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The Central Bank of Iraq for time our lack of 10 billion dollars for Syria and Iran

– April 11, 2012

The Central Bank of Iraq for time our lack of 10 billion dollars for Syria and Iran

London Nidal El-laithy Iraqi Central Bank revealed that Iraq reserves of foreign currency of $54 billion has fallen since last November, so far lack thereof 10 billion dollars was used by banks and companies and banking institutions financial transfers in support of the Syrian and Iranian economies and moved into these neighbouring countries of Iraq who suffer from penalties by using dollar auctions by the Central Bank on a daily basis and despite the policy followed by the Bank in determining those auctions.

He said the appearance of Saleh, Deputy Head of the Central Bank of Iraq for time but for those selections auction by the Bank, Iraq was lose one hundred billion dollars.

Saleh said the Central Bank under attack and criticism unfair and unjust affected by policies amount to unacceptable.

But the appearance in his time confirmed for pockets of corruption at the Central Bank, like the rest of the institutions.

He said the Central Bank will alter the Commission on auctions without reference to details.

Saleh said the Bank's President met with Parliament President Sinan Al-Shabibi Osama alngivi was not aimed at anyone and were meeting in the framework of professional amid rumours indicate referral Shabibi on retirement, the circulation of three names for niche solutions are former Planning Minister Ali baban and current Deputy Coalition State law and former President of the Rafidain Bank and Al-yasseri, abdolhossein Advisor Prime economic abdolhossein Al-Anbuge.

Saleh said that for the time assure markets remains now in Office Shabibi. Saleh said the Central Bank was ready to cooperate with the Special Committee, which the Council of Ministers on Tuesday formed to study the causes of the Iraqi dinar exchange rate fluctuations against the dollar, and to propose appropriate solutions to prevent damage.

He stressed that this comes within the framework of transparency pursued by the Central Bank but said I would advise the Commission to study the development of the Iraqi economy, regional trade system and the impact of sanctions on Syria and Iran to this economy.

The Iraqi dinar exchange rate has seen a marked decline in recent days against the dollar in the Iraqi market where price 1300 parallel dinars to the dollar, while the price under Iraqi Central Bank auctions daily not exceeding KD to the dollar, 1166, an increase of 134 dinars per dollar, which is equivalent to an increase of about 11 for official price.

Saleh said for time what happened is the impact of the regional situation and the embargo on Syria and Iran after significantly because overlap regional trade.

He said the sanctions have led to the degradation of the Syrian pound and the Toman's making undesirable currency Iraqi dinar and rapidly in circulation.

He said that what had occurred was that two dealers are using Iraqi dinar for dollars or Iraqi merchants with adjustments reflected on the dollar in the Central Bank auctions a user from the private sector in financing trade in Iraq.

The appearance that he was selling 80 auction nets $150 million a day under stable market but arrived 450 480 million dollars in hard currency attack in Iraq.

The appearance for time in a bid to reduce this demand for the dollar, we should be buying from auction through accounts in Iraqi banks but found that a counter is open accounts traders names 50060 layman for more dollars.

We noted that our tax certificate from traders reluctant to deal with auction in indicator not legal dealings. He then raised the share exchange companies of 250 thousand dollars a week for each company to 300 450,000 dollars in Iraq, said there were 45 banks and 32 companies convert Mali.

The Iraqi Central Bank Governor Sinan Al-Shabibi Tuesday attributed the reasons for the low rate of the Iraqi dinar against the dollar weak domestic production and the scarcity of Iraq exports excluding oil, weak government actions in attracting capital to the country, as well as the tense political situation domestically and regionally, in addition to economic blockade experienced by certain neighbouring States, referring to Iran and Syria.