Private banks coordinate with the Central to maintain the stability of the dinar

02/23/2014


Revealed the association of private banks, non-governmental taken in coordination with the Central Bank of Iraq some monetary policies that will maintain the stability of the exchange rate of the Iraqi dinar against foreign currencies.

He says the managing director of the Association super good in his interview with Radio Free Iraq "that private banks now working to attract traders, who make up one of the main sources for the introduction of foreign currency to Iraq and determine the activity of speculators currency exchange rate through the revitalization of reliance on bank bonds in banking transactions."

However, a member of the Finance Committee in the Iraqi Council of Representatives Secretary Hadi Abbas believes that the coordination between the central bank and private banks "came to increases the activity of the last and suffered a number of them critical of their economic situation and the reluctance of their work," as he put it.

So stressed economic expert Majid picture on "the need for cooperation with the Ministries of Finance and Commerce, in the application of monetary policy new taken by the central bank in coordination with the private banks," and warned at the same time that the absence of such cooperation would lead to "the inability of the private banks and the central bank of control the Iraqi dinar exchange rate, even with these policies. "

Referred to the Iraqi Central Bank and monetary policies within the private banks had committed earlier to deposit their capital at the bank if you wish to enter the auction sale of foreign currencies held by the central day in order to keep the exchange rate of the Iraqi dinar to the local market.


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