View Full Version : Charges the central bank to stand behind the rise in the dollar

06-16-2015, 09:50 PM
Charges the central bank to stand behind the rise in the dollar .. The latter denies and vows to speculators

Finance Committee (http://www.alibris.com/search/books/isbn/9781275483262) promised in the Iraqi Council of Representatives, on Monday, that many of the question marks are raised on the outcome of the Iraqi Central Bank action (http://search.barnesandnoble.com/Austrian-Economics-Economical-Concepts/Source-Wikia/e/9781234796525) to stop the deterioration of the value of the dinar against the dollar, while the economic and investment commission parliamentary felt that many of the economic crisis solution is to amend that law Bank so as to ensure independence from the government, and carry Bankers "abuse" the central bank responsibility for a stronger dollar, despite the latter denied this and accused them of responsibility and speculators in the rise in the dollar exchange rate, and vowing to "dissuasive measures"

[ltr] The local market is witnessing a steady rise daily to the dollar exchange rate against the dinar, the impact on the movement and reflected negatively on citizens, particularly low-income (http://www.ebay.com/sch/i.html?_nkw=low-income).

Finance Committee (http://www.alibris.com/search/books/isbn/9781275483262): question marks on the central bank to stop the deterioration of the dinar procedures
Says a member of the Parliamentary Finance Committee (http://www.alibris.com/search/books/isbn/9781275483262), Majida al-Tamimi, in an interview to the (long-Presse), "The rise in the dollar's exchange rate against the dinar, is due to reduce the central bank from sales, as well as increasing demand from citizens and the recent special procedures deductions of tax and customs from the merchants" , loaded with "the Central Bank of Iraq first and last responsibility to maintain the value of the dinar and not to deteriorate against the dollar."

It adds Tamimi, that "the Central Bank of Iraq has taken a number measures to counter the decline in value of the dinar, but the results did not show on the surface so far indicates many question them signs," indicating that "the central bank issuing Banknotes of large groups Kalkhmsin or hundred thousand dinars , it may lead to a reduction of the dollar exchange rate against the dinar, because of the ease to carry and be stored and traded, within the framework of actions aimed to revive the domestic market. "

[ltr] Committee the economy: the dollar will not solve the crisis but to amend the central bank law
Says a member of the economic and investment commission parliamentary Nora Albjara, in an interview to the (long-Presse), "The high price of the dollar crisis will not be resolved until after the amendment of the Central Bank of Iraq Law No. 94 of 2004 in harmony with the current stage", usually that "the law is a big part of the market crisis, especially with the rise of the dollar against the dinar, as well as financial liquidity. "

Albjara explains that "the economic and investment commission in cooperation with the support of theFinance Committee (http://www.alibris.com/search/books/isbn/9781275483262), the amendment of the Central Bank Law, (http://www.alibris.com/search/books/isbn/9781841132457)" pointing out that "the new draft law to the Central Bank currently exist in the State Consultative Council, in preparation for consideration by the government approval and transmittal Of the parliament. "

confirm, that "the adoption of the Central Bank Law Amendment would make him independent of the government," arguing that "the problems began to accumulate as a result of a law conflicts with a lot of economic and financial aspects that have been developed in Iraq."
Central bank: exchange companies and speculators are responsible for rising dollar exchange rate

The Iraqi central bank attributed the rise in the dollar's exchange rate against the dinar, to speculators in the market, denying that the reason behind the lack of quotas exchange companies and financial and banking conversion of hard currency (http://www.alibris.com/search/books/isbn/9781432825799).

According to a source at the Central Bank, in an interview to the (long-Presse), "The Bank increased its outlets for the sale and reduced the dollar standard routine to buy it by banking companies and financial transfer and banks, the currency auction", blaming the "exchange companies and speculators responsible for rising dollar exchange rate ".

He denied the source, who requested anonymity, that "the measures adopted by the Bank, the deduction rate of eight percent as collateral for the tax and customs, are the main reason behind the rise in the dollar exchange rate," asserting that "the Central Bank form an operations room to take deterrent measures against exchange companies contrary to his instructions, as well as cooperation with the concerned authorities to fend off speculators and prevent them from manipulating the price of the dinar exchange. "
]Fears of repercussions ominous!

For his part, MP Kazem Al Shammari called on the administration of the Central Bank of Iraq and the Audit Court to clarify the reason for the increase is natural in the exchange rates of the dollar against the local currency in the market.

Al-Shammari said in a statement, received the "long" version of it, that "the current period are rising abnormally in the dollar's exchange rate against the local currency which exceeded banknote exchange rate of dollars percent category 137 000 Iraqi dinars, which is raises big question marks about the role of the bank Central (http://www.alibris.com/search/books/isbn/9781270679714) and plans previously announced in order to control the stability of the market. "

He added that "there are fears for the implications of Athmd consequences on the market situation, especially as we are at the doors of the month of Ramadan and there are more than 3 millions of displaced Iraqis, as well as security and economic deteriorating situation originally, thus obligatory us in front of a big responsibility to put real plans and find clear mechanisms in work between the central bank and private banks to control the matter before arriving at the borders can not be undone. "

And student-Shammari to "the need to clarify the Iraqi Central Bank management (http://www.alibris.com/search/books/isbn/9780230580893) and Board of Supreme Audit reasons behind the local currency collapse and height is natural in dollar prices in front and that is to speed up coordination with the specialized private banks sold the currency for the purpose of establishing a professional and clear strategy to control the situation."

In the same context, he attributed the expert in economic affairs Maitham Laibi reasons for the high dollar exchange rate to "the continuing validity of the application of Article 50 in the budget of 2015 determining the quantities sold by the central bank, and also because of the decision to impose the tax and customs deducted from banks and Chierfat that buy the dollar from Alrkza, which led to shifting the burden of this tax by these by raising the price of the dollar. "

He Laibi by saying that "the start of stage confidence dinar fell as a store of value and give it up in exchange for increased demand for the dollar for this purpose also cause high dollar exchange rate, in addition to increasing demand for the dollar because of the holy month of Ramadan and Eid al-Fitr," pointing to "the continuation of the dollar out of the non-operations import purposes. "

Bankers: the arbitrariness of the central bank reason for the high dollar
Meanwhile Bankers download arbitrary actions of the Central Bank responsibility for a stronger dollar.

And confirms the owner of foreign exchange company in Shorja commercial district, central Baghdad, Abu Nizar, in an interview to the (long-Presse), that "the arbitrary actions of the Central Bank caused a rise in the dollar's exchange rate against the dinar," noting that "the central bank reduced the dollar quotas on the exchange companies and banks , and the imposition of taxes and customs fees on goods entering, as collateral for the dollar, amid growing demand for it. "
And refers Abu Nizar that "the Iraq of the largest importing countries for goods so traders need to the dollar to cover their goods," returned to "the current procedures do not allow for traders easy access to the dollar, which forces them to buy it on the black market at any price and thus lead to height."
The dollar exchange rate has seen a steady rise in the domestic market of nearly 1200 dinars to the dollar, the beginning of the current 2015 to 1400 dinars currently.