Finance Committee: open letters of credit best way to save the value of the dinar

Economic Commission: gave powers to the central government commercial banks to sell foreign currency

Praised the Finance Committee MP Abdel Hussein al-Yasiri, in a way to open letters of credit instead of foreign exchange of currencies used by the central bank to maintain the value of the dinar against the dollar.

Yasiri said in a press statement on Sunday »The Central Bank began to take even good steps to restore the value of Iraqi dinar and to maintain its price in front of hard currency through the grant authority to sell hard currency for a number of commercial banks in addition to that action will be taken to open letters of credit instead of foreign exchange currency »explained» that the method of the opening credits would force traders to open the adoption of their own by commercial banks, whether governmental or private, puts the insurance, so it is when want to import goods from abroad opens depending instead of money transfer to ensure the receipt of goods to the country and high specifications For the avoidance of funds out of the country without import ».

added» that the purpose of taking such action by the Central Bank in order to preserve the value of Iraqi dinar, because when you reduce the central from the sale of hard currency will lead to increase in value with a lower exchange rate of the dinar.

The central bank has announced the start of opening letters of credit instead of foreign transfers of funds difficult for Iraqi banks two branches of public and private

For his part, said decision of the Economic Commission Deputy Mahma Khalil Guy earlier of (citizen), that the central bank gave powers to the banks, government business for the sale of hard currency in addition to the auction to inject large amounts of dollar in the market to maintain the value of the dinar.

Khelil said «The Central Bank is the main reference for the Iraqi banks and requires the application of fiscal policy, and as a result of increasing the value of the dollar against the dinar during the recent period, he decided to Central to give authority to sell hard currency to the Rafidain and Rasheed to keep the Iraqi dinar exchange rate ».

Khalil added» that the central bank to sell the currency to the auction Alalnadkh large amounts of hard currency in the domestic markets and increase the value of Iraqi dinar against the U.S. dollar, pointing to it a successful way to keep the dinar exchange rate, provided that the applied according to procedures well thought of by not tolerant for the exit of foreign currency of the country for the purposes of unnecessary »saying« that the central bank The body financially and administratively independent and responsibilities linked to the Council of Representatives and the policy respectful of everyone because it contains a selection of financial experts and the possibilities of high transparent and clear, so can not the CBI in these unstable conditions experienced by the national currency to abandon its auction public fully to one of Iraqi banks, commercial .