The central bank is obliged to maintain the exchange rate of the Iraqi dinar
Economic parliamentary: the central bank is obliged to maintain the exchange rate of the Iraqi dinar and the Iraq expelling environment for investment
Monday, July 15, 2013 17:44
[Baghdad – where]
Committee called on the parliamentary economy and investment to the central bank need to maintain the exchange rate of the Iraqi dinar and its value against foreign currencies.
The central bank has promised to take measures to raise and stabilize the dinar as it was in the past, but the degradation rate of the Iraqi dinar is still volatile in the Iraqi market to fall and rise.
He said the Commission’s decision Mahma Khalil told all of Iraq [where] that “the Central Bank is obliged to maintain the exchange rate of the Iraqi dinar and a balance sovereign must be maintained and the feature in the Iraqi economy because of the expected to be the Iraqi dinar identity of the region’s economic, because Iraq is an oasis of economic and where stations and promising economy. ”
He said the “Iraqi dinar exchange rate depends on the political CBI and its mission to maintain the value of the dinar, which was built based on the price of a barrel of oil and the price was against the U.S. dollar thousand and  dinars and added him  dinars to the commission and became in 1199 and today what we are seeing on the black market has exceeded the thousand and 200 dinars, and this is not permitted. ”
He said Khalil said “Price is still volatile and that stabilization 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 exchange rate 1200 and today رصيدنا $ 76 billion and five years later keep the exchange rate itself and this is not permissible is unreasonable. ”
He attributed the decision of the parliamentary economic committee the reasons for the low of the Iraqi economy and the fluctuation of the exchange rate of the Iraqi dinar against foreign currencies to “Iraqi political association with the environment is stable and hard currency repellents are not an attractive investment in addition to the security situation.”
Employees complain and retirees who receive their salaries in dinars from price rises, and that their salaries are no longer sufficient to meet their needs and that the rise in prices has included real estate and rentals, as well as transportation, food and clothing.
Many believe that the growing appetite to buy the dollar has led to this significant decline in the price of the dinar and attribute this to smuggle most of it will offer daily Central Bank of dollars to countries in the region are subject to financial blockade and the growing need for hard currency.
The Iraqi Central Bank announced shortly before the new procedures limit the availability of the U.S. currency in markets where demand to buy them, amid suspicions suggest the smuggling of large amounts of hard currency in Iraq for neighboring countries.
And issued the CBI, new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select the stakes weekly for banks and money transfer companies and trading firms currency from the dollar is estimated according to the capital of each of them, and we will increase and decrease the stake against the commitment of all of them deliver the amounts they want customers citizens.
And goes observers exchange market in Iraq to the smuggling of large quantities of dollar located in Iraq for the benefit of foreign countries, suffers international sanctions caused scarcity of hard currency, and it has one of the most important reasons for the increase demand for the dollar in Iraq, and therefore decline Iraqi dinar exchange rate.
The central bank starts to put the dollar at an auction for the sale of foreign currency at subsidized prices and the lowest of the real exchange rate in the market to support the dinar. ”
Observers fear stop CBI those auctions and then multiply the value of the dollar against the dinar. ”
The central bank is facing charges for the staff in conjunction with state officials Baalmyat corruption and smuggling of currency and the bank is currently undergoing to Thviqat the longer the former director Sinan al-Shabibi, who left Iraq several months ago. Ended 17.