14 July 2013 12: 03 pm
The Chancellor revealed the Iraqi Institute for economic reform, Dr. Ahmed Al-Husseini, a number of solutions and proposals to give more stability to the Iraqi dinar.
Husseini said in a statement to (morning): there are short-term solutions and long-term to reduce fluctuation of the dinar against the dollar.
The quick solutions include reducing dollar infusion of cash through sale at auction, the Central Bank, together with the increased adoption of foreign remittances, in addition to the cash sale price increase in the Central Bank auction of equivalent sale price in the auction of foreign remittances, noting that buying and selling foreign currency remittance companies and financial intermediation through banks approved in Iraq to reduce the sub-standard conditions of transactions and procedures.
Husseini stressed the need to oblige dealers and dealers in the areas of trade between Iraq and neighboring countries to deal with the financial transfer and guarantee letters rather than purchase.
and on long-term solutions, said Husseini is reviewing the State's financial policy and reduce operational spending, inflation and the need to speed up banking reform plans in order to facilitate the procedures of the cash Exchange, in addition to improving the tax code and work to expand it horizontally with a minimizing tax evasion.
The customs tariffs Act because of its important role in providing incentives to producers of economic advantage, leading to the reduction of imports, as well as improving labour income, stressing the importance of improving the business environment for the productive efficiency of local production companies and institutions that would reduce imports and increase the intake of foreign exchange through export and attracting foreign investment.
Husseini stressed the need to use modern electronic mechanisms in the distribution of salaries and use of banking instruments and encourage savings, and issuing a new currency or delete zeros from the current currency would have a positive psychological impact on the local currency dealers.