Economists stress the need to restore the real value of the Iraqi dinar 12/26/2015
Economists stress the need to restore the real value of the Iraqi dinar
12/26/2015 0 Comments
Take a wide procedures and the creation of economic ground solid experts in economic affairs confirmed that the re real value of the Iraqi dinar at present require extensive procedures and these procedures are finding banks to deposit and provide a solid ground to others so as to increase confidence in Iraqi dinars and stay away from the fear to handle it and resorting to handle US dollar or the euro or other foreign currencies, while others pointed out that there are several factors led to the decline in the dinar exchange rate against the dollar, including the imposition of taxes and fees that came in the budget of 2015 and the application of austerity measures by the government and to promote high prices in local markets. The economist said Abdul Hussein Al-Anbuge in his speech to the newspaper '' the morning of the new '' that "the events that passed in Iraq during the past period reflected about negative not the Iraqi dinar exchange rate and the lack of speculators. The importers as long as were not subjected at the present time to customs taxes and in particular in the field of import cars as well as the rise in vegetable and fruit prices and the direction that leads to lower real Iraqi dinar value.
He explained Anbuge "The high percentage of the openness of the Iraqi economy makes the introduction of a flexible exchange rate regime in charge of the economy, including adds inflationary effects and poor in the distribution of economic resources In the end, it will result in the local currency lost its importance in terms of being units of account and stock value.
The economic expert to "re the real value of the Iraqi dinar at present require extensive procedures and these procedures are finding banks to deposit and provide a solid ground to others so as to increase confidence in Iraqi dinars and stay away for the fear of dealing with and resorting to handle US dollar or the euro or other foreign currencies.
For his part, the National Alliance MP Abdul-Hussein al-Moussawi said that "the central bank's decision to reduce the value of the dinar by 1.3% will saddle the citizens and put pressure on their standard of living and in particular the owners of low-income and poor.
and between al-Moussawi said in a statement the newspaper '' the morning of the new '' received a copy of it, "was the first to think about alternatives to distract us from this result, which will increase the suffering of the disadvantaged classes and low-income people such as pressing the unnecessary expenses and activating regulatory mechanisms to meet the corruption and waste outlets public money and inquire about the fate of non-oil revenues that have been Asthsalha actually citizen such as fees and take the sale of public sector products and profits ministries and tax resources but absent presence in the budget items as a supporter of revenue to them.
"He added that" the investigation and audit in the fate of those revenues that carry citizen adhered to without to have a role in the consolidation of the budget is required and necessary, noting that "the cooperation of the executive and supervisory authorities in the detection of destiny will provide convenient alternatives to enrich us all make decisions increase the suffering of our people and patient."
For his part, economist Mohammed al-Hassani said that "there Several factors led to the decline in the dinar exchange rate against the dollar, including the imposition of taxes and fees that came in the budget of 2015 and the application of austerity measures by the government and to promote high prices in local markets, which traders and owners of capital paid to purchase large quantities of the dollar and keep it led to increased exchange rate US dollar against the Iraqi dinar.
He said al-Hassani in his speech to the newspaper '' the morning of the new '' that "the central bank demands to do its utmost to restore the dinar to the normal price by increasing the dollar amounts in the auction, noting that" the stability of the exchange rate required the fact that volatility will affect the overall economic situation of the country.
Among the economic expert said that "the dollar prices in world markets is inversely proportional to the price of oil, which means that whenever the price of oil fell dollar price increased and vice
versa." The dollar today is witnessing a rise on a global level and not only in Iraq because of the low Oil and Iraq rates is part of the world, noting that "the central bank after the drop in oil prices and the lack of financial revenues began to reduce the dollar amount sold in the auction to keep monetary reserves and this is what the impact on the local market.
Al-Husseini pointed out that" a strong dollar and low rate of the dinar back to determine the dollar amount sold in the daily auction at the Central Bank for $ 75 million in each auction while the quantities exceeding it very much up to more than $ 300 million called for the beneficiaries of the currency traders to increase the price to maintain their profits daily.
The central bank Iraq announced the reduced value of the dinar against the US dollar.
According to a statement of the Central Bank received the newspaper '' the morning of the new '' version of it that "raising the USD selling to banks and exchange companies rate by 16 dinars, an increase of 1.37 per cent, to 1182 dinars."