Member of the Finance Committee: lack of Central Bank sales of the dollar led to a reduction in dinar

Date: Friday, 06-04-2012 12: 00

Baghdad (newsletter) ...The parliamentary Finance Committee member explained Deputy/National Alliance/Abdul Hussein Al-yasseri, the reasons for the low rate of the Iraqi dinar against the US dollar to a lack of dollar sales by the Central Bank in its auction despite the existence of a huge demand for buy it.
He said Al-yasseri (News Agency news) on Friday: the currency is a commodity and the applicable law "ditamikih supply and demand" no more demand for purchase price will rise, and vice versa.
He added: the US dollar increase before the Iraqi dinar in recent times due to the increasing demand to buy the dollar, generating a kind of fear at the Central Bank to increase the withdrawal of dollar and drained from local markets, and this batch to reduce sales of the dollar auction market.
Noted: that the Central Bank has adopted a new mechanism to control successful local markets from deteriorating foreign currencies local currency, stressing that some people are trying to reduce the Iraqi dinar exchange rate through increased risk in the market and buying the US dollar, this makes low dinar against the dollar.
And the parliamentary Finance Committee member excluded: deterioration of currencies of neighbouring countries, particularly Iran and Syria have impact on Iraqi dinar price through a decline in the dollar that Iraqi currency independent and unrelated to other currencies either Iranian or Syrian pound the Toman.
This has increased the US dollar against the Iraqi dinar during the past two days, bringing the price (1130) dinars, compared to $ 1./finished/8 n. p.