Deputy for the citizen: government interference in the work of the CENTRAL BANK behind his fluctuating attitudes in monetary policy(23 May 2013 06:40)

[yota691]

 Deputy for the citizen: government interference in the work of the central bank behind his fluctuating attitudes in monetary policy

Thursday, May 23 / May 2013 06:40

 

[baghdad where]

 

 

He attributed the MP block, Mohammed Allkash confusion made in the monetary policy to clear government intervention in the work of the central bank.

 

 

Said Allkash in told all of Iraq [where], a copy of it, "The high price of the dollar and the decline of the Iraqi dinar caused confusion monetary policy and government intervention in the work of the Central Bank of Iraq."

 

 

The central bank has promised to take measures to raise and stabilize the dinar as it was in the past, but the degradation rate of the dinar continued.

 

 

Employees complain and retirees who receive their salaries in dinars from price rises, 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.

 

 

 

 

Many believe that the growing appetite to buy the dollar has led to this significant decline in the price of the dinar. And attribute this to smuggle most of it will offer daily Central Bank of dollars to Syria and Iran, which are being siege of Mali in the growing and they need to hard currency.

 

 

The Iraqi Central Bank announced shortly before the new procedures limit the availability of the U.S. currency in markets where demand to buy them, amid suspicions suggest the smuggling of large amounts of hard currency in Iraq for 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 of each of them, and we will increase and decrease the stake against the commitment of all of them deliver the amounts they want customers citizens.

 

 

And goes observers exchange market in Iraq to the smuggling of large quantities of dollar located in Iraq for Syria and Iran, both of which suffered international sanctions caused scarcity of hard currency, and it has one of the most important reasons for the increase demand for the dollar in Iraq, and therefore decline Iraqi dinar exchange rate.

 

 

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 state officials Baalmyat corruption and smuggling of currency and the bank is currently undergoing to Thviqat the longer the former director Sinan al-Shabibi, who left Iraq several months ago and no longer fear of arrest according to the warrant. Ended

Edited May 23, 2013 by yota691

[ALBUNDY]

 

 

Deputy for the citizen: government interference in the work of the central bank behind his fluctuating attitudes in monetary policy

 

 

Thursday, 23 May 2013 06:40

 

[baghdad where] attributed the mass MP, Mohammed Allkash confusion made ​​in the monetary policy to clear government intervention in the work of the central bank.

 

 

Said Allkash in told all of Iraq [where], a copy of it, "The high price of the dollar and the decline of the Iraqi dinar caused confusion monetary policy and government intervention in the work of the Central Bank of Iraq."

 

 

The central bank has promised to take wage ... ( sorry folks there is a technical problem/ loading problem , may be someone can help me by clicking the link below to cut and paste the rest of the story. Thank you very much and I am really appreciated folks ).

 

 

 

READ MORE : http://www.alliraqnews.com/index.php?option=com_content&view=category&layout=blog&id=37&Itemid=56

Edited May 23, 2013 by ALBUNDY

[sandfly]

THANKS

[sandfly]

OK

[waterman13]

He attributed the MP block citizen, Mohamed allkash flop in political cash to government interference in the work of the Central Bank.  Allkash said the whole Iraq [where], a copy of it, the ' dollar and Iraqi dinar declines caused by misguided monetary policy and Government intervention in the work of the Central Bank of Iraq '.  The Central Bank has promised to take action to lift and stabilize the dinar as before but the decline of the dinar continued.  And complain about the staff and retirees who receive their salaries in Iraqi dinars from high prices and salaries are no longer sufficient to meet their needs and that the rise in price included real estate and rentals add to transportation, food and clothing.  Many believe that the growing popularity of buying the dollar has led to a significant decline in the dinar. And attributed to smuggle most of the Central Bank of Syria and Iran to which are under siege and the increasing need of hard currency.  The Iraqi Central Bank announced shortly before the new measures limiting the availability of American currency markets that conveys to them, amid suspicions that suggest large amounts of smuggling hard currency to Iraq for neighbouring countries.  The Iraqi Central Bank, new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select weekly quotas are banks and money transfer companies and dollar currency trading companies valued in accordance with their respective capital, will increase and reduce the quota for each delivery commitment amounts that customers of citizens.  And goes to the Iraqi exchange market observers that the smuggling of large quantities of dollars to Iraq for Syria and Iran, both suffering international sanctions caused the scarcity of hard currency has, one of the most important reasons for the increased demand for dollars by Iraq, so declining Iraqi dinar exchange rate.  And the Central Bank to put the dollar at an auction for the sale of foreign currency at subsidized prices and the real exchange rate lower in the market to support the dinar.  Observers fear the Central Bank shut down such auctions and then doubled the value of the dollar against the Iraqi dinar '.  The Central Bank is facing charges for its staff in conjunction with State officials in corruption and smuggling of currency operations, the Bank is subject to the thavikat against the former Director Sinan Al-Shabibi, who left Iraq for several months and longer for fear of arrest under the warrant expired.

 

Best I could do, hope it helped.

WM13

Edited May 23, 2013 by waterman13

[unirod]

Will these guy's ever run out of excuses?

[lakedreamer]

If I understand this correctly, the CBI tried to stop the bleeding of US currency to Iran and Syria by decreasing the amount of available US dollars in Iraq.  This just caused a decrease in the exchange rate of the Dinar, and Iraqi's are now complaining because they can no longer pay their bills.  Now that the citizens are up in arms, the Parliament has to do something.  They complained to the CBI who reversed their policy, and is now increasing the number of auctions per week to get more currency out there.  Now they need to do something about imports and exports, because that's where the bleeding started in the first place.  US dollars were being exchanged for goods that never arrived in the country, and the money went to Iran and Syria.  They shot themselves in the foot, and they're finally trying to bandage it.  Does that sound right?   

[zigmeister]

I think you got it right lakedreamer.

[lakedreamer]

Thank you Zigmeister.  Do we know yet what they are going to do about it?

[sailin12]

Yep if history repeats itself in IRAQ...do it again and again till they shoot everybody's toes off. Not a progressive nation building. if only they took civics in  high school.  lol

[zigmeister]

I think you got it right lakedreamer.

A few articles back they are cutting the red tape for imports and foreign investors, which is in my opinion a part of what they are going to do.  Actually if you put all the pieces together the puzzle is coming together.  Will we see an RV movement?  That is hard to say.  I try not to see what I want into the scheme of things.  However along with the contract signed with Bloomburg today they really do not seem to be wasting much time.  Also the agreement with Kuwait and the border issues, money for the Iraqi's living in Kuwait is a really awesome movement in the right direction.