The independent Iraqi news agency / listen .... facing business difficulties in Iraq since the weeks after it became the national currency (the dinar) more volatile due to the effects of the sanctions imposed on neighboring Iran and Syria as well as political unrest in Iraq.
And the imposition of the Iraqi Central several measures this month to curb demand for the dollar, after rising dramatically in Mzhadath daily turnout with local merchants to buy it to sell to Iran and Syria.
an attempt to reduce the exodus of dollars from Iraq, he stressed the central participants Bmzhadath rules relating to sent a message that he still controls the market through raising the dinar exchange rate auctions a bit to 1166 dinars to 1170 dinars to the dollar.
And now requires the participants in the auction currency traders to be members of the Iraqi Chamber of Commerce, which means that they have to record the activity of work formally and obtain a license from the Ministry of Commerce.
But the central actions caused the dollar to appreciate the local market, which put pressure on business people who rely on dollars to import goods and foreign products. Currency traders say the market is stagnating.
And recovering from Iraq war and decades of sanctions, and continues to run its economy is highly centralized, where the major complaint of foreign investors.
Under the sanctions imposed on Iran, Syria, Iraq has become an important source of dollars for the two countries seeks citizens and businessmen to get the two dollars with the decline in the value of the local currency.
Large dollar reserves
He says that the central Iraq's large reserves of foreign exchange, which rose to a record sixty billion dollars on the back of rising oil prices will protect the country's financial system from damage. But he added that the actions taken by the bank recently, the country needs to impose more discipline in the local market.
The denominator is harmful to the deputy governor of the central "intervene in the market through auctions in order to stabilize the Iraqi dinar, and to maintain exchange rate stability."
The Bank Governor Sinan Shabibi said conference with businessmen last week that the government coalition of political conflict and the failure to Ttoiralaguetsad outside the oil sector resulted in the increased volatility of the dinar.
According Altjaron procedures of the Central of new dollar hurt business activities where they must provide legal documents and get approval within thirty days to transfer money abroad for imports, and they have to submit also a certificate from country of origin of imported goods bearing the approval of consular Iraq that State.
The traders say that these procedures take time. Many of them took refuge in the local market for dollars at prices higher than the official exchange rate so as not to lose their goods abroad.
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