Member of Finance Committee: open letters of credit best way to save the value of the Iraqi dinar
Member of Finance Committee: open letters of credit best way to save the value of the Iraqi dinar
On: Sun 06/03/2012 11:15
Baghdad (news) .. Praised the Finance Committee MP / National Alliance / Abdul-Hussein al-Yasiri, in a way to open letters of credit instead of foreign exchange of currencies used by the central bank to maintain the value of the Iraqi dinar against the dollar.
Yasiri said (of the Agency news) said on Sunday: The Central Bank started to step in. good steps to restore the value of Iraqi dinar and to maintain its price in front of hard currency through the grant authority to sell hard currency for a number of commercial banks in addition to that action will be taken to open letters of credit instead of foreign exchange of currencies. He explained: that the way the opening credits would force traders to open adoption their own by commercial banks, whether governmental or private, and puts the insurance, so it is when want to import goods from abroad opens depending instead of money transfer to ensure the receipt of goods to the country and high specifications and to avoid out of funds without the import of the country.He added that the purpose of take such action by the Central Bank in order to preserve the value of Iraqi dinar, because when you reduce the central from the sale of hard currency will lead to increase in value as the lower exchange rate of the dinar. The central bank has announced the start of opening letters of credit instead of foreign transfers of funds difficult for banks Iraq’s two branches of public and private. / Finished / 8. d. Q /
Source: ikhnews
