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• Central» Iraq is a high dollar «bubble» and confirms his return to the normal level
Monday, 26 Desimbr 2011
Baghdad - Hisham Abdul Wahab
Description of the Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh high exchange rate of the dollar in the domestic market for more than a week, b «bubble» price as a result of exceptional reasons caused the need for Iraqi traders to foreign exchange to finance regional trade, which increased their rates under the new conditions in the region, Add to speculation that some of them, which led to a huge demand for foreign currency. Saleh said in a statement to «life» that «the dollar exchange rate returned to levels before the rise recently, ie about 1200 dinars per dollar, after reaching the last week about 1250 dinars».
He pointed out that «Central» took prompt measures to fill the growing need for the dollar was the most important double the sales of foreign currency in the auction, organized by the day to meet the demands of traders and businessmen, having increased their business operations as a result of significant changes occurred in the contexts of trade exchanges between Iraq and neighboring countries , and the establishment of the Iraqi traders as a result of the role of different commercial implications of the recent events in the region.
He disclosed that the «central» sold in two days more than $ 400 million through the daily auction, which helped to absorb a trillion dinars from the local market, pointing out that «Central» Continue to develop the Iraqi market and its need for foreign currency in the context of compliance with the conditions of supervision to avoid laundering funds, leading to slightly delay remittances.
He stressed that a strong currency and the dinar will be covered to protect it in a foreign currency, representing one hundred percent of each local unit of cash. It quoted Iraqi merchants who confirmed that the prices of most commodities did not rise, but demand fell due to confusion that accompanied the commercial activity in the local market expectations of continued high exchange rate of the dollar and fears of rising inflation and adversely affect the purchasing power of the citizen.
Saleh was denied in a statement to the media that the rise of the dollar as a result of U.S. withdrawal from Iraq, pointing out that this withdrawal will increase the power of the dinar.
He stressed that the situation in the region was one of the reasons for the decrease, making the Iraqi trader and broker in the region, you need to finance regional trade in foreign currency, bringing pressure on the auction «Central» to provide foreign currency until the market can keep up with additional commercial operations. He pointed out that «Central» now has the highest reserves in its history.
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Monday, 26 Desimbr 2011
Baghdad - Hisham Abdul Wahab
Description of the Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh high exchange rate of the dollar in the domestic market for more than a week, b «bubble» price as a result of exceptional reasons caused the need for Iraqi traders to foreign exchange to finance regional trade, which increased their rates under the new conditions in the region, Add to speculation that some of them, which led to a huge demand for foreign currency. Saleh said in a statement to «life» that «the dollar exchange rate returned to levels before the rise recently, ie about 1200 dinars per dollar, after reaching the last week about 1250 dinars».
He pointed out that «Central» took prompt measures to fill the growing need for the dollar was the most important double the sales of foreign currency in the auction, organized by the day to meet the demands of traders and businessmen, having increased their business operations as a result of significant changes occurred in the contexts of trade exchanges between Iraq and neighboring countries , and the establishment of the Iraqi traders as a result of the role of different commercial implications of the recent events in the region.
He disclosed that the «central» sold in two days more than $ 400 million through the daily auction, which helped to absorb a trillion dinars from the local market, pointing out that «Central» Continue to develop the Iraqi market and its need for foreign currency in the context of compliance with the conditions of supervision to avoid laundering funds, leading to slightly delay remittances.
He stressed that a strong currency and the dinar will be covered to protect it in a foreign currency, representing one hundred percent of each local unit of cash. It quoted Iraqi merchants who confirmed that the prices of most commodities did not rise, but demand fell due to confusion that accompanied the commercial activity in the local market expectations of continued high exchange rate of the dollar and fears of rising inflation and adversely affect the purchasing power of the citizen.
Saleh was denied in a statement to the media that the rise of the dollar as a result of U.S. withdrawal from Iraq, pointing out that this withdrawal will increase the power of the dinar.
He stressed that the situation in the region was one of the reasons for the decrease, making the Iraqi trader and broker in the region, you need to finance regional trade in foreign currency, bringing pressure on the auction «Central» to provide foreign currency until the market can keep up with additional commercial operations. He pointed out that «Central» now has the highest reserves in its history.
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