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Analysts: restrict the sale of imported Dinars reduce the disparity with the dollar prices
3/30/15
Analysts saw that inventory sale of goods by importers dinar, will reduce the disparity with dollar rates, as described cancel the auction of work by the Central Bank Balkhati.
analyst in economic affairs Ahmed Sabih, said in a commentary for "world", " The central bank pursued after 2003 a new monetary policy to improve the dinar exchange rate, in order to get rid of the oscillations which he suffered, where he introduced the auction sell the currency, which has achieved great success in raising the value of the Iraqi dinar from the roof top up to 2,500 dinars to the dollar to less than 1200 dinars to the dollar. "
He said it was "contributed significantly to the achievement of monetary and economic stability and improve the purchasing power of citizens, as well as increased confidence on scalable disparities in the dinar exchange rate against the dollar, although the government has borne a large burden through the dollar at a reduced price." .
He Sabih "The drop in oil prices, which is the main source for the provision of hard currency shares down Iraq's imports of that currency, and thus reduced the central bank's ability to provide the dollar the previous quantities in the auction currency, as well as the operations of corruption and smuggling of the dollar and money laundering that accompanied the mechanisms auction. "
He continued, "The factors mentioned central bank was forced to take a series of decisions and actions to legalize the sale of the dollar, and restrict larger to cover import operations, has led to the state of the banking confusion among speculators and citizens and local merchants for fear of losing the Iraqi dinar for its value significantly, In addition to the creation of a parallel market exchange rate increases by 100 dinars for the auction exchange rate. "
He noted analyst to the importance of the issuance of central bank last statement reassured the public about the continuation of the sale of the dollar by currency auction, as well as the application of strict control policy is forcing importers to limit the sale of their goods Dinars Iraq, according to the price of the currency auction of (1190) dinars to the dollar, compared to providing them with the dollar, according to those pricing before the importation of goods.
The prime minister Haider al-Abadi had demanded during a meeting with Governor of the Central Bank on the Keywords in his office in Baghdad (23 March 2015) on the need to develop mechanisms for control of the Iraqi dinar exchange rate, based on the advanced banking system comparable to developed countries, aggravating the importance of the bank maintain its independence and work to promote the financial and economic reality and draw financial and economic policies able to move forward towards the ambitions of the country. "
For his part, Maytham see Laibi, academic and observer economic affairs "that the best way to get rid of the auction problems selling the currency is raising the value of the dollar gradually, for the distribution of the negative effects of the scarcity of dollars between the government and the public of traders and individuals."
He adds Laibi in the comments for "the world", the mechanism which was followed by Central Bank through currency auction proved effective over the past period, pointing out that the Parliament intervention, through the inclusion of Article 50 in the budget, which identified the daily sales of the bank 75 million dollars a day, led to the disruption of the official dollar exchange rate compared to its price in the market and evacuated the independence of the bank Central. "
He noted Laibi that "restrict Central sales sent negative signals to the market and create a pessimistic outlook between the two rates of larger, while the best solution, it requires the central bank started selling the dollar cheap policy, and leave it in front of supply and demand larger to determine its value." He pointed out that this led to obtain an expected rise in the prices of various commodities because of the scarcity of providing hard currency as a result of lower oil prices. "
It is worth mentioning that the Economic Adviser to the Prime Minister the appearance of Mohammed Saleh, the Central Bank has called for clarification of the reasons for the low value of the Iraqi dinar against the rising dollar In the domestic market, although slightly with the procedures and policies taken to preserve the value of the dinar, attributing determine the dollar sales to financial distress experienced by Iraq and maintain foreign currency reserves, being tied to revenues Iraq during the low and high oil prices, so ask reducing its demand for the dollar and exclusive cover basic needs him, noting that "Iraq is a case of loose business, there is not worth the import goods, where there are stocks of durable goods such as materials and domestic cars, but continue to be imported strained state budget."
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3/30/15
Analysts saw that inventory sale of goods by importers dinar, will reduce the disparity with dollar rates, as described cancel the auction of work by the Central Bank Balkhati.
analyst in economic affairs Ahmed Sabih, said in a commentary for "world", " The central bank pursued after 2003 a new monetary policy to improve the dinar exchange rate, in order to get rid of the oscillations which he suffered, where he introduced the auction sell the currency, which has achieved great success in raising the value of the Iraqi dinar from the roof top up to 2,500 dinars to the dollar to less than 1200 dinars to the dollar. "
He said it was "contributed significantly to the achievement of monetary and economic stability and improve the purchasing power of citizens, as well as increased confidence on scalable disparities in the dinar exchange rate against the dollar, although the government has borne a large burden through the dollar at a reduced price." .
He Sabih "The drop in oil prices, which is the main source for the provision of hard currency shares down Iraq's imports of that currency, and thus reduced the central bank's ability to provide the dollar the previous quantities in the auction currency, as well as the operations of corruption and smuggling of the dollar and money laundering that accompanied the mechanisms auction. "
He continued, "The factors mentioned central bank was forced to take a series of decisions and actions to legalize the sale of the dollar, and restrict larger to cover import operations, has led to the state of the banking confusion among speculators and citizens and local merchants for fear of losing the Iraqi dinar for its value significantly, In addition to the creation of a parallel market exchange rate increases by 100 dinars for the auction exchange rate. "
He noted analyst to the importance of the issuance of central bank last statement reassured the public about the continuation of the sale of the dollar by currency auction, as well as the application of strict control policy is forcing importers to limit the sale of their goods Dinars Iraq, according to the price of the currency auction of (1190) dinars to the dollar, compared to providing them with the dollar, according to those pricing before the importation of goods.
The prime minister Haider al-Abadi had demanded during a meeting with Governor of the Central Bank on the Keywords in his office in Baghdad (23 March 2015) on the need to develop mechanisms for control of the Iraqi dinar exchange rate, based on the advanced banking system comparable to developed countries, aggravating the importance of the bank maintain its independence and work to promote the financial and economic reality and draw financial and economic policies able to move forward towards the ambitions of the country. "
For his part, Maytham see Laibi, academic and observer economic affairs "that the best way to get rid of the auction problems selling the currency is raising the value of the dollar gradually, for the distribution of the negative effects of the scarcity of dollars between the government and the public of traders and individuals."
He adds Laibi in the comments for "the world", the mechanism which was followed by Central Bank through currency auction proved effective over the past period, pointing out that the Parliament intervention, through the inclusion of Article 50 in the budget, which identified the daily sales of the bank 75 million dollars a day, led to the disruption of the official dollar exchange rate compared to its price in the market and evacuated the independence of the bank Central. "
He noted Laibi that "restrict Central sales sent negative signals to the market and create a pessimistic outlook between the two rates of larger, while the best solution, it requires the central bank started selling the dollar cheap policy, and leave it in front of supply and demand larger to determine its value." He pointed out that this led to obtain an expected rise in the prices of various commodities because of the scarcity of providing hard currency as a result of lower oil prices. "
It is worth mentioning that the Economic Adviser to the Prime Minister the appearance of Mohammed Saleh, the Central Bank has called for clarification of the reasons for the low value of the Iraqi dinar against the rising dollar In the domestic market, although slightly with the procedures and policies taken to preserve the value of the dinar, attributing determine the dollar sales to financial distress experienced by Iraq and maintain foreign currency reserves, being tied to revenues Iraq during the low and high oil prices, so ask reducing its demand for the dollar and exclusive cover basic needs him, noting that "Iraq is a case of loose business, there is not worth the import goods, where there are stocks of durable goods such as materials and domestic cars, but continue to be imported strained state budget."
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