Dinar Iraq and Dong Vietnam :Tomorrow Press / Baghdad: Parliamentary Finance Committee confirmed on Saturday, no worries on the value of the dinar against the dollar, indicating that the cash reserve to cover the dinar is liable to bring the necessary stability of the exchange rate for a long time.
The Commission decision Ahmed Hama Rasheed for “tomorrow Bs”, that “the measures taken by the Central Bank of Iraq and the private banks which capable of achieving exchange rate stability and returned to a normal level after he had witnessed a rise during the first quarter of this year because of Article 50 of the budget, which law The central bank has committed to sell a specific amount of the dollar to the markets, which can accommodate twice the amount specified in it. ”
He added that “the central bank recently said that the reserves are sufficient to cover more than six months of imports, which is higher than what is normally required to maintain the exchange rate, so there are no worries on the value of the dinar against the dollar,” stressing that “the measures taken by the Central Bank, which contributed significantly in reducing the size of inflation during the last period. ”
He stressed Rashid said “Strengthening the reserve currency basket extra amounts of gold would also be granted the dinar extra power enables it to withstand the fluctuations of world oil prices,” noting that “the more diversity cash reserve I told influences directly the drop in oil prices on the value of the currency.”
The Article 50 of the Budget Law for the current year has committed to identify sales of the dollar in the daily currency auction sale does not exceed the ceiling of 75 million dollars a day at a time when the market absorbed about $ 200 million, the Federal Court has canceled this paragraph in future budgets Iraq.
Economists and politicians believe that the Iraqi currency prone to “collapse” and its value against the dollar always seesaw, while others say that these fears just speculation unrealistic, the fact that the dinar propped strong reserves deposited in the Central Bank, along with the largest reserves a world of oil in Iraq.
This is an opinion piece that “the Iraqi dinar fine and remains strong despite the financial crisis plaguing Iraq, talking about the collapse of the Iraqidinar, is premature.”
“The dinar is still strong for hard foreign currency, a recuperative against the dollar,”
It is recuperative we watched them correct the market spread, they do have control.
This opinion is stating the dinar isn’t strong because everything is based on oil sales, HOWEVER we are witnessing the shift in revenue generation via loans for the private industry.
IF Iraq hadn’t done that, then I suppose the dinar could lose value, BUT that should not happen now with all the initiatives the government did not take a lesson from the crises experienced by Iraq, particularly the crisis in 2008, as it was unable to diversify sources of income and has been dependent on oil only.
[When they talk about being put on the black list, is that because they fail to pass the Laws that are needed for the MR or the laws that will help the process of the MR?]
IMO…it meant that if they failed to put in place the necessary tools to combat money laundering issues they would find themselves on the black list…again IMO…now that they have passed their Anti-Money Laundering Law…I think the black list is not so much a worry.
[…i think the real eye opener is going to be what laws are they gonna pass after EID…that may be the turning point in the speed of this MR i pray its sooner rather than later and Iraq does something with their currency.]
Yes indeed…watch for it…after the holiday…could be exciting and hopeful.