Economic Committee Member: Low exchange rate of the dinar against the dollar due to the failed policy of the CBI

Posted by on Oct 23, 2013 | Leave a Comment

Sunday, June 2, 2013 06:23

The parliamentary economic committee attributed the continued decline in the exchange rate of the Iraqi dinar against the dollar to the central bank’s policy “failed”.

The central bank has promised to take measures to raise and stabilize the price of the Iraqi dinar as it was in the past, but the impairment and the exchange rate of the dinar continues.

He said the Commission’s decision Mahma Khalil told all of Iraq [where] that the continuation of the low exchange rate of the dinar is the result of failed political central bank and keep supply and demand and the reason for this policy recent changes on the management of the bank in addition to that affect and extend the government on the powers of independent bodies, including the Central Bank. “

He added that “the central bank today takes the directives and decisions of the government more than it is committed to the legislative side, although the Constitution provides that the bank linked to the House of Representatives.”

He said Khalil “As the Iraqi environment has become a result of current conditions environment expelling the foreign currency and not attractive her and citizens due to lack of customs tariffs and the absence of regulations, the legislative, the goods enter the Iraqi market from different المناشيء a result there is no law on Tariffs customs and such a number of factors led to the low price Iraqi dinar exchange. “

Observers believe Economists and analysts said the increased turnout to buy the dollar has led to a significant drop in the price of the dinar and attribute this to smuggle most of it will offer daily Central Bank of dollars abroad.

The Iraqi Central Bank announced shortly before the new procedures limit the availability of the U.S. currency in markets where demand to buy them, amid suspicions suggest the smuggling of large amounts of hard currency in Iraq for neighboring countries.

And issued the CBI, new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select the stakes weekly for banks and money transfer companies and trading firms currency from the dollar is estimated according to the capital of each of them, and we will increase and decrease the stake against the commitment of all of them deliver the amounts they want customers citizens.

The central bank starts to put the dollar at an auction for the sale of foreign currency at subsidized prices and the lowest of the real exchange rate in the market to support the dinar. “

Observers fear stop CBI those auctions and then multiply the value of the dollar against the dinar. “

The central bank is facing charges for the staff in conjunction with officials in the state with corruption and smuggling of currency Bank is currently subject to investigations affected province former Shabibi, who left Iraq several months ago and no longer fear of arrest according to the warrant.

Employees complain and retirees who receive their salaries in dinars from price rises, and that their salaries are no longer sufficient to meet their needs and that the rise in prices has included real estate and rentals, as well as transportation, food and clothing

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