"Strong dinar dinar would collapse .." .. misgivings and tranquility! 9/26
"Strong dinar dinar would collapse .." .. misgivings and tranquility!
Writings Saturday September 26 0.2015
Economists and politicians believe that the Iraqi currency vulnerable to'alanhiar 'value against the dollar always seesaw, Aazin reason to corruption and economic problems, while others say that these fears just speculation unrealistic, the fact that the dinar propped strong reserves deposited in the Central Bank, along with the largest reserves a world of oil in Iraq.
A barrage of factors Tekz Mahdhiron by the exposure of the dinar at risk, in the forefront of the rentier economy and the collapse of global oil prices, along with the war 'Daash' draining a lot of money, while on the other hand there are those who believe that the situation is not worrying.
Iraqi dinar fine
Says a member of the Parliamentary Finance Committee pros Ahamdon in an interview with Alsumaria News for, that 'Iraq's oil reserves are large, and therefore provides a continuous returns, as well as the availability of hard currency reserves in the Central Bank'.
Ahamdon adds, that 'the Iraqi dinar fine and remains strong despite the financial crisis plaguing Iraq', noting that 'talk about the collapse of the Iraqi dinar, premature'.
For his part, ruled out of the Finance Committee member Hossam punitive, the collapse of the Iraqi dinar, where he says in an interview with Alsumaria's News, said that 'the dinar is still strong for hard foreign currency, a recuperative against the dollar', stressing that 'the central bank reserves of large hard currency and estimated 60 billion dollar along with gold bullion and crude oil '.
Rapporteur of the Parliamentary Finance Committee Haji Ahmed Rashid, likely collapse of the Iraqi dinar exchange rate, attributing the cause to 'Iraq adoption of the general budget in the export of crude oil, and that oil prices globally fell dramatically'.
And it refers to the rational, that 'expectations for a rise in oil prices in the near future seem weak, especially that Iran intends to double the export of crude oil by the case of the lifting of sanctions, which means there is a large supply of crude oil'.
Setback the government has not benefited
As an expert on financial policy Hilal Tahan, he is in for an interview with Alsumaria News, that 'the government did not take a lesson from the crises experienced by Iraq, particularly the crisis in 2008, as it was unable to diversify sources of income and has been dependent on oil only'.
Explains Miller, that 'this setback the government has not benefited them and returned the economy again Rieia', adding that 'the drop in oil price to $ 40 per barrel, lower foreign exchange cover in the Central Bank to $ 60 billion, down from $ 76 billion because of the withdrawal of 5 trillion dinars of bank reserves, are all factors that affect the state budget and the Iraqi dinar '.
He adds Miller, said that the 'unjustified spending and dependence on oil and failure to diversify sources of income and the war, are all factors that will lead to a decline in the price of the dinar against foreign currencies', saying that' all monetary policy of the Bank during the past ten years to keep the dinar will go unheeded. "
Bank policy in the wind
The former economist at the central bank on behalf of Abdul Hadi, says in an interview with Alsumaria's News, said that 'the dinar exchange rate will fluctuate in the coming period, because past experience in Iraq was subject to the exchange rate of the dinar dramatically future expectations and speculative market traders'.
He adds Abdul Hadi, the 'low income as a result of austerity measures reduced the demand for foreign currency, and thus will improve the situation of the Iraqi dinar, but on the other hand, there will not be able to sustain the stockpiling cash foreign currency, which negatively affects the Iraqi dinar'.
The newspaper «Bloomberg» British in its issue dated (August 25, 2015), that foreign currency reserves at the Central Bank of Iraq has dropped to $ 59 billion since the third of the month of July, noting that the Iraqi dinar and one of the most currency risk in the area the Middle East, due to lower foreign currency reserves in Iraq and the fall in oil prices may cause by making the fight against al-Daash more difficult.