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Analysts Aazzonh central policy «wrong» .. and adviser Abadi sees rising dollar «is premeditated»
1/6/2015
Baghdad
considered an economic advisor to the Prime Minister rise of the dollar in the market price "order mastermind" of views is seeking to projects profitability, and called for a "practical measures" in order to avoid this, but analysts economic affairs attributed the rise to the "wrong policy" of the Central Bank, to control to sell the currency market.
witnessing the dollar exchange rates of increase fluctuated since the adoption of the budget law, which provided for determining an auction sale of hard currency at 75 million dollars a day, after it exceeded 220 million.
The appearance of Mohammed Saleh, Economic Adviser to the Prime Minister, he saw that the high price of the dollar in the market was "the mastermind" led by the views undisclosed, pointing out that the central bank "was forced to increase the sales proportion of hard currency in the market since last week to cope with this increase."
Saleh added in a telephone interview with the "world", on Sunday, that "hundred dollar exchange rate stood at 130 000 dinars in the past few days," but "we are surprised by his rise after oversupply in the central bank."
He noted that "there are points a monopoly on the market today, and benefit from the rise of the dollar affiliated projects," and urged b "controls in order to maintain the exchange rate process."
Saleh also highlighted the lack of a relationship between the process of deleting the zeros and the rise of the dollar exchange rate, the fact that this operation "carried out at the exchange rate stability", ruling now be removed within a period close.
In turn, attributed Ahmed Atwani, an analyst for The economic reason for the imbalance in the dollar exchange rate to the "wrong policy adopted by the central bank in determining the Iraqi dinar exchange rate, and trying to offload the project currency auction of its content."
This means Auction currency Select Foreign Exchange Rates, according to the forces of supply and demand, with margin determined by the Central Bank to maintain the local currency's value and protection of oscillation.
He Atwani that "the price difference to the dollar displayed on the parallel market, due to several reasons including: legalization of the dollar sales of open quantities size to 75 million dollars a day, as a result of the decline in oil sales revenues, which fell prices by more than 50%, which led to the creation of a state of the banking panic among citizens, because of doubts that the central bank would drop gradually from the auction currency policy, has contributed to an increase demand for the dollar to keep him rather than the Iraqi dinar. "
He pointed Atwani to follow central bank policy wrong in taxes and fees customs amounting to 8% of the banks and money transfer instead of the importers are met, noting that these banks and companies manipulated the central instructions through the sale of most of the dollar, which is received by him in the parallel market of more than 130 dinars for official counterpart.
He said the load of taxes and fees on the currency exchange rate, rather than imported, "making the dollar cost the companies in 1280 dinars per dollar," stressing that the central bank failed to control the banks and remittance banking companies that have become profitable fictional weekly reach millions of dollars.
saw Atwani that "the Central Bank Unable to take alternative policies achieve a balance in the exchange rate, rather than relying on banks and companies to implement policy ", believing that" the central is a key partner in the deterioration of the value of the Iraqi dinar because of his knowledge of Pthaal companies in order to sell the dollar market parallel and prices determined by, away from the Bank prices. "
He called Atwani the central bank to "search for ways is more effective to combat the parallel market to sell the dollar, and to stop supplying millions of dollars to the banking companies that do not contribute to raising the value of the Iraqi dinar, but became contribute to reducing its value through market speculation that out. "
The parliamentary Finance Committee, expressed earlier, concern about the continuing rise in the dollar's exchange rate against the dinar, while the central bank has demanded to contain volatility in the market.
She said committee member Majda al-Tamimi said, "Last mechanisms followed by the Central Bank of Iraq, as well as witnessed in Iraq and the economic and financial security situation is stable, the reasons may be behind the rise in the dollar's exchange rate against the dinar "
She said what worries Commission today, is constantly rising exchange rate for the dollar against the dinar, in addition to the lack of stability on a specific sale price despite the measures and facilities carried out by the central bank. "
She drew Tamimi that "the implications of the rise will pay to the local currency deterioration and high inflation and an increase prices in the local markets, so be on the central bank to take prompt action to restore the dinar exchange rate and save it from degradation and containment of the market."
