Economic center: dinar become desirable internationally after withdrawal of Iraq from Chapter VII sanctions

14-07-2013

Baghdad (news) .. Favored the president of the Center for Economic Information Dergham Mohammed Ali, the Iraqi dinar coin becomes desirable to deal internationally after the withdrawal of Iraq from the provisions of Chapter VII internationalist.

Muhammad Ali said (of the Agency news): that Iraq would emerge from Chapter VII of the Iraqi currency will make internationally acceptable and wider than it is now, where in the past was acceptable regionally and traded in countries that heading have Iraqis tourists.

He continued: but the term will be expanded to increase trade and increased international openness as long as there is a guarantee cover of foreign currency for the local currency.

He added: He does not have a direct link between the withdrawal of Iraq from Chapter VII of the dinar exchange rate that the exchange rate linked to local factors and is linked to the management of monetary policy in the country through the auction, supply and demand and the effectiveness of speculators in effect, in addition to less effect of the tremors imported inflationary.

This has been the voice of the UN Security Council on Iraq would emerge from the provisions of Chapter VII after Iraq fulfill its obligations to repay the debt owed it to some countries. / End / 8. G. / Mm

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Expectations of reaching the hearts of Iraq, more than 35 million people

07/13/2013


Chancellor revealed in the Iraqi Institute for Economic Reform d. Ahmed Husseini, the presence of a number of solutions and proposals to give a greater proportion of the stability of the Iraqi dinar.

Husseini said that there are short-term solutions and long-term to reduce the volatility of the exchange rate of the dinar against the dollar.

He said the quick solutions include reducing pumping dollars through cash sales at the central bank auction, along with the adoption of increased foreign remittances, in addition to increasing the price of cash sales at the central bank auction for the equivalent selling price in the auction of foreign remittances, noting that the sale and purchase of foreign currency to companies conversion and mediation fiscal done by banks licensed in Iraq to reduce transactions not meeting the conditions and procedures adopted. said Husseini need to compel traders and dealers in the areas of trade exchange between Iraq and neighboring countries to deal transfer financial and letters of guarantee, rather than buying cash. and on radical solutions long-term, said Husseini it is reviewing the financial policy of the state and reduce inflation in spending, operational, and the need to speed up plans for banking reform in order to facilitate the procedures for exchange the cash, in addition to improving the tax code and work to expand horizontally while reducing tax evasion. pointed to the necessity of activating the law of customs tariff because of its role important in providing incentives for producers with feature economic, leading to a reduction in the volume of imports, as well as improved revenue workforce, stressing the importance of improving the business environment, the economic order to raise the efficiency of production for companies and institutions of local productive that will reduce imports and increase the intake of foreign exchange through export as well as attract foreign investment. Husseini stressed the need to use modern electronic mechanisms in the distribution of salaries and the use of bank instruments and to encourage savings, can also issue a new currency or deletion of zeros from the current currency to have a positive psychological effects on the local currency dealers.

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