Shabibi attribute the rise in the dollar to the tense political situation

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Shabibi attribute the rise in the dollar to the tense political situation

On: Wednesday 11/4/2012 9:25

Baghdad / term

Attributed the central bank governor Sinan Shabibi during a meeting with House Speaker Osama Najafi reasons for the high exchange rate of the dollar against the dinar to the political situation tense internally and regionally. Saw the dinar exchange rate declined significantly over the last few days against the U.S. dollar to reach in local markets to 126.5 thousand dinars for the paper category percent dollars.

A statement by the Office of the Prime Najafi Iraqi Council of Representatives met in his office in the Central Bank Governor Sinan Mohammed Rida al-Shabibi and reviewed with him the economic situation and the reality of the work of the Central Bank.

The statement quoted Najafi emphasis on the necessity that the central bank is independent and responsible according to the provisions of Article {103} paragraph {2} of the Constitution as well as Article 2/2 of the Law on Central Bank of Iraq 56 of 2004 which states {In order to achieve the goals of the Iraqi Central Bank and to accomplish its tasks, Iraqi central bank is independent and responsible as provided for in this law}, except as determined contrary to this law. "said Najafi said the central bank will not receive instructions from any entity or person or institution, including government institutions and will respect the independence of the Central Bank of Iraq can not be any a person of influence and improper for any member of the decision-making body in the Central Bank of Iraq during the performance of his duties in the bank, or to interfere in the activities of the Central Bank of Iraq. "

He referred to "support the House of Representatives absolute work of the Central Bank in accordance with the Constitution and the law", stressing the need to continue to the Central Bank with the parliamentary committees relevant to discuss and clarify the problems that plagued Iraq in the areas of monetary policy and banking. "Stressed Nujaifi" should not be dependent central bank to the government so as to prevent the seizure of Iraq's money or the implementation of international rules issued against Iraq by the creditors. "He also explained that" the House of Representatives will host the Governor of the Central Bank at a hearing to explain the reality of the Bank's work and illustrate the issue of the exchange rate of the dollar against the Iraqi dinar and the economic conditions and monetary policy in place " . For his part, attributed the governor of the Central Bank according to the statement the reasons for the high exchange rate of the dollar against the dinar to the "weakness of domestic production and the lack of Iraq's exports {excluding oil} and the weakness of the government's measures to attract capital to Iraq, as well as the political situation tense internally and regionally, and the economic blockade suffered by some neighboring countries.

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