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Diraq Iraq News : Iraqi markets see demand for USD fall, Dinar Up; IQD expected to reach high value comparable to USD in the future

Posted: July 2, 2013

Timid rise in the value of the dinar was accompanied by a decrease in demand for the dollar

Experiencing the local market at the present time high shy of the Iraqi dinar against the dollar amid expectations of a number of companies and shops owners banking increase in the value of the Iraqi dinar in the coming period because of the touched lack of demand for the dollar and keep the citizen because of belonging to the local currency.

Says the director of Al Anwar banking and financial transfer in the Harthiya Mohammed owner that “demand for the U.S. dollar fell to a remarkable”, noting that the citizens preferred to keep the local currency reverse of what it was in the past.

He adds in his speech to the extent that “the decision to remove Iraq from Chapter VII of the impact on our business since the first day price of the dollar fell dramatically.

For his part, saw Muhammad retribution SAB replace banking in the Mansour district to the extent that “the increase in the value of the Iraqi dinar natural, so why is owned by Iraq of hard currency abroad, noting that it funds the sale of oil received by Iraq in U.S. dollars, and the abundance of this currency increases the drop height of the dinar.

And retribution expressed happiness increase the value of the Iraqi dinar, albeit a slight rise somewhat, but it is expected to reach a value to higher limits comparable to the U.S. dollar in the future.

And retribution student based on the economic side of the country, including the central bank to prepare for any sudden movement in the high or low value of the dinar on the grounds that the decision is still new and can not be known to the dollar fixed price at the present time.

Within likely Fadel Mayali, an Iraqi trader to rise more the value of the Iraqi dinar after the maximum speed which rose due to remove Iraq from Chapter VII, stressing that the Iraqi trade depends mainly on the dollar may not get upset at the outer level.

Mayali said to the extent that “the constant value of the Iraqi dinar previously is 118,000 dinars for $ category percent

And that the rise in previous periods was a result of the political conditions expected to return to that value.
Mayali stressed the need for the government bodies are ready for market movements and exchange rates against the dinar.

In the meantime, expect the Ministry of Commerce and the Federation of Chambers of Commerce to see the Iraqi market in the coming months mobility qualitatively in the buying and selling, especially after the withdrawal of Iraq from Chapter VII.

Khairallah says Hassan, Minister of Trade in a press statement: economically Iraq be the day after his release from Chapter VII economic free in dealing with many countries of the world

With adds Jaafar al-Hamdani president of the Federation of Chambers of Commerce: Yesterday was international companies fear many from entering Iraq and the capital was worried about a lot of Iraq, today believe they stage an opportunity for all Iraqis, especially the private sector in order to build a partnership project with the Iraqi government in the process of construction and investment.

In the meantime explained Mahmoud Laithi, the member of the Federation of Chambers of Commerce: we must unite and fight terrorism and fight corruption and the corrupt even stand up the Iraqi economy is good.



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