CBI aims to raise the price of the dinar
CBI aims to raise the price of the dinar
Dec 03, 2016
BAGHDAD – Anatolia: Iraqi finance official said on Friday that the Central Bank of Iraq aims to raise the Iraqi dinar exchange rate against the dollar in the domestic market during the coming period in coordination with the government and private banks.
Said Majid picture, the governing body of a member of the Iraqi Central Bank, said that « the CBI identified in an earlier exchange rate as 1200 Iraqi dinars per dollar, and now we aim to maintain the exchange rate to the borders of 1210 or 1220 dinars to the dollar».
He added that «there is significant cooperation between the central bank and the civil government and the banks, on the sale of hard currency, and within a short period will be reduced dollar against the Iraqi dinar».
Although the Central Bank of Iraq announced earlier this year to install dollar against the Iraqi dinar rate of 1200 dinars to the dollar, and obliged all banks and banking companies to sell according to the new price, but that did not happen.
CBI has not officially announced so far for steps to maintain the local currency against the dollar, with the most important step taken by the central banks in this regard is to provide foreign exchange in the domestic market. To maintain its currency. In a related development anticipate the picture that «there are positive effects of the agreement to reduce oil production of OPEC on the Iraqi dinar exchange rate».
He pointed out that «Iraqi revenues in hard currency may increase, and this will have a significant role in increasing the supply of foreign currency in the local market.» And yesterday scored Iraqi dinar exchange rate against the dollar to decline up to 1320 dinars to the dollar.
The sale price of the national currency, according to the schedule of financial exchange in Iraq has reached 1320 dinars to the dollar, down from the official rate of exchange at the Central Bank of Iraq by 120 dinars to the dollar.
It is noted that in the last weeks of the Iraqi dinar exchange rate maintained at a rate of 1290 dinars to the dollar, but it is taking a gradual decline in nearly two weeks.
On the other hand the Economic Committee in the Iraqi parliament , said that 80 percent of the $ 312 billion sold by the central bank in 12 years, had been smuggled abroad. This came in an interview with a member of the economic and investment commission proof Mamouri, during a press conference with a number of members of the Committee. Said Mamouri «12 years ago to establish a central bank auction, it was sold 312 billion dollars in 80 percent of them turned out of Iraq». He explained that « the participants in the auctions sell the currency, the banks and companies, their goal was to obtain hard currency at a lower price to be smuggled out of Iraq, after the submission of forged trade documents».
He added that « the central bank ‘s policy has led to a significant waste of hard currency that enters the country as a result of the sale of oil». He pointed out that « the Central Bank reserves fell to less than $ 50 billion as a result of this policy».
The Iraqi central bank sold dollars to Iraqi banks and companies at a price of 1180 dinars to the dollar, while its price in the market is much more than that.
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