A source at the bank: No control over the flow of dollars abroad

02/14/2015


BAGHDAD - Demanded an official source at the Central Bank of Iraq, on Saturday, monitoring the movement of the dollar and put controls on foreign exchange companies and check receipts and money transfer.

While an economist pointed out that determining the amount of dollar selling in the auction currency lowers the price of the dinar, the Iraqi government called for a work of non-interference of the Central Bank.


An official source at the Central Bank, "Long", that "the most important causes of decline of the dinar is the use of the dollar import process, so the need for it is greater than the Iraqi dinar, therefore, the money supply of the dollar is strong," stressing that "the Iraqis are forced to use the dollar foreign transactions, so a large demand for the dollar compared dinar.

The source, who declined to be named, said that "the Iraqi economy is not affected by a decline or rise in the dollar only, but there are other effects such as the security situation and financial and administrative corruption," pointing out that "the rise of the dollar exchange rate against the dinar, affect the processes of buying and selling and import" .

He called the source to "put a fixed exchange abide by remittance companies price, in addition to the control of receipts under which the transfer of funds, as well as determine how the entry and exit of the dollar", calling for "activating the product laws and protect goods, because in the national product promotes the local economy Protection , thus eliminating the need to import and have a few dollar exit, which leads to at least the dollar exchange rate against the dinar. "

He predicted "a strong dollar, because the budget law for 2015 select sale of the Central Bank of $ 75 million per day, which led to weak demand for the dollar because the central bank was selling from 100-150 million dollars a day to meet the need of the market, but in light of determining the amount of the sale The dollar will rise demand and prices are rising.

For his part, said an expert on economic affairs spokesman Anton, "long", that "the rate of the dinar started to decline after the approval of the federal budget in 2015, after the government set the dollar amount of the sale of $ 75 million per day," noting that "it is wrong that the Iraqi government to intervene the process of identifying the amount of dollar selling.

Anton predicted "continued decline in the value of the dinar because of the great demand for the dollar, and because determining the central bank selling only $ 75 million, so the dinar will fall," calling on the government to "cancel its decision to determine the dollar selling."

Anton and carry some of the traders responsible for the low exchange rate of the dinar, "because the dealers to sell additional quantities of dollar per day," and urged the government to "follow the work of traders and control money laundering, which is in a significant way, in addition to the demand for the dollar control."

He demanded the appearance of Mohammed Saleh, an economic advisor to Prime Minister Haider al-Abadi (February 3, 2015), the Central Bank to clarify the reasons for the low value of the Iraqi dinar against the dollar rise in the price in the local market.

Saleh said on "the central bank need to clarify the reasons for the high price of the dollar against the dinar, though slightly, and shows what actions and policies taken to preserve the value of the dinar."

He pointed out that "a determining central bank sales of the dollar in its daily auction was due to financial hardship, home to Iraq and maintain the bank's reserves of foreign currency which is linked with revenues of Iraq in the fall and rise and be maintained by reducing its demand for the dollar and cover basic it needs."

And "we have in Iraq and there are loose commercial goods in the market is not worth the import where there are stocks of durable household as materials and cars suffice Iraq for several years, but the import is continuing and this exhausts the state budget."

The prime minister counselor for economic affairs, "the power of the Iraqi dinar, which is covered in foreign currency, according to the definition of the money supply more than one and a half times, but at the same time, we must achieve a balance in maintaining the amount of foreign currency exchange rates and the value of the Iraqi dinar."

And discussed the Cabinet in its meeting (February 3, 2015) The reasons for decline of the dinar against the dollar at the forefront of trading this week.

A source familiar with the Council of Ministers that "the central bank was wary of the consequences of entering the parliamentary finance committee in the dinar exchange rate under the pretext of controlling the exchange rate and quantity," adding that "Parliament intervention in this matter is something fishy bit, especially since tasks Parliament recede legislation, oversight and not draw a certain fiscal policy. "

"The Council of Ministers did not put in the agenda the subject of debate the causes of low dinar, but the central bank to intercept some of the materials and the terms of the federal budget bill for fiscal year 2015 paid to think to discuss the subject at the meeting."


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