The appearance of Mohammed Saleh: high dollar returns to restrict the central bank to sell limited quantities







Agencies -


Economic Adviser to the Prime Minister attributed the appearance of Mohammed Saleh rise in dollar prices in the domestic market, the central bank to restrict the sale in limited quantities, according to the text of the 2015 budget law.

Saleh said that "the quantities sold of hard currency and the US dollar from the central bank if they meet the demand for the dollar rose because the bank is restricted by law to sell financial budget amount of $ 75 million and can not overcome these quantities."

He explained, "There is a deficit in the balance of payments and the Iraqi We export our exports of oil to the dollar offset by the continuing high demand for import of goods and services purchased in hard currency from the drains of foreign currency."-[referencing buying power here]

Saleh pointed out that "companies to buy dollars from the central bank at any Cheap No price reflects the economic situation as well as the official dollar exchange rate does not reflect the state of the economy and thus the gap get in the exchange rate."

He said that "the solution my personal opinion, be a formal reduction of the dinar and takes reasonable price have the ability to control the levels of liquidity larger because the current value of the dinar against the price Aldlar Aahakq to it."

He said the "dollar sale at a high price will pull dinars more and thus the control of the application meant to last the price and we mean here financed goods and services in foreign currency."

And witnessing the dollar in the domestic market, a remarkable increase saluting exceed by more than 5 to 6000 dinars for the central bank rate in its daily auction.

Article 50 of the Budget Law for 2015 that "the central bank is committed to identifying sales of hard currency [dollar] in the daily auction ceiling does not exceed $ 75 million a day with the exercise of justice in the sales process, and calls for the participant bank in the auction provide goods enter documents and statements of tax settling accounts and input Alkmarki within 30 days from the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the dollar.