Expert: deterioration of the currencies of neighboring countries would harm the national currency
Date: Thursday, 04/05/2012 12:17
Baghdad (news) .. Warned the financial expert, Abdul Hussein al-Radi, the vulnerability of Iraqi dinar exchange rate against the dollar due to the deterioration of currencies of neighboring countries, by increasing the demand on the dollar and withdrawn from local markets, ruling out the continued existence of drain hard currency of the country, the fact that the central bank in control of all Iraqi banks.
said satisfied (for the Agency news) on Thursday: The Central Bank of Iraq is dominated by… just the phenomenon of withdrawal of the U.S. dollar through its monetary policy the current support of the Iraqi dinar and based on a solid base of the cash reserves of hard currency, which amounted to more than (60) billion dollars, warning affected the local currency deterioration of currencies of neighboring countries to the U.S. dollar by increasing the demand for U.S. dollar of the Iraqi market.
He added that the variables that occur in the exchange rates of currencies of neighboring countries to the U.S. dollar will affect the Iraqi trade because they rely on imports from those countries, as a result lack of local production, indicating that Iraq has nothing issued abroad, except oil, which led to the influence of any economic change occurs to the neighboring countries or global.
It is noteworthy that local currency to Iran and Syria is suffering a significant deterioration value against the dollar as a result of political circumstances and threats of international economic going through them. / Finished / 8. d. Q /