********* Government Parliamentary economy withstand high exchange rates .. and conversion fees exceeded the 8%

Remember the 50k notes and the 100k notes, this piece you may want to look at!



10/06/2015 (00:01 pm)


BAGHDAD / Noor Ali

The Commission on the economy and investment representative, on Tuesday, that the government bear the rising dollar exchange rates due to the fees imposed on remittance exceeded

8%, while noting that the central bank prints large currency denominations will enter the market over the next couple of months, economic adviser to the prime minister attributed the reasons for the high dollar to the deterioration of oil prices and reduce the central sales of foreign exchange rates.


She said a member of the economic and investment commission in Parliament, Najiba Najib, in an interview for the "long" that "the government bears the bulk of the rise in exchange rates, because of the imposed duties on remittance traders exceeded the 8%," noting that "the instability of the dollar exchange rate against the dinar, reflected negatively on the high prices of consumer goods. "

She continued by saying that "the Commission will be several meetings to find out the central bank action on rising prices and the reasons that led to it and address it."

She Najib, that "the central bank had to print with large groups currencies and will enter the market during the next two months, and this will be an important factor in strengthening the power of the Iraqi dinar, but not as great, because only the existing categories in the national currency value of the Iraqi dinar do not depend."

She explained that "the arrival of the dollar exchange rate to 130 thousand dinars, means that tax trusts fee has exceeded the percentage specified and we have to discuss with the central bank to find out the causes and know the procedures followed by him to reduce it."

Furthermore, said economic expert, Resan Hatem in an interview for the "long" that "the government bears the bulk of the reasons that led to the deterioration of the dollar exchange rates, due to the significant financial fees imposed on merchants."

He continued by saying that "the central bank was in control of the dollar exchange rate against the dinar, through Auction currency, but it has lost its independence with the present to some extent."

And the central bank prints currencies large categories, between Hatem, said that "monetary transactions law stipulates that the new currency overwhelm the old money, and that the print currencies large categories lead to increased rates of inflation, and this will affect negatively on the overall economic situation of the country," calling to "the need to postpone this decision."

He noted that "despite the fact that printed these currencies will reduce the size of the money supply, but at the same time will raise the level of prices and increases the rates of inflation," adding that the decision "does not hurt the welfare of the level of prices and the level of the Iraqi dinar."

He was an economic advisor to the Prime Minister, has attributed, first of Monday, reasons for the high dollar in the local market to the deterioration of oil prices and reduce the central bank sales of foreign exchange rates, as called for reducing the value of the dinar and raise the dollar value of sales for the launch of cash and " rein in "demand and ensure the stability of exchange rates.

He said the appearance of Mohammed Saleh said in an interview to the (long-Presse), "The instability of the US dollar exchange rates in the Iraqi market and to rise in recent months, due to the deterioration of oil prices," noting that it "led to the deterioration of the Iraqi payments prices, because the basis of its exports are oil ".

Saleh added that "the Iraqi Central Bank action to reduce the direct sales of the dollar, instead of reducing the value of the dinar", so they returned to "create a market to sell the currency again."

Economic Adviser to the Prime Minister expressed his support "to lower the value of the Iraqi dinar in line with the market, as well as raise the sales value of the dollar," adding that it "will launch a cash liquidity and restrain demand and contributes to the stability of the dollar exchange rate."

The specialize in the banking sector attributed in (the ninth of April 2015) rising dollar against the dinar, to the Central Bank for deducting customs duties and taxes in advance procedures, and called for a "freeze" of the resolution, while the expected continued decline in the value of the Iraqi dinar, stressed the need to cancel Article 50 of the budget for determining the dollar sales.

Iraqi citizens also complained, in (27 March 2015), higher prices for materials and goods in the Iraqi market, while the government called for the support and follow-up and determine the prices of goods in the market, confirmed that the instability of the dollar was behind the confusion of the Iraqi market.


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