Mechanism of action in the auction, the Central Bank of Iraq need to be quick fixes
Mechanism of action in the auction, the Central Bank of Iraq need to be quick fixes
Economic expert called on the Algerian peace to the need to change the mechanism used in the auction of the Central Bank, especially those that are inconsistent with the right of the citizens who handle the auction and those who have the right to use their papers wherever they want cash
While the central bank has a number of powers under the laws in force which it is responsible for moving money and Todifaa in the financing of foreign trade of the private sector and Massadralciolp adapt to meet the challenges of inflation and raise the value of the local currency of the Iraqi dinar.
According to a researcher at the Strategic Economic Studies at the University of Baghdad, said the auction brings to the sale of the dollar to import goods and merchandise, while that was happening in the past, otherwise the entire import process is done without any external conversion is undoubtedly one of the methods used for the smuggling of Iraqi funds abroad and large quantities of up to about a few billion a month, on the other hand to deny the positive aspects of the process of reducing money laundering and the elimination of certain cases of economic crime and terrorism and end the illegal trade deals, which were held outside the Central Bank of the suspicious points in the methods used to confidentiality in the process of financial trading.
He adds what is needed during the current phase is the review mechanisms established in the auction in question and make sure not to sell any amounts not Bharitp access to goods, which in turn will bring a significant financial surplus of hard currency, and give a bigger and more active role of the Iraqi dinar to contribute to the transformation of Iraq to the exporter of goods and imported goods and not only.
Faleh Al-Saadi, Director of the Office of the Commissioner's Alsnaraya of financial investment in Iraq, speaking on the subject, saying: that the policy followed by the Central Bank of Iraq is not feasible and will lead to significant damage in the process of financial trading in the country is still going through a critical economic conditions as a result of exceptional political tensions covered the landscape in Iraq, the policy of raising interest rates is not feasible at the present time, while the most of a strong economy and stable conditions always deliberately to reduce interest rates in order to contribute to the investment process but also caused the reluctance of the owners of capital from borrowing from the World Central, despite the recent measures taken by the Bank to reduce interest rate for up to 11% but that does not mean we have arrived at the point required in the interest rate appropriate for the current phase.
He adds that the deal with this situation and other problems and obstacles to the conduct of the trading of financial and other economic issues, and other investment is the key to the development of other economic resources of the alternative source of oil alternatives and put a real and effective investment and otherwise, we will stay in one district, it is impossible to get out, and the evidence Oil prices, which fluctuate from time to time of the rise and fall to a record level, especially in the last five years and the significant effects on the national economy, especially as it is the basis of financial returns of government and the primary source of the budget the President has the financial, as well as well as to diversify the sources of resources must not be ignored to reduce the role of sector government and increase the role of the private sector in the overall economic process in order to revive the country's economy and make it more developed and sophisticated and more vulnerable to financial crises and economic, whether global, regional or local, domestic.
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