View Full Version : The government resorted to import movement to support local product

05-24-2015, 03:12 AM
The government resorted to «restrict» import movement to support local product and prevent «money laundering»

Sunday - May 24 (May) in 2015

Sources told the world: rising dollar exchange rate «constant» even delete the zeros and the issuance of «large cash categories»

Baghdad Amer Aljdua

Informed sources in the Iraqi Central Bank revealed that the government wants to control the "money laundering" through the "restriction" import movement and prevent the importation of certain goods which are made ​​locally, high salinity that the dollar exchange rate "is intended to force the merchants to promote local industry ", as pointed out that this rise" will remain until the completion of the project to delete the zeros of the local currency and the issuance of large cash categories to make the dinar strong or other currencies ", but the Finance Committee (http://www.alibris.com/search/books/isbn/9781275483262) in the House of Representatives warned that the deletion process" requires big money can not be for Iraq provided in the current time. "

High-level sources confirmed "the world" that the government "intends to control money laundering and the smuggling of currency operations, as well as forcing some traders on the domestic industry, and restrict imports from abroad", believing that the high exchange rate "force them to deal with the domestic industry . "

And it revealed that the government and in agreement with the bank "wants to maintain the dollar exchange rate in the amount of 130 000 dinars per $ 100, and the possibility of exchange rate appreciation in the coming days until the end of this year."

The sources, who asked withholding her identity, because they are not given permission, to "The central bank, and before the issuance of the big currencies, wants to work a project to delete the zeros," indicating that "in the event of the project was the application of the dinar exchange rate against the dollar will be a close, and therefore do not need the citizen in hard currency (http://www.alibris.com/search/books/isbn/9781432825799)."

It showed that the bank "will focus effort in time current on obtaining full approvals on the project with the possibility of making large cash categories, in conjunction with the deletion process, what makes the Iraqi dinar strong against other currencies. "

He was a member of the parliamentary finance committee Ahmed Hama Rasheed said that "the proposal to delete the zeros existing four years ago, and there are proposals Several of its application, "noting that" the time is not right at the present time for the application of the procedure, because the Iraqi economy, exhausted and suffering in a lot of joints, especially after the significantly lower oil prices recently. "

He said Rashid said "the process of deleting the zeros need to be an economic power large, "pointing out that" currency replacing the process after deletion of zeros require large funds, Iraq is unable at this time to do these procedures. "

He continued, "In the event possessed the Iraqi economy enough force, can talk about the deletion of zeros from the Iraqi currency, and the decision in consultation with the The central bank ", calling for" benefit from the Turkish experience in changing its currency, the positive and reflections that have been achieved through that procedure, "stressing that" the Finance Committee (http://www.alibris.com/search/books/isbn/9781275483262) discussed all proposals submitted to it, and the deletion of zeros and one of those things, not be issued a formal decision from the Commission on Thread. "

The sources confirmed that the coming days, "the lack of dependence on the dollar will appear," pointing out that "Iraq's foreign dealings in various fields will not be affected if the dollar exchange rate rose, the fact that the country receives money from the dollar sale of oil."

For his part, sees Maitham defect, an observer of economic affairs and academic, "The government left itself between the hammer determine the dollar amount sold and the anvil to reduce the dinar exchange rate," adding that "both over, and the reason is the depreciation of the local currency as it became clear."

Paragraph 50 of the general federal budget law for 2015 on "the central bank is committed to identifying sales of foreign currency (dollar) in the daily auction ceiling does not exceed 75 million dinars a day with exercise justice in the sales process, and calls for participating in the auction Bank to provide goods enter documents and statements of tax settling accounts and savings Alkmarki within 30 days of Date of purchase for the amount and otherwise apply to the bank penalties stipulated in the central bank law (http://www.alibris.com/search/books/isbn/9781841132457) or instructions issued from it, and use other banking instruments to maintain the strength of the dinar against the dollar. "

He added coffee in a telephone interview with "the world" that "these two matters large scars are high commodity prices and goods, especially that most of them imported and purchased foreign currency. "

He continued that "determine the sales volumes of the dollar leads to the separation of the relationship between supply and demand for that currency", leading to sales at a particular price, and with a last price parallel. "

He adds defect "while in The reduction in the dinar exchange rate will not lead to that separation. "
And that "lowering the exchange rate will benefit the budget."
shops Banking owners said that "the dollar exchange rate is on the rise despite the central bank confirmation pumping additional quantities to the market in order to reduce the exchange rate."

In the opinion of His banking , declined to be named, said in an interview with "the world" yesterday that the bank "does every time the announcement of the supplement market additional amount of the dollar", claiming that the implementation of the resolution are "after 10 days or 15 days and do not know why is it," .
decided the Central Bank, last Tuesday, increasing the share of dollar sales for banking companies and foreign transfers and reducing the length of time for the implementation of foreign remittances.

The directors of a bank in a press release, "The meeting resulted in the development of procedures to ensure to address the situation of some private banks and cash-strapped including ensure processing their positions. "

The statement continued that "the Bank has agreed to launch an amount trillion dinars for private banks to finance small and medium enterprises for citizens loans and approve their own controls."
He said the bank according to the statement to "approve instructions regulating the work of guaranteed bank loans companies," noting that " Economic expert Majid picture started work a member of the Council of the Central Bank. "