Search the Community
Showing results for tags 'exchange rate'.
-
Welcome to 2024! What will this year bring us? Once again it’s January and so will we get the RV in January or have to wait again? Again, I want to emphasize all the foolishness by so many so-called intel gurus out there, that the dinar had to RV before the end of 2023 and that the reinstatement would be triggered on January 1st. Yet these are the same jerks that will tell you no one will know the time of the RV. I don’t get it. Either you know or you don’t…lol..lol..lol.. Of course no one will know and so what’s you point? This bullshit started way back in the summer months and so here we still with no RV. I’d say they were all a bunch of liars. I know they are just overly optimistic or should we say “overly speculative”. But at what point does overly speculative turn into flat out liars? But what do they base their information on? So, 2023 was an outstanding year for progress in the currency monetary reforms in Iraq. I could hardly believe that so much was done in such a short period of time, if you compare the other 20 years since the 2003 invasion. In today’s news we read multiple articles talking about all this progress and how they have so far managed to get the parallel rate from 160,000 to 145,000. This is very close to the official CBI rate of 132,000, but not yet there as they expected. My CBI contact is telling me they still want to bring it closer and more stable. Currently there are still too many wide swings too often. It’s all very good signs but now there yet. My CBI contact tells me they do need it closer and stable and when it does, they will trigger another CBI official rate revaluation. But this will still be the program rate not what we want. We need to keep our eyes on the CBI “official” rate. When this rate drops again, I was told they will move ahead on the project to delete the zeros. They want to accomplish this in the month of January and are optimistic they can. So, this is the very good news for today to kick off the new year. So then hearing all this good news what do many of these silly idiot intel gurus tell their listeners? The told them the parallel rate is now gone, meaning it is equal to the CBI “official” rate. I can tell this is NOT true and I can tell you this with 1000% certainty. They are lying to you. Even if I heard it, I would want to verify it first before blabbing it around with my BIG mouth. Why do they make up these stories and lie? In todays news the articles told us and I quote – “ amid expectations that the decline will continue after the Central Bank translates the recent decisions and measures into reality.” Then also “Controlling the dollar file, in light of the major violations in this file, will not be instantaneous and will need a period of time in order to impose it on the local markets,” So, you see for all you intel gurus out there, it is not as simple as what you think. Please research and stop lying to your listeners. Instead, base your info on FACTS not rumors. But who knows just how long they will need to get the parallel rate totally where they want it? I am told they fully intend to have this parallel market on target and under control within January. Will they? Can they? This is yet to be seen. You see I don’t need to just make up information to tell you and pretend to have good sources. But if they can accomplish this target, we know what their next move will be. We don’t need to speculate, spread gossip or rumors. We know as a FACT!
-
Hopefully this is still the plan. I think it is. 11-20-2023 Newshound Guru Clare Article Written by: Baqir Jabr Al-Zubaidi - former Minister of Finance "The ongoing dollar crisis" Quote: "The dollar crisis is a policy crisis of the continued American threat of sanctions, accompanied by the continued bleeding of the currency by private banks that are protected by some influential people, and this conflict is paid for by the citizen...Solutions exist, and during our tenure at the Ministry of Finance (2006-2010), we succeeded in increasing the value of the dinar from (1,500 dinars to the dollar to 1,170 dinars to the dollar). We were planning to reach (1,000 dinars to the dollar) and then raise the zeros so that the dinar was equal to the dollar."
