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Monday, November 5, 2012

Deterioration of the Iraqi dinar is exhausting burden Iraqis 05/11/2012 10:11

Deterioration of the Iraqi dinar is exhausting burden Iraqis 05/11/2012 10:11



The many Iraqis confidence in the local currency despite the stellar returns earned by Iraq from oil sales, which reached into the billions of dollars a year, witnessing the value of the Iraqi dinar fell seriously against the U.S. dollar and attribute this significant deterioration mainly to smuggle foreign currency (U.S. dollar) to Syria and Iran which suffer from economic sanctions, as well as the direction of traders and businessmen Iraqis to set aside the dollar instead of the Iraqi dinar, which caused a lot of damage on the Iraqi currency and the economic situation in Iraq.

He complains a lot of citizens from falling value of the Iraqi dinar, has Valley high exchange rate of the dollar to the high prices of goods in the Iraqi market, which gets tired a lot of low-Aldkhalafartvaa value of the dollar, which represents the backbone of the trade of Iraq through the import of goods, may form an opportunity the greed merchants to increase the value of these consumables. Iraq was in the light of the policies of Prime CBI supplements friend Dr. Shabibi enhances Iraqi dinar, by subtracting the value of one hundred and fifty to one hundred and eighty million dollars U.S. in the market for cover and keep the price the Iraqi dinar. At the present time and since exacerbated the crisis has doubled the amount 3 three times, and this is what would threaten the Iraqi economy and cause it to collapse and the collapse of Iraqi dinar in the coming months, if the situation remains as such. referred to as the Iraqi dinar has been sharp fluctuations During the past three decades. In the eighties dinar was worth three dollars, but economic sanctions imposed on Iraq almost concurrently with the Gulf War in 1991 pushed the currency down and fueled inflation fueled by the government print money. In late 1995, the dollar nearly three thousand Iraqi dinars. either at the moment Iraqi Valdanar facing downward pressure in the recent period due to international economic sanctions on neighboring Iran and Syria. And defends traders Iraqis to buy dollars to sell illegally to residents and businesses in these two countries المتعطشتين of hard currency, and currency retreated Iraqi to 1280 dinars to the dollar on the open market this year before allowing the Iraqi government to banks run by the state and some private banks to sell the dollar helped to return the exchange rate 1200 JD for Dolaraleom. Another factor affects the dinar which is that the largest category of banknotes is 25 thousand Iraqi dinars. This makes it the Iraqi currency is attractive for use in the economy of a primitive banking system and are often in cash transactions and discusses the central bank plans to delete the three zeros from the nominal value of banknotes to streamline financial transactions. This will end in itself to increase the actual value of the dinar since prices will be adjusted in line with the new procedure is that economic analysts contend it could lead to improved confidence in the dinar, which will strengthen its value at the end.

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