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CBI links higher dollar demand to price reductions
An official source from the Central Bank of Iraq (CBI) on Thursday attributed the higher demand for the dollar during the bank’s auctions to the marked fall in the prices of goods around the world and the appreciation of the Iraqi dinar.
“The surge in the demand for the dollar during the bank’s auctions is linked to the increasing demand from the private sector…,” a legal officer in the bank, Madhhar Mohammed Saleh, told Aswat al-Iraq news agency.
Saleh said that he expects gradual price reductions in Iraqi markets over the coming three months.
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Central: rising sales of the dollar caused by low commodity prices worldwide
adviser said the central bank, on Thursday, said the rise "large" in which the central sales caused the decline of the dollar prices of goods and commodities and a global rise in the value of the Iraqi dinar, and expected effects of the Iraqi market has been declining over the next three months.
The appearance of Mohammed Saleh told (Voices of Iraq), "The significant increase in the sales of the central canteen for the sale and purchase of foreign currency due to increased demand for the dollar by the private sector to implement the new contracts to meet local market needs," and after "the fall in the prices of food and goods global consumption and the high value of the Iraqi dinar against the dollar. "
The sales of the Central Bank this week has seen a big increase, the highest for the past two years, surpassing the T. $ 300 million during the meeting last Sunday, with no less than 200 million dinars during the rest of the meetings.
Central held five meetings to the sale of foreign currencies during the week in order to stabilize the exchange rate of the dinar against the dollar.
On the causes of the Iraqi market has not been affected by the continued rise in commodity prices which, Saleh explained that "the Iraqi people will notice a gradual reduction of commodity prices over the next three months" in view of the existence of "the economic cycle that is repeated every four months in the industrialized countries."
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