Continued rise in the U.S. dollar exchange rate plaguing traders and succeed economically crippling
Continued rise in the U.S. dollar exchange rate plaguing traders and succeed economically crippling recession market movement
12/05/2013 (23:01 pm)
Baghdad / tributary cactus and Adel al-Saffar
Experienced local markets recently recession coincided with a continuing rise in the dollar exchange rate, and by the owners of shops dissatisfaction about currency fluctuations, stressing that this volatility cast a shadow on the smooth flow of work in the market.
says Salman Alaidana owner of banking to the extent, “The volatility of the exchange rate Iraqi dinar against other currencies has made smooth market non-existent, where is the citizen and merchant apprehensive about buying and selling process, “pointing out that the political decision at the moment has become in control the economy, especially in the exchange rate of the dinar.
For his part, refers teammate fineness Hashim to the high exchange rate of the dollar and the decline do not serve the market of small holders of banking companies work differs from large We buy the dollar in the morning and sell pm and between these watches find there are few volatile prices. He said Hashim in an interview (range) that the heavy demand for food in this period contributed to this التخلخل in the estimates of the Central Bank of proportion Seen dollar in the Iraqi market. To the reduced Mohammed Attar, owner of sand for the banking and financial transfer of the importance of the impact of price fluctuations on the deterioration of work in banking offices because large companies depend directly on the staff of the private sector companies deployed in the capital, which depends paid in dollars instead of the dinar. He adds Attar (range) I do not think the rise of the dollar against the Iraqi dinar affects the buying and selling rate, especially that banking companies linked to government and banks have ratios of the value of the dollar that goes to the bank. Shows that “some small banking companies working wage or daily interest because he does not know at tomorrow.” He asked Falah Hassan owner markets peace commercial what is going on from the recession in the economy and a decline in the local currency with a scarcity of certain materials needed by the citizens. Says in his speech to the “Iraq is a country rich in wealth and issued a lot of oil, why go down our currency whereas countries such as Jordan where there are no riches and its currency strong and maintain stability. ”
and explains that “what we are going through today did not exist at the time of Governor of the Bank Previous Shabibi, there was a movement in the market and the stability of the exchange rate of the local currency. asserting control over the country in the currency according to its policy, which is a hassle for citizens and merchants together in the face of rising dollar and the decline of the local currency.
between “There are products we we buy dinar and now refuse to sell to us, but in dollars as products.
Meanwhile, says researcher on the market Salem al-Bayati, “based market development and movement on the basis of economic stability in the country with an economic policy and the policy financial regulating the movement of sectors.
adds to the extent “with the instability of the security situation in light of the existence of a policy is integrated and without activating the circuits sectors, especially agriculture and industry, the economy of the country is often exposed to a lot of problems and challenges and therefore, the weakness in the market coupled with volatility in the dollar” , and continues, “that the lack of local produce in the markets will confuse the economic landscape is reflected in the purchasing power of the citizen,” noting that the high dollar is the result of a natural lack of policy where lead the emergence of money laundering. believes economics professor tributary Numan and there Ayad control in exchange rates and give opportunity for traders of manipulating. said in an interview over: The problems faced by the central bank since shortly harmed in the stability of the exchange rate, noting: that many of the concerned applicants in the state they had a hand in the control of exchange rates and this is what gave the opportunity for manipulation by dealers in the sale and buy the dollar that mastered the exchange rate. stressing that this issue will remain valid that there is not a regulated market and the formal banking offices in Baghdad and the provinces with a control security on them.
said MP Kazem Al Shammari, spokesman bloc white earlier that international reports confirm that Iraq did not possess of its budget huge for this year, but what converts revenue from the sale of oil to the Development Fund for Iraq under the International Monetary Fund.
added Sharifi said in a statement quoted by the agency where that “Iraq’s economy is suffering from sharp fluctuations in the exchange rate of the Iraqi dinar led to the loss of the country’s nearly $ 3 billion during the Just two months in the past year 2012. Noting that some parties in force in the Iraqi government is seeking to take advantage of surplus oil revenues to maximize their assets abroad. While confirmed the Finance Committee that it will host the central bank governor and agency to discuss the implications of the high exchange rate and stand on its causes.
said committee member secretary Hadi’s (Center Brief for network Iraqi media) “The Finance Committee will add the central bank governor Agency Abdul Basit Turki to find out the reasons for the high rate compared to months past witnessed stable.”
said Hadi that “initial indications of the reasons that led to the high exchange rate of the dollar against the Iraqi dinar back to the non-arrival hard currency to the beneficiaries and the control of some private banks to large amounts of the currency. “between Hadi that” the solution to the problem of high exchange rate is the adoption of a mechanism from the central bank to ensure the spread of hard currency in all areas to be available and therefore can not be for banks civil exploited and raise its value against the Iraqi dinar . “and threatened to The Truth parliamentary sales of the Iraqi Central Bank last month by resorting to the parties competent international fight against money laundering to track the money that was in the Development Fund for Iraq since 2003 to 2012 if it does not give the Iraqi Central Bank Commission full information. witnessing the Iraqi market at the present time rise significant in the exchange rate dollar against الدينارالعراقي and sometimes reached to more than 1227 dinars to the dollar after it had been stable for 1120, the highest rate up to the exchange rate during the past two years.