Weights consistently low dollar exchange rate

Weights consistently low dollar exchange rate

5/2/2017 0:00

10K Iraqi Dinar notesBAGHDAD Farah pumice

form of low dollar against the Iraqi dinar last week active hardly be noticeable in the local markets, where economists believed to have belonged to the procedures followed by the Central Bank, along with the weakness of international trade.
The record price of the dollar against the Iraqi dinar in the domestic market in 1285 dinars, while the last price before dropping in 1305 dinars. He attributed the economic expert on behalf of Antoine continued decline in the dollar ‘s exchange rate against the Iraqi dinar, for several reasons , most importantly, the continuation of the central bank introduced amounts of the dollar on the one hand, and get the kind of economic recession in the country, where trade operations infected with inaction and paralysis that reduced the demand for the dollar and led to decline, on the other hand.

Central sales
and sold the Central Bank for banks in the last auction of the currency amount of the dollar is estimated at (157,588,076) dollars, where the central adopted sale amounts transferred to the accounts of banks price abroad (1190) dinars per dollar, the price of cash sales (1190) dinars per dollar.
And he saw Antoine in his statement to the “morning” that this case has several benefits from them, will lead to the reduction of imported goods mainly, but he wondered how serious traders to reduce the actual goods, to support the local market on one side, and the subsidy citizen on the other.
Also it pointed out that the market stagnation in the overall situation and weak demand for goods and the fear of citizens from shopping in large quantities, led him to keep the currency as well as the statements the new US administration has created confusion in the general situation in the country contributed another decline in the dollar ‘s exchange rate against the dinar .

Monopoly currency
For his part , thinks financial expert , Dr. Hilal Taan that for speculation some banks and banking and currency monopoly is the main reason for the fluctuation of exchange rates in the market.
The likely fall in the exchange rates, after the central bank measures introduced foreign currency as well as sell the currency for travelers, became available in the local markets, which I consider one of the reasons that led to the price cut. Besides, Taan said in a statement the “morning” to the trade at the present time have been recorded fold over the same period last year, as well as local market trading indicators and keep citizens in foreign currency owned by him , led him to reduce the demand for the dollar.
He said the decline in the exchange rate contributes to the reduction of prices of imported materials and give the power of the Iraqi dinar also lead to the restoration of the local market activity.

Exchange rates
and Taan called on the competent authorities to seek to make the exchange rates of the dollar against the Iraqi dinar to approach adopted in the federal budget, and there to become active in the local markets and get the economy moving in the country.
According to Article 1 of the federal budget for the year 2017 Act states: ( b ) revenue from the export of crude oil is calculated on the basis of the rate of (42) (forty – two dollars) per barrel and the rate of export of (3750000) barrels per day (three million seven hundred and fifty thousand barrels per day) , including (250,000) barrels per day (two hundred and fifty thousand barrels per day) for product quantities of crude oil in the Kurdistan region and (300,000) barrels (three hundred thousand barrels per day) on the quantities of crude oil produced by the province of Kirkuk , on the basis of the exchange rate (1182) dinars per dollar , and that all revenue actually income once the public treasury of the state to account.