iraqi dinar news april 23 2012

iraqi dinar news april 23 2012 : The deputy governor of the Central Bank of Iraq (CBI), Mudhhir Mohammad Saleh, has revealed that Iraq's foreign currency reserves, estimated at $54 billion, have declined by $10 billion since last November, and that the money was used by banks, money-changers and money-transfer companies in support of the Iranian and Syrian economies, which are subject to sanctions. He asserted that speculators have exploited the monetary crisis in the two neighboring countries to make a quick profit. The rush to buy dollars has caused the Iraqi dinar to lose 11% of its value against the dollar, despite considerable foreign currency reserves available to support it.

CBI auctions dollars five days a week, Sunday through Thursday, with no restriction, until recently, on the quantity of dollars sought by buyers. As a result of speculators' demand for dollars, the quantity of auctioned dollars has spiked overnight, from $117 million average per session to $151 million. Advisor to the Iraqi prime minister Fadhel Mohammad has blamed the central bank, naming its auction policy as the main reason behind the decline in the value of the dinar against the dollar, from 1116 dinars to 1128.5 dinars to the dollar. read more For the latest updates PRESS CTR + D or visit Stock Market news Today

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