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Central dropped the dinar: small traders destroy our monetary policy

hammer911

By hammer911,
in Iraq & Dinar Related News

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hammer911

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http://basvoice.com/ar/news.php?action=view&id=1494

Saturday 20/08/2011 16:05

Sout Al Basra - the world:

He attributed the owners of exchange companies, on Saturday, the devaluation of the dinar against the dollar to rise in the demand for the latter in conjunction with the high prices paid by the government to purchase crops, while attributing the central bank to "rig speculators", stressing that the reserves of cash has proven its efficiency in the exchange rate since six years, and noted that the dinar trusted other countries, which are seeking to buy the largest mass of cash from it.

The exchange rate of the dinar against the dollar, in Baghdad and the provinces, has seen volatile and clear during the past two days, ranging purchase price of the dollar to 1120 dinars / dollars, and the selling price of 1121 and 1123 dinar / dollar, and ranged the purchase price, in the provinces, to 1119 dinars / dollars, and the selling price to 1121 dinars / dollars, according to experts, they said "the world", the dollar registered a rise of three points of its value last week.

Jamal Al Ajili, director of foreign remittances, in an interview with "the world" yesterday, said that "most of the savings of Iraqi citizens are currently in dollars, not Iraqi dinars, which is still a source of concern to him in case of different exchange rates of foreign currencies."

And the reasons for the high value of the dollar against the Iraqi dinar during the past few days, Ajili refers to "high demand for the dollar in the Iraqi market, which began preparing to provide all the needs of the agricultural sector."

Explains by saying "after the state bought all the local production of crops of wheat, barley, and prices high in support of the segment of farmers, beginning farmers to transfer what is received from the state of the dinar to the dollar and buy cars and harvesters, seeds, and fertilizer and everything it needs."

And confirms Ajili that "this sudden demand will increase the value of the dollar, especially if we know that 80% of the volume sold in the auction the Central Bank is intended for foreign remittances, here becomes the proportion of the remaining 20% ​​is sufficient to meet local market needs."

The price of the dollar on Thursday, in the currency auction run by the Central Bank, about 1170 dinars / dollars and did not specify the purchase price for a lack of offers for sale by the shareholders, while the total size of the amount sold by the bank 188 140 000 dollars.

It is said that the sale price of Alihulat top of the sale price difference of 1183 dinars / USD, ie by addition of 13 dinars per dollar, the Central Bank will also deduct a commission sale directly with the same value, according to an official source at the bank's "world" on Saturday.

And the volume of demand witnessed in the local market on the dollar, explains managing director of banking saying "I got myself a license from the Iraqi banks for the payment of Akiem sale of grain for farmers, and this was to facilitate the functions of banks Rivers and good governance in public areas," he said, adding that "peace alone, more than 10 billion dinars, and a large portion of them asked directly converted to dollars. "

And on the impact of the global financial crisis on the Iraqi economy, says Ajili "Most transactions of the Iraqi market is now with the outside, and are specifically through banks Arab Emirates that are affected on a daily basis any fluctuations in global and reflect on its dealings with Iraq or any other country," he said, adding that "banks GCC always trying to convert the loss of customers, including Iraqis, for example, resorting to raise interest rates or raise the rates of withholding. "

He believed Ajili that lifting the zeros from Iraqi dinar would lead to increased confidence in local currency, explains "After you delete the zeros will drop the phenomenon of trading blocs, the large cash used by Iraqis since the nineties," noting that "some countries have started to deal in Iraqi dinars, during the transformative amounts of both Iran and the UAE , Syria, Jordan and Egypt, asking me the other side as the customer wants to receive Hwalth also dinars, and this means that the dinar is available with large quantities. "

In turn, denied the central bank fears of market transactions, they are not nothing compared to auction the currency, which has kept the selling price fixed for more than six years and is a great achievement, "according to the appearance of Dr. Mohamed Saleh, a senior official in the bank. Suggests the appearance, in an interview with" the world "yesterday that" the Central sought to cover the value of the dinar, and two days before the value of financial cover outside of the local currency of more than $ 57 billion, more than 110% of the money supply Iraqi, "he adds," This is an enhancement of the value of the dinar, "revealing the "the bank to cancel out many conversions carried out by banks and money transfer companies, because of doubts as in paragraph (money laundering)."

He held a senior official at the Central Bank "of Iraqi banks a great responsibility to promote the transactions with suspicion of money laundering," he said, adding, "Everyone knows that the situation in Iraq is still unstable, and for that For all arms cooperation to end this dangerous phenomenon and the protection of the country's security and economy of the country."

Regarding the concerns raised by the volatility rate of the dinar against the dollar during the past few days, confirmed the appearance of "Iraq's possession of reserves sufficient to stave off any tricks performed by speculators." "I warn any walk of suspicious transactions."

He attributed the volatility of exchange of the dinar to "speculators, and, unfortunately, while refusing their requests, inventing such things speculative exchange rates and others, but things do not deceive us," adding that "some are speculating the market in the month of Ramadan and Eid, the holiday season, they Astervhon Unfortunately, the small traders and this does not means nothing, what concerns us the wholesale market stable. "

And Raising the zeros of the dinar and the restructuring of the currency, said the appearance of the "Central finished fully prepared and referred to the government and the Council of Representatives to discuss it calmly, a project of strategic and long-term, I do not say it will happen tomorrow or after tomorrow, because it projects the reform of management of resources, the currency in Iraq" .

He pointed out that "the restructuring means the issuance of a combination of the different categories of existing categories, and the lifting of the zeroes means that the number of account will be lower, does not affect the value of the currency and transactions of individuals and their income and wealth does not affect the contracts and obligations of individuals contractual and mandatory, arguing that" the total money supply of currency, amounting to about 32 trillion dinars and will be replaced after less than 30 billion dinars. "

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