Central Bank: next July will eliminate currency drain
Baghdad/JD/... Deputy Central Bank Governor new measures will reduce currency drain phenomenon in Iraq stating that next 1 will eliminate the operations permanently.
Dr. Mohammad Saleh appearance in a special correspondent (JD): that the increasing demand for hard currency exceeds the local demand for 3 times cause several times in the high exchange rate despite the Bank endeavours to control the currency drain phenomenon through certain controls as a condition to leave companies and exchange offices as a condition to handle only workers to withdraw the currency market in large quantities at different times have led to high rates of Exchange without justification.
Saleh said the other reason is that the Iraqi dinar currency has become difficult also in neighbouring States given the strength of the Iraqi economy and declining currency values to the unstable political situation which reflected negatively on the economies of those States to enter (into) into the Iraqi market that other free trade being is that which helps to attain any amount at any time and this disadvantage of free trade, of course.
And the Deputy Governor of the Bank that the Bank was taking new measures to reduce the phenomenon of withdrawal of currency meant in terms of dealing with the Bank declined to disclose details of adding new procedures to eliminate the phenomenon mentioned once during the next period.
The Iraqi currency is strong because it is covered with heavy dollar despite unilateral Iraqi economy and Bank can absorb any momentum on request during the moments for a strategic stockpile of currency, but it tries to impose adequate protection of the national economy by protecting that enabled the inventory.
The Iraqi Central Bank holds daily meetings for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of holidays which the Bank stops on these auctions and sales either in cash or in the form of money orders sold to abroad for certain Commission. /finished/20
"we aspire in the near future to the return of Iraqi dinar to what it was in the seventies and the beginning eighties against the dollar" - Dr. Shabibi
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