Central Bank of Iraq adopts the scientific programs to create in stabilizing the dinar exchange rate

Central Bank of Iraq adopts the scientific programs to create in stabilizing the dinar exchange rate

On: Saturday 18/08/2012 6:00

 Baghdad / follow-up term
working Alpetk Iraqi center to adopt plans and scientific programs in order to create a stabilizing in the Iraqi dinar exchange rate against the U.S. dollar, while welcoming Almusariq civil assume the central bank responsible for overseeing the system divided the national rather than foreign companies, which will bring great prosperity in the work of banks .

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh on the status of plans and scientific programs by the central bank to lower the price of the dollar against the dinar up to the price of natural in the market and of (1190) in the coming period.
Saleh said (of the Agency news): The increasing demand for the dollar continues in the market, which led to get the case of confusion in the market by increasing demand for the dollar suddenly, leading to increase its price until it reached to (1300) dinars to the dollar during the last period.
He added that the policy of the Central Bank and the plans of before the devaluation of the dollar gradually until he settled on a price (1240) dinars to one dollar (in the market), although the auction the central bank sold dollars to (1189) for banks and customers, to maintain the local currency of degradation because the increase in the dollar exchange rate to more than the selected number is causing a deterioration of the national currency.
He continued, has been plans and programs of scientific and well thought out to reduce the value of the dollar more in front of the dinar even up to the price of the real to settle the (1190) dinars and (1200) dinars in the market and then be thought out to make the dollar worth dinars through Plans long-range after settling the political situation in the country and abroad, and when to diversify fiscal revenue of the state.
has seen the U.S. dollar has increased significantly and unprecedented has its value in front of the Iraqi dinar in the past months, with an exchange rate of one U.S. dollar (1300) Iraqi dinars, after was conservative on the price for a long time b (1170) dinars to one dollar, creating great fear of the economic circles constantly increase its price and its direct impact on the Iraqi economy.
The price of the dollar exchange current is equal to (1240) dinars.
In the meantime, praised the association of private banks assume the central bank responsible for overseeing the system divided the national rather than foreign companies, what would a huge boom in the work of banks.
said Association (of the Agency news): The supervision of the Central Bank of the work system divided the national will in the next few days will bring great prosperity to the work of banks in Iraq, the best of the foreign companies that provide service with a small scale.
She added that divided the national will include all government and private banks and under the supervision of the central bank, which will work on the reconciliation of bank accounts through a system of account relating to all the banks and under the supervision of the Central Bank.
She explained: that the system of divided National will serve as a focal point into which the bank accounts, all year round and will work on the reconciliation of bank accounts of the creditor banks and condemned in order not to fall banks losing money.
She noted that the use of the system divided the national sing the banking sector from dependence on overseas companies will reduce costs and risks of dealing with foreign companies .
to that predicted an improved banking expert on the withdrawal of small banks with few capital of the Iraqi market for securities, indicating that the Iraqi Stock Exchange needs to be developed more for easy stock trading between companies. Ali (of the Agency news): The stock market in Iraq since (2003) and yet is still not encouraging and the failure in spite of developments in it and the introduction of the technology and the use of electronic devices, and continued: This is because the community has a vision of limited on this market and perhaps there is doubt about the role of the stock market to achieve economic development.
He added that investment in the stock market is an investment indirectly through the contribution of corporate development, banking finance, noting that the Iraqi banking sector is still unable to perform his role properly in the development process economic despite the fact that Iraq was relying upon that result in important role in the process of economic reform of the country.
He explained that the Iraqi banks small if not developed itself to possess large sums of money they would pull out of the stock market in the event of entry of large banks with high capital may be integrated with other banks because they are not able to compete with those banks.
Source: almadapaper