Experts: employees' salaries to the dollar exchange rate "economic vandalism"

Economists warned, on Sunday, the work of the employees' salaries to the dollar exchange system instead of the dinar, arguing that the move was a "deliberate sabotage of the economy of the country" because of the strict application of the sale and purchase of foreign currency laws.

The economist said Abbas Ibrahim Bahadli in an interview (range), that "the payment of salaries to state employees dollar process will lead to suffocation market through obstructed channels of supply and demand and the worsening cash crisis of a lack of financial liquidity."

"The central bank is directly responsible for the movement of foreign currency at home and abroad, and there are considerable controls to determine how to buying and selling currencies by the daily currency auction of the laws."

He described the proposed Bahadli by saying that "sabotage is clear and explicit to the country's economy by making bilateral currency market to the category of employees without other citizens who do not make their living mainly on the government's resources and who represent a large number of sizeable enough."

"The solution is to cancel the auction of the bank and the government bear the temporary consequences that do not exceed three months, it is likely the exchange rate rising to 1,500 dinars to the dollar, but certainly will stabilize after that according to the new market data."

He said the "illegal traders and mafias and corruption are the dominant thread revolving around the Iraqi market, especially buying and selling dollar operations and the duty of the executive branch of the State enacting laws without regard to the cause or the source, who demolished the national economy."

He Bahadli to "the existence of countless brokers will benefit from the proposal and by the monopoly of the currency market and the escalation of speculation and control the destiny of the country's financial market."

For his part, economist Mohammed Abdul Latif Al-Ani said in an interview (range), "The domestic market in its dealings rely daily on the Iraqi currency only, without the need for other currency upheaval may occur for consumer prices, which the citizen needs on an ongoing basis."

"The government is responsible to the citizens put urgent and correct solutions to remedy the shortfall in the financial liquidity of the state through the control of outlets selling the currency and prevent smuggled out of the country."

Ani said that "the ideas put forward so without extensively studied and their negative repercussions on the reality of the Iraqi economy may cause a contraction of the market suddenly stop what causes the movement of non-performing market already."

He said the "development of various natural resources beside oil sale process, significantly contributing to the perpetuation of the classical market movement factories and laboratories of the civil as well as different professions, which is considered a pillar of the development of the economy of the country."

He noted that "the central bank auction is one of the most important Almarqlat the Iraqi economy as the way it works tainted by a lot of the suspicions, so the government should strict standards for the operations of foreign currency flow out of the country setting."

He said al-Ani, "The View from the dollar-based bank is considered by the director and the right not monopolistic entities that have worked throughout the years prior to the financial market distortion until I got into a state deficit in the provision of liquidity."

And he was a member of the Economic Committee in the House of Representatives Nora Albjara suggested on Friday (June 19, 2015), employees' salaries in dollars instead of the dinar exchange rate in order to avoid the high dollar exchange rate again, while the central bank described the action as "timid".