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The continuing decline in the price of the dinar against the dollar and calls for the central banks



Posts : 600
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The continuing decline in the price of the dinar against the dollar and calls for the central banks

Post by dizzydee on Thu 09 Apr 2015, 11:55 am


The continuing decline in the price of the dinar against the dollar and calls for the central banks to reconsider recent decisions?

Baghdad - He attributed specialize in the banking sector, on Thursday, the reason for the high dollar exchange rate against the dinar to the recent central bank own deduct customs duties and taxes in advance procedures, and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need for the abolition of Article 50 of the Budget .

The Iraqi Central Bank announced, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control the "money laundering" through the prepayment of taxes and customs of the goods entering Iraq, returned it will double the country's imports.

The bank decided in (28 March 2015) to meet 8% of tax rates and customs own Bokiem imports by private banks

Serafi said Ali Saad's banking district Harthiya in an interview to the (long-Presse), "The US dollar exchange rate went up to 1,340 dinars, because of the procedures followed by the central bank to increase demand and reduce the size of its sales."

Saad said that "the continuation of the central bank actions may result in the coming weeks to a large rise in the price of the dollar against the Iraqi dinar."

For his part, the Executive Director of Bank Union Muhannad Kassem said in an interview to the (long-Presse), "The rise in the dollar exchange rate is due to the new regulations followed by the Central Bank of Iraq to get individuals or companies on the hard currency to cover imports of goods", calling for a "freeze decision."

Qasim pointed out that "the trader was formerly offers the amount of the Iraqi dinar and documentation required to get a dollar, but that the last instruction imposed on the merchant approximately 8% of the amount required to buy dollars in Iraqi dinars," explaining that "5% of the secretariats to calculate customs and 3% to account general tax authority.

He denominator "after taking these taxes will rise the dollar on the merchant nearly 90 tiger and this means increasing the cost of the dollar in 1282, thus raising the price of the dollar," stressing that "this mechanism has been talked about among specialists in government departments and experts, economists and central bank Nearly a month or more and applied on 25 March.

Qasim said that "the importers are getting on the dollar after the submission of documents and insurance after 15 days," expected "continued high dollar exchange rate if there is no change mechanism or at least freeze to search for other viable mechanism".

And the Executive Director of Union Bank that "the impact of exchange rate appreciation on the Iraqi market will be negative because the country relies B95% of its needs to import."

For his part, the Executive Director of the Association of Iraqi banks Tariq Ali said in an interview to the (long-Presse), said that "Article 50 of the federal budget for the 2015 law forced the Central Bank of Iraq to sell $ 75 million a day and is one of the reasons for the fluctuation of the dollar exchange rate."

Tariq pointed out that "the other reason behind the increase in the dollar exchange rate is the central bank's decisions on tax and customs deductions in advance," explaining that "these actions are correct but they must be applied gradually."

And invited the Executive Director of the Iraqi Central Bank to the banks, "the exchange rate returns to normal by injecting the dollar amounts of the private market and the Iraqi market needs more than $ 75 million."

It is noteworthy that the International Monetary Fund predicted in (21 March 2015), the high proportion of the deficit in the budget for Iraq in 2015 to more than the 12 percent announced by the government, due to lower oil prices, and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget, The proposed implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and reconsider the limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.

The current year's budget law, committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in daily auction ceiling does not exceed 75 million, with the exercise of justice in the sale, and claim the participant in the auction the bank providing the introduction of cargo documents and data Tax settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount, and so it applies penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the dollar.



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Re: The continuing decline in the price of the dinar against the dollar and calls for the central banks

Post by wciappetta on Thu 09 Apr 2015, 4:59 pm

Look! the Sky is falling!.... 

 you bet it is........

    Current date/time is Mon 24 Oct 2016, 10:58 am