An economist calls for the government to hiring economists to address the dinar exchange rate fluctuations

HAT TIP: The Currency News Hound

Thursday, April 12 / April 2012 14:53

Economic expert called on the government to the safety of Sumaisem use of economic and financial experts from outside government agencies to find out the problems faced by the Iraqi dinar.

The Sumaisem told all of Iraq [where] Thursday it is “possible for the Iraqi economy to recover if the use of several linked to economic policy,” asserting that “the use of the expertise of economic will ambulance fluctuation of the exchange rate of Iraqi dinar but unfortunately, there ignore the experiences of economic and overlooked “.

She added, “We hope to reach the diagnosis of the real reasons behind the fluctuation of the dinar to
address them,” indicating that “the Iraqi currency is unchanged if any other commodity subject to supply and demand and increased demand for the dollar makes the price rise as well as the conditions under which the country has seen.”

Smeisim explained that “the State has several ways to deal with this volatility, including the powers of the central bank that controls monetary policy and it can be controlled by monetary asset that has the price of the dinar and controls the channels through which private and public banks being associated with it.”

And Two “fluctuation rate of the dinar in the country is not a process intended, but the regional countries are behind the increase in the dollar exchange rate,” noting that “Iraq Aieih economic blockade as well as it continues to export oil, but should we control the process of management of these resources in a better and must be re- spending trends of the financial budget. “

The General Secretariat of the Council of Ministers announced the formation of a committee to study the fluctuation of the exchange rate of the Iraqi dinar.

A statement of the General Secretariat yesterday that “the Council of Ministers face to form a committee headed by Deputy Prime Minister for Economic Affairs [Ruz Nuri al-Shawish] and the membership of the Deputy Prime Minister for Energy [Hussain al-Shahristani] and members of the Committee on Economic Affairs and the Secretary General of the Council of Ministers [on the Keywords].” He said, adding that the committee will consider the issue of exchange rate fluctuation of the Iraqi dinar recently, in addition to proposing appropriate solutions and to address and prevent harm to the national economy .

This testifies the Iraqi market rise significantly in the exchange rate of the dollar against the Iraqi dinar, reaching hair buy the dollar to 1300 dinars, while the price specified by the Central Bank to this day is 1166 dinars, an increase of 134 dinars per dollar, and this equates to about 11 percent of the price specified formally ” .

The central bank attributed the might and the words of the Vice Province Bank Mazhar Mohammad Saleh’s [where] the high dollar exchange rate and increase the demand for it in Iraq to the global financial restrictions imposed on some neighboring countries, referring to Syria and Iran.


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