Finance Committee Member: Need new controls for the CBI to sell the dollar and buy speculators behind the rise in the dollar exchange rate

Posted by on Oct 21, 2013 | Leave a Comment

 

A member of the Finance Committee stressed parliamentary Abdul Hussein al-Yasiri the need for the central bank to keep the exchange rate of the dinar against the dollar and puts controls and treatments for benign noting that currency speculators buying of the dollar by ordinary people was behind the rise in the dollar exchange rate.

Yasiri said in a statement to Agence {Euphrates News} on Saturday that “the reasons for the high price of the dollar against the dinar is that the central bank was selling dollars to anyone who wants and without controls, which kept the exchange rate of the dollar in the past but what happened is that the new controls paid buyers of the dollar to buy the dollar from ordinary people and speculators, which led to the high exchange rate of the dinar against the dollar. “

And refers economists that the reasons for poor fiscal policy of the country, especially monetary and fluctuating exchange rate of the dollar against the dinar, many, focusing on the political differences that disrupted a lot of things the state and weakened, including fiscal policy or monetary, as well as the conditions of the country’s current overall especially the security file and its repercussions serious the general situation in the country.

Yasiri pointed out that “the new controls led to draws people and owners of capital to buy the dollar speculators and ordinary people without controls because the government controls imposed on buyers to provide guarantees as taxation or warranty request passport, which led to the high exchange rate of the dinar against the dollar.

The MP for the mass of the parliamentary Abdul Hussein Abtan stressed that his bloc will not remain silent about the continuing decline in the value of the dinar and its impact on the country’s economy and the lives of citizens, especially low-income and poor people who unfortunately make up half of society.

Abtan stressed in a statement to the Euphrates News Agency {} “The central bank primarily is responsible for improving the dinar exchange rate, it is not reasonable that the country has reserves estimated at 74 billion dollars and the dinar assaulted him in front of the eyes of everybody.”

He said, “on the central bank to take rapid action needed to be one dollar versus thousand Iraqi dinars, and this is what our work during the previous years and we have achieved stability of the dinar with the reserve did not exceed $ 30 billion at the time.”

The Committee on Economy and Investment has confirmed that parliamentary disputes and political crises that hit the country and the lack of clarity of central bank policy led to the fluctuation of the exchange rate of the dinar against the dollar.

The issue of central bank and its aftermath that led to the sacking of Central Bank Governor Sinan al-Shabibi and the appointment of Abdul Basit Turki instead of him acting in addition to reserve a number of staff were due to the low exchange rate of the Iraqi dinar against the U.S. dollar, but that these measures did not limit this fall.


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