Victim of the Iraqi currency financial embargo on Syria and Iran
Posted 12/04/2012 08:34 AM
Babinaoz (Reuters) – Iraq is who gets revenue huge monthly from oil sales in dollars, and is surrounded by Iran and Syria, which suffer from the ban, international, an increase in demand for the dollar is leading the local currency to decline. The governor of Central Bank of Iraq Shabibi told AFP that “the the political situation is relatively stable in Iraq and in the surrounding area has created a great demand for the dollar, leading to the high exchange rate of the currency recently. ” In response to a question about… the possibility that the financial embargo imposed on Iran and Syria in particular the main reason for this rise, said Shabibi “This One of the things, but the area around us is generally not Msstqrh relatively. ”
saw the dollar Tuesday its highest level in front of the dinar since about four years in the domestic market, which is 1320 dinar per dollar, after it was last week steady at 1230 dinars to the dollar.
and quick cabinet Wednesday to announce the formation of a committee to study the “wiggle Iraqi dinar exchange rate and to provide appropriate solutions to prevent harm to the national economy,” according to reported channel “Iraqi” government in breaking news.
and subject Syria and Iran to sanctions, international financial, first because of its nuclear controversial, and the second because of the suppression of a protest movement continued for nearly a year.
and pay these sanctions Iran and Syria, which have witnessed a deterioration in their currencies to the search for hard currency may be Iraq, where since the end of last year’s political crisis, one of the major sources, including that he maintains business and political well with these two countries.
He Shabibi that “at the beginning of the year, increased demand for the dollar by a large margin ranged between 40 to 50 percent.”
and added that Iraq’s total revenue monthly from oil more than seven billion dollars, “has many precautions dollar (60 billion), but that this matter does not mean it should be used without control or monitoring. ”
and announced the central bank in February from the application of new measures over the sales of the dollar, provided especially to know the bank buyer for his customers, who asked him to buy the currency.
This has to a significant drop then in the sales dollar in an auction the central bank, which is held every week between Sunday and Thursday, where sales were a few million, but it returned in April to between $ 50 and $ 250 million.
, says Mohamed Omari (40 years), a shop owner Banking in the Karrada district of central Baghdad that “the dollar exchange rate remained stable from 2008 until the beginning of this year.”
and adds, “the street needs a dollar … and the auction when it is not pumping the dollar forces us to move toward the black market.”
in turn, confirms Saad Hadi Alwan (37 years), who owns a store of banking in the same area, “We have taken three days before the decision to stop once and for all the dollar.”
He continues, “I turn from between 50 to 150 thousand dollars per day, but I stopped it as it began vibrating and started to lose . ”
came a step the central bank amid suspicions of Iraqi officials about trying to dealers Iranian and Syrian purchase of the dollar.
stressed Shabibi that “the financing of neighboring countries in dollars is not something intentional, because Iraq is mainly dependent on imports significantly, but we nevertheless felt that some things require more than a need for import . ”
said Shabibi, who is preparing to appear before Parliament to discuss the issue of high exchange rate of the dollar, that Iraq “does not currently looking to stop auctions” on the currency, saying that “things are under control.”
says economist Iraqi Crescent miller told AFP that “the dollar has become the recently smuggled abroad, “adding that” Iraq is the only country among its neighbors, the closest you get revenue massive oil in dollars. ”
and suggested “stop sales for a certain period,” warning that “when the lower rate of local currency shaken the confidence of the citizen by the rise after the prices of food and construction materials and rentals and all the terms of the aspects of life. ”
In a shop selling electrical appliances in the area of vacant land in central Baghdad, sits a group of vendors waiting for customers, while welcoming the sales manager on behalf of Al Shammari (40 years), any visitor “As we sit without a job already,” .
, says Al Shammari said “society Iraqi afraid of purchase when shaking exchange rates do not stabilize. If stabilized the market for 1,200 dinars, we work, or even on 1500 we work too, but the ups and down kills the market with all its joints.”
added Al Shammari, “The oscillation appeared about a week ago , and this did not affect the price of the goods we buy dollars and sell the dollar, but is influenced by the movement of the market, our sales have dropped about 50 percent already. “