Central Bank: the exchange rates of U.S. dollar in the local markets of Iraq
The Iraqi News Agency Independent / Baghdad / Hashim Mahdi atheromatosis ... The Central Bank of Iraq, Monday, the exchange rates of U.S. dollar in the local markets of Iraq and the rise in sales to finance trade neighboring countries, noting that it will reflect negatively on the currency reserves difficult.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh, a reporter ( and the Iraqi News Agency Independent ) The high exchange rate U.S. dollar against the Iraqi dinar in the market local, as well as higher sales of the Iraqi Central Bank foreign currency due to the financing of trade neighboring countries by the merchants Iraqis, "
He pointed out that "the central bank sales of foreign currency during the beginning of the year 2012 is now weaker than it was to be sold during the year 2010. "
And witnessed the exchange rate of U.S. dollar in the local markets about the Iraqi dinar remarkable increase between 1221 A to 1225 thousand Iraqi dinars against one dollar, while the exchange rate of U.S. dollar against the Iraqi dinar in the past year 2011 of 1080 dinars to the dollar.
Saleh pointed out that "regional variables surrounding Iraq also played a part in the rise of the dollar and sales of the bank," noting that "stop banking transactions and banking with the neighboring countries of Iraq to the east and west with the countries of the world pay the merchant for Iraq to finance trade in these two countries instead of funding the Iraqi Trade" .
The Deputy Governor of the Central Bank of Iraq that "the central bank sales of foreign currency amounted to $ 300 million on average per day, whereas they used to be sold in 2010 was around $ 150 million on average per day, "asserting that" sales of the Bank during the last year and $ 150 million was enough and the whole of Iraq is sinking markets of commodities and goods. "
Saleh pointed out that "the central bank intervenes in the market to keep the Iraqi dinar exchange rate, as well as the financing of private sector trade," explaining that "the rise in bank sales of foreign currency that will cause pressure on the auction the bank and its reserves of hard currency that would to decrease because of that. "
Salih stressed that "the central bank's reserves of hard currency will not be relevant in the event of continuing strong demand for hard currency," noting that "there is an increasing demand for hard currency for the benefit of the economies of other countries."
Asked Deputy Governor of the Central Bank of Iraq, "the Ministry of Commerce to introduce controls for import through the granting of import licenses, in addition to activating the law of customs tariff, as well as coordination between the policies are," but he also said that he "can not be left to the central bank alone in the face of the market and its problems."
The Central Bank of Iraq on the sixth of January to the high foreign currency reserves to $ 60 billion, for the first time in the history of Iraq, after the reserves in 2010 had reached $ 58 billion.
The central bank held the Iraqi daily sessions for the sale and purchase of foreign exchange with the participation of Iraqi banks, which finances the traders from the private sector, excluding public holidays on which depends the World Bank for these auctions, the sales, either in cash or in the form of money orders sold abroad in return for a commission of certain.