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Is the central bank will be able to address the low value of the dinar?
30-05-2013 | (Voice of Iraq) - Add a comment -
Talk | Mustafa Habib | Baghdad
At the door of the Rafidain Bank, the government hundreds of people stand in a long queue to buy the dollar after the bank allowed every Iraqi intended to travel to purchase $ 5,000 at a subsidized price of the Central Bank of Iraq and the value of 1900 dinars per dollar.
Iraqi dinar is witnessing weeks ago marked decline before the dollar value returned by economists and Vice specialists in regard to financial and political factors and other financial security because of the growing phenomenon of dollar smuggling out of the country.
Central bank sells every citizen intended to travel 5000 dollars at 1900 dinars per dollar, while it sells banking offices at 1126 dinars, but currency brokers and owners have invested banking offices the opportunity to get hard currency.
Game practiced by them is to send a group of citizens to government banks to exchange currency for giving them a commission of $ 100 for each replacement process.
"Talk" interviewed a number of citizens who come daily to the banks where many of them stressed that "travel features that allow them to replace the price mentioned forged currency and banking offices provide them to highlight the bank staff to approve the purchase of $ 5,000."
He adds many of these, mostly from the poor class, "The owners of banking offices give us the amount of dollar buying for not امتلاكنا this amount and later we return the dollar to them for giving us a hundred dollars for that process."
Says economist Majid picture that "the deterioration of the exchange rate of the dinar against the dollar due to many factors, including political, security and other third relating to financial management in the country."
Adds to the "debate" that "months before the central bank was selling between (50 -150) million dollars per day, but soon increased demand for the dollar grew sales to $ 400 million per day.
Suri said that "the security situation tense and complex political situation pays a lot of traders and owners of capital to convert their money out of the country and switch their money from the dinar to the dollar for fear of the collapse of the dinar."
Some non-Iraqi companies operating in the country decided to suspend the work of its employees and deported out of Iraq because of those situations.
Says one of the officials in the Turkish company specialized in building homes in Baghdad that "the parent company in Turkey has decided to withdraw all its employees Turks against the backdrop of the crisis situation in the capital and the return of the bombings.
He adds that "our work during the past two months saw a recession because of the lack of construction projects by the Iraqis."
The problem facing the forex market in Iraq, they are not subject to certain controls, and simply endless Anyone in Baghdad and other Iraqi cities to get the dollar through hundreds of banking companies unlicensed or by the owners of stalls on the sidewalks, and does not cost much more than wages.
Kazem recognizes Jassim, the owner of a small office for banking in the Mansour district in Baghdad, that his work is not subject to censorship by the government or the central bank.
He says that "to obtain a license by the Bank require a lot of regulatory approvals and subject to favoritism and that preferred to work without a license seven years ago."
MPs in the Integrity Committee and the Finance Committee in parliament, throwing part of the responsibility for the deterioration of the dinar exchange rate on the central bank for being the executive responsible for fiscal policy in the country.
These accusations of Representatives centered on how to manage the central bank, and procedures that do not live up to the required level befitting the national economy, according to the expression of some of them.
A member of the Integrity Committee in Parliament MP Jawad Alshahyla, said, "After replacing the former bank governor known for his integrity and experience Shabibi began the exchange rate of the dinar against the dollar to decline and became worse than the past, the new administration of the bank was unable to control the smuggling of currency."
Alshahyla confirms that his committee is following the central bank's policies in light of the new bank governor Abdul Basit Turki, according to initial reports decline in monetary policy, adds, "There are corrupt officials in the bank must be held accountable."
As a member of the Finance Committee in Parliament Magda Tamimi فتوقعت the continued deterioration rate of the dinar against the dollar, and attributed to the presence of cooperation between the economic and financial institutions, and the absence of controls on imported ministries, such as health and trade.
Regarding the reports of smuggling huge amounts of dollar abroad confirmed that "the dollar smuggling operations currently underway by the dealers in exchange for forged documents and papers, and fake goods."
The CBI has already tried a few months ago to put an end to the phenomenon of the increasing demand for the dollar and enact new regulations to stop the conversion of dollars out of the country when he called for all banks and banking companies to provide official documents about transactions to convert the dollar, and the closure of shops unlicensed banking.
Economic expert on behalf of Antoine summarizes the reasons for the deterioration of the dinar three key factors, the most important of the tense political situation, and the return of violence, and weak monetary and fiscal policies.
He says Antoine's "talk" should "reconsider its fiscal policy and financial reforms include the sectors of banking, investment banks, and strengthening the private sector and to address the scourge of administrative and financial corruption in the country."