-
Here's an article of Dinarian intersts... CBI Issues New Directives On USD & The ER. Treat as a rumor. Not verifieid. Your opine. Tlm724 Administrator Bondlady’s Corner: A Statement Issued By The CBI Regarding Dealing With Dollars & The Exchange Rate. ARTICLE: Following the recent developments in the local markets, especially with regard to the circulation of an informal ER in platforms & daily transactions & its unreal & fabricated fluctuations, imposes on us the clarification of the basic facts related to the trading of foreign currency (the USD) in the local markets & the role of the CBI in providing the currency Foreign through its official sources that included all the legally permitted transactions & preventing other illegal transactions. The necessity of joining all the relevant authorities & their cooperation in order to achieve the main general goals, including the stability of the ER in light of the existence of sufficient foreign reserves to meet the legitimate needs of citizens, merchants & investors from foreign currency. Then we would like the following statement: 1- The source of the USD circulating in the local markets is the CBI, which is presented through banks & exchange & mediation companies, at the official price scheduled (1320) Dinars per Dollar. Accordingly, what is called the “parallel market” has no truth, as this description is launched when the market has its own sources of foreign currency, through exports of private sector & local tourism, transfers of residents abroad & others. As is the case in other countries, at which time the central bank’s role is to achieve a balance in the ER, so he is a seller or a buyer of foreign currency in the market. In it is a speculative market with a currency specified in price & purposes, which is illegal trading & it cannot be added to it, or the announcement of ER created by speculators, and the competent authorities should stop the platforms and sites that announce the exchange rates for a limited currency, the CBI is obligated to circulate it at its price. The headquarters, as long as it is its only source. 2- To achieve the aim of controlling the movement of funds and foreign trade, in implementation of the Anti-Money Laundering & Terrorist Financing Law & to enhance the application of international standards, the new system is based on: A. Implementing all external transfers & documentary credits via the electronic platform, in which the pre-audit of all operations is made from all aspects & verification of the final beneficiary, which protects the banking sector & non-banking financial institutions & the parties to all these operations from the risks they face locally & internationally & the electronic platform allows all Legitimate transfers without limits or restrictions, and the Central Bank does not set a ceilings for banking banks to conduct the transfer. Rather, this depends on the bank’s ability to attract customers, the validity & accuracy of operations & the number of its credible correspondents abroad. B. Implementing personal transfers abroad, such as the fees of study, treatment, purchase of personal needs, residents’ transfers & pension salaries for residents abroad & others, across international financial transfer companies, such as “Western Yunin & Moni Gram” & citizens are also available to use electronic payment cards to use them in buying goods & services abroad. All of these & other operations covered by the central bank at the scheduled official ER.
-
Here's an article from Dinarland... Private banks will support the stability of the ER. Banks at all levels will cooperate. Treat as a rumor. Not verified. Your opine. Tlm724 Administrator Bondlady’s Corner: The Appearance Of Muhammad Salih: Compliance Of Private Banks Will Support The Stability Of The Exchange Rate. ARTICLE: Money & business: Economy: Wednesday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the date for the stability of the dollar prices & the disappearance of the price differences. Saleh stated in a press interview that “with the progress in the degrees of compliance practiced by private banks in the demand for foreign exchange, especially the foreign transfers responsible for financing foreign trade for the private sector, the money market will move towards stability & then the exchange rates in the parallel market will approach the official market & price differences will disappear.” that we are currently witnessing.
-
Local money changers stop selling and buying dollars in Iraq Posted 22 seconds ago / Local Exchanges Stop Buying and Selling Dollars in Iraq - Iraq News (iraqakhbar-com.translate.goog) / Baghdad / Follow-up A source said on Wednesday that the sale and purchase of dollars in Iraqi local exchanges has stopped. The source told (Iraqi Media News Agency) that "local exchanges stopped the sale and purchase of dollars, due to the instability of dollar exchange rates on the Iraqi stock exchange." It is noteworthy that the selling prices of the dollar recorded yesterday, 149,600 dinars per 100 dollars, while the purchase prices of the dollar recorded 149,500 dinars per 100 dollars. Today, the selling prices of the dollar were recorded at 150,400 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 150,250 dinars per 100 dollars.
