Indicators on the seriousness of the Iraqi dinar because of the security crisis and the government strongly reassure reservists
Qurtas News / Baghdad
warned experts in finance and economics, on Thursday, that the security incidents in the country has made the recovery of the Iraqi dinar has been very slow, while reassured the government agencies that do not fear the local currency because of the strength of the reserve and monetary and fiscal policies currently being followed.
said financial expert useful Ghanem’s "Qurtas News", that "There is no doubt that any disturbance of security or political gripping the country have side effects on the economy, especially the Iraqi dinar, which is still struggling with other currencies for years in order to survive.
" and explained that "the security events that take place now in a number of provinces of North and West have had a negative impact in the first of her days, but procedures stakeholders of the central bank and the government was very quick and Tlavt danger,
but that did not prevent the development of the dinar at risk, "noting that" the citizens and business have become aware of the inability of the dinar on respond to such a crisis.
" and between Ghanem that "citizens and businessmen are resorting to other alternatives to protect them from the risk of loss and is not relying on the dinar, real estate or other property,
but transform the Iraqi currency to the dollar and gold jewelry, but the dollar is the favorite now than gold because of ease of transportation and save it.
" and continued that "the overwhelming response to buy the dollar after security events certainly raise the exchange rate of the dollar against the dinar, the central bank was forced to sell large amounts of it in its daily auction to cover the market need of hard currency,
" adding, "but the increasing demand for Dollar significantly poses a threat to the Iraqi dinar.
" He Ghanem that "the merchants forcing their customers adults to buy their wares dollar is another reason for the increased demand for the dollar," warning that "smuggling currency out of the country are also caused embarrassment to the dinar against the dollar
and here comes the role of the government to control the market through its teams of inspection, laws and regulations determined by forcing traders to deal in dinars
" among financial expert Faisal Wasti that "jerks against the dinar him slowly recovering after it was advanced significantly forward against the currencies other.
" He Wasti in his speech for "Qurtas News", that "the policy pursued by the government, whether the Ministry of Finance and the banks or the central bank, need to be re-examined because it is found the economy, especially the Banking Act and the mechanism used in the auction currency.
" He stressed that "the general index of the stock market experienced a remarkable decline in the number of dealers of non-Iraqis in it, especially in the banking sector, where he arrived decline to about two billion dinars, or about 1.0009 million thousand dollars,
equivalent to a decline of 66% from the same period in 2012 where amounted to handle six billion and 400 million dinars, or about five million and 300 thousand dollars.
attributed the cause of decline in the volume of investment in the stock exchange of non-Iraqis to "the deterioration of the security situation during the current year, which greatly affected the size of the turnout.
" , a view consistent with a member of the Finance Committee in the previous parliament Najeebeh Najib, Affirming that "the security situation in the northern and western regions of the country directly affected the construction of the economic outlook and the basis of economic feasibility and created some sort of recession.
" she said in her speech for "Qurtas News", that "the economic outlook have made fear assigned to economic processes that impact directly to investment demand and then the desire to invest, which fall in earnest. "
She Najib that "constant threats of Odh security is the direct cause for the creation of economic recession as the low investment projects reduces the demand for labor, which increases Unemployment rates are influential and effective and then the lack of access stomach spending and lower consumer demand leads to the accumulation of goods, especially consumer of them.
" but denied the Iraqi market for securities, denied that the security situation the last reason behind the decline in trading volume, stressing that the security situation does not have any impact on trading and transactions in the market.
said Chairman of the Securities Abdul Razzaq al-Saadi, in his interview for "Qurtas News", "The current situation in the provinces of Nineveh and Salahuddin, Anbar and areas of northern Diyala did not affect trading and trading in the stock market,
" explaining that market "oscillates rise and fall like any other market or can be linked to declining security conditions."
In turn, the Central Bank of Iraq, the Iraqi dinar strong strongly reserves "and can not be affected by the attacks vicious terrorists.
" said Central Bank Governor Abdul-Basit Turki, in his speech "Qurtas News", "cash reserves in support of the Iraqi dinar has so far 70 billion dollars and this can be for him to support the exchange rate of the dinar against the dollar.
" and pointed out that "Alahitati cash believer largely because it is not in Iraq but in the states and other banks in Europe and other countries, it can not be affected by the terrorist attacks, and the reserve of gold also has a significant impact on keeping the economic balance in the country.
" He Turkish that "the arrival of gold reserves until the first half of this year to 90 tons would be motivated to diversify reserves of Iraq and the lack of rely solely on the currency, so that there is a cash reserve and went great they can keep the country’s economy. "