Sun 07/01/2012
Baghdad (news) / report / Faleh Hussein / ..
An open multiple ports to sell the dollar, which has turned the central
bank, raised heated debate between economists, some of whom questioned
the commitment not to some private banks controls set for the sales.
Known as the central bank very well how to address the low exchange rate of the Iraqi dinar against the U.S. dollar in an unprecedented way in recent months, it has allowed (25) private banks to sell the dollar according to certain controls, and gives each bank a week million and (250) thousand dollars at the (1179 ) and sold to citizens at (1189) that the ratio of profit for banks (10) dinars.
Comes a central bank to create a balance between the quantity offered and the size of currency increased demand to maintain the value of the dinar against the dollar, in time, which is still the exchange rate ranges between (1240 - 1250) dinars per dollar.
Do not work a central bank this benefit to rein in the rise of the value of the dollar against the dinar? .. Is it an actor?, This is what I tried (agency news) know, by talking with experts and deputies specialize in financial affairs.
A member of the Commission on economy and investment MP / National Alliance / Amer Winner: that private banks can not manipulate the exchange rate of the dollar against the dinar because it is linked to the Central Bank and bound his own terms, but there are companies that have the authorization of the Central for the purchase of hard currency has not adhered to the price to be no clear mechanism to follow the work of these companies in the market.
And the winner (of the Agency news) is that banks sell the dollar to the companies at the official rate, but that the companies sell in the market (ie in the banking offices) at the price you want, and the monopoly of the dollar caused the accession confusion in the sales process and the fluctuation of the exchange rate of the dollar against the dinar .
He added the central bank to monitor the work of companies buying and selling currency approved because it is the main reason for the instability of the national currency, legislation calling for a special law to punish companies and banks are contrary to specific controls to keep the exchange rate of the dollar against the dinar.
The recent months have seen a marked decline in the Iraqi dinar exchange rate against the dollar, from (1200) to (1280) dinars per dollar, to the (1320) dinars in some cases.
Some blame the Experts reasons Tzbb dinar exchange rate to the international sanctions imposed on Syria and Iran, which led for the smuggling of large to the dollar in recent months, taking advantage of freedom of foreign exchange, despite a series of measures the central bank to control the conversion, making the citizens do not trust the national currency, because the dinar suffered a jolt unprecedented, the first of its kind since 2003, with the ratio to decline (9%), the highest rate of exchange four years ago.
As explained competent in economic affairs Dargham Muhammad Ali that the reasons for the stability of the dinar exchange rate against the dollar despite open multiple windows for the sale of hard currency, due to the imposition of restrictions on the sale of the dollar which is not an open process as envisioned by some as committed banks to sell currency exclusively for passengers of $ ( 10) dollars, or thousands of traders after checking the amounts of specific buying motives of the coin.
He added that some private banks probably do not adhere to regulations specified by the Central Bank this you need to tighten control.
He pointed out: that a Central Bank to sell the last hard currency through the banks merely reduce the ring and brokers selling the currency and this does not add anything to the local currency, but is a process similar to the auction carried out by the Central Bank.
He said: that the central bank monetary policy has a successful and knows how to face the crisis and no fear of the Iraqi dinar in the shadow of the existence of the current Central Bank.
For his part, said the deputy governor of the Central Bank of the appearance of Mohammed Saleh: When you increase the demand on the dollar in recent months thought the central open multiple ports is the auction to pump large quantities of dollar rate equal to the volume of demand, in the beginning was the sale by banks of government (Rafidain and Rasheed) and pump them daily (6-7) million dollars, but all endowed with private banks and requests were made for the supply of dollars to sell for its commitment to abide by regulations specific to them.
The benefit (of the Agency news) to: that the number of licensed banks to sell foreign currency amounted to (25) banks and through control of its work it was observed that the proportion (88%) of private banks is committed to the procedures established to sell hard currency, but the proportion (12%) of which is committed to .
He explained: that the reason for not achieving the desired goal of selling currencies from several windows back to the government and central bank fear put hard currency outside the scope of the national economy as they come from a supplier unilaterally which is oil, pointing to the existence of barriers imposed by the state that does not give hard currency only to those who used the correct legal form and despite the freedom of use.
