CBI Board permits the CBI governor power to raise the value of the dinar

Council authorized the management of the Central Bank of Iraq the new governor Abdul Basit Turki powers raise the value of the Iraqi dinar against other foreign currencies early next year, after former governor considered judicially supplements Shabibi these powers and mechanisms in violation of the law and harmful to the economy of Iraq.

The «Central» middle of the year announced his intention to raise the value of the dinar against the dollar from 1120 dinars to the dollar to thousand dinars, in preparation for a project to replace the currency currently in circulation with new ones after deleting three zeros. The judiciary was issued on October 19 (October) last arrest warrant against al-Shabibi and a number of senior officials of the bank in corruption cases.

The Shabibi told media need to «not to give these powers to one person to decide what he wants, but must study issues related to monetary policy, including reducing the price of the dollar, as well as follow-up of prices and inflation accurately, and taking into account the price developments and exchange rate in local markets». He pointed out that «the bank’s board is to decide this policy after studying carefully as the highest authority in the bank and not conservative.

Prime Minister Nuri al-Maliki said on November 5 (November) last large warheads will fall in the case of the central bank, pointing out that he is not acting Iraqi funds and had no information on the size or the location of the deposit. Turkish responded Shabibi remarks by saying that the Bank Act allows the governor as the chief executive running the daily operations.

He economist Imad Abboud said in an interview to «life» that «most observers the issue of corruption in the Central Mtogson of the results of the investigations carried out by a parliamentary committee, fearing Tsuifaa predecessors. He added: «the investigation leaked to the media, which revealed some very important facts, including the dominance of 10 banks eligibility solely on buying and selling the dollar in the auction the bank to reach Shobachm during the past eight months to about $ 30 billion», referring to «breaches other no less important included among the investigations, including the fake transfers about $ 56 million for the benefit of specific companies, but without showing actors behind these companies or banks.

In response to a question about raising the value of the dinar, stressed that «Everyone knows that the value of the currency of any country determined by the world market leader central Talmusrv is controlling hard currency inflows to the market and their prices.

Abood said central bank officials and former Bmsaihm government to enhance the value of the dinar, stressing the need to be of real value, not just numbers have no effect, What is the point of raising the value of the dinar, while the purchasing power of the individual will remain intact or will be.

And invited member Economic Commission parliamentary Nora Salem to include the decision to raise the value of the dinar within a project to replace currency planned to start by next year, and confirmed for the «life» that «any action taken by the Central raises a storm of objections and turn things to exchange accusations exploited politically, it is possible to transmit so projects to Parliament for its opinion and approval.

And effectively raise the value of the dinar, stressed that «the Iraqi citizen is not looking for numbers rise and fall, but for the benefit of the most important to restore the purchasing power of the dinar, compared to inflation of many of the economy during the past few years. She explained that «rates very high cost of living rose and became difficult on the consumer response, and impacted negatively on the food basket, any increase in salary rates collide rising materials prices, thus moving these returns only to secure a living.