Fadel Muhammad: Convert $ 200 billion out of Iraq through the Central Bank auction

Saturday, April 14 / April 2012 11:02

Baghdad {: News} Euphrates revealed Advisor to the Prime Minister for Legal Affairs Mohammad Fadel on the transfer of more than $ 200 billion out of Iraq by the Central Bank auction to support the fixed exchange rate of the dinar.

Saw the Iraqi dinar exchange rate declined significantly over the past few days against the U.S. dollar to reach in local markets to 126.5 thousand dinars percent of the paper dollar category .

Said Fadel told {Euphrates News} on Saturday that he “does not have in the world today a central bank continues to hold auctions and pumping the dollar to support the fixed exchange rate of the dinar,” noting that “the fact that this new experience has emerged in which mistakes and thus benefited the people who are not traders” .

He says, “we are buying the dinar and give the dollar and turn these amounts to the auction abroad through remittances. “

He added that “there are people who participated in the auction the central bank, they are not really traders did not go these amounts for the purposes of the state and the private sector and cover the needs, but I went into the pockets of speculators and smugglers, and they became the beneficiaries of the money allocated to the projects of the people and well-being. “

The Fadel that “there is a representative of the bank is the bank governor, a member of the Economic Commission.” Ended 2 p.m.