Central Bank confirms the reduction of teams dinar exchange rate to 4%

On: Friday 5/25/2012 5:40

 Baghdad / term 
central bank announced a reduction of teams dinar exchange rate to 4% after it was 7%, while assuring that the process of raising its value in the market and make the dollar worth 1000 Iraqi dinars. The deputy governor of the Central Bank of the appearance of Mohammed “Alsumaria News”

The bank was able to reduce the difference between the sale price of the dollar in the auction conducted by a day and between the price of the dollar in the market to 4% after it has reached more than 7% during the last period, “asserting that the bank seeks to reduce the difference to 2%, which is typical spreads in the countries the world and accepted in the difference of price.

Saleh added that the bank is working on making one dollar equal to 1000 dinars, noting that it “seeks to raise the exchange rate of the dinar in the coming period and proportional to the strength of the economy, particularly that Iraq will lead the energy market in the world for years to come.” 
He Saleh said the bank’s reserves and the government is a powerful force huge financial and therefore, these reserves and the strength of the dinar should be aligned with the positive developments in the Iraqi economy, pointing out that what we are witnessing the rise in the price of the dollar in the Iraqi market is a bubble soon we will eliminate them Busaúlna including open outlets dollar by the Rafidain and Rasheed. 
In the meantime, said the Finance Committee representative that its proposal submitted to the Central Bank of Iraq on increasing the number of those responsible for the sale of hard currency (bank Rafidain and Rasheed) which was applied during the last few days has contributed to raising the value of the dinar against the dollar 
and the Bank approved Central earlier in the presence of an imbalance in the Iraqi dinar exchange rate and confirmed his quest to unify the exchange rate between him and the local markets and denied at the same time any deterioration of the value of the dinar. 
The central bank has accused the four countries to “conspiracy” to hit the financial economy to empty its market of financial strength , indicating that the corridors of free trade in Iraq is becoming the means adopted to hit the economy. 
saw the price of the dollar relative to local currency increased during the last few weeks and reached the exchange rate to about 1127 dinars to the dollar in the domestic market while the stable exchange rate of 1166 at an auction the bank, which he attributed officials corporate banking local to central bank from making further action in the Auction of hard currency. 
A member of the Committee Secretary Hadi, according to (Rn) that there is increased value of the dinar against the dollar after the application of the Central Bank of a proposal made ​​by the Finance Committee provides diversified Auction foreign exchange and not restrict them to a limited number of companies. 
said Amin: that this action contributed to the appreciation of the dinar against the dollar and will take over the Central Bank in accordance with the procedures to maintain stability. 
and picked up local media reports about the widening phenomenon of smuggling hard currency from Iraq to Syria and Iran on the border crossings which has not been confirmed by the bank Iraqi Central. 
and subject Iran due to its nuclear program and Syria as a result of public protest to international sanctions harsh and exposed markets both countries to collapse economically because of poor cash flow of hard currency. 
The main task of the central bank in maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of reserves foreign currency and the organization of the banking sector. 
The central bank in (21 May 2012) has announced a direct Rafidain and Rasheed to sell the dollar for the citizens at 1189 dinars to the dollar, pointing out that the move was intended to benefit the Iraqi citizens directly from the exchange away from the monopoly that other. 
had already confirmed the central bank (April 25, 2012), it seeks the next few days to cancel the auction conducted by a day and convert it to a bank, government or other business, stressing that the policy of the bank falls in maintaining the exchange rate and the fight against money laundering and not to fund trade in other countries. 
and the central bank in (January 6, 2012), a rise in foreign currency reserves to 60 billion dollars, for the first time in the history of Iraq, as it marked the beginning of September of 2011, up precautions amounted to $ 58 billion after the $ 50 billion the end of 2010. 
It is noteworthy that the central bank holds daily sessions for buying and selling foreign currencies with Iraqi banks, except for public holidays on which depends the World Bank for these auctions, and sales are either cash or in the form of remittances sold abroad for a commission of certain.