Central Bank of Iraq: the high price of the dollar bubble will disappear gradually

12/04/2012 14:07

BAGHDAD / Aswat al-Iraq: Iraqi Central Bank attributed the reasons for the low exchange rate of the Iraqi dinar against the U.S. dollar in local markets, to the high demand at large, while considered the height of "bubble will disappear gradually", he warned that its reserves of hard currency will be unimportant In the event of continuing high demand for hard currency.

The deputy governor of the Central Bank of the appearance of Mohammed, in a press statement received by the Agency (Voices of Iraq) that "the Bank has become a market-funded trade of neighboring countries is the pump is not expired for the dollar," attributing the reasons for the high exchange rate of the dollar against the Iraqi dinar in the local markets to "Operations withdrawal of large and abnormal selling during the sessions conducted by the bank every day."

Saleh said that "this increase in the local market a bubble will disappear gradually," noting that the bank has procedures to ensure that dispel the bubble through the "Find the students the real currency of the citizens to meet the requirements of the Iraqi economy, and not ghosts and unknown."

Saleh warned that "the central bank's reserves of hard currency will be non-significant despite the size of these reserves in the event of continuing high demand for hard currency," asserting that "there is an increasing demand for hard currency for the benefit of the economies of other countries."

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