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12/12/2015 (00:01 pm)
[ltr] Economist: Central steps are useless and should be eliminated currency auction [/ltr]
BAGHDAD / Ibrahim Ibrahim
[ltr] He Economists, on Friday, that the steps the central bank to reduce the amount of funds sold through the daily currency auction is useless in the control of corruption and the smuggling of currency outlets, calling for an economic plan that limit the trading of foreign currency within government institutions and the abolition of the daily bank to sell the dollar auction.
The economist said Mustafa Mohamed Habib said in an interview for "term" that "reducing the amounts sold by the central bank does not necessarily mean control of multiple outlets embezzlement and money being smuggled into the country abroad."
He added that "an elaborate economic plan is under study actual requirement for the domestic market from the dollar, which is converted to import consumer goods on a daily basis and limited to foreign currency with the economic state institutions represented by the central bank."
Habib said that "the best solution lies in Abagaf daily currency auction and sell the currency to limit sufficiency according to new contexts are activated modern banking technology such as Visa card and ATM alternative to manual trading, which carries a lot of operations and financial corruption."
He said the "stop the auction may cause increased demand for the dollar, which makes dollar higher against the dinar, but my time high does not exceed three months at the latest, thus stabilizing the market according to a certain price strengthens the national currency."
He noted that the "Steps economic and financial reform need to bold and firm decisions to combat corruption and money laundering that took root years ago and wasted billions of dollars from the state treasury operations."
Promised by Nora Albjara Economic Committee, the central bank measures the discontinuation of the daily currency auction to "correct" when combined with other measures that must be taken by the Bank to control the price of the dollar against the Iraqi dinar.
She Albjara in a press statement I followed the "long", that "the Central Bank steps correctly but need other tools through which control over the lack of high dollar rates against the Iraqi dinar," noting that "the central bank only use this tool that led to high price Dollar and now has four measures can be used to control the rise of the dollar and create a balance in the market. "
Albjara confirmed that the "stop work ERA currency is a good step to take control of the great manipulation that took place in hard currency and stealing large amounts of dollar and smuggled abroad to support terrorist operations, and to stop the work ERA currency and restricting the dollar in the bank helps Currency survival and not to be smuggled abroad."
Albjara and called on the central bank to "diversify Adaute procedural and used in dealing with the banks in order to have control over the price of the dollar and that there is no damage to the citizen."
The Central Bank of Iraq, on Thursday (10 / December / 2015) that sales of banks amounted to more than $ 42 billion from the beginning of the year until today.
The bank said in a statement the "long" received a copy of it, that sales of "dollar for banks since the beginning of this year until now amount to 42 billion and 164 million and 55 thousand and $ 914."
The bank added that "this amount is reduced from what it was at the same date last year in 2014 in which sales reached 49 billion and 167 million and 149 thousand dollars.
The Bank noted that "the sale amounts transferred to the accounts of banks abroad the price is 1187 dinars per dollar, including the commission of the Central Bank of $ 21 dinars per dollar, while cash sales price of 1190 dinars per dollar, including the commission of the Central Bank of $ 24 dinars per dollar.
The Governor of the Central Bank on the Keywords announced in the third of last March, the new regulations set by the Bank is that the auction is no longer a daily window of operations for the sale of currency auctions, noting that the new mechanisms developed to sell this currency, especially that of its functions to provide currency for foreign trade.
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[ltr] Economist: Central steps are useless and should be eliminated currency auction [/ltr]
BAGHDAD / Ibrahim Ibrahim
[ltr] He Economists, on Friday, that the steps the central bank to reduce the amount of funds sold through the daily currency auction is useless in the control of corruption and the smuggling of currency outlets, calling for an economic plan that limit the trading of foreign currency within government institutions and the abolition of the daily bank to sell the dollar auction.
The economist said Mustafa Mohamed Habib said in an interview for "term" that "reducing the amounts sold by the central bank does not necessarily mean control of multiple outlets embezzlement and money being smuggled into the country abroad."
He added that "an elaborate economic plan is under study actual requirement for the domestic market from the dollar, which is converted to import consumer goods on a daily basis and limited to foreign currency with the economic state institutions represented by the central bank."
Habib said that "the best solution lies in Abagaf daily currency auction and sell the currency to limit sufficiency according to new contexts are activated modern banking technology such as Visa card and ATM alternative to manual trading, which carries a lot of operations and financial corruption."
He said the "stop the auction may cause increased demand for the dollar, which makes dollar higher against the dinar, but my time high does not exceed three months at the latest, thus stabilizing the market according to a certain price strengthens the national currency."
He noted that the "Steps economic and financial reform need to bold and firm decisions to combat corruption and money laundering that took root years ago and wasted billions of dollars from the state treasury operations."
Promised by Nora Albjara Economic Committee, the central bank measures the discontinuation of the daily currency auction to "correct" when combined with other measures that must be taken by the Bank to control the price of the dollar against the Iraqi dinar.
She Albjara in a press statement I followed the "long", that "the Central Bank steps correctly but need other tools through which control over the lack of high dollar rates against the Iraqi dinar," noting that "the central bank only use this tool that led to high price Dollar and now has four measures can be used to control the rise of the dollar and create a balance in the market. "
Albjara confirmed that the "stop work ERA currency is a good step to take control of the great manipulation that took place in hard currency and stealing large amounts of dollar and smuggled abroad to support terrorist operations, and to stop the work ERA currency and restricting the dollar in the bank helps Currency survival and not to be smuggled abroad."
Albjara and called on the central bank to "diversify Adaute procedural and used in dealing with the banks in order to have control over the price of the dollar and that there is no damage to the citizen."
The Central Bank of Iraq, on Thursday (10 / December / 2015) that sales of banks amounted to more than $ 42 billion from the beginning of the year until today.
The bank said in a statement the "long" received a copy of it, that sales of "dollar for banks since the beginning of this year until now amount to 42 billion and 164 million and 55 thousand and $ 914."
The bank added that "this amount is reduced from what it was at the same date last year in 2014 in which sales reached 49 billion and 167 million and 149 thousand dollars.
The Bank noted that "the sale amounts transferred to the accounts of banks abroad the price is 1187 dinars per dollar, including the commission of the Central Bank of $ 21 dinars per dollar, while cash sales price of 1190 dinars per dollar, including the commission of the Central Bank of $ 24 dinars per dollar.
The Governor of the Central Bank on the Keywords announced in the third of last March, the new regulations set by the Bank is that the auction is no longer a daily window of operations for the sale of currency auctions, noting that the new mechanisms developed to sell this currency, especially that of its functions to provide currency for foreign trade.
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