Deputy Governor of Central Bank: talk about the smuggling of foreign currency is exaggerated, there is movement to reform the system of local currency

Description of the Deputy Governor of the Central Bank of Iraq for the appearance of Mohammed are handed down on the smuggling of foreign currency outside the country that carries a high degree of exaggeration and serve political purposes.

He acknowledged the existence of counterfeit currency in the market and trading in foreign currency and smuggling, but said they are not as high, which is an exaggeration to talk about.

He added: "The indicators that we have is that what is present and tangible counterfeit currency in the market is the proportion of normal and within normal limits. Which is found in all countries of the world does not carry an indication exceptional for such rumors for the flow of counterfeit currency local from some countries and the withdrawal of the dollar against which such the level of exaggeration by the media raised on this matter. "

He continued: "This is the case, at the same time, makes us vigilant and wary of economic crime, because Iraq is a target gallery and a number of ways, including economic sabotage."

And Mohamed Saleh: "Such things may occur from merchants crises Auszar currency and money laundering, dealing economic crime, but this is not the level of organized action of certain countries to Iraq's economy, at least at the present time and what is significant to our numbers and follow-up."

And the measures undertaken by the central bank to maintain the stability of the local currency compared to the dollar rate, especially in the current situation and the openness of the Iraqi market to neighboring countries and increase the drag on the dollar, he said: "The policy of the central bank and clear in the promotion of the Iraqi dinar compared with other currencies, the control indicators of inflation in the market and ratios of liquidity in the financial relations between the demand and the deposit and the purchasing power of the public and we are looking for price stability for the Iraqi currency and an appreciation of the Iraqi dinar with the dollar and seek to restructure the dinar in the market. This policy is made up of Iraq is the highest in its history, reaching $ 60 billion ".. He emphasized: "The foreign currencies in the Central Bank is a cover of the Iraqi currency and all dinars covered with foreign currency. For this there is no fear of the high price of foreign currency because if it were to pull out all the foreign currency market, the central bank has what it covers the market need and without any confusion in the currency regime in Iraq. "

He said: "The withdrawal of dollars from banks is normal, because Iraq is today the biggest market for neighboring countries, especially Syria, Iran and Turkey. And the circumstances by Syria and Iran from the international sanctions on them made them moving directly to the Iraqi market to conduct economic routinely applied in all systems which are subject to economic pressures or commercial. "

He explained: "The Maémna in the subject of withdrawal of the dollar in large quantities is to not be for the purposes of money laundering or trades illicit crime, terrorism or any other ways lead to damage to the economy of internal or external to Iraq. That's why we are keen not to withdraw foreign currency from the central bank only under certain conditions and after complete transactions necessary to prove the course of this money. "

With respect to delete the zeros from the currency noted the appearance of the existence of an integrated plan which is currently displayed in front of the government and the relevant committees in the House of Representatives / Finance Committee and the Economic Commission / reformer and there is a tendency in this matter. And the timing of the implementation of this it is up to the discretion of the government.

And the economic viability of the deletion of zeros, explained that the process would contribute to raising the economic efficiency of the payments system and the reform of the currency in Iraq. This is the responsibility of the Central Bank is not something exceptional in Iraq, but preceded us 55 countries in this regard, Turkey is another country took the step after doing the demolition of six zeros from its currency and not three zeros, in addition to other countries, including Romania, Italy, Russia and Brazil.

And that there was a move to reform the currency system through a program to delete the zeros and re-known groups which we consider important and their presence, including fractures of the dinar, which has become a burden on the citizen and reach the level of sacrifice amounts of cash because of these fractures. Add to that the coins have become very important because it is less expensive because they are not exposed to damage, such as paper currency, which is also considered to be of significant economic feasibility of the Iraqi currency to maintain the quality of currency in the long run. "

The Central Bank of Iraq issued a statement earlier saying the phenomenon of high demand for foreign currency in the window of the Iraqi Central Bank for the sale and purchase of the dollar in recent weeks, linked to the increasing public expenditure and its impacts on the behavior of individual demand in the market for foreign currency, which is a standalone application locally on goods and services and the benefits of Foreign Affairs.
The statement added that the regional situation and the complexities in some countries surrounding Iraq and exposed to the problems in international economic relations has cast a shadow is the other currents in the formation of additional non-directly in the demand for foreign currency through the overlapping regional trade and the various ways of funding.

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