Experts stress the success of the Central .. And the high exchange rate caused by external factors

On: Sun 04/15/2012 8:22

 Baghdad / Ahmed Abed Rabbo,
the government twice while I control the Iraqi Central Bank on the process of foreign exchange to the dollar, a number of experts (range) that the central bank has succeeded to a large extent, except in its monetary policy to raise interest rates at banks. He called head of economic studies at the University of Mustansiriya Abdul Rahman al-Mashhadani to the need to give the Central Bank

Field enough to do to complete the rest of the procedures, saying the bank's policy going the right way.
said al-Mashhadani (range): The bank was able through a number of actions to work on the stability of the dinar exchange rate as well as control the rate of inflation and curbed Although fiscal policy is open, explaining his work on maintaining the balance between fiscal and monetary policy.
said al-Mashhadani: The slight rise in the dollar exchange rate needs to be a series of actions in fiscal policy is supposed to be complementary to the policy of cash, indicating that external crises reflected on the economic situation in the country, the market is Iraq affected by worry about is very large.
For his part, said the economist Ali gnathion NA (range) that lapses that mar the monetary policy pursued by the Bank is to raise the interest rate on lending, which led to higher production costs on the investors got the low marginal efficiency of capital, indicating that the justifications Central focused on the launch of loans will lead to an increase in the money supply, pointing out that he was forced importers to pay off their benefits tax causing this resolution overwhelm local markets by raising commodity prices.
added gnathion NA: The mission of the Bank's core is the control of the currency management , stressing the importance of central bank independence from the government.
In the meantime, the economic expert farmer Thuwaini (range): The policy of the Central Bank was one of the most successful economic policies, and that the defect was almost inactivated productive sector, pointing out that the recent crisis that led to the rise in the price dollar exchange rate was factored state, although the central contributed significantly to what attributes of the balance of the local currency to control this volatility.
added Thuwaini: The bank is part of the state policy of economic, he should go within the economic track of the state, calling for the need to be subject to direct supervision of the House of Representatives .
at the same time denied the Secretary-General of the Council of Ministers Ali Mohsen Keywords in a press release the Government's request to link to the Central Bank.
said Keywords: The general policies of the state of the terms of reference for the government and the monetary policy part of the economic policies, noting that the reports of the BSA, I double the Bank's supervision Central to the operations of foreign exchange, pointing to the existence of a fake involving smuggling organizer of funds.
The Keywords: The sum of the amounts that have transformed over the past years out of Iraq amounted to (180) billion dollars and that the audits have revealed that the largest proportion of them were not for the purpose of purchasing .
He Keywords The dinar has an indoor best of the volume of trading now (30) trillion dinars in Iraq and the Central Bank reserves (65) billion dollars, and this gives the dinar to a real force, explaining that the government is trying to coordinate positions with the Central Bank in order to avoid damage to the citizen and the national economy .
He pointed out that the law of the central bank is the bank advisor and bank and agent financially for the government and within the responsibilities of the exchange of information, views and coordination of monetary policies in accordance with Article 24 of the Bank Act as demanded by the government.
For his part, Prime Minister's Advisor for Legal Affairs Fadel Muhammad convert more than $ 200 billion to out of Iraq by the Central Bank auction to support the fixed price of the dinar exchange.
Fadel said in a press statement: Nothing in the world's central bank continues to hold auctions and pumping the dollar to support the fixed exchange rate of the dinar, referring to the fact that this new experiment has appeared with errors and therefore benefited including people who are not traders.
said Fadel said that "there are people who took part in the auction the central bank, they are not really traders did not go these amounts for the purposes of the state and the private sector and cover the needs, but I went into the pockets of speculators and smugglers, and they became the beneficiaries of these funds allocated to the projects of the people and well-being."