Home
Iraqi currency crisis in the evening Ramadan
uesday, July 7, 2015 09:51
In the presence of a gathering of intellectuals, activists and citizens of other civilians, local Devt Committee of the Communist Party in the Iraqi province of Najaf, last Wednesday, the teaching in the Faculty of Management and Economics at the University of Kufa, d. Full Allawi Kazem, who gave a lecture on the Iraqi currency and monetary policy in the Iraq crisis.
Turning d. Kazem Speaking to the currency in the history of Iraq and the establishment of the Central Bank of the end of the forties of the last century, and said that in every country of the world's central banks and one, except the United States where there are twelve banks.
He stressed d. Kazim in his speech the importance of the independence of the central bank, «but that the Central Bank of Iraq link in 1976 the Ministry of Finance, and became a policy linked to the international financial policy, and then as a result of wars, economic blockade deterioration of the dinar exchange rate inflation and arrived at the astronomical figure».
He added: «in 2004 granted independence to the Central Bank of Iraq, has put its own law, and was legally able fanciest during subsequent years to control the exchange rate and the reduction of inflation significantly».
He d. Kazim said: «But what happened during 2015 and in the budget law, have been identified some of the powers of the Bank, which has identified Article 50 of the Budget, the quantity sold of the dollar, and imposed on the selling rate of tax of 8 per cent, which led to control demand without supply , on the exchange rate. »
He pointed out the lecturer to the deterioration of oil prices and increased public spending and the existence of mafias corruption and a link to some private banks persons influential, and the large difference between the market needs of currency for imports and what provided by the Central Bank, and the adoption of Iraq's oil revenues by more than 90 percent, and not to the development of agriculture and industry, All of this led to a decline in the exchange rate of the Iraqi dinar against the dollar in the past few weeks, what the bank was forced to violation of the budget law and non-compliance with Article 50, where increased dollar sales has led to an increase in the offer, and thus to a rise in the exchange rate.
The lecture ran Comrade Ahmed Mohammed al-Moussawi, and punctuated by interventions and questions from the audience
[You must be registered and logged in to see this link.]
uesday, July 7, 2015 09:51
In the presence of a gathering of intellectuals, activists and citizens of other civilians, local Devt Committee of the Communist Party in the Iraqi province of Najaf, last Wednesday, the teaching in the Faculty of Management and Economics at the University of Kufa, d. Full Allawi Kazem, who gave a lecture on the Iraqi currency and monetary policy in the Iraq crisis.
Turning d. Kazem Speaking to the currency in the history of Iraq and the establishment of the Central Bank of the end of the forties of the last century, and said that in every country of the world's central banks and one, except the United States where there are twelve banks.
He stressed d. Kazim in his speech the importance of the independence of the central bank, «but that the Central Bank of Iraq link in 1976 the Ministry of Finance, and became a policy linked to the international financial policy, and then as a result of wars, economic blockade deterioration of the dinar exchange rate inflation and arrived at the astronomical figure».
He added: «in 2004 granted independence to the Central Bank of Iraq, has put its own law, and was legally able fanciest during subsequent years to control the exchange rate and the reduction of inflation significantly».
He d. Kazim said: «But what happened during 2015 and in the budget law, have been identified some of the powers of the Bank, which has identified Article 50 of the Budget, the quantity sold of the dollar, and imposed on the selling rate of tax of 8 per cent, which led to control demand without supply , on the exchange rate. »
He pointed out the lecturer to the deterioration of oil prices and increased public spending and the existence of mafias corruption and a link to some private banks persons influential, and the large difference between the market needs of currency for imports and what provided by the Central Bank, and the adoption of Iraq's oil revenues by more than 90 percent, and not to the development of agriculture and industry, All of this led to a decline in the exchange rate of the Iraqi dinar against the dollar in the past few weeks, what the bank was forced to violation of the budget law and non-compliance with Article 50, where increased dollar sales has led to an increase in the offer, and thus to a rise in the exchange rate.
The lecture ran Comrade Ahmed Mohammed al-Moussawi, and punctuated by interventions and questions from the audience
[You must be registered and logged in to see this link.]
