Formation of a committee to develop a mechanism to unify the exchange rate for contracts

Posted by on Oct 28, 2013 | Leave a Comment

Monday, 09 September / September 2013 15:39

Formed the General Secretariat of the Council of Ministers of a committee to develop a mechanism for determining the exchange rate for contracts for all purposes.

According to a statement of the General Secretariat received by the agency all of Iraq [where] the day that he “decided to form the committee according to what is stated in a meeting of the Committee on Economic Affairs in Council of Ministers بجلستها the third session held on 24.07.2013,

He added that “the Committee headed by the Deputy Governor of the Central Bank and the membership and Kelly and the Ministries of Finance and Planning and Deputy Chairman of the Board of Supreme Audit Agency.”

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 measures restrict the availability of U.S. currency in markets where demand to buy them, amid suspicions suggest the smuggling of large amounts of hard currency for the benefit of 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 each, and are to increase or reduce this share compared to the commitment of all of them deliver the amounts they want customers from 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, smuggling of currency, the Bank is currently subject to investigations in this regard.

Employees complain and retirees who receive their salaries in dinars from the high cost of living, 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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