Central Bank of Iraq and its relationship with the dollar reserve

Date: 02/03/2016 15:11 | Views: 124

Books / Basil Abbas Khudair ...

The price of the dollar against the Iraqi dinar days ago rise remarkably, the price has reached 1240 dinars per dollar in local markets and currently almost that price is fixed days ago but it is not constant over time, we do not know the reasons for this increase and Msoganh because the CBI covers all purchase orders, including the so-called Bmzadeh daily.

In the hearing yesterday (Tuesday) has sold 149 039 457 million dollars to 26 bank and 21 external converter company selling price of 1190 dinars per dollar, and the bank was able to meet all purchase the 47 applications demand and thus sales achieved per dollar via the central bank during the current year more than achieved in the previous year, it has reached sales of 01/02/2016 to 02/02/2016 amount of $ 3,624,981 billion dollars after it was 2,995,081 dollars for the period from 01/04/2015 to 2/2 / 2015, although the amounts are much lower than the sale of Iraqi oil revenues, the main source of foreign currency entering Iraq only the Iraqi oil ministry data, oil sales during the month of January last stood at 2.262 billion dollars, the central bank sold more than the total oil revenues more than one billion, three hundred and sixty-two million ID, which requires a search for an answer to two questions:

I: Where did this money come the Central Bank which is more than the export of oil revenues?

Second: Why is our currency, local prices are falling despite the dollar's sales cover the purchase orders?

We would like to point out here that the exchange rates currently prevailing in the Iraqi markets suggests that banking offices win five thousand dinars from the sale of each sheet of $ 100 category, and these profits continuous effortlessly because the process summed up dollar-buying from the central bank and sell it to whom He pleases, and in suggesting to the dollar selling outlets are not subject to any control or oversight or accountability by the authorities concerned in the country because the sale is in broad daylight and not in secret, and from the point of view on the sale and purchase of currencies (money changers), there is no monopoly because the case is subject to supply and demand, but known thing in the equation that the offer is limited because the bank covers all applications and demand is unknown whether internally or externally, there are outlets available to exit the currency, and although there are a limited number of beneficiaries of the process, but that the larger the aggrieved is the citizen, considering that all the goods and services offered in the market are denominated in prices the dollar rises by more than the high exchange rate does not go down when the falling dollar exchange rates, and perhaps what worries the citizen is the public waste in the national wealth of the dollar and put however specific categories of controlled exchange rates without being given any citizen to get his need of dollar official prices for different purposes or for being a citizen only, which means that other richer at the expense of the people.

The current disparity between selling the dollar at the central bank rate (1190 dinars) and the prices of sales to the domestic market (1240 dinars) raises the anxiety and fear of the Iraqi citizen, because if the difference was so much Bank covers all purchase orders Besides why would prices when the bank reduces its sales up revenue actual oil or diminishes the door holding the reserve or cancel sales for the purpose of rational disposition of foreign currencies?

What is the impact on the prices of goods and services after it was reduced salaries were to start applying the customs tariff and a daily show more taxes, fees and deductions? It is legitimate questions really worrisome, there are millions of hungry and unemployed and paying the rent and some of them displaced or sick or two seats and have the prisoners and missing, and the martyrs, including orphans, widows, or maidens, in light of these questions, the CBI must have clear answers, and of his professional duties and official reassure the public as a matter of achieving security and social peace, the country is still at war fierce and there are no endings clear of things to come in all areas and side economic terms of people's livelihood, and those living has become one of Almbeefat not be overcome smoothly or easily light the complexities cascading in running things in life, perhaps the most important thing is the fear of the citizen of disposition reserves, the country of the dollar in the possession of the Central Bank of Iraq, there are those who believe that the auctions daily and monthly over oil revenues, selling the dollar probably refers to the disposition of these reserves, and some go away, says probably advised days it is said that the reserves may decreased or carried out, and this is a repeat of what happened earlier as the figures indicate that 76 billion dollars will be talking today about $ 59 billion.