27/05/2012 09:07
Baghdad, May 27 (Rn) - The Central Bank of Iraq, Sunday, at close of work opening credits Almstdnah has instead of the transfer of credit for the process difficult, indicating that this procedure will ensure to make sure that the hard currency that are sold to traders not be paid unless there are goods and hyphen of the country.
The central bank last week accused the four countries to "conspiracy"
to hit the financial economy of Iraq to empty its market of its
financial strength, indicating that the free trade corridors in Iraq is
becoming the means adopted to hit the economy. And saw the price of the dollar compared to a rise in local currency during the past few days, which officials attributed to a local banking companies, the central bank to take additional action in the auction sale of hard currency.
The deputy governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) that "the Central Bank of Iraq will soon open letters of credit rather than transfer of credit, which currently employs."
He explained that "this measure will enable the central bank to ensure that foreign exchange traders sold the goods against which comes to Iraq." Adding that "the bank's move is part of a traditional trade assets is added to the measures recently taken by the Bank to protect the hard currency."
And picked up local media reports about the widening phenomenon of smuggling hard currency from Iraq to Syria and Iran on the border crossing points unless confirmed by the Central Bank of Iraq.
And subject its nuclear program by Iran, and Syria as a result of popular protests to UN sanctions are harsh and markets both countries to an economic collapse because of poor cash flow of hard currency.
The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.