Economic Committee: Central Bank has failed to maintain the value of the Iraqi dinar

Posted: August 23, 2013 in Iraqi Dinar/Politics
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described the political parliamentary economic committee the central bank to maintain the Iraqi dinar against foreign currencies as “failed.”

The central bank has promised to take measures to raise and stabilize the price of the Iraqi dinar, as it was in the past, but the impairment and the exchange rate of the dinar continues.

He said the Commission’s decision Mahma Khalil said “the central bank demands to maintain the exchange rate of the Iraqi dinar, and determine a fixed price against the foreign currencies, as may or unreasonable that there is a balance of a sovereign Iraqi exceed seventy billion dollars, and it remains the Iraqi dinar rate over 1200mm] dinars to the dollar, and sometimes brings about this price on the black market. “

He added that “the policy of the central bank failed to maintain the exchange rate of the Iraqi dinar against a basket of foreign currencies.”

The Khalil said that “the exchange rate of the dollar against the dinar depends on several things, including Balance Iraqi sovereign of the dollar, and there are reasons not directly affected by the value of the dinar up and down, climate-related Iraqi politician who became طاردا of foreign currency and is not attractive to them.”

“As the government interventions in the political bank, in addition to the desire and the seriousness of citizens to transfer حوالاتهم and deposits of Finance to hard currency and not deposited in banks of Iraq is part of the reasons led to the fluctuation of the dinar against the dollar, there are also reasons to indirect secondary, including international sanctions on Syria and Iran, and the fact that the Iraqi trader merchant pivotal trying to deal with all the nations of the world to the dollar. ”

And the decision of the Economic Commission said, “What distracted today dollar of deposits is not the real size of the Iraqi market needs.”

Observers believe Economists and analysts said the increased turnout to buy the dollar has led to a significant drop in the price of the dinar, and attribute this to smuggle most of it will offer daily Central Bank of dollars abroad.

The Iraqi Central Bank announced shortly before the new measures restrict the availability of U.S. currency in markets where demand to buy them, amid suspicions suggest the smuggling of large amounts of hard currency for the benefit of neighboring countries.

And issued the CBI, new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select the stakes weekly for banks and money transfer companies and trading firms currency from the dollar is estimated according to the capital each, and are to increase or reduce this share compared to the commitment of all of them deliver the amounts they want customers from citizens.

The central bank starts to put the dollar at an auction for the sale of foreign currency at subsidized prices and the lowest of the real exchange rate in the market to support the dinar. ”

Observers fear stop CBI those auctions and then multiply the value of the dollar against the dinar. “

The central bank is facing charges for the staff in conjunction with officials in the state with corruption, smuggling of currency, the Bank is currently subject to investigations in this regard.

Employees complain and retirees who receive their salaries in dinars from the high cost of living, and that their salaries are no longer sufficient to meet their needs, and that the rise in prices has included real estate and rentals, as well as transportation, food and clothing.

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