Central Bank .. Flight of the coin, or the movement of funds?

Adel Abdul Mahdi - 10/21/2012 - 12:40 AM

Before 2003 and with the increased deficit financing policies and inflationary version and access restrictions on the dollar, the wide gap between the official rate of the dinar (0333 dinars / dollars) and market price (2500-3000 dinars / dollars) ..

Any decline in the thousands percent. Since the state is supporting the price ..

Anyone who has access to this decision can turn Dinara is not the equivalent of ten cents to dollars.

Pat getting on the dollar (after 2003) or transferred to the outside open process, controls diluted in principle ..

But with regard to money laundering, and the rules for registration, and the efficiency and civil authorities in circulation, and prevent market manipulation .. An objective which the door is closed to smuggle currency ..

There is no need to hide the currency in the dessert tray or giving bribes to employees of the border.

The value of the dinar / dollar determined by the buying and selling in the daily auction, which amounted to (209) billion dollars (2003 - 31/08/2012) ..

And that the conversion side of freedom and growing reserves (67 billion dollars), in which factors to check the stability and strength of the dinar ..

Despite recent volatility around 1200 dinars / dollars, but gain (20% and more) to his advantage against the dollar, compared to its prior (9) years (1500 dinars / dollars).

There is no doubt that the strength and variability dinar against the dollar made him real equivalent is to sell it and buy it ..

There is no doubt that this will tempt banks and money traders to profit and conversion purposes ..

He practiced project work in the countries of the free exchange controls may be missing here is Nevertheless remain the main factors for economic capital flight mainly ..

There are economies of attractive and safe, and Other Jzaba and volatile, and Iraq except Kurdistan.

Has tried to Law No. 13/2006 and official letters adopted a change in direction ..

But many obstacles - exceeding the central bank - stands in the way ..

And the recent measures, and their counterparts, contributing to the deepening imbalance rather than processed.

The central bank governor and his officials did a great job deserve respect and honor, amid a thorny and complex conditions ..

Without relieve him - and the rest of the institutions - of reforms and more precise measures to fight corruption and save public money.

Well done BSA recording his observations and reservations. To take measures provided by the law and the Constitution to deal with things, and not to rush decisions before the debates and Altmahasat complete ..

The facts show that conceptual disagreement ..

And substantive mistakes and shortcomings ..

The failure in the registration processes, and mismanagement in many official institutions and civil, and incomplete national systems, the bank can be held liable, but borne by the integrated systems.

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