He warned the deputy governor of the Central Bank of banks in the absence of commitment controls prescribed by resorting to the force of law to maintain the value of the dinar against the dollar. / Finished / 8. D. Q /
Known as the central bank very well how to address the low exchange rate of the Iraqi dinar against the U.S. dollar in an unprecedented way in recent months, it has allowed (25) private banks to sell the dollar according to certain controls, and gives each bank a week million and (250) thousand dollars at the (1179 ) and sold to citizens at (1189) that the ratio of profit for banks (10) dinars.
Comes a central bank to create a balance between the quantity offered and the size of currency increased demand to maintain the value of the dinar against the dollar, in time, which is still the exchange rate ranges between (1240 - 1250) dinars per dollar.
Do not work a central bank this benefit to rein in the rise of the value of the dollar against the dinar? .. Is it an actor?, This is what I tried (agency news) know, by talking with experts and deputies specialize in financial affairs.
A member of the Commission on economy and investment MP / National Alliance / Amer Winner: that private banks can not manipulate the exchange rate of the dollar against the dinar because it is linked to the Central Bank and bound his own terms, but there are companies that have the authorization of the Central for the purchase of hard currency has not adhered to the price to be no clear mechanism to follow the work of these companies in the market.
And the winner (of the Agency news) is that banks sell the dollar to the companies at the official rate, but that the companies sell in the market (ie in the banking offices) at the price you want, and the monopoly of the dollar caused the accession confusion in the sales process and the fluctuation of the exchange rate of the dollar against the dinar .
He added the central bank to monitor the work of companies buying and selling currency approved because it is the main reason for the instability of the national currency, legislation calling for a special law to punish companies and banks are contrary to specific controls to keep the exchange rate of the dollar against the dinar.
The recent months have seen a marked decline in the Iraqi dinar exchange rate against the dollar, from (1200) to (1280) dinars per dollar, to the (1320) dinars in some cases.
Some blame the Experts reasons Tzbb dinar exchange rate to the international sanctions imposed on Syria and Iran, which led for the smuggling of large to the dollar in recent months, taking advantage of freedom of foreign exchange, despite a series of measures the central bank to control the conversion, making the citizens do not trust the national currency, because the dinar suffered a jolt unprecedented, the first of its kind since 2003, with the ratio to decline (9%), the highest rate of exchange four years ago.
As explained competent in economic affairs Dargham Muhammad Ali that the reasons for the stability of the dinar exchange rate against the dollar despite open multiple windows for the sale of hard currency, due to the imposition of restrictions on the sale of the dollar which is not an open process as envisioned by some as committed banks to sell currency exclusively for passengers of $ ( 10) dollars, or thousands of traders after checking the amounts of specific buying motives of the coin.
He added that some private banks probably do not adhere to regulations specified by the Central Bank this you need to tighten control.
He pointed out: that a Central Bank to sell the last hard currency through the banks merely reduce the ring and brokers selling the currency and this does not add anything to the local currency, but is a process similar to the auction carried out by the Central Bank.
He said: that the central bank monetary policy has a successful and knows how to face the crisis and no fear of the Iraqi dinar in the shadow of the existence of the current Central Bank.
For his part, said the deputy governor of the Central Bank of the appearance of Mohammed Saleh: When you increase the demand on the dollar in recent months thought the central open multiple ports is the auction to pump large quantities of dollar rate equal to the volume of demand, in the beginning was the sale by banks of government (Rafidain and Rasheed) and pump them daily (6-7) million dollars, but all endowed with private banks and requests were made for the supply of dollars to sell for its commitment to abide by regulations specific to them.
The benefit (of the Agency news) to: that the number of licensed banks to sell foreign currency amounted to (25) banks and through control of its work it was observed that the proportion (88%) of private banks is committed to the procedures established to sell hard currency, but the proportion (12%) of which is committed to .
He explained: that the reason for not achieving the desired goal of selling currencies from several windows back to the government and central bank fear put hard currency outside the scope of the national economy as they come from a supplier unilaterally which is oil, pointing to the existence of barriers imposed by the state that does not give hard currency only to those who used the correct legal form and despite the freedom of use.
He warned the deputy governor of the Central Bank of banks in the absence of commitment controls prescribed by resorting to the force of law to maintain the value of the dinar against the dollar. / Finished / 8. D. Q /