-
Adviser to the Prime Minister: We have a vision to unify salaries and return the exchange rate Monday 18 July 2022 476 Baghdad: Omar Abdul Latif The Prime Minister's Adviser for Economic Affairs, Haitham al-Jubouri, presented an economic vision that is summed up in converting four ministries to a self-financing system, restoring the dollar exchange rate and unifying employee salaries. Al-Jubouri told "Al-Sabah": "There is an economic vision for the next phase, a part of which was written, the most prominent of these ideas is the transformation of four ministries, namely transport, communications, interior and trade, from central to self-financing, and they can benefit from the revenues generated for them, through large and sober companies that owned by it or the revenues achieved through its work,” referring to “the possibility of benefiting from the amounts allocated to it from the state treasury in establishing productive development projects.” He added, "There is a vision in the exchange rate of the dollar, and restoring confidence and strength to the Iraqi dinar, provided that it is not by a decision, as happened in the decision to raise the exchange rate, but by real economic reforms and an increase in non-oil revenues with a plan that extends from one to four years, and increasing the volume of investments in the country by persuading Iraqi investors who invest their money abroad to return to Iraq through facilities provided to them and encouraging them to invest their money inside the country.” Al-Jubouri pointed out that "among the vision is the automation of government procedures, electronic connectivity, amending instructions for implementing government contracts, and the issue of tax exemptions with a focus on increasing the tax base through profitable companies or personalities," expressing "regret that there is a focus on the simple citizen in the tax issue." While most companies evade the final accounts as they are fictitious. And the Prime Minister’s Adviser for Economic Affairs, He stressed, "Part of these ideas can be started through effective laws, such as the Financial Management Law and the Electronic Signature Law, which needs speed in the procedures of its legislation." He pointed out, "Some find it strange to implement some of this plan, but all of them are feasible and there is an integrated vision on this subject, if we know that it can be implemented in the near, medium and long stages." Editing: Mustafa Ibrahim
-
Adviser to the Prime Minister determines one option to reduce the dollar exchange.. He predicts the fate of the 2023 budget Time: 07/25/2023 23:16:43 Reading: 5,447 times {Economic: Al Furat News} The Prime Minister's Advisor for Economic Affairs has identified one option to reduce the dollar's exchange rate against the Iraqi dinar, while predicting the fate of the 2023 budget. Haitham al-Jubouri said; For the program {Alstra} broadcast by Al-Furat satellite channel tonight, that: “The financial equation in the country is the one that controls the exchange rate of the dollar, and if we want to strengthen the dinar and convince investors abroad to invest in the country gradually, the dollar begins to decline, i.e. encouraging investments and increasing non-oil revenues will raise the level of value of the dinar. He added, "The Iraqi people are increasing by one and a quarter million people annually, and if we do not remedy the situation and make plans, we will actually suffer in paying salaries during the coming years. The future of future generations cannot be mortgaged to fluctuating oil prices." Al-Jubouri explained, "In Iraq, if thinking about the economy remains in the same current mechanism, we will have mercy on the current exchange rate, and the white paper remained ink on paper without brains; With regard to the federal budget for the fiscal year 2023, al-Jubouri said, "It can only be approved by the presence of a new government and not necessarily the same approach as the current government. It may take austerity for the sake of the article, but if the current government remains, we will proceed with setting the doors of law." And he continued, "Prime Minister Mustafa Al-Kazemi is the most president who followed up on the energy file in the country, and Iraq spent nearly $6 billion on the electricity sector in 2021, and there was supposed to be a levy for electricity that covers the ministry's costs completely, but it does not currently reach 15%." Al-Jubouri went on to say, "The Federal Court's decision that the oil and gas law in the Kurdistan region is unconstitutional is a good step to negotiate with the federal government, and the Office of Financial Supervision is responsible for following up on the revenues generated from the region's oil, while the advances that the region currently receives are deducted from its share in the budget." Regarding the economic pressure paper on Turkey after the criminal attack against civilians in the Bazakho resort, al-Jubouri said, "It is possible that the government has now begun to escalate. There is a complaint submitted to the Security Council and there is an intention for the presence of Iraqi forces in the areas adjacent to the Turkish border." He stressed, "the need to arrange the situation before the boycott and to find an alternative to import, as the value of our imports from Turkey exceeds 20 billion dollars, which is higher than China." Regarding automation, Al-Jubouri commented, “Iraq needs the correct automation of the border crossings, and we need other measures to make the automation step successful,” noting “Al-Kazemi’s failure in the financial file, but in general he acted wisely and got Iraq out of major crises.” With regard to the political file, al-Jubouri stressed, “The framework is keen on the unity of the national ranks by nominating Muhammad Shia al-Sudani for the position of prime minister, and I think that his personality is acceptable to all parties and he is known for his integrity, and so far most of the blocs are welcome. . Al-Jubouri concluded, "The two Kurdish parties are both insisting on their candidates for the presidency, and the nomination of Al-Sudani will lead to the acceleration of deciding the position of President of the Republic." Wafaa Al-Fatlawy https://alforatnews.iq/news/مستشار-رئيس-الوزراء-يحدد-خياراً-واحداً-لخفض-صرف-الدولار-ويتوقع-مصير-موازنة-2023
-
Al-Kazemi’s Advisor Sets An Alternative Path To End The “Exchange Rate” Crisis Aug 15, 2022 Earth News/ Haitham Al-Jubouri, technical advisor to Prime Minister Mustafa Al-Kazemi, confirmed that it is impossible to return the dollar exchange rate to its previous position, while the value of the dinar can be raised against the dollar. Al-Jubouri said in a televised interview, followed by Earth News, today, Monday, that "returning to the old exchange rate is a fantasy, as the losses that Iraq will pay in the event of a return will be more than the dollar's survival at its current price." Al-Jubouri added, "We have to say how the strength of the Iraqi dinar can be restored, against the dollar, but not by a government decision, and this matter is achieved through supply and demand." He stressed that "the only source of dollars at the present time is the Central Bank, for what it receives in dollars from the Ministry of Finance, for Iraqi oil sales." He pointed out that “the currency sale window cannot be stopped by the state, as it considers the department to withdraw the dinar and pump the dollar, as it delivers the dinar to the Ministry of Finance and receives the dollar instead, and then the ministry distributes the dinar in various forms, including salaries as well as investment projects.” .
