Fears of continued high price of the dollar against the dinar in the current crisis
Fears of continued high price of the dollar against the dinar in the current crisis
05/04/2016
BAGHDAD / JD / .. in light of the political, security and economic crises that the country is currently taking place to make there are concerns by experts and specialists from the continued rise in the dollar’s exchange rate against the dinar, which exceeded its price is more than 1,300 dinars to the dollar, and it seems that the central bank has lost control on the exchange rate because of the lack of fiscal revenue in light of the increased demand to buy the dollar in the market.
Experts believe a lot of the owners of the money and traders heads began to convert their money into dollars because of what witnessed by the country’s unrest on political and security level and even economic making the demand is increasing exponentially on the dollar in the market, generating a large gap between supply and demand for the dollar.
The central bank daily to sell large amounts of dollars in the auction, but this amount is insufficient to meet the demands of the market is what made the price is growing daily, and experts likely to remain high and the dollar exchange rate was up to 1,500 dinars during the next few days in the absence of Joe fast processors by central bank.
He says economic expert on behalf of al-Tamimi, said there are several factors led to the rise in the dollar’s exchange rate against the dinar, including the political crisis experienced by the country and the circumstances and the security threats Daash terrorist as well as lower the whole oil prices have made, there is an increasing demand for the dollar in the domestic market, which led to strong dollar gradually and that may make the central bank loses control over the preservation of the original price of the dollar against the dinar.
He said al-Tamimi told / KD / that there are speculators are trying to exploit the scarcity of the dollar in the country through the monopoly of the currency, while noting the need not to sell Ata in bulk by the central bank, noting that the price of the dollar depends on supply and demand and the more decreases supply and increases demand rising dollar .
He stressed that the central bank reduced in recent sales of the dollar in half and got scarce in this currency, indicating that speculators are trying to exploit this process through the monopoly of the dollar, we must to Aaba dollar in bulk, but is sold in a particular Import Alert program.
He said the method of selling by the central bank limits the procurement process for people limited, pointing out that in the face of rising dollar prices against the Iraqi dinar and Iraq’s need for foreign goods to pay the high prices in the domestic market, which adversely affects the poor and generates inflation in the country.
For its part, ruled out of the economic and investment commission in Parliament, losing control of the dollar exchange rate against the dinar by the central bank, indicating that the exchange rate is subject to supply and demand and the central bank fixed the mechanisms of dollar selling.
A member of the committee MP Abdul Salam al-Maliki told / KD / The government has committed the central bank in the budget of 2016 to sell the dollar a day to $ 75 million in the auction, but because of the objection bank’s Federal Court unleashed the central bank sold the dollar according to certain mechanisms determined by supply and demand.
He added that the dollar started the day is influenced by the political situation whenever there is a crisis whenever some parties pay towards the lifting of dollar selling, especially in state-owned companies and banks that are trying to buy the dollar and sell it to the citizen through banking outlets companies, in addition to the issue of dealing controlled selling by the central bank 100% because of the economic committee in Parliament agreed with the central bank that the mechanics of selling the dollar to be in accordance with the state cover and not according to banks and banking lid so that it can control the rising price of the dollar, considering that the state would inject an extra number of dollars to be in the market to control, but the current political circumstances and problems dropped Bdilalha on the subject of sales in dollars.
He stressed that there are successive malfunction due to some events and emergency conditions that made some traders take advantage of this matter in order to raise the price of the dollar, stressing that it does not claim to fear because the central bank has a specific sale mechanisms in addition to the existence of the regulatory agencies in the state as police combat economic crime or Alrakabah appliances other financial.
He ruled out the continued high price of the dollar, stressing that the price will return to 1230 dinars to the dollar. / End 8 /
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