«Central» Iraq: Do not fear the dinar

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«Central» Iraq: Do not fear the dinar

Confirmed adviser to the CBI the appearance of Mohammed Saleh, the «central bank sales of the currency stable and concerns on the value of the Iraqi dinar from the reduction».

He said in a statement to «life»: «This supports the transparency of cash in the policy of the central Iraqi official interest rate in Iraq is closer to a guide to interest rates than a direct monetary mechanism, given the limited size of the banking sector and underdeveloped capital markets». The to «the absence of obstacles to the development of sales and raise the average selling».

On the subject of the development of coins for the trading of Finance, explained that «Iraq is heading to the development of coins as part of his plan to restructure the currency, which requires government approval and the Council of Representatives, because it is a strategic plan will help support the value of the Iraqi dinar in the trading of Finance».

And sets «central» Iraq exchange rate at auctions periodically conducted of the coin, and the average sale of $ 140 million, the exchange rate average of 1170 dinars to the dollar. He noted the benefit that «project coins in 2004 was not successful, because it has not been as comprehensive reforms to support the financial value of the Iraqi dinar in the the world market».

He pointed out that «the coins will be the currency important intermediate value which is used for trading banking simple trading Interior».

The Central Bank of Iraq on 22 June last, he decided to restructure the local currency in order to develop the payment system in the country.

Also showed the International Monetary Fund in August last support of the Iraqi economy in the event of his a number of economic measures, including the allocation of banks and raise three zeros from the local currency and the payment of debts and compensation is the responsibility of Iraq.

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