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«Central» Iraq: Do not fear the dinar
Tuesday, August 2, 2011
BAGHDAD - Hisham Abdul Wahab
Confirmed adviser to the CBI the appearance of Mohammed Saleh, the «central bank sales of the currency stable and concerns on the value of the Iraqi dinar fall». He said in a statement to «life»: «This supports the transparency of cash in the policy of the central Iraqi official interest rate in Iraq is closer to a guide to interest rates than a direct monetary mechanism, given the limited size of the banking sector and underdeveloped capital markets».
He referred to «the absence of obstacles to the development of sales and raise the level of average sales». On the subject of the development of coins for financial trading, explained that «Iraq is heading to the development of coins as part of his plan to restructure the currency, which requires government approval and the Council of Representatives, because it is a strategic plan will help support the Iraqi dinar's value in the trading of financial».
Sets «central» Iraqi exchange rate at auctions conducted by the journal of the coin, and the average sale of $ 140 million, an average exchange rate of 1170 dinars to the dollar.
He noted that the benefit to the «project coins in 2004 was not successful, because it has not been as comprehensive reforms to support the financial value of the Iraqi dinar in the world market». He pointed out that «the coins will be the important medium of exchange value which is used for simple banking transactions in the trading Interior».
And the Iraqi Central Bank announced on 22 June last, he decided to restructure the local currency in order to develop the payment system in the country. Also showed the International Monetary Fund in August last support of the Iraqi economy in the event of his number of economic measures, including the allocation of banks and raise three zeros from the local currency and the payment of debts and compensation is the responsibility of Iraq.
The main tasks of the Iraqi Central Bank to maintain price stability, monetary policy, including exchange rates, management of foreign currency reserves, issue currency and management, as well as to regulate the banking
