Iraqi currency import between the hammer and the anvil of oil revenues

BAGHDAD (Union) – The expert and economic analyst Iraqi and director of the International Center for Development Studies and the London-based Sadiq Hussain Rikabi yesterday for “Union”, the Iraqi Central Bank Governor Economic known Shabibi did not realize it represents Iraq in the meetings of the International Monetary Fund in Tokyo, that arrest warrant issued against him by the Iraqi judiciary.

He said that the timing of this note was not successful at all as it will contribute to the weakening of confidence in dinars and increase instability in the Iraqi economy. He stressed that the Iraqi government will continue measures distort the Iraqi economy and harm to his reputation.

He stressed that Iraq is still prey to financial and administrative corruption which is eating away at all of its institutions and its circuits. He pointed out that he was on the Integrity Commission waiting Shabibi until his return and form a committee to cooperate with him to know the reasons fluctuating dinar exchange rate, especially as the man sent several letters to the Council of Ministers called for the need to keep some officials CBI for their involvement operations financial and administrative corruption and money laundering.

He pointed to what I said the integrity of the case is not about money but rather are special procedures and instructions regarding the central bank market (auction) and the resulting selloff led to lower the price of the dinar from 1230 to 1320 dinars to the dollar.

The Rikabi to blame the central bank alone in not being able to stop fluctuating dinar has something of an exaggeration, the economic situation is difficult for Iran and Syria led to the exit part of the hard currency markets that State without a value equivalent of any goods or services.

“The result of this central bank tightened procedures selling foreign currency on condition on private banks, disclosure of asylum purchase under instruments certified, also stressed the procedures regarding the sale of money orders, on condition there is official documentation proving orders dollar for trade and the presence of account tax year.”

He said that the lack of commitment by those banks rules the central bank with the difficulty of monitoring offices conversion a major reason for the depreciation of the dinar, has been withdrawals of foreign currency worth hundreds of millions of dollars have made the central bank at the front of the war being waged on the Iraqi dinar, not to mention gangs counterfeiting and Trbesha Iraqi economy where busted gangs specializing in this area and made fake money from a ten thousand dinars to Iraq seized them in some banks.

The stirrup to the lack of fiscal policy and clear to the Iraqi state based on the diversification of income sources and move away from dependence on oil as a source of revenue to make the Iraqi dinar hostage to hammer import and anvil oil revenues, and this opened the door to a speculative large Iraqi dinar by currency traders who benefiting from the difference or fluctuation in the exchange rate.