نحو التقارب بين سعر الصرف السوقي ومثيله الأسمي المثبت رسميآ للدينار العراقي تجاه الدولار الأمريكي

الملخص

Central Bank of Iraq intervenes in the foreign exchange market in order to defend the national currency from fluctuations, and stabilizes the exchange rate. This intervention, by the Central Bank of Iraq, allowed a slowdown in the national currency against the dollar at the beginning of 2007-2010.This success was a result of smooth using of foreign currency reserves to actively support national currency. The dinar/dollar exchange rate has been fluctuating considerably since the end of 2010, and the beginning of 2011, due to internal and external supply -demand shocks. Therefore, we expressed concerns over the growing and persistent disparity between the official exchange rate of dinar and the parallel market exchange rate, which is seen as a vital indicator, in long term, of low effective intervention. In the light of the persistent intervention to maintain the peg of the national currency at an overvalued level, foreign reserves were reduced and a dual exchange rate became prevailing practices. In response to the steady distress of the exchange rate, Iraqi government has to take remedial action resulting in gradual change in the exchange rate. A new exchange rate could be able to absorb the demand excess for US dollar, strengthen government financial resources and put down the divergence between parallel and official exchange rate.