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The dollar continues to put pressure on the dinar .. and currency traders criticize the central bank's policy
4/10/2015
Record US dollar exchange rate in the domestic market rose sharply during the past few days, as the dollar price was about 1280 Iraqi dinars, after it had been during the past month varies within the limits of 1200. The foreign currency traders in Baghdad, in the interviews: The dollar exchange rate American, is witnessing a remarkable increase since the beginning of this month, but this increase peaked last Wednesday, after the dollar exchange rate per record in 1285 Danara.dol neighboring internal reasons behind the rise in the dollar markets at a time the central bank seeks through the currency, which is evaluated years ago Auction, to maintain the Iraqi dinar exchange rate in the currency market, but the exchange rate fluctuation is witnessing clear since late last year.
Economist Majid picture says: Regional situation in the region, especially the surrounding neighboring countries of Iraq, especially Iran and Syria, the situation one of the main reasons behind the rise in the dollar in recent times in the Iraqi market, noting: that the central bank sales in cash risen lately more than remittances due treated these two cash in their trade due to the economic blockade imposed on them.
He said the picture: that the bank sold $ 100 million a day, it means that he sold $ 500 million a week and therefore there $ 26 billion go out of Iraq for the purposes of import, noting that most of these amounts smuggled out of Iraq without the benefit of them.
And indicates the picture that the difference in sells the CBI for a dollar of 1189 dinars to the dollar and what is present in the local market of 1280 dinars to the dollar encouraged speculators, traders and citizens to go to buy dollars from the central bank in order to take advantage of the price difference, which has increased the demand for process Dollar internally, pointing out that this increase can not reduce it without regulating trade and import operations for Iraq.
The central bank sells at auction its currency per US dollar for 1179 dinars, private banks and the companies, but it does not sell directly to the citizens, while private banks authorized to sell to sell the currency, the dollar B1189 DT, citizens directly.
Mafias to smuggle currency
He says economic expert on behalf of Jamil Antoine: The demand for the dollar is greater than the supply located because there are mafias collect dollar and evading out of Iraq under the pretext of imports from outside Iraq, stating: "The amount of money that comes out of Iraq are not commensurate with the quantities of goods that enter him .
He adds Antoine: that Iraq has five offices for money laundering, however, these offices are still below the level in the detection of smuggling of foreign currency operations out of Iraq operations, stressing the need to cooperate on all sides among themselves whether the central bank or customs, border control, taxes and the fight against corruption and increased control and internal stakeholders.
It seems that banking offices in Baghdad, far from knowing the reasons for this increase, but there is an agreement among themselves that there is a demand for the dollar than supply in the market.
He says his banking ax Karrada Mohamed Ibrahim: Although the Iraqi Central Bank to sell the dollar to citizens through the civil and government banks, but the demand is greater than supply the dollar continues, noting: that all purchased from the dollar a day from citizens and up to 50 000 dollars finds it buys from the merchants, either through cash or in the form of remittances.
Official: stop the bank from the sale of dollar remittances befuddled market
The central bank says it is seeking through the currency, which is evaluated years ago Auction, to maintain the Iraqi dinar exchange in the currency market price, but the exchange rate is witnessing volatility clear since late last year, and the bank offers no explanations for this discrepancy between the price and the price of the domestic market, the Although it is the body responsible for monetary policy in the country. Including exchange rate policies and being daily for the sale and purchase of foreign currencies sessions except public holidays which stops the Bank for these auctions.
Explains director of one of the Ministry of Finance to the government banks in Baghdad: Stopping the CBI sell the dollar in the form of remittances for the purpose of organizing the new during the last period befuddled local market that encourages traders to buy dollars from the domestic market, which led to the rise of the dollar in these markets.
He adds the official, who preferred anonymity: that prices remained high even after the central bank re-selling foreign remittances, saying: that what we are witnessing today from these high prices are speculative currency traders on a high level.
And committed the Central Bank of Iraq in February 2012 all Iraqi banks participating in the bank for the sale and purchase of foreign currency auction should be disclosed as a condition of its customers access to foreign currency, asserting that there Purchases are correct, but the names are not true and is otherwise legal and banking rules.
We tried to get any permission from officials at the central bank, explains the reasons for the high dollar exchange rate, but the media office of the Bank stipulated that receives a formal letter includes an explanation of the reasons for the request to get a permit, and written questions for consideration, and perhaps answer them. It is known that currency exchange rates are changing rapidly, and require explanations keep up.
It is expected local currency traders, that the price of the Iraqi dinar against the dollar continues to fall, in light of what they described as "incomprehensible policy of the Central Bank of Iraq."
The central bank authorized some private banks in Baghdad to sell dollar directly to citizens in order to meet the growing demand. And sells private banks five thousand dollars for each person who holds an Iraqi passport at a price not to exceed the 1189 per dollar. But observers and currency traders say that this procedure did not contribute to the stability of exchange rates, after turning to the door to corruption, because most go for direct sale of funds to specific customers.
