Economist: Central steps useless currency auction should be cancelled

Baghdad/Ibrahim Ibrahim

Economists, stressed on Friday that the Central Bank's steps to reduce the amounts of funds sold through the auction of daily useless currency control ports corruption and smuggling currency, calling for a plan of economic limit foreign currency within governmental institutions and cancel auction daily bank to sell the dollar.

And Economist Mustafa Mohammed Habib said in an interview for "range" to "reduce the amount sold by the Central Bank does not necessarily control the ports of embezzlement and smuggling money abroad."

"Develop economic plan Court to study the actual needs of the local market from the dollar that is converted to import consumer goods on a daily basis and limit foreign currency at the State economic enterprises represented by the Central Bank.

Habib said that "the best solution lies in off daily currency auctions and inventory sell currency according to new contexts modern banking technology is activated like a Visa debit card is an alternative to manual trading that holds much of financial corruption."
The "stop the auction may cause increased demand for the dollar, which makes dollar rises before the dinar but it high time not exceeding three months at the latest, the next market stabilizes, according to a certain rate strengthens national currency."

He noted that "the economic and financial reform steps need to bold decisions to confront the corruption and money-laundering that took root years ago, squandered billions of dollars from State coffers.

Promised economic Committee member Nora albegari, Bank procedures pain Xie with the discontinuation of the daily currency auctions "correct" together with other actions that must be taken by the Bank to control the rate of the dollar against the Iraqi dinar.

Albegari said in a press statement, followed "the range", "Central Bank steps are correct but need other tools can not control the rising prices of the dollar against the Iraqi dinar", noting that "the Central Bank only use this tool that led to the rise of the dollar and now has four procedures that can be used to control the high dollar and create a balance in the market."

Albegari stressed that "the discontinuation of the auction currency is a good step to control the big manipulation in hard currency and theft of large sums of dollars and smuggled abroad to support terrorist operations, and the discontinuation of the auction currency and dollar bank helps to keep the currency and not to smuggle abroad."

Albegari called on the Central Bank to "diversify the adauth procedure and used in dealing with banks in order to have control over the price of the dollar and that there is no harm to the citizen".

The Central Bank announced, Thursday (10/December/2015) sales to banks amounted to more than 42 billion dollars from the beginning of this year until today.

The Bank said in a statement "the range", that "dollar sales for banks since the beginning of this year until today amounted to 42 billion dollars and 164 million and 55 thousand and $ 914.

The Bank said that "these decreased over the same date last year 2014 which reached its 49 billion and sales of 167 million and 149 million dollars.

The Bank noted that "the selling price for transfers to bank accounts abroad is 1187 dinars to the dollar, including the Central Bank and the Commission of 21 dinars to the dollar, while the cash sale price of $ 1190 dinars each, including the Central Bank and the Commission of 24 dinars to the dollar.

Central Bank Governor Ali al-allaq said in March that the new Bank is that the auction is no longer a daily window for sell by auction, noting that new mechanisms developed to sell the currency, particularly the functional currency of the foreign trade.