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System of exchange rates in Iraq: a diagnostic model of the reality of Iraq | ||
| Iraqi Journal For Economic Sciences | ||
| Article 1, Volume 0, Issue 25, 2017, Pages 2-13 | ||
| Author | ||
| Dr.Mouhe r Mohammed Saleh | ||
| Abstract | ||
| Exactly seven years ago, the Iraqi Central Bank has established a formal centralized market for the exchange, holds the sale and purchase of foreign currency according to market mechanism. Promised at the same time vital area and the president to intervene in monetary policy and exchange market to stabilize in a manner in which the desire to keep pace with economic growth of the country. After more than two decades the country experienced in the system of exchange multi multiple regime, amounted to the exchange rate of more than thirteen rate adopted by the economic policy during the period of the previous regime, ranged between the rate of official Iraqi dinar exchange rate of 3.2 dollars per Iraqi dinars, and the rate official last increased on the 1450 dinars to the dollar, reflecting There is a wide spectrum between these two poles of bipolar extremists official exchange rates. Contrast, there was a parallel market exchange, a hybrid configuration and deals at rates of exchange of the Iraqi dinar vary depending on the category of Iraqi currency and method of printing, but that market was the market leader in determining the exchange rate according to the floating absolute or full exchange purely floating and on this basis was established drainage system infected with a lot of distortions due to pluralism as well as various official exchange market, and prices that determine it. It was a fixed exchange systems in support of multiple exchange rates are not realistic for goods and services supplied and denominated in foreign currency, while the market was affected by commodity inflationary waves come from the parallel market exchange rate for the floating lead. Punctuated by a monetary policy devoid of any capacity to intervene in that market and ease the demand for foreign currency at the almost absolute lack of foreign currency to display. | ||
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