Parl Finance stresses the absence fears over value dinar against dollar 9/27
Parliamentary financial stresses the absence of fears over the value of the dinar against the dollar
Tomorrow/Baghdad: parliamentary Finance Committee, confirmed Saturday, the absence of concerns over the value of the dinar against the dollar, indicating that the cash reserve to cover the dinar would achieve the necessary stability of the exchange rate for a long time.
Commission rapporteur said Ahmed Hama Rasheed for "tomorrow" avatar actions taken by the Central Bank and private banks will stabilize the exchange rate back to normal levels after having witnessed a rise during the first quarter of this year because of budget law that committed the Central Bank to sell a specific quantity of dollar markets absorb twice the amount specified.
"The Central Bank said recently that reserves are sufficient to cover more than six months of imports, and is higher than normally required to maintain the exchange rate so there are concerns over the value of the dinar against the dollar," he said, adding that "actions taken by the Central Bank has clearly contributed to the reduction in inflation during the period.
Rashid stressed that "strengthening the reserve basket of currencies and additional quantities of gold would also be granted additional power dinar being able to withstand fluctuations in world oil prices, noting that" the diversity of the cash reserve said low oil prices impacts directly on the value of the currency. "
Article 50 of the law on the budget for the current year could obligated select dollar sales in the auction sale of daily currency ceiling not exceeding 75 million dollars a day at a time when the market absorbed about $ 200 million, the Federal Court has abolished this paragraph on Iraq future budgets.