An invitation to support the dinar and the strengthening of its purchasing power

An invitation to support the dinar and the strengthening of its purchasing power

3/1/2017 0:00

BAGHDAD / Mustafa Hashimi
strengthening of the local currency is a national task they represent the sovereignty of Iraq and preservation of state stimuli represents a great responsibility lies with the relevant authorities in the light of a series of challenges taking place in the country.
Economic academic Dr. Essam Mahouelle called to be 2017 years to strengthen the dinar ‘s purchasing power and strengthens confidence in the national currency , which represents the sovereignty of Iraq, noting at the same time the need to restrict foreign business dealings only in dollars.
And ways to revive the dinar and upgrade more than its value saw Mahouelle in an interview {Sabah »necessity of things , management of the country economic mentality and purely look long – term, along with the importance Quote economic experiences of states have passed similar circumstances to what Iraq is going through, as well as the reduction of trading the dollar in commercial transactions Interior to support the national currency.
Mahouelle be regulated by the Central Bank and coordination with economic authorities and relevant ministries confirmed role in enhancing the value of the dinar by preventing the circulation of foreign currency in the local commerce for any reason whatsoever and counted only in foreign trade, indicating the importance that civil and government banks take measures that will strengthen the dealing in Iraqi dinar .
It is said that the sale price of the dollar on Monday amounted to 1310 dinars, ie 131 000 dinars, for a hundred dollars, while the total purchase price in 1300 dinars, ie 130 000 dinars, for a hundred dollars.
Mahouelle said that the decline in the value of the dinar against the dollar, in fact, began the war with Iran and the invasion of Kuwait, stressing that the policies of the former regime burned all the hopes of Iraqi economists to amend the path of the local economic situation and guide the country ‘s resources towards development.
He said, since the nineties of the last century and the days of international sanctions and the dollar dominates the local market transactions away from the dinar as a result of faulty economic policies pursued by the former regime.
He pointed out that when the prices of imported goods began to rise, Iraqis felt that the old price of the dinar against the dollar has fallen so much and began to think of what has become and find solutions to them.
The dollar exchange rate against the dinar has fluctuated between ascending and descending was reported in the nineties about 4000 dinars to the dollar, while the price has seen a gradual decline after 2003 to continue to decline to 1,200 dinars to the dollar in the last ten years, while he returned to rise again after the adoption of the budget in 2015 and forcing the Central Bank identifies sales of foreign currency in accordance with Article 50 of that year ‘s budget law.
Mahouelle explained that the International Monetary Fund and the post – World War II division of the world ‘s currencies to be and are non-transferable and was part of the Iraqi dinar currency is convertible.
He said the convertible currencies suitable for international settlements (ie to settle payments in foreign trade of the countries), has been preparing a list of those currencies represented currencies the victors in World War II, and did not include the Soviet bloc currencies at the time because of the approach is capitalist in the conduct of its economy and the economies of countries that fall under its control.
He said either the Iraqi currency was within the currency is convertible which can not be used for international settlements , but turning it into another currency, or to the dollar (Oogerh), and goes to Iraq to be paid the proceeds of the sale of oil to the US dollar and that the equivalent of the dinar to $ 3.32.
He said that Iraq, which reached a population of 8 million people, citizens did not know a dollar coin and Ashklh did not deliberate it within the borders of the country at all, as hard place to find a store, in that era, displays his goods are priced in dollars.
He Mahouelle at the conclusion of his speech that traders importers of goods (commercial / industrial / agricultural) were turning the dinar to the dollar when paying their price through banks, where the audience did not feel the importance of the US currency , but when traveling abroad and are turning to banks turned them dinar to the dollar and give them foreign currency in cash or travelers instruments after the central bank ‘s approval and under the foreign exchange law.

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