Economic support of the parliamentary proceedings emphasize the central bank exchange rate

02/20/2012 - 15:59

Economics and Business

Sumerian News / Baghdad
announced the Economic Commission parliamentary, on Monday, its full support to action the Iraqi Central Bank for supporting the exchange rate of the dinar and the dollar selling in the auction, as well as planned on the removal of three zeros from the local currency, as he emphasized the central bank that monetary policy is controlled them completely and the presence of cover enough of the local currency, and expected increased dealing in Iraqi dinars, which necessitates the need to delete the zeros of it. Committee Chairman Ahmed al-Alwani, in a press conference held today, attended by "Alsumaria News", on the sidelines of the host committee for the Iraqi Central Bank Governor Sinan Shabibi, and his deputy, and a group of owners Advanced Bank of relevant auction dollar, the presence of a group of MPs interested in, "The Committee supports the controls and mechanisms adopted by the Central Bank to deal with the auction the dollar and to maintain the exchange rate of the dinar and Iraq's wealth in hard currency, as well as planned on the removal of three zeros from the local currency . " said Alwani, that "the Committee highly appreciates the responsible attitude and outstanding efforts of the central bank governor and his staff on maintenance of public money and the wealth of Iraq," noting that "the Commission coordinate with the Central Bank out of its commitment to public money and the economy of Iraq, and because the correlation Bank of parliament According to the constitution. " The President of the Economic Commission parliamentary, that "the Commission was briefed on the steps diligent, scientific, transparent and serial, carried out by the central bank to control the exchange rate of the dinar and the preservation of hard currency," pointing out that "there are conditions and mechanisms in this regard to limit to deal with those concerned only in dollars. " and witnessed the exchange rate of U.S. dollar in domestic markets has recently increased significantly against the Iraqi dinar, with varied price one dollar between 1221 to 1225 thousand Iraqi dinars, while the price was in 2011 the last of 1180 dinars to the dollar, especially after tightening of international sanctions on both systems Tehran and Damascus. has forced the bank to central intervention through a package of measures, particularly in the auction, organized to sell the dollar, has attributed the Deputy Governor of the Central Bank of the appearance of Mohammed Saleh in an interview for "Alsumaria News", on the ninth of January the past, high exchange rate of U.S. dollar in the local markets of Iraq, and rising sales to finance trade in countries nearby, indicating that this will reflect negatively on Iraq's reserves of hard currency. For his part, Iraqi Central Bank Governor, Sinan Shabibi, during a press conference held in the parliament building, said that "monetary policy and exchange rate of the dinar is controlled them completely," asserting that "there is a reserve or cover enough about great local currency to ensure that the march of the dinar to the importance of that in the dealings of investors and consumers, including the government." The Shabibi, that "the banking operations by the Bank are subject to in-depth studies, serious, and take into account the uses of Currency and the need for a real-time and in the future, "expected to" increase to deal in Iraqi dinars, which necessitates the need to delete three zeros from it. " The central bank governor, that "the process of removing zeros from the dinar current task so back to normal, "as he put it. and the Central Bank of Iraq on the sixth of January, a rise in foreign currency reserves to 60 billion dollars, for the first time in the history of Iraq, after it was its reserves in 2010 had reached 58 billion dollars. The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks that fund the traders from the private sector, excluding public holidays on which depends the World Bank for these auctions, and the sales either in cash, or in the form of money orders sold out for a commission certain. The Committee on the economy and investment representative, confirmed on 13 December 2011 the past, they would consider deleting the zeros of the Iraqi currency, pointing out that the Iraqi Central Bank Governor and economists have made ​​several proposals in this regard. The Central Bank of Iraq announced, in (29 of September 2011), that the year 2013 will see the deletion of zeros and currency exchange, stressing that the current currency formed a cluster of large cash estimated at 30 trillion dinars. But an adviser to Prime Minister for Economic Affairs, Abdul Hussein Al-Anbuge, take it as (25 August 2011), that the lifting of zeros for Currency is "the biggest corruption" in Iraq if it was during this period, and fall under the rubric of "tampering" economic, warning of "mafias currency" is preparing to rig the trillions of Iraqi dinars to replace them in the light of the planned changes. accused the Central Bank of Iraq, in (12 in September 2011), government bodies obstructing the monetary reform and vowed persecuting, blaming the authorities responsible for endangering the interests of the country's financial risk. According to some economists that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion of zeros needed to stabilize the security and political as well to economic stability. announced the Iraqi Central Bank Governor, during a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in (19 June 2011), his willingness to create all supplies to replace the Iraqi currency. The Central Bank of Iraq was established as a bank independently under its law of the sixth of March of 2004, as an independent body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management Alahitattiyat and the issuance of foreign currency management, as well as to regulate the banking sector to promote a competitive financial system, independent.ا...مر