It charges the central bank to stand behind the rise in the dollar and the latter denies and vows to speculators

Author: ASJ, HH
Editor: BK, HH
15/06/2015 17:29
Number of Views: 965


Long-Presse / Baghdad

Finance Committee promised in the Iraqi parliament, on Monday, that many of the question marks are raised on the outcome of the Iraqi Central Bank action to stop the deterioration of the value of the dinar against the dollar, while the economic and investment commission parliamentary felt that many of the economic crisis solution is to amend that law Bank so as to ensure independence from the government, and carry Bankers "abuse" the central bank responsibility for a stronger dollar, despite the latter denied this and accused them of responsibility and speculators, and vowing to "dissuasive measures"

The local market is witnessing a steady rise daily to the dollar exchange rate against the dinar, the impact on the movement and reflected negatively on citizens, particularly low-income.

Finance Committee: question marks on the central bank to stop the deterioration of the dinar procedures

Says a member of the Parliamentary Finance Committee, Majida al-Tamimi, in an interview to the (long-Presse), "The rise in the dollar exchange rate against the dinar, is due to reduce the central bank from sales, as well as increasing demand from citizens and the recent special procedures deductions of tax and customs from the merchants" , loaded with "the Central Bank of Iraq first and last responsibility to maintain the value of the dinar and the lack of deterioration against the dollar."

It adds Tamimi, that "the Central Bank of Iraq has taken a number measures to counter the decline in value of the dinar, but the results did not show on the surface so far indicates many question them signs," indicating that "the central bank issuing coins and paper from large groups Kalkhmsin or hundred thousand dinars , it may lead to a reduction of the dollar exchange rate against the dinar, because of the ease to carry and be stored and traded, within the framework of actions aimed to revive the domestic market. "



Committee the economy: the dollar will not solve the crisis but to amend the central bank law

Says a member of the economic and investment commission parliamentary Nora Albjara, in an interview to the (long-Presse), "The high price of the dollar crisis will not be resolved until after the amendment of the Central Bank of Iraq Law No. 94 of 2004 in harmony with the current stage", usually that "the law is a big part of the market crisis, especially with the rise of the dollar against the dinar, as well as financial liquidity. "

Albjara explains that "the economic and investment commission supports cooperation with the Finance Committee, the amendment of the Central Bank Law," pointing out that "the new draft law to the Central Bank currently exist in the State Consultative Council, in preparation for consideration by the government upon approval and forwarded to the parliament."

Albjara confirm, that "the adoption of the Central Bank Law Amendment would make him independent of the government," arguing that "the problems began to accumulate as a result of a law conflicts with a lot of economic and financial aspects that have been developed in Iraq."

Central bank: exchange companies and speculators are responsible for rising dollar exchange rate

The Iraqi central bank attributed the rise in the dollar's exchange rate against the dinar, to speculators in the market, denying that the reason behind the lack of quotas exchange companies and financial and banking conversion of hard currency.

According to a source at the Central Bank, in an interview to the (long-Presse), "The Bank increased its outlets for the sale and reduced the dollar standard routine to buy it by banking companies and financial transfer and banks, the currency auction", blaming the "exchange companies and speculators responsible for rising dollar exchange rate ".

He denied the source, who asked not to be named, said: "be the procedures adopted by the Bank, to the deduction of eight percent ratio as collateral for the tax and customs, are the main reason behind the rise in the dollar exchange rate," asserting that "the Central Bank form an operations room to take deterrent measures against exchange companies contrary to his instructions, as well as cooperation with the concerned authorities to fend off speculators and prevent them from manipulating the price of the dinar exchange. "

Bankers: the arbitrariness of the central bank reason for the high dollar

Meanwhile Bankers download arbitrary actions of the Central Bank responsibility for a stronger dollar.

And confirms the owner of foreign exchange company in Shorja commercial district, central Baghdad, Abu Nizar, in an interview to the (long-Presse), that "the arbitrary actions of the Central Bank caused a rise in the dollar's exchange rate against the dinar," noting that "the central bank reduced the dollar quotas on the exchange companies and banks , and the imposition of taxes and customs fees on goods entering, as collateral for the dollar, amid growing demand for it. "

And refers Abu Nizar that "the Iraq of the largest country of imported goods so traders need to the dollar to cover their goods," returned to "the current procedures do not allow for traders easy access to the dollar, which forces them to buy it on the black market at any price and thus lead to height."

The dollar exchange rate has seen a steady rise in the domestic market of nearly 1200 dinars to the dollar, the beginning of the current 2015 to 1400 dinars currently.

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