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Central Bank confirms the abandonment of an auction sale of foreign currency
25/04/2012
Central Bank announced today that his quest for the transfer of an auction sale of foreign currency (dollar) government to a commercial bank, saying the auction is not within its terms of reference.
The deputy governor of Bank of the appearance of Mohammed that "It is time for an auction sale of currency out of the central bank, and shall state that a commercial bank, Vmzad sell the currency does not fall within the competence of the Central Bank of Iraq."
He explained that "all banks in the world does not work that way, and we we were in the central bank finance foreign trade and this is not one of our missions."
He added that "unfortunately, the policy of central bank intervention in the market to maintain the stability of the Iraqi dinar ended in foreign trade financing to the private sector, because of the unity of the Iraqi economy (oil)."
He said "The market required graduation dollars under various pretexts legal and illegal, and there are worn out to get the hard currency, including not serve the Iraqi economy."
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25/04/2012
Central Bank announced today that his quest for the transfer of an auction sale of foreign currency (dollar) government to a commercial bank, saying the auction is not within its terms of reference.
The deputy governor of Bank of the appearance of Mohammed that "It is time for an auction sale of currency out of the central bank, and shall state that a commercial bank, Vmzad sell the currency does not fall within the competence of the Central Bank of Iraq."
He explained that "all banks in the world does not work that way, and we we were in the central bank finance foreign trade and this is not one of our missions."
He added that "unfortunately, the policy of central bank intervention in the market to maintain the stability of the Iraqi dinar ended in foreign trade financing to the private sector, because of the unity of the Iraqi economy (oil)."
He said "The market required graduation dollars under various pretexts legal and illegal, and there are worn out to get the hard currency, including not serve the Iraqi economy."
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