Central: Financial unprepared for the exercise of its currency auction

Central: Financial unprepared for the exercise of its currency auction

02/16/2016 10:13

Central - Financial unprepared for the exercise of its currency auctionBAGHDAD / obelisk: The Central Bank of Iraq, on Tuesday, he was responsible for conducting the auction currency, between the Ministry of Finance is ready to exercise that role.

The governor of the bank on the Keywords in an interview with local media, and I followed, “obelisk”, “The central bank is responsible for holding the currency auction Under the law, which he considers responsible for the stability of the exchange rate,” noting that “it is theoretically possible that the Ministry of Finance to conduct auction process but practically not possible. ”

He Keywords that “the Ministry of Finance is not interested in achieving the goals of monetary policy Castaqrar exchange, but is interested in obtaining as much as possible from the dinar from the sale of dollars without paying attention to the overall stability of prices or the exchange rate stability,” explaining that “this process by type of risk can not the Ministry of Finance to bear. ”

He continued, “The Ministry of Finance has historically not accustomed to exercise such a process so that the balance between sales of the dollar and the stabilization of the exchange rate,” stressing that “the central bank has the mechanisms and tools and his outlook and the rules of his work and his ability to take control of this process.”

And established an independent Iraqi Central Bank as a bank under a law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for buying and selling currencies.