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The problem of fluctuating exchange rate of the dollar against the dinar for the benefit of? The sudden rise of the coin from behind him, and what are the causes?
6/24/2015
* Chairman of the Federation of Iraqi businessmen willing Reza Blibl: to be quick and decisive action by the central bank to adjust the price and do not let the currency rise in the market ..
* Economic expert on behalf of Jamil Antoine: quantity posed by the Central Bank of the dollar since the need for less than the market as well as increasing all contributed to the indiscriminate import high price of the dollar.
* With detente caution in the dollar and the Iraqi currency rates, which created its crisis since the days of a state of anxiety and instability in the market as a show and asked for many basic goods and materials and needed by the consumer, especially with the entry of the month of Ramadan, especially of food such as grain and animal products, all of which are being handled by the dollar .. !!
The case was need urgent intervention and responsible. And attribute the traders of beautiful markets and Shorja rise of dollar selling for a number of reasons Exchange .. the most important determining dollar selling process at an auction sell the currency to $ 75 million per day, based as stated in the new budget law for the current year .. as well as the imposition of central bank measures procuring customs tax fees to buy dollar bills for many imported materials, commodities and private external conversion of remittances .. to buy the dollar along with the identification operations for banks, companies and civil banking offices .. !!
They are as traders factors to the high exchange rate and the monopoly of foreign currency sees it. !! And thus declining purchasing power in the market ..
It is noticeable that the period confined to the days of June 1018 this has seen a rapid rise of the dollar exchange rate, prompting some market traders beautiful business to protest and demand that the government and stakeholders to address this emergency and their economic implications problem ..
* Legal and financial procedures with the future exchange rate stability
* Breakthrough warned down the exchange rate and market stability
What causes the opinion of traders?
* With volatility at the price of the dollar, which was stable in the market up to 1200 1250 dinars to the dollar before the tenth of June this .. and the application of the Central Bank of procedures the process of selling the dollar and the rise accelerated during the day, queried from the merchant Nuri al-Zamel to clarify the reasons for the rise, and that our meeting with him was On June 17, where he said:
Before the advent of international problem and the central bank had pumped high amounts of dollar market and then demand was slightly due to the availability of hard currency amounts .. where dealing banking offices in the week to 300 thousand dollars and with the application of the central bank measures and sell it for 75 thousand dollars occurred climb on the exchange rate because the display has become less ..
Then he adds, auction sale of currency sales were up to $ 400 million and $ 100 million now become a maximum .. !!
And imposed on the banking tax offices for sale and cash on foreign remittances factors which led to the high price of the dollar.
* And his opinion about ways to solve the problem .. Zamel commented saying:
State to take the case of an economic downturn is tired and weak purchasing power of the economy .. inject any more in order to stabilize and increase the supply of hard currency.
But today indicators June 17 and after we heard from a series of measures the exchange rate dropped to 1350 dinars after it was 1420 dinars to the dollar for the past days .. !!
Traders expect the continued application of new measures to ensure the return of the prevailing price a few weeks ago ..
Zamel merchant does not hide what baptized him some traders from weak people in the problem as we enter the month of Ramadan and the monopoly of some food .. !!
* For his part, Engineer Abdul Wahab Radi holds the government and Ministry of Finance and the Central Bank responsible for the imbalance in the fiscal and monetary policy was possible to develop a clear and strict limits to address the large whales, which plays with money which founded large financial empires on the people's livelihood and the poor account.
Then he adds, is not reasonable in front of all these possibilities in the absence of fiscal and monetary policy and that the strategy was to impose a different world oil price .. in exchange for the presence of mission economic committee to develop policies to overcome the crisis .. but to miss planning and subject to the procedures of jurisprudence and lost a series of experiments and thus So pay losses.
The rise in the dollar exchange rate is reasonable .. Iraqi street and remember the names of a lot of market manipulators dollar.
* Then we asked him about the problem indicators and ways of treatment ..?
