Central bank: speculators are taking advantage of statements made ​​by officials to manipulate excha

Central bank: speculators are taking advantage of statements made ​​by officials to manipulate exchange rates

Thursday January 14, 2016 - 05:27

Baghdad: Mohammed Major (New Morning) - The Central Bank of Iraq, on Wednesday, Iraq, subjected to an economic war, accusing speculators broadcast the rumors for the purpose of raising the price of the dollar in the local markets, while stressing that he continues his work through currency auction, noted that the precautions Cash existing reassuring.

He denied the Iraqi Central Bank, the rumors about the storming of its premises or that there is a lack of liquidity or stop the process of sale to the dollar, noting that some of the "abusers" are taking advantage of statements made ​​by officials to manipulate exchange rates in the markets.

In the meantime, economists favored the expiry of the current crisis During the next week, calling the official authorities to take urgent measures in order to maintain hard currency prices.

He says Director General of the cabinets and the version in the central bank Ahsan Shomran Yasiri in an interview with "New Morning", that "a new war waged on Iraq added to the current challenges and so During delude citizens that the economic situation is in danger.

"Yasiri said that" speculators seeking by broadcasting rumors to confuse the Iraqi financial situation, "pointing out that" adequate precautions and not worrying.

"He pointed banking official to be" the central bank continuously work in currency auction on according to legal procedures and that things are going according to normal procedures.

"In a related development, the bank said in a statement received" morning new "that" rumors that were fired on storming the central bank or that there is a lack of liquidity or stop the process of sale to the dollar baseless ", denying "the rumors in toto."

The bank said it "continues to work window sell the currency and meet the market needs of the dollar in light of the strength of its reserves of foreign currency," adding that "some of the speculators and other abusers who, during the past few days to exploit the statements of some officials and politicians, as reflected manipulating exchange rates in the local market. "He called on Bank of citizens and the media to" be alert to these malicious rumors, which aims to confusion and confuse the Iraqi market within the campaign waged by the enemies of our country. "For his part, sees economist Maitham coffee in Commenting to the "New Morning", that "the statements Almichjnh to some politicians and pessimism about the state's inability to fulfill the salaries and the continuation of the financial crisis are all factors that led to the rise of the dollar, in conjunction with the continuing decline of international oil market." The mortgage and coffee, "the dollar return to the previous status the ability of the central bank to defend the official prices normal without the impact of what is happening in the market today. "He added that" this would be through an increase in the dollar amounts in the currency auction, in addition to the delivery of reassuring messages to the street dispel fears that prices will continue to rise. "But he worried of "survival of the current situation, which leads to a complete consumption of the bank's reserves 54 trillion dinars in two years." In this case, coffee asserts that "Iraq will be in front of two choices: either to reduce salaries and imposing new taxes and this difficult choice will play Rose angry reaction from the street . "He added," The second solution is by borrowing either from the central bank or private banks or individuals, "pointing out that" past experiences indicate the adoption of the government to borrow from the central bank to increase the national currency pump leads to lower purchasing power. "But Expert other, Abbas Ghalibi likely in his statement to the "New Morning", the return of dollar prices to normal at the end of next week. He said, "taking place now and a temporary increase, may not exceed in the harshest dollar the 1130 conditions dinars," calling "the central bank to immediately intervene to order an end to this situation. "said Ghalibi" on the bank to impose the official prices, and do special work laws, in addition to exercise its oversight role in pursuing money laundering operations and other legal violations including things back to normalcy and conducts positive messages to the street possibility control of the economic situation. "It is noteworthy that Iraq is suffering from the global economic crisis because of the collapse in oil prices led to take a number of austerity measures at all levels.