Member of Finance Committee: lack of central bank sales of the dollar led to the low exchange rate of the dinar
On: Friday 06/04/2012 12:00
Baghdad (news) .. ills member of the Finance Committee in Parliament MP from / National Alliance / Abdul-Hussein al-Yasiri reasons for the low exchange rate of the Iraqi dinar against the U.S. dollar to the lack of central bank sales of the dollar in the auction, although there is high demand on the buy.
Yasiri said (of the Agency news news) Friday: The currency is a commodity and the applicable law “Ditamikih supply and demand,” ie the greater the demand for the purchase will increase its price and… vice versa as well.
He added that an increase in the exchange rate of U.S. dollar against Iraqi dinar recently due to an increase demand for dollar , creating a kind of fear in the Central Bank to increase the withdrawal of the dollar and drained from the local markets, and this is what prompted him to reduce the sales of the dollar in the market for auction.
and pointed out: that the central bank has a new mechanism successfully followed for control of the local markets deterioration of the local currency against foreign currencies , confirming the presence of some people trying to reduce the Iraqi dinar exchange rate by increasing the display in the market and the appetite for U.S. dollar, that’s what makes the dinar exchange rate down against the dollar.
ruled out by the Finance Committee representative: the deterioration of currencies of neighboring countries, especially Iran and Syria dropped its impact on the dinar Iraq through the lower price against the dollar because the Iraqi currency independent and not related to other currencies, whether Altoman Iranian or the Syrian pound.
This has increased the exchange rate of U.S. dollar against the Iraqi dinar during the past two days, reaching its price (1130) dinars to one dollar. / End / 8. n. r /
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