Central Bank lifted restrictions dollar auction

Admin Mon Oct 08, 2012 11:22 am

| On 2012-10-08 | Author Faisal Hawai

11:20 AM
BAGHDAD - electronic integrity

Iraqi central bank raised restrictions it had imposed in 2011 on the auction to buy the U.S. dollar from the treasury.

The sources said that "it shares to raise the exchange rate of the Iraqi dinar against the dollar, up to 1170 dinars to the dollar, after a week ago was equal to 1220 dinars."

The deputy governor of the Bank the appearance of Mohammed Saleh, said that "the central bank's measures, and in particular the adoption of the commercial register of the buyer, was able to reduce demand and save about $ 100 million of the quota allocated to the market, amounting to $ 340 million."

For its part, reported a member of the Finance Committee in the House of Representatives Majida al-Tamimi, "The decline in demand for the U.S. dollar was due to the monopoly of six banks to auction the Central Bank of Iraq."

She added that "most of the trade and transfers with those banks and real fake but not exceeding them 10%."

On the other hand the central bank decided to amend the timing of the start of the implementation of the restructuring of the Iraqi currency project and the deletion of zeros.

The bank said in a statement that it "See what frequency of reports indicating postpone the implementation of the project restructure the Iraqi currency and deleting three zeros of them," noting that "the requirements of coordination and cooperation between us and the legislative and executive branches have led to modify the timing of the start of implementation."

He noted that "this project is of vital importance for the country," noting that "completed the bulk of the action on the implementation of the project."

He added that "the new currency in circulation at the completion print must be the beginning of the calendar year where it has been determined start and not during the implementation."

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