Thursday, 05-04-2012
Expert: deterioration of the currency national currency would hurt neighbors
Baghdad, Expert financial Abdul Hussein warned Radi affected Iraqi dinar exchange rate against the dollar because of the deterioration of the currencies of neighboring countries, through increased demand for the dollar and dragged from local markets, excluding the continuing phenomenon of drain hard currency of the country that the Central Bank control of all Iraqi banks.
He said Radi (News Agency news) on Thursday: the Central Bank of Iraq totally dominant on the phenomenon of withdrawing US dollar through the current monetary policy supportive of Iraqi dinar and based on a solid base of hard currency reserves, which stood at more than 60 billion dollars, warning of the vulnerability of the local currency to the currencies of neighboring countries deteriorated US dollar through increased demand for buying US dollar Iraqi markets.
He added: the variables that occur in exchange rates of US dollar neighbors affect Iraqi trade because it relies on imports from those countries, as a result of the absence of domestic production, stating that Iraq does not have anything by outward excluding oil, influenced by any change in economic or neighboring countries.
The local currency for Iran and Syria suffers a significant deterioration in the value of the US dollar as a result of the political circumstances and the international economic threats.
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