Islamic Bank Commissioner: Actions taken by the CBI stood powerless to maintain USD/IQD exchange rate

Posted by on Oct 26, 2013 | Leave a Comment

Iraq.. The dollar “Tair” Accelerator cannot hold a Central Bank
04-05-2013 09:55 AM

Baghdad (News)/report/… Actions taken by the Central Bank stood powerless to maintain the exchange rate of the dollar to dinar, with the panting citizens daily to buy the dollar, which could be economic and political implications, (News Agency) discussed the phenomenon with experts in this field.

The Director says the country’s Islamic Bank Commissioner Hana Al-Khafaji: surprised by every morning with his lines of citizens who want to buy the dollar, and the strange thing is that all citizens want dollar for the purpose of trade or travel, noting that arguments are not convincing.

She said: most people who buy the dollar are really ‘ recruits ‘ by other people for a few commissions, versus going in dollars they buy to your contacts you want to use and control the currency.

Said: some banks addressed Central Bank dollar sales mechanism should be amended through the private banks and the requirement for a visa in the passport application form from alsfrao or at least the identity of the trade for the purpose of buying the dollar, but this has not so far achieved nothing of these proposals, and remained only a passport when a citizen.

Confirmed: that the continued sale of the dollar in accordance with the existing mechanism, the danger to citizens who gather by the hundreds to buy the dollar, indicating that the likelihood of being targeted by terrorism is the lack of necessary protection for them, and the second is a developmental risk, because the basis of citizen groups should be devoted to production and employment and not waiting queues by the difference between the price of the dollar in banks and the market.

While EYAD Khaled said: not everyone stands in front of banks to buy the dollar is for the price difference in the dollar, some real want the dollar to travel outside the country for treatment or for Umrah or for study, adding that the questionable reasons structure standing.

Khaled said: that some began to call each of the stands in front of the Bank to buy the dollar (semantic) these characteristics began to drift along we who want شارء the dollar, adding that the bank personnel are treated change began with us, that deal is inflexible with us bankers and start times we override this Sepah strangers to buy the dollar.

Ra’ed Hassan say we do not deny that we stood in front of banks every morning is to buy the dollar, but not travel or subcutaneous therapy but to sell it to finance and profit, indicating that price difference of up to $ 5,000 to 300,000 Iraqi dinars, and the amount of good and appropriate for us to be unemployed.

Hassan said: we work the State permit that it did not require a passport or visa to have identification papers to travel for treatment or study only that your lap when you go to the Bank to buy the dollar any travel document passport or anyone else, that we have a legitimate right to dispose of or sell the dollar savings buy it.

And the dollar is bought for private banks and Government meetings daily to buy and sell foreign currencies held by the Central Bank of Iraq, which is supposed to finance private traders, sales are either in cash or in the form of money orders sold abroad in return for Commission.

The CBI had earlier announced the rise to 195 67 billion dollars affirming that these reserves are the largest in the history of Iraq, noting that these reserves is one monetary policy to reduce inflation in the country.

The accusations escalated on the smuggling of currency that overshadowed the dollar selling prices on local markets and have increased the price of its dismissal last month while lawmakers demanded that the Government stop selling the currency in auctions the Central Bank stressed that Iraq is losing big money from smuggled daily out of the border, despite the acclaim of many specialists regard the pluses auction in reducing inflation rates and control the value of the Iraqi dinar

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