Central: no change in monetary policy and limit the audit procedures for the sale of cash
After seeing the dollar exchange rate volatility against the Iraqi dinar in the local market over the past few days, he urged the Central Bank of the economic change its policy towards the exchange rate, said the bank was seeking to reduce the installation and audit procedures.
The academic and the Chairman of the Economic Section of the Institute of Mustansiriya studies, Dr. Abdul Rahman Al-Najm al-Mashhadani told (Voices of Iraq) said that what happened during the last few were "following the reduction of the central bank's monetary Bioath banks in foreign currency auction," he said, "the spokesman said legal means to smuggle foreign currency abroad by import without external conversion, "urging the Central Bank to" codify and restrict such transfers to import goods and commodities. "
The U.S. dollar has seen prices in the local market in Iraq fluctuated markedly over the last week and the beginning of this week, as the price rose in Baghdad, Basra and Arbil, from 1170 dinars to the dollar to 1250 dinars to 1224 dinars Baghdad and in Erbil and Basra, and then returned in the fall of Baghdad 1223 and 1221 in Arbil, and it is conservative to the price of 1224 in Basra.
This was done amid reports of lack of liquidity due to reduced sales in dollars the central bank, by the requirement to provide additional gripping of the private banks, which rely on the central auction to provide customers the dollar, which has led the Bantrzi to issue a statement on Sunday that he is continuing to provide the banks with the dollar limits According to the rate of exchange accepted.
He said al-Mashhadani, "Many economists believe the dollar price of living is lower than it should be a 1500 dinars per dollar," he expressed the belief that "What happened in the past few days is the beginning of the Central Labor to raise the exchange rate," adding that "the separation rates between the central and the local market and called the parallel rate is incorrect because the real price, which must be the currency."
He pointed out that "the current economic needs, because the future of Iraq policy to encourage the investment industry, agriculture, local" and therefore in the light of this low price "seems expensive for domestic goods is aimed at the export of goods to Iraq and abroad, especially in the agricultural sector."
Otherwise it considers punitive Hamid Chairman of the Federation of international business, said "the Central Bank of the decision with regard to monetary policy, should maintain their independence without the intervention of any sector and the many criticisms directed against him," adding that "the stability of the currency exchange is one of the most important needs of the Iraqi market Currently, due to the fact that the Iraqi economy is backward in the various sectors of industrial, agricultural and tourism, "and who wants to find an alternative policy," the first wheel to move the Iraqi economy and the restructuring because it only means that would make the currency stable in the case of change of the central monetary policy."
In spite of the view that the punitive "The auction may be the currency in which the smuggling of currency," but say to him, told Voices of Iraq (VOI) said that "It's hard to change that policy now, because its replacement is not available, and the proof that a simple break the sale of cash led to confusion in the the local market."
In turn, denied the appearance of the central bank adviser, Mohamed Saleh, told Voices of Iraq (VOI) that there should be a "change in policy towards the Central Bank of Astaqraralamlp on the basis of the exchange rate of 1170 dinars per dollar," saying he was "logical and price contracts based upon positive expectations within the community and our current policy is to defend for this price and thus the leadership of the market and not vice versa."
He added that the central "faced strong criticism of formal and informal, as the exchange rate is excessive and called for the lifting of many of the exchange rate, considering that the auction as a means of capital flight."
The benefit of "an institution we must focus on the response to these charges and we have begun to take measures for an audit trail by which nature is red tape, and there have been cases of rejection of the requests if there is a lack of official papers submitted by the banks," referring to what happened, "led to the launch However, given the rumors true that there are signals about monetary policy change by us and this is not true, "he said," This experience made clear the importance of exchange rate stability for the Iraqi market."
On the severe shortage of cash and the sale has not been affected by the sale remittances, saying, "The hawala sales network within the international banking Phil no problem being under international control because we are interested in the application of the law of money laundering and crime," adding that "risk comes from the sale of operations through cash or cash, which led to the emergence of artificial price bubble in the local market, "stressing that the central" has tended to reduce the audit procedures that have been taken to avoid impeding the process of selling and buying, and demand cash. "
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