Market requirements and the need for the Iraqi street, increase the size of the money
Written by Administrator Tuesday, August 28, 2012 05:06
Revealed the CBI for that size the money supply in the Iraqi market exceeded (35) trillion dinars / or 27 billion U.S. dollars, stressing that there bloc cash Iraqi drove out of Iraq and exposure in the markets of an international currency, but count this thing positive sign in the interest of the Iraqi economy.
The deputy governor of the Central Bank of Iraq the appearance of Mohammed Saleh in a meeting with (tomorrow) he has so far worked Directorate release cash to put up more than 35 trillion Iraqi dinars to trade, and that the rate of increase Released gradually since 2004, the year replaced the old currency, and reached the source then 8 trillion over the past eight years raised larger amounts exceeded 27 trillion, attributing the causes to the requirements of the market and the needs of the Iraqi street to block larger as a result of rising prices and salaries and daily transactions and opening to the outside and internal and external trade.
In regard to the party that governed the largest amount of this mass between that there is no information in what if the citizen retains for bulk or government and private banks, even if their presence within the banks are also belonging to citizens customers deal with the bank such as the provision and deposit. “Regarding the presence of international markets deal buying and selling of currencies, some American, recently offered IQD trading, Saleh said, that these markets specialized buying and selling of currencies, and managed through her years of acquiring extensive experience with which it can promote their business and achieve profits and here might exploit any information or any circumstance gets in a country to achieve these profits and the success of its business, and might have heard about the intention of raising the value of the dinar or replaced and deleted three zeros and promoted to clients with them that this matter will bring them profits and here conducting the sale and purchase at this time.
He said the move Iraqi dinar to handle external is a positive indicator of the Iraqi economy and the strength of the dinar, depending on what is known as economically (b optimistic forecasts), up Iraqi dinar value depending on the accounts economic signal that Iraq possesses economical promising and strong economy based on the presence of enormous riches and oil investments and industrial very large and that the day will come when this country will exercise its economic power on a global level, not regionally.
Saleh added that the Iraqi dinar reflects this optimism, if the currency strong reflects the strength of the country’s economy traded him, although it remains the Iraqi dinar local currency and not a global currency, but the currency strong local owns cover cash exceeded even now 62 billion dinars, or higher than the value of approximately three times and this makes it stronger. “
He had earlier announced specialized companies buy and sell currency, put the Iraqi dinar in mind, especially after the central bank announced its intention to raise the value of the dinar, and predicted companies the recent rise in the value of several times over a period of months. “
Follow “interesting companies through the use of the Internet offer large quantities of Iraqi dinar for sale and there are requests to buy it from speculators,” When browse these sites often read phrases such as “Buy Iraqi dinars, the current government will raise the value of the currency will become rich.”
And transfer Georgia Pablk site Brodcastnk U.S. mail expert on financial planning Brian Hancock as saying that there is nothing guaranteed in the world of foreign exchange exhibition of the variables at all times.
Hancock added, “There seems to be many who are selling the Iraqi dinar in the United States according to what I heard recently, they are persuading people that its value will rise to a hundred times.”
The “base their arguments to convince people to what happened with the Kuwaiti currency after the first Gulf War,” adding that he “received request advice from three people recently someone was convinced that he is able to win over a million dollars if he bought Iraqi currency at the moment “.
In terms of the second, there is known as secured requirements markets of currencies in the event of a correlation commercial or tourist, and here you can deal in Iraqi dinars in the markets of Iran, Saudi Arabia, Syria and Jordan, and with it in place in the Iraqi market that you find the offices of Banking believes you Altoman Iranian and Syrian pound The Saudi riyal and UAE dirham and the Turkish lira and the pound and the Indian rupee, and any currency needed tourist and Iraqi trader in order to travel to another country, and that too when positive signs, a guide to the admissibility of the Iraqi dinar in the markets mentioned, but mostly used for tourism and not for the trade that require large amounts of currencies internationally accepted, such as the dollar and the euro. “
And that in the event of currency exchange and the deletion of zeros will put 35 billion dinars and this is normal after deleting three zeros, stressing that the project to delete the zeros still exists but has yet to acknowledge. “
The previously announced the Central Bank “intention to start a project to replace the Iraqi dinar rolling now a new edition after deleting three zeros from the beginning of the year 2013, but the government asked to wait for an unspecified date.”
The planned Central Bank of Iraq and since 2005 the implementation of the project to delete three zeros from the Iraqi dinar, which suffered over the past decades inflation unprecedented led deteriorating value gradually from 3 dollars / dinars to 2400 dinars / dollars by the year 2003, enabling the central and through a policy put large amounts of dollar Central in the auction, to raise its value until now reached 1119 dinars.
CBI has already announced reduction teams exchange rate of the dinar to 4% after it was 7%, as he emphasized that it was raising its value in the Iraqi market and make one dollar equals 1,000 Iraqi dinars.
Saleh added that “the bank is working to make one dollar equals 1,000 dinars, pointing out that he is seeking to raise the exchange rate of the dinar during the next term and commensurate with the strength of the economy, particularly that Iraq will lead the energy market in the world for the coming years.”
And saw Iraqi dinar exchange rate down quickly three months ago and after the announcement of economic sanctions on Iran and Syria, which depend on the Iraqi market to secure their goods different, was charged with the Central Bank these countries export Ozmtehma to Iraq via transfer mechanism dollar sales to their advantage and collected various images. “