Abdul-Mahdi: capital and confidence of the world in Iraqi Dinars

Abdul-Mahdi: capital and confidence of the world in Iraqi Dinars

Created on Thursday, 23 May 2013 09:31

Adel Abdul-MahdiBaghdad / Orr News

Criticized Vice President Iraq resigned Adel Abdul-Mahdi, and strongly, Iraq’s economic policy, calling it a failure. He warned that the economic playing بتوازنات nature will lead to a “tsunami, desertification and fluctuations do not understand.”

Abdul-Mahdi is a prominent leader of the Supreme Council, led by Ammar al-Hakim, has served as finance minister in the government of Iyad Allawi, to become then vice president before announcing his resignation because of political differences.

Commenting on the high volatility in the exchange rate of the Iraqi dinar against the U.S. dollar, which records since the beginning of last April, wrote Abdul-Mahdi on his profile on the social networking site “Facebook” to “overcrowding and the demand for the greenback (U.S. dollar) is increasing, the gap between supply and accommodate demand since the rate of 60 months – $ 70 million a day, has generated a black market exchange and two prices for a difference of 8 – 10%. ”

For Abdul-Mahdi, “This is worrying us back to the policies of inflation and multiple exchange rates.” “Our problem is that we have a strong dinars source of oil imports, but it belongs to the weak economy single item depends on the outside, not only import and tourism, but also for learning and medical care, immigration and residence, investment and speculative savings.” He explained, “rather than to improve the performance of the economy to become strong, and strengthen our Terms of openness for the benefit of society and the national economy dry becomes the dinar center regionally and internationally increases its strength as well as the demand for it, ran forward and started to download the monetary policy successful overall consequences of economic policy failed in general. and we went to chase penny Fajsrna dinar, indictment and arrest people first to provide evidence and clues later. ”

It seems that Abdul-Mahdi here refers to the dismissal of the Governor of the Central Bank of the former Iraqi Shabibi in October of last year and prosecuted against the backdrop of charges of corruption and waste of money, and the appointment of Abdul Basit Turki acting as his successor

Abdul-Mahdi said that “what has not changed concepts and procedures with changing regulations they Sttsadm, as is happening now.” “When you give up on the official exchange rate for the benefit of supply and demand and restrict the conversion only exceptions (launched after the provision of related items), and when we seek to move to the economy Ahli and the market economy … when you get these transformations and deprives the dinar strong satisfy the needs of the dollar, it will weaken economy. ” He pointed out that it “will pay the capital to escape and prevent others from coming, and will reduce the world’s confidence in dinars and weakens. Therefore, will not be found to the same stable locally and markets Foreign Affairs, and will increase the factors of dependency abroad and encourages inflation, corruption and fraud.”

Abdul-Mahdi pointed out to many witnesses on what went “such as established companies in various capitals quickly and are willing to provide the willing” bills “carrying authentication embassies and companies, to facilitate the conversion for the purpose of import.” He also stated “to obtain dollars through assembling passport to take advantage of the price difference, and not to travel a reality. Every additional بكلف economy will pay for it and the citizen.”

Since the beginning of last April, entered the stage of the Iraqi dinar exchange rate fell against the dollar, culminating last week when it became one U.S. dollar equals 1,300 Iraqi dinars on the market, down from the rate recorded in March last year, about 1,200 dinars.

But the value of the Iraqi dinar has improved over the weekend against the dollar, in conjunction with the news of a proposal by the Finance Committee in the Iraqi Parliament provides for distribution of half the salaries of state employees in U.S. dollars.

He sells the CBI one dollar for private banks against the 1179 Iraqi dinars, to be sold is for the Iraqis to no more than 1189 dinars, ie, less than the market price by about 8%, which refers to Abdul-Mahdi, when he says “two prices for the exchange.”