…reveal secrets of the dinar against the dollar price drop

Two Vice-Presidents and the Director of a Bank and an economic analyst reveal secrets of the dinar against the dollar price drop

Posted 02/04/2013 07:51 PM

Baghdad: a member of the parliamentary Economic Committee MP Abdul Hussain abtan, the problem of deterioration of the Iraqi dinar exchange rate against the greenback due to reasons including: lack of a clear economic vision for the country in General, and the lack of reference to the economic file, and the absence of economic plans, the absence of independence of the Central Bank of Iraq and to keep certain officials in their positions, the fifth and final thing and more importantly, it is that the Central Bank’s brothers tend to maintain currency reserves than the Iraqi dinar strengthened so that the reserve The Central Bank up to $ 70 billion.


And speaking of abtan (Mashreq) blamed the Central Bank for the dinar exchange rate, and that all actions taken by the Central Bank and Government actions do not live up to the required standard that befits the national economy which is generally weaker because of some political practices.


Meanwhile, a member of the parliamentary Finance Committee, Hassan Al-Bayati, the deterioration of the dinar exchange rate due to continuing pressures on the Central Bank, which was forced to bend to the pressure of some politicians. In the modern (Orient) “now there is a vast difference between the sale price of the Central Bank and the sale of other commercial banks, and must put an end to this phenomenon.” Al-Bayati said that the function of the Central Bank, financial market regulation, the imposition of fines and terms of withdrawal of agencies of some banks.


In the same context attributed the Director General of the Trade Bank of Iraq, the causes of the deteriorating hamdiya dinar exchange rate to market speculation and banks and banking companies and banks as well as some administrative procedures and routines. She said (the Orient) “I think if the Iraqi economy dominate this speculation and money transfers and formal penguins without inhibiting restrictions we can address the problem of the falling currency. Dry accused some banks of eligibility to deal with piracy through exploitation of the $ 5,000 given to the citizen for use while traveling. Expressing regret for the way this greedy and try to circumvent the law through various fraud to deprive the citizen of this amount. The Central Bank currently managing new serious measures valid for the dollar in all business dealings with the proper ways to reduce the high exchange rate for the dollar but these actions must be dealt with transparently so that the parties responsible, any Central Bank and Iraqi banks in the application of these procedures.


Iraqi economic analyst Habib Hassan alkergholi, the dinar exchange rate is influenced by the political situation since the turbulent political situation significantly affected the economic situation of the country. In a statement called for (bright) Central Bank to impose the sales price for private banks, because private banks monopolize the dollar and sell at the price you want. In addition to its claim for exemplary measures to reduce the high exchange rate of the dollar. Economic analyst, ruled out that the Central Bank’s exemplary plan to put an end to the rising exchange rate of the dollar at present, because the general situation of the country is not conducive to the formulation of laws at the present juncture.