Keywords: We seek to balance the sale of the dollar and keep it

by **dizzydee** Sun 16 Jul 2017, 11:01 pm

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Post n°1

Keywords: We seek to balance the sale of the dollar and keep it

by dizzydee Sun 16 Jul 2017, 11:01 pm

2017/07/17 (00:01 PM)

The Iraqi

[size=36]Keywords: We seek to balance the sale of the dollar and keep it[/size]

The central bank governor said on Sunday that the bank seeks to balance the sale of the dollar and maintain it, indicating that the balance away from the margin of speculation and achieve large profits, said the Central Bank of Iraq Ali Alalak in a press statement, "The bank seeks to balance the sale of the dollar and maintain it "Noting that" the balance in foreign currency as much as it was in previous years, is that there is no margin and scope for speculation and achieve large profits, adding: "Iraq is going through exceptional circumstances because of the drop in oil prices significantly, making the policy of the Central Bank to two options , While responding to the Lar in order to cancel the margins, and it will be reduced at the expense of foreign currency reserves, or Nguenn sale process and accept a margin of appreciation of the exchange rate, we seek to balance between the two objectives. "
A slight rise in the exchange rate of the dollar on the stock market and its stability in local markets
The price of the dollar rose slightly on the stock exchange struggle, while stabilized in the local markets, on Sunday (July 16, 2017 ,, Kifah Exchange - Baghdad 126.100, while last Friday's prices were 126,000, selling and buying prices in the shops of the sale of the dollar = 126,500 dinars, Buy the dollar = 125.500 dinars.

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by weslin3 Mon 17 Jul 2017, 12:21 am

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Re: Keywords: We seek to balance the sale of the dollar and keep it

by weslin3 Mon 17 Jul 2017, 12:21 am

Interesting article... dizzydee.

by **jedi17** Mon 17 Jul 2017, 10:01 am

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Post n°3

Re: Keywords: We seek to balance the sale of the dollar and keep it

by jedi17 Mon 17 Jul 2017, 10:01 am

good article, the problem with the CBI is that they still continue to value the currency auction as their primary source of maintaining a peg to the US$. This is considered currency manipulation or multiple currency practice and is against section viii of the IMF. If they truly value their dinar, then they must stop the currency auction. The problem is this, Iraqis still don't trust the banks in Iraq, they hoard their dinar, or they utilize secondary measures for getting American $ by sending the dinar out of the country. Iraq promised the IMF that they would stop the multiple currency practice in order to get their loans, however it does not appear that they have nor does it appear that the IMF cares that much.

by **jedi17** Mon 17 Jul 2017, 10:03 am

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Post n°4

Re: Keywords: We seek to balance the sale of the dollar and keep it

by jedi17 Mon 17 Jul 2017, 10:03 am

World Bank Questions Iraq Currency Peg
January 30, 2015 in Iraq Banking & Finance News
By John Lee.

A report published on Thursday by the World Bank focuses on the implications of low oil prices for eight developing countries — Egypt, Tunisia, Lebanon, Jordan, Iran, Iraq, Yemen and Libya — and the economies of the GCC (Gulf Cooperation Council).

The Plunging Oil Prices report questions the practice of pegging the Iraqi dinar to the US dollar, noting the that value of the dinar has been falling against the dollar in the parallel market:

“Iraq pursues a policy of a de facto peg to the U.S. Dollar, and therefore monetary policy is constrained in tackling the current shock.

“The Central Bank of Iraq (CBI) had kept the Dinar steady through January 2009.

“In 2014, the nominal exchange rate in the official market remained stable against the U.S. Dollar at 1,166 IQD/1 USD, but the rate in the parallel market increased.

“The CBI has recently taken steps to simplify foreign exchange market regulations, but has not eliminated all existing exchange restrictions and the multiple currency practice.

“With the peg, fiscal policy carries the burden of macroeconomic stabilization, but in this case does not have the space to do so.“