High rates of inflation and economic development behind the devaluation of the dinar
local market has seen a slight drop in the dinar prices accompanied by a
sentry at the grass-roots local collapse as a result of the
deterioration of the Central Bank at present,
They said the financial term "no need to fear devaluation of dinar at the current stage of internal factors can be controlled.
Economist said Majid "fake there are no objective reasons to fear
devaluation of the Iraqi dinar at the current stage, adding that the
factors that can affect the dinar exchange rate are internal factors can
be addressed through" sovereign "cash reserve.
Mock said that
"If there is inflation as a result of external causes will have
Government or central administrators to strengthen the dinar exchange
rate against the dollar, which would result to combat inflation and
reduction, as well as other mechanisms is to withdraw Iraqi dinar
surplus in the local market in order to ease the process of inflation
and the rise in the prices of goods and commodities.
Director of the information centre said the economic Daraghma Muhammad
Ali "the value of the Iraqi dinar fell against the dollar and foreign
currencies and that Iraq was able to maintain a fixed exchange rate
against other currencies.
Adding to the monetary value of the
dinar has not declined if equivalence with other foreign exchange rates
and the reason behind it is the Central procedures to maintain a fixed
exchange rate for the Iraqi dinar. "
Pointing to the continuing
increased inflation in the recent period led to a decrease in the value
of the dinar and affected purchasing power. "
In the meantime
the parliamentary Economic Committee member revealed Salman Al-Moussawi
reviewed the country's economic development has contributed to the
depreciation of the dinar against the US dollar.
in a press statement that "the power of the Iraqi dinar and the cash
value depends on the strength of the economy and the recovery of
income-generating sectors and not to the Iraqi Central Bank auction,
saying the al-Musawi to the Iraqi dinar value does not depend on what is
sold at the Central auction but dinar value lies in the strength of the
economy of the country in all sectors of industrial, commercial,
agricultural, tourist, pointing out that" such sectors as own elements
of economic power and income generation are Iraqi dinar value constant
and stable, To try to control the value of the local currency through
the auction where high risk. "
He said "the oil sector dominated
all other economic sectors have made them useless and affected the
country's economy." Stressing the need "to direct oil revenues to
develop other economic sectors to contribute to strengthening the
economy and raising the value of the currency."