Reasons for the rise of the dinar against the dollar

Reasons for the rise of the dinar against the dollar


Reasons for the rise of the dinar against the dollarBooks / Bassel Abbas Khudair …

More than two weeks ago, the exchange rate of the Iraqi dinar rises against the exchange rate of the US dollar, as the price of $ 100 currently in the banking offices is currently equivalent to 122 thousand dinars after the price was 125 thousand dinars or more or a little more, a subject raises many questions However, this is not the case, and the reason is that the Central Bank of Iraq has set 1190 dinars per dollar as the sale price of the amounts transferred to the accounts of banks abroad , Meaning that the vast markets (Black) is far from official exchange rates (1190) dinars, there are clear differences of 3000 dinars per 100 dollars between the official price in the Central Bank and exchange rates in banking companies, taking into account that there are several prices outside the central, including prices of banking companies and prices (February 25) for the sale of the two (February 25) to cut on Tuesday (February 26th) in the auction (the auction) Central Bank of Egypt About $ 192 million.

Some believe that the increase in exchange rates on the black market of the dollar is due to several reasons, first of which is the dollar’s decline in prices in the world markets for gold and the second China enjoy the annual holiday of more than ten days and the consequent suspension of the issuance of remittances and documentary credits for the holiday And the third is the Central Bank of Iraq increase its sales to cover some of the government obligations as a government banker from the dollar to the dinar and the government to lend treasury bills to address some bottlenecks, and there are those who believe that the increase Crude oil sales and high prices have helped to increase the dollar’s revenues, which the central bank converts to the dinar by increasing the daily sales through the sales window,

The proponents of conspiracy theory go much further than Verujun that what is going on is the process by which the dollar is withdrawn from taking the simple dollar accounts, because the low prices of the dollar frighten them, which makes them sell what they have dollars and convert them to the dinar, and then (crocodiles) The dollar is returning the dollar to markets at high prices in the coming days, especially as there is a high demand expected on the dollar as the elections near, as there is a need to cover the election expenses of advertising, gifts and other commitments.

While we offer such things, we do not adopt any of them, but we hope that the competent departments of the Central Bank of Iraq will have the required degrees of transparency, by issuing a detailed or brief statement on this subject to inform the public about the truth of things and make them away from the possibilities promoted by some , Who have the purpose of achieving personal or selfish benefits at the expense of others who can not get their needs of the dollar through the official ports, especially patients, travelers, students and residents abroad, and shows through the above that can not determine the actual reasons for the rise of countries And the depreciation of the dollar based on what is prevalent in the parallel markets, most of which are informal markets (black) because they do not adhere to exchange rates set by the Central Bank and vowed to take legal action against violators,

The answer to the second part of the question regarding the extent of exchange rates remain unchanged or rising or decreasing during the coming period, it is not possible to answer this question either because the answer is related to the answer to the question on the causes of fluctuation in exchange rates in the markets these days, and for the purpose of finding suitable treatments To the government’s directions on corruption, it is necessary to carry out the central bank one of its basic duties to maintain exchange rates and protect the public from volatility, and to find effective control tools that would make exchange rates identical to what is announced in the Iraqi Central, these differences take Outside the treasury of the state and do not enter into the accounts of the central and it is the money of the people and must be maintained and included within the budget revenues to reduce the fiscal deficit of the budget or to strengthen the national reserves of funds, and central knowledge of these matters as the highest financial authority specialized and safe in Iraq and has its own law No. 56 of the year 2004 and supervises the Banking Law No. 94 of 2004, as well as assigning many tasks and duties, including the follow-up and monitoring of money laundering and controls of foreign transfers and other aspects granted independence under the decisions of the civil administrator of Iraq