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Parliament: open letters of credit best way to preserve the value of the dinar
Date: Monday 04/06/2012 8:14
Baghdad / range
counting member of the Finance Committee MP Abdel Hussein al-Yasiri way to open letters of credit instead of foreign exchange of currencies used by the Central Bank the best way to keep the exchange rate of the dinar against the dollar.
Yasiri said (of the Agency news): The Central Bank has started to make good steps to restore the value of Iraqi dinar and to maintain its price in front of hard currency through the grant authority to sell hard currency for a number of commercial banks in addition to that action will be taken to open letters of credit instead of foreign exchange of currencies. He added that the way the opening credits would force traders to open the adoption of their own by commercial banks, whether governmental or private, and puts the insurance, so it is when want to import goods from outside the open adoption rather than the money transfer to ensure the receipt of goods to the country and world-class For the avoidance of funds out of the country without import.
He continued that the purpose of taking such actions by the central bank to maintain the value of Iraqi dinar, because the central reduce hard currency from the sale will lead to increase in value with a lower exchange rate of the dinar. The central bank has announced the start of opening letters of credit instead of foreign transfers of funds difficult for Iraqi banks two branches of public and private.
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