Banker: crisis political threatens to drain out the dinar and the dollar declining

Published: 3: 46 am, December 7, 2012 by nizar views: 58

Baghdad (IBA).
The Director of the Association of private banks directed Abdul Aziz Hassoun, Iraqi dinar exchange rate against the US dollar to the deteriorating political and security events and the continuing auction currency using the old mechanisms to raise sales and mechanical supply and demand.

Hassoun said in a statement to the independent press agency (IBA) "that worsened the political events in the country pay most people to convert their money abroad in the currency of the dollar for migration to a more secure and stable makes the demand for the dollar is increasing dramatically and less vulnerable and thus purely price rises before the Iraqi dinar.

He added: the auction currency the Central Bank is still based on the old non-sophisticated mechanisms with global development what makes a few Central Bank sales of the dollar.

He noted: the decisions taken against the Central Bank made the exchange rate fluctuate and does not settle on one price, lack of control over the exchange rate of the dollar against the Iraqi dinar.

Hassoun said: you must have a free currency market and leaving dealers and not subject to decisions that lead to poor Iraqi currency versus the u.s. currency.