CBI’s target is to reduce inflation and not import financing

Baghdad / agencies confirmed Central Bank Governor Sinan al-Shabibi issued an arrest warrant, on Saturday, that the central bank’s target key is to reduce inflation and encourage savings and not financing import operations.

Shabibi said “Alsumaria News” that “the main objective of the Central Bank is monetary policy to fight inflation and not commercial financing import “, noting that” the recent decision of the Central Bank to allow Iraqi banks approved to open letters of credit and financing by the bank is a business decision. ” and added Shabibi that “the goal of the bank is working to pull the dinar from the market and entered in issues auction to reduce inflation , “and urged” the Bank’s management new focus on monetary policy, not profitability. “

It was the bank’s board decided on 11 December to encourage Iraqi banks approved to open letters of credit and financing by the Bank in accordance with the mechanism designed for this purpose and continuity in the entry window selling foreign currency, indicating The banks covered are Bank of Baghdad, credit and Mansur as a first stage and later include all licensed banks. Under the instructions of the Economic Commission of the Council of Ministers to transfer all of the special allocations ministries that more than four million dollars to the Commercial Bank of Iraq in the transfer of funds of less than four million dollars to private banks, which are distributed by activity according to the classification of banks by the Central Bank of Iraq.

He Shabibi on 13 this December that the bank’s decision to authorize the province validity reduce the sale price of the dollar, “wrong”. was Shabibi threatened, on 12 December, to resort to “all means” if not resolved his case in Iraq, stressing that it was exceeded immunity Bank in the country.

The Prime Minister Nuri al-Maliki, in the (November 5, 2012), that the warheads large fall in the issue of the central bank, pointing out that he is not acting funds Iraqi, but had no information on the size or the location of the deposit. referred to the Supreme Judicial Council confirmed, in ( October 19 last), the issuance of an arrest warrant for the central bank governor and a number of officials in corruption cases