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Central Bank of Iraq imposes restrictions on the sale of U.S. dollar
[19:26] 12/Feb/16
Erbil, February 16 (PNA) - Central Bank of Iraq to impose measures restrict the sale of the U.S. dollar in daily auction, organized by.
Measures aimed at curbing the growing demand for U.S. currency after the imposition of economic sanctions on neighboring Iran and Syria.
The daily auction or sale of foreign currency window the main source for the purchase of foreign currency in Iraq, where the bank through which control the exchange rate of Iraqi dinar against foreign currencies and most important of the U.S. dollar.
In December last auction saw a rapid growth in demand for the dollar. The rate of sale of the bank that day is about $ 150 million a day, but he jumped in a relatively short period to $ 450 million.
Procedures and led the bank to rein in this recent rise in demand. Sales volume has dropped to less than 100 million a day this week.
And the appearance of Dr. Mohammad Saleh, the deputy governor of Central Bank of Iraq, that the bank applied the internationally known procedures are summarized in the rule of "know your customer, or know your customer".
He told the BBC that the most prominent features of these procedures that each customer buys from the auction currency bank bank account known and recorded. He adds that these measures succeeded in controlling the demand for the dollar.
Indicates that the benefit to the target base for the sale of Bank of the dollar is to provide the Iraqi businessmen with money they need in import operations.
On the reason for the rise in demand for the dollar after the imposition of sanctions on Tehran and Damascus, said the deputy governor of Central Bank of Iraq that Iraq is the form for the two neighboring ideal market for hard currency as it is not subject to any restrictions on foreign exchange, is also the source for foreign exchange Sell a window provided by the Central Bank.
But he stressed that Iraq is not in his interest to turn his assets in hard currency out of the boundaries in this way because this does not serve the interests of the country and he says this has been the imposition of these measures.
Iran is one of the most important partners of Iraq economists, estimated the Estmaradtha in Iraq six billion dollars last year. Have seen economic and political relations between the two countries more prosperous after the fall of Saddam Hussein.
The essential feature of religious tourism in the relationship between the two countries to visit Iraq every year since tens of thousands of Iranian pilgrims traveled to the holy shrines of religious Shiite Muslims. As for Syria, Iraq Festurd different colors of its goods.
And resulted in actions imposed by the Iraqi Central Bank to lower the sale of the dollar, but it almost caused something like a reverse effect on the Iraqi currency exchange rate itself, rising exchange rate of the dollar against the Iraqi dinar. But the monetary authorities say they will not tolerate the imposition of these restrictions and the market will absorb the changes and settle down.
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[19:26] 12/Feb/16
Erbil, February 16 (PNA) - Central Bank of Iraq to impose measures restrict the sale of the U.S. dollar in daily auction, organized by.
Measures aimed at curbing the growing demand for U.S. currency after the imposition of economic sanctions on neighboring Iran and Syria.
The daily auction or sale of foreign currency window the main source for the purchase of foreign currency in Iraq, where the bank through which control the exchange rate of Iraqi dinar against foreign currencies and most important of the U.S. dollar.
In December last auction saw a rapid growth in demand for the dollar. The rate of sale of the bank that day is about $ 150 million a day, but he jumped in a relatively short period to $ 450 million.
Procedures and led the bank to rein in this recent rise in demand. Sales volume has dropped to less than 100 million a day this week.
And the appearance of Dr. Mohammad Saleh, the deputy governor of Central Bank of Iraq, that the bank applied the internationally known procedures are summarized in the rule of "know your customer, or know your customer".
He told the BBC that the most prominent features of these procedures that each customer buys from the auction currency bank bank account known and recorded. He adds that these measures succeeded in controlling the demand for the dollar.
Indicates that the benefit to the target base for the sale of Bank of the dollar is to provide the Iraqi businessmen with money they need in import operations.
On the reason for the rise in demand for the dollar after the imposition of sanctions on Tehran and Damascus, said the deputy governor of Central Bank of Iraq that Iraq is the form for the two neighboring ideal market for hard currency as it is not subject to any restrictions on foreign exchange, is also the source for foreign exchange Sell a window provided by the Central Bank.
But he stressed that Iraq is not in his interest to turn his assets in hard currency out of the boundaries in this way because this does not serve the interests of the country and he says this has been the imposition of these measures.
Iran is one of the most important partners of Iraq economists, estimated the Estmaradtha in Iraq six billion dollars last year. Have seen economic and political relations between the two countries more prosperous after the fall of Saddam Hussein.
The essential feature of religious tourism in the relationship between the two countries to visit Iraq every year since tens of thousands of Iranian pilgrims traveled to the holy shrines of religious Shiite Muslims. As for Syria, Iraq Festurd different colors of its goods.
And resulted in actions imposed by the Iraqi Central Bank to lower the sale of the dollar, but it almost caused something like a reverse effect on the Iraqi currency exchange rate itself, rising exchange rate of the dollar against the Iraqi dinar. But the monetary authorities say they will not tolerate the imposition of these restrictions and the market will absorb the changes and settle down.
[You must be registered and logged in to see this link.]
