Iraqi Dinar Recovered a Week After Wobbling
|June 18, 2014||Filled under All Dinar Trade Articles, Iraqi Dinar News|
Iraqi Dinar News –
Approaching the Iraqi dinar exchange rate against the dollar to the normal price, after witnessing a remarkable rise over the weekend, with a financial expert confirms that the central bank’s reserves are sufficient to remedy the crisis and maintain the exchange rate.
A financial expert and former deputy governor of the central bank, the appearance of Mohammed Saleh in an interview with the agency, “Wi-News” that “any political position or security turbulent cast a shadow over the Iraqi market through exchange rate appreciation,” noting that “the absence of political stability and security factor influencing the decisions of people’s financial, people hedge in relation to its investments of Finance.”
According to the newspaper term Saleh pointed out that “the state of the hedge people have lead to to head to buy any stock fixed and stable value of the material, which is usually the dollar because of its measures of global stability is Born extra demand for the dollar,” noting that “the current situation is stable will inevitably lead to a large wave of demand for the dollar.”
He said, “There is great potential to meet this growing demand for the dollar, Iraq’s exports of petroleum products as well as continuing to central bank reserves to cope with such a big Thus conditions,” pointing out that “so far no danger to the stability of the currency.”
Saleh pointed out that “the primary function of the central bank is to maintain the stability of the external value of the Iraqi dinar, represented by exchange rates,” explaining that “making the central bank such Thus conditions is to intervene to address the demand for the dollar by pumping dollars to banks to maintain the exchange rate,” noting that “part of civil rights is to preserve the value of the currency, and function of monetary policy is to maintain the purchasing power of the currency and restore confidence in it.”
Abizaid said that “central bank reserves from the dollar covering about 1.3 of the Iraqi dinar, and there is the possibility of high coverage of more than 100% for the dollar against the dinar, “pointing out that” the existing foreign currency enough cash allocated to the primary trading.
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