The dollar continues its rise in Iraq despite the measures of the {Central}

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[size=52]The dollar continues its rise in Iraq despite the measures of the {Central}[/size]

[size=45]Stagnation in the markets and a decline in the movement of buying and selling
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An Iraqi carrying dinars and dollars in Baghdad (Reuters)
Baghdad: Fadel Al-Nashmi
Despite the measures undertaken by the Central Bank at the beginning of the week, to stop the decline in the prices of the Iraqi dinar against the dollar, it was unable to curb the decline, which led to stagnation in the markets And the movement of buying and selling declined, according to wholesalers in the Shorja market in Baghdad. The exchange rate of the dinar was about 1540 dinars against one dollar, after it did not exceed the ceiling of 1470 dinars.[/size]
[size=45]And the Central Bank announced, last Sunday, an increase in weekly sales of dollars in the currency sale auction, to restore the exchange rate to its previous state. Which he did not succeed in achieving. The bank said in a document addressed to brokerage companies for the sale and purchase of foreign currencies: “Based on the objectives of this bank to achieve stability in the general level of prices and exchange rates and to meet the high demand for foreign currency in the local markets, it was decided to increase the weekly share of cash sales of dollars, starting from Monday.” And he affirmed his readiness to “meet the needs of all citizens of foreign currencies according to the purposes allowed to be financed legally, as well as financing electronic payment cards that are used in payment operations outside Iraq at an exchange rate of 1470 Iraqi dinars to one dollar.”[/size]
[size=45]The currency auction and the problems associated with it are still among the most complex, ambiguous and questionable issues and represent a real challenge to the government, and are often a source of anger and resentment for ordinary citizens, given the problems and issues of corruption in selling operations, money laundering and currency smuggling. Observers and experts in economic and financial affairs attribute the recent turmoil in exchange rates to the bank's suspension of its dealings with four banks on suspicion of manipulation and for "audit purposes", according to a statement by the Central Bank.[/size]
[size=45]The markets are witnessing this confusion, although the Central Bank’s advisor, Ihsan Al-Yasiri, said in press statements at the beginning of the week: “For the first time, the central bank’s reserves exceeded the threshold of 90 billion dollars, and this number is very large and indicates a barrier to the recovery of the economy and a great support for the value of the Iraqi currency.” He added, "The Iraqi currency is now witnessing a great rise and recovery, as it is one of the strong international currencies, although it is not an international currency for circulation."[/size]
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