High rates of inflation and the decline of economic development is reason for the low value of the Iraqi dinar

High rates of inflation and the decline of economic development is reason for the low value of the Iraqi dinar

Witnessed domestic markets declined slightly priced dinar accompanied anticipation in the popular collapse of local result of the deteriorating conditions of the Central Bank at the present time,
Financial said the extent of “do not need to fear of falling value of the Iraqi dinar at the current stage because factors internal It is possible to control.

said economic expert Majid Suri said, “There are no objective reasons to fear of falling value of Iraqi dinar at the current stage, pointing out that” the factors that possible to affect the dinar exchange rate is and internal factors can be addressed through “cash reserve sovereign.”

explained Suri “that if There was a significant inflation as a result of external causes will be forced government or organizers of the Iraqi Central do a strengthening exchange rate of the dinar against the dollar, which would result to fight inflation and reduction, as well as having other mechanisms lies in the withdrawal of surplus from the Iraqi dinar traded in the local market in order to alleviate process inflation and the accompanying rise in the price of goods and commodities.

For his part, Director of UNIC economic Dergham Mohammed Ali “that the value of the Iraqi dinar did not fall against the dollar and foreign currency, and that Iraq was able to maintain a fixed exchange rate against foreign currencies other.

explaining, that the value cash dinars did not go down if been offset with foreign exchange rates other reason behind this is action CBI to maintain a fixed exchange rate of the Iraqi dinar. “

pointing “that inflation continued increased rate in the recent period has led to the devaluation of the dinar and affected purchasing power “. In the meantime revealed a member of the Economic Commission parliamentary Salman al-Moussawi to review economic development in the country contributed to the decline in value of the dinar against the U.S. dollar.

explained Moussawi said in press statements that “the power of the Iraqi dinar and monetary value depends on the strength of the country’s economy and the extent of recovery sectors generating income and not on auction CBI, he says. pointed Moussawi to “The value of the Iraqi dinar does not depend on what is sold at auction CBI but the value of the dinar lies in the strength of the country’s economy all segments of industry, tourism, commercial and agricultural, pointing out that” these sectors whenever possessed elements economic power and income-generating become Iraqi dinar value fixed and stable, noting that “the attempt to control the value of the local currency by auction where a big risk.”

He Musawi “The dominance of the oil sector on all other economic sectors made it useless and influenced the level of the economy in the country.” stressing the need to “be directed oil revenues towards the development of other economic sectors to contribute to strengthening the economy and raise the value of the currency.”

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