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Former deputy: the value of the dinar has deteriorated as a result of hard currency smuggling
03-06-2013
Baghdad (news)
Attributed the Chairperson of the Finance Committee in the previous session of Parliament Alaa al-Sadoun cause of the deterioration of the value of the dinar against the dollar to the smuggling of foreign currency abroad.
Said Sadoun said in a statement: that the exaggeration sums of dollar are being smuggled in favor of countries suffering from economic sanctions leading to be less than the amount of the supply of the dollar against the dinar and the quantity is not sufficient to cover the need for Iraq was the supply is less than demand in addition to the global rise in the U.S. dollar against the major currencies other.
She added: that the central bank could During the past years to maintain the exchange rate of the dinar against the dollar and have significant cash reserves reached $ 60 billion, which gave the Iraqi dinar stable in turn reflected on the stability of the economic situation for the prices of goods and services traded.
She explained: that the dinar exchange rate witnessed in the recent decline against the dollar until it reached to 1320 dinars to the dollar, having been for a long time 1170 dinars, and ruled that the central bank's policy is the reason for this is because it is still ongoing work in the same instruments of monetary policy and of policy the open market (auction of foreign currency) and the imposition of an interest rate on loans from banks, which is 6% and the imposition of a cash reserve ratio on bank deposits is 15%, as well as reducing the annual inflation rate from 50% to one decimal in recent years.
And called for a solution to this problem by imposing real control over the dollar smuggling operation to the outside and put more effective controls and activation of the Money Laundering Act, a task that does not fall only on the central bank, but also on the Iraqi government.
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03-06-2013
Baghdad (news)
Attributed the Chairperson of the Finance Committee in the previous session of Parliament Alaa al-Sadoun cause of the deterioration of the value of the dinar against the dollar to the smuggling of foreign currency abroad.
Said Sadoun said in a statement: that the exaggeration sums of dollar are being smuggled in favor of countries suffering from economic sanctions leading to be less than the amount of the supply of the dollar against the dinar and the quantity is not sufficient to cover the need for Iraq was the supply is less than demand in addition to the global rise in the U.S. dollar against the major currencies other.
She added: that the central bank could During the past years to maintain the exchange rate of the dinar against the dollar and have significant cash reserves reached $ 60 billion, which gave the Iraqi dinar stable in turn reflected on the stability of the economic situation for the prices of goods and services traded.
She explained: that the dinar exchange rate witnessed in the recent decline against the dollar until it reached to 1320 dinars to the dollar, having been for a long time 1170 dinars, and ruled that the central bank's policy is the reason for this is because it is still ongoing work in the same instruments of monetary policy and of policy the open market (auction of foreign currency) and the imposition of an interest rate on loans from banks, which is 6% and the imposition of a cash reserve ratio on bank deposits is 15%, as well as reducing the annual inflation rate from 50% to one decimal in recent years.
And called for a solution to this problem by imposing real control over the dollar smuggling operation to the outside and put more effective controls and activation of the Money Laundering Act, a task that does not fall only on the central bank, but also on the Iraqi government.
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