Iraqi banks should be given greater freedom to trade currency; Let market determine IQD value says Securties Commission Chief

Posted by on Oct 28, 2013 | Leave a Comment

Al-Saadi urges to give banks greater trading currency

23/9/13 12: 00 am

Baghdad-Farah pumice
The view of the Chairman of the Securities Commission, Dr. Abdul-Razzaq Al-Saadi, the Iraqi dinar will not be affected by regional events.

Al-Saadi said in the SMC (morning): “the dinar exchange rate specified by a market economy, it is determined by the supply and demand for currency, regional events, particularly in the region does not affect the Iraqi currency, linked to the availability of controls on Iraqi currency in circulation of funds so that such events will not affect the economy.”

the President found that the dinar exchange rate against the US dollar, Especially the private banks idle in select trading process for hard currency, urging to give them ample freedom to determine policy for the imposition of strict control measures on the policy, then this process will move the market and dinar revaluation of cash.

the parliamentary Finance Committee had announced the formation of a small Committee composed of three members of the control mechanisms of the dinar against the dollar, saying the action by the Central Bank recently led To address the problem gradually.

Parliament was a guest last month Central Bank Governor Abdel Basset Turki Agency and discussed the reasons for the high price of the dollar to dinar.

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Saadi urges banks to give a wider space for currency trading

23/09/2013 12:00 AM

BAGHDAD – Farah pumice
saw the head of the Securities Commission, Dr. Abdul Razzaq al-Saadi said the Iraqi dinar will not be affected eventfulregional. Saadi said in a statement to the (morning): “The exchange rate of the dinar specific market economy, because it is determined by supply and demand for the currency,” adding The regional events, especially in the region does not affect the Iraqi currency, stressing that this is linked to the availability of control to rotate the Iraqi currency in the market for money and thus will not affect those events in the economy.

“and found the Chairman of the Commission that the exchange rate of the dinar against the U.S. dollar is limited, especially that sector banks Special idly by in the identification process of trading for hard currency, urging on giving them a wide area of freedom to determine its policy, against the imposition of strict measures to control this policy, thus lead this process to move the dinar in the market and raise the monetary value.

Should be noted that the Commission Parliamentary Finance has announced the formation of a small committee consisting of three deputies to observe the mechanisms Iraqi dinar exchange rate against the dollar, stressing that the practical measures undertaken by the central bank recently led to address the problem gradually.’s parliament has guest last month, the central bank governor Agency Abdul Basit Turkish and discussed with him the reasons for the high price of the dollar against the dinar.

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