Banker: political impasse threatening the migration of the Iraqi dinar and its decline against the dollar

Banker: political impasse threatening the migration of the Iraqi dinar to the outside and its decline against the dollar

Published in: 3:46 am, December 7, 2012

BAGHDAD (Iba) .. Instructed the Director of the Association of private banks Abdul Aziz Hassoun, decline in the exchange rate of the Iraqi dinar against the U.S. dollar to bring the deteriorating security and political and currency auction continues to use the old mechanisms to raise sales and mechanical supply and demand.

He said Hassoun told the independent press (Iba) “The worsening political events in the country pay most of the citizens to transfer money abroad in dollars to migrate to a country more secure and stable, making demand for the dollar is increasing dramatically and at least display and thus increase its exchange rate against the dinar Iraqi.

He added: currency auction at the Central Bank is still based on the old undeveloped mechanisms with the global development make a few central bank sales of the dollar.

He pointed out: that the decisions taken against the central bank has made the exchange rate fluctuates not settle on a single price, which led to lack of control over the exchange rate of the dollar against the dinar.

Hassoun continued: must have a free currency market is left to the dealers and not subject to the decisions leading to the weakness of the Iraqi currency against the greenback. (End)

ipairaq