Government official/News Republic: Government faces a shortage of Iraqi dinars in the domestic market

Wed, 28 Sep 2016 09:41:15

A senior government official said today that the Iraqi Government's financial political in general face a shortage of Iraqi dinars in the domestic market, noting that the Ministry of finance the sale of 80% of the dollar earnings to the Central Bank and then the latter to sell the difficult public market to obtain Iraqi dinar.

The official said on condition of anonymity for the Republic News "out of hard currency outside Iraq because of the security and economic conditions in the country, noting that the Central Bank granted the freedom of the individual to act on whether currency funds abroad for travel reasons or investing outside Iraq."
The Iraqi dinar is considered internal expenditures, government contracts and its imports are hard currency, pointing out that "the Iraqi Government's financial policy in general face a shortage of Iraqi dinars in the local market."

The Ministry of finance to get hard currency revenues by 100% pointing out that finance is selling 80 percent of foreign currency to the Central Bank to be put on the market for sale and get the Iraqi dinar and then cashed in the local market to be traded in terms of payment of staff salaries.

He noted that "financial crimes and robberies of banks pay the Central Bank to intensify action on banks to protect the capital, stressing that the Central Bank has no any auction to sell hard currency across Iraq."