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The implications of U.S. withdrawal raises the dollar exchange rate
ID number: 2428 Issue Date: 26/12/2011 day: Monday
Last Updated: 26/12/2011
BAGHDAD - Follow-up:
Expected number of specialists economists and speculators in the stock market to "return the exchange rate of U.S. dollar to what it was before the rise in recent days, rumors linked to the imminent date of the U.S. withdrawal from the country and the smuggling of the dollar to some countries in the neighborhood. The reason for this rush toward the purchase of foreign currency is concern located in 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 speculators and some quarters " 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 the currency in full, which contributed to the complexity of procedures, especially at points of the Iraqi border. "said Amer al-Saadi / speculator in the market for securities trading in the Kadhimiya: The dollar exchange rate 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 lies behind the diversion of foreign exchange and export to neighboring countries, also directed the citizens to convert the local funds into foreign currency internationally accredited will save money and perhaps bring them is a difference physically. 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 traded a significant decrease after dissipate these concerns. For his part, said economic expert Mohsen Areda: It was the Iraqi Central Bank to accelerate 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: that the surge in the exchange rate of the dollar against the dinar, which was witnessed in the local market, argues that the credibility of the citizen in the state need to be reviewed, and that he is still worried about potential decline 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 for 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. as he emphasized the Iraqi Central Bank in a statement to continue to sell dollars to the Iraqi banks to cover private sector imports of goods and services, without any limits.
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ID number: 2428 Issue Date: 26/12/2011 day: Monday
Last Updated: 26/12/2011
BAGHDAD - Follow-up:
Expected number of specialists economists and speculators in the stock market to "return the exchange rate of U.S. dollar to what it was before the rise in recent days, rumors linked to the imminent date of the U.S. withdrawal from the country and the smuggling of the dollar to some countries in the neighborhood. The reason for this rush toward the purchase of foreign currency is concern located in 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 speculators and some quarters " 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 the currency in full, which contributed to the complexity of procedures, especially at points of the Iraqi border. "said Amer al-Saadi / speculator in the market for securities trading in the Kadhimiya: The dollar exchange rate 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 lies behind the diversion of foreign exchange and export to neighboring countries, also directed the citizens to convert the local funds into foreign currency internationally accredited will save money and perhaps bring them is a difference physically. 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 traded a significant decrease after dissipate these concerns. For his part, said economic expert Mohsen Areda: It was the Iraqi Central Bank to accelerate 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: that the surge in the exchange rate of the dollar against the dinar, which was witnessed in the local market, argues that the credibility of the citizen in the state need to be reviewed, and that he is still worried about potential decline 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 for 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. as he emphasized the Iraqi Central Bank in a statement to continue to sell dollars to the Iraqi banks to cover private sector imports of goods and services, without any limits.
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