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Drop in the dinar up to 1,300 dinars for one dollar

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Hkp1
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Drop in the dinar up to 1,300 dinars for one dollar

Post by Hkp1 on Tue 14 May 2013, 9:53 am

Drop in the dinar up to 1,300 dinars for one dollar

Tuesday, 14 may 2013 14: 03


[Baghdad]

The
price of the dollar in local markets to 1,300 dinars compared to 1220
DT in the middle of March, representing a significant decrease of Iraqi
dinar did not get more than two years ago.

The official rate of
the dollar to this day by the Central Bank of Iraq is 1166 DT means that
Iraqi dinar price has declined more than 11 percent.

Each
agency, according to delegates of Iraq [in] this reduction has led to
high prices of many goods in the market, especially imported from
abroad.

The Central Bank has promised to take action to lift and
stabilize the dinar as before but the decline of the dinar continued for
up to 1,300 dinars to the dollar.

And complain about the staff
and retirees who receive their salaries in Iraqi dinars from high prices
and salaries are no longer sufficient to meet their needs and that the
rise in price included real estate and rentals add to transportation,
food and clothing.

Many believe that the growing popularity of
buying the dollar has led to a significant decline in the dinar. And
attributed to smuggle most of the Central Bank of Syria and Iran to
which are under siege and the increasing need of hard currency.

The
CBI said before a short period new measures limiting the availability
of American currency markets that conveys to them, amid suspicions that
suggest large amounts of smuggling hard currency to Iraq for
neighbouring countries.

The Iraqi Central Bank, new instructions
to stabilize the exchange rate of the Iraqi dinar against foreign
currencies select weekly quotas are banks and money transfer companies
and dollar currency trading companies valued in accordance with their
respective capital, will increase and reduce the quota for each delivery
commitment amounts that customers of citizens.

And goes to the
Iraqi exchange market observers that the smuggling of large quantities
of dollars to Iraq for Syria and Iran, both suffering international
sanctions caused the scarcity of hard currency has, one of the most
important reasons for the increased demand for dollars by Iraq, so
declining Iraqi dinar exchange rate.

And the Central Bank to put
the dollar at an auction for the sale of foreign currency at subsidized
prices and the real exchange rate lower in the market to support the
dinar.

Observers fear the Central Bank shut down such auctions and then doubled the value of the dollar against the Iraqi dinar ".

According
to the latest bulletin of the Central Bank on the auction to buy and
sell foreign currency on Monday 13 may the Bank has sold 223 million and
177 thousand $ 196 million and $ 704,000 on Sunday, with a stable
exchange rate reached 1166 DT per dollar.

The Central Bank is
facing charges for its staff in conjunction with State officials in
corruption and smuggling of currency operations, the Bank is subject to
the thavikat against the former Director Sinan Al-Shabibi, who left Iraq
for several months and longer for fear of arrest under the
warrant/ended



http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.alliraqnews.com%2Findex.php%3Foption%3Dcom_content%26view%3Darticle%26id%3D81589%3A-1300-%26catid%3D45%3A2011-05-03-12-11-51%26Itemid%3D77

weslin3
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Re: Drop in the dinar up to 1,300 dinars for one dollar

Post by weslin3 on Tue 14 May 2013, 12:03 pm

Maybe this will force something to happen? 1300-1

notazbad2000
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Re: Drop in the dinar up to 1,300 dinars for one dollar

Post by notazbad2000 on Wed 15 May 2013, 10:37 am

IQD value rapidly deteriorates


Added by Ibrahim Khalil on May 14, 2013.
Saved under Business
Tags: Baghdad, IQD, Iran, Iraqi dinar, Syria


Baghdad (IraqiNews.com) The price of the US dollar in the local markets reached 1,300 Iraqi dinars, compared to 1220 dinars in mid-March and represents a significant reduction of the Iraqi dinar’s value since the two last years.
It is known that the official price of the USD until this day, according to the Central Bank of Iraq is IQD 1166 and that means that the value of the Iraqi dinar has reduced more than 11%.
According to representatives of Iraqi News (IraqiNews.com), this decline has led to increasing prices for a lot of goods in local markets and especially the imported ones.
The central bank has promised to take measures to stabilize the value of the dinar as it was in the past, but the degradation rate of the dinar continued for up to 1,300 dinars per dollar.
Employees and retirees who receive their salaries in dinars complain of price inflation since their salaries are no longer sufficient to meet their needs and that the rise in prices has included real estate and rentals, as well as transportation, food and clothing.
Many believe that the growing demand to buy the dollar from local markets has led to this significant decline in the price of the dinar.
This is attributed to smuggling the USD sold daily by the Central Bank of Iraq to Syria and Iran, which face financial sanctions and their growing need to hard currency.
The Iraqi Central Bank announced short period before new measures to restrict the availability of U.S. currency in markets, amid suspicions over possibility of smuggling large amounts of hard currency from Iraq for neighboring countries.


Read more: http://www.iraqinews.com/business-iraqi-dinar/iqd-value-rapidly-deteriorates/#ixzz2TNNUQKUV
Follow us: @IraqiNews_com on Twitter | IraqNews on Facebook


_________________
TAZ

The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.
Martin Luther King Jr., Strength to Love, 1963


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Re: Drop in the dinar up to 1,300 dinars for one dollar

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