Calls to Address Dinar Rate Fluctuation

By John Lee.

The First Deputy Chairman of the parliament has reportedly demanded that the Central Bank of Iraq address the fluctuating exchange rate of the Iraqi dinar against the US dollar, and disclose the reasons.

Shafaaq News says that Qusay al-Suhai chaired a meeting of the Finance Committee, in the presence of central bank governor Abdul Basit Turki, in which he stressed the need to identify procedures taken by the management of the central bank to deal with the fluctuation of the exchange rate.

He said it was important to know the real reasons that led to this instability, “which will negatively affect the lives of the Iraqi individual”.

On Sunday, the Presidency of the parliament announced its full support for the actions that the central bank intends to take to ensure the stability of the Iraqi currency, following what it describes as its decline to the lowest level in two years.

The value of the Iraqi dinar has declined gradually over the past weeks to reach the per dollar price to about 1129 dinars after it was stable at 1120, which is the highest rate the exchange rate reaches during the past two years.

(Source: Shafaaq)

3 Responses to Calls to Address Dinar Rate Fluctuation

  1. jassim May 15, 2013 at 7:52 pm #

    Governor Sinan Al-Shabibi left the exchange rate at 1196 IQD/USD with relative stability. He clearly knew what he was doing.

    Since then we have Abdulbasit Turki Saeed backed Qusay al-Suhail in charge and the exchange rate depreciated to 1292 IQD/USD.

    Given the way they both planned the scandalous take over of the CBI in October 2012 and the fact that Abdulbasit Turki Saeed is still the Head of BSA it is clear that they both need to cover each others failures.

    It is a shame that a prestigious institution like the CBI has lost its independence because of people like Al Maliki, Qusay al-Suhail, and Abdulbasit Turki Saeed.

  2. Stew May 15, 2013 at 11:51 pm #

    I think it’s worse than that…

    “5-14-13 Zawya / AIN / Baghdad – The price of the US dollar in the local markets reached 1,300 Iraqi dinars, compared to 1220 dinars in mid-March and represents a significant reduction of the Iraqi dinar’s value since the two last years.”

    Even the CBI web site tracks and post the “market rate”. Scroll to the bottom of the link and you’ll see the CBI says the rate is 1288 as of now.
    http://www.cbi.iq/documents/CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf

  3. Coozbee May 16, 2013 at 7:17 am #

    Too bad you can’t cash in before it tanks completely. George Bush and Dick Cheney are laughing their As* off. Biggest scam ever, and whats the worst part of it is the Iraqi government is part of the scam. All those lives, efforts, materials and equipment gone to waste because of a personal vendetta, that proved absolutely NOTHING!!! Maliki now is ill, or supposedly ill. The charade is over with, now he wants OUT, before the people of Iraq torture him, like Ghadafi and his people. The GREED never ends. And then they act like they have done nothing wrong. Malaki, you and your cabinet are doomed, and they will find out what you and your cronies have been doing for the last 12 years. Is is worth your life, to have all those US dollars, but you won’t be able to spend it. Just ask those other leaders, who were killed by their own people for betraying them and making promises of democracy for years to come.