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Iraq's finance giants to discuss exchange rate fluctuation
30/04/2012 15:02
BAGHDAD, April 30 (AKnews) - The federal Finance Committee will meet with officials from the Iraqi Central Bank and Ministry of Finance this week to discuss stabilizing the exchange rate of the Iraqi dinar compared with hard currency.
The committee from the Iraqi Council of Representatives announced today they will summon Iraq's officials from Iraq's most important financial institutions to get informed about the procedures applied to stabilize the Iraqi dinar, which has been at its lowest level in three years against the US dollar.
On Friday, the Iraqi Central Bank (ICB) accused four countries of a "conspiracy" to hit the country's financial economy and weaken its financial strength, indicating that free trade in Iraq is adopted to hit the economy.
Committee member Amin al-Hadi said the Finance Committee held last week discussions about the Iraqi dinar exchange rate and measures from the ICB and the Ministry of Finance.
"The committee requested new data about the applied procedures," he said.
"We will get informed about the adoption of the bank and the Ministry of Finance for proper solutions in keeping the exchange rate and foreign currency selling procedures in daily auction."
The Iraqi dinar registered recently at a selling rate of 1,290 IQD per dollar.
The value of the Iraqi dinar began to decrease early last month after it was stable at an exchange rate of 1,190 IQD per dollar.
After reports that hard currency was being transferred to Iran and Syria, both of which are under international sanctions, the ICB imposed strict measures.
The ICB denied last month media reports that the bank stopped selling foreign currency as a measure to protect the Iraqi economy due to the political crisis in the region.
The ICB works to maintain price stability, implement monetary policy, including exchange rate policies, issue and manage currency, manage the reserves of foreign currency as well as regulate the banking sector.
By Haider Ibrahim
RN/SS/AKnews
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30/04/2012 15:02
BAGHDAD, April 30 (AKnews) - The federal Finance Committee will meet with officials from the Iraqi Central Bank and Ministry of Finance this week to discuss stabilizing the exchange rate of the Iraqi dinar compared with hard currency.
The committee from the Iraqi Council of Representatives announced today they will summon Iraq's officials from Iraq's most important financial institutions to get informed about the procedures applied to stabilize the Iraqi dinar, which has been at its lowest level in three years against the US dollar.
On Friday, the Iraqi Central Bank (ICB) accused four countries of a "conspiracy" to hit the country's financial economy and weaken its financial strength, indicating that free trade in Iraq is adopted to hit the economy.
Committee member Amin al-Hadi said the Finance Committee held last week discussions about the Iraqi dinar exchange rate and measures from the ICB and the Ministry of Finance.
"The committee requested new data about the applied procedures," he said.
"We will get informed about the adoption of the bank and the Ministry of Finance for proper solutions in keeping the exchange rate and foreign currency selling procedures in daily auction."
The Iraqi dinar registered recently at a selling rate of 1,290 IQD per dollar.
The value of the Iraqi dinar began to decrease early last month after it was stable at an exchange rate of 1,190 IQD per dollar.
After reports that hard currency was being transferred to Iran and Syria, both of which are under international sanctions, the ICB imposed strict measures.
The ICB denied last month media reports that the bank stopped selling foreign currency as a measure to protect the Iraqi economy due to the political crisis in the region.
The ICB works to maintain price stability, implement monetary policy, including exchange rate policies, issue and manage currency, manage the reserves of foreign currency as well as regulate the banking sector.
By Haider Ibrahim
RN/SS/AKnews
[You must be registered and logged in to see this link.]
