Economic: the Central Bank is obliged to keep the dinar, Iraq's centrifuge environment

[TotalNewb]

Economic: the Central Bank is obliged to keep the dinar, Iraq's centrifuge environment [vocal)



Monday, 15 July 2013 17: 44

The Commission invited the parliamentary economy and Investment Bank of the need to maintain Iraqi dinar exchange rate and the value of the foreign currency.

The Central Bank has promised to take action to lift and stabilize the dinar as before but the decline of the dinar is still erratic in the Iraqi market to fall and rise.

He said the decision of the Commission to each agency mehma Khalil Iraq [in] that "the Central Bank is obliged to keep the exchange rate of the Iraqi dinar and sovereign balance must be preserved and feature in the Iraqi economy that is expected to be Iraqi dinar economic identity in the region that Iraq economic OASIS and its promising economy."

The "Iraqi dinar exchange rate depends on the Iraqi Central Bank and political task of maintaining the value of the dinar which is built on the basis of the price of a barrel of oil and the price of the US dollar, [166] and added a [13] DT Apr 1199 became what we are witnessing today in the black market has exceeded 200 thousand dinars, and this is not acceptable."

Khalil said that "price is still erratic and stability is through control of the movement of the dollar and the market may not be balance in 2007 Iraq 10 billion dollars and exchange rate 1200 and today our $ 76 billion and five years after the exchange rate remains the same, this is not permissible and is unreasonable."

He attributed the economic parliamentary Committee decision reasons for declining the Iraqi economy and fluctuating exchange rate of the Iraqi dinar against foreign currencies to its association with the unstable political environment in Iraq and expelling of foreign currency and is not attractive for investment, in addition to the security situation. "

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 it to smuggle most of the Central Bank on a daily basis to countries in the region is under siege and the growing need for 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 the benefit of foreign States, international sanctions have caused shortages of hard currency, one of the main reasons for the increase in 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. ended up 17.

 

 

http://alliraqnews.com/index.php?option=com_content&view=article&id=90299:2013-07-15-14-44-02&catid=37:2011-04-08-17-25-57&Itemid=56

 

 

 

[awcoffeebean]

 and this is not acceptable."
 

 this is not permissible and is unreasonable."

 

 

I agree! Now they just need to get on with it and do something about it!

 

[Elixirbaby]

Hopefully something big is in the works. 

[10 YEARS LATER]

" Iraq's centrifuge environment " = going in circles = having one foot nailed to the floor = doing the same thing over & over again expecting different results: see ' insanity '

 

[TBomb]

I hope so Elixir...we've continually been on the verge of "something big" in the works, only for huge, noticeable progress to get squashed by Maliki and his, IMO, bribery.  We'll see. Things do feel different in this investment right now..I hope positive change continues forward.