Sources: a victim of the local currency financial embargo on Syria and Iran
Sun 04/15/2012 8:20
Baghdad / follow-term: Markets are witnessing Iraq's growing demand for the U.S. dollar, especially from the states of neighboring Iran and Syria, which suffer from a ban international financial led to a decline in the local currency. said Iraqi Central Bank Governor Sinan Shabibi told AFP that 'the political situation is relatively stable in Iraq In the surrounding area has created a great demand for the dollar led to the high exchange rate of the currency recently. '
In response to a question about the possibility that the international financial embargo imposed on Iran and Syria in particular the main reason for this rise, Shabibi said 'This is one of the things, but the region around us, which is generally relatively stable'. And witnessed the exchange rate of the dollar on Tuesday its highest level in front of the dinar in nearly four years in the local markets, a 1320 dinar per dollar, after it was last week steady at 1230 dinars to the dollar.
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and hurried by the Cabinet on Wednesday to announce the formation of a committee to study the fluctuation Iraqi dinar exchange rate and to provide appropriate solutions to prevent harm to the economy.
and the subject of Iran and Syria to an international financial sanctions. And pay these sanctions Iran and Syria, which have witnessed a deterioration in their currencies, to search for hard currency may be Iraq - which has been witnessing since the end of last year's political crisis - one of the major sources since it maintains commercial and political good with these two countries.
He Shabibi that 'at the beginning of year has increased the demand for the dollar by a large, ranging from 40 to 50 percent. ' He added that Iraq's total revenue monthly from oil more than seven billion dollars' has many precautions of the dollar (60 billion) but this does not mean it should be used without control or monitoring. "
The central bank announced last February from the application of procedures about the new sales of the dollar, especially states that the buyer knows the bank for its customers, who asked him to buy the currency. This has significantly reduced the time in the sales dollar in an auction the central bank, which is held every week between Sunday and Thursday, where sales were a few million, but it returned in April to between $ 50 and $ 250 million.
, says Mohamed Omari (40 years) a store owner for banking in the Karrada district of central Baghdad that 'the dollar exchange rate remained stable from 2008 until the beginning of this year'. He adds 'the street needs to the dollar, and the auction when it is not pumping the dollar forces us to move toward the black market'.
in turn confirms Saad Hadi Alwan (37 years), who owns a store of banking in the same area, 'we have taken three days before the decision to stop once and for all the dollar'. He continues, 'I turn from between 50 to 150 thousand dollars per day, but I stopped it as it began vibrating and began to lose'. And made the central bank's move amid suspicions of Iraqi officials about trying to dealers Iranian and Syrian purchase of the dollar.
stressed Shabibi that 'finance neighboring countries in dollars is not something intentional, because Iraq is mainly dependent on imports significantly, but we nevertheless felt that some things require more than a need for import.' The Shabibi, who is preparing to appear before Parliament to discuss the issue of high price of the dollar, that Iraq is 'not currently considering stopping Auctions' on the currency, stressing that 'things are under control'. The expert says Iraqi economic Crescent miller told AFP that 'the dollar has become in recent escape to the outside', he said, adding that 'Iraq is the only country among its neighbors, the closest you get to revenue massive oil in dollars.'
suggested 'stop sales for a certain period', warning that 'when the drop rate of the local currency shaken the confidence of the citizen by the rise after the prices of foodstuffs, construction materials and rentals and all the terms of the aspects of life. "
In a shop selling electrical appliances in the area of vacant land in central Baghdad sits a group of vendors waiting for customers, while welcoming the sales manager on behalf of Al Shammari (40 years), any visitor 'we sit without a job already. "
Shammari said that 'the Iraqi society is afraid to buy when the shaking of exchange rates do not stabilize. If the market has stabilized at 1,200 dinars we work, or until we work on 1500 too, but up and down market kills all its joints'. Shammari adds that 'the oscillation started about a week ago, and this did not affect the price of the goods we buy dollars and sell the dollar, but is influenced by the movement of the market, our sales have dropped about 50 percent already.'