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Rising dollar natural result of lower supply
9/4/2016 0:00
[rtl]Economic confirms that the pace is steady and lasting
BAGHDAD Mustafa Hashimi
economic academic said Dr. Essam Mahouelle: Rising dollar exchange rate recently was the result of a lack of supply due to lower oil prices , which are the main source of this currency for Iraq.
He Mahouelle in an interview with «morning» that the public to resort to the acquisition of the dollar serves as a savings as it was the savings and the hoarding of gold in previous periods, pointing out that citizens, in case their acquisition of other currencies such as the euro , it will help a lot in reducing the price of the dollar.
he said that Iraq is a dollar areas where it is this currency Top value and fastest drainage in the local markets, stressing that this rally will not last long and did not last the rise in oil prices in the last few years.
He stressed the need that the public is aware of the alternatives of savings and diversify as ( a small basket of currencies) and not confined to hoarding the dollar, being vulnerable to the global and US economic conditions, which requires the presence of(bumper safe) protect them from the vagaries of the dollar 's decline and shake themarkets.
and saw the local markets in the past weeks , rising dollar exchange rates against thedinar to about 130 thousand dinars per hundred dollars, what he sees analysts as great rates compared to the Previous rates for the dollar as it was at 122 thousand dinars per hundred dollars.
among Mahouelle importance of inventory dollar traded foreign trade transactions only and not to adopt it as a substitute for the dinar in trading markets and internal trade, indicating that this procedure would enhance the value of national currency to foreign currency and raises the internal trading dinars.
The sale price of the dollar (buying citizen of banking offices) stood at rate of 1275 dinars to the dollar as record purchase price (sale of the citizen to the shops , banking) 1285 dinars rate per dollar.
The central bank has announced dollar amounts sold on Thursday last in the auction currency.
the bulletin of the Bank own auction currency that the amount sold by the Central price of the auction amounted to 91 million and 959 thousand and 994 dinars at a price of1182 dinars exchange rate against the dollar, and with the participation of 29 banks and 20 companies of the financial transfer ».
according to Central Bank Law , it shall be responsible for maintaining price stability and the implementation of monetary policy (including exchange rate policies), as well asmanagement of foreign reserves and the issuance of currency management, as well as regulate the banking sector to promote a competitive and stable financial system.[/rtl]
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