It noted that the currency exchange rates in most countries of the world stable and steady and the other hand we have oil resources and budget and have huge reserves of hard currency in the Treasury .. why this is happening to our formats ..?
In my view the security side, violence and the process of money the direct impact of this dilemma laundering play is not difficult to exercise the state and financial institutions rigor and punish manipulators market dollar exchange rate and how long silence on nepotism and clientelism of the manipulators people's money and harm the economy .. !!
We have laws can be activated on both the cause economic losses and damage .. is important to expose those who get rich and take advantage of the crisis to the expense of others .. !!
Fast and strange developments
* Continued Iraqi street on Thursday afternoon June 18 that, according to statements to the media aired some satellite channels that .. (the crisis) set up by the Council of Ministers cell announced its agreement to the proposal of the Central Bank to cancel the tax of 8% and also include customs tax .. !! Which had previously been added to the dollar remittances sale .. !!
While the spread Tweets and comments of citizens on websites (Facebook) and to demand the resignation of the Central Bank for failing to manage the dollar crisis in the markets .. !!
* For its part, varied buying and selling dollar operations with banking offices in markets and commercial areas Sadoun Street and the holy door and Mansour .. dividing them refrained from buying and selling to the instability of the price .. and others buy dyslexia 1300 dinars dollars nor sell .. !! He attributed some of them not to sell to the accident on Friday and Saturday as a holiday .. !!
The feasibility of government actions
* In a press statement of the Director of the Office of the Prime Minister Dr. Mahdi Keywords on the fluctuation of the exchange rate of the dinar against the dollar .. which he said:
Mark raised about the fluctuation of the dinar exchange rate against the dollar is Thuala theme .. This will create a kind of panic and confusion in the market ..
This bubble suddenly appeared where aspects of trying to disrupt the political and economic process ..
He said, the central bank will take swift action and meet with cell crisis that address economic issues and will be issued a clarification so .. !! We have taken urgent action and deferred other and the central bank sold the amount of the dollar in the auction ..! Him for Wednesday June 17 is equal to three times as decided by the budget for 2015 and sales were more than $ 257 million at a price of 1166 dinar exchange rate to the dollar for the sold cash and at a price of 1187 dinars / USD sale of remittances, including the commission of the Central Bank .. this auction as mentioned reports of the news agencies of local and participated the 315 banking and financial transfer company .. !!
* For his part, the President of the Federation of Iraqi businessmen Mr. Reza Ragheb Blibl explains about the importance of the role of the central bank in the rapid treatment of the crisis .. He said:
In supply and demand and what happens from defect has to be the role of the central bank's rapid measures to ensure that the continued rise in the market price of the dollar ..
I say .. when the central bank began selling the dollar auction activity does not exceed the ceiling of 75 million dollars for months did not happen something !! I think public and private banks, companies and banking offices need to follow-up procedures and especially the central bank has the information and data on the means by which the trader Asthsal need of hard currency ..
He adds at night .. Of course, this is not without points of intervention seeking to harm the Iraqi economy, whether from home or abroad .. !!
I call the attention of the prosecution by the Central Bank's departments to reduce the fluctuation of the exchange rate in the market ..
* For its part, the international parliamentary finance committee demanded to take other measures to support the value of the dinar, including increasing the supply of dollars in the market and acceptance of all purchase orders submitted by traders and banking companies and the private banks and the abolition of tax secretariats and customs that were collected in advance by 8%.
* This is contrary to a series of bank procedures to maximize the financial resources of the Treasury and as stated in the budget law for 2015 .. !!
* For his part, sees economic expert on behalf of Jamil Anton that the rise was caused by the fact that the amount raised by the central bank less than market needs as well as the holy month of Ramadan and increase imports and led to high demand for the dollar and also start dealing private banks to deal with the depositors have in that currency .. !!
So banks calculated the dollar to its customers 1200 dinars / USD while the market price is 1425 dinars / USD making some speculators and currency traders and banking offices monopoly dollar
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