Bank auction and the conditions of the country and neighboring countries topple the Iraqi dinar gold

Bank auction and the conditions of the country and neighboring countries topple the Iraqi dinar gold and


Author: AMA
Editor: AW | MM
Friday, March 15, 2013 11:50 GMT


Alsumaria News / Kirkuk officials confirmed in the province of Kirkuk, said Friday that the lack of raises in central bank auction of dollar led to higher rate of exchange at the expense of the value of the Iraqi dinar, as pointed traders in the currency market and the gold that the political situation in Iraq and the region overshadowed market in the country, said economists

that the dollar exchange rate will exceed the coming days the current rise in the Iraqi market that did not take the central bank swift action. saw daily trading prices of the dollar and gold in the province of Kirkuk in the past days, up from their normal to exceed height two dollars for Government regardless of the dollar against the dinar, whereas the daily dealings of gold

upwards up to ten dollars for weight per, while attributed traders gold rise to factors affected the market prices global gold and oil prices. said member Assembly's Economic Committee Kirkuk Najat Hussein in an interview for "Alsumaria News" , that "the high exchange rate of the dollar in Kirkuk over the past days to 1275 dinars linked pursued a policy the central bank and posed in the auction, which offset the increased demand for the dollar in the local market."

adds Hussein that "the high price of the dollar in Kirkuk due to several factors such as lack of financial liquidity available in the market sell the currency as well as the lack of currency raised in the market selling the currency auction Central Bank of Iraq, "noting that" the administration of the province monitors the dollar exchange rate in the currency market in order to find solutions to stop rising. " He continues Hussein that "Another factor is the high

rate dollar exchange associated with currency market world which is another linked prices rise and fall of oil and gold, and Iraq is part of the global economic system and greatly influenced this rise, "calling the Iraqi Central Bank to be" dealt with this matter positively to reflect on the activity of the auction to sell the currency which casts a shadow on the currency market in Iraq. " and the foundations of the Iraqi Central Bank as an independent institution under the

law issued on the sixth of March of the year 2004, as an independent body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as regulate the banking sector to promote financial system competitive and independent. Meanwhile, said a trader in the sale and purchase of currency in Kirkuk and invited Staff

Ahsan Khalil in an interview for "Alsumaria News", "exchange rate of the dollar against the Iraqi dinar has two days ago up a surprise, the second rise this week to reach Price one dollar to 1275 Iraqi dinars any rate rise up to two dollars, "noting that" exchange rate a week ago was 1240 Iraqi dinars. " attribute Khalil high exchange rate of the dollar against the Iraqi dinar to "not adequacy of cash in the market dealings Kirkuk along with the lack of clarity MAP sell

currencies in banks maintain authorized by the Central Bank of Iraq and the domination of certain individuals on the market, "noting that" the political situation in Iraq and the region overshadowed the currency market in the presence of increasing demand of hard currency in the neighboring countries of Iraq and the escalation of the crisis in Syria. " It is noteworthy that the pace of accusations escalated on smuggling currency has contributed to the price

volatility dollar selling in the local markets and led to increased exchange rate during the last period, while deputies asked the need to take the initiative on the government to stop selling the currency in auctions the central bank, others stressed that Iraq is losing substantial funds by smuggled daily out of the border, despite the praise of many specialists in economic affairs positive aspects auction in reducing inflation and to control the value of the dinar. Meanwhile,

said a trader in the market for buying and selling Gold in Kirkuk and called Shirzad Star in an interview for "Alsumaria News", that "the weight of gold price in Kirkuk market witnessed a remarkable rise after a period of stability to rise about ten dollars per weight and as a trader in the market, a caliber 21." Noting that "the selling price in the daily dealings arrived 305 000 Iraqi dinars to the weight of one after that was 290 000 dinars." adds Secretary that "the prices of gold in Iraq linked to the global market for gold and oil prices world that affect clearly in

local dealings to the Iraqi market," adding that "the high exchange rate of the dollar in the Iraqi market contributed to the subordination of the gold market for the dollar, making gold depends on monetary policy in the country." For his part, said economic expert in the province of Kirkuk, Abdul Rahman al-Azzawi said in an interview for "Alsumaria News", that " dollar exchange rate in the province is reflected significantly higher dollar against the dinar, "noting that" the high price of oil and gold on the world market raises the value of the dollar against

the dinar and despite the adoption of the Central Bank of the sale price fixed in the auction. " and adds Azzawi that "raises the foreign currency at an auction central bank does not commensurate with the economic and political changes that the country is experiencing and witnessing the neighboring countries in addition to the corresponding request by the local market, brokers thus raising the sale price of U.S. $ at the expense of the value of the dinar. "

confirms Azzawi that "the central bank did not take swift action works to control this rise, the dollar exchange rate will exceed the coming days the current rise in the Iraqi market. " was the Iraqi Central Bank announced, in (11 August 2012), the high reserves of hard currency to $ 67 billion, stressing that these reserves are the largest in the history of Iraq, pointing out that these reserves is one of monetary policies to reduce inflation in the country. noteworthy that the Iraqi Central Bank hold daily sessions for the sale and purchase of foreign currencies with the

participation of local banks, with the exception of public holidays on which depends the bank for this Auctions, and sales can be either in cash, or in the form of remittances sold abroad for a commission certain.





[You must be registered and logged in to see this link.]