Specialists (range): The Government reserves lie in wait for the budget
April 11 2012
Baghdad / Ahmed Abed Rabbo: Financial experts have warned of the consequences of the exploitation of reserves in the Central Bank, which is estimated at 60 billion dollars by the government to economic development projects, pointing out that it is a cover of the local currency.
And saw the local market rose slightly in the exchange rate of the dollar against the dinar, called economic expert Bassem Jamil Anton to keep these balances at the central bank as a cover for the local currency, attributing the rise in the dollar exchange rate to the confidence of Iraqis in local currency due to the presence of those who seek to exploit these assets for the development processes According to statements by some officials.
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said Anton's (long): The recession that hit the Iraqi market for securities prompted some speculators in which dollarization is creating increased demand for hard currency as well as recent events in Syria and Iran, noting that Iraq is affected markets of around him as well that the application of customs tariff would increase the demand for the dollar.
For his part, said financial expert Crescent miller (range): The Central sales were accounted for $ 150 million, but what happened from the smuggling of currency called the bank to reduce the width of the dollar offset increase in demand due to the political situation of non-independent in the region because the escape of the dollar means the absence of the balance of the local currency.
to the Deputy Governor of the Central Bank of the appearance of Mohammed Saleh rise in the dollar exchange rate within the limits controlled by the bank, pointing out that the balance covers more than value of the dinar before in the market.
the view among a representative that the high dollar exchange rate on the dinar caused by the central bank from making procedures and new regulations for the circulation of foreign currency, and this effect in a few pumped and that the bank did not work that controls the former, which impact on the price of labor, pointing out that these
procedures followed by the the central bank came at the wrong time and was supposed to inform the Economic Committee in the House the details of the procedures for discussion and knowledge of their impact on the economic situation in the country.
and the central bank began the application of new procedures regarding sales of the dollar, resulting in a significant reduction in the rates of sales at the weekly auction which is evaluated by the bank.
It is noteworthy that there are now traders to buy dollars from the Central Bank of the smuggled to Syria and Iran, which are subject to an international economic embargo.