Sunday-29 Jan 2012
BAGHDAD - Jalal Ashour
Iraqi Central Bank found itself in front of the recently criticized for his feet to raise the exchange rate of the dinar against the dollar, and invites him to raise a larger value. The Bank responded to the criticism of him, at the same time among the factors that prevent the appreciation of the dinar more than it is now.
And criticized Abdel Hussein Anbuge economic adviser in the prime minister, on Saturday, the policy of the Central Bank. He said in a statement "Alsumaria News" that "the Iraqi Central Bank to raise the dinar against the U.S. dollar at the present time is incorrect because it is a real increase," he continued to raise the price of the Iraqi dinar .. Will contribute to strengthening the economy by making imports cheaper rent, affecting the productive base and economic development in Iraq. He explained that "the Bank in this way serves to protect the foreign product at the expense of the local product."
In an interview with "the world" yesterday, said the appearance of Mohammed Salih, Deputy Governor of Central Bank of Iraq "have not received anything from the Government on our monetary policy." He said Anbuge "does not reflect the government's assessment of monetary policy, but his personal opinion, which attacks the central 5 years ago and really vain, and obsessed with hostility to him."
And previously criticized the plan Nbuge Central abolition of 3 zeros from the Iraqi currency and replace with new ones, to avoid the cost and corruption that can afflict the operations change the currency.
And Saleh stressed that "the monetary authority and the power of the dinar in Iraq, denominated in international institutions, and the last to talk about this director the International Monetary Fund Christine Lagarde in the visit of Prime Minister Nuri al-Maliki's recent visit to Washington .. It talked about the dinar is strong and the success of our monetary policy."
Saleh pointed out "We are with multiple sources of income, but not a shame that Iraq is a country depends on oil and export oil, Countries like Australia, Canada, one-sided and based on the export of raw material, two countries are successful economically."
"What the solution in the absence of an alternative oil, do you die people of hunger if you do not have is the oil to live of the proceeds, Is this what he wants Anbuge, do you believe that the dollar if it became a 5-thousand dinars then become commodities expensive and motivated Iraq." And added, "Iraq since the seventies is not enough wheat produced by .. What we have to live it, we do not have the structure of production basis?".
The central bank announced in the current January 19, raising the dinar exchange rate against the dollar by 3.4 per thousand, and by 4, JD took to sell the dollar to 1170 dinars to 1166 instead of in the daily auction.
The aim of the exchange-rate appreciation, "referring to the launch of the market and investors from the improved economic situation, and promote confidence in dinars as the savings of the Iraqi people rather than to escape to the dollar," says Saleh.
The Iraqi dinar has recently dominated the attention of companies selling foreign currencies, especially on the Internet, when you browse these companies often read phrases such as "buy dinars, the government will raise the current value of the currency, and will become rich."
On the other hand, he called Abdul-Hussein Abtan, a member of the Committee on the economy, investment and reconstruction in the House of Representatives of the Central Bank to raise the exchange rate of the dinar against the dollar.
Abtan said in a press statement, "the central bank to do a study to raise the proportion of the Iraqi dinar against the dollar and foreign currency in excess of $ 60 billion," referring to the size of the dollar reserves of Iraq.
He Ataban that "the Iraqi dinar at a standstill for 4 years, since the cash reserve was $ 20 billion so far." He believed that "raising the price of the dinar up to 1000 dinars to the dollar at the present time suitable for economic recovery and increases the reality of living of the individual and restore its distinguished position among the nations."
Expressed in favor of support for the call Abtan, describing it as "a national goal we hope to achieve but within the economic principles that govern the appreciation of the dinar," and that those principles are "the size of reserves, and the power of those reserves, and the presence of inflation or not, and the high real exchange rate for the nominal" . Saleh was told "the world" last Sunday, that "the Iraqi Central Bank reserves of foreign currency reached the highest number in the history of contemporary Iraq, more than $ 60 billion dollars, which of course enhances the power of the dinar."
And the reasons for the Central to adjust the exchange rate of the dinar, "After the exchange rate depreciates because of regional factors and internal, we have an amendment to the value of the exchange, on the grounds that the nominal value, estimated at 1170 dinars Iraqis against the U.S. dollar, is much lower than the real price, so felt that the central bank raising the dinar exchange rate, in order to fit with the real value ", in the past to say," We are waiting every opportunity favorable to raise the exchange rate, with no effect on maintaining the stability of the currency, as it reflects the entry of citizens, we are forced to support the form in which the benefit ".