Economic Committee Member: The selling of gold coins and other currencies in the
Economic Committee Member: The selling of gold coins and other currencies in the CBI auction is a method to reduce the price of the dollar against the Iraqi dinar : Date: 2012-08-24 13: 52: 46 Friday
Baghdad (News) … Member of the Committee on the economy and investment/National Alliance Deputy Ibrahim Al-Rikabi, said the move by the Central Bank to sell gold coins and other money in dollar auction came to reducing demand for dollar to reduce its value against the dinar.
Rikabi said (to news agency news): there is a new strategy followed by the Central Bank to reduce the US dollar to Iraqi dinar by selling gold coins and other currencies besides the dollar in public auction, what makes demand for buying the dollar less so it will maintain the stability of the local currency in exchange for hard currency.
He added: the new orientation by the Central Bank to sell currency auction will be processed by inflation in the dollar versus the dinar because there is strong criticism of the policy of the Central Bank because of continuing high dollar local market led to the use of Central Bank policies and ways out of this crisis.
The Central Bank had announced earlier that it is developing a feasibility study for the sale of gold coins and cash and other foreign currencies alongside the Treasury remittances to the public soon, indicating that this procedure was in place previously in the 1980s, but the embargo in the 1990s made the citizens focused on buying the dollar to easily discharged. http://bit.ly/PC4AjA : http://thecurrencynewshound.com/2012...e-iraqi-dinar/