Central Bank procedures for the sale of hard currency humiliated citizens and non-supportive of the Iraqi dinar

Specialists: Central Bank procedures for the sale of hard currency humiliated citizens and non-supportive of the Iraqi dinar

25-09-2013 10:08 AM

10k Iraqi dinar noteBaghdad (news) / report / Hussein Faleh / .. Despite the relative stability witnessed by the Iraqi dinar exchange rate against the U.S. dollar during the current period after a wave of oscillations which got its price over the past months, but some specialists in the field of financial criticized the current procedures taken by the central bank for the sale of foreign currency by banks and are delivered to citizen through the passport, what made ​​the Iraqi banks Moktdh citizens since the early morning in order to buy the dollar through passport at a subsidized price from the central bank are sold to banking offices its price trade so as to achieve differences profit estimated at (5000) Iraqi dinars per (100) dollars. has criticized specialists during their talk (of the Agency news) on those actions, calling it humiliates the citizen and is supportive of the dinar exchange rate, demanding the central bank to take new measures to the sales process in order to minimize the waste of money, with the tightening of the actual control of the operations of financial transfer in order to combat money laundering and reduce of currency smuggling. member of the Finance Committee MP / coalition of Kurdish blocs / Dler capable, confirmed: that the actions of the Iraqi Central Bank on the sale of hard currency is below the required level, where we consider that the procedures are accessible and supportive of the dinar and the national economy, but it is still complicated and procedures prosthesis and vessels, probably will affect the exchange rate of the Iraqi dinar. said Dler (of the Agency news): The current monetary policy, despite their drawbacks, but it is better than the policy that was tracked over the past months and which led to the low exchange rate of the dinar against the dollar, calling the current administration of the Bank the development of new plans and modern mechanisms in order to control the liquidity circulating in the market to create a balance between supply and demand of foreign currency. said: that the central bank has a cash reserve large and this will give extra power of the Iraqi dinar condition improves disposed of by the central bank through the buying and selling in auction. As a member of the Committee on the economy and investment MP / National Alliance / Abdul-Abbas Xiaa, criticized: central bank’s policy on the sale of hard currency, being conducted at random and is well thought out, which contributed to instability in the exchange rate of the Iraqi dinar against the dollar. said Xiaa (of the Agency news ): The new measures issued by the bank on the sale of foreign currency allowed the average citizen who owns a passport he can buy (5000) dollars a month, from banks authorized to sell at a subsidized price from the central bank and in which the teams about (200) thousand dinars net profit. continued : This is what makes people give to banks from the early hours in order to obtain this amount through the passport and sell them to the ‘black market’, if the family consists of (6) members they get a net profit of an estimated one million dinars per month, Valaab not citizen, but measures the central bank who learned the citizen to commit mistakes. described Xiaa: these measures as humiliated citizens and make looking for a source of living illegally, and therefore it will affect the stability of the exchange rate, and this is what makes dollar spent incorrectly, do not go to those who deserve from traders and owners of emergency travelers, calling for the central bank to amend its procedures for the sale of hard currency to support the exchange rate of the dinar against the dollar. while said Prime Media Center Economic Dergham Mohammed Ali, to: the sale of the dollar through the passport is designed to deliver the amounts directly meet the needs of travelers foreign currency, but some cases for payment of the amounts of small and other needs of foreign currency unless they are met at the official rate, thousands will resort to the black market, a Mirf currency exchange rate. continued Muhammad Ali in his speech (of the Agency news): But the central bank put outlets through banks routinely to customers two months ago, which has contributed to relatively reduce the black market to sell the currency and meet the demands of customers within the official price approved to sell the dollar does not affect the sales levels within the ceilings current to avoid the waste of foreign currency. For his part, warned financial expert Hossam al-Obeidi, low price dinar Iraqi case and hold the current monetary policy by the central bank, the fact that the hard currency pumped into the market at random and irregular. Obeidi said (of the Agency news): The local banks experiencing زحاما lot of citizens in order to buy dollars at the official cross-passport travel, and this case is incorrect at the same time hold unscientific, because he learned the citizen on the error, as well as pay the owners of banking offices of manipulating prices, the dollar in the local market. pointed to: that the central bank is in corporate banking and some offices approved by buying dollars from the auction of public and allowed some banks sell to citizens through the passport, making the operation is not balanced, and this case when continuity will raise the value of the Iraqi dinar against the dollar, which is currently experiencing stable temporarily its value. / End