Home
The implications of U.S. withdrawal raises the dollar exchange rate
22/12/2011 20:17
BAGHDAD / Ghazwan Imran
Expected number of specialists and economists speculators in the stock market to "return the U.S. dollar exchange rate to what it was before the rise in recent days, rumors linked to a date close to the American withdrawal from the country and the smuggling of the dollar to some neighboring countries.
The reason for this rush toward the purchase of foreign currency is the concern which is maintained by the business community, financial, and scaling in the sale of foreign currencies despite high demand, forcing the Central Bank of Iraq to deny his intention to change the mechanism adopted in the sale of the U.S. dollar to Iraqi banks to cover the needs of the private sector in a press statement last .
He pointed out that some of those speculators and "exploited the fears of some citizens in the promotion of rumors about reduced central bank sales of dollar without mentioning the reasons." It was the Central Bank "asked the private banks participating in the auction, bring additional documents to prove trends dispose of the dollar, which require, what they should sell the dollar will be limited to trade finance, and coincided with the dealers with the demand from some neighboring countries, to provide documents relating to their application of Currency in full, which contributed to the complexity of procedures, especially at points of the Iraqi border. "
Amer al-Saadi / speculator in the market for securities trading in the Kadhimiya: that the high prices of the dollar against foreign currencies especially the dollar came to a number of reasons, the first of the fears of some citizens to change the currency is Aqaibdhm enormous material losses, and the second reason is linked to the imminent fiscal year, and the third reason is behind the leak of foreign currency and exported to neighboring countries, as directed citizens to transfer money to the local foreign currency internationally accredited will save money and possibly make a difference for them financially.
Saadi said: The speculators in the stock market and based on this information are reluctant to sell foreign currency in their desire to raise their prices, and this is achieved for them, the beginning of next year will see the dollar trading declined significantly after these fears dissipated. For his part, said economic expert Mohsen Areda: The Central Bank of Iraq to speed up the clarification requested from private banks to determine the direction of foreign exchange, request additional documents before the reduction of the size of the monetary supply to domestic banks.
He viewer: the dramatic rise in the exchange rate of the dollar against the dinar, which was witnessed by the local market, argues that the credibility of the citizen in the state need to be reviewed, and that he is still worried about a possible drop in the exchange rate of the Iraqi dinar against the dollar.
The central bank decided to reducing its sales of cash to domestic banks to participate in the auction request additional documents, which led to the high exchange rate and to stop some operations until a clearer picture, prompting the central bank to announce its intention to continue in the mechanism used to sell dollars to banks eligibility. The CBI said in a statement to continue to sell dollars to banks to cover the Iraqi private sector imports of goods and services, without any limits.
[You must be registered and logged in to see this link.]
22/12/2011 20:17
BAGHDAD / Ghazwan Imran
Expected number of specialists and economists speculators in the stock market to "return the U.S. dollar exchange rate to what it was before the rise in recent days, rumors linked to a date close to the American withdrawal from the country and the smuggling of the dollar to some neighboring countries.
The reason for this rush toward the purchase of foreign currency is the concern which is maintained by the business community, financial, and scaling in the sale of foreign currencies despite high demand, forcing the Central Bank of Iraq to deny his intention to change the mechanism adopted in the sale of the U.S. dollar to Iraqi banks to cover the needs of the private sector in a press statement last .
He pointed out that some of those speculators and "exploited the fears of some citizens in the promotion of rumors about reduced central bank sales of dollar without mentioning the reasons." It was the Central Bank "asked the private banks participating in the auction, bring additional documents to prove trends dispose of the dollar, which require, what they should sell the dollar will be limited to trade finance, and coincided with the dealers with the demand from some neighboring countries, to provide documents relating to their application of Currency in full, which contributed to the complexity of procedures, especially at points of the Iraqi border. "
Amer al-Saadi / speculator in the market for securities trading in the Kadhimiya: that the high prices of the dollar against foreign currencies especially the dollar came to a number of reasons, the first of the fears of some citizens to change the currency is Aqaibdhm enormous material losses, and the second reason is linked to the imminent fiscal year, and the third reason is behind the leak of foreign currency and exported to neighboring countries, as directed citizens to transfer money to the local foreign currency internationally accredited will save money and possibly make a difference for them financially.
Saadi said: The speculators in the stock market and based on this information are reluctant to sell foreign currency in their desire to raise their prices, and this is achieved for them, the beginning of next year will see the dollar trading declined significantly after these fears dissipated. For his part, said economic expert Mohsen Areda: The Central Bank of Iraq to speed up the clarification requested from private banks to determine the direction of foreign exchange, request additional documents before the reduction of the size of the monetary supply to domestic banks.
He viewer: the dramatic rise in the exchange rate of the dollar against the dinar, which was witnessed by the local market, argues that the credibility of the citizen in the state need to be reviewed, and that he is still worried about a possible drop in the exchange rate of the Iraqi dinar against the dollar.
The central bank decided to reducing its sales of cash to domestic banks to participate in the auction request additional documents, which led to the high exchange rate and to stop some operations until a clearer picture, prompting the central bank to announce its intention to continue in the mechanism used to sell dollars to banks eligibility. The CBI said in a statement to continue to sell dollars to banks to cover the Iraqi private sector imports of goods and services, without any limits.
[You must be registered and logged in to see this link.]