-
Low exchange rate of the dollar in local markets
yota691 posted a topic in Iraq & Dinar Related News
Low exchange rate of the dollar in local markets Market Economy News _ Baghdad The exchange rates of the dollar on the stock market fell slightly as they stabilized in the local markets, Wednesday, (April 22, 2020). The prices of the Kifah Stock Exchange - Baghdad recorded 123,300 dinars per 100 dollars. Buying and selling prices in exchange shops The selling price of the dollar = 124,500 dinars. The purchase price of the dollar = 122,500 dinars. Number of views 22 Add Date 04/22/2020 -
The Iraqi dinar exchange Arab and international transactions Friday Economy | 09:14 - 26/07/2019 Baghdad - Mawazeen News The prices of Arab and foreign currencies compared to the Iraqi dinar on Friday, the twenty-sixth of July according to the latest updates as follows: Foreign currencies 1 US $ = 1,192.7000 Iraqi dinars 1 Iraqi dinars = 0.0008 US dollars 1 euro = 1,329.6559 Iraqi dinars 1 Iraqi dinars = 0.0008 euros £ 1 = 1,484.7689 IQD 1 IQD = 0.0007 pounds of $ 1 CAD = 906.2726 Iraqi Dinar IQD 1 = 0.0011 Canadian dollars to $ 1 Australian = 828.5055 Iraqi Dinar IQD 1 = 0.0012 Australian dollars 1 Japanese yen = 10.9849 Iraqi Dinars IQD 1 = 0.0910 Japanese yen Currency Ala Rabieh 1 Egyptian Pound = 71.8862 Iraqi Dinar 1 Dinar Iraqi = 0.0139 Egyptian pounds 1 SAR = 318.0109 Iraqi Dinar 1 Dinar Iraqi = 0.0031 SAR 1 AED = 324.7050 Iraqi Dinar 1 Dinar Iraqi = 0.0031 AED 1 Sudanese pounds = 26.4493 Iraqi Dinar 1 Iraqi Dinar = 0.0378 SDG 1 Algerian Dinar = 9.9684 Iraqi Dinar 1 Dinar Iraqi = 0.1003 Algerian Dinar 1 Bahraini Dinar = 3,163.9039 Iraqi Dinar 1 Dinar Iraqi = 0.0003 BD 1 JD = 1,682.2261 Iraqi Dinar 1 Dinar Iraqi = 0.0006 JD 1 Dinar KWD = 3,916.2570 Iraqi Dinar 1 Iraqi Dinar = 0.0003 KWD 1 LP = 0.7890 Iraqi Dinars 1 Iraqi Dinar = 1.2674 Lebanese Lira 1 JD = 851.2293 Iraqi Dinar 1 Iraqi Dinar = 0.0012 Libyan Dinar 1 Moroccan Dirham = 124.2836 Iraqi Dinar 1 Iraqi Dinar = 0.0080 Moroccan Dirham 1 Syrian Pounds = 2,3156 Iraqi Dinars 1 Iraqi Dinar = 0.4319 Syrian Pounds 1 Somali Shilling = 2.0627 Iraqi Dinar 1 Dinar Iraqi = 0.4848 Somali Shilling 1 Omani Rial = 3,097.8818 Iraqi Dinar 1 IQD = 0.0003 RO QR 1 = 327.5748 Iraqi Dinar 1 Dinar Iraqi = 0.0031 QR TND 1 = 416.2116 Iraqi Dinar 1 Dinar Iraqi Dinar = 0.0024 Tunisian Dinars 1 Yemeni Riyal = 4.7632 Iraqi Dinars 1 Iraqi Dinar = 0.2099 Yemeni Riyals 1 Djibouti Franc = 6,6987 Iraqi Dinars 1 Iraqi Dinar = 0.1493 Djibouti Franc. End n / a
-
hello again my friends. its your bud here with another worth of a take on what i see happening within the borders called iraq. and it is really good news from my vantage point! the topic of this opinion piece is the '6 major factors that influence an exchange rate'. i will cover each factor briefly in reference to iraq and hope to derive whether or not those invested are either in a good or bad position. as many know, the importance of an exchange rate revolves around one country's trading relationships with other nations. trade relationships is the sole purpose of an exchange rate. where there is no international trade, an exchange rate tied to a currency has no domestic significance. with this in mind lets peer into the 6 factors of exchange rate influence between iraq and its trading partners. 