CBI adopts scientific programs to stabilize dinar exchange rate
Date: Saturday 8/18/2012 6:00
working Alpetk Iraqi Center to adopt plans and programs of scientific effort to create stability of the Iraqi dinar exchange rate against the U.S. dollar, while welcoming Almusariq civil assume the central bank responsible for overseeing the system divided the national rather than foreign companies, which will bring huge boom in the work of banks .
Deputy Governor of the Central Bank of the appearance of Mohammed Saleh on the status of plans and programs of scientific by the central bank to lower the exchange rate of the dollar against the dinar to reach its price natural market of $ (1190) in the coming period.
Saleh said (of the Agency news): The increasing demand for the dollar continues in the market, has led to the case of confusion in the market by increasing demand to buy the dollar suddenly, which led to increased price even arrived (1300) dinars per dollar during the last period.
said: that the policy of the central bank and plans of before the devaluation of the dollar gradually until he settled on a price (1240) dinars to one dollar (in the market), although the central bank auction selling dollars b (1189) for banks and customers, to keep the local currency from degradation because the increase in the dollar exchange rate to more than the selected number is causing a deterioration of the national currency.
continued: was developed plans and programs of scientific and deliberate devaluation of the dollar further against the dinar even up to its price real to settle the (1190) dinars and (1200) dinars in the market and then be thinking away to make the dollar worth dinars through put long-term plans after settling the political situation in the country and abroad and at diversifying the fiscal revenue of the state.
has seen the U.S. dollar has increased significantly and unprecedented him its value against the Iraqi dinar during the past few months, reaching a rate of exchange one U.S. dollar (1300) Iraqi dinars, after was conservative on the price for a long time b (1170) dinars to one dollar, which was born great fear in the economic circles constantly increase its price and its direct impact on the Iraqi economy.
noted that the dollar exchange rate current equal to (1240) dinars.
Meanwhile praised the Association of private banks take over the central bank responsible for overseeing the system divided the national instead of foreign companies, which will bring huge boom in the business of banks.
association said (of the Agency news): The supervision of the Central Bank of the work system divided the national will in the next few days will bring booming for the work of banks in Iraq, the best of the foreign companies that offer the service are narrow in scope.
said: that divided the national will include all government and private banks under the supervision of the Central Bank, which will work on a settlement bank accounts through the system calculations connected to all banks and under the supervision of the Central Bank.
explained: that the system of divided National will serve as a central point into which bank accounts all year round and will settle the bank accounts of banks and credit condemnable in order not to fall banks financial loss.
pointed out that the use of the system divided the national sing the banking sector from use of offshore companies and reduce costs and risks of dealing with foreign companies .
so expect a banking expert Mohsen Ali withdrawal small banks with capital from the few Iraqi market for securities, noting that the Iraqi Stock Exchange needs to be developed more easily for stock trading between companies. Ali said (of the Agency news): The securities market in Iraq since (2003) and yet still not encouraging and the palaces in spite of developments in it and the introduction of technological aspect and the use of electronic devices, continued: this is due to that society has a vision deficient on this market and perhaps there is doubt about the role of the stock market to achieve economic development.
added: investing in the stock market is an investment indirectly through the contribution of corporate development, banking finance, noting that the Iraqi banking sector is still unable to perform his role properly in the development process Economic despite the fact that Iraq was relying upon that lead important role in the economic reform process of the country.
explained that Iraqi banks small if it does not develop itself to possess large amounts they withdraw from the stock market in the event of entering large banks with high capital may be integrated with other banks because they are not able to compete with those banks.