Mokhtassan: the phenomenon of the dollar exchange rate fluctuations and can be cured by natural

Mokhtassan: the phenomenon of the dollar exchange rate fluctuations and can be cured by natural

06/01/2013 12:00 AM

They impact on the economy
BAGHDAD - Hussein ثغب of Tamimi
Mokhtassan confirmed that the phenomenon of monetary affairs dollar exchange rate fluctuations in our local markets can be addressed by following the central bank a number of measures that would achieve cash flow of hard currency paths road right at the forefront of increasing the supply of the dollar in the local markets. Competent affairs cash Mohsen al-Zaidi said in an interview (morning): To maintain or control over foreign exchange rates are among the most important duties of central banks in the world, regardless of the economic situation in this or that country because of its significant impact on the movement of money and channeled in the form right in various economic activities, financing and investment, making it any stability of the exchange rate of the factors influencing the growth of the economies of the countries and a magnet for foreign capital for the purpose of investing at home in addition to other effects.
He noted that the impact of the important successor fluctuating exchange rates is a direct impact on the income of the individual in society and its impact on the movement of goods and services, banking, indicating that the effect of that up to the overall economy and the economy of the family in particular where so they can be dispensed with a lot of widgets that often ماتكون important for the family.
He added that among processors central banks to keep the prices fixed or semi-fixed exchange rates is to increase the supply of foreign currency in order to confront the demand for real-time on the market until the expiry is noticeable on demand in the Iraqi market, continuing demand, which requires an ongoing and thus Valmaaljh this way need to pause, despite It is followed in many currency markets in other countries, which we believe that the policy of control on the prices of goods and services is more worthy of treatment does not mean it that determines the price of a particular commodity or service, but rather to provide foreign currency at fixed prices for the purposes of coverage of imports of goods and services are real and within the controls Court to prevent exploitation, and this in turn will lead to reducing the impact of exchange rate fluctuations on the level of real per capita income, or at the level of institutions, banks and growth, so they can say: that the fluctuation of exchange rates can be contained.
Financial expert Ali Vkika said: The phenomenon of low value of the transaction Iraqi current is a natural phenomenon and not satisfactory and feasible to restore the balance, but the terms of cancellation of work restrictions current imposed by the central bank, and it's the other important thing is to improve the climate and investment environment, making it an attractive environment. He added that the reasons for the decline new in the exchange rate of the dinar many in the forefront of that Iraq has been and remains cross-border trade carried out by his sons with the sons of neighboring countries such as Iran, Syria and Turkey, was and still is the local currencies of dinars and Toman and lira covers an important part of that trade along with the dollar.
He said what is happening now is of a dynamic commercial exchange across the border in the district of Kalar and Haj Omran in Kurdistan in the north and in the Mehran Shalamjah south is an example of this trade. This resulted in the accumulation of large Iraqi cash reserves among bankers and traders Iranians, Jordanians, Syrians and Turks and others. The increased acceptance of these Iraqi dinar confidence over the past five years, which did not happen to him such confidence before that over the decades.
He pointed out that the other factor is what the central bank to be the mediator between the Tax Authority and among the people of the restrictions imposed by the player's role more severe making Enforcement Accreditation documentary and importers transfers Iraqis entailed obtaining prior approval from the General Authority for taxes. In addition to the requirement of existing commercial and certificate of origin parent and related freight and Altsrihh customs issued by the ports Iraqi border, including supported the introduction of the goods imported to Iraq, as well as the condition of consumer time your ratifications official certificates of origin original in our embassy abroad, and consumed the time and costs and delay in the supply response to the request, which contrasts with the rules of market economy and reduce government interference in the political to the private sector, which led a lot of importers and those with the need to transform the outside to buy foreign currency from the local market free at 1300 dinars to the dollar, or sometimes more.
Although the sale price of the official central bank is 1189 and that the difference between the two rates is 1300 - 1189 = 111 dinars per dollar.
In case of the need to convert million difference is 111 dinars 1.0 million = $ 111 million dinars and modify 93.6 thousand dollars. There are importers and asylum foreign exchange accept afford to pay the difference in the amount to invest the time and effort, what is required to return the central bank to work to the principles of economic liberalization and deregulation sterile and that the conditions and restrictions imposed by the Central Bank of Iraq is the source of the high value of the dollar against the dinar.

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