Sun 29/04/2012
Baghdad (news) / report / Faleh Hussein / ..
After a scathing criticism of the Central Bank against the backdrop of
high exchange rate of the dinar against the U.S. dollar, began to think
the central withdraw his hand from the sale of hard currency in the
auction for the benefit of a government banks.
The Central Bank intends to transfer an auction sale of hard currency to government commercial bank, the fact that the auction does not fall within its competence, raising the ire of a number of financial experts, parliamentarians and government banks because the technology is not qualified and can not maintain the exchange rate of the dinar against the dollar.
In this regard, said a member of the Finance Committee MP / National Alliance / Abdul-Hussein al-Yasiri: The delivery of the auction to a government bank would increase the value of the dinar against the U.S. dollar level can not be controlled, would hurt citizens by increasing prices in the domestic market.
The Yasiri (of the Agency news): The Central Bank is in crisis due to increased demand for the dollar, making him take the complex procedures forced the speculators to buy it from banking offices in the black market.
There is fear of depletion of foreign currency the central bank as a result went to sell it, especially since it comes from oil, the only source of income of the state, but that money must be invested in other projects are a lot of money to the people.
"The decision to abandon a central bank to commercial banks may have come as a result of his inability to save the value of the dinar against the hard currencies again," said Yasiri.
And see the U.S. dollar has increased significantly and an unprecedented value in front of the Iraqi dinar, with an exchange rate of one dollar (1300) Iraqi dinars, after it had been stable for a long time on the (1170) JD, is born out of fear of economic circles constantly increase its price and its direct impact on the Iraqi economy.
Accordingly can not leave the central bank auction, but shared with the state institutions and economic security through the arrest of illegal cases that lead to increased exchange rate of U.S. dollar against the Iraqi dinar.
Thus commented a member of the Economic Commission MP / National Alliance / Abdul-Hussein Abtan, saying that the central bank faced "an attack fierce" hard currency as a result of disorders suffered by Iraq's neighbors like Syria and Iran, where the depletion of foreign currency by these countries due to weak control at border crossing points.
The government banks business is unable to perform the functions of selling foreign currency, being the process need to be accurate and thorough study of the nature and quantity of currency in the market and can not be anyone without knowledge of the central bank, said
Banking expert, Hussam Ali Obeid.
Ali said (of the Agency news): The government banks are not eligible technology and need to be efficient and constrained in practice by the Ministry of Finance, which is covered by item VII imposed on Iraq since the nineties of the last century, which do not offer a true citizen, but she manages the financial operations relating to the salaries of retirees and staff.
"You may get confusing in the case of the monetary policy of the country," said financial expert Mohsen Ali (of the Agency news) warned of the possibility of their country's economic problems in the event of a large delivery of the central bank auction on the sale of hard currency to one of the commercial banks
He added that the work of government banks is limited to bid farewell and the exchange of instruments with other banks and is well suited for the task, because they need the expertise, making them easy prey for large companies, and possibly delusional and non-licensed for the purchase of currencies and therefore would increase the value of hard currency more in front of the dinar.
For his part, Deputy Governor of the Bank of the appearance of Mohammed Saleh (of the Agency news): Time to get out of the auction sale of the currency the central bank, and shall state that a commercial bank, it does not fall within the competence of the Central Bank.
"We were finance foreign trade and this is not one of our missions," said Saleh, adding that the dollar come under various pretexts legal and illegal, including not serve the Iraqi economy. / Finished / 8. D. Q
The Central Bank intends to transfer an auction sale of hard currency to government commercial bank, the fact that the auction does not fall within its competence, raising the ire of a number of financial experts, parliamentarians and government banks because the technology is not qualified and can not maintain the exchange rate of the dinar against the dollar.
In this regard, said a member of the Finance Committee MP / National Alliance / Abdul-Hussein al-Yasiri: The delivery of the auction to a government bank would increase the value of the dinar against the U.S. dollar level can not be controlled, would hurt citizens by increasing prices in the domestic market.
The Yasiri (of the Agency news): The Central Bank is in crisis due to increased demand for the dollar, making him take the complex procedures forced the speculators to buy it from banking offices in the black market.
There is fear of depletion of foreign currency the central bank as a result went to sell it, especially since it comes from oil, the only source of income of the state, but that money must be invested in other projects are a lot of money to the people.
"The decision to abandon a central bank to commercial banks may have come as a result of his inability to save the value of the dinar against the hard currencies again," said Yasiri.
And see the U.S. dollar has increased significantly and an unprecedented value in front of the Iraqi dinar, with an exchange rate of one dollar (1300) Iraqi dinars, after it had been stable for a long time on the (1170) JD, is born out of fear of economic circles constantly increase its price and its direct impact on the Iraqi economy.
Accordingly can not leave the central bank auction, but shared with the state institutions and economic security through the arrest of illegal cases that lead to increased exchange rate of U.S. dollar against the Iraqi dinar.
Thus commented a member of the Economic Commission MP / National Alliance / Abdul-Hussein Abtan, saying that the central bank faced "an attack fierce" hard currency as a result of disorders suffered by Iraq's neighbors like Syria and Iran, where the depletion of foreign currency by these countries due to weak control at border crossing points.
The government banks business is unable to perform the functions of selling foreign currency, being the process need to be accurate and thorough study of the nature and quantity of currency in the market and can not be anyone without knowledge of the central bank, said
Banking expert, Hussam Ali Obeid.
Ali said (of the Agency news): The government banks are not eligible technology and need to be efficient and constrained in practice by the Ministry of Finance, which is covered by item VII imposed on Iraq since the nineties of the last century, which do not offer a true citizen, but she manages the financial operations relating to the salaries of retirees and staff.
"You may get confusing in the case of the monetary policy of the country," said financial expert Mohsen Ali (of the Agency news) warned of the possibility of their country's economic problems in the event of a large delivery of the central bank auction on the sale of hard currency to one of the commercial banks
He added that the work of government banks is limited to bid farewell and the exchange of instruments with other banks and is well suited for the task, because they need the expertise, making them easy prey for large companies, and possibly delusional and non-licensed for the purchase of currencies and therefore would increase the value of hard currency more in front of the dinar.
For his part, Deputy Governor of the Bank of the appearance of Mohammed Saleh (of the Agency news): Time to get out of the auction sale of the currency the central bank, and shall state that a commercial bank, it does not fall within the competence of the Central Bank.
"We were finance foreign trade and this is not one of our missions," said Saleh, adding that the dollar come under various pretexts legal and illegal, including not serve the Iraqi economy. / Finished / 8. D. Q