Baghdad is trying to stop the deterioration of the exchange rate of the Iraqi dinar

May 21, 2013

Preoccupied with the Iraqi capital, Baghdad, since the days of attempts to adjust the exchange rate of the Iraqi dinar against the U.S. dollar, after entered a phase of decline since last April, culminating last weekend.

Incline Iraqi dinar exchange rate against the U.S. dollar in the domestic market during the last week of 1200 dinars to the dollar to 1300, increasing the gap between the state's official price to $ 121 in Iraqi dinars per dollar.

The Central Bank of Iraq sells one dollar for banks approved for 1179 dinars, you are selling B 1189 for citizens wishing to travel for the purpose of treatment. Otherwise, traders who want to buy the dollar to engage in a public auction for the sale of hard currency managed by the central bank, but after a series of measures, some of which are carried out by the Ministry of Interior.

The Department's central bank, which is the competent authority in the country's monetary policy, a series of meetings with members of the Presidium of the Iraqi parliament, to explain how the face of declining exchange rate of the local currency.

According to a statement of the Iraqi parliament, seen by "المونتير," the Presidency consisting of the President Osama Najafi and Qusay al-Suhail, first deputy, and Aref Tayfur second deputy, met Sunday, 12/05/2013, "Abdul Basit Turki Head Office of Financial Supervision and the Governor of the Central Bank of Iraq and the agency" . The statement said that "the Presidency of the Council expressed its full support for the central bank to scrutinize the work of private banks and archiving of information within the bank and reform measures that include adjust the exchange rate of the dollar and reduce the phenomenon of money laundering and strengthen the capacity of the central bank in economic development."

In a separate statement Monday, 13/05/2013, Parliament announced that Vice President Qusay al-Suhail, "chaired a meeting of the Finance Committee in the presence of the central bank governor Abdul Basit Turki."

The statement said that al-Suhail stressed during the meeting "the need to identify the procedures and things to ensure taken by the management of the central bank to address the fluctuating exchange rate of the dinar against the dollar," stressing "the importance of knowledge of the real reasons that led to this volatility, which will affect negatively on the lives of the Iraqi individual."

The statement said the governor of the central bank, "provided an overview of the policy of the Bank's work during the past period especially with regard to the central bank and auction procedures established by the Directors of the Bank to eliminate the fluctuation in the exchange rates of the dollar."

The statement said that members of the Finance Committee in Parliament flexed "their proposals and recommendations regarding the developments that have taken place at an auction sale and the style and method of the dollar," stressing "the need to take methods to prevent the exploitation of some of the traffickers money of the Iraqi people for the central bank auction."

And Central Bank officials refused to make comments to the media, but the local media picked up Monday, 13/05/2013, permission to banking source described Balrfaa, asserts that "the size of the Iraqi Central Bank's reserves of foreign currency amounted to $ 74 billion." He said that "this is the highest amount that reaches the reserve currency of Iraq."

And says economist Jawad Al Shammari said that "the Iraqi Central Bank follows the policy very careful in dealing with the media, it is probably who leaked information relating to the increased size of the reserves of Iraq, as a message to calm the fears that have become magnified because of the sharp decline in the value of the Iraqi dinar against the dollar."

Al-Shammari said that "the Iraqi Central Bank hold daily sessions for the sale of foreign currency with the participation of governmental and private, and sales can be either in cash, or in the form of remittances sold abroad for a certain commission." He believes that "this procedure which aims to adjust the price of the dinar against the dinar is no longer feasible, because of the gap which increases daily between it will offer in the auction and the bank between the actual need of the market."

And confirms the Chairman of the Finance Committee in the Parliament of Iraq, Haider al-Abadi "receive reassuring messages from officials at the central bank to control the issue of volatility in the exchange rate." Ebadi said that the central bank took action to get citizens to the currency from private banks and the government, including the conversion to be up to traveling or treatment, as it can obtain the required currency formal transfer.

Ebadi said that "the problem is limited to the difference between supply and demand in the Iraqi market for the dollar."
It is noteworthy that the Iraqi Central Bank hold daily sessions for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of public holidays in which the Bank stops for these auctions, and sales can be either in cash, or in the form of remittances sold abroad for a certain commission.


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