Government measures to raise the value of the dinar and prevent monopoly sale Atar..anchae governmental banking company
CBI is seeking to raise the Iraqi dinar exchange rate against the dollar in the domestic market during the next term in coordination with the government and private banks through several steps in the forefront of the establishment of government banking company controls the sale of foreign currency by the Central Bank of the recommendations, as well as all other administrative steps will contribute to the reduction of the high dollar exchange rate despite the infusion central bank large amounts of dollar to meet domestic market needs, but the government and the central bank ‘s policy of relying on oil to bring in hard currency for the country may cause future economic problems in the country.
And sees specialists that there is fraud of the documents under which banks and dealers get hard currency from the bank auction and that befuddled the process of selling them in the domestic market, driving up the dollar ‘s exchange rate against the dinar, and the security forces did not take any actions against the counterfeiters in spite of filing complaints so the fact that most of them linked to influential political party hinder the application of the law, and there are expectations of an increase of revenues of hard currency due to improved oil prices, and this will have a significant role in increasing the supply of foreign currency on the domestic market and thus will increase the central bank’s dollar selling to Mwatunain.edo governing body outlets Central Bank Majid picture says in a conversation with (Iraqi observer): the Central Bank has taken several measures in order to raise the value of the Iraqi dinar , including the establishment of government banking company in collaboration with the Rafidain and Rasheed , as well as the participation of trade Bank of Iraq … and take this company upon themselves to sell the dollar operation in the domestic market in order not to monopoly by the banks that participate in the currency the central bank window, and continued the picture: there is a problem facing our work forged documents under which the traders and banks get hard currency from the bank auction, and most of these forged documents in spite of the presence of ratifications commercial attache offices to some embassies in Iraq, strange that the security services did not take any actions against counterfeiters , because each link of influential political figures in the government. Suri predicted that there would be positive effects of the agreement to cut oil production “OPEC” on the Iraqi dinar exchange rate. He pointed out that Iraq ‘s revenues in hard currency may Tzdad, and this will have a significant role in increasing the supply of currency in the local market.
For his part, the financial expert punitive Hamid said in a conversation with (Iraqi observer) that 80 percent of the $ 312 billion sold by the central bank in 12 years, had been smuggled abroad. He added: “12 years ago to establish a central bank auction, it was sold $ 312 billion , and 80 percent of them turned out of Iraq.
He explained: Participants in the Auction currency from banks and companies, their goal was to obtain hard currency at a lower price to be smuggled out of Iraq, after the submission of forged trade documents.
And he demanded punitive government to change its economic policy on how to bring in hard currency for the country through the activation of the productive sectors in which to fill the local need and a surplus for export abroad and not to rely entirely on oil to finance Iraq ‘s budget for the coming years. To that central bank sales of the dollar dropped in 2016 by more than ten billion dollars from a year earlier.
The bank said in a statement that sales of the dollar banks reached since the beginning of the year 2016 and up to 31 of December 33 billion and 523 million and 710 thousand and $ 489. He added this amount dropped from what it was on the same date last year in 2015 in which sales reached 44 billion and 147 million and 223 thousand and $ 185.