TRIPOLI, March 17 (Xinhua) — The Central Bank of Libya is studying adjusting the local dinar's exchange rate after the rise of foreign currency exchange rate in the parallel market, a Bank official said on Saturday. "We have reached important results formulated as proposals to address the financial and …
Hence, there was a sharp deterioration of the energy balance, which resulted in a deficit of 4 billion dinars in relation to the 39.9% increase in imports … This situation significantly impacted the level of foreign currency reserves and consequently exerted strong pressure on the dinar exchange rate.
In light of the current globalization system in all countries of the world, and the liberalization of the bulk of global trade, and in light of the movement of money and international currencies between the countries of the world in line with the movement of international trade between countries,
the acquisition is the term reserve and facilities for these activities and linked to the equation of return and risk, Money is moving among countries for investment, so there is a so-called foreign investment.
And that one of the main risks to investment is the so-called exchange rate among them in the world, because what matters to foreign investors is to ensure that the loss due to instability of the exchange rate (the so-called evaporation of the actual value of the currency) and thus non-operating losses that may result in revenue or Due to the decline in exchange rates between them.
It is also known that the exchange rate is the rate on which the exchange of foreign exchange is based on the national (local) currency, the number of monetary units in which a unit of local currency is exchanged to another foreign currency.
The exchange rate in any country is directly linked to the reserves of foreign currencies in question, and therefore its close correlation with the volume of export activity of any country (because foreign exchange earnings).
The balance of payments balance (the balance of foreign trade and the balance of current transactions) is very important. The deficit in the trade balance necessarily leads to a decrease in the exchange rate.
Therefore, the stability of the exchange rate is linked to the export rate of any country in the world export trade volume and hence its foreign exchange income.
Will be available to them at any time.
This stability leads to stability in production inputs and products, as well as reducing inflation and stabilizing interest rates. It has a direct impact on the profitability of export industries and the cost of imported resources.
Hence, it is important to make the exchange rate stability a tool for controlling foreign trade in order to attract greater volume of foreign direct investment, because the reassurance of global investors on their capital and financial assets from the risk of erosion is a major attraction for these investments, as well as length of investment possible.
However, it is also necessary to bear in mind that the exchange rate is not a tool independent of other factors in the economy but that all macroeconomic policies must be consistent with one another, and the need to continue to direct the exchange rate to a uniform price between the official market and the
parallel market .
* President of the Association of Iraqi private banks http://www.alsabaah.iq/ArticleShow.aspx?ID=154181
BELGRADE (Serbia), March 12 (SeeNews) – Serbia's central bank said it bought 30 million euro ($37 million) from commercial banks on Friday to stem gains of the local dinar currency. The official exchange rate for Monday was set at 118.0453 dinars per euro, the central bank said in a statement after …
Baghdad / Hussein Thugb
The recovery of the Iraqi dinar and the stability ofthe exchange rate leads to the strengthening of international confidence in the national economy, where local markets indicated an increase in the value of the Iraqi dinar against the dollar and conflicting views on this and came the opinion of the Central Bank to be the subject.
Director of operations at the Central Bank of Iraq, Mahmoud Dagher, said that "the improvement of the value of the Iraqi dinar against the dollar recently, is not a new phenomenon, but the outcome of the work continued for a full year, was through the identification of large measures on the process of currency presentation and address violations of demand. Classification and audit and noted that "over the past year we were able to achieve great stability of the upper and lower limits to the dollar either Aldnyar, and then we moved to a new situation this year , represented a new classification procedures adopted and auditing, as well as the offer.
"Greater coverage and added that " it is hard to be one variable indicator in this change , there are several measures and cover greater demand for the dollar, as well as emphasis on control over the sales operations with banks and regulate this process accurately based on classifications.
And Dagher that the improvement of the performance of the Iraqi economy and the transition from the state of war to the state of peace has been a reflection on the performance of various joints of the Iraqi economy, including clear monetary policy.
Coincided with adjusting measures and pointed out that "demand for the dollar by selling window has not changed, but that has occurred, to initiate a relatively larger coverage on demand coincided with adjusting measures , " noting that "there are inconsistencies in the markets sometimes indicate price levels relative.