1) Inflation - iraq has done a fantastic job steering its inflation rate. the latest report (aug 2015) has inflation at 2.2%. some economists would mark this as the ideal inflation rate. this places iraq is a great position with trading partners for determining a strong exchange rate to the iqd. 2) Interest Rates - iraq has maintained a steady interest rate of 6% over the last 5 years. compared to other nations, it is a phenomenal rate. the importance here is the attractiveness it has to foreign investors. should iraq sure up the security situation with daesh and clean up political corruption, foreign investors might feel confident enough to pour funds into iraq at these rates. 3) Current-Account - iraq has done quite well between trading partners and has held a positive current account balance (exports vs imports) over the previous 9 years except for 2010. oil is its primary export and it has been strong enough a commodity to keep iraq experiencing gains in its current accounts. as iraq build its non-oil sector through the plan for increased industry and agriculture, exports should increase and it will be reflected in the current account. 4) Public Debt - this is where the hidden gem is revealed and the reason for the title of my opinion piece. everything in the papers speak to iraq's "deficit financing". however for some reason it appears to be seen in a negative light. my opinion is much different. not all debt is good but in this instant i definitely believe it is. when most developing nations look to expand its economic markets as iraq is doing, there will be an inevitable deficit to fiscal policy (the budget). in the short term, this is a very very good thing! where most under developed nations utilize deficit financing for payment of domestic and foreign loans, this does not hold true for iraq. iraq is using this tool as developed nations would, for capital formation for economic growth and boosting the private sector. this type of debt is the best stimulate for the economy in the short term. (here is a good slide-show presentation explaining deficit financing.) 5) Terms of Trade - balance of trade for iraq is simply outstanding and last reported at approximately $40B usd ($44B previous year). compared to turkey (-$6B usd), japan (-$268B yen), germany $24B eur. i would say that iraq comparatively has a case for a strong dinar. its current accounts and balance of trades are unbeatable (maybe a little exaggeration there). 6) Political Stability & Economic Performance - well, you can't shine everywhere . unfortunately this important piece is dragging iraq down.....and i mean wayyyyyyyy down. nobody in their right mind want to stick hundreds of millions in an environment like this. this area alone is holding iraq back the most. all things considered, if this one area is corrected there is no reason why foreign investment wont flood the country and the domestic currency surge in demand. there you have it gang. hopefully this piece wasn't too long. this should give us all a solid overview of the factors that influence the dinars TRUE exchange rate the most. from it we should be able to make a sound judgement on where the currency is headed and whether or not we want to remain involved. be blessed!
