Economists: Iraq needs to determine labor laws banking offices and preventing manipulation of the dollar exchange rate

Author: bian1 on: Sun 16/06/2013 01:34 pm


 News Source: Ghani al-Saidi



Experienced a career foreign exchange and remittances in Iraq, popular and booming through the opening of several businesses and offices, especially after 2003, but that the reality of these companies are dominated by a lot of uncertainty, and dominated by a state of chaos or confusion due to the absence of laws that regulate the work as well as the absence of modern technology in their dealings as well as entry a lot of الطارئين and scammers on this profession.

Economic analyst Qais Mullah "said Iraq needed to determine labor laws banking offices and inhibit the process of manipulating the dollar exchange rate and currency smuggling abroad."

Mulla said news agency Baghdad International / WAP / Sunday, "The work of banking offices in Iraq need to be strict management and control and also need to monitor and track, where it is without the presence of the follow-up and close supervision by the monetary authorities Supreme actress Central Bank of Iraq on the work corporate banking and money transfer companies will remain free of regulation process and the benefit of the Iraqi economy. "

He added, "The central bank has (Directorate General of close and banking and credit) to follow up the work of competent banking companies deployed in Iraq, which has inspectors are implementing the duties assigned to them to follow up the work of banking companies."

He pointed out that "the weight of the basic process selling the dollar rests with the private banks, and these banks are dealing in one way or another, with banking companies, so it before downloading banking companies responsible for fluctuating exchange rate of the dollar should follow what is going on in the corridors and scenes of private banks."

And in between, that "there are points of control for the work of banking companies is the central bank through (DG-rounded and banking and credit) as well as private banks, which must have an active role in the exercise of its supervisory role in the process of selling foreign currency, in addition to the role of the central bank, which has the role of proven so no dust on it. "

For his part, said economic analyst nice Abdul Salem Okkaily, that "Retail banking spread so dramatically in Baghdad and the provinces have a significant effect on the value of the dinar against the dollar and that has to be the existence of laws determine the work to maintain the stability of the sale price".

He Okkaily news agency Baghdad International / WAP / Sunday, "it has to be the existence of laws governing the sale and purchase of foreign currency through banking offices, because without these laws can not be done to protect the national currency, either side the most and the most important is that there would be follow-up by specialized financial side and Sirefi ".

He said, "The presence of the laws without that there would be follow-up and continuous monitoring of the concerned authorities and the Central Bank of Iraq exclusively the banking Goods will continue oscillating work unsupervised or Hasib".

And, said "there are strict laws will work to protect the national currency, as well as people who work in banking to prevent abuses faced by our national currency particularly the smuggling of currency abroad".

Calling "the state to find the laws governing the work of banking companies to prevent the smuggling of currency abroad and used for other purposes, and not to subdue the sale of currency for the people and agencies to laws and regulations window by selling the currency to (patients traveling abroad for the purposes of الايفادات training and attend conferences)."

He said economic analyst nice Okkaily, "that these laws exist, but the follow-up and supervision is non-existent."

The economic analyst Hatim Alboati, that "the large number of shops and banking is a positive case for it in the future and the development of laws will hinder the work of banking Shops in the sale of foreign currency."

He said Alboati news agency Baghdad International / WAP / Sunday, said that "the large number of banking offices create competition in the sale of foreign currency and at varying rates, so the process of developing laws and mechanisms will limit the expansion of these stores' as well as the limit of its development in the process of selling foreign currency inside Iraq. "

Noting that "the free market economy if they do not enjoy full freedom ', it will lose a lot of advantages that may work on the development of fiscal and monetary policy and banking in Iraq, so the laws of shops banking will determine the action and prevent them from keeping up with global developments in the field of money transfer."


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