Economists warn of continued high dollar exchange rate .. and are demanding action to reduce currency auction
Economists warn of continued high dollar exchange rate .. and are demanding action to reduce currency auction
8-7-2016
Economists and specialists warned in financial affairs, on Saturday, the continued rise in the dollar exchange rate , which led to stagflation and an increase in prices of goods and commodities price. As called for the central bank to reduce the amount of dollar selling by the daily currency auction, called for activating the laws on import and export operations to prevent money laundering , smuggling out of the country and install a specified exchange rate helps to stabilize market prices price. The Iraqi Central Bank announced on Sunday (July 24, 2016 ), agreed to open the windows of government banks to sell the dollar to citizens. He says economist Bassem Jamil Anton in an interview for the “long”, that ” the main reason for the rise in the dollar exchange rate future dinar due to the process of the display and daily demand, and today we note low amount of supply in half where the central bank sold more than $ 300 million, while it dropped to $ 120 million due to lower revenues derived from the export of crude oil. ” he added that” the work of some government and private banks and the old laws led to citizens refrain from saving their money in banks and head to convert their money of the Iraqi dinar to the dollar because it is more a guarantee less the amount resulting in a large demand for the dollar coin for that note its high price gradually. ” among Anton that” there are the views put forward for re – dollar pricing according to the data real-time market and to control the installation of the real price without being subject to speculators and currency traders who are making a difference selling price exceeds ten points derive from this process millions of dollars. ” He explained that” the dollar pricing process you need to prepare a complete program to deal with the collateral damage such as inflation monetary cumulative rise in commodities and goods that traders and speculators caused by lifting prices to double fold. ” He called the economist” Central Bank to put daily control to follow the work of the auction currency and lower sales and gradually transform the import process to the Ministry of Commerce, according to the law to issue import certificates. ” in turn, the economic expert , Abbas Ibrahim al – Bahadli said in an interview for the ” long “, said that” a strong dollar against the dinar had been gradually since nearly a year and a half year due to the economic and political crises witnessed by the country in addition to mismanagement by the central bank. ” He added that” the central bank law the foundations of so – called daily currency auction to supplement the domestic market in dollars through the government ‘s sales of crude oil. ” He Bahadli that ” the central bank ‘s policy in the process of selling the dollar marred dealings daily operations of corruption and money laundering by individuals and companies influential in collaboration with some of the departments of the banks responsible for the daily auction to sell the dollar.” He said the “financial distress experienced by the country has forced the central bank to determine its sales everyday for the dollar to fall to nearly half and to maintain the bank ‘s foreign currency reserves , which drained the previous governments as a result of mismanagement. ” He Bahadli that” chaos import and confusion , which passes by the country since 2003 , led to the entry of large stocks of goods is exceeded the needs of citizens such as hardware home and cars that cost the state billions of dollars in oil imports. ” he continued that” the central bank must strike a balance between the amount of supply of a dollar coin and asked the domestic market gradually to avoid economic vibrations sudden. ” for its part, called on the Committee on economy parliamentary, the central bank to the need take the necessary measures to maintain the dollar ‘s exchange rate against the dinar measures, stressing that the continued rise will lead to stasis of inflation in the market. she said committee member Rep . Najiba Najib in a press statement seen by the “long”, ” the rise of the dollar was due to the lack of central bank sales of foreign currency in light of the increasing demand to buy it, which led to a rise in the market, stressing the need to take necessary measures and processors to create a balance between the dinar and the dollar in the market and maintain stability in the exchange rate. ” the Central Bank of Iraq, announced on Wednesday (22 June 2016), not to deal with customers who were struggling permits special customs Bastiradathm or who relied forgery requests, while committed banks and remittance to submit the names of those customers for the purpose of uncles to prevent their access to foreign currency in the future. the Iraqi Central Bank decided on Thursday (16 June 2016 ), the dollar sales reduction for citizens wishing to travel to the (3000) dollars instead of 5,000 dollars, while stressing the need for the sale takes place after the completion of the required archives all. It is noteworthy that the central bank called on Monday (6 June 2016), citizens the traders who buy the dollar by more than 1,200 Iraqi dinars, the conversion of companies and banking to make a complaint to the bank ‘s board, and attach the required payment arrived with the complaint, while undertook to pay the difference in the purchase and deducted the value of the vendors.
iraaqi.com
