Iraqi Central excludes foreign investors sell the currency of Procedures

25/02/2012 17:21

Dollars money

Baghdad, February 25 (Rn) – The Central Bank of Iraq, Saturday, he was exempted foreign investors from the proceedings sell the currency, according to investment law. and the development of the bank a new mechanism requiring the withdrawal of foreign currency on the basis of the importance of development projects in the country, after it has spread in recent times the phenomenon of smuggling hard currency, especially to Iran, facing international sanctions, which warned of a number of experts in the field of economy and development of the reflected negatively on the reserve of Iraq in hard currency. Deputy Governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the central bank develop an appropriate mechanism to facilitate the access of foreign investors on the foreign exchange and do not cause the Bank’s procedures new in the sale of the currency in obstructing their work. ” Saleh added that “the measures the central bank, which began to be implemented to reduce the phenomenon of smuggling currency out of the country was successful and led to positive results and increased value Iraqi dinar. ” and explained that “the measures taken by the Central Bank of Iraq fit with the nature of the market and the high price of the dollar.” and witness the exchange rate of U.S. dollar in the local markets of Iraq about the Iraqi dinar increased significantly between 1221 A to 1225 Iraqi dinars to the dollar , while the exchange rate of U.S. dollar against the Iraqi dinar in the past year 2011 of 1180 dinars to the dollar. The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and management of reserves of foreign currency and the organization of the banking sector. of Jafar Allonan RN: Joseph Karwan