Central Bank says that he seeks to install the exchange rate to 1189 dinars to the dollar

26/05/2012 10:56



Baghdad, May 26 (Rn) - The Central Bank of Iraq, Saturday, that the goal of monetary policy is to maintain and keep the Iraqi dinar exchange rate against the dollar by 1189, indicating the stability of the exchange rate in local markets after the expansion of outlets selling the dollar.
And approved the Central Bank of Iraq this month, the existence of an imbalance in the Iraqi dinar exchange rate and confirmed his quest to unify the exchange rate between him and the local markets while at the same time denied any deterioration of the value of Iraqi dinar.

Money The central bank last week accused the four countries to "conspiracy" to hit the financial economy of Iraq to empty its market of its financial strength, indicating that the free trade corridors in Iraq is becoming the means adopted to hit the economy.

And saw the price of the dollar compared to a rise in local currency during the past few days, which officials attributed to a local banking companies, the central bank to take additional action in the auction sale of hard currency.

The deputy governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) that "the central bank proved Iraqi dinar exchange rate against the dollar to 1189 dinars to the dollar after the addition of bank commission and profit of 13 dinars banking companies ten dinars to the dollar."

He explained that "the Central Bank sells U.S. dollar to 1166 dinars," expected "to resolve the phenomenon of the depreciation of the dinar against the dollar in the coming period."

He said the deputy governor of the bank by saying that "the Bank now sells $ 200 million, a substantial amount per day, which covers the needs of the market and the bank began to expand to include outlets selling bank Rafidain and Rasheed."

And picked up local media reports about the widening phenomenon of smuggling hard currency from Iraq to Syria and Iran on the border crossing points unless confirmed by the Central Bank of Iraq.

And subject its nuclear program by Iran and Syria as a result of popular protests to UN sanctions are harsh and markets both countries to an economic collapse because of poor cash flow of hard currency.

The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

From: Raman Brosk, the Open: Peace Baghdadi


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