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Economists call for a return to work and raise the auction currency Article 50 of the Budget Law
Thu Apr 02 2015 one fifty-eight | (Voice of Iraq) - comment.PNGAdd comments - Baghdad / Amer Mohi- called central bank economists to re-work the auction currency and put strict controls on the movement of the dollar trading, stressing that the central able to in previous years to maintain the value of the dinar in accordance with the good monetary policy, and with drew that determine the bank's sales of $ 75 million a day led to a disruption of the relationship between the dollar and the price in the parallel market rate, promised to Article 50 of the Budget Law, "a breach of the independence of the bank," according to their opinion. The economist said Maytham Laibi in an interview for the "long" that "the mechanism that was followed by the central bank through currency auction proven throughout the years," noting that "the intervention of Parliament in central work, through the inclusion of Article 50 in the general budget, which identified the daily sales of the bank for $ 75 million law per day, led to the disruption of the relationship between the official dollar exchange rate and the price in the parallel market (market) also inhibits the independence of the central bank. " He added Laibi saying that "restrict the quantities sent negative signals to the market was reflected in a pessimistic outlook and then the relationship between the two rates of separation larger , while the other way, is that the central bank to abandon its cheap dollar policy and leave the dollar to the forces of supply and demand larger the determined value, "calling on the central bank and the government to" distribute the negative effects of the scarcity of dollars between the government and the public of traders and individuals by raising the value of the dollar gradually. " He stressed that "the options taken by the Parliament regarding the auction that the currency was due to the scarcity of the dollar as a result of lower oil prices." For his part, said an expert on economic affairs Ahmed Sabih told the "long", that "the central bank pursued after 2003 new monetary policy to improve the dinar exchange rate and get rid of the oscillations which he suffered, and through innovation currency auction, which has achieved great success in raising the value of the Iraqi dinar from the roof top up to 2,500 dinars to the dollar to less than 1,200 dinars / USD, "noting that This procedure greatly contributed to the monetary and economic stability and contributed to the improvement of the purchasing power of citizens and increase their confidence that the dinar became fully stored value instead of the dollar in spite of the government bearing a large burden by providing the dollar at a cheap price. " The expert added that "the decline in oil prices ( source foundation to provide dollar) contributed significantly to the decline in imports Iraq that currency which reduced the central bank's ability to provide the dollar the previous quantities, as well as the operations of corruption and smuggling dollar and money laundering that accompanied the auction mechanisms, "pointing out that" these things forced Bank Central to take a series of decisions and actions that codifies the dollar selling at a low price and restrict them larger to cover import operations, and the move to create a sort of banking panic among speculators and citizens and local merchants for fear of losing the Iraqi dinar for its value dramatically, as he created a parallel exchange rate market increase by (100) dinars for the auction exchange rate. " He called Sabih the central bank to "issue a statement to reassure the public to continue to sell the dollar through currency auction, and was accompanied by a regulatory policy of strict, for forcing the importers to sell their goods only in Iraqi dinars, according to the price of the currency auction (1190 ) dinars to the dollar, as long as he provided them to the dollar, according to those pricing before the importation of goods and ready for those to provide them with more in the case of recurrence of the import process. " The governor of the Central Bank on the Keywords, warned in an interview with the "long", published on the first Tuesday, the vulnerability of Iraq's assets and reserves abroad to risk booking in the case has been retained to Article 50 in the budget law, pointing out that the cap to sell the currency to take away from the central tool important exercise through which monetary policy. The prime minister Haider al-Abadi said in (23 March 2015) the need to develop for control of the Iraqi dinar exchange rate mechanisms, and said he should be the existence of a sophisticated banking system in Iraq comparable to developed countries. Modern Abadi came during a meeting with Governor of the Central Bank on the Keywords in his office in Baghdad, according to the website of the Office of al-Abadi, where he stated the site that during the meeting, they discussed the strategy work of the Central Bank for the next period and the control of the Iraqi dinar exchange rate against foreign currencies. The Prime Minister emphasized "the importance of the Central Bank maintains its independence and work to promote the financial and economic reality of the country and draw financial and economic policies that enable us to move forward towards what we aspire to. " He noted, "The Importance of Being to Iraq banking system developed comparable to developed countries," stressing "the need to establish control mechanisms the Iraqi dinar exchange rate. " He demanded an economic advisor to Prime Minister Haider al-Abadi appearance of Mohammed Saleh (February 5, 2015), the Central Bank to clarify the reasons for the low value of the Iraqi dinar against the rise in the dollar price in the local market. Saleh said, "the central bank need to clarify the reasons for the high dollar against the dinar albeit slightly, and shows what actions and policies taken to preserve the value of the dinar. " term
