The central bank attributed the rise in the dollar exchange rate on the domestic mark
The central bank attributed the rise in the dollar exchange rate on the domestic market to finance trade neighboring countries
9/1/2012 | (Voice of Iraq) - Add comments - Alsumaria News / Baghdad, attributed the Central Bank of Iraq, Monday, the exchange rates of U.S. dollar in the
local markets of Iraq and the rise in sales to finance trade in neighboring countries, noting that it will reflect negatively on the its reserves of hard currency.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh in an interview for "Alsumaria News", "The high exchange rate U.S. dollar
against the Iraqi dinar in the Iraqi market, as well as higher sales of the Iraqi Central Bank foreign currency due to the financing of trade countries
neighborhood by Iraqi traders, "noting that" the central bank sales of foreign currency during the beginning of the year 2012 is now weaker than it was to be
sold during the year 2010. " witnessing the exchange rate of U.S. dollar in the local markets of Iraq about the Iraqi dinar increased significantly between 1221
thousand to 1225 thousand Iraqi dinars to the dollar, while the exchange rate of U.S. dollar against the Iraqi dinar in the past year 2011 of 1080 dinars to the
dollar. Saleh pointed out that "regional variables surrounding Iraq also played a part in the rise of the dollar and sales of the bank," He pointed out that "stop
banking transactions and banking with the neighboring countries of Iraq to the east and west with the countries of the world to pay the merchant for Iraq to
finance trade in these two countries instead of funding the Iraqi trade." The Deputy Governor of the Central Bank of Iraq that "the central bank sales of foreign
exchange and reached to 300 million dollars on average per day, whereas they used to be sold in 2010 was around $ 150 million on average per
day, "asserting that" sales of the Bank during the last year and $ 150 million was enough and sink markets the whole of Iraq of commodities and goods. "
Saleh pointed out that "the central bank intervenes in the market to keep the Iraqi dinar exchange rate, as well as the financing of private sector trade,"
explaining that "the high bank sales of foreign currency that will cause pressure on the auction the bank and its reserves of hard currency that would decrease
because of that. " Salih stressed that "the central bank's reserves of hard currency will not be relevant in the event of continuing strong demand for hard
currency," noting that "there is an increasing demand for hard currency for the benefit of the economies of other countries." and demanded the deputy
governor of Central Bank of Iraq " Ministry of Commerce to introduce controls for import through the granting of import licenses, in addition to activating the
law of customs tariff, as well as coordination between the policies are, "but he also said that he" can not be left to the central bank alone in the face of the
market and its problems. " The Central Bank of Iraq on the sixth of this January to a high foreign currency reserves to $ 60 billion, for the first time in the
history of Iraq, after the reserves in 2010 had reached $ 58 billion. The central bank held the Iraqi daily sessions for the sale and purchase of foreign currencies
with Iraqi banks that are financing traders from the private sector, except for public holidays on which depends the World Bank for these auctions, and sales
are either cash, or in the form of money orders sold abroad in return for a certain commission.