************ Parliamentary Finance proposes to make large cash categories

April 11, 2015

BAGHDAD - MP from the Parliamentary Finance Committee, said Haitham al-Jubouri, the committee proposed the issuance of large cash categories to control inflation and to preserve the value of the dinar against the dollar, as he emphasized that the central bank is now working to develop a thorough study on the introduction of new categories.

And between a member of the parliamentary finance committee in an interview for the "long", "The Knesset Finance has proposed issuing coins large cash denominations in order to reduce the number and maintain the value of the Iraqi dinar against the dollar," noting that "this solution was to push people towards the replacement of the dollar in Iraqi dinars in their dealings Banking or for the purpose of storage or movement, because the reason people deal in dollars to its small size and not taking a lot of space out on the move.

He said al-Jubouri said, "If we were to give recipes dollar itself into the Iraqi dinar and our work on the issue of currencies category 100 thousand or 250 thousand dinars," the " What put up is just a proposal and it is not a final decision, but the Governor of the Central Bank of Iraq promised a thorough examination of the subject, and we are waiting to be adopted soon.

However, saying "Although the likelihood of an increase in inflation, but there must be a study of the subject of the new currency launch, and how to control inflation if it happens, "expected to" measure will reduce the demand for the dollar and away by all the dollarization of the Iraqi currency and the sale, purchase, exchange and trade in Iraqi currency instead of dollars.

The member of the Finance Committee that "there are a number of solutions in order to maintain the exchange rate Iraqi dinar against the dollar, including the opening of new and additional windows, and that is not enough for the distribution way exchange or through banks, but there must be a direct limits, especially in places of exchange, such as airports, etc., because the traveler needs this money, or in large commercial centers to cover the expenses of hard currency and reduce the height against the dinar.

He called al-Jubouri to "the need to free money from the state control nor endorse the integration of private banks with government banks and hand over all these powers to the government," and urged to "edit banks, even if it's in our hands to get us out even the government of the state-controlled banks and Holnaha to private banks in order to increase the powers of investment and mechanisms of borrowing and setting interest rates and asked it to merge private banks, large Bank within the government banks in order to be private banks imprint banking transactions within the Iraqi state.

It is noteworthy that the US dollar exchange rate has been rising since about a month, up a few days ago to 1230 dinars to the dollar.

The central bank may impose a special program for tax guarantees and customs of goods, while among banking and economic shown that it came under the guidance of the Council of Ministers to determine the work of traders and keep them away from "illegal transactions in smuggling." hard currency.

As the Iraqi Central Bank announced (24 March 2015), for the approval of the Economic Committee of the Council of Ministers on a proposal to accept the judge issued by private banks to pay taxes and fees of all instruments without a specified ceiling.


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