Urgent meetings to curb the deterioration of the value of Iraqi dinar
10-04-2012 | (Voice of Iraq)
Revealed the Finance Committee in the Iraqi parliament for a meeting between the Commission and the CBI and Director General of the State banks to curb the deterioration of the value of Iraqi dinar against foreign currency as well as the development of solutions urgent as what she described as "attack" on the Iraqi economy.
The Iraqi dinar has fallen to record low yesterday against the U.S. dollar when the price of the Iraqi dinar exchange 1290 to the dollar.
And bankers expect to see the coming days, a rise of the Iraqi dinar exchange rate against the dollar because of the actions taken by the Central Bank.
Said committee member Najiba Najib told (UR) that "a meeting held yesterday between the Finance Committee and the Central Bank and general manager of the government banks to discuss the repercussions of the financial crisis and the depreciation of the dinar exchange Iraqi and a study at the Central Bank on how to control the issue of exchange."
Najib explained that "there is a strong demand for purchase of foreign currency traders and companies, and this goes back to that seen in the region, especially Syria and Iran financial sanctions."
Najib added that "the Iraqi situation, the unstable political and economic situation of one-sided, which depends on oil and all problems can be overcome by the parameters set by the Central Bank of Iraq."And Member of Finance Committee indicated that "the controls may not prevent the smuggling of currency and there may be offensive or improper intention towards the financial reserve of Iraq."
And revealed the answer to "take the central bank controls is to define the amount of funds that are sold or transferred, but there circumvent the issue, and every person has the transfer of more than 50 thousand dollars must be accompanied by a certificate from the Tax Department and management companies."
He holds many of the owners of banking companies in Baghdad, the Iraqi Central Bank responsible for the low exchange rate of the Iraqi dinar.The pro-Ihsan Al Sahab banking district of Karrada in Baghdad grouper's (Orr) that "the Central Bank of Iraq is responsible for the high exchange rate of the dollar against Iraqi dinar through the measures taken and that have limited or even got to stop the selling of the dollar."
He explained that "the majority of banking companies can not buy hard currency from the Central Bank of Iraq because of the complicated procedures developed by the Central Bank and even the measures developed by the complexity contributed to the economic situation rather than finding solutions."
And "We know that there was smuggling of hard currency to Iran, Syria, and the central bank lay hands on those who are in the process, not everyone carries responsibility."
The low price reflected negatively on the Iraqi dinar market in general, as markets are expected to clear up commodity prices.The director of sales markets, commercial center of the capital Baghdad, Ehsan Jamil's (UR) that "the prices of goods on the rise and thus located on the aspect ratio on the responsibility of the citizen."
He explained that "the dollar is getting difficult and complicated in Iraq and thus increased its value against the Iraqi dinar and this is something negative on the reality of the economy."
And that "all goods increased during the past few days and we expect to see a rise over the coming days that the government did not find immediate solutions for the Mhmlh provide hard currency in the markets."
The proportional amount of foreign currency offered inversely with the local currency in the currency markets, the available hard Iraqi dinar exchange rate is high.
The crisis has its roots in the Iraqi Central Bank and control over the financial liquidity of foreign currency to the measures taken by the bank last month to curb the smuggling of hard currency to neighboring countries.
The international community imposed economic sanctions on Syria and Iran, which prevented these countries from exporting Nafthma to the west.
Last edited by Honugirl; 04-10-2012 at 08:49 PM.
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