CBI raises the price of the Iraqi dinar against the dollar by 3.4%
Posted: January 19, 2012
19-01-2012 | (Voice of Iraq)
Sumerian News / Baghdad
Central Bank of Iraq, Thursday, for raising the price of the Iraqi dinar against the dollar by 3.4%, confirming that the decision would affect the exchange rate of the dinar against the U.S. dollar in the Iraqi market.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh in an interview for “Alsumaria News”, “the Bank worked to raise the prices of the Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign exchange by four dinars and by 3.4% to up to 1166 dinars to the dollar,” noting that “The nominal price of the dinar is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar.”
Saleh added that “current account payments to Iraq, where a large surplus relative to GDP, a rate of 5-8%,” stressing that “the surplus is a sign of strength and not vice versa as well as the existence of large reserves of the Bank.”
Saleh pointed out that “the dollar exchange rate in the Iraqi markets that recently experienced a slight increase will be affected by the decision of the Central Bank of Iraq,” adding that “the Iraqi dinar will be attractive in the Iraqi market.”
The Central Bank of Iraq announced on Thursday for his buy and sell price of 1166 dinars to the dollar during the auction, hosted by the daily participation of 23 banks, after it was sold and the purchase price of 1170 dinars to the dollar.
Sales from Central Bank of Iraq at the conclusion of its sessions for the current week slightly lower at about one million dollars to more than $ 199 million, compared to a Day on Wednesday, which reported a nearly $ 200 million.
The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh (January 14, 2012), intended to put all three categories after the large deletion of three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years.
As announced in favor of the (January 6, 2012) for high reserves of the Iraqi Central Bank foreign currency to the $ 60 billion for the first time in the history of Iraq, while stressing its ability to curb inflation if it came to ranking places, considered that current levels do not raise concern.
And the foundations of the Iraqi Central Bank as an independent institution under the law issued on the sixth of March of 2004, as an independent body is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the system competitive financial and independent.
It is noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays during which depends on those auctions.