Economic reports : Central Bank to intervene to stop the decline of the dinar against
Economic reports : Central Bank to intervene to stop the decline of the dinar against father and Laar
MENAFN : The Central Bank of Egypt to the American dollar decline m Iraqi dinar according to the program by the Ministry cut across i conjunction with the Central Bank for the purpose of eliminating the preparer Latt inflation in the domestic market and the adoption of the policy new cash in a bid to improve the rate of the dinar Mega but the dollar after he purchased in the auction of Damocles j inaugurated in the Central seven Iraqi banks and a price key to the yacht by the auction sale Wednesday 14 30 and the purchase price of 1428 dinars to the dollar.
He said the central in a statement that it sold the amount of six million and 500 thousand He bought the amount of $ 1 million and 930 thousand dollars. The Elbe Jan that the quantity sold abroad six Mullah Yin and $ 500 thousand reveals reluctance of the local market for u behind the dollar and Osaka banks purchased for the purpose of conversion He added that the cash sale price is 1441 dinars to the dollar 1. On the other hand, Minister of Finance said that the Iraqi government e expects the increase in the price of the dinar by 13% against the American dollars at the beginning of 2007, after raising the rate of interest to curb the use of the dollar in the economy.
He said the government aimed at the exchange rate to 126 0 dinars to the dollar in the first three months of 200 7 from the current level of 1500 dinars to the dollar, He pointed out that the budget for 2007 and 41 ml of size Yar dollars at the exchange rate assumed in 1260 dinars against father Laar, and that the budget will be established on the basis of the rate of 1260 dinars. a per dollar and 50 dollars per barrel of oil.
He added that the Central Bank has started to raise interest rates from in 12% to 16% and that there were no immediate plans to further raise a for the benefit and that the Iraqi dinar is used instead m n the dollar also increased the value and will contribute to alleviating inflation, which now stands at 56%. noting that the aim of raising interest rates is to promote a for dinars against the dollar and curb inflation and to strengthen the confidence of a for the Iraqis in the local currency.
older i think but still good and referring to budget of 2007
Strike expected increase dinar rate
Here is article from budget at 1260 + $ 0.50 oil, was asked for it!
Strike expected increase dinar rate
Baghdad December 11 December / Reuters /-Minister said a for the financial Iraqi government expects that the increase in the price of a for dinars by 13% against the dollar by Awa Fal 2007 after raising interest rates to curb the use of dollars in the economy and curb inflation.
The Minister informed the statement Baqir Jabr strike today, the Reuters two that the government aimed at the rate of exchange to 12 60 dinars to the dollar in the first three months of 20 07 from the current level of 1500 dinars to the dollar.
He said that the size of the budget in 2007 to 14 billion dollars assumes the exchange rate at 1260 dinars to the dollar host a that the Cabinet would discuss the draft budget on Els a decision in the hope of lifting to the parliament next week.
He said in an interview that the budget will be based on the price of 12 60 dinars and $ .5 dollars per barrel of oil with you Age 1.7 million barrels per day.
He added that the Central Bank started raising the interest rate of 12 P j% to 16% currently.
Jabr said that there were no immediate plans to further raise Alfad e. According to the bank's Internet site has grown S. Er prime rate to 16% from 12% P j November 8th November.
He said that the aim of raising interest rates is to promote religion dollarization left to fight and curb inflation and to strengthen the confidence of Abra Kien in the local currency.
He said that any economy depends on the dollar is weak.
He added that the Iraqi dinar is now used instead of a dollar value increase and will contribute to the all eviation of a for inflation, which now stands at 56%.
The rate of inflation in Iraq 76.6% in August August.
But the sectarian violence claiming the lives of more than 100 Iraqi Yu Mya and threatens to plunge the country into civil war. Widespread violence and prevent the entry of foreign investments in the oil-rich country.
A report recently issued by the United Nations that rates a unemployment and poverty are escalating in Iraq. Corruption was also rampant and the state-owned industries fulfilled recognizing efficiency. Oil is the main source of income but sector suffers from years of mismanagement and violence.
The Iraqi minister said that there is also a psychological terms Iraqis need to trust in the currency when m which will approve or high.
He also warned the International Monetary Fund, which is supporting the Baghdad agreement conditional loan worth 685 million of that aggravation Altdkh m may undermine the economy and hamper the goal of improving conditions brilliance Shih Iraqi citizens.
The government is also facing another problem is the high contagious l unemployment, especially among young people. Officials say that the unemployment rate between 30% and .4%.
Jabr said he was not worried about the repercussions of possible negative Laar Tva dinar because the Central Bank reserves Ka to support the currency.
He went on to say that the dinar is strong and the Central Bank of Abra Afterward one of the best central banks in the region with the exception of a the central banks in the Gulf as it has reserves estimated Ha 15 billion dollars of hard currency to the exclusion of Damocles Tom is dedicated to the support of the dinar