Tuesday 0.03 March / March 2015
Surprised at the central bank governor's remarks from some officials about the low reserves of hard currency, stressing that Iraq does not suffer any decline and has good revenue and there are no worries.
As announced to start implementing a project to delete the zeros, justified the adoption of new mechanisms in the currency auction reduction of the "big smuggling" of the currency out of the country as well as for use in the operations of corruption.
The governor of the Central Bank of the relationship, in a press conference held at the bank building, and I followed "by the people", "The coverage of the Iraqi dinar in hard currency reserves, the level of 150 percent," surprising "of statements by some officials of the non-bank on low reserves of hard currency ".
Keywords and added that "the Bank reserves of hard currency is very good and this problem will not suffer and suffer, considering that Iraq has an important source of resources to the dollar, a sale of crude oil."
The Finance Minister, Hoshyar Zebari, said in (February 26, 2015) that the Central Bank reserves fell currently has $ 68 billion, after rising during the previous period to more than that.
The Central Bank, in the (October 2013) and the arrival of the size of its reserves of hard currency to 76 billion and $ 500 million, and that it represents the highest rate of the Bank of the currency in the history of Iraq.
And a project to delete the zeros, Alak said, "the project to delete the zeros based and was placed into effect and gave the green light to start with," adding, "The project needs a period of time may extend two years or more."
He added that "this process will be preceded by regulatory and administrative processes and the form in which it will start with a walk," he said, adding that "the Bank began to create currency models and training of cadres to it."
The Central Bank, in the (May 2012) that the process of deletion of zeros from the country of Iraq will be transferred to the trillions of billions, indicating that the process of replacing the currency need to be approved by parliament.
Some economists believe that Iraq is not ready at the moment to delete the zeros from the Iraqi dinar, pointing out that the deletion needs to security and political stability as well as economic stability.
And new instructions in the auction currency, central bank governor said, "The new regulations set by the Bank is that the auction is no longer a daily window operations currency sale at the auction," he said, adding that "new mechanisms developed to sell this currency, especially that of functional currency to provide trade Foreign ".
His "new mechanisms to sell the currency through remittances will be electronically instead of documents that were previously offered by banks, which was marred by a lot of forgery, fraud and exaggerate the need for these funds," noting that "the bank will feed these bank accounts abroad after depletion, While cash sales will be in accordance with the country's need to it such as the need to travel, treatment or study, according to the mechanisms are verified in. " Keywords and pointed out that "in March the bank for more than ten years, the sale of foreign currency through the auction while sales are considered among quantitative? See the countries of the world in such cases exceptional operations to create balance and stability of the currency," asserting that "the dollar selling operations shifted from the way Foreign Trade to speculation in the markets and profit-taking and keep banks from the real activity. "
And pointed out that "some companies are non-banking business, businessmen and contractors have switched from their activity to speculative currency, adding that it was a cover to facilitate many of the processes related to the smuggling of money and the proceeds of corruption and crimes abroad, and thus there will be inattentive in foreign currency that make up the lid of the coin local, "noting that" the most dangerous in the sales operations, which are conducted in the auction is cash sales of the dollar, which arrived in record amounts, which arrived in the last two years to $ 15 billion annually. "
He believed that "these amounts are very large compared Bawardatna of the dollar and the country's relative need of cash to cover traveling expenses, treatment, and others."
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Last edited by dizzydee on Mon 06 Apr 2015, 9:13 pm; edited 1 time in total (Reason for editing : added comment)