The economy: $ 40 million go each day to the pockets of influential people

The economy: $ 40 million go each day to the pockets of influential people


Friday, 17 may 2013 09: 31

Twilight news anticipate the decision of the Commission on economy and investment in the House, continued low exchange rate of the Iraqi dinar against the US dollar.

And the value of the Iraqi dinar fell gradually during the past few weeks, bringing the price of the dollar to around 1129 DT was stable from 1120, the highest rate of exchange-rate mechanism for the last two years.

He said the Commission's decision, "Khalil mehma twilight news" that "confusion which occurs in low the dinar against the dollar has a close relationship with Central Bank policy and conservative".

"The new Governor is purely digital background and financial follow-up, has no clear strategy to keep the Iraqi dinar exchange rate.

He noted that "the new Conservative government directives implemented than implemented the directives of Parliament, as the Central Bank's reputation suffered as a result of recent government interventions, as well as the political climate here has become a tense and unstable environment overshadowed all areas, areas most affected by the crisis and is unstable economy and Iraqi dinar".

The Finance Committee in the House of representatives, unveiled early last month, the Central Bank of Iraq to take urgent action to maintain the stability of the exchange rate of the Iraqi dinar against the dollar by increasing sales outlets for hard currency, the currency continued to decline.

It appears that confidence in Iraqi currency broken down after a Government decision to sack former Central Bank Governor Sinan Al-Shabibi and tense security conditions in an unprecedented manner during the past weeks.

And saw that the "Central Bank failed in his policy, whereas the duty to preserve Iraqi dinar exchange rate," returned "reforms by the World Bank is not a radical strategy reforms, so we expect that there be another decline of the Iraqi dinar against the u.s. dollar as a result of these factors and circumstances".

He noted that "goods enter the country in large quantities and dollar, which affected the income of the Iraqi citizen, and that attempts by the Bank to the dollar by pumping some outlets is unhealthy."

He continued by saying, "today the Iraqi dinar is covered with hard currency and sovereign balance reached $ 74 billion and may not increase the money supply for the State's 33 trillion dinars".

"The Iraqi citizen has the right to replace the dinar to the dollar, but the Central Bank policy is a failed policy, and today there are shops banking and all these financial and currency amounts go into the pockets of some, daily lose public money and Iraqi citizens as a result of this policy more than $ 40 million.

And that "the official exchange rate for the dollar at the Central Bank is 1166 and there are 13 Bank Commission, dinar, ref. 1179 dinars to the dollar, while local Iraqi market exceeded the 1300 this is not permissible, and all these figures and the differences in the exchange rate go to the pockets of brokers and customers and the Giants on the domestic market of the money-changers and powerful politicians.

The merchant who is a dealer, and deals with a lot of States, including countries affected by UN sanctions like Iran and Syria, the Iraqi merchant is obligated to pump out hard currency to deal with this trend. "

He said that as a result of the Iraqi political climate and instability, the Iraqi people want to convert their deposits into dollars and put them in Iraqi banks, because the Iraqi environment environment anthelmintics hard currency and are not attractive. "

And that "all these factors and its aftermath caused low exchange rate of the Iraqi dinar against the dollar, and the responsibility lies with the Iraqi Central Bank for central banks in all countries of the world the basic function of maintaining the exchange rate of the national currency, as well as the Bank of Iraq adheres to the policy of the Executive rather than legislative authority policy commitment."

He pointed out that "dinar price was stable at the presence of foreign troops in the country, while government interference in Central Bank policy, so there is low and clear note in the dinar exchange rate was an economic identity for all Iraqis."

Khalil said that "the dinar does not know the quotas, so everyone is obliged to stop the decline in price, and the House is falling short and the Government and the Central Bank failed to fail miserably in the policy of keeping the Iraqi dinar exchange rate.

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