Central Bank: Government faces a shortage of Iraqi dinars on the market


Sun, 04 Sep 2016 10:51:24


A conservative Central Bank stressed the relationship today, the Iraqi Government's financial policy in general face a shortage of Iraqi dinars in the domestic market, noting that the Ministry of finance the sale of 80% of the dollar earnings to the Central Bank and then the latter to sell the difficult public market to obtain Iraqi dinar.

He said the relationship of the Republic News/"exodus of foreign currency outside Iraq because of the security and economic conditions in the country, noting that the Central Bank gives a bayonet for the individual disposition of funds whether currency conversion abroad for travel reasons or investing outside Iraq."

The Iraqi dinar is considered internal expenditures, government contracts and its imports are hard currency, pointing out that "the Iraqi Government's financial policy in general face a shortage of Iraqi dinars in the local market."

The Ministry of finance to get hard currency revenues by 100% pointing out that finance is selling 80 percent of foreign currency to the Central Bank to be put on the market for sale and get the Iraqi dinar and then cashed in the local market to be traded in terms of payment of staff salaries.

He noted that "financial crimes and robberies of banks pay the Central Bank to intensify action on banks to protect the capital, stressing that the Central Bank has no any auction to sell hard currency across Iraq."


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