A plan to stabilize the dollar at 1118 Iraqi dinars
A plan to stabilize the dollar at 1118 Iraqi dinars
20.06.2013 BAGHDAD – A New Morning
Revealed the parliamentary Finance Committee, Wednesday, for the plan to the central bank began its application include fixing the exchange rate of the dollar in the domestic market by 1118 dinars per dollar, a figure close to the official rate approved by the Central Bank.
Said committee member Najiba Najib’s (IMN) said that «there is a plan central bank began Pttabgaha under the direct supervision of the House of Representatives include stabilizing the exchange rate of the dollar in the domestic market by 1118 dinars to the dollar, which would be close to the official exchange rate adopted in the Central Bank of Iraq».
Najib added that «the decisions issued on the contribution to the stability of the exchange rate of the dollar against the dinar contributed to the low price of the dollar, which reached now to 1122.5 dinars per dollar after hitting to 1130 dinars to the dollar.
And hosted by the Finance Committee last month and central bank governor Abdul Basit Turki agency and discussed with him the reasons for the high price of the dollar against the Iraqi dinar.
And recommended the parliamentary Finance Committee, to develop a roadmap to improve coordination and cooperation between government and private banks for the development of the payments system in banking transactions.
Abdullah said Hussein Yasiri Edwalganh the Finance’s (IMN) informed the Ministry of Finance and the Central Bank of the need to strengthen coordination between the government and private banks to develop payment systems and promote the process of credit ‘.
He added that «the lack of coordination and action set-off in most of the electronic government caused banks to overwhelm the country’s monetary policy.
He added that «Committee meetings will be held next week with the Ministry of Finance and the Central Bank and officials in the government and private banks for the development of the payments system and provide accurate data base for government banks’.
The Iraqi Central Bank announced that the payments system in private banks, amounting to 40 banks technically better than the payments system in the State-owned banks
The main tasks of the Iraqi Central Bank to maintain price stability, and implement monetary policy, including exchange rate policies, and management precautions Alamlhalojunbah, and the issuance of currency management, as well as to regulate the banking sector.
BAGHDAD – New Morning: revealed the Finance Committee representative, Wednesday, plan for central bank began to apply include installing the dollar exchange rate in the domestic market by 1118 dinars per dollar, a figure close to the official rate approved by the Central Bank. Said committee member Najiba Najib’s (IMN ) that «there is a plan central bank began Pttabgaha under the direct supervision of the House of Representatives include stabilizing the exchange rate of the dollar in the domestic market by 1118 dinars to the dollar, which would be close to the official exchange rate adopted in the Central Bank of Iraq». said Najib that «the decisions issued on contributing to the the stability of the exchange rate of the dollar against the dinar contributed to the depreciation of the dollar, which reached now to 1122.5 dinars per dollar after hitting to 1130 dinars to the dollar ». hosted by the Finance Committee last month, the central bank governor Agency Abdul Basit Turki and discussed with him the reasons for the high price of the dollar against the Iraqi dinar. The Committee recommended that the financial representative, to develop a roadmap to raise the coordination and cooperation between government and private banks for the development of the payments system in banking transactions. said Abdul Hussein al-Yasiri Edwalganh Financial’s (IMN) »informed the Ministry of Finance and the Central Bank of the need to strengthen coordination between the government and private banks to develop payment systems and promote the process of Credit «., adding that« the lack of coordination and action set-off electronic in most government banks caused overwhelm monetary policy in the country »., and added that« the Committee will hold meetings next week with the Ministry of Finance and the Central Bank and officials in the government and private banks to develop a system of payments and provide accurate data base for banks government «. central bank announced that the Iraqi payments system in private banks, amounting to 40 banks better technically than the payments system in government banks and main tasks Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of Alamlhalojunbah, and the issuance and management of currency, as well as to regulate the banking sector.
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Why r they selling the US dlr at a reduced exchange rate? I thought they are supposed to sell high to encourage citizens to not buy US dlr? Are they going to continue to reduce the exchange rate on the IQD until it reaches a 1 to 1 exchange rate? Pls explain. Thank you.
rv2me, They are not reducing the exchange rate of the USD. They are raising the exchange rate of the IQD. The fewer Dinars that you can buy for one US dollar makes the dinar worth more. IE: If they raise the IQD rate to be 1 to 1, then 1 million dinar would be worth 1 million dollars. Some think that the CBI is buying as much of the dinar back (by selling the dollar) so there is less dinar in circulation that Iraq is responsible to cover after an increase in the dinar exchange rate. Hope this helps explain.