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BatmaninIraq
06-25-2015, 08:21 PM
The central bank raised the volume of sales: rising dollar exchange rates mafias Is it a contrived crisis?


June 25, 2015 10:20

Ibrahim Saleh
For the first time in nearly two years, the dollar has risen in the Iraqi market exchange rate against the Iraqi dinar and arrived at the (1142) dinars to the dollar after he was no more than 1120 dinars.

Despite the urgent measures taken by the Iraqi Central Bank management (http://www.chapters.indigo.ca/en-ca/books/product/9780230580893-item.html) to reduce the sudden rise in the US dollar exchange rates against the Iraqi dinar that, but the fears are still present in the Iraqi street from continuing to climb towards (1500) with the presence of charges directly to the mafias behind this.

The central bank raised the size of its sales to the dollar to curb the appreciation of the exchange rate and cover the needs of the local market of foreign currency on the back of an emergency meeting of the Bank's management with the Ministry of Finance in order to avoid the crisis, as it has taken inter decisions, including failure to respond any request to buy dollars and guide private banks to maintain depositor has a dollar payment to its customers Iraqi dinar instead of him and at the exchange rate (1131.5)

The central bank also decided to consider malfunction Saturday ordinary working days in government banks banks to meet the requests of foreign currency and dish his decision on 20 June in order to meet the current demands of the banks and currency.

And the intervention of the central bank's auction to sell the dollar almost 315 company, but deny that a number of these companies in the past two months reduced the number of companies allowed to enter the auction and thus high dollar prices.

The central bank also reduced the share of private banks dollar which demand for this currency has increased and thus led to the lifting of foreign currency, which is considered one of the most important currencies in the local market.

In North Bank (http://www.alibris.com/search/books/isbn/9780874220704), one of the private banks in Iraq stands dozens of customers in on Monday and Thursday of each week in long lines hoping to get the amount of dollar of their money deposited with the bank.

"My name is recorded and the amount you want to withdraw it from my account about a month ago and did not have any luck until today to get it from the bank," said Sarmad Mohammed a bank's clients.

He adds, "organizers of the bank told me that he is going through with the problem of what the central bank has reduced liquidity allocated to him from the dollar."

This reflected the impact of the crisis on the Iraqi citizen directly, particularly employees who earn salaries in Iraqi dinars, while the prices of goods and services is closely linked to a key US dollar, especially imported ones.

Says MP from the Iraqi parliament Kazem al-Shammari, "there is a serious market mafias burned and must take swift action from the board and the integrity of Supreme Audit to follow up on such cases was the cause of the deterioration of the local currency."

According to Shimri the "lack approached the Central Bank of Customs verification of imported goods whether or not the process and find out the tax shall be refunded to import those goods value to be the proceeds of the Central Bank opens the door dangerous of the doors of the withdrawal of foreign currency and traded in the market."

And asserts that "the mechanism centered on the go a trader wishing to import goods to private banks foreign currency to buy that offers banks bill of goods that are supposed to be purchased who shall National Bank (http://viglink.pgpartner.com/search.php?form_keyword=national%2Bbank&mode=&r=999999) in turn collects a number of bills and send them to the Central Bank to receive amounts."

Shammari said that "some bills bearing strange figures and some traders sends every day to pull the bill buy hard currency without follow-up of the central bank says, and we are convinced that these bills are forged."

In conjunction with the crisis, economists and activists launched a campaign on citizens site Facebook calling for the resignation of Governor of the Central Bank of Iraq and the Agency on the Keywords of the deterioration of the Iraqi dinar exchange rate against the US dollar.

"This game has borne Keywords which did not increase the central bank's policy in his only clay crisis worse," says one of the members of the little-known campaign.

He adds, "If it was necessary to the survival of high exchange rates have to pay the employees' salaries in dollars to keep them away from the effects of this deterioration."

Some observers do not rule out that the high exchange rate closely linked to what is happening in Iraq from the war against terrorism.

He says strategic analyst Samarrai said that "the ongoing war in Iraq has turned into a war of attrition and economic human and what happened from the decline in the value of the dinar is part of the effects of this war as well as corruption."

"Thread sensitive and must be brought under control quickly and this requires re-tighten and adjust the state to reduce travel expenses and a reduction of official delegations stressing and reducing petty upper circles and review all local government debt before discharge to make sure there is no corruption," adds al-Samarrai (http://www.chapters.indigo.ca/en-ca/books/product/9781242764967-item.html).

He says the issue should be dealt with to open offices to sell the dollar within the state banks and make a sale which exclusively in accordance with the specific controls and control elements of the allocation of economic security and intelligence services and other parties. "

Samarrai believes that "talk about the stories of banking offices and manipulation of turning a synonym for corruption projects require the government to stop selling or forcing it to sell a specified price and impose very strict security control directly on its commitment."