Ali Keywords: Dollar flowing smoothly to the central
Ali Keywords: Dollar flowing smoothly to the central
Speculation and behind the high price and procedures effective to stability
BAGHDAD – Hussein al-Tamimi Tgb
said Governor of the Central Bank on the Keywords not be a problem in the flow of dollars to the Central Bank and the Treasury is not empty, as some claim The country exported more than 3 million barrels per day of crude oil to world markets, and prices Oil began to improve.
He Keywords in a news conference attended by the “morning” that the cash reserves of the Central Bank is estimated at 68 billion dollars, which can be increased, pointing out that the volume of cash in Iraqi dinars estimated 400 trillion dinars and this is a positive thing with an estimated reserve cash from dollar weakness Monetary size of the Iraqi dinar.
He noted that the issue of changing the dollar exchange rate occupies great importance to the level of the economy and the stability of the standard of living of the Iraqi family, pointing out that the central action comes to maintain a stable exchange rate and we have a lot of solutions for any case of manipulation price levels, indicating Rising exchange rates lead to higher commodity prices in the local markets because most of them imported from international markets and this requires converting large amounts of dollar.
He Keywords that rise witnessed dollar exchange rate during the last period caused by the occurrence case of speculative trading the dollar in order to achieve the highest profits and targets Others, noting that the high price of more than 100 degrees in one day is unnatural, pointing out that the central bank has more than a tool to address this situation and did not exhaust all his tools but that the cash reserve covering the Iraqi dinar, and there is no inflation requires the central bank intervention, but that the rate did not reach 2 percent and that for Aestday intervention by the central bank.
He said that the meeting with the Iraqi private banks association led to the understanding and reading of the phenomena correctly and take the necessary measures to maintain the stability of exchange rates in the domestic market measures.
For his part, President of the Association Iraqi private banks and depositary Handal that the weekly meeting between the Association and the Central drove to take the right actions that serve the stability of the dollar exchange rates, pointing out that the central action on the auction and Time on Saturday, is a positive thing, indicating that the coming together of banks with the central return rates of exchange to normal stressing quest hard and relentless banking sector to promote and support the central bank’s actions leading to the stability of exchange rates.
And inflation said Handal said that it is virtually non-existent and did not exceed 2 percent and this proportion is acceptable when compared to neighboring countries where inflation rates are high find large limits .
and praised the central bank’s decision to raise the tax deductions amounting to 8 percent and its role in alleviating the impact of this ratio for the shoulders of the citizen, which was added to the value of goods and imported goods.
returned Keywords to say there is little coordination between fiscal and monetary policies and this gets for the first time, where there is a large format between the Central Finance and the Ministry for the adoption of mechanisms to maintain the stability of exchange rates, pointing out that it was calculated for the benefit of the Iraqi economy, pointing out that we are studying the reasons for the large demand for the dollar, even though we are aware of the existence of imports of a wide and there’s money turned into points Mokhtlvh.obin that the central bank took the initiative to build the project economic integrated unable to determine the pathways and targets, pointing to the importance of this Agreed Framework nationally in achieving economic renaissance, stressing that the country is in dire need of direction keeps the currency within the country through the creation of the investment environment that keeps the money within the country and attraction of capital from abroad and the role of So to maximize the local economy.
Keywords and said: that the independence of the Central Bank is important and that all the world’s central banks aimed at stabilizing exchange rates, noting that determined confuse working mechanisms and adversely affects, and that monetary policy must be free loose dealing with everyday reality.
The Director Executive of the Association of Iraqi private banks Ali Tariq has said that the banking system in Iraq is the base engine for economic stability and has an important role to play in sustainable economic development process, and needs to provide the right climate for that, pointing to the importance of the concerted efforts of everyone to overcome the exceptional situation.
He said: Association supported the Central Bank to all procedures aimed at fighting corruption, money laundering and the organization of foreign trade, indicating the importance of the Central Initiative trillion dinars allocated for the financing of small and medium enterprises and can be considered an important contribution to the path of sustainable development.