November 28, 2015 163 views
Our economy / Baghdad
Said Governor of the Central Bank of Iraq on the Keywords that he is not ready to close the sale of the currency that is being said around a lot of controversy after the central bank faced charges of mismanagement as a result of adoption of this mechanism in the currency exchange window.
Private banks also accused as exploited for smuggling and money laundering.
Keywords and said while attending a panel discussion about the central policy and integrity in the presence of a personal political and economic "It surprised by the statements objected to the sale of foreign currency to citizens by the central bank window fact that Iraq imports dollar and expenditures of state and local currency which requires the central bank to sell dollars to get the local currency to meet State expenses and that the dollar can be described with the commodity needed by the citizen and obtained from legitimate outlets and simply as stipulated in the laws of the central bank. "
Keywords that "and said many of the measures taken by the Central Bank to control the movement of funds and monitor their movements and their sources and address the mistakes of the past that."
And the relationships that only 20% of the state dollar expenses, a foreign expenses for debt and imports ministries and the rest in local currency, revealing the central bank governor that in this year and reached the hypocrisy of the state to 54 trillion dinars, the volume of non-oil imports of which were three trillion local currency and the remaining oil imports in dollars Sold in local Alasouk to bring in local currency.
As ills Keywords reason for his refusal to close the sale currency window to the demands of reality as described by Keywords and said that "the central bank has no dominance to sell the currency, but rather imposed by reality, and sales volume depends on the size of the request of the State of the local currency, and that this mechanism depends to implement the central bank's monetary policy which provides curb inflation and to control the exchange rate. With respect to waive the cash reserve with the central bank and media excitement chasing this thing, this Keywords reject al-Qaeda and said that this proposal due to lack of awareness and knowledge of the Iraqi Central policy and between the funds in the central has not reserves but it is a balance of foreign currency paid the local currency and said it flexible monetary mass fall when demand for the dollar and rise when demand for the dollar decline.
Keywords and said that the study released by the International Monetary Fund predicted that the rise of the central balance of foreign currency in 2020 to $ 91 billion and the fact that Iraq's imports will rise in the next phase.
In response to a question from the hanger on the identification of a specific timeframe to close the currency sale of dollars in the central bank window replied, "that he once available other outlets to provide the dollar in the domestic market such as remittances from the outside to the inside or the export of goods or attract investment that will cover the market need of hard currency sales window will close
And preparations for the central bank to avoid a financial crisis caused by low oil prices in the event of continued decline and if the central resort to printing currency also work in the nineties of the last century the days of the imposition of international sanctions on Iraq and the resort of the former regime to print currency? Keywords that procedure flatly refused and said the central bank laws prohibiting printed currency in this way.
Last edited by tlm724 on Sun Nov 29, 2015 3:01 pm; edited 1 time in total