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[size=45][size=41]Clarification from the Association of Banks regarding the low exchange rates of the dollar[/size]
3 hours ago
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3 hours ago
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The Association of Private Banks announced, today, Wednesday, that the return of dollar prices will negatively affect the economy, noting that the slight decline in the exchange will not reduce the prices of materials in the markets.
The association's economic and banking advisor, Samir Al-Nusairi, said that "the current little decline in the dollar exchange rates is a kind of confusion practiced by speculators in the currency trading market, by exploiting rumors to achieve narrow interests."
Al-Nusairi added, "This decline confuses the stability of the market, which is supported by the Central Bank, because the process of raising the value of the local currency will not lead to a significant reduction in prices, because the economic principle confirms (the flexibility of prices in the rise is limited in the decrease)."
He stressed that "the process of changing and returning to the previous price of the value of the dollar against the Iraqi dinar, will lead to high costs borne by the economy, in addition to catastrophic damages that will be borne by the citizen because of the problems that will occur in the internal commercial and financial dealings between them, as well as financial and economic problems that will put pressure on the inter-relations with Countries of the world".
The Central Bank of Iraq confirmed, earlier, that there was no intention to change the exchange rate, and called on citizens and all stakeholders to preserve the value of their money and stay away from what is rumored in the media.
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