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Central reveals plans for the use of alternatives to retain the wealth
08/16/2012 0:00
BAGHDAD - The morning
revealed the CBI for his quest to build future plans aimed at moving the adoption of the citizens on the dollar for the purposes of maintaining wealth to other alternatives if the coins, gold or bonds worth dollar.
Deputy Governor of Bank of the appearance of Mohammed's (Center Brief for the Iraqi Media Network) The "There is a trend to save the dollar by the citizens for the purpose of maintaining wealth due to the stability of its price or to settle the transactions of Interior because of mounting cash for local currency, which ends with the implementation of the project to delete the zeros."
said Mohammed that "there are plans and ideas future seek the central bank to apply a transition from dependence on dollar for the purposes of storage and retention of wealth to the adoption of other ways to save as version coins, gold or bonds worth dollar banks can sell them to citizens. "
The Central Bank shall manage an auction sale of hard currency in the country, the file is still a matter of political controversy and mutual accusations of the existence of cases of corruption.
The main tasks of the Iraqi Central Bank to maintain price stability, and the implementation of monetary policy, including policies Osarabv, and manage reserves of foreign currency, and the issuance of currency management, as well as the organization of the banking sector.
at The Central Bank of Iraq, to sell dollars to the banks intended to withdraw liquidity from the market as is the case in which in most of the world's central banks.
A statement by the Bank received the (morning) a copy of it: Most of the markets where the price of an official and the price of a parallel, and the bank seeks to minimize the difference between the two rates through the inspection teams, to comply with the instructions of the Central Bank, which sells the dollar to all government and private banks and branches of banks foreign and not to the banks of civil only. He explained: that the policy followed by the Bank since 2004 and so far is one of the successful policies, as it led to a reduction in inflation from 50 percent to 5.8 percent and falling prices and stability as a result the tools that were in place, which was to invest the night and deposits for the term (7 , 14 and 30) days of the dinar, as well as investment and night deposits for the duration (7 and / 30 and / 90) days of the dollar.
He added that the bank canceled the tools mentioned except for deposits of order seven days of the Iraqi dinar only to encourage banks to grant credit for industrial projects, agricultural and residential, and pointed out that this monetary policy was welcomed by the International Monetary Fund.
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