*********** Experts describe the release of the central bank to step trillion dinars correct

21/05/2015 (00:01 pm)


Baghdad / al-Suhail Ahmed

Counting specialize central bank's decision to launch an amount trillion dinars for private banks and increase the share of dollar sales for banking companies and foreign transfers the right step in the framework of control over the exchange rate in the Iraqi market, as pointed out that this step is not considered encroachment on the budget bill item 50, drew that central bank's target now is to reduce the process of currency devaluation.

The economist said, and a member of the Board of the Central Bank, Majid picture that "the decision of the Central Bank of the launch of the funds is not an encroachment on the item 50 of the Budget Law is within the limits and because the fluctuation in exchange rates has become so great that must interfere with the central bank to reduce this volatility affect the stability of the economic situation in general. "

He added that the picture "Bank acted within the law, which allows him to intervene in this framework, and that the purpose of the launch of the funds is to reduce volatility of the process and the trend towards currency stability."

On the possibility of the occurrence and money laundering, smuggling, Suri pointed out that "the country put this certainly will happen flight and money laundering operations, but it is not the responsibility of the Central Bank, but the responsibility of other authorities in cooperation with the Bank," adding that "the central bank is watching the work of banks and supervised by and respect policy cash and the most important thing for him is the stability of the exchange rate and the reduction of the inflation process and the stability of the economic situation. "

He noted that "the stability of the exchange rate leads to the stability of the economic outlook and the stability of the economic situation in general," explaining that "the stability of the economic situation does not mean the absence of economic problems, but stresses that guaranteed future investments."

He continued by saying that "the economic situation in general needs a combination of very great efforts by all sides, and that monetary policy is doing their job in a very large and trying despite large to maintain economic stability and accelerate development pressures, but unfortunately fiscal policy so far has not reached sufficient maturity for development and harmony with the monetary policy process and this led to economic turmoil. "

He pointed out that "the dollar in the conversion is sold at the official rate but the problem in the cash trading him, so the bank made the decision to inject greater than the dollar amount to reduce the process of fluctuation in prices and reduce the pressure on the Iraqi dinar as well as control over the exchange rate because it means stability relative economic terms, "adding that" the central bank's target now is to reduce the process of currency devaluation. "

And monitor foreign remittances, between the picture that "there is scrutiny of the documents provided by the central bank in order to reduce the severity of money smuggling and laundered, but there is no thinking in re-watch circle on foreign remittances because the Bank Act, the banks are not allowed to restrict such transfers."

Meanwhile, a economist, Hilal Taan, in an interview for the "long" that "the Iraqi market was withdrawn approximately 250-300 million dollars a day, and when the Select Bank trades daily at 75 million dollars of exchange rates increased and therefore the right of the central bank through monetary policy, increase the quantity supplied to lower the dollar rate against the dinar, a move properly taken by the central bank within the monetary policy is not an encroachment on the law, but to control the levels of the high dollar exchange rate, "adding that" this measure will lead to the stability of the Iraqi market and to increase the movement of Iraqi business. "

He pointed out that "the powers of the Bank within the law, regardless that the amounts that are believed to help the Iraqi market stability."

He noted that "there is follow-up to Iraqi funds that go abroad and specific amounts of external converter and under Serafi device and the Iraqi authorities responsible for the control of external transfers control and thus controlled the situation."

He continued by saying that "there are specific controls through which foreign exchange Hithismah patient transfers of no more than 20 000 dollars and for traders, the remittances must be according to the import lists."

The central bank Aerakiealn, Tuesday, firing trillion dinars for private banks to finance small and medium enterprises loans, and increase the share of dollar sales for banking companies and foreign transfers, and drew the bank to put the necessary measures to address the lack of liquidity in some banks.

The central bank said, in a statement received (range Press), a copy of it, that "the Board of the Central Bank, Tuesday, Minutes numbered (1525), decided to increase the share of dollar sales for banking companies and foreign transfers and reducing the length of time for the implementation of foreign remittances," pointing to " the development of measures to address the situation of some private banks and experiencing a shortage of liquidity in order to ensure treatment of their positions. "

The Central Bank of Iraq announced earlier, to take the necessary measures to support liquidity in the banking system, and decided to facilitate the procedures for the sale of foreign currency "to sustain the exchange rate."

The Central Bank of Iraq, said in (the 18th of January 2015), that the financial reserves of Iraq equivalent and a half times the weakness of the currency bloc, returned as "best rates" in the countries of the world, and as he emphasized that Iraqi financial institutions are "unable" to cover the fiscal deficit, he stressed the need to reconsider the structure of the budget and spending and diversification of income sources and achieve investment more broadly to address the decline in oil prices.


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