Member of the Finance Committee: CBI to develop a plan for the stability of the dina
Date: Saturday, 14-07-2012 11: 06 am
Baghdad (News) … Member of the Finance Committee/National Alliance MP Faleh Sari/development plan to keep the exchange rate of the Iraqi dinar, as reasons for the increase in demand for the dollar recently to international economic sanctions imposed on Iran and Syria.
He in effect (for news agency news) on Saturday: there are many factors that have made the dollar increase to the dinar, including increasing government spending and generated from the general budget increase annually, and Iran and Syria to international economic sanctions made them desperate for dollars.
He noted: that the economic embargo against Iran and Syria often impact on the stability of the dinar they come either to buy the dollar directly from the market or import goods from Iraqi market as construction material or industrial which make Iraqi merchant accepts to buy dollar for imported goods again, demand it.
He added that the Central Bank has a plan to preserve the value of the Iraqi currency includes the persistence of the sale of hard currency in the southern as well as many open ports for selling dollars both in Government and private banks or in other approved outlets, increase the amount of currency sold under certain conditions to create a balance between the volume of supply and demand.
The Central Bank has allowed (25) private banks to sell the dollar according to certain controls, and gives to every bank weekly million and 250 thousand dollar price (1179) and sold to citizens at a price (1189) that banks profit rate (10) dinars.
A Central Bank comes to create a balance between the amount of currencies displayed and the size of the growing demand to maintain the value of the dinar against the dollar, while still the exchange rate varies between (1240-1250) dinars to the dollar.