Auction currency sterilization of the mass of cash
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    Auction currency sterilization of the mass of cash

    Auction currency sterilization of the mass of cash

    NEN Iraq
    Economic News

    2017/04/11 16:41
    (Currency exchange) sterilization of the mass of cash Neniraq

    Follow-up / NeniraQ

    A lot of talk is raised about the dollar sale window and it is a drain on the hard currency in the local markets. In contrast, the central bank describes it as the "sterilizer" of the monetary bloc and there is no alternative in light of the economic situation experienced by Iraq.

    Mahmoud Mohammed explained: "The dollar sale window has two aspects, the first is the sterilization of the mass of cash as the dollar is exchanged in huge amounts of dinars resulting from budget spending and debt, pointing out that not withdraw this amount of markets cause a huge increase in prices, In light of the low financial level of the macro economy.

    He pointed out that the lack of presence leads to a major deterioration of the national economy from the technical side did not find who gives a viable alternative from the window selling the dollar.

    Stable prices

    He pointed out that the latest measures, which began in February of this year, could facilitate their results and reduced the exchange rates at a level consistent with the Central Bank's objectives of reaching stable and stable prices. He pointed out that the security and political risks in Iraq caused instability, which leads to high demand for the dollar and the conversion of the real asset to the dollar, pointing out that the central bank continues to develop its electronic tools in order to maintain its objectives and maintain acceptable price levels.

    Entry Permission

    He reiterated that the window under the current circumstances is not an alternative, indicating that the problem we are suffering not bear the window exclusively, but the border crossings have important responsibilities in this aspect, stressing that the seizure of ports and that match amounts and type of material with what enters Iraq leads to the end of problems when The economists are demanding more than one occasion to cancel the dollar sale window and prepare it for the depletion of the hard currency in Iraq because of a defect in the offers of purchase to the window selling the dollar, because it - according to Experts - They are larger than local markets need of different goods. Currency exit

    Economic Affairs Minister Ahmed Maklaf stressed the need to end the talk raised on the sale of the sale through real activation of the productive sectors in Iraq, which in turn will work to provide various goods that meet a large proportion of the need of local markets and thus reduce the exit of hard currency from Iraq.

    Activation of plans

    He pointed out to the possibility that the national economy is attracting more funds than the ones that emerge from it through the activation of plans that promote the national economy and the most important industrial strategy and the strategy of private sector development, as well as the agricultural sector, which is always oil.

    He said that Iraq has the elements of development that make it able to achieve a multiplicity in its financial resources and be more organized for its financial sector, stressing the need to start work on the development of sectors with a rapid resource that contribute to the federal budget.


    Last edited by MadDScout; 04-11-2017 at 09:12 PM.

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