The rise in the value of the dinar strengthens international confidence in the Iraqi economy

11/3/2018 12:00 am


I mentioned it to local markets
Baghdad / Hussein Thugb
The recovery of the Iraqi dinar and the stability of the exchange rate leads to the strengthening of international confidence in the national economy, where local markets indicated an increase in the value of the Iraqi dinar against the dollar and conflicting views on this and came the opinionof the Central Bank to be the subject.
Director of Operations at the Central Bank of Iraq, Mahmoud Dagher, said that "the improvement of the value of the Iraqi dinar against the dollar recently, is not a new phenomenon, but the outcome of the work continued for a full year, was through the identification of large measures on the process of currency presentation and address violations of demand. Classification and audit and noted that "over the past year we were able to achieve great stability of the upper and lower limits to the dollar either Aldnyar, and then we moved to a new situation this year , represented a new classification procedures adopted and auditing, as well as the offer." Greater coverage and added that " it is hard to be one variable indicator in this change , there are several measures and cover greater demand for the dollar, as well as emphasis on control over the sales operations with banks and regulate this process accurately based on classifications. Among Dagher said the improved performance of the economy And the shift from the state of war to the state of peace had a reflection on the performance of different aspects of the Iraqi economy, including clear monetary policy, coincided with the control measures and noted that "the demand for the dollar through the window of sale has not changed, but that happened, Synchronize application with actions set, Lena said , "There are inconsistencies in the markets sometimes indicate price levels relative." He said: " The official price target of $ is 1200 Dnyar for each one dollar , " pointing out that " the gap in the exchange market in the presence of a fixed price adopted by the central is contained in Many economies, an acceptable change. " Working towards achieving the goal and stressed that the year 2018 is witnessing additional measures aimed at addressing the gap in the exchange rate of the dollar against the dollar and continue to work on achieving the goal, and in the absence of a shock of different types lead to confusion of the market, To deal with any difference and also able to improve the performance of the purchasing power of the national currency Of and upgrading service to the citizen, and that some 28 million Iraqis will benefit from improved purchasing power and must work economic policies combined classification electronic and alerted Dagher to the Central Bank covers the demand for the dollar officially and has not changed from what it was during the past year, according to the request of banks, according to Altsnic are Cover the demand for the dollar and the process is conducted according to the electronic classification, and the bank, which aims to increase demand, it is the upgrade to add. The cash reserves of Iraq exceeded (50) billion dollars, and it is time for banks to diversify their portfolios through the settlement of salaries through ways to attract traders and importers who are more familiar with the market, and should work in this direction in the future. The steps of the development of the Executive Director of the Association of Iraqi private banks Ali Tariq stressed that "the mechanisms of the Association supports efforts to stabilize the exchange rate and the strength of the Iraqi dinar, which has gradually recovered during the last period." Tariq pointed out that " For the work of the Central Bank of Iraq, which took on the shoulders of a number of measures that strengthen the reality of the financial sector, and thus strengthening the value of the exchange rate of the dinar, "noting that" the promotion of human resources is the most important steps to develop the field of banks and advanced services, which spread rapidly, Integrated with these machines annually To enhance the efficiency of employees in the banking sector, both public and private, which in turn strengthens the strength of the financial sector in all its details. He pointed out that "the stability of the exchange rate is an important step in support of the national economy and increase international confidence in all its joints." The monetary policy of the economist Samir al-Nusairi had pointed out that the great and extraordinary efforts undertaken by the Central Bank of Iraq during the past two years a significant impact in the development of monetary policy tools and the specific procedures of the specialized departments in the Central Bank and direct supervision of the banking sector and its assessment and classification in accordance with international standards, The internal banking of banks which supported the implementation of the plans of the Central Bank has contributed significantly to the recovery of the Iraqi dinar compared to the exchange rate of the US dollar. He stressed that "the Association of Iraqi private banks and urged the departments of banks on the need to support the directions of the Central Bank in the service of the national economy and harness the potential of private banks to achieve the central goal is to work on the recovery of the Iraqi dinar and raise its monetary value and purchase against the US dollar," noting "the importance of working on the continuation of the situation Recovery and to take advantage of the economic and investment openness from the countries of the world to Iraq. "