Finance Committee warns of pumping large amounts of dollar in the market

by lonelyintexas Sun 28 Jun 2015, 3:07 pm

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Post n°1

Finance Committee warns of pumping large amounts of dollar in the market

by lonelyintexas Sun 28 Jun 2015, 3:07 pm

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June 28, 2015

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - warned the decision of the Finance Committee MP from the Kurdistan Islamic Union Hama Rashid Ahmed, of the central bank went to pump large amounts of US dollar in the market will cause to disrupt the development of the Iraqi economy.

Said Rashid's (IMN) "The central bank action last increase hard currency pumping significantly in the domestic market would be an obstacle to the growth and development of the Iraqi economy, the fact that what is happening by Iraq from the US dollar as a result of the sale of oil and pump market will lead to reduced hard currency when the government and the Bank Central ", calling for" taking into account the issue by the central bank. "

With regard to the dollar exchange rate Rashid stressed that "the stability of the Iraqi dinar exchange rate against the US dollar exchange rate needs time."

It is said that the CBI sales rose in the auction for the sale of foreign currency, to $ 314 million.
While committed Article 50 of the general budget for the financial year 2015 Law, the Central Bank establishes its sales of foreign currency (dollar) in the daily auction ceiling does not exceed $ 75 million a day with exercise justice in the sales process, to co-bank demand at the auction to provide the introduction of cargo documents and statements of tax settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it and use other banking tools to maintain the strength of the dinar against the dollar.

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by Lobo Sun 28 Jun 2015, 4:20 pm

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Post n°2

Re: Finance Committee warns of pumping large amounts of dollar in the market

by Lobo Sun 28 Jun 2015, 4:20 pm

It seems the CBI is on overdrive to pull in the dinar (in-street/market place) - if this is what the CBI is doing and Shabibi had said the bank needed to get the amount of the dinar down - I think we are seeing that now. scratch

by **jedi17** Sun 28 Jun 2015, 8:50 pm

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Re: Finance Committee warns of pumping large amounts of dollar in the market

by jedi17 Sun 28 Jun 2015, 8:50 pm

I think that at the start of this whole investment there was about 30 trillion dinar in circulation. In 2012 the CBI printed 5trillion in new bills to counter any type of forgery. I would tend to believe that they are trying to get all the old notes out of circulation (taking into account the amount that investers have). Putting some US dollars into the market to draw out old notes is not a bad plan. Then put out the new 50 and 100 dinar note.