Central Bank defends its monetary policy and the dollar auction sale and is described by {b} the very successful

Monday, August 13 / August 2012 20:16



Baghdad {: News} Euphrates defended the central bank policy followed by the previous years with regard to monetary policy used and the Central Bank auction, noting that selling dollars for all private banks and government and branches of foreign banks.

He said in a statement explanatory of what is noteworthy in the media and obtained by {Euphrates News}, a copy of "The monetary policy pursued by the Central Bank since 2004 and until now, policy is very successful and led to a reduction in inflation from 50 percent to 5.8 percent and falling prices and stability of the result of the tools that were in place the investment and deposit of the night for {7, 14 and 30} days of the dinar, investment and deposit of the night for {7, 39 and 90} days of the dollar. "

He added that "after the low rates of inflation to the extent accepted by the bank to cancel all of these materials except for deposits of order seven days of the Iraqi dinar only to encourage banks to grant credit for industrial projects, agricultural and residential has been met with this monetary policy is welcomed by the International Monetary Fund and praised it."

He said the bank in his demonstration that "with regard to selling the dollar to banks is a tool of monetary policy aimed at the withdrawal of liquidity from the market as is the case in which the majority of the world's central banks."

He said that "the majority of markets where the price of an official and the price of a parallel and that the bank is working to reduce the difference between the official price and the price the parallel through the inspection teams of banks to comply with the instructions of the bank or else will be hit by sanctions take the right note that this bank is selling the dollar for all government and private banks and branches of foreign banks It is not civil to the banks. "

The charges stem several deputies to the Central Bank, especially the Central Bank auction, accusing the companies acquired on this auction among other representatives that there is funding for armed groups through speculative auction this bank. Ended


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