Warnings from the continuing decline in the exchange rate of the dinar against the dollar

09/02/2015


BAGHDAD / JD / .. after he saw the Iraqi dinar declined abruptly in price against the dollar and other hard currencies than it was before the adoption of the state budget in 29 of the last month, warned a number of experts and specialists in the financial and economic of the continuing decline of the Iraqi dinar exchange rate issue against the US dollar and its impact on the economic situation in the country, calling during their talk Agency / BD / central bank to take quick action and effective solutions for the sake of the stability of the dinar exchange to save the national economy price.

Informed sources said that the dollar price has become a 1234 dinars, while the official rate by the central bank in 1166 dinars, an increase of 68 dinars to the dollar represents about 6 percent, the sources pointed out that the dollar exchange rate in the markets before approving the budget was 1220 dinars.

The expert says in the financial affairs spokesman Hadi al-Tamimi: that the dollar prices in world markets is inversely proportional to oil prices, Mini that whenever the price of oil has increased the dollar fell, and vice versa.

He said al-Tamimi told / BD /: The dollar today is witnessing a rise on a global level and not only in Iraq because of low oil prices, and Iraq is a part of the world, indicating that the central bank following a drop in oil prices and the lack of fiscal revenue began to reduce the dollar amount sold in the auction to keep the monetary reserves, and this is what the impact on the local market.

He said al-Tamimi: the high dollar and low price of the dinar back to determine the dollar amount sold in daily auctions at the central bank for $ 75 million in each auction while quantities exceeding so much up to more than $ 300 million called for the beneficiaries of the currency traders to increase price to maintain their daily profits.

The economic researcher Mohammad Hassani pointed out that there are several factors led to the decline in the dinar exchange rate against the dollar, including the imposition of taxes and fees that came in the budget of 2015 and the application of the austerity policy by the government and rumor high prices in local markets, which traders and owners of capital paid to buy large amounts of dollar and keep it, which led to increased US dollar against the Iraqi dinar.

He said al-Hassani told / BD /: that the central bank demands to exert effort in order to restore the dinar to the normal price by increasing the dollar amounts in the auction, indicating that the stability of the exchange rate required the fact that volatility will affect the overall economic situation of the country.

For its part, the parliamentary finance committee has confirmed that it will host the Governor of the Central Bank in the Parliament to know the reasons for the low exchange rate of the dinar against the dollar.

Said committee member Ali Mohamed told / BD /: the continuing decline in the Iraqi dinar exchange undoubtedly price will affect the general economic situation in the country and to the high prices in the domestic market, as well as lead to higher inflation, then it has to be treated to save the Iraqi economy.

He added that his committee will host the Governor of the Central Bank in the House of Representatives in the coming sessions to find out the reasons behind the decline in the dinar exchange rate, fast processors and search for the return of the dinar exchange rate to normal.

The Cabinet had discussed at its meeting last Tuesday, the reasons for the low exchange rate of the dinar against the dollar at the forefront of trading last week.


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