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 Dollar trading phenomenon invading Iraqi markets

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Join date : 2012-01-03

PostSubject: Dollar trading phenomenon invading Iraqi markets   Tue Jan 17, 2012 4:53 pm

Topic has been read 309 times

BAGHDAD - Bashir Khazaal
many trading the U.S. dollar in most commercial transactions within the Iraqi market, especially after 2003, and became easy to be performed of any person regardless holdings of U.S. currency in the supermarket or even when the owners Bsttiyat of cigarettes, it is no longer limited to the shops banking which were approved, the work in the end Tsaininiat the last century and the other non-licensed doubled prepared hundreds of times, the owners of the business dealings in import and Altsidirwalakarat and stores of gold and shows sell cars and the rest of the other economic activities carried out most of their transactions in dollars instead of the Iraqi dinar, this is payment of most segments of society to adopt the phenomenon of dollarization, which reached the end transactions simple operations shopping, which led to the spread of the owners of Bsttiyat banking on the sidewalks and at entrances to commercial streets scattered throughout the capital Baghdad and the rest of the other provinces.
in the market for a nice trade conducted business transactions for buying and selling food in U.S. dollars and are these transactions, either by transfer of funds through banking offices, or direct delivery, which avoids most of the traders because of robbery, theft and robbery taking place between now and then.
Hamid Kazem dealer sells large quantities of flour imported to the contractors in the local markets attributed the cause of his handling of the U.S. dollar instead of the Iraqi dinar saying: Buy large quantities of flour up to hundreds of tons per month, the price per ton up to (one million and eighty) dinars, the price of 100 tons is equal to (one hundred million eight hundred thousand dinars, when we want to pay 200 or 400 tons, will be the process of counting classes Cash and carry them very difficult for the merchant and required time is not available in commercial transactions that are done very quickly through the book and Alqtoat that are most often through mobile phones, and therefore confined to the trading process on the dollar, which facilitates the process of receiving and delivery, the amount of $ hundred million Iraqi dinars turn into a 90 000 approximately $, and this amount can be carried by the merchant easily.
Haji Qasim Rezouki the owner of the distribution of material Alskraly traders secondary reason for the expansion of the phenomenon of the dollar, saying: convert the currency from the dinar to the dollar and vice versa may cost us in cumulative losses as a result of difference of exchange, which is remarkable when you exchange large amounts , a trader buys from the importer dollar and does not accept local currency, in the last week I bought 350 tons of sugar, the price per ton of the Iraqi dinar is 660 000 dinars, the equivalent of 33 000 dinars per bag when put to the consumer, the price inclusive of currency borne by the merchant and the citizen, because when I Buy 100 tons, for example price of 65 thousand dollars afford to take a cost-recovery amount in Iraqi currency and converted to the dollar again, which is witnessing a rise and fall slightly sometimes, but it affects the trader because it handles large amounts may not be noticeable in the dealings of the local markets, is not meant here that the Iraqi dinar in the subject of non-confidence on the contrary, but the limited categories of cash, limited to the category of 25 thousand dinars unfavorable to us as traders ease of handling local because of the size of the large amounts that Nkhtzelha in U.S. dollars, for convenience. shops banking number of shops banking approved in 1998 in all parts of the capital Baghdad, 360 office, in that year the government allowed the time the work of this office after it was prohibited trading activities of foreign currencies, and a doubling of this figure at the present time so that can not be counted not in Baghdad alone, but throughout the provinces of the activity of the economic movement and frequent trading of Finance, especially after the opening of trade on the various global markets. Hazem Abdul Redha shop owner for banking in the neighborhood of the banks said, we convert the cash Baldolarmen Iraq to countries like Syria, Jordan, Egypt and the Gulf states and vice versa and Nsthsal fee simple does not exceed forty thousand dinars for each (Book) (ten thousand Dolaramirka), shall be deposited the amounts we have return receipts received, and we convert the Iraqi currency to the dollar can benefit from doing business in abroad, and most likely will deposit the amount in dollars to avoid the difference of exchange, especially in large amounts. He explained that the appetite for the dollar continues to increase so that some of the staff and other professionals have become remit their savings to the U.S. dollar, rather than the dinar increase in security despite the exchange rate stability and the strength of the Iraqi dinar, which began to regain confidence gradually through our monitoring of the market, and at times pushing the price of the dollar due to the increase in demand to handle most of the markets, local currency, the U.S., even butcher or fishmonger or owner of the restaurant accepts to pay him the dollar, and sometimes exceed dealing Baldolaraly the dinar, and this causes confusion and in multiples of the national currency and reduces the moral worth when the Iraqi citizen. Albesttiyat banking Muhammad Massari's peanuts for the sale of cigarettes and candy in the fight he said: I practice the work of banking since 2004 and through the sale and purchase of the U.S. dollar, buy banknotes from the category of hundred dollars exclusively (one sheet at 119 