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Experts: employees' salaries to the dollar exchange rate "economic vandalism"
11/9/15
BAGHDAD / Ibrahim Ibrahim
Economists warned, on Sunday, the work of the employees' salaries to the dollar exchange system instead of the dinar, arguing that the move was a "deliberate sabotage of the economy of the country" because of the strict application of the sale and purchase of foreign currency laws.
The economist said Abbas Ibrahim Bahadli in an interview (range), that "the payment of salaries to state employees dollar process will lead to suffocation market through obstructed channels of supply and demand and the worsening cash crisis of a lack of financial liquidity."
"The central bank is directly responsible for the foreign currency movement locally and abroad, and there is considerable define controls for how to sell and buy currencies by daily currency auction laws."
He described the Bahadli proposal by saying that "sabotage is clear and explicit to the country's economy by making bilateral currency market to the category of employees without other citizens who do not make their living mainly on the government's resources and who represent a large number of sizeable enough.
"He explained that" the solution is to cancel the bank's auction and the government bear the temporary consequences that do not exceed three months, it is likely to increase exchange rate of 1,500 dinars to the dollar, but certainly will stabilize After that according to the new market data.
"He said the" illegal traders and mafia corruption is dominant and revolving around the strings of the Iraqi market, especially buying and selling dollar operations and the duty of the executive branch of the State enacting laws without regard to party or the source that causes the demolition of the national economy.
"He noted Bahadli to "The presence of countless brokers will benefit from the proposal and by the monopoly of the currency market and the escalation of the speculative market and control the destiny of the country's financial."
For his part, economist said Mohammed Abdul Latif Al-Ani in an interview (range), "The local market relies in its dealings daily currency Iraq only, without the need for other currency upheaval of consumer prices, which the citizen needs on an ongoing basis may occur.
"He added that" the government is responsible to the citizens put urgent and correct solutions to remedy the shortfall in the financial liquidity of the state through control of the sale of currency outlets and prevent smuggled out of the country. " .
He said al-Ani said "put so ideas without studied extensively and the extent of the negative impact on the reality of the Iraqi economy may cause a contraction of the market suddenly what causes stopped stalled the market already."
He said the "development of various natural resources beside oil sales process, significantly contribute to the perpetuate the classic market factories and laboratories civil of movement in addition to the different professions, which is considered a pillar of the development of the economy of the country.
"He noted that" the central bank auction is one of the most important Almarqlat the Iraqi economy as the way it works tainted by a lot of the suspicions, so the government should standards setting strict processes currency inflow of foreign out of the country. "He said al-Ani said" Showing the dollar-based banking through is the right director and not a monopolistic entities that have worked throughout the years prior to the financial market distortion until I got into a state deficit in the provision of liquidity. "The member of the Economic Committee in the House of Representatives Nora Albjara suggested on Friday (June 19, 2015), staff salaries instead of the dinar to the dollar in order to avoid the high dollar exchange rate again, while the central bank described the action as "timid".
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11/9/15
BAGHDAD / Ibrahim Ibrahim
Economists warned, on Sunday, the work of the employees' salaries to the dollar exchange system instead of the dinar, arguing that the move was a "deliberate sabotage of the economy of the country" because of the strict application of the sale and purchase of foreign currency laws.
The economist said Abbas Ibrahim Bahadli in an interview (range), that "the payment of salaries to state employees dollar process will lead to suffocation market through obstructed channels of supply and demand and the worsening cash crisis of a lack of financial liquidity."
"The central bank is directly responsible for the foreign currency movement locally and abroad, and there is considerable define controls for how to sell and buy currencies by daily currency auction laws."
He described the Bahadli proposal by saying that "sabotage is clear and explicit to the country's economy by making bilateral currency market to the category of employees without other citizens who do not make their living mainly on the government's resources and who represent a large number of sizeable enough.
"He explained that" the solution is to cancel the bank's auction and the government bear the temporary consequences that do not exceed three months, it is likely to increase exchange rate of 1,500 dinars to the dollar, but certainly will stabilize After that according to the new market data.
"He said the" illegal traders and mafia corruption is dominant and revolving around the strings of the Iraqi market, especially buying and selling dollar operations and the duty of the executive branch of the State enacting laws without regard to party or the source that causes the demolition of the national economy.
"He noted Bahadli to "The presence of countless brokers will benefit from the proposal and by the monopoly of the currency market and the escalation of the speculative market and control the destiny of the country's financial."
For his part, economist said Mohammed Abdul Latif Al-Ani in an interview (range), "The local market relies in its dealings daily currency Iraq only, without the need for other currency upheaval of consumer prices, which the citizen needs on an ongoing basis may occur.
"He added that" the government is responsible to the citizens put urgent and correct solutions to remedy the shortfall in the financial liquidity of the state through control of the sale of currency outlets and prevent smuggled out of the country. " .
He said al-Ani said "put so ideas without studied extensively and the extent of the negative impact on the reality of the Iraqi economy may cause a contraction of the market suddenly what causes stopped stalled the market already."
He said the "development of various natural resources beside oil sales process, significantly contribute to the perpetuate the classic market factories and laboratories civil of movement in addition to the different professions, which is considered a pillar of the development of the economy of the country.
"He noted that" the central bank auction is one of the most important Almarqlat the Iraqi economy as the way it works tainted by a lot of the suspicions, so the government should standards setting strict processes currency inflow of foreign out of the country. "He said al-Ani said" Showing the dollar-based banking through is the right director and not a monopolistic entities that have worked throughout the years prior to the financial market distortion until I got into a state deficit in the provision of liquidity. "The member of the Economic Committee in the House of Representatives Nora Albjara suggested on Friday (June 19, 2015), staff salaries instead of the dinar to the dollar in order to avoid the high dollar exchange rate again, while the central bank described the action as "timid".
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