August 22, 2011
Central dropped the dinar: small traders destroy our monetary policy
Central for the devaluation of the dinar: small traders destroy our monetary policy
Experts: sale of crops increased demand for the dollar .. And Dubai and Istanbul accept to buy Iraqi currency
Baghdad - Nasser Bijari attributed the owners of exchange companies, on Saturday, the devaluation of the dinar against the dollar to rise in the demand for the latter in conjunction with the high prices paid by the government to purchase crops, while attributing the central bank to "rig speculators," stressing that the reserves of cash has proven its efficiency in the exchange rate in six years, and noted that the dinar trusted other countries, which are seeking to buy the largest mass of cash from it.
The exchange rate of the dinar against the dollar, in Baghdad and the provinces, has seen volatile and clear during the past two days, ranging purchase price of the dollar to 1120 dinars / dollars, and the selling price of 1121 and 1123 dinars / dollars and ranged the purchase price, in the provinces, to 1119 dinars / dollars, and the selling price to 1121 dinars / dollars, according to experts, they said "the world" , the dollar registered a rise of three points of its value last week. and says Jamal Ajili, director of the company transfers of Foreign Affairs, in an interview with "the world" yesterday, said that "most of the savings of Iraqi citizens are currently in dollars, not Iraqi dinars, which is still a source of concern to him in the event of different exchange rates of foreign currencies.
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And the reasons for the high value of the dollar against the Iraqi dinar during the past few days, indicates Ajili to "high demand for the dollar in the Iraqi market, which began preparing to provide all the needs of the agricultural sector."
illustrates the saying that "after the State to purchase all domestic production of crops of wheat, barley, and prices high in support of the segment of farmers, beginning farmers to transfer what is received from the state of the dinar to the dollar and buy cars and harvesters, seeds, and fertilizer and everything it needs"
Stresses Ajili that "this sudden demand will increase the value of the dollar, especially If we know that 80% of the volume sold in the auction the Central Bank is intended for foreign remittances, here becomes the proportion of the remaining 20% is sufficient to meet local market needs"
The price of the dollar on Thursday, in the currency auction run by the Central Bank, about 1170 JD / dollar, and did not specify the purchase price for a lack of offers for sale by the shareholders, while the total size of the amount sold by the bank 188 140 000 dollars.
It is said that the sale price of Alihulat top of the sale price difference of 1183 dinars / dollars, a rate of addition of 13 dinars per dollar, the Central Bank will also deduct a commission sale directly with the same value, according to an official source at the bank's "world" on Saturday. and demand witnessed in the local market on the dollar, shows the director of banking company by saying "I got personally license from the Iraqi banks for the payment of Akiem sale of grain for farmers, and this was to facilitate the functions of banks Rivers and good governance in public areas, "he said, adding that" peace alone, more than 10 billion dinars, and a large portion of them asked directly converted to dollars"
And on the impact of global financial crisis on Iraq's economy, says Ajili "Most transactions of the Iraqi market is now with the outside, and are specifically through banks Arab Emirates that are affected on a daily basis any fluctuations in global and reflect on its dealings with Iraq or any other country," he said, adding that "Gulf banks are trying to always convert the loss of customers , including Iraqis, resorting for example to raise interest rates or raise the rates of withholding."
He believed Ajili to raise zeros from Iraqi dinar would lead to increased confidence in local currency, explains "After you delete the zeros will drop the phenomenon of trading blocs, the large cash used by Iraqis since the nineties," noting that "Some countries have started to deal in Iraqi dinars, during the transformative amounts of both Iran and the United Arab Emirates, Syria, Jordan and Egypt, asked me the other side as the customer wants to receive Hwalth also dinars, and this means that the dinar is available to have in large quantities."
Turn denied the central bank fears of market transactions, as are not nothing compared to auction the currency, which has kept the selling price fixed for more than six years and is a great achievement, "according to the appearance of Dr. Mohamed Saleh, a senior official in the bank. suggests the appearance, in an interview with" the world "yesterday that" the Central sought to cover value of the dinar, and two days before the value of financial cover outside of the local currency of more than $ 57 billion, more than 110% of the money supply Iraqi, "he adds," This is an enhancement of the value of the dinar, "revealing" the bank to cancel the transfers of many of the outside carried out by the banks companies, money transfer, because of doubts as in paragraph (money laundering). " He held a senior official at the Central Bank "of Iraqi banks a great responsibility to promote the transactions with suspicion of money laundering," he said ..
Adding, "Everyone knows that the situation in Iraq is still unstable, and this For all arms cooperation to end this dangerous phenomenon and the protection of the country's security and economy of the country" ..
And on the concerns raised by the fluctuation rate of the dinar against the dollar during the past few days, confirmed the appearance of "Iraq's possession of reserves sufficient to stave off any tricks carried out by the speculators." and "I warn them walk any transactions suspicious" ..
And attributed the volatility of exchange of the dinar to "speculators, and, unfortunately, while refusing their requests, inventing such things speculative exchange rates and others, but things do not deceive us," adding that "some are speculating the market in the month of Ramadan and Eid, the holiday season, they Astervhon Unfortunately, the small clients and this does not mean anything, what concerns us the wholesale market stable" ..
And on the Draft raise zeros of the dinar and the restructuring of the currency, said the appearance of the "Central finished fully prepared and referred to the government and the Council of Representatives to discuss it calmly, a project of strategic and long-term,
I do not say it will happen tomorrow or the day after tomorrow, because of the draft reform of management of the resources the currency in Iraq. " He pointed out that "the restructuring means the issuance of a combination of the different categories of existing categories, and the lifting of the zeroes means that the number of account will be lower, does not affect the value of the currency and transactions of individuals and their income and wealth does not affect contracts and contractual obligations of individuals and mandatory, arguing that "the total money supply of currency, amounting to about 32 trillion dinars and will be replaced after less than 30 billion dinars."
http://www.alrafidayn.com/2009-05-26-22-07-53/36105-2011-08-20-21-43-13.html
