Experts warn that a sudden rise in the price of the dollar and a large decline in the size of the cash reserve
Experts warn that a sudden rise in the price of the dollar and a large decline in the size of the cash reserve
03/22/2016
BAGHDAD / JD / .. warned a number of experts and specialists in the financial and economic affairs of a significant spike at the price of the dollar against the dinar on the domestic market, due to the central bank’s policy, noting that the central bank began to gradually reduce the sales of the dollar as a result of the lack of fiscal revenue of hard currency, in addition to the decline in the size of the monetary reserves of the Central Bank.
Local markets have seen a slight rise at the price of the dinar exchange rate against the dollar over the past few days as the dollar exchange rate reached the category of $ 100 for 1270 dinars.
The statistics of the Central Bank of Iraq reported the sale of the bank $ 2.5 billion during the month of February, the second low of more than $ 800 million from January last, who sold the bank more than $ 3.3 billion.
He says an expert in financial matters on behalf of al-Tamimi, said that there is a big flop action the central bank and there is no monetary policy clear to him, as the sales of hard currency between the rise and fall with not taking into account the market needs of these currencies, as well as the use of the size of the monetary reserves without knowing the importance of this reserve for Iraq at the present time and the future.
He said al-Tamimi told / KD /: to move these procedures is studied by the Central Bank will lead to significant economic problems in terms of national currency, a large and sudden rise in the price of the US dollar against the Iraqi dinar in the local market deterioration, making it difficult to control the price.
He said in addition to that it will lead to a significant decline in the size of the monetary reserves of hard currency because of the large use by the central bank to meet the market need of the dollar.
For his part, the parliamentary finance committee warned manipulating cash Balaanaat of hard currency, stressing the importance of maintaining the stability of the dollar’s exchange rate against the dinar.
A member of the committee MP Ahmed Sarhan told / KD / he should not be manipulated cash Balaanaat of hard currency from any party whatsoever and for whatever reason, because it is a sovereign credit of the state.
He added that the central bank has to take a clear monetary policy is by maintaining the stability of the dollar’s exchange rate against the dinar.
The economic expert David Zayer has confirmed in a press statement that “the decline in central bank sales, confirms that its reserve is unable to secure the required in the market,” pointing out that “the wrong policy pursued by the central bank will push Iraq into bankruptcy.”
He pointed out that “there is a process of systematic looting of Iraq to the bankruptcy of its reserve of hard currency,” stressing that “the central bank assumes this responsibility.”
He pointed to “the existence of laws capable of providing hard currency to the market through the export of Iraqi products and Alburk of cement, soil, electrical appliances and local products in exchange for hard currency in the market of Iraq.”
He stressed that “the central bank reserve ratio less than 40% and it handles Bmtatih through his remarks about the rise and fall of backup.”
The House Speaker Salim al-stressed earlier in the need not to drag of foreign currency reserves in the Central Bank of Iraq and the importance of financial legislation Court to fight corruption law.
It was noted recently that the central auction sales recorded a decline was the lowest it months ago where he did not exceed the number of the 100 million days barrier compared to previous-month period and even after the financial crisis that began with a decline in oil prices in July 2014 were ranging from 225 to 300 million dollars and sometimes more. / End / 8 /
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