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 /
