The Deputy Governor of the Central Bank: we have plans and programmes for the reduction of the dollar against the Iraqi dinar during the next period

2012/8/17

Deputy Central Bank Governor Mohammad Saleh appearance of scientific programmes and plans by the Central Bank to reduce dollar-for-dollar to dinar natural market, (1190) in the coming period.

Saleh said in a press release Friday: the growing demand for the dollar still persists in the market, leading to a situation of confusion in the market through increased demand for dollar buying suddenly increased the price of even arrived (1300) dinars to the dollar during the past period.

He continued the policy of the Central Bank and plans of Kiss was a depreciation of the dollar gradually until he settled to a price (1240) dinars for one dollar (in the market), although the Central Bank auction sells dollar b (1189) to banks and dealers, to keep the local currency increased deterioration of the dollar to more than the number specified causes deterioration of the national currency.

He added: the plans and programmes of scientific and thoughtful to reduce the value of the dollar to dinar until it reaches its real snaps (1190) and BD (1200) dinars on the market and then are thinking away to make the dollar worth IQD through far-reaching plans to stabilize the political situation in inside and outside the country and when the market returns to state fiscal revenue.

The US dollar has soared and unprecedented in its value before the Iraqi dinar during the past months, with the dollar per b (1300), IQD, after the Governor on its price for long (1170) dinars for one dollar, generating substantial economic circles fear constantly increase its price and its impact on Iraqi economy.


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On: Saturday 18/08/2012 6:00



 Baghdad / term follow-up

Working Alpetk Iraqi center to adopt plans and programs of scientific effort to create a stabilizing in the Iraqi dinar exchange rate against the U.S. dollar, while the civil Almusariq welcomed the central bank to take over the responsibility of supervising the system divided the national rather than foreign companies, which will bring great prosperity in the work of banks.

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh on the status of scientific plans and programs by the central bank to lower the exchange rate of the dinar against the dollar to reach the normal price in the market and of (1190) in the coming period.

Saleh said (of the Agency news): The increasing demand for the dollar is still going on in the market, which led to get the case of confusion in the market by increasing demand for the dollar suddenly, leading to increase its price until it reached to (1300) dinars to the dollar during the last period.

He added that the policy of the Central Bank and the plans developed by him has been the devaluation of the dollar gradually until he settled on a price (1240) dinars to one dollar (in the market), although the auction the central bank sold dollars to (1189) for banks and customers, to maintain the local currency of the degradation because the dollar exchange rate increased to more than the number specified cause deterioration of the national currency.

He continued, has been developing plans and programs of scientific and well thought out to reduce the value of the dollar more in front of the dinar even up to the price of the real to settle the (1190) dinars and (1200) dinars in the market and then be thought out to make the U.S. dollar is equal to DT through the development of long-term plans after settling The political situation in the country and abroad, and when to diversify fiscal revenue of the state.

Has seen the U.S. dollar has increased significantly and unprecedented has its value in front of the Iraqi dinar in the past months, with an exchange rate of one U.S. dollar (1300) Iraqi dinars, after he was conservative on the price for a long time b (1170) dinars to one dollar, creating great fear in economic circles constantly increase its price and its direct impact on the Iraqi economy.

The dollar exchange rate is equal to the current (1240) dinars.

In the meantime, commended the association of private banks to take over the central bank responsible for overseeing the system divided the national rather than foreign companies, which will bring great prosperity in the work of banks.

The Association (of the Agency news): The central bank supervision on the work of the national system, which will be divided in the next few days will bring great prosperity to the work of banks in Iraq, the best of the foreign companies that provide service with a small scale.

She added that the divider will include all the national government and private banks and under the supervision of the central bank, which will work on the settlement of accounts through the banking system is connected to all calculations under the supervision of banks and the Central Bank.

She explained: that the national system will be divided as a central point into which all bank accounts throughout the year and will work on the reconciliation of bank accounts of the creditor banks and the condemned is located so as not to banks losing money.

She noted that the use of divider system will perform the national banking sector from dependence on foreign companies will reduce costs and risks of dealing with foreign companies.

To that predicted an improved banking expert on the withdrawal of small banks with few capital of the Iraqi market for securities, indicating that the Iraqi Stock Exchange needs to be developed more for easy stock trading between companies. Ali (of the Agency news): The stock market in Iraq since (2003) and yet is still not encouraging and the failure in spite of developments in it and the introduction of the technology and the use of electronic devices, and continued: This is because the community has a vision of limited on this market and perhaps there is doubt about the role of the stock market to achieve economic development.

He added that investment in the stock market is an investment indirectly through the contribution of corporate development, banking finance, noting that the Iraqi banking sector is still unable to perform his role properly in the process of economic development despite the fact that Iraq has been relying upon that result in important role in the process of economic reform of the country.

He explained that the small banks in Iraq if it does not itself possess the evolution of large sums of money they would pull out of the stock market in the event of a large entry of banks with high capital may be merged with other banks because they are not able to compete with those banks.


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