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Fears of the crisis of the Central Bank of the dinar exchange rate
10/18/2012 12:00 am
BAGHDAD - morning
showed a number of concerned economic affairs fears of the possibility of getting vibrations price in the domestic market, Aazin reasons that to what they (the procedures militant) taken against the central bank, which included issuing arrest warrants against the governor and a number of its workers, and the center of the action , which some economists importance not hinder the process of selling the currency in its current form, others warned of the possibility of confusion dinar exchange rates against other currencies as a result of the outcome of the recommendations of the parliamentary investigative committee, stating that the high prices, something that can hold a lot of good efforts to mitigate Poverty leads to increased rates of inflation.
believes watchers he was on the investigative except Tibet with information about the arrest or other things that can overwhelm the local market, which they described (Balmottaglbh and unstable), to افتين to and Joda'dd of conditions governing the commercial reality Iraqi stand in the forefront of exchange rate fluctuations of the dinar against the dollar, which confirmed the possibility of its occurrence after the Committee's procedures investigative problem for the purposes of follow-up work currency auction daily.
was the investigative problem in the House of Representatives announced a few days ago its recommendations on the work of daily auction of the coin, which is evaluated central bank to sell dollar, and showed the Committee during those recommendations and a businessman corruption affected auctions currency, accusing many of the workers at the central bank with corruption and laundering of funds, has been accompanied by those recommendations reported the issuance of an arrest warrant for Governor Sinan al-Shabibi and the number of employees in the bank, but the Chief Justice Supreme Medhat al-Mahmoud denied the issuance of such note, stressing (no knowledge of the merits Version full), as announced government adviser Ali al-Moussawi mandate of President BSA Abdul Basit Turki to manage the Central Bank, informed sources pointed to the withdrawal of three members of the investigative parliamentary problem protest decisions that came out, The sources pointed out that the House of Representatives Abdulhussain Yasiri and Ibrahim al-Mutlaq and Magda Tamimi, announced their withdrawal from the work of the Commission investigative after opposition to the decisions of the Committee.
shows an economist Abdullah al-Ani, the seriousness of what can be produced economic crises on the reality of development in general, especially those relating to balance Iraq's financial, such as the central, pointing out that Iraq is characterized by markets, not governed by economic policies or legal can affect or be affected by, the markets volatile subject to variables and events that can pass by the country and the region, if shows that it points at the same time to the seriousness of what might result from confusion price in the domestic market after shenanigans legal surrounding the Central Bank, warning stopped auctions currency for a long time, which may result in, according to Ani increased demand for the dollar from local markets in order to finance many imports, and hence high values goods entering across the border.
formed the investigative chaired by the Deputy Speaker of Parliament Qusay al-Suhail by nearly a month, and has since been on the search for obstacles work hampered by Chancellor at the Prime Minister Ali al-Moussawi efforts to revive value of the dinar, said al-Moussawi said "after fluctuating dinar exchange rate formed a committee in the House of Representatives to investigate the matter, and after lengthy investigations and found negligence by the Governor of the Bank and others, prompting the Commission to lift its report to the Integrity Commission official dealing with the fight against corruption in government departments, which "decided to withdraw the hand-Shabibi and others," adding that "when it became the government in front of the de facto decided to appoint a personal won almost a consensus" and intended to Dr. Abdul Basit Turki.
saw the dollar exchange rate last April the highest level in front of the dinar since nearly four years in the local market which is 1320 dinars per dollar, after that was steady at 1,200 dinars per dollar, and hurried Cabinet then to the announcement of the formation of a committee to study the "wiggle Iraqi dinar exchange rate and to provide appropriate solutions to prevent harm" for Iraq's economy, which has reserves of huge foreign currency amounts to about $ 60 billion (using an umbrella to protect the dinar from collapse) which attributed the Central Bank (then) to "the political situation is relatively stable in the region surrounding Iraq and that created a great demand for the dollar, which led to the high exchange rate this currency"
and was a spokesman for the Integrity Commission Hassan Aati told Agence France Press that the body received "special file the Central Bank by the Parliamentary Integrity Committee and the investigation is ongoing.", said Chairman of the Parliamentary Integrity Committee Bahaa al-Araji told AFP that "warrants issued but did not issue warrants a travel ban," adding that the number of arrest warrants reached "Thirty memorandum include bank governor and his deputy," said al-Araji, said the case "does not revolve on money but on the procedures and instructions led to the increase in the price of the dollar against the dinar (Iraqi) and the low rate of the dinar." The government has taken several decisions relating to the Central Bank, including formation of a committee chaired by the representative Bank and representatives from the ministries of interior, finance and trade, "The exchange of information on the movement of currency sold by the bank." It also recognized the principle of "coordination, consultation and exchange of information between the Central Bank of Iraq and the Council of Ministers on fiscal and monetary policies in accordance with the Constitution with the Central Bank of Iraq to study methods Currently in the delivery of foreign currency to the local market and give a greater role for the banks. "
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