Economist criticizes CBI and its lack of confidence in it currency; Suggests monetary policy go to a modern market mechanism

Posted: July 18, 2013 in Iraqi Dinar/Politics
Tags: , , , , , , ,

Screen Shot 2012-07-14 at 4.44.57 AMEconomist: Central Bank’s lack of confidence leads to the fluctuation of the exchange rate of the dinar against foreign currency
04:59:18 / 07/2013

warned, an economist specializing in monetary policy and the development of the continued fluctuation of the Iraqi dinar against foreign currency Ntihh mistrust policies of the Central Bank of Iraq and the worsening political crisis in the country, as called for retrieval of trust between the banking sector and public sector.

said Suri said in a statement singled out by the reporter, “Khandan”, said: “banker Rasheed and Rafidain government to Aimknhma control of the Iraqi dinar exchange rate against the U.S. dollar for many reasons,” adding that “the fluctuation of the exchange rate of the local currency is directly related to a lack of confidence and economic shocks suffered by Iraq recently, as well as local market need and private banks to foreign currency. “

and the figurehead that “the decline in rates stabilize the Iraqi dinar lies in the political interference in the political central bank and currency market as well as the political crisis worsening and the control of mafias big in buying and selling the currency of the central bank auction,” adding that ” are closely related in Iraq between the capital market and political crises and the security situation. “

said Suri that “Iraq is living the political crisis stifling years ago, as well as the central bank is suffering from a lack of confidence in the currency market because of political interference and dismiss Shabibi bank governor and former suspicions of financial corruption raised time ago. “

and called Suri to “revive the confidence between the financial sector and public sectors, which is the only solution to stabilize the market, the local currency in Iraq, as well as go to market mechanisms money modern and opening up more to the private sector.”

This has been attributed Finance Committee parliamentary fluctuation Iraqi dinar against the dollar to the influence of intermediaries on the operations of buying and selling the dollar in the central bank auction. witnessing the exchange rate of the Iraqi dinar against the U.S. dollar fluctuated from time to time by (3-6) degrees. was the Federal Council of Ministers decided on 16 of the month of October of the last year mandated Abdul Basit Turki for the management of the central bank rather than Shabibi that the Integrity Commission issued an order to arrest him, in addition to 16 other officials, including Deputy Governor appearance of Mohammed Saleh various charges.

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