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30-05-2013 | (Voice of Iraq) - Add a comment -
Talk | Mustafa Habib | Baghdad
At the door of the Rafidain Bank, the government hundreds of people stand in a long queue to buy the dollar after the bank allowed every Iraqi intended to travel to purchase $ 5,000 at a subsidized price of the Central Bank of Iraq and the value of 1900 dinars per dollar.
Iraqi dinar is witnessing weeks ago marked decline before the dollar value returned by economists and Vice specialists in regard to financial and political factors and other financial security because of the growing phenomenon of dollar smuggling out of the country.
Central bank sells every citizen intended to travel 5000 dollars at 1900 dinars per dollar, while it sells banking offices at 1126 dinars, but currency brokers and owners have invested banking offices the opportunity to get hard currency.
Game practiced by them is to send a group of citizens to government banks to exchange currency for giving them a commission of $ 100 for each replacement process.
"Talk" interviewed a number of citizens who come daily to the banks where many of them stressed that "travel features that allow them to replace the price mentioned forged currency and banking offices provide them to highlight the bank staff to approve the purchase of $ 5,000."
He adds many of these, mostly from the poor class, "The owners of banking offices give us the amount of dollar buying for not امتلاكنا this amount and later we return the dollar to them for giving us a hundred dollars for that process."
Says economist Majid picture that "the deterioration of the exchange rate of the dinar against the dollar due to many factors, including political, security and other third relating to financial management in the country."
Adds to the "debate" that "months before the central bank was selling between (50 -150) million dollars per day, but soon increased demand for the dollar grew sales to $ 400 million per day.
Suri said that "the security situation tense and complex political situation pays a lot of traders and owners of capital to convert their money out of the country and switch their money from the dinar to the dollar for fear of the collapse of the dinar."
Some non-Iraqi companies operating in the country decided to suspend the work of its employees and deported out of Iraq because of those situations.
Says one of the officials in the Turkish company specialized in building homes in Baghdad that "the parent company in Turkey has decided to withdraw all its employees Turks against the backdrop of the crisis situation in the capital and the return of the bombings.
He adds that "our work during the past two months saw a recession because of the lack of construction projects by the Iraqis."
The problem facing the forex market in Iraq, they are not subject to certain controls, and simply endless Anyone in Baghdad and other Iraqi cities to get the dollar through hundreds of banking companies unlicensed or by the owners of stalls on the sidewalks, and does not cost much more than wages.
Kazem recognizes Jassim, the owner of a small office for banking in the Mansour district in Baghdad, that his work is not subject to censorship by the government or the central bank.
He says that "to obtain a license by the Bank require a lot of regulatory approvals and subject to favoritism and that preferred to work without a license seven years ago."
MPs in the Integrity Committee and the Finance Committee in parliament, throwing part of the responsibility for the deterioration of the dinar exchange rate on the central bank for being the executive responsible for fiscal policy in the country.
These accusations of Representatives centered on how to manage the central bank, and procedures that do not live up to the required level befitting the national economy, according to the expression of some of them.
A member of the Integrity Committee in Parliament MP Jawad Alshahyla, said, "After replacing the former bank governor known for his integrity and experience Shabibi began the exchange rate of the dinar against the dollar to decline and became worse than the past, the new administration of the bank was unable to control the smuggling of currency."
Alshahyla confirms that his committee is following the central bank's policies in light of the new bank governor Abdul Basit Turki, according to initial reports decline in monetary policy, adds, "There are corrupt officials in the bank must be held accountable."
As a member of the Finance Committee in Parliament Magda Tamimi فتوقعت the continued deterioration rate of the dinar against the dollar, and attributed to the presence of cooperation between the economic and financial institutions, and the absence of controls on imported ministries, such as health and trade.
Regarding the reports of smuggling huge amounts of dollar abroad confirmed that "the dollar smuggling operations currently underway by the dealers in exchange for forged documents and papers, and fake goods."
The CBI has already tried a few months ago to put an end to the phenomenon of the increasing demand for the dollar and enact new regulations to stop the conversion of dollars out of the country when he called for all banks and banking companies to provide official documents about transactions to convert the dollar, and the closure of shops unlicensed banking.
Economic expert on behalf of Antoine summarizes the reasons for the deterioration of the dinar three key factors, the most important of the tense political situation, and the return of violence, and weak monetary and fiscal policies.
He says Antoine's "talk" should "reconsider its fiscal policy and financial reforms include the sectors of banking, investment banks, and strengthening the private sector and to address the scourge of administrative and financial corruption in the country."
[You must be registered and logged in to see this link.]
