Finance parliamentary: the central bank is responsible for the high exchange rate of the dinar
April 19, 2013

She noted a member of the Finance Committee for the Kurdistan Alliance MP Najiba Najib to the need to restructure the Iraqi currency, stressing that this will impact positively on the economy, with the onus on the central bank increase in the price of the dinar against the dollar.

The MP Najiba Najib said in a statement Thursday, 18/04/2013, The restructuring of the Iraqi currency has become an urgent necessity, that the current currency is able to adapt to large Almozanat size nor with the size of the state revenues, being few in class, stressing that restructuring will have an active role in the progress of monetary and fiscal policy affects positively on the economy.

She said the deputy Najib said the previous administration at the central bank, who were deported had delivered the project to the stage of a very sophisticated, leaving them only support the government and the House of Representatives, pointing out that the new currency will be applied in accordance with the application of the Iraqi constitution ČŐĎŃĺ bilingual official (Kurdish and العبية), and that the form of currency must contain cultural landmarks belong to all components of the Iraqi people.

In another context, carried the deputy Najib management of the central bank responsible for the high price of the dinar against the dollar in recent times, and deferred due to the inability of the existing central bank control and control of the market, especially Section currency auction is located in Central, noting that the Finance Committee in the Iraqi Central is a the main reasons, to increase the rate of exchange that currency auction and banks that deal with the central limited to some of the banks and the people dealing with it, and that their offices are not only works as a front to Buy Fake dollar illegal and unjustified, and their goal reap the profits from the operation, adding that the circumstances of the current regional and strong demand by neighboring countries (Syria and Iran) have affected the value, pointing to the lack of independence of the central bank to control monetary policy and control and the lack of decisions and controls to reduce the exchange rate.

Considered MP Najib that the absence of regulators minutes and influential management banks greatly influenced the high price, noting that there are a number of beneficiaries, workers in state-owned banks and eligibility are dealing with some of the offices within the network of large and trying day buy the amount of dollar to control price .
MP Najib added that there are steps from Parliament to host the central bank governor with the agency involved in the renewal of the currency section to find a quick and effective solution to the issue should be dealt with as he put it.

MP Najib confirmed that when the government change الكفوئين of those who have expertise on international and domestic monetary policy impacted negatively on the control of monetary policy, noting
She pointed out that there are limited beneficiaries of the process and aggravated the problem is that the state authorities did not intervene, asking the House of Representatives larger role in the activation of the financial and economic committees must be to have a serious pause.