Shorja market in Baghdad, where Almtdon complain of high prices due to fluctuating exchange rate of Iraqi dinar (archive) Baghdad - The World
Announced that the General Secretariat of the Council of Ministers set up a committee to study the fluctuation of the exchange rate of the Iraqi dinar.
A statement of the General Secretariat received by all of Iraq a copy of it on Wednesday that "the Council of Ministers face to form a committee headed by Deputy Prime Minister for Economic Affairs Rose Nuri Shaways and the membership of the Deputy Prime Minister for Energy, Hussain al-Shahristani and members of the Committee on Economic Affairs and the Secretary General of the Council of Ministers on the Keywords."
He added that "the Committee will consider the issue of exchange rate fluctuation of the Iraqi dinar recently, in addition to proposing appropriate solutions and to address and prevent harm to the national economy."
The statement pointed out that "the committee will also considering the high prices of some foodstuffs, fish, vegetables, fruit and other commodities of daily consumption and develop appropriate solutions to lower prices," stressing that "the Directive of the Council of Ministers refers to the Committee to submit its findings and recommendations and proposals in the final as soon as possible to the Secretariat of the Council of Ministers for presentation at a session of the Council. "
This testifies the Iraqi market rise significantly in the exchange rate of the dollar against the Iraqi dinar, reaching hair buy the dollar to 1300 dinars, while the price specified by the Central Bank to this day is 1166 dinars, an increase of 134 dinars per dollar, and this equates to about 11 percent of the price specified formally " .
For his part, attributed the Central Bank of Iraq, Wednesday, reasons for the high dollar exchange rate against the Iraqi dinar in the local markets to increase demand significantly, while considered the height of "bubble will disappear gradually", he warned that its reserves of hard currency would be unimportant if the continued high demand for hard currency.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh in an interview for "Alsumaria News", "The Bank has become a market-funded trade of neighboring countries and pumping is finished," attributing the reasons for the high exchange rate of the dollar against the Iraqi dinar in the local markets to withdrawals of large and abnormal during the sessions conducted by the day. "
Saleh said that "this increase in the local market a bubble will disappear gradually," noting that "the bank has procedures to ensure that dispel the bubble by searching on the students the real currency of the citizens to meet the Iraqi economy, and not ghosts and unknown."
Saleh warned that "the central bank's reserves of hard currency will be non-significant despite the size of these reserves in the event of continuing high demand for hard currency," asserting that "there is an increasing demand for hard currency for the benefit of the economies of other countries."
And increased exchange rate of the dollar against the Iraqi dinar in the local markets to 1320 dinars per dollar, after it was last week, JD 1230, and 1180 dinars over the past year 2011.
He revealed in the Iraqi Central Bank (January 6, 2012) for the high foreign currency reserves to 60 billion dollars for the first time in the history of Iraq, after it was its reserves in 2010 had reached $ 58 billion.
The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks that fund the traders from the private sector, excluding public holidays on which depends the World Bank for these auctions, and the sales either in cash, or in the form of money orders sold out for a commission of certain.
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