- 11 replies
-
- 10
-
- debt
- exchange rate
- (and 7 more)
-
Current events in Iraq reveal the government is preparing to privatize in an effort to liberalize the market or best put institute a market economy. Why would Iraq decide such drastic change to its centrally managed economy? One short answer is that its budget deficit revealed economic fragility. Iraq finds itself in a precarious situation since its macroeconomic stability, as recently revealed, is tied to factors outside of its own control. A critical factor of oil price volatility, and the affect it has on developing oil producing economies pegged to the dollar, is known as terms-of-trade shock. (Nikola Spatafora and Andrew Warner completed an interesting research paper addressing this specific issue - read more). In a Sebastian Edwards article "Flexible exchange rates as shock absorbers", he states: We find evidence suggesting that terms of trade shocks get amplified in countries that have more rigid exchange rate regimes. We also find evidence of an asymmetric response to terms of trade shocks: the output response is larger for negative than for positive shocks. Finally, we find evidence supporting the view that, after controlling for other factors, countries with more flexible exchange rate regimes grow faster than countries with fixed exchange rates. Supporters of flexibility, on the other hand, have argued that under floating exchange rates the economy has a greater ability to adjust to external shocks. According to this view, which goes back at least to Meade (1951), countries with a flexible exchange rate system will be able to buffer real shocks stemming from abroad. This, in turn, will allow countries with floating rates to avoid costly and protracted adjustment processes. continued research reveals that Edwards is not alone in his findings concerning the dangers of rigid exchange rates for market based economies. Jbili of the IMF's Finance & Development Magazine wrote an article entitled "Should MENA Countries Float or Peg?" examining 6 MENA countries and their exchange regime. I note some of the identical remarks..... The prevailing view now is that increasing flexibility in exchange rate management would help countries deal with external shocks, reduce the risk of banking crises, and contribute to financial stability. There are, of course, dissenters who argue in favor of intermediate regimes, stressing the difficulty developing countries have in meeting the preconditions for a successful float and the negative impact of excessive exchange rate volatility on investment and growth. The above country-by-country analysis indicates that exchange rate regimes in the six countries had varying degrees of success. Exchange regimes in Jordan, Morocco, and Tunisia have not recently come under pressure, because real shocks were relatively manageable and macroeconomic policies were generally consistent with the choice of exchange rate regime. In contrast, the recurrent pressures in the foreign exchange markets of Egypt and Lebanon demonstrate that vulnerability to real exogenous shocks, volatile capital inflows (Egypt), and large structural fiscal deficits financed by heavy domestic and foreign borrowing (Lebanon) are incompatible with a pegged exchange rate. Popular opinion through much research shows that it is quite favorable for developing countries to free themselves from a fixed peg toward a more flexible exchange rate regime in order to protect their economies from terms of trade shock. A great example of this is Egypt by 1986 where the country began to experience serious macroeconomic imbalances and a dramatic fall in growth characterized by budget deficits of 17% of GDP. Egypt launched its Economic Reform Program to address dire economic conditions which really took off by 2003 for further liberalization of the economy. In 2003, the government began floating the rate of exchange of the Egyption pound, releasing it from its peg to the dollar (read more). Although Egypt continues to struggle with its economy for numerous reasons, it stands to reason that Iraq would be in a much better place should it head in the same direction. There are preconditions to a successful release from the peg and toward a flexible exchange regime. The country must establish a sound market economy, political energy must be aligned with it, a sound financial sector must be established, and capital markets should be in operation. Everything we see Iraq doing tells us the country's intent is to float the dinar. Government controlled economics with rigid exchange regimes can be the death of a country whose economy is subject to highly violatile exogenous terms of trade shock. It's tie to the dollar can create years of deficits. Iraq must take control of its economic future. It must liberalize its economy, harmonize its political landscape and float its currency. all of this is my 2c on the matter through my own research. take it for no more than that. be blessed my friends
- 10 replies
-
- 9
-
i found good news and every body say prayer for RV From the heart Go Rv
- 58 replies
-
- 14
-
