CBI unveils measures to stabilize IQD

Posted: September 25, 2013 in Iraqi Dinar/Politics
Tags: , , , , , , ,

The Central Bank Unveils measures to cover the national currency against the dollar and asserts: you can’t defeat the Iraqi dinar

He said the Central Bank Governor said Abdel Basset Turki told the (range Alpers), “the Central Bank intended to make Iraqi dinar rather stable against the dollar, especially in this difficult period,” the Central Bank has taken specific actions to cover the value of the Iraqi dinar. ”

The Turkish Bank record in recent months sharply to the dinar, born in local market confusion, “Noting that” the Bank, through decisions and actions, refer to the dinar exchange rate stability against the dollar, and that reassured the market that the dinar is still powerful, cannot be defeated from any quarter. “

Turkish stressed that “the stability of the dinar exchange rate is of great importance in stimulating trade and economy of Iraq with various countries in the world, the fact that Iraq possesses commercially promising market, could make the dinar currency position between the present and the future.”

The CBI had earlier announced, the abolition of non-banking companies registered with regardless of the authorization of the Ministry of Commerce, the banking companies registered and approved before 2003 were 300 companies, with the companies over thousands and are a mixture of companies operating in accordance with the terms and regulations of the Bank and got leave from the Ministry of Commerce while other companies without obtaining any authorization.

The IMF called on the Central Bank to “gradual liberalization measures introduced foreign exchange through auctions held by the Bank in order not to repeat the turmoil the stock market last year, stressed that the establishment of a national banking system requires the abandonment of the current model, which is dominated by the weak State-owned banks that enjoy preferential treatment to distinguish it from private banks, calling on Iraq to strengthen its public finances to ensure efficiency and transparency in the use of oil revenues.

http://bit.ly/15t5Zhe

===Alternate translation===

Central Bank unveils measures to cover the national currency against the dollar and confirms: can not defeat the Iraqi dinar

9.25.2013 10:13
The central bank, on Tuesday, on his way to take new measures to cover the value of the Iraqi dinar against the dollar, and as pointed out that the stability of the dinar exchange rate has implications for Iraq’s trade with various countries of the world, he stressed that the Iraqi dinar “can not defeat.”

The governor of the central bank and agency Abdul Basit Turki said in an interview to (range Albers), “The central bank intends to make the Iraqi dinar stable to some extent against the dollar, especially in this Alguetrh difficult,” asserting that “the central bank has taken specific actions to work to cover the value of the Iraqi dinar . ”

The Turkish that “the Bank recorded during the past months, a decrease severe exchange rate of the Iraqi dinar, which was born upheaval significant in the local market,” noting that “the bank and through a series of decisions and actions, refer to stabilize the exchange rate of the dinar against the dollar, and this reassured the market The dinar is still strength, can not be defeated by any party whatsoever. ”

Turki stressed that “the stability of the dinar exchange rate is of great importance to the revitalization of trade and economic movement of Iraq with various world countries, the fact that Iraq has the commercially promising market, can make the dinar currency position among all the present and future.”

The Central Bank of Iraq announced, earlier, the cancellation of banking companies is registered has regardless of obtaining clearance from the Ministry of Commerce or not, and stressed that the banking companies registered and certified before 2003 were 300 companies only, as pointed out that companies exceeded Thousand It a mixture of companies that operate in accordance with the conditions and regulations of the bank and the other got the approval from the Ministry of Trade, while other companies operate without getting any vacation.

He called on the International Monetary Fund Central Bank of Iraq to “take measures to gradually towards the liberalization of view of foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year, while stressing that the establishment of a banking system nationalist requires abandoning the current model which controlled weak banks by state-owned receive preferential treatment apart from private banks, “calling on Iraq to do to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.

http://bit.ly/15t5Zhe

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