Central Bank: next July will see the elimination of bleeding currency

BAGHDAD / JD / .. revealed the deputy governor of the Central Bank of new measures will reduce the bleeding phenomenon of the currency in Iraq, noting that the first of next July will see the elimination of the operations and permanently. The appearance of Dr. Mohammed Saleh in a statement to the reporter (JD): The growing demand for hard currency than the local need with 3 times the cause but several times in the high exchange rate despite the efforts of the bank to control the phenomenon of bleeding currency by imposing certain controls as a condition to leave the corporate and banking offices as a condition to deal with it, but working on the withdrawal of currency from the market in large quantities at different times led to higher rates without justification. Saleh added that the other reason is that the Iraqi dinar has become a hard currency also in neighboring countries due to the strength of the Iraqi economy and the deterioration of the values ​​of currencies and to the instability of their political, which reflected negatively on the economies of these countries to resort to the Iraqi market, which Thoudy are other free trade, which helps to obtaining any amount at any time and that of the disadvantages of free trade, of course. And the Deputy Governor of the Bank that the bank is taking new measures to reduce the phenomenon of the intended withdrawal of currency through the conditions to deal with the bank declined to disclose the details of adding that new measures will eliminate the phenomenon mentioned once during the coming period. He explained that the Iraqi currency is strong, because they are covered with dollar heavily despite unilateral Iraqi economy and that the bank can absorb any momentum on the application within moments and in the presence of strategic stocks a large hard currency, but he is trying to impose adequate protection of the national economy enabled by protecting the stock. The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks, except for 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 of certain.