Central bank: regional variables behind the rise in the dollar exchange
On: Tue 1/10/2012 8:29
□ Baghdad / follow-up term economic
CBE confirmed yesterday that the regional variables surrounding Iraq played a role in the rise of the dollar and sales of the bank, warning that it will reflect negatively on its reserves of hard currency. quoted (Sumerian News) Deputy Governor of the Central Bank of the appearance of Mohammed Saleh that the high exchange rate of U.S. dollar against the Iraqi dinar in the local markets as well as higher central bank sales of foreign currency due to the financing of trade by the neighboring countries, Iraqi traders, indicating that central bank sales of foreign currency during the beginning of the year 2012 is weaker than be sold during the year 2010.
And Saleh said that the regional variables surrounding Iraq also played a part in the rise of the dollar and sales of the bank, noting that the suspension of banking transactions and banking with the neighboring countries of Iraq to the east and west with the countries of the world pay the merchant for Iraq to finance trade in these two countries instead of funding the Iraqi trade.
Saleh added that central bank sales of foreign currency amounted to $ 300 million on average per day, whereas they used to be sold in 2010 was around $ 150 million on average per day, adding that sales of the bank during last year's $ 150 million was enough sink Iraq markets the whole of the goods and commodities.
and see the exchange rate of U.S. dollar in the local markets about the Iraqi dinar increased significantly between 1221 thousand to 1225 thousand Iraqi dinars to the dollar, while the exchange rate of U.S. dollar against the Iraqi dinar in the past year 2011 of 1180 dinars to the dollar one.
Salih pointed out that the central bank intervenes in the market to keep the Iraqi dinar exchange rate, as well as the financing of private sector trade, pointing out that the rise in bank sales of foreign currency that will cause pressure on the auction the bank and its reserves of hard currency that would decreasing because of it.
Salih stressed that the central bank's reserves of hard currency will not be relevant in the event of continuing strong demand for hard currency, pointing out that there is an increasing demand for hard currency for the benefit of the economies of other countries.
and demanded the Ministry of Commerce to introduce controls for import through the granting of leave import, in addition to activating the law of customs tariff, as well as coordination between all policies, but he also said he can not be left alone, the Central Bank in the face of the market and its problems.
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