Bankers accuse the central bank to encourage Arab and Iranian banks at the expense of the Iraqi
Bankers accuse the central bank to encourage Arab and Iranian banks at the expense of the Iraqi
18/05/2013 (23:01 pm)
Baghdad / Press-term and agencies
Criticized financial experts, bankers and members of the House of Representatives central bank blaming him responsible for the decline and the reality of the private banks, and he encourages Iranian banks and Arabic at the expense of Iraq, at the same time, observers believe that the rise in the dollar exchange rate in local markets began since the exemption former central bank governor Sinan al-Shabibi asserting The fluctuation of the U.S. dollar exchange rate has a close relationship with the current policy of the central bank.
Hot value of the Iraqi dinar gradually over the past weeks to reach the price per dollar to about 1,300 dinars after it had been stable for 1120, the highest rate up to the exchange rate during the past two years.
The chairman complained Gulf Bank of Iraq, “the central bank not to listen to private banks and deal with it as a subsidiary has,” and urged the need to “amend some laws and regulations for the work of private banks.”
Said Mounir al-Jubouri, in an interview (range Press), “The Ministry of Finance prevent official circles since the decade of the deposit accounts or accept instruments certified by private banks,” noting that “the current legislation does not fit with the economic boom experienced by Iraq” .
Jubouri called for the need to “amend some laws and regulations for the work of private banks,” noting that “the central bank does not listen to the views of private banks, but handles like belonging to him.”
For his part, accused the President of Board of Directors of the Bank of the Iraqi economy Hossam Obaid Ali, the central bank to “encourage Arab and Iranian banks at the expense of Iraq,” threatened that private banks “would seek to organize a peaceful protest if the central bank continues its current policy.”
He attributed the decline in the reality of the private banks to “lack of confidence by the Central Bank”, accusing the central bank to “encourage Arab banks and Iran over Iraq despite the fact that foreign banks’ capital is not up to a quarter of that found in their Iraqi counterparts.”
Ali threatened that private banks “would seek to organize a peaceful protest if the central bank continues its current policy with private banks.”
For his part, the managing director of the Iraqi Company for Bank Guarantees Secretary Abdul Sattar, said that “the missing cooperation between the public and private sectors,” and wondered “If the government does not deal with the private sector, how citizens will deal with him?”
He said that “cooperation or missing coordination between the public and private sectors in Iraq,” adding, “How can we expect citizens to deal with the private banking sector if the government itself does not deal with him?”
Abdul Sattar called on the government to “pack version of laws and regulations to support the banking business, particularly in the private sector.”
Regarding the high exchange rate of the dollar expected decision of the Commission on the economy and investment in the Chamber of Deputies, the continuation of the low exchange rate of the Iraqi dinar against the U.S. dollar.
He said Commission decision Mahma Khalil, for “Twilight News” that “the confusion that occurs in the low exchange rate of the Iraqi dinar against the dollar has a close relationship to the policy of the central bank and the location of the province.”
He added that “the new governor is a purely digital background and financial follow-up only, and does not have any clear strategy to maintain the exchange rate of the Iraqi dinar.”
He pointed out that “the new governor implements government directives more than implement directives House of Representatives, and the reputation of the central bank have been affected as a result of interventions last from the government, as well as the political climate of Iraq became the atmosphere tense and unstable environment cast a shadow over all areas, and the areas most affected This policy is stable and crisis is the economy and the Iraqi dinar. ”
Khalil saw that “the central bank failed in his policy, while it is his duty to maintain the exchange rate of the dinar,” returned “reforms carried out by the bank are not radical reforms strategy.
He pointed out that “goods enter the country in large quantities and the dollar, and this is what the impact on the income of the Iraqi citizens, and that attempts by the bank to inject the dollar by some outlets is improper conduct.”
“The Iraqi dinar is covered in hard currency and sovereign balance reached $ 74 billion, and may increase the cash-nation bloc to 33 trillion dinars.”
He explained that “the right of the Iraqi citizen that replaces the dinar to the dollar but the central bank’s policy is a failed policy, noting that” the exchange rate of the official to the dollar at the central bank is 1166 and there are 13 dinars a commission to the bank, it becomes a figure in 1179 dinars per dollar, while in the Iraqi market local exceeded 1300 and this is not permissible, and all these figures and the differences in the exchange rate go into the pockets of brokers and clients and the Giants in the local market of Chirvien and influential politicians “!!
He said “the Iraqi trader who is pivotal dealer, and deal with a lot of countries, including countries affected by UN sanctions such as Iran and Syria, so the Iraqi trader binding pump and take out the hard currency to deal in this direction.”
He went on to say “so and as a result the Iraqi political climate and instability, the Iraqi citizens have a desire to transfer their deposits to the dollar and do not put it to the Iraqi banks, because the Iraqi environment repulsive environment for hard currency and not attractive to them.”
Khalil added that “These factors are all consequences caused by the low exchange rate of the Iraqi dinar against the dollar, and the responsibility lies and rests with the Central Bank of Iraq, because the central banks in all countries of the world and its primary function to maintain the exchange rate of the national currency, as well as the Bank of Iraq is committed to the policy of the Executive instead of its commitment to the policy of the legislature. ”
In the meantime, an economist Salim al-Jubouri that “the effects of the deterioration of the value of the Iraqi dinar to the ordinary citizen and the domestic market show in the prices of the goods available in the Iraqi market, which imported goods based on the dollar and if the value of the dollar rose rise with the price of all goods and commodities.
He added that “the central bank balance is huge and currently exceed seventy billion dollars, which is what makes the government is able to intervene and support the value of the Iraqi currency.
And saw a member of the Finance Committee in the House of Representatives of the Secretary Hadi Abbas that the deterioration of the local currency something that happens in every country and in every place.
The lack of any kind of danger and that the magnitude of the reserve balance with the central bank which is able to cover all the defects, according to the MP, who was accused in some quarters of being behind the banking inventory dollar traded for special purposes.
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