Reduction of selling the dollar in cash contributes to the stability of the dinar

Posted: July 14, 2013 in Iraqi Dinar/Politics
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13/07/2013 12:00 AM

Baghdad – Mostafa Hashemi
revealed adviser in the Iraqi Institute for Economic Reform d. Ahmed Husseini, the presence of a number of solutions and proposals to give a greater proportion of the stability of the Iraqi dinar.
said Husseini told (morning): that there are solutions to short-term and long-term to reduce the fluctuation the dinar against the dollar.

And that quick solutions include reducing pumping dollars through cash sales at auction the central bank, as well as the adoption of increased foreign remittances, in addition to increasing the price of cash sales in the central bank auction for the equivalent selling price in the auction of foreign remittances, noting that buying and selling foreign currency for remittance companies and brokerage fiscal done by banks licensed in Iraq to reduce transactions not meeting the conditions and procedures adopted.

said Husseini need to compel traders and dealers in the areas of trade exchange between Iraq and neighboring countries to deal transfer financial and letters of guarantee, rather than buying cash. and on radical solutions long-term Husseini said it is reviewing the financial policy of the state and reduce inflation in spending, operational, and the need to speed up plans for banking reform in order to facilitate the procedures for exchange the cash, in addition to improving the tax code and work to expand horizontally while reducing tax evasion.

pointed to the necessity of activating the tariff law customs because of its important role in providing incentives for producers with feature economic, leading to a reduction in the volume of imports, as well as improved revenue workforce, stressing the importance of improving the business environment, the economic order to raise the efficiency of production for companies and institutions of local productive that will reduce imports and increase the intake of foreign currency through export and attract foreign investment.

stressed Husseini, the need to use the mechanisms of modern electronic distribution of salaries and the use of instruments, banking and encourage savings, can also issue a new currency or deletion of zeros from the current currency to have a positive effects psychic dealers in local currency.

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