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Dollar sales exhausts the Iraqi dinar
7/8/2015
The CBI on Tuesday doubled the sales of foreign currency (dollar), one day after the decision of the Federal Court, which abolished the parliament obliging the bank to sell $ 75 million a day only. According to a statement of the bank, that 'the amount sold the size of today' Tuesday 'by the bank at the auction of the dollar stood at 225 million and 115 thousand and $ 111, priced at 1166 dinars exchange rate to the dollar, and with the participation of 21 banks and seven companies of the financial transformation'. Federal Court acknowledged in Iraq Monday, the appeal filed by the prime minister, Haydar al-Abadi, articles of the federal budget law, which Parliament has made adjustments to its clauses, most notably clear the Iraqi Central Bank sales of foreign currency ceiling. He said the Iraqi Central Bank statement that 'the amount of remittances and the volume of credits, amounted to 175 million and 238 thousand dollars, while the quantity sold was 49 million in cash and 238 thousand dollars.'
He added that 'the sale of remittances price of 1187 dinars / dollar, including the commission of the Central Bank, in the amount of 21 dinars per dollar, with total cash sales price of 1190 dinars to the dollar / dollar, including the commission of the Central Bank, in the amount of 24 dinars per dollar. "
Under article 50 of the federal budget law introduced by the Iraqi parliament, the Central Bank establishes its sales of foreign currency (dollar) in the daily auction does not exceed the ceiling of 75 million dollars a day, with the exercise of justice in the sales process.
The central bank sales of foreign exchange rate of about $ 250 million a day, before determining the Iraqi parliament, and cause compel Parliament to reduce the ratio to 75 million dollars a day to get disturbances in the currency market.
Determine the cause and central bank sales last month by low and wide to the Iraqi dinar exchange rate against the dollar to hit 1245 dinars to the dollar, while it was before Parliament resolution stable at 1225 dinars to the dollar exchange rate.
The Iraqi parliament criticized the decision of the Federal Court, who spent the invalidity of all the amendments, which were introduced by the Parliament on the budget law, and considered the decision to confiscate the constitutional right to legislative institution.
Jabbar said Abdul Khaliq, a member of the Finance Committee in parliament that 'the Iraqi constitution grants the right of the Parliament amendments to the budget bill before the legislation, Parliament has exercised statutory role make adjustments and transfers of funds between ministries and government institutions'.
He said Abdul Khaliq 'Federal Court decision which spent legally not all amendments to the budget abolished the constitutional right of the Commission'.
According to the Iraqi constitution, the Parliament assumes the function of the legislation of laws and control the executive branch (the government) in the implementation of the government program offered by the government when the confidence granted by the Parliament
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7/8/2015
The CBI on Tuesday doubled the sales of foreign currency (dollar), one day after the decision of the Federal Court, which abolished the parliament obliging the bank to sell $ 75 million a day only. According to a statement of the bank, that 'the amount sold the size of today' Tuesday 'by the bank at the auction of the dollar stood at 225 million and 115 thousand and $ 111, priced at 1166 dinars exchange rate to the dollar, and with the participation of 21 banks and seven companies of the financial transformation'. Federal Court acknowledged in Iraq Monday, the appeal filed by the prime minister, Haydar al-Abadi, articles of the federal budget law, which Parliament has made adjustments to its clauses, most notably clear the Iraqi Central Bank sales of foreign currency ceiling. He said the Iraqi Central Bank statement that 'the amount of remittances and the volume of credits, amounted to 175 million and 238 thousand dollars, while the quantity sold was 49 million in cash and 238 thousand dollars.'
He added that 'the sale of remittances price of 1187 dinars / dollar, including the commission of the Central Bank, in the amount of 21 dinars per dollar, with total cash sales price of 1190 dinars to the dollar / dollar, including the commission of the Central Bank, in the amount of 24 dinars per dollar. "
Under article 50 of the federal budget law introduced by the Iraqi parliament, the Central Bank establishes its sales of foreign currency (dollar) in the daily auction does not exceed the ceiling of 75 million dollars a day, with the exercise of justice in the sales process.
The central bank sales of foreign exchange rate of about $ 250 million a day, before determining the Iraqi parliament, and cause compel Parliament to reduce the ratio to 75 million dollars a day to get disturbances in the currency market.
Determine the cause and central bank sales last month by low and wide to the Iraqi dinar exchange rate against the dollar to hit 1245 dinars to the dollar, while it was before Parliament resolution stable at 1225 dinars to the dollar exchange rate.
The Iraqi parliament criticized the decision of the Federal Court, who spent the invalidity of all the amendments, which were introduced by the Parliament on the budget law, and considered the decision to confiscate the constitutional right to legislative institution.
Jabbar said Abdul Khaliq, a member of the Finance Committee in parliament that 'the Iraqi constitution grants the right of the Parliament amendments to the budget bill before the legislation, Parliament has exercised statutory role make adjustments and transfers of funds between ministries and government institutions'.
He said Abdul Khaliq 'Federal Court decision which spent legally not all amendments to the budget abolished the constitutional right of the Commission'.
According to the Iraqi constitution, the Parliament assumes the function of the legislation of laws and control the executive branch (the government) in the implementation of the government program offered by the government when the confidence granted by the Parliament
[You must be registered and logged in to see this link.]
