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Abadi adviser calls for lowering and raising the dinar dollar sales for the launch of liquidity

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Proven
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Abadi adviser calls for lowering and raising the dinar dollar sales for the launch of liquidity

Post by Proven on Mon 08 Jun 2015, 10:28 am

Abadi adviser calls for lowering and raising the dinar dollar sales for the launch of liquidity

Author: HH, MJ
Editor: BK, HH 6/8/2015 10:39
         
Long-Presse / Baghdad

He attributed the economic advisor to the Prime Minister Haider al-Abadi, Monday, reasons for the high dollar in the local market to the deterioration of oil prices and reduce the central bank sales of foreign exchange rates, as called for reducing the value of the dinar and raise the dollar value of sales for the launch of cash and "restrain" demand and ensure the stability of exchange rates.

He said the appearance of Mohammed Saleh said in an interview to the (long-Presse), "The instability of the US dollar exchange rates in the Iraqi market and to rise in recent months, due to the deterioration of oil prices," noting that it "led to the deterioration of the Iraqi payments rates because its export base is oil." .

Saleh added that "the Iraqi Central Bank action to reduce the direct sales of the dollar, instead of reducing the value of the dinar", so they returned to "create a market to sell the currency again."

Economic Adviser to the Prime Minister and expressed his support "to lower the value of the Iraqi dinar in line with the market, as well as raise the sales value of the dollar," adding that it "will launch a cash liquidity and restrain demand and contributes to the stability of the dollar exchange rate."


The specialize in the banking sector attributed in (the ninth of April 2015) rising dollar against the dinar, to the Central Bank for deducting customs duties and taxes in advance procedures, and called for a "freeze" of the resolution, while the expected continued decline in the value of the Iraqi dinar, stressed the need to cancel Article 50 of the budget for determining the dollar sales.
Iraqi citizens also complained, in (27 March 2015), the high prices of materials and goods in the Iraqi market, while the government called for the support and follow-up and determine the prices of goods in the market, confirmed that the instability of the dollar was behind the confusion of the Iraqi market.

The dollar price to the price of sales to the domestic market from early 1120 to the current 2015, to about 1133 now.    

http://almadapress.com/ar/news/49779/%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1_%D8%A7%D9%84%D8%B9%D8%A8%D8%A7%D8%AF%D9%8A_%D9%8A%D8%AF%D8%B9%D9%88_%D9%84%D8%AE%D9%81%D8%B6_%D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1_%D9%88%D8%B1%D9%81%D8%B9_%D9%85%D8%A8%D9%8A%D8%B9%D8%A7%D8%AA_%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1_%D9%84%D8%A5%D8%B7%D9%84%D8%A7%D9%82_%D8%A7%D9%84%D8%B3%D9%8A%D9%88%D9%84%D8%A9

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Re: Abadi adviser calls for lowering and raising the dinar dollar sales for the launch of liquidity

Post by Proven on Mon 08 Jun 2015, 11:58 am

Assab adviser Abadi attributed to the deterioration of the dollar rising oil prices and reduce the central bank sales

2015/06/08

Time / Baghdad
He attributed the economic advisor to the Prime Minister Haider al-Abadi, Monday, reasons for the high dollar in the local market to the deterioration of oil prices and reduce the central bank sales of foreign exchange rates, as called for reducing the value of the dinar and raise the dollar value of sales for the launch of cash and "restrain" demand and ensure the stability of exchange rates.

He said the appearance of Mohammed Saleh for "time", "The instability of the US dollar exchange rates in the Iraqi market and rising in recent months, due to the deterioration of oil prices," noting that it "led to the deterioration of the Iraqi payments rates because the basis of its exports are oil. "

Saleh added that "the Iraqi Central Bank action to reduce the direct sales of the dollar, instead of reducing the value of the dinar", returned to it, "create a market again to sell the currency."

He expressed his economic advisor to the prime minister his support "to lower the value of the Iraqi dinar commensurate with the market, as well as raise the sales value of the dollar, "adding that it" will launch a cash liquidity and restrain demand and contributes to the stability of the dollar exchange rate. "

The specialize in the banking sector attributed in (the ninth of April 2015) rising dollar against the dinar, to Central Bank of special procedures to deduct customs duties and taxes in advance, and called for a "freeze" of the resolution, while the expected continued decline in the value of the Iraqi dinar, stressed the need for the abolition of Article 50 of the budget for determining the dollar sales.


http://awaniq.com/ar/news/20513/%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%A8%D8%A7%D8%AF%D9%8A-%D9%8A%D8%B9%D8%B2-%D8%A3%D8%B3%D8%A7%D8%A8-%D8%A7%D8%B1%D8%AA%D9%81%D8%A7%D8%B9-%D8%A7%D9%84%D8%AF%D9%88

Proven
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Re: Abadi adviser calls for lowering and raising the dinar dollar sales for the launch of liquidity

Post by Proven on Mon 08 Jun 2015, 12:16 pm

Saleh added that "the Iraqi Central Bank action to reduce the direct sales of the dollar, instead of reducing the value of the dinar", so they returned to "create a market to sell the currency again."

Economic Adviser to the Prime Minister and expressed his support "to lower the value of the Iraqi dinar in line with the market, as well as raise the sales value of the dollar," adding that it "will launch a cash liquidity and restrain demand and contributes to the stability of the dollar exchange rate."


It took me a little while to think what he is say.  

In essence, by keeping the bank rate lower than the market rate, the CBI is continuing to drain dinars out of the market.  People realize that they can get a better rate at the bank for dollars than at the market and thus go to the bank to get dollars.  

Second, Saleh supports a market driven exchange rate not the current fixed exchange rate.  

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Re: Abadi adviser calls for lowering and raising the dinar dollar sales for the launch of liquidity

Post by Lobo on Mon 08 Jun 2015, 8:43 pm

Proven, I agree, the CBI has to get the amount of the dinar "in-country" down, and this is one way of doing it.

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Re: Abadi adviser calls for lowering and raising the dinar dollar sales for the launch of liquidity

Post by Proven on Thu 11 Jun 2015, 3:39 pm

Here is Saleh's demand for a market exchange rate:

Economic Adviser to the Prime Minister calling for adjusting exchange policy

Written by SA History: 06/11/2015 16:25

Baghdad INA / Economic Adviser to the Prime Minister called on the appearance of Mohammed Saleh, to adjust the exchange rate by the central bank.

Saleh said in a statement to the agency, "the Iraqi news," said the central bank sells foreign currency (dollar) at a low price - 1,166 dinars to the dollar Aluahd- generating liquidity is weak, calling to adjust the exchange rate policy in line with the market price "to get rid of the contradiction between the bank rate local market. "

Saleh added that "the launch of the sale of foreign currencies exchange rates prematurely signal is incorrect and that the bank deals with the reality and the vagaries of the market."

http://www.iraqnewsagency.com/?p=21171

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Re: Abadi adviser calls for lowering and raising the dinar dollar sales for the launch of liquidity

Post by weslin3 on Thu 11 Jun 2015, 5:38 pm

Another good article!

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