Experts are calling on the Government to introduce the tips fed and demanding control of currency auction

2015-11-11 (12:01 pm) - hits: 72 - count (3499)

Economists called on the Iraqi Government to introduce tips fed to curb currency smuggling and control the flow of funds, demanding alternatives to coin auction without affecting the stability of domestic prices.
Economic expert said in an interview, maytham winfred (term), "the position of the us Federal Bank from the Central Bank, is the first major posts are support and opinion and advice, the second is observation of where financial transactions and withdrawals and inflows to the Government, and also control the sale to oil and money entering Iraq as a result of the Fund."

"The Federal Reserve is watching the money smuggling operations that can occur in the CBI usually advises the Iraqi side need to address exchange rate liberalization and subjected to the forces of supply and demand rather than leaving it under the control of the Bank and selected through the auction currency. "At the same time it is advisable to overall economic and monetary stability to prevent the economy of large shocks, it is also recommended to maintain foreign reserves and not depleted."

"Either the currency auction and stopped by the Central Bank, the Bank could make such a move, which has the effect of disrupting economic stability and fear of high dollar exchange rate and make the value of the dinar, especially with the inability of the economy to generate production and dependence on imports, and a dealers and traders will be speculative operations could lead to a sharp rise in the dollar."

"The Central Bank is looking for alternative solutions to the currency auction, guaranteeing the achievement is no easy equation include maintaining foreign reserves and prevent drained quickly, with continuing monetary stability and economic equation is not easy, with such a situation where the economy exchange rate supported by the World Bank over many years."

Father newspaper revealed Street Journal Bank Central Federal and us Treasury have severed us cash flow to account of the Central Bank of Iraq this summer because of fears of Iranian banks or funds in the hands of daash. To resume transfers only after approval by the Iraqi officials to impose strict controls on its distribution. But Economist Mustafa Mohammed Habib said in an interview for (range), that "the workings of the Central Bank in recent years has raised many questions about the amount of smuggled money out of the country by the daily currency auctions".
"The suspicion and the information provided to the fed, has led to warnings to Central Bank management on the effectiveness of domestic laws against wastage for the great foreign currency."

Habib said that "Iraq is not in isolation from the world economy, global regulatory institutions of the movement of the dollar in different directions can determine the direction of funds, washed ways."
The "work of the Feds control only and has the ability to advise you of some global institutions to develop its internal functioning, including the Central Bank of Iraq".

He pointed to "the need to take the Government's advice and built upon to rid the Bank of financial corruption endemic within the domestic market, especially the auction sale of foreign currency which moves the domestic market according to data are mostly different from the existing laws and regulations."

The Iraqi Central Bank denied earlier reports that pointed to stop pumping funds from accounts in us Federal.
The Bank said in a statement "the range" received "the News reported by some newspapers and news websites concerning stops pumping money from its accounts to the us Federal untrue."
The Bank said that "continuing us Federal all special events accounts being solely responsible for that."