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1/6/2015
Baghdad
considered an economic advisor to the Prime Minister rise of the dollar in the market price "order mastermind" of views is seeking to projects profitability, and called for a "practical measures" in order to avoid this, but analysts economic affairs attributed the rise to the "wrong policy" of the Central Bank, to control to sell the currency market.
witnessing the dollar exchange rates of increase fluctuated since the adoption of the budget law, which provided for determining an auction sale of hard currency at 75 million dollars a day, after it exceeded 220 million.
The appearance of Mohammed Saleh, Economic Adviser to the Prime Minister, he saw that the high price of the dollar in the market was "the mastermind" led by the views undisclosed, pointing out that the central bank "was forced to increase the sales proportion of hard currency in the market since last week to cope with this increase."
Saleh added in a telephone interview with the "world", on Sunday, that "hundred dollar exchange rate stood at 130 000 dinars in the past few days," but "we are surprised by his rise after oversupply in the central bank."
He noted that "there are points a monopoly on the market today, and benefit from the rise of the dollar affiliated projects," and urged b "controls in order to maintain the exchange rate process."
Saleh also highlighted the lack of a relationship between the process of deleting the zeros and the rise of the dollar exchange rate, the fact that this operation "carried out at the exchange rate stability", ruling now be removed within a period close.
In turn, attributed Ahmed Atwani, an analyst for The economic reason for the imbalance in the dollar exchange rate to the "wrong policy adopted by the central bank in determining the Iraqi dinar exchange rate, and trying to offload the project currency auction of its content."
This means Auction currency Select Foreign Exchange Rates, according to the forces of supply and demand, with margin determined by the Central Bank to maintain the local currency's value and protection of oscillation.
He Atwani that "the price difference to the dollar displayed on the parallel market, due to several reasons including: legalization of the dollar sales of open quantities size to 75 million dollars a day, as a result of the decline in oil sales revenues, which fell prices by more than 50%, which led to the creation of a state of the banking panic among citizens, because of doubts that the central bank would drop gradually from the auction currency policy, has contributed to an increase demand for the dollar to keep him rather than the Iraqi dinar. "
He pointed Atwani to follow central bank policy wrong in taxes and fees customs amounting to 8% of the banks and money transfer instead of the importers are met, noting that these banks and companies manipulated the central instructions through the sale of most of the dollar, which is received by him in the parallel market of more than 130 dinars for official counterpart.
He said the load of taxes and fees on the currency exchange rate, rather than imported, "making the dollar cost the companies in 1280 dinars per dollar," stressing that the central bank failed to control the banks and remittance banking companies that have become profitable fictional weekly reach millions of dollars.
saw Atwani that "the Central Bank Unable to take alternative policies achieve a balance in the exchange rate, rather than relying on banks and companies to implement policy ", believing that" the central is a key partner in the deterioration of the value of the Iraqi dinar because of his knowledge of Pthaal companies in order to sell the dollar market parallel and prices determined by, away from the Bank prices. "
He called Atwani the central bank to "search for ways is more effective to combat the parallel market to sell the dollar, and to stop supplying millions of dollars to the banking companies that do not contribute to raising the value of the Iraqi dinar, but became contribute to reducing its value through market speculation that out. "
The parliamentary Finance Committee, expressed earlier, concern about the continuing rise in the dollar's exchange rate against the dinar, while the central bank has demanded to contain volatility in the market.
She said committee member Majda al-Tamimi said, "Last mechanisms followed by the Central Bank of Iraq, as well as witnessed in Iraq and the economic and financial security situation is stable, the reasons may be behind the rise in the dollar's exchange rate against the dinar "
She said what worries Commission today, is constantly rising exchange rate for the dollar against the dinar, in addition to the lack of stability on a specific sale price despite the measures and facilities carried out by the central bank. "
She drew Tamimi that "the implications of the rise will pay to the local currency deterioration and high inflation and an increase prices in the local markets, so be on the central bank to take prompt action to restore the dinar exchange rate and save it from degradation and containment of the market."
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