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Thu Apr 02 2015 one fifty-eight | (Voice of Iraq) - comment.PNGAdd comments - Baghdad / Amer Mohi- called central bank economists to re-work the auction currency and put strict controls on the movement of the dollar trading, stressing that the central able to in previous years to maintain the value of the dinar in accordance with the good monetary policy, and with drew that determine the bank's sales of $ 75 million a day led to a disruption of the relationship between the dollar and the price in the parallel market rate, promised to Article 50 of the Budget Law, "a breach of the independence of the bank," according to their opinion. The economist said Maytham Laibi in an interview for the "long" that "the mechanism that was followed by the central bank through currency auction proven throughout the years," noting that "the intervention of Parliament in central work, through the inclusion of Article 50 in the general budget, which identified the daily sales of the bank for $ 75 million law per day, led to the disruption of the relationship between the official dollar exchange rate and the price in the parallel market (market) also inhibits the independence of the central bank. " He added Laibi saying that "restrict the quantities sent negative signals to the market was reflected in a pessimistic outlook and then the relationship between the two rates of separation larger , while the other way, is that the central bank to abandon its cheap dollar policy and leave the dollar to the forces of supply and demand larger the determined value, "calling on the central bank and the government to" distribute the negative effects of the scarcity of dollars between the government and the public of traders and individuals by raising the value of the dollar gradually. " He stressed that "the options taken by the Parliament regarding the auction that the currency was due to the scarcity of the dollar as a result of lower oil prices." For his part, said an expert on economic affairs Ahmed Sabih told the "long", that "the central bank pursued after 2003 new monetary policy to improve the dinar exchange rate and get rid of the oscillations which he suffered, and through innovation currency auction, which has achieved great success in raising the value of the Iraqi dinar from the roof top up to 2,500 dinars to the dollar to less than 1,200 dinars / USD, "noting that This procedure greatly contributed to the monetary and economic stability and contributed to the improvement of the purchasing power of citizens and increase their confidence that the dinar became fully stored value instead of the dollar in spite of the government bearing a large burden by providing the dollar at a cheap price. " The expert added that "the decline in oil prices ( source foundation to provide dollar) contributed significantly to the decline in imports Iraq that currency which reduced the central bank's ability to provide the dollar the previous quantities, as well as the operations of corruption and smuggling dollar and money laundering that accompanied the auction mechanisms, "pointing out that" these things forced Bank Central to take a series of decisions and actions that codifies the dollar selling at a low price and restrict them larger to cover import operations, and the move to create a sort of banking panic among speculators and citizens and local merchants for fear of losing the Iraqi dinar for its value dramatically, as he created a parallel exchange rate market increase by (100) dinars for the auction exchange rate. " He called Sabih the central bank to "issue a statement to reassure the public to continue to sell the dollar through currency auction, and was accompanied by a regulatory policy of strict, for forcing the importers to sell their goods only in Iraqi dinars, according to the price of the currency auction (1190 ) dinars to the dollar, as long as he provided them to the dollar, according to those pricing before the importation of goods and ready for those to provide them with more in the case of recurrence of the import process. " The governor of the Central Bank on the Keywords, warned in an interview with the "long", published on the first Tuesday, the vulnerability of Iraq's assets and reserves abroad to risk booking in the case has been retained to Article 50 in the budget law, pointing out that the cap to sell the currency to take away from the central tool important exercise through which monetary policy. The prime minister Haider al-Abadi said in (23 March 2015) the need to develop for control of the Iraqi dinar exchange rate mechanisms, and said he should be the existence of a sophisticated banking system in Iraq comparable to developed countries. Modern Abadi came during a meeting with Governor of the Central Bank on the Keywords in his office in Baghdad, according to the website of the Office of al-Abadi, where he stated the site that during the meeting, they discussed the strategy work of the Central Bank for the next period and the control of the Iraqi dinar exchange rate against foreign currencies. The Prime Minister emphasized "the importance of the Central Bank maintains its independence and work to promote the financial and economic reality of the country and draw financial and economic policies that enable us to move forward towards what we aspire to. " He noted, "The Importance of Being to Iraq banking system developed comparable to developed countries," stressing "the need to establish control mechanisms the Iraqi dinar exchange rate. " He demanded an economic advisor to Prime Minister Haider al-Abadi appearance of Mohammed Saleh (February 5, 2015), the Central Bank to clarify the reasons for the low value of the Iraqi dinar against the rise in the dollar price in the local market. Saleh said, "the central bank need to clarify the reasons for the high dollar against the dinar albeit slightly, and shows what actions and policies taken to preserve the value of the dinar. " term
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