary procedures and the use of international expertise to support the national currency.

Said Faizullah "of the Agency news" that "the country is suffering from floundering his policy monetary and economic, as the money going out of the country to import more of the funds that come to the country from oil sales, etc., in addition to that there are other money wasted in various ways.

Added that the bank Central demands to take its measures necessary to recover the value of the Iraqi dinar to the price of natural versus the U.S. dollar, and must use international expertise, and benefit from the recommendations of the International Monetary Fund to support the national currency by paying citizens to convert their money into dollars, making there is a growing demand in the market for the dollar without the dinar.

In the meantime, attributed the decision to the Committee on the economy and parliamentary investment Mahma Khalil, the reasons for the low exchange rate of the Iraqi dinar against the U.S. dollar to the political problems in the country and the deterioration of currencies of Iran and Syria against international currencies.

Khalil said in a press statement that "the UN sanctions imposed on Iran and Syria led to a decrease Iranian Altoman and the Syrian pound against the U.S. dollar, making Iran and Syria is in desperate need of hard currency.

He added that "the Iraqi trader is a trader pivotal and the import of goods without restrictions prevent, reverse McCann in the former regime, which has become a close relationship between the Iraqi traders and merchants neighboring countries who through them can be issued hard currency to the States of Iran and Syria.

He pointed out that "political and security problems that plague Iraq also contributed to reducing the value of the dinar against the U.S. dollar by paying citizens to convert their money into dollars, making there is a growing demand in the market for dollar without the dinar.


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