Finance parliamentary: CBI to maintain the value of the dinar against foreign currency
Posted on November 5, 2013 by kdorman
11-3-13 Tomorrow Press / Baghdad: The member of the parliamentary Finance Committee Hassan al-Bayati, Sunday, the Iraqi Central Bank to maintain the value of the dinar against foreign currency, considering that this is of the duties of the bank.
Bayati said for “tomorrow’s Press,” “The duties of the Iraqi Central Bank to maintain a balance of the Iraqi currency with foreign currency global for the protection of the citizen and the state for inflation in the currency,” calling on the Bank to “develop a mechanism to balance the process of local with global currencies in Iraq” .
Bayati added that “the central bank to pump foreign currency into the market until that happens there is a balance of Ben local currency and foreign currency because this will raise the value of the dinar against the dollar so happens there is smuggling of hard currency out of the country.”
The central bank held the Iraqi daily sessions for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of public holidays in which the Bank stops for these auctions, and sales can be either in cash, or in the form of remittances sold abroad for a certain commission.