Dollar accounts for 40 percent of trades in Iraq
29.12.2011 | (Voice of Iraq) - Add comments - Baghdad - Naseer Goldfinch - Dar Al-Hayat, Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh in an interview to «life», said the persistence of dollarization of the Iraqi market and the duplication of transactions in different currencies, something negative needs to implement a program capable of restoring confidence in dinars, adding that the dollar accounts for 40 percent of local trading. and said: «the Iraqi market is not removed from the market Almdolrh, and this negative phenomenon means that there are flaws in the domestic economy and international relations, and lead thus to the deterioration of the currency market locally and abroad ».
He pointed out that recent estimates reported that between 35 and 39 percent of transactions are in foreign currencies in local markets, adding that large transactions such as buying houses, cars, gold held in dollars, and small in dinars. He said: «the problem of dollarization due to a lack of confidence in Iraqi dinars, which became the currency very strong and is trading up in the markets of neighboring countries, and the reason for this is due to a malfunction in the structure of the Iraqi currency and the weakness of composition, and higher paper we have is from the category of 25 thousand dinars, equivalent to $ 20 and, therefore, cash payments large need for larger groups to facilitate the payment and pregnancy, especially since Iraq has so far preferred cash handling unlike the countries of the world that have crossed this stage and use payment mechanisms that are easy and simple, such as cards, instruments and devices of electronic payment and other ». and the steps taken by the Central Bank to resolve the problem , Saleh said that «the treatment, the most prominent lies in the application of the deletion of zeros for the restructuring of the dinar and the equation of the dollarization phenomenon». In regard to the deal in the Iranian and Kuwaiti dinar and the Saudi riyal, said: «It is within the scope of transactions tourism, due to the convergence of the border and the presence of tourists make these transactions as a kind of facilities ». The Iraqi academic as Antoine, the «natural in all countries of the world is that the transactions are in the national currency, this would be the best, and restricts the use of other currencies in foreign dealings, but the Iraqi citizens accustomed to dealing with the rest of currencies, and you see an observer of the movement of prices and it has become phenomenon will continue as it is no longer structured dinar ».
29.12.2011 | (Voice of Iraq) - Add comments - Baghdad - Naseer Goldfinch - Dar Al-Hayat, Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh in an interview to «life», said the persistence of dollarization of the Iraqi market and the duplication of transactions in different currencies, something negative needs to implement a program capable of restoring confidence in dinars, adding that the dollar accounts for 40 percent of local trading. and said: «the Iraqi market is not removed from the market Almdolrh, and this negative phenomenon means that there are flaws in the domestic economy and international relations, and lead thus to the deterioration of the currency market locally and abroad ».
He pointed out that recent estimates reported that between 35 and 39 percent of transactions are in foreign currencies in local markets, adding that large transactions such as buying houses, cars, gold held in dollars, and small in dinars. He said: «the problem of dollarization due to a lack of confidence in Iraqi dinars, which became the currency very strong and is trading up in the markets of neighboring countries, and the reason for this is due to a malfunction in the structure of the Iraqi currency and the weakness of composition, and higher paper we have is from the category of 25 thousand dinars, equivalent to $ 20 and, therefore, cash payments large need for larger groups to facilitate the payment and pregnancy, especially since Iraq has so far preferred cash handling unlike the countries of the world that have crossed this stage and use payment mechanisms that are easy and simple, such as cards, instruments and devices of electronic payment and other ». and the steps taken by the Central Bank to resolve the problem , Saleh said that «the treatment, the most prominent lies in the application of the deletion of zeros for the restructuring of the dinar and the equation of the dollarization phenomenon». In regard to the deal in the Iranian and Kuwaiti dinar and the Saudi riyal, said: «It is within the scope of transactions tourism, due to the convergence of the border and the presence of tourists make these transactions as a kind of facilities ». The Iraqi academic as Antoine, the «natural in all countries of the world is that the transactions are in the national currency, this would be the best, and restricts the use of other currencies in foreign dealings, but the Iraqi citizens accustomed to dealing with the rest of currencies, and you see an observer of the movement of prices and it has become phenomenon will continue as it is no longer structured dinar ».