CBI unveils measures to stabilize IQD

Posted by on Oct 23, 2013 | Leave a Comment

The Central Bank Unveils measures to cover the national currency against the dollar and asserts: you can’t defeat the Iraqi dinar

He said the Central Bank Governor said Abdel Basset Turki told the (range Alpers), “the Central Bank intended to make Iraqi dinar rather stable against the dollar, especially in this difficult period,” the Central Bank has taken specific actions to cover the value of the Iraqi dinar. “

The Turkish Bank record in recent months sharply to the dinar, born in local market confusion, “Noting that” the Bank, through decisions and actions, refer to the dinar exchange rate stability against the dollar, and that reassured the market that the dinar is still powerful, cannot be defeated from any quarter. “

Turkish stressed that “the stability of the dinar exchange rate is of great importance in stimulating trade and economy of Iraq with various countries in the world, the fact that Iraq possesses commercially promising market, could make the dinar currency position between the present and the future.”

The CBI had earlier announced, the abolition of non-banking companies registered with regardless of the authorization of the Ministry of Commerce, the banking companies registered and approved before 2003 were 300 companies, with the companies over thousands and are a mixture of companies operating in accordance with the terms and regulations of the Bank and got leave from the Ministry of Commerce while other companies without obtaining any authorization.

The IMF called on the Central Bank to “gradual liberalization measures introduced foreign exchange through auctions held by the Bank in order not to repeat the turmoil the stock market last year, stressed that the establishment of a national banking system requires the abandonment of the current model, which is dominated by the weak State-owned banks that enjoy preferential treatment to distinguish it from private banks, calling on Iraq to strengthen its public finances to ensure efficiency and transparency in the use of oil revenues.

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