Economy and investment parliamentary accused of neglecting the parliament “failures” of the Central Bank

Monday, 14 May 2012

Sumerian News / Baghdad 
accused the committee of economy and investment Parliament, on Monday, the House of Representatives of neglecting its oversight role at the “failures” Central Bank of Iraq, while regarded it as destructive to the economy of the country, he stressed that it made ​​the government an embarrassing dealing with foreign companies, especially that the budget approved in dinars.   A member of the Committee Aziz Sharif Mayahi in a statement issued today and received “Alsumaria News”, a copy of “neglect of the House of Representatives oversight role in the follow-up to the Iraqi Central Bank to make the central bank continues to failures,” noting that “these failures was the outcome of the continuing rise of the dollar, and confusion in cash transactions by following the bank to politicians the wrong auctions currency. ” said Mayahi that “the central bank was the cause of wasting huge sums from the budget because the budget approved in dinars, and that the difference currency current will make the budget approved for the ministries and governorates that are not commensurate with actual needs, which will sign the Government in embarrassments. ” He Mayahi that “Iraq’s economy suffered a severe blow by having some members of the state and mafias currency to ratify the transaction import fake billions of dollars, which escapes to the outside, including what came to the UAE for more than four billion dollars during the four days only, “considering it destructive to the economy of Iraq.” The Mayahi that “this manipulation and confusion in the price of the currency sign the government embarrassed because of the existence of contracts with foreign companies and domestic and differing exchange rate would cost the government other amounts, in addition to increasing the burden on the citizen through higher prices supplies of food and trade. ” and called Mayahi the central bank to “change the way auctions and return them as they allocate funds to a number of banks and banking offices, instead of putting the auction, however, the bank exclusively,” stressing that “the old policy kept the currency exchange rates, unlike the new policy, which caused confusion and embarrassment to the citizens and the government. ” The Economic Commission parliamentary announced, in February 20, 2012, its full support to action the Iraqi Central Bank for supporting the exchange rate of the dinar and the dollar selling in the auction, as well as planned on the removal of three zeros from the local currency, as he emphasized the central bank that monetary policy is controlled them completely and the presence of cover enough of the local currency, and expected increase in dealing in Iraqi dinars, which necessitates the need to delete the zeros of it. and witnessed the exchange rate of U.S. dollar in domestic markets has recently increased significantly against the Iraqi dinar, with varied price one dollar between 1221 to 1225 thousand dinars Iraqis, while the price was in 2011 the last of 1180 dinars to the dollar, especially after the tightening of international sanctions on both systems Tehran and Damascus. has forced the bank to central intervention through a package of measures, particularly in the auction, organized to sell the dollar, has been attributed Deputy Governor of the Central Bank of the appearance of Mohammed Saleh in an interview for “Alsumaria News”, the ninth of January last, high exchange rate of U.S. dollar in the local markets of Iraq, and rising sales to finance trade in countries nearby, indicating that this will reflect negatively on the reserves of Iraq of hard currency. The Central Bank of Iraq was established as a bank independent under the law issued on the sixth of March of 2004, as an independent body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management Alahitattiyat foreign and issuance of currency management, as well to regulate the banking sector to promote a competitive financial system, independent.