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Central Bank: the end of 2012 will see the currency exchange
On: Sun 08/01/2012 18:10
Iraq will not use the dinar in the sales of oil citizen - the follow-up denied the Central Bank of Iraq and there are efforts to use the dinar in the sales of some of the oil exports of the country, because the «market speculators will buy the dinar to sell to countries dealing with the country's oil, and we will enter into a whirlpool of speculation in the dinar, and we are already to reduce inflation, which has suffered monetary Ktltna ».
The Vice-Governor of the Bank Mazhar Mohammad Saleh said that countries that have turned their currencies to the international currency has a very strong economy, such as the European Union, China, Japan and the United States. The Iraq covering the dinar in hard currency through the credits worth $ 53 billion. and the project to delete three zeros from the dinar, Saleh said that «the central bank ended the preparations for the replacement process end of the year», pointing out that «dinar witnessed the first process of replacing a successful 2004, when Replace more than six trillion dinars Bdnanar new and is expected to begin the process of replacement of a second after the removal of three zeros end of this year, and this will be decided by the government ».
The size of the Iraqi currency traded locally about 33 trillion dinars, after he was no more than six trillion in 2003, by banks, to 70 per cent of the money supply. Salih stressed that auction the central bank sold $ 40 billion over the past year, pointing out that «the auction is one of the most important means of monetary policy shift in which oil revenues to the liquidity of local insurance requirements of government budgets, as well to the control of the dinar exchange rate and reducing inflation ».
He said, «Central will be obliged to issue a block additional cash during the current year, due to the increased size of the budget, and this means insurance reserves an additional hard currency, which is normal with overall economic growth of the country».
He explained that Central Bank is obliged offering larger quantities of the dollar through auction the higher government expenditures denominated in dinars, as 60 per cent of the proceeds of the sale go expenses-governmental organizations, and the remaining are for the benefit of the private sector, and expected to increase demand for the dollar in the current year because of the adoption by the Government budget is the highest in the history of the country.
The government decided to cut the budget this year of $ 115 billion to 100 billion, based on the price of a barrel of oil equals $ 85, and a deficit of $ 14 billion would be covered through internal and external borrowing from the IMF and World Bank.
The volume of trade State of Iraq in the last year, according to the benefit of $ 46 billion, two-thirds of the private sector. It is noteworthy that the Iraqis would prefer to deal in dollars because of the low value of the dinar, as the value of the banknote the same category Top 25 thousand dinars (equivalent to $ 20). to that, the Central Bank that will support the opening of the Rafidain and Rasheed in the Kurdistan region, stressing that he had not received any formal request so far on the subject of the Departments of the two banks.
Salih said (Rn) that »the CBI supports the opening of branches of the Rafidain and Rasheed in the Kurdistan region that it will support Autism financial market in general». Saleh pointed out that «the banking market is not adversely affected by administrative boundaries, and the opening of branches of the Rafidain and Rasheed in the Kurdistan region will stimulate bank transactions and boost the economy in the country ».
Saleh added by saying that «the central bank waiting to provide Departments of Rafidain and Rasheed wrote a formal request through the approval to open branches in the Kurdistan region». The Iraqi Ministry of Finance had announced earlier that it is serious in opening branches of the bank Rafidain and Rasheed in the Kurdistan region, noting that he will be able to staff in the province pull advances the property of those branches.
and according to statistics released by the Iraqi Ministry of Finance recently, there are 25 banks waged, and five state banks in Iraq , and most of those five is the Rafidain banks, which has 190 branches in all provinces and abroad, except for the Kurdistan region in addition to the Rasheed Bank, which has 150 branches in and outside the Kurdistan region of Iraq, except to the bank's real estate, agricultural and industrial.
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On: Sun 08/01/2012 18:10
Iraq will not use the dinar in the sales of oil citizen - the follow-up denied the Central Bank of Iraq and there are efforts to use the dinar in the sales of some of the oil exports of the country, because the «market speculators will buy the dinar to sell to countries dealing with the country's oil, and we will enter into a whirlpool of speculation in the dinar, and we are already to reduce inflation, which has suffered monetary Ktltna ».
The Vice-Governor of the Bank Mazhar Mohammad Saleh said that countries that have turned their currencies to the international currency has a very strong economy, such as the European Union, China, Japan and the United States. The Iraq covering the dinar in hard currency through the credits worth $ 53 billion. and the project to delete three zeros from the dinar, Saleh said that «the central bank ended the preparations for the replacement process end of the year», pointing out that «dinar witnessed the first process of replacing a successful 2004, when Replace more than six trillion dinars Bdnanar new and is expected to begin the process of replacement of a second after the removal of three zeros end of this year, and this will be decided by the government ».
The size of the Iraqi currency traded locally about 33 trillion dinars, after he was no more than six trillion in 2003, by banks, to 70 per cent of the money supply. Salih stressed that auction the central bank sold $ 40 billion over the past year, pointing out that «the auction is one of the most important means of monetary policy shift in which oil revenues to the liquidity of local insurance requirements of government budgets, as well to the control of the dinar exchange rate and reducing inflation ».
He said, «Central will be obliged to issue a block additional cash during the current year, due to the increased size of the budget, and this means insurance reserves an additional hard currency, which is normal with overall economic growth of the country».
He explained that Central Bank is obliged offering larger quantities of the dollar through auction the higher government expenditures denominated in dinars, as 60 per cent of the proceeds of the sale go expenses-governmental organizations, and the remaining are for the benefit of the private sector, and expected to increase demand for the dollar in the current year because of the adoption by the Government budget is the highest in the history of the country.
The government decided to cut the budget this year of $ 115 billion to 100 billion, based on the price of a barrel of oil equals $ 85, and a deficit of $ 14 billion would be covered through internal and external borrowing from the IMF and World Bank.
The volume of trade State of Iraq in the last year, according to the benefit of $ 46 billion, two-thirds of the private sector. It is noteworthy that the Iraqis would prefer to deal in dollars because of the low value of the dinar, as the value of the banknote the same category Top 25 thousand dinars (equivalent to $ 20). to that, the Central Bank that will support the opening of the Rafidain and Rasheed in the Kurdistan region, stressing that he had not received any formal request so far on the subject of the Departments of the two banks.
Salih said (Rn) that »the CBI supports the opening of branches of the Rafidain and Rasheed in the Kurdistan region that it will support Autism financial market in general». Saleh pointed out that «the banking market is not adversely affected by administrative boundaries, and the opening of branches of the Rafidain and Rasheed in the Kurdistan region will stimulate bank transactions and boost the economy in the country ».
Saleh added by saying that «the central bank waiting to provide Departments of Rafidain and Rasheed wrote a formal request through the approval to open branches in the Kurdistan region». The Iraqi Ministry of Finance had announced earlier that it is serious in opening branches of the bank Rafidain and Rasheed in the Kurdistan region, noting that he will be able to staff in the province pull advances the property of those branches.
and according to statistics released by the Iraqi Ministry of Finance recently, there are 25 banks waged, and five state banks in Iraq , and most of those five is the Rafidain banks, which has 190 branches in all provinces and abroad, except for the Kurdistan region in addition to the Rasheed Bank, which has 150 branches in and outside the Kurdistan region of Iraq, except to the bank's real estate, agricultural and industrial.
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