Reasons for the rise of the dinar against the dollar
Bertha News Agency
Books / Bassel Abbas Khudair ...
More than two weeks ago, the exchange rate of the Iraqi dinar rises against the exchange rate of the US dollar, as the price of $100 currently in the banking offices is currently equivalent to 122 thousand dinars after the price was 125 thousand dinars or more or a little more, a subject raises many questions
However, this is not the case, and the reason is that the Central Bank of Iraq has set 1190 dinars per dollar as the sale price of the amounts transferred to the accounts of banks abroad,
Meaning that the vast markets (Black) is far from official exchange rates (1190) dinars, there are clear differences of 3000 dinars per 100 dollars between the official price in the Central Bank and exchange rates in banking companies, taking into account that there are several prices outside the central, including prices of banking companies and prices (February 25) for the sale of the two (February 25) to cut on Tuesday (February 26th) in the auction (the auction) Central Bank of Egypt About $192 million.
Some believe that the increase in exchange rates on the black market of the dollar is due to several reasons,
first of which is the dollar's decline in prices in the world markets for gold and the
second China enjoy the annual holiday of more than ten days and the consequent suspension of the issuance of remittances and documentary credits for the holiday And the
third is the Central Bank of Iraq increase its sales to cover some of the government obligations as a government banker from the dollar to the dinar and the government to lend treasury bills to address some bottlenecks, and there are those who believe that the increase Crude oil sales and high prices have helped to increase the dollar's revenues, which the central bank converts to the dinar by increasing the daily sales through the sales window,
The proponents of conspiracy theory go much further than Verujun that what is going on is the process by which the dollar is withdrawn from taking the simple dollar accounts, because the low prices of the dollar frighten them, which makes them sell what they have dollars and convert them to the dinar, and then (crocodiles) The dollar is returning the dollar to markets at high prices in the coming days, especially as there is a high demand expected on the dollar as the elections near, as there is a need to cover the election expenses of advertising, gifts and other commitments.
While we offer such things, we do not adopt any of them,
but we hope that the competent departments of the Central Bank of Iraq will have the required degrees of transparency, by issuing a detailed or brief statement on this subject to inform the public about the truth of things and make them away from the possibilities promoted by some, Who have the purpose of achieving personal or selfish benefits at the expense of others who can not get their needs of the dollar through the official ports, especially patients, travelers, students and residents abroad,
and shows through the above that can not determine the actual reasons for the rise of countries And the depreciation of the dollar based on what is prevalent in the parallel markets, most of which are informal markets (black) because they do not adhere to exchange rates set by the Central Bank and vowed to take legal action against violators,
The answer to the second part of the question regarding the extent of exchange rates remain unchanged or rising or decreasing during the coming period,
it is not possible to answer this question either because the answer is related to the answer to the question on the causes of fluctuation in exchange rates in the markets these days, and for the purpose of finding suitable treatments To the government's directions on corruption,
it is necessary to carry out the central bank one of its basic duties to maintain exchange rates and protect the public from volatility,
and to find effective control tools that would make exchange rates identical to what is announced in the Central Iraqi, Outside the treasury of the state and do not enter into the accounts of the central and it is the money of the people and must be maintained and included within the budget revenues to reduce the fiscal deficit of the budget or to strengthen the national reserves of funds, and central knowledge of these matters as the highest financial authority specialized and safe in Iraq and has its own law No. 56 of the year 2004 and supervises the Banking Law No. 94 of 2004, as well as assigning many tasks and duties, including the follow-up and monitoring of money laundering and controls of foreign transfers and other aspects granted independence under the decisions of the civil administrator of Iraq
~~~~~~~~~~ second translation
Reasons for the rise of the dinar against the dollar
Bratha News Agency
Books/Bassel Abbas Khudair...
More than two weeks ago, the exchange rates of the Iraqi dinar rose against the US dollar exchange rate, as the current $100 price at the banking offices is currently equivalent to 122 thousand dinars after the price was 125 thousand dinars or a little more or many, a subject that raises many questions for the citizens H
The reasons for this are that the rise is temporary or that it will disappear after days, although some believe that current rates of dinar exchange are high but that's not the case.
The Central bank of Iraq has set the amount of IQD 1190 per dollar as the sale price of the amounts transferred to offshore bank accounts, meaning that the ASO Market price (black) away from official exchange rates (1190) JD
There are clear differences of 3000 dinars per 100 dollars between the price official in the central bank and exchange rates in the banking companies, taking into consideration that there are several prices outside the central including the prices of the banking companies Banking offices and exchange rates, which extend to the simplest dealers in goods and services, are not insignificant and are equivalent to millions or billions dinars per day because the bleeding of the dollar never stopped, the sales of the two (25 February present) for Tuesday's Cut (26 February) were at auction.
The central bank amounts to over $192 million.
Some believe that the increase in exchange rates on the black market of the dollar is due to many reasons, the
first of which is the dollar's low prices in world markets for gold and
second, China enjoys the annual official holiday of more than 10 days and the consequent suspension of the issuance of remittances And the documentary credits because the vacation is in all the life facilities and the
third is that the central bank of Iraq increases its sales to cover some of the obligations government as a government teller from the dollar to the dinar and is lending the government with Treasury bills to address some of the bottlenecks,
as there are The increase in crude oil sales and high prices is believed to have helped increase the dollar's revenue, and the central converts it to dinar with a guide to increasing daily sales through the sales window,
The sponsor of the conspiracy theory goes much further and promotes that what is happening is a process through which the dollar is withdrawn from the accounts simple dollars, because the low prices of the dollar scare them, making them sell their dollars and turn them into dinars, then crocodiles (Dollar by repumping the dollar to markets at high prices in the coming days, especially as there is a high demand for the dollar as the election is near, there is a need to cover the election expenses from propaganda, gifts and other commitments.
While we are presenting such things, we do not espouse any of them,
but we hope that the competent departments of the Central Bank of Iraq will enjoy the degree required of transparency, by issuing a detailed or concise statement on the subject to inform the public about the truth of things and to make them immune to the possibilities that promote For some, who have the purpose of achieving personal or selfish benefits at the expense of others who are unable to obtain their dollar needs through official outlets and in particular male patients, travellers, scholars and residents abroad, shown by the foregoing that they cannot determine the actual causes of high Dollar and depreciation of the dollar based on the prevailing parallel markets,
most of which are informal markets (black that they do not adhere to the exchange rates established by the central bank and threaten to take legal action against offenders,
The answer to the second part of the question on the extent to which exchange rates remain high, higher or lower over the next period cannot be answered about this question as well because the answer is linked to the answer to the question of the reasons for the fluctuation at exchange rates that are taking place nowadays and
for the purpose Finding appropriate treatments for the government's approach to corruption it is essential that the central bank perform one of its basic duties by maintaining the prices drainage and protection of the public from oscillation, and the creation of effective control tools that will make exchange rates conform to what is stated in the Iraqi central,
these The differences go out of the state coffers and do not enter the accounts of the central which are from the people money and must be maintained and included in the budget revenue for reduce the fiscal deficit of the budget or to strengthen national reserves of funds, central to those who know these matters as the highest financial authority Specialized and discreet in Iraq and has its own law No. 56 of 2004 supervising the Banking Act No. 94 of 2004, as well as assigning many functions and duties, including on the monitoring and control of money-laundering, foreign transfer controls and other aspects granted by the decisions of the Civil administrator To Iraq