##### Reduction in the rate of the dinar up to 1,300 dinars per dollar

Tuesday, May 14 / May 2013 14:03



[Baghdad where]

The price of the dollar in the domestic market to 1,300 dinars, compared to 1220 dinars in mid-March and represents a significant reduction of the Iraqi dinar did not get more than two years ago.

It is known that the official price of the dollar until this day, according to the Central Bank of Iraq is 1166 dinars and that means that the Iraqi dinar has its price انحفض more than 11 percent.

According to representatives of all of Iraq [where] This decline has led to higher prices for a lot of goods in Alasouk and especially imported from abroad.

The central bank has promised to take measures to raise and stabilize the dinar as it was in the past, but the degradation rate of the dinar continued for up to 1,300 dinars per dollar.

Employees complain and retirees who receive their salaries in dinars from price rises, and that their salaries are no longer sufficient to meet their needs and that the rise in prices has included real estate and rentals, as well as transportation, food and clothing.

Many believe that the growing appetite to buy the dollar has led to this significant decline in the price of the dinar. And attribute this to smuggle most of it will offer daily Central Bank of dollars to Syria and Iran, which are being siege of Mali in the growing and they need to hard currency.

The Iraqi Central Bank announced short Fenrh before new measures restrict the availability of U.S. currency in markets where demand to buy them, amid suspicions suggest smuggling large amounts of hard currency in Iraq for neighboring countries.

And issued the CBI, new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select the stakes weekly for banks and money transfer companies and trading firms currency from the dollar is estimated according to the capital of each of them, and we will increase and decrease the stake against the commitment of all of them deliver the amounts they want customers citizens.

And goes observers exchange market in Iraq to the smuggling of large quantities of dollar located in Iraq for Syria and Iran, both of which suffered international sanctions caused scarcity of hard currency, and it has one of the most important reasons for the increase demand for the dollar in Iraq, and therefore decline Iraqi dinar exchange rate.

The central bank starts to put the dollar at an auction for the sale of foreign currency at subsidized prices and the lowest of the real exchange rate in the market to support the dinar. "

Observers fear stop CBI those auctions and then multiply the value of the dollar against the dinar. "

According to the latest bulletin of the Central Bank for the auction sale and purchase of foreign currency Monday 13 May, the Bank sold 223 million and 177 thousand compared to $ 196 million and 704 thousand dollars on Sunday, a stable exchange rate was 1166 dinars per dollar.

The central bank is facing charges for the staff in conjunction with state officials Baalmyat corruption and smuggling of currency and the bank is currently undergoing to Thviqat the longer the former director Sinan al-Shabibi, who left Iraq several months ago and no longer fear of arrest according to the warrant.


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