Expert is expected to increase demand for the dollar again attribute the decline in selling the currency in «Central» «media frenzy»

Haider Ali Jawad - 10/23/2012 - 6:30 pm


Financial expert predicted higher sales of central bank again, attributing the low dollar auction sale, which happened last week to the media hype of the Bank's exposure to the judicial background note which accompanied some strict procedures regarding the documentation required by banks wishing to buy

In the time in which it stressed the economic and investment commission parliamentary that the central bank will address the errors and mismanagement that led to the waste of money, showed that the return Shabibi suspended Central Bank President, to work, coupled with the not guilty by the judiciary.

Said Majid picture expert in financial affairs, said in an interview with the «world» yesterday, said that «Banks will request the increase to buy the dollar, it is possible to rise requests more with respect to transfers», indicating that «low auction recently located within reasonable limits» .

And between the picture that «The basic problem is that requests banks are sometimes seasonal, and others concerning the sources of supply, so the subject can lead to low and high demands, based on the processing of documents and provide material required for conversion».

He said the «lower sales (last week) was the result of a stir media about the central bank, which were accompanied by some crackdown on documents required of banks wishing to buy, in order to check all the documents properly, this led to delays in some banks for the purchase order, or lack of required documentation has, most recently for some bank auctions.

He pointed out that «the Iraqi market for the dollar, still in a state of alert for the current situation, and it does not demonstrate the full stability in spite of the stability of the dinar at the moment», adding that «this stability came against the backdrop appointment of a new Bank, regardless of tactics used against the bank, which led to some stability in the market, and some international relations.

In turn, saw Abdul Abbas estrus member of the Committee on the economy and investment parliamentary, that «the central bank will address the errors and mismanagement that led to the waste of money», indicating that «what happened from a drop in demand dollar was expected and normal, because the prior rise was an emergency, accompanied for teams large between the official exchange rate and the exchange rate on the black market.

The central bank sales of dollar has experienced a decline in the past few days, also saw auction bank also declined in the preparation of banks participating in the auction, and sales reached the central bank on Thursday October 18 the current 269 million and 990 thousand dollars, while the total on Thursday, 11 October current 299 million and 740 thousand dollars, a decrease of about $ 30 million.

He estrus in an interview with the «world» yesterday, that «the required dollar are a group of banks, who were getting on the dollar illegally, and after that narrowed down on these banks by the House of Representatives, issued an arrest warrant on Mr. Shabibi , led the banks that were tracking methods unusual and informal to stop », stressing that« the demand was illusory and unreal, and real demand started now is a request of a merchant for the introduction of goods into the country, so it should have access to the dollar to transfer the money for the purchase of goods from country conversion and entered into Iraq.

Regarding the impact of the decline rate of the dollar to a financial crisis, between estrus «We do not feel the fear of a financial crisis, because the cash reserve of Iraq today is $ 67 billion, and the annual budget is also huge, in addition to that we second-largest country of oil reserves in the world, you will not intimidated the cash position of Iraq », stressing that« the new procedures of the bank took into consideration the province on the exchange rate, which is now a reasonable price and normal, even in the event of a shock to the market, I think that the central bank was ready to offer a helping hand, because the identity of the merchant real become clear to him » .

He predicted that «keep the dinar exchange rate to its current status, and traders negligent and accused of smuggling currency will receive their reward soon, and there is no worry of a government appoint a person agency for Shabibi», Abizaid and «we afraid of getting vacuum after stopping Shabibi, but did not receive praise Praise.

On the determination vocational Bank President suspended work between the «Messrs. Shabibi and the appearance of Mohammed Saleh, Ihzian respected, because of their history and باعهما long in formulating monetary policy of the country, and they know us», but he also said «But if there is a charge, it will not exceed being vulnerable Powers, or because of an attack by the private banks, and ÔáÉ traders ghost cooperating with them, which is not charged with a powerful right, and elimination will transparently », stressing that« the judiciary if exonerated Shabibi, it will return to work, it is not an article, but lugged hand, due to the issuance of warrant against him.

He cautioned «in order to avoid disorder in this sensitive institution was appointed Abdul Basit Turki agency for failure to get a vacuum.

The mechanism appointed Governor of the Central Bank determined by the Bank Act of 2004 which provided for the election of the President by the Board of Directors and approved by the House of Representatives shall be binding on the Council of Ministers and the Parliament.

The member of the Committee on Economy and Investment parliamentary out that «the central bank provides a list banks that share auction per month, and that up to 40 banks, but 5 of them to 6 banks shifted from 200 to 600 million dollars out of Iraq per day, which banks are known, even limited process transfers to the north and banks National Bank and United Arbil, was one of the drawbacks of the Central Bank, is the monopoly of these transfers banks.


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