currency auctions main reason for dollar's stability in Iraqi market
Economist: currency auctions was the main reason for the dollar's stability in Iraqi market
Baghdad (IBA)... Economist Dr. Hilal altaian that the Central Bank of Iraq under the policy of open market currency auctions conducted by four days per week, and this was the main reason the US dollar stability in alnhalet markets.
"Altaian told the independent press agency (EPA) Central Bank of Iraq was selling a total of 150 million dollars at auction, but due to the events of neighbouring countries the Bank sales grew to 400 billion dollars per day, thus the Bank officials apparently felt there was a growing demand for dollar-buying.
And continued as a result of increased demand the Bank took action to stop selling the dollar for days, in addition to other conditions other stable is led to this increase in demand, hence the exchange rate rose from 120 to 123 and then to 130,000 dinars to dollars.
And between altaian those reasons led to the rise of the dollar, but officials at the Central Bank, they make up for it, leading to lower the price of the role to 128,000, but that does not mean the absence of control over the Bank, particularly that independent financial management law decisions and public debt number (56) of 2004, but nevertheless the right House of Central Bank control.
On the subject of linking Central Bank economist believes Cabinet that under the law the Bank independent administrative institutions, and his house is, and therefore control by Parliament just (finally)
"we aspire in the near future to the return of Iraqi dinar to what it was in the seventies and the beginning eighties against the dollar" - Dr. Shabibi
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