Baghdad is trying to stop the deterioration of the exchange rate of the Iraqi dinar
Baghdad is trying to stop the deterioration of the exchange rate of the Iraqi dinar
May 21, 2013
Preoccupied with the Iraqi capital, Baghdad, since the days of attempts to adjust the exchange rate of the Iraqi dinar against the U.S. dollar, after entered a phase of decline since last April, culminating last weekend. incline exchange rate of the Iraqi dinar against the U.S. dollar in the domestic market during the last week, from 1200 dinars to the dollar one to 1300, increasing the gap between the state’s official price to $ 121 in Iraqi dinars per dollar. and the Central Bank of Iraq sells one dollar for banks approved for 1179 dinars, you are selling B 1189 for citizens wishing to travel for the purpose of treatment. Otherwise, the traders who are interested to buy the dollar to engage in a public auction for the sale of hard currency managed by the central bank, but after a series of measures, some of them carried out by the Ministry of Interior. held of the Central Bank, which is the relevant monetary policy in the country, a series of meetings with members of the Presidency of the Parliament Iraq, to explain how the face of declining exchange rate of the local currency. According to a statement of the Iraqi parliament, seen by “المونتير,” the Presidency consisting of the President Osama Najafi and Qusay al-Suhail, first deputy, and Aref Tayfur second deputy, met Sunday, 12/05/2013, “Abdul Basit Turkish Chairman of the Supervisory Board of Finance and the Governor of the Central Bank of Iraq and the agency. ” The statement said that “the Presidency of the Council expressed its full support for the central bank to scrutinize the work of private banks and archiving of information within the bank and reform measures that include adjust the exchange rate of the dollar and reduce the phenomenon of money laundering and strengthen the capacity of the central bank in economic development.” In a separate statement Monday, 13 / 5/2013, parliament declared that Vice President Qusay al-Suhail, “chaired a meeting of the Finance Committee in the presence of the central bank governor Abdul Basit Turki.” the statement said Suhail stressed during the meeting “the need to identify the procedures and things to ensure taken by the management of the central bank to address the fluctuating exchange rate of the dinar against the dollar, “stressing” the importance of knowledge of the real reasons that led to this volatility, which will affect negatively on the lives of the Iraqi individual. ” the statement said central bank governor “presented a review of the policy and the Bank’s work during the past period, especially with regard to auction the central bank and procedures established by the Directors of the Bank to eliminate the fluctuation in the exchange rates of the dollar. ” The statement said that members of the Finance Committee in Parliament flexed “their proposals and recommendations regarding the developments that have taken place at an auction sale and the style and method of the dollar,” stressing “the need to take methods to prevent the exploitation of some of the traffickers money of the Iraqi people for the central bank auction. ” and refuses officials the central bank to make comments to the media, but the local media picked up Monday, 05/13/2013, permission to banking source described Balrfaa, asserts that “the size of reserves of the Iraqi Central Bank’s foreign currency amounted to $ 74 billion.” He said that “this amount is the highest that reaches him up Iraq’s currency.” says economist Jawad al-Shammari said that “the Iraqi Central Bank follows the policy very careful in dealing with the media, and perhaps that is the leaking of information relating to the increased size of the reserves of Iraq, as a message to calm to the concerns that are magnified because of the sharp decline in the value of the Iraqi dinar against the dollar. ” Al-Shammari said that “the Iraqi Central Bank hold daily sessions for the sale of foreign currency with the participation of governmental and private, and the sales either in cash or in the form of money orders sold abroad for a commission of certain” . He believes that “this procedure which aims to adjust the price of the dinar against the dinar is no longer feasible, because of the gap by increasing daily between what is offered by the bank in the auction and the need for the physical market.” emphasizes the Chairman of the Finance Committee in the Parliament of Iraq, Haider al-Abadi “receive messages reassuring officials in the bank Central to control the issue of volatility in the exchange rate. ” Ebadi said that the central bank took action to get the citizens on the currency of the private banks and the government, including that the conversion up to travel or treatment, as it can be obtained on the currency required transfer official. Ebadi said that “the problem is limited to the difference between supply and demand in the Iraqi market for the dollar . ” It is noteworthy that the Iraqi Central Bank hold daily sessions for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of public holidays in which the Bank stops for these auctions, and sales can be either in cash, or in the form of remittances sold abroad for a certain commission.
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