BAGHDAD / newspaper rectitude – exposure of the Iraqi economy to economic shocks large affected and fully at the level of the Iraqi dinar and caused slumping and the flight of capital abroad, declined to foreign investors from entering the country, for fear of fluctuations in the exchange rate of the currency, and now seeks the central bank to adopt a new policy to protect the currency Iraqi and ensure its stability against the U.S. dollar.
Where A member of the parliamentary Finance Committee Abdul-Hussein al-Yasiri that the stability of the Iraqi dinar is due to several reasons, including the policy followed by the Central Bank of Iraq auction sale dollar a day.
He added: “This auction is a balance between supply and demand, the Iraqi dinar and the dollar, and was able to since its introduction a few years ago until now to maintain the stability of the Iraqi dinar.”
He Yasiri that the central bank has an important role in the stability of the dinar through daily currency auction, and that other measures also have an important role in supplying the Iraqi economy that serves everyone. ”
Between “the country and the potential Iyad worker and good technical, we want the Investment Authority that work well for the investor comes with the money, that does not come and borrow from the banks.”
He pointed out that “the banking sector progresses through the banking system is good and has a locking system well and keeping deposits of citizens and keeping bank loans and the strategic situation and cash management well,” stressing that “the Central Bank of 80 billion dollars, and must exploit the part of these amounts for development of the economy in Iraq. ”
For its part, revealed the association of private banks – non-governmental organizations – all taken in coordination with the Central Bank of Iraq some monetary policies that will maintain the stability of the exchange rate of the Iraqi dinar against foreign currencies.
He says the managing director of the Association super good: “The private banks now operate to attract traders, who make up one of the main sources for the introduction of foreign currency to Iraq and determine the activity of speculators at the exchange rate of the currency through the revitalization of reliance on bank bonds in banking transactions.”
So stressed economic expert Majid picture on “the need for cooperation with the Ministries of Finance and Commerce, in the application of monetary policy new taken by the central bank in coordination with the private banks,” and warned at the same time that the absence of such cooperation would lead to “the inability of the private banks and the central bank of control the Iraqi dinar exchange rate, even with these policies. ”
“The central bank has worked to identify the sales of foreign currency in the market to create a kind of balance between the price and the bank in the local market.”
For his part, President of the Association of private banks in Iraq, Nouri al-Wadih starting workshop expanded civil and private banks in coordination with the Central Bank to discuss the latest developments change the exchange rate of the Iraqi dinar against the U.S. dollar in the local market.
Nouri said that “the main objective of this workshop is to identify the mechanisms of cooperation in accordance with the new regulations issued by the central and include forcing private banks to deposit their capital with the central bank in the event of its desire to enter the auction of foreign currency held by the central bank every day.”
“The workshop will also discuss the design and planning of a clear policy to maintain the stability of the Iraqi dinar against foreign currencies and its impact on the value of the local currency.”
The decision of the Commission on Economy and Investment parliamentary Mahma Khalil: “The central bank is obliged to maintain the exchange rate of the Iraqi dinar and a balance must be maintained by the sovereign and the feature in the Iraqi economy because it is expected to be the Iraqi dinar economic identity in the region.”
Khalilzad said that “the price is still volatile and that stability is through control of the movement of the dollar and the market may not be a balance of Iraq in 2007, ten billion dollars and the exchange rate in 1200 and today our credit $ 76 billion later this year remains the exchange rate itself.”
For his part, said banking expert and executive director of the Association of private banks in Iraq, Abdul Aziz Hassoun “The arrival of the cash reserve to 80 billion dollars, enhances the value of the Iraqi dinar and ensure traders do and possessors upon trust and power, as it acts as a cover real currency.”
He said Hassoun he: “When you are in Iraq so guarantees will be provided external actors to cooperate with this country and invest in it, because it is considered an important indicator, and gives the amount supreme confidence in the Iraqi market for traders with dealers and contractors, and equipped foreigners.”
He said Hassoun that the CBI has issued new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies through quotas weekly for banks and money transfer companies will increase and reduce the share exchange for a commitment each of them deliver the amounts they want customers from citizens.
The central bank announced earlier in the rise of the dollar reserves to 80 billion dollars, and 80 tons of gold, this reserve would provide significant support for the economy and the bulwark against the Iraqi currency fluctuations that you may encounter.
It is noteworthy that many of the international banks began to open branches in Iraq, invested great stability in the exchange rates of the dollar against the dinar, in addition to banking facilities good, and that made Iraq one of the favorite destinations for global banks. Ended 9
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