Home
Dollar rises to 1280 .. And currency traders criticize the policy of the Central Bank
04/25/2013 - 17:38
| Source:
Economy and Business
Author: Ahmad Valley
Alsumaria News / Baghdad log exchange rate of the U.S. dollar in the domestic market rose sharply during the past few days, if the price of one dollar towards the 1280 Iraqi dinars, after it had been during the past month varies in the range of 1200. Traders said foreign currency in Baghdad, in conversations for " Alsumaria News ", the exchange rate of the U.S. dollar, is witnessing a remarkable rise since the beginning of the month, but this increase reached its peak on Wednesday, after he scored the dollar exchange rate per 1285 dinars. neighboring countries and internal reasons behind the rise of the dollar in the markets at the time of seeking the Central Bank of During the currency auction, which hosted years ago, to maintain the exchange rate of the Iraqi dinar in the currency market, but the exchange rate is witnessing volatility clear since late last year. economic expert Majid picture says in an interview for "Alsumaria News" that "the situation Regional in the region, especially circumstances surrounding the neighboring countries of Iraq, especially Iran and Syria, one of the main reasons behind the rise in the dollar recently in the Iraqi market, "noting that" the central bank sales in cash increased in recent times more than الحولات due to handle these two critical in their trade due to the economic blockade imposed on them . " said Suri that "the Bank sold $ 100 million a day, it means he sold $ 500 million per week and therefore it is $ 26 billion go out of Iraq for the purposes of import," adding that "most of these amounts smuggled out of Iraq without the benefit of them" . indicates Suri said that "the difference in sells for the Iraqi Central Bank of the dollar and of 1189 dinars to the dollar and is present in the local market of 1280 dinars to the dollar encouraged speculators, traders and citizens to go to buy dollars from the central bank in order to take advantage of the price difference, which increased the process demand for the dollar internally, "pointing out that" this increase can not reduce it without regulation of trade and Amlebatt import of Iraq. " and sells the central bank in the currency auction its U.S. dollar per b 1179 dinars, private banks and supply companies, but he does not sell to the citizens directly, While sells private banks authorized to sell the currency, the dollar by 1189 dinars, the citizens directly. mafias to smuggle currency and says economic expert on behalf of Jamil Antoine "The demand for the dollar is greater than the supply located because there are mafias collect the dollar and تهربه out of Iraq on the pretext of imports from outside the Iraq, "noting that" the amounts of money that comes out of Iraq are not commensurate with the quantities of goods that enter it. " adds Antoine in an interview for "Alsumaria News" that "Iraq has five offices for money laundering, but that these offices are still below the level of detection for smuggling of foreign currency out of Iraq, "stressing" the need to cooperate with all parties among themselves whether the Central Bank or customs, border control, taxes and fight corruption and increase oversight and actors Interior. " It seems that the office banking in Baghdad, far from knowing the reasons for this rise, but that there is an agreement among themselves that there is a demand for the dollar than supply in the market. says his banking ax in Karrada Mohamed Ibrahim in an interview for "Alsumaria News" that "in spite of the Iraqi Central Bank to sell the dollar to citizens through private banks and government, but it is what still demand for the dollar is greater than the supply, "noting that" all purchased from the dollar a day from citizens and up to 50 thousand dollars finds it buys from the merchants, either through cash or in the form of remittances. " : official stop the bank from the sale of dollar remittances confused the market says the central bank seeks through currency auction which is evaluated for years, to maintain the exchange rate of the Iraqi dinar in the currency market, but the exchange rate is witnessing volatility clear since late last year and does not provide the bank any explanations for this discrepancy between the price and the price of the domestic market, despite the it is the body responsible for monetary policy in the country. including exchange rate policies and being daily sessions for the sale and purchase of foreign currencies, except for public holidays on which depends the Bank for these auctions. explains director of one government banks affiliated to the Ministry of Finance in Baghdad in an interview for "Alsumaria News "The" stop the Central Bank of Iraq, selling the dollar in the form of remittances for the purpose of organizing again during the last period disrupted the domestic market prompting traders to buy dollars from local markets, which led to the high price of the dollar in these markets. " adds the official, who preferred not to be named, said " Prices remained high even after the re-central bank sales remittances of Foreign Affairs, "stressing that" what we are witnessing today of these high prices are speculative traders currency at a high level. " and committed the Iraqi Central Bank in February 2012 all Iraqi banks to participate in bank auction for the sale and purchase of foreign currency must disclose its customers as a condition of access to foreign currency, stressing that there Purchases correct, but the names are not true which is otherwise legal rules and banking. tried to "Alsumaria News" to get any permission from the officials at the central bank, explains the reasons for the high price of the dollar, but the press office stipulated that the Bank receives a formal letter includes an explanation of the reasons for the request for a permit, and written questions for consideration, and perhaps answer. It is well known that the exchange rates are changing rapidly, and require explanations keep up. expected currency traders, local, to continue Iraqi dinar decline against the dollar, in light of what they described as "policy incomprehensible to the Central Bank of Iraq." and authorized the central bank of some private banks in Baghdad to sell dollar directly to citizens in order to meet the growing demand. And sells private banks, 5 thousand dollars per person carrying an Iraqi passport at a price not exceeding 1189 per dollar. But observers and currency traders say that this procedure did not contribute to the stability of exchange rates, after turning to the door to corruption, due to go most of the money intended for direct sale to specific customers.
[You must be registered and logged in to see this link.]
