Parliamentary Economic Commission demanding the central bank to halt decline in the Iraqi dinar against the dollar

Posted 07/04/2012 06:33 AM

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Commission asked for the economy and investment parliamentary Central Bank of Iraq to take practical and serious steps to reduce the low exchange rate of the Iraqi dinar in the local markets against the dollar.
A member of the Committee Aziz Sharif Mayahi that “the central bank controls and the application of strict penalties on banks that violate financial regulations and instructions issued by the Central Bank of Iraq, which… obliges banks to sell the dollar at the price specified formally.”
Mayahi said in a press statement that “the low price of the dinar against the dollar has caused a rise in commodity prices in the domestic market and to add new burdens on the shoulders of citizens, especially the poor.”

He stressed the need “to reveal the spoilers and the development banks and companies off the black list”, blaming the Iraqi Central Bank, full responsibility for any reduction in the Iraqi dinar exchange rate against the dollar as responsible for formulating monetary policy in Iraq.