Association calls for the central bank Chirvien undo inventory distribution outlets of foreign curre

Association calls for the central bank Chirvien undo inventory distribution outlets of foreign currency in banks own



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Editor: BK, BS
26/02/2014 17:57
Number of readings: 15






Long-Presse / Baghdad

Association Chirvien promised Iraqis on Wednesday, the central bank's decision to limit the distribution outlets of foreign currency in banks own, contrary to the principle of the free market, and lead to a monopoly of foreign currency, and disrupts the movement of goods, and appealed to the bank to reconsider its decision.

The association said in a statement, and received a (long-Presse) a copy of it, "The central bank's decision inventory distribution outlets of foreign currency in general, and the dollar in particular, banks own, contrary to the principle of the free market, and lead to a monopoly of foreign currency, and disrupts the movement of goods in the country." , appeal to the Central Bank "to reconsider its decision that".

She Association Chirvien Iraqis, as "it understands the good intentions of the makers of the said resolution and the objectives thereof, of the good organization of work and reduce the burden on the terms of reference of the Iraqi Central Bank, and the support of private banks and encourage their work, but they register and respectfully number of risks and drawbacks resulting from this procedure" .

She Assembly, that "the most prominent of these risks provide an opportunity for only a small number of owners of private banks the monopoly of the direct purchase of the currency, and control the price of traded, and violation of the rules of the free market that the country seeks to consolidate as a basis for building a free economy and a sophisticated unable to overcome the red tape and regulations strict limit Movement trading money, "noting that" the likelihood of a direct impact on the economy of the market due to the late arrival of the currency to its users and the consequent effects on price increases, and delay the movement of cargo handling inside and outside Iraq, depriving hundreds of companies operating in the banking sector to take advantage of direct sales and the reduction of activity and profits, despite being contribute to the budget of the exchange rate and the speed of currency trading and to meet the needs of large segments of the national economy. "

The Assembly considered also, that "most flaws make the central bank of that, is that the duration of the deposit amount to the banks for the purpose of converting it where it is freezing the amounts handed over to the banks for a week at least in order to be converted into foreign currency, which represents the working capital to the banking companies "Usually that" it makes those companies at a standstill pending the completion of the conversion procedure while the deposit amount does not take more than two days. "

He was a member of the Committee on the economy and investment parliamentary Aziz Sharif Mayahi, was charged in (the 12 of February 2014 Current), the central bank to take action weakening of the dinar against the dollar, warning call its governor Abdel Basset Turki, the parliament in the event of the continuation of that policy "suspicious."


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