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4/10/2015
Record US dollar exchange rate in the domestic market rose sharply during the past few days, as the dollar price was about 1280 Iraqi dinars, after it had been during the past month varies within the limits of 1200. The foreign currency traders in Baghdad, in the interviews: The dollar exchange rate American, is witnessing a remarkable increase since the beginning of this month, but this increase peaked last Wednesday, after the dollar exchange rate per record in 1285 Danara.dol neighboring internal reasons behind the rise in the dollar markets at a time the central bank seeks through the currency, which is evaluated years ago Auction, to maintain the Iraqi dinar exchange rate in the currency market, but the exchange rate fluctuation is witnessing clear since late last year.
Economist Majid picture says: Regional situation in the region, especially the surrounding neighboring countries of Iraq, especially Iran and Syria, the situation one of the main reasons behind the rise in the dollar in recent times in the Iraqi market, noting: that the central bank sales in cash risen lately more than remittances due treated these two cash in their trade due to the economic blockade imposed on them.
He said the picture: that the bank sold $ 100 million a day, it means that he sold $ 500 million a week and therefore there $ 26 billion go out of Iraq for the purposes of import, noting that most of these amounts smuggled out of Iraq without the benefit of them.
And indicates the picture that the difference in sells the CBI for a dollar of 1189 dinars to the dollar and what is present in the local market of 1280 dinars to the dollar encouraged speculators, traders and citizens to go to buy dollars from the central bank in order to take advantage of the price difference, which has increased the demand for process Dollar internally, pointing out that this increase can not reduce it without regulating trade and import operations for Iraq.
The central bank sells at auction its currency per US dollar for 1179 dinars, private banks and the companies, but it does not sell directly to the citizens, while private banks authorized to sell to sell the currency, the dollar B1189 DT, citizens directly.
Mafias to smuggle currency
He says economic expert on behalf of Jamil Antoine: The demand for the dollar is greater than the supply located because there are mafias collect dollar and evading out of Iraq under the pretext of imports from outside Iraq, stating: "The amount of money that comes out of Iraq are not commensurate with the quantities of goods that enter him .
He adds Antoine: that Iraq has five offices for money laundering, however, these offices are still below the level in the detection of smuggling of foreign currency operations out of Iraq operations, stressing the need to cooperate on all sides among themselves whether the central bank or customs, border control, taxes and the fight against corruption and increased control and internal stakeholders.
It seems that banking offices in Baghdad, far from knowing the reasons for this increase, but there is an agreement among themselves that there is a demand for the dollar than supply in the market.
He says his banking ax Karrada Mohamed Ibrahim: Although the Iraqi Central Bank to sell the dollar to citizens through the civil and government banks, but the demand is greater than supply the dollar continues, noting: that all purchased from the dollar a day from citizens and up to 50 000 dollars finds it buys from the merchants, either through cash or in the form of remittances.
Official: stop the bank from the sale of dollar remittances befuddled market
The central bank says it is seeking through the currency, which is evaluated years ago Auction, to maintain the Iraqi dinar exchange in the currency market price, but the exchange rate is witnessing volatility clear since late last year, and the bank offers no explanations for this discrepancy between the price and the price of the domestic market, the Although it is the body responsible for monetary policy in the country. Including exchange rate policies and being daily for the sale and purchase of foreign currencies sessions except public holidays which stops the Bank for these auctions.
Explains director of one of the Ministry of Finance to the government banks in Baghdad: Stopping the CBI sell the dollar in the form of remittances for the purpose of organizing the new during the last period befuddled local market that encourages traders to buy dollars from the domestic market, which led to the rise of the dollar in these markets.
He adds the official, who preferred anonymity: that prices remained high even after the central bank re-selling foreign remittances, saying: that what we are witnessing today from these high prices are speculative currency traders on a high level.
And committed the Central Bank of Iraq in February 2012 all Iraqi banks participating in the bank for the sale and purchase of foreign currency auction should be disclosed as a condition of its customers access to foreign currency, asserting that there Purchases are correct, but the names are not true and is otherwise legal and banking rules.
We tried to get any permission from officials at the central bank, explains the reasons for the high dollar exchange rate, but the media office of the Bank stipulated that receives a formal letter includes an explanation of the reasons for the request to get a permit, and written questions for consideration, and perhaps answer them. It is known that currency exchange rates are changing rapidly, and require explanations keep up.
It is expected local currency traders, that the price of the Iraqi dinar against the dollar continues to fall, in light of what they described as "incomprehensible policy of the Central Bank of Iraq."
The central bank authorized some private banks in Baghdad to sell dollar directly to citizens in order to meet the growing demand. And sells private banks five thousand dollars for each person who holds an Iraqi passport at a price not to exceed the 1189 per dollar. But observers and currency traders say that this procedure did not contribute to the stability of exchange rates, after turning to the door to corruption, because most go for direct sale of funds to specific customers.
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