Expert: pumping dollars to market heavily to stimulate owners of banking offices to raise its value against the dinar


14-09-2012 | (Voice of Iraq) - Add a comment -
Baghdad (news)

Chief Economist Abdel Moneim Kazaz, that pumping large amounts of dollars and sold to banking offices in order to reduce the value of the dollar against the dinar helped encourage money laundering and exploitation of some banking offices owners citizens to raise the exchange rate of the dollar.
Said Kazzaz (of the Agency news): The holding central bank reduced the exchange rate of the dollar against the Iraqi dinar by injecting large amounts of banks and sold to banking offices stimulate owners to seek to profit by raising prices of the dollar against the Iraqi dinar to exploit citizen.

He added: that the more those dollars go outside Iraq to buy imported goods and services and some of those dollars go to the private sector to sell at high prices in order to make a profit, calling, the Central Bank to take action alternative and correct to devalue the dollar against the dinar.

He pointed out: that Iraq's economy is unable to meet the needs of the consumer and all goods and services are imported makes the high price of the dollar to import goods and services from abroad.

He explained: that the activation of tariff law will not exit the dollar abroad to import goods and services reduces the value of the dollar against the dinar.

Read more: http://translate.googleusercontent.c...#ixzz26SiJjXwJ