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Experts called on the government to take the advice of the Federal Reserve and are demanding monitors currency auction

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Experts called on the government to take the advice of the Federal Reserve and are demanding monitors currency auction

11/11/2015 (00:01 pm)

BAGHDAD / Ibrahim Ibrahim

He called on the Iraqi government economists to take the advice of the US Federal Bank to curb the smuggling of currency operations and control the flow of money, demanding to find alternatives to currency auction without affecting the stability of domestic prices to the market.

The economist said Maytham coffee in an interview (range), that "the US Federal Bank's position on the Central Bank, is the practice of two main functions, the first is the support and assistance and to express an opinion and advice, the second is an observation in terms of financial and drag-and-flow processes to the government, and also control and money coming into Iraq Fund as a result of the sale of oil.

"He added that" the Fed is watching the money that could be smuggling operations occur in the Iraqi Central Bank usually offers advice to the Iraqi side the need to address the exchange rate towards liberalization and subjected to the forces of supply and demand than in the keep under the control of the Bank and the currency determined by the auction. " He said that "at the same time advised to cash in general and economic stability in order to prevent exposure economy big shocks, as advised to maintain foreign reserves and not depleted."

He continued, "The currency auction and the proposed suspension by the central bank, the bank could provide on the move, what their impact on the breach of economic stability and the fear of rising dollar exchange rate and the decline of the dinar value, especially with the inability of the economy to generate production and its dependence on imports, and the existence of a group traders and dealers would be conducted by speculation that could lead to a sharp rise in the dollar exchange rate.

"He noted that "The central bank looking for alternative solutions to the auction currency, so as to ensure the achievement of the equation is not easy to include the preservation of foreign reserves and prevent drained quickly, with the continuation of the monetary and economic stability, the equation is far from easy, and that with such a situation in which the economy back on Exchange Rate Powered by the bank over the long years.

"Allowal Street Journal revealed that the Federal Central Bank and the US Treasury cut off the flow of American cash to the Iraqi Central Bank account this summer, because of fears of Iranian money in banks or in the hands of Daash. To resume transfers only after the approval of Iraqi officials to impose strict controls on the dollar coin distribution. For his part, economist Mustafa Mohamed Habib said in an interview (range), "The way the Central Bank's work in recent years has raised a lot of questions about the amount of money smuggled out of the country by the daily currency auction."

He added that "the doubts and the information provided to the bank US Fed, led to the direct warnings to the administration to the central bank on the effectiveness of local laws towards big waste of foreign currency.

"He said the beloved" The Iraqi economy is not in isolation from the world economic movement, and there is a global supervisory institutions for the movement of the dollar in different directions can determine the direction of money and methods various washed.

"He said the" work of the US Federal bank regulatory only and has the ability to advise you of some of the international institutions for the development of internal work, including the Central Bank of Iraq.

"He pointed to" the need to take the government's advice provided and built upon to rid the work of the Bank of the phenomena of rampant financial corruption inside the local market and a private auction sale of foreign currencies, which drives the local market according to data to be mostly different from the laws and regulations currently in.

"The Central Bank of Iraq denied, earlier reports that indicated to stop pumping money to him from his accounts in the US Federal.

The bank said In a statement, the "long" has received a copy of "the news reported by some newspapers and news sites about the stop pumping money to him by his calculations by the US Federal baseless."

The bank said that "the US Federal continuously conducting all events of accounts being the only party responsible for the it. "

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