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Shabibi of Ngeevi: the weakness of the government's measures to attract capital caused the decline in value of the dinar

04/10/2012 17:30


BAGHDAD / Aswat al-Iraq: He's central bank governor Sinan Shabibi, Tuesday, that the retreat of the Iraqi dinar against the dollar caused by the weakness of the government's measures to attract capital to Iraq and the weakness of domestic production and low exports.

This came during a meeting with the President of the House of Representatives Osama Najafi in the office of the last day in Baghdad, according to a statement in which they reviewed the Office of Najafi, "economic conditions and the reality of the Central Bank."

And in which they agreed to host the Parliament Shabibi soon to explain the reality of the work of the Bank and the vibration value of the dinar.

The statement quoted Shabibi as saying that "weakness of the government's measures to attract capital to Iraq caused a decline in the value of Iraqi dinar and the weakness of domestic production and lack of export as well as the tense political situation internally and regionally, and the economic blockade suffered by some neighboring countries."

For his part, the statement said Najafi, "stressed the need to have an independent central bank, responsible, and should not be subordinated to the government to prevent the seizure of Iraq's money or the implementation of international rules against Iraq by the creditors."

At a time when repeated warnings recently from senior politicians including the President of the Kurdistan region, Massoud Barzani of the government's efforts to make the central bank has a follower.

It is noteworthy that Iraq's debt to a number of States allow them to seize the Iraqi central bank reserves in the event was a follower of the Iraqi government, according to an earlier statement of the spokesman for the Central Bank of the appearance of Mohammed.

The statement added that "the House of Representatives will host the Governor of the Central Bank at a hearing to explain the reality of the Bank's work and illustrate the issue of the exchange rate of the dollar against the Iraqi dinar and the economic conditions and monetary policy in place."

And witnessed the last days a decline in the exchange rate of the Iraqi dinar against the dollar, he shall be deemed that the dollar was equal to about 1200 dinars in recent years, the escalation of its price last week to about 1,260 dinars, which impacts on the movement of cargo handling and creates several problems for traders and consumers, and weaken the confidence of the Iraqi economy.

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