Economics Committee: orientation private banks to sell the dollar at a rate less than the central bank will support the stability of the dinar exchange rate 20-06-2013 03:36 PM Baghdad (news) .. Praised the committee of economy and investment parliamentary by-step some private banks to sell foreign currency at a lower price from price announced by the central bank, which will contribute to the stability of the Iraqi dinar exchange rate against the U.S. dollar. said decision of the Committee MP / coalition Aktl Kurdish / Mahma Khalil (of the Agency news): The private banks and government have a link with the Central Bank on the subject of buying and selling foreign currency in order to taking him to the citizen, whether inside or outside Iraq. added: that the price of the dollar at the Central Bank of Iraq and the installer in the federal budget (1166) dinars, and sold to local banks at (1179) to be (13) dinars per dollar commission, and the banks in turn sells to the citizen and the owners of capital at a price (1189) dinars. between: the trend that has done some private banks to sell the dollar less than Advertised price is a positive step towards supporting and price stability dinar which is witnessing a sharp fluctuation its price during the current period. This has three banks announced a civil sell the dollar at a lower price than announced by the central bank, so as to support the exchange rate of the Iraqi dinar. / End / 8. j. n /
-
Traders attributed the rise to the scarcity of supply in the currency auction and the parliamentary committee confirmed that the situation after «Shabibi has not changed Economists: Central dollar sale of Iranian companies behind the rise and parliamentary Finance: will not be silent Tuesday-12 Mar 2013 No. 774 Sulaymaniyah - Rana Ahmed Economists attributed the rise in the exchange rates of the dollar in recent central bank to sell dollars to Iranian companies, pointing out that these companies are smuggling money out of the country, contributed significantly to the scarcity of the dollar in the local markets. As currency traders believed that the main reason is due to the lack of dollar supply in the central bank auction, which fell to $ 70 million after the show was up to $ 200 million. While it as a Knesset Finance that "wrong policies" of the Central Bank current is responsible for the rise and it will not tolerate it, pointed out that the situation which is why the exclusion Shabibi from office still exists, recognizing that the Parliamentary Committee on monitoring exchange rates neglected work did not turn required in this area. In an interview with "The World" on Monday, said Khaled Haider, a professor of economics at the University of Sulaimaniya, said "the central bank announced at the beginning of this year for limited dollar selling on companies and traders agents, and those who buy the dollar from the central bank at the pose of the markets at last, In economics a scarce commodity in high demand markets and price rises. " Haider added, "As the sale of these companies in hard currency for Iranian companies contributed significantly Bashanha within the Iraqi market, as these companies are smuggled them out outside the country, which became one of the most important causes of instability dollar exchange rates in the Iraqi capital market." And witness the exchange rate of the U.S. dollar in the local markets about the Iraqi dinar remarkable rise between 1245 to 1250 dinars to the dollar, while the exchange rate of the dollar against the dinar, over the past year 2012 is 1,200 dinars to the dollar. In turn, said Reda Abdel Wahab, a currency trader in the dollar market in Sulaimaniya, "the world" yesterday, "The central bank had previously sold daily $ 200 million, while now sells about 70 million dollars, and this greatly affected the price rise dollar recently, "warning that" if the central bank continued to sell less than $ 200 million, the case will continue rising dollar against the Iraqi dinar. " "As the central bank to sell the dollar became limited to some companies and agents and who have come to control the raising or lowering prices dollar, and this unfortunately led to the loss of some merchants and citizens big losses because of the high value of the dollar." For his part, student Mohammed Raouf financial expert said in an interview with "the world" yesterday, "citizens to stay away from buying the dollar in this period, because the price of the dollar vacillating and unstable Kurdistan region and the whole of Iraq, while the trend towards buying gold instead of the dollar will ensure not losing money to the point that the price of gold is fixed and stable. " Furthermore, noted Dler Abdul Qadir, a member of the Finance Committee in Parliament that "the Finance Committee in the House of Representatives has an ad hoc committee to follow up exchange rates, and everything related to the subject of foreign currency at the central bank, but unfortunately, since the formation of this committee have not received a report one in this regard, and did not hear a single sentence on the tasks assigned to it, "noting that" the problems that were experienced by the central bank, and the situation that led to reached by Bank Governor Sinan al-Shabibi are the same are still continuing and we doubt that the Iraqi money today in good hands , and we after approving the budget will seek diligently to follow up the case of high prices in the currency, because it is an issue involving the daily economic life of all the people. " He denied Abdul Qadir in an interview with "the world" yesterday "any connection between the delay, which happened in approving the budget and rising prices of dollar-winning today, but it may be busy House budget and approved in the last period has led to the absence of follow-up of the Iraqi funds, where no longer appointed open on what is happening in the Central Bank, "calling" bank governor agency, to work faithfully, and they will not allow higher prices that led to the great harm citizens, due to the Bank's approach to the wrong policies. " The member parliamentary Finance Committee that "we have no information regarding smuggling money out of the country, and this of course is unacceptable, and that this information is confirmed, there is a section in the House of Representatives in charge to follow up this subject, is supposed to follow the issue of smuggling of money." -