000 Iraqi dinars and sell them to (120 thousand) and the price is not fixed and is subject to high and low is simple according to market demand and supply and demand, and buy my goods from cigarettes in U.S. dollars, and some traders Aigblon Iraqi currency, except in cases where the recession in the market and there is no strong movement in the buying and selling, and so he took the market and for more than four years ago based on the U.S. dollar deal and reached the amount of the transaction to the dollar single (two dollars, three dollars) accumulate as price of the goods and quantity to reach the number to four or five thousand dollars, customers market here are either of the owners of the markets and supermarkets buy large quantities of cigarettes and candy, and the payment is in U.S. dollars and if the Iraqi dinar, the price may increase slightly teams 1000 dinars or less, and there people, staff and others are turning their savings or a portion of their salaries to be paid in Iraqi currency to the U.S. dollar, and they are many and we have clients both permanent and long ago. • What Hospb resorting to the U.S. dollar do you think? • think through what I see in the market that merchants and citizens have confidence in U.S. dollars more of the Iraqi dinar on the grounds that the currency in circulation in all countries of the world and accepted many traders have become a way to deal formally to the dinar, but surpass it. legislation, financial economic researcher Abdul-Rahman Al-Ghazi pointed to the need for there to be legislation for the new laws governing the work of banking offices located in remarkably, it is some particular offices is approved work relating to money laundering or deliberation of money stolen or obtained from the operations of corruption, and therefore will face the state have great difficulty in controlling the entry and exit of foreign currency, especially as we face a security situation difficult depends basis of financing terrorist operations it by obtaining funds from abroad and at home, these amounts will not be in Iraqi currency but U.S. dollars globally traded to buy weapons and other equipment this side, side Alachritalq restore the confidence of the Iraqi dinar himself and re-circulated in neighboring countries as currency monetary valuable purchasing large , in the beginning of the eighties of last century was the Iraqi dinar spent three Jordanian dinars, and in the mid-seventies spend three dollars U.S., for us to imagine the power of Dinaracharaúah in the rest of the region in that period, if it continues the phenomenon (dollarization) the currency in this way the broad markets and trading will remain dinar Iraq suffers from the dominance of the dollar because of customer confidence in this currency, and ease of use, and therefore, there should be new laws governing the structure of the currency in Iraq, and redraw the monetary policy according to the economic feasibility and not as a chaotic keep the Iraqi dinar Aruah place for years, should Nstvad of monetary policy sober of some countries in the region and the world and learn about the experiences of the modern economy, neglecting such a phenomenon would lead to economic problems accumulated over the years and hard Halanha easily and is still the opportunity available to financial institutions to draw its policy again. faulty economic Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh spoke about this subject saying: the persistence of dollarization of the Iraqi market and the duplication of transactions in different currencies, something negative needs to implement the program is able to restore confidence in dinars, dollar U.S. accounts for about 40 percent of the local trading, the Iraqi market is not removed from the market Almdolrh, a phenomenon that a negative meaning that there is an imbalance in the local economy and international relations, will lead to a deterioration of the currency market, locally and externally, the latest estimates reported that between 35 and 39 percent of transactions are in foreign currencies in domestic markets, Valsafqat large as buying homes, cars and gold and the import of goods and commodities held in dollars, and small JD, the problem of dollarization due to a lack of confidence in Iraqi dinars, which has become of strong currencies and trading up in the markets of neighboring countries, and the reason for this is due to a malfunction in the structure of the Iraqi currency and the weakness of composition, and higher paper we have is from the category of 25 thousand dinars, the equivalent of $ 20, and thus the cash payments the large need for larger groups to facilitate the payment and pregnancy, especially that Iraq has so far preferred cash handling unlike the countries of the world that have crossed this stage and use payment mechanisms that are easy and simple, such as cards, instruments and devices of electronic payment and others. * Do you have any solutions to the phenomenon of trading foreign currencies in the Iraqi market ? - solution is the most prominent lies in the application of the deletion of zeros for the restructuring of the dinar and the equation of the phenomenon of dollarization, and would deal in the Iranian and Kuwaiti dinar and the Saudi riyal, said: «It is within the scope of transactions tourism, due to the convergence of the border and the presence of tourists make these transactions as a form of facilities, Alammertabiei in all the countries of the world is that the transactions are in the national currency, this would be the best, and restricts the use of other currencies in foreign dealings, but the Iraqi citizens accustomed to dealing with the rest of currencies, and you see an observer of the movement of prices, and it has become a phenomenon accepted and this process will continue unless it is a restructuring of the Iraqi dinar from ne http://www.alsabaah.com/ArticleShow.aspx?ID=20108
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