"He said: "The official price target of the dollar is 1200 dinars per dollar," pointing out that "the gap in the exchange market in the presence of a fixed price adopted by the central is available in many economies, an acceptable change.
"Work towards the goal
He stressed that the year 2018 witnessed additional measures aimed at addressing the gap in the exchange rate of the dinar against the dollar and continue to work to achieve the goal, and in the absence of a shock of different types lead to confusion of the market,
the Central is able to address any difference and also able to improve the performance of the purchasing power of the currency national and upgrading service to the citizen, and that some 28 million Iraqis will benefit
from improved purchasing power and must work economic policies
combined classification electronic and alerted Dagher to the Central Bank covers the demand for the dollar officially and has not changed from what it was during the past year, according to the request of banks, according to classification The demand for the dollar cover and take place in accordance with the classification process is electronic, and the bank that aims to increase the demand , it is upgrading Atadhavh attic.
He stressed that the cash reserve of Iraq exceeded (50) billion dollars, and it is time for banks to diversify their portfolios through the settlement of salaries through ways to attract traders and importers who are more familiar with the market, and should work in this direction in the future.
The steps of the development of the Executive Director of the Association of Iraqi private banks Ali Tariq stressed that "the mechanisms of the Association supports efforts to stabilize the exchange rate and the strength of the Iraqi dinar, which has gradually recovered during the last period."
Tariq pointed out that "the Association represents a source of support for the work of the Central Bank of Iraq, which took on a series of measures that enhance the reality of the financial sector, and thus enhance the value of the exchange rate of the dinar,
" noting that "the promotion of human resources is the most important steps to develop the field of banks and advanced services that The Association has prepared an integrated annual plan in this direction to raise the efficiency of employees in the banking sector, both public and private, which in turn strengthens the strength of the financial sector in all its details.
He pointed out that "the stability of the exchange rate is an important step in support of the national economy and increase international confidence in all its joints.
" Monetary policy
Economist Samir al-Nusairi had pointed out that the great and extraordinary efforts made by the Central Bank of Iraq during the past two years greatly influenced the development of monetary policy tools and the specific procedures of the specialized departments in the Central Bank and direct supervision of the banking sector and its assessment and classification in accordance with international standards,
The banks, which were supporting the implementation of the plans of the Central Bank, contributed significantly to the recovery of the Iraqi dinar compared to the US dollar exchange rate.
He stressed that "the Association of Iraqi private banks and urged the departments of banks on the need to support the directions of the Central Bank in the service of the national economy and harness the potential of private banks to achieve the central goal is to work on the recovery of the Iraqi dinar and raise its monetary value and purchase against the US dollar,
" noting "the importance of working on the continuation of the situation Recovery and to take advantage of the economic and investment openness from the countries of the world to
This is known in the G8 or G-20 economy, which generally manages the international economy in their favor first to export this type of trading in the currency.
When these processes flourish in fragile economies, the parties to the relationship become unequal and the fragility and developmental blockage is in favor of adults.
We now have a currency that is not previously known by the current monetary capital authority that has swept the development field and is keeping pace with the pattern managed and organized by the
giant economies .
What does this mean economically as results? First, the increase of non-wage earning forces is the main beneficiary and the consequences of this are very large as they help to increase the demand for hard currency is not known fate is not for import because it is open wide, and it is not to establish projects as our currency still enjoys excellent exchange rate.
The dollar is not for treatment, travel or study, and the other is the transfer of personal hooves.
Which accounts for 75 percent of the cash mass to this new currency market and the shift of the hard currency hoards to raise the value of the dollar at the expense of the dinar; as well as the monetary interactions that he ordered left to the monetary authority to deal with
As we are in a fragile economy and owe more than $ 100 billion and need to rebuild more than $ 120 billion, the flow of foreign currency has a direct impact on achieving our very urgent economic goals, and the profitable forces behind this new currency market will grow
to include All employees through consumer associations and even retirees and to sting their consumptive feelings in the discharge of accumulated droughts, these activities promote the stagnation of wages in general, which exacerbates poverty and decline
Therefore, immediate treatment at the court of monetary authority first and seriously think of strategic policies to preserve our monetary independence by developing skills and new products in banks within an eco-economic system that is positive to diversify our savings within our economic cycle. http://www.alsabaah.iq/ArticleShow.aspx?ID=153847
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