************* Parliamentary Finance expects the low dollar exchange rate: mafias manipulate prices

04/14/2015 (00:01 pm)


BAGHDAD / Noor Ali

Sign in with the parliamentary finance committee member, on Monday, the low dollar exchange rate to 1223 dinars, and as he emphasized that the central bank has taken a series of measures to curb the decline in the value of the Iraqi dinar, pointed out that "mafias operating civil control at the currency to banks."

He said the parliamentary finance committee member Haitham al-Jubouri, in an interview for the "long", that "the Iraqi Central Bank adopted a series of measures to curb the appreciation of the dollar rate against the Iraqi dinar," adding that "there is a long-term measures and need a long time to be applied, such as printing large Currency ".

He Jubouri that "anti-money laundering office works very large to maintain the stability of the dollar exchange rate and return to its former glory," pointing out that "the central bank will take measures, including increasing the launch of the currency from the dollar to increase supply to demand for the dollar at least in addition to open new outlets to sell the currency and banking companies follow a real follow-up. "

He predicted a member of the Finance Committee that "the measures taken by the Central Bank of Iraq, which will reap the fruit, and stabilized the exchange rate at 1223 dinars during the next two days," pointing out that "the dollar began to decline since yesterday and increased the value of the Iraqi dinar."

He added by saying that "mafias operating within the civil control prices and manipulate them for their own because of the lack of financial liquidity in the country's banks, because in the absence of liquidity will be less demand," explaining that "the dollar remains at the current price is contrary to logic and concepts of supply and demand."

Jubouri noted that "these mafias are smuggling currency out of the country illegally in order to confuse the internal situation", adding that "money laundering and BSA offices in cooperation with the financial control in the House of Representatives are working to monitor and follow up on these mafias."

 He continued by saying that "the Finance Committee met with the Central Bank of Iraq during this week twice, and is currently working to put pressure on those responsible for this sector to take deterrent and resolute measures to reduce the exploitation of mafias of public money."

The past few days have seen a significant rise in the US dollar against the Iraqi dinar for up to 1,340.

It is noteworthy that the International Monetary Fund predicted in (21 March 2015), the high proportion of the deficit in the budget for Iraq in 2015 to more than 12 percent announced by the government, due to lower oil prices, and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget, and suggested implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and reconsider the limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.

The current year's budget law, had committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in daily auction ceiling does not exceed 75 million, with the exercise of justice in the sale, and claim the participant in the auction the bank providing the introduction of cargo documents and statements and tax savings Alkmarki settling accounts within 30 days from the date of purchase of the amount, otherwise it applies penalties stipulated in the Central Bank Act or the regulations issued by, and the use of other banking tools to maintain the strength of the dinar against the dollar.



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