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Parliamentary economy: Instructions «Central» new soon-transfer companies from banks and blackmail Expert: The dollar is set at 1179 dinars but will rise
BAGHDAD - Mustafa Nasser
Showed committee economy parliamentary that the new instructions issued by the Central Bank on controlling the exchange rate of the dollar and that will be applied next month, will enable money transfer companies to get Money directly from the central bank after it was taken over private banks, stressing that the instructions be saved those companies from extortion of private banks.
While it considered that the deadline given by the bank for currency traders to initiate the application instructions, enough, indicated that it wishes a radical solution to the high exchange rate, saying it was waiting for the success of such instructions.
The financial expert said that the exchange rate in accordance with the instructions will be up to 1179 dinars to the dollar, the expectation of rising dollar because of external pressures, considering that some instructions "excessive" under the current circumstances.
Said Abdul-Abbas estrus, a member of the Committee on the economy and investment parliamentary "the world" on Wednesday, "according to the new instructions were allowed to money transfer companies that provide billing for traders importers after it was billing comes exclusively from private banks, and now has become possible to provide invoices through remittance companies Financial, a specific amount not to exceed 500 thousand dollars, "noting that" company money transfer before the new regulations can not effectively get hawala directly from the central bank, because they do not have an account at the Central Bank are providing invoices to private banks that have an account at the Central Bank hawala exchange for them through the organization of an instrument of transfer and launch a week after. "
He went on "FAQ address this situation, because most traders do not import millions as rumored, but import amounts up to 100 or 200 thousand dollars, the bills that are in the millions to the Central Bank fabricated and false", past by saying "so abound outlets hawala front traders not to restrict private banks, in order that there be no control of transfers, but with that if the central bank opened the way for money transfer companies to open accounts he has to allow them to deal with traders as private banks, it will control the biggest. "
The central bank issued new instructions on the sale of the dollar in its daily auction, last Sunday, stressing that the aim from behind to stabilize the exchange rate of the dinar against foreign currency, and meet the needs of the private sector, including the import of goods and services and to encourage banks to expand their scope, stressing that contrary to the instructions new to be applied with effect from next April 15 will be forwarded to the Commission determine the imposition of fines and penalties.
According to the instructions issued by the bank to "share weekly for banks to sell cash dollar be $ 4 million can be increased and the reduction, while the share of money transfer companies $ 150 thousand for companies that have a capital 45 billion dinars, and 100 thousand dollars for companies with less capital for that."
Under instructions that "in the case of submission of invoices and documents fundamentalist goods spectrograph to enter Iraq in advance, the Bank provides a full Akiem those goods from foreign currency after being examined."
And on companies to mediate for buying and selling currencies showed FAQ that "quota weekly 50 thousand dollars to companies with a capital of 500 million dollars, and 25 thousand dollars for companies less than that," adding that "the sale and purchase of foreign currency for the money transfer companies and companies broker for buying and selling foreign currency from through authorized banks in Iraq. "
He estrus that "most private banks now extorting traders constantly, and often complained that private banks take them half the price of exchange in the black market, that is, the bank buys the dollar to 1179, for example, are required to traders buy half of what is needed in 1200 and the other half by 1179, and a lot of our merchants complained and the Central Bank told us about it, "believing that" the deadline given by the Central Bank to launch adequate instructions for preparing the market, and that did not solve the problem these instructions, they should look for other solutions. "
The student member of the Committee on Economy and Investment parliamentary "solution radically, it is not reasonable to reach the dinar to 1270, it is unacceptable," stressing that "there are groups working to create a difference between the dollar and the dinar, and they do not like the high price of the dinar exchange for equal commercial rate with official, because the parasites are manipulating the market for the larger interest of them at the expense of the citizen. "
And said "the Central Bank came as a measure to reduce the influence of private banks, traders, and the central bank wants through these instructions to control the exchange rate through the capital of private banks and money transfer companies, and we are waiting up to 15 next April when the application (actual), to see if instructed useless in this aspect or not, "following up" I am contacting companies money transfer to see if the new regulations تضرهم or serve them and we will know their answers soon, but the important topic that these instructions you will control the exchange rate or not, and this is what we check it now ".
And contacted the "world" yesterday, Zuhair Ali Akbar, deputy central bank governor, but he refused to talk about the topic, calling to talk with other officials at the central bank, and expressed his surprise at the touch media outlet in person, saying that his phone should not be up to media , and asked not to repeat the second attempt, and the closure of his general reporter, "the world" in a way that "silver".
In turn, said Majid picture, financial expert, in an interview with "the world" yesterday, said, "These instructions will provide sufficient funds for local merchants. It is supposed when applying these instructions that there should be limits to sell the dollar cash is 1179 dinars to the dollar it seems" , adding that "either outside formal markets such as banks and banking companies, it is possible that there is increased demand could see a market III contributes to a slight rise in the dollar, but imposed by the instructions that lead to the low exchange rate of the dollar against the dinar."
"The dollar amount allocated to money transfer companies is 100 to 150 thousand dollars by capital, and this amount I think it's sufficient to discharge operation, but I think the pressures that come from outside the local market is that will affect the price of the dollar," believing that "FAQ new requirements superfluous to organize the existing demand for the dollar in light of the prevailing regional conditions. "
He explained that the picture of "the new instructions are compilation of all previous instructions, standardization and attempt to regulate the auction of hard currency at the central bank," noting that "the basic requirements is to ask the switching systems of financial, banking and specific documentation provided by the customer to these institutions, and in the light the central bank given in these documents and make sure of its powers and made available to all the requirements in the financial transformation. "
And increased financial expert said that "FAQ stresses the need for mastery of the opening credits for amounts in excess of 100 thousand dollars, and this will lead to the organization of the process of using banks without using monetary issues," مستطردا "There are some documents that require customs upon receipt of the goods, and also from taxes when purchase and conversion and other issues, and this means that a central link to the work of customs, in order to organize the business processes. "
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