Economy, parliamentary government with the responsibility of the deterioration of the dinar and warns of the central merchant
Victim of the Iraqi currency financial embargo on Syria and Iran
BAGHDAD / Lao-Tamimi
The panel of economy and investment parliamentary Friday the government responsible for the deterioration of the value of Iraqi dinar compared to other currencies and stressed the need to take firm action on the issue of the merchant central Iraq, while Iraq is who gets revenue huge monthly from oil sales in dollars, and is surrounded by Iran and Syria, which suffer from financial ban an increase in demand for the dollar is leading the local currency to decline.
The Iraqi dinar has fallen on the first day to record a significant decline against the U.S. dollar when the price of the Iraqi dinar against the dollar, 1290. And bankers expect to see the coming days, a rise of the Iraqi dinar exchange rate against the dollar because of the actions taken by the Central Bank.
He said the Commission's decision Mahma Khalil told (UR) that "the political pressure of domestic and regional value of the dinar has affected negatively and the government's measures to maintain the value of the dinar is weak."
Khalil said that "the Iraqi trader became a dealer because of the pivotal international sanctions on Syria, Iran and there out of hard currency and the government can not bring the currency."
"The measures the bank and the government is not the required level in spite of the Iraqi Central Bank to take a number of decisions to know the identity of clients with him."
But many of the owners of banking companies in Baghdad, the Iraqi Central Bank took up the responsibility of the low exchange rate of the Iraqi dinar because of complex procedures for the granting of foreign currency.
But the Iraqi Central Bank Governor Sinan Shabibi admitted that "the political situation is relatively stable in Iraq and in the surrounding area, created a great demand for the dollar, which led to the high exchange rate of the currency recently." And about the possibility that the international financial embargo imposed on Iran and Syria in particular the main reason for this rise, he explained Shabibi "This is one of the things, but the region around us, which is generally relatively stable."
The Shabibi that "at the beginning of the year has increased the demand for the dollar by a large, ranging from 40 to 50%." He added that Iraq "has the largest reserves of the dollar (about $ 60 billion), but this does not mean it should be used without control or monitoring."
The central bank said last February from the application of new procedures regarding sales of the dollar, especially states that the buyer knows the bank for its customers, who asked him to buy the currency.
Reflected the depreciation of the Iraqi dinar negatively on the market in general, having seen some of the higher priced goods. Council of Ministers were quick yesterday to form a committee to study the fluctuation of the exchange rate of Iraqi dinar and to provide appropriate solutions to prevent harm to the national economy.
This has significantly reduced the time in the sales dollar in an auction the central bank, which is held every week between Sunday and Thursday, where sales were a few million, but returned in April to between $ 50 and $ 250 million.
The crisis has its roots in the Iraqi Central Bank and control over the financial liquidity of foreign currency to the measures taken by the bank last month to curb the smuggling of hard currency to neighboring countries. The international community imposed economic sanctions on Syria and Iran, which prevented these countries from exporting Nafthma to the west.
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