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Rafidain Bank: widespread demand to sell the dollar for citizens

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RCS1947


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[Where - Baghdad]
Rafidain Bank witnessed a high turnout of citizens in conjunction with the release of bank dollar selling them for travel for medical treatment, study and Hajj and Umrah and other Reasons said branches assigned to sell the dollar.
And the press office of the bank in a statement received by all of Iraq [where] a copy of the "bank fired citizens to sell the dollar rate of three thousand dollars per person compared with 1200 Dnyar for one dollar and according to the terms set by the bank which is to have an excuse to travel in order to cure or study or Hajj and Umrah and tourism official deputations and other reasons. "
He pointed out that "these conditions committed by the bank based on the directives of the Central Bank of Iraq to meet the needs of citizens to him."
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Thanks for posting! A timely article reminding us of the demand for the dollar. This is where the faith in a stable currency is now. As Iraq moves away from a dual currency scenario, faith in and demand for the dinar will grow.

Central banks influence the supply and demand of their country’s currency through control of interest rates or though intervention actions.

For many large economies, central banks can influence their currency’s value by changing interest rates. The US central bank, the Federal Reserve, is not necessarily trying to achieve a weak or strong dollar policy, but acts in a manner that curbs inflationary pressure while maintaining steady growth within the economy. It uses interest rates as a mechanism to achieve this type of economic state. Our next lesson explains more about interest rates and central banks.

The other method used by banks to influence supply and demand of its currency deals with directly buying or selling currencies through its reserves. An example of such operation can be seen by the Reserve Bank of China. Suppose the Reserve Bank of China thinks that the Chinese Yuan had appreciated too much and wanted to lower its value. Then, the Reserve Bank of China will sell its yuan and buy another currency such as the Japanese Yen into its reserves. The increased supply of yuan should work to lower the yuan’s exchange rate.


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