Economist: the value of the Iraqi dinar in decline

Economist: the value of the Iraqi dinar in decline

The time on Tuesday, January 29 2 / January 2013 16:26 | |

Baghdad / Orr News

Iraqi economic expert said that the current monetary policy pursued by the Central Bank of Iraq has led to a reduction in the value of the Iraqi dinar against the dollar, compared to what it was before the issuance of an arrest warrant former central bank governor Sinan al-Shabibi.

And between economic expert who declined to be named, said Iraqi dinar exchange rate before fabricating a crisis the Central Bank arrived in price below its current price, stressing that the bank was unable to maintain the value of its price old despite raising dollar sales even arrived last Sunday to about $ 220 million , compared with sales ranging between 175 – 200 million dollars before the decision to change Shabibi.

And linking Iraqi expert among central bank sales and the amount of funds needed by the State to cover its operating budget from the salaries and financial obligations, and said that Iraq was able raise the value of the Iraqi dinar exchange rate 1187 dinars to the dollar if they are not to interfere in the management of the value of the Iraqi currency, but the government policy blundering and is an expert approved by the Iraqi market mainly on imports from abroad prevented raise the value of the Iraqi currency, especially if the dinar remained stalled at the rate of 1230 dinars to the dollar, he said, adding that this rise cost the Iraqi economy huge losses worth hundreds of millions of dollars a year.

He wondered economic expert about why fabricating crisis Shabibi, who was accused of corruption, while continue the central bank to follow the policies in the sale of foreign currency?, Expected to have the central bank to raise the value of the supply of the dollar against the continuing decline in the value of the Iraqi dinar in the case of the government’s refusal to heed the wise management dinar exchange rate in the near term and medium term.