Central seeks to stabilize the exchange rate to 1189 Iraqi dinars to the dollar

Central seeks to stabilize the exchange rate to 1189 Iraqi dinars to the dollar

26-05-2012 10:00 AM
Said the Iraqi Central Bank said on Saturday that the goal of monetary policy is to maintain and keep the Iraqi dinar exchange rate against the dollar by 1189, indicating the stability of the exchange rate in local markets after the expansion of outlets selling the dollar. 
and approved the Central Bank of Iraq this month, the existence of an imbalance in the Iraqi dinar exchange rate and confirmed his quest to unify the exchange rate between him and the local markets and denied at the same time any deterioration of the value of Iraqi dinar. The central bank was accused last week of four states with ‘conspiracy’ to hit the financial economy of Iraq to empty its market of its financial strength, indicating that the corridors of free trade in Iraq is becoming the means adopted to hit the economy. saw the price of the dollar relative to local currency increased during the last few days, which he attributed Officials companies banking local to the central bank from making further action in the auction sale of hard currency. Deputy Governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) that ‘the central bank proven Iraqi dinar exchange rate against the dollar to 1189 dinars to the dollar after adding a commission bank 13 dinars, and profit banking companies ten dinars to the dollar. ” He explained that ‘the central bank sold dollars to 1166 dinars,’ expected ‘to resolve the phenomenon of the depreciation of the dinar against the dollar over the coming period.’ . The Deputy Governor of the Bank by saying that ‘the bank is selling now $ 200 million, a substantial amount covers the needs of the market and the Bank began to expand outlets to sell it to include banks Rafidain and Rasheed. ” and picked up local media reports about the widening phenomenon of smuggling hard currency from Iraq to Syria and Iran on the ports border is unless confirmed by the Central Bank of Iraq. and subject Iran due to its nuclear program and Syria as a result of public protest to international sanctions harsh and exposed markets of both countries to collapse economically because of poor cash flow of hard currency. The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including the exchange rate policies and the management of foreign currency reserves and the organization of the banking sector. for (Rn)
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