He said Central Bank Governor Sinan Shabibi told the Kurdish news agency (Rn) that “Iraq’s cash reserves rose to $ 60 billion after it was last year’s $ 50 billion.”
He explained that “the central bank seeks through cash reserves to shore up confidence in local currency and increases the stability and regulates financial dealings in Iraq.”
Regarding the project to delete the zeros Shabibi said that “the project to delete the zeros will be launched in January (Jan) and next, which would address the problems of inflation and the budget and commodity exchange on the grounds that Iraq is moving towards a free economy.”
Authority announced the Iraq Stock Exchange earlier that the deletion of three zeros from the local currency will not affect the level of equity investment of external and internal.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.
In regard to the offline CBI acknowledged Friday the existence of an imbalance in the Iraqi dinar exchange rate, confirming his quest to unify the exchange rate between him and the local markets, denying at the same time, any deterioration of the value of Iraqi dinar.
The central bank last week accused the four countries to “conspiracy” to hit the financial economy of Iraq to empty its market of its financial strength, indicating that the free trade corridors in Iraq is becoming the means adopted to hit the economy.
The deputy governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) “does not exist in the current phase of any deterioration of the value of Iraqi dinar and this is important,” but he came back and acknowledged “the existence of an imbalance in the exchange rate of the dinar.”
He also explained that “the central bank seeks to unify the exchange rate of the dollar against the dinar between the central bank and domestic markets (corporate banking) and uniformity depends on the volume of sales of the bank.”
He pointed out that “the size of central bank sales of the dollar is approaching 200 million dollars a day which is close to last year’s sales.”
The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.
For his part, economist Samir Nasiri told (Voices of Iraq), the crisis of exchange rates that prevailed in the Iraqi market local Aithml responsibility regarding the Iraqi Central Bank alone, “but the responsibility must be borne by the well” by many others including the Ministry of Finance and government and private banks and the Committees of Finance and Economic Iraqi parliament and the economic ministries such as industry and agriculture. “
The Iraqi dinar has been a decline rate of exchange against the U.S. dollar of 1180 dinars per dollar, to about 1300 dinars per dollar, to close at 1125 dinars per dollar.
He justified the Central Bank exchange rate fluctuations as a result of the increased demand in an unprecedented way, because of the sanctions imposed on Iran and Syria and the decline in exchange rates of the lira and Altoman half.
Which called for the central bank to tighten sale of foreign currency for the required private banks to disclose the clients of the applicants purchase, according to the instructions adopted at the first of February 2012, relating to the use of the instrument certified to the customer one for the purposes of tariff, non-responsive to requests for purchase, but the existence of accountable tax year, and official documents to prove that the money actually going to trade.
Nasiri suggested “the formation of a Committee of an economic crisis from all sides and above the Central Bank of Iraq combined with the experts from the private activity,” This committee will “examine the reality of the Iraqi economy, and applications of monetary and fiscal policy and the constraints faced by the construction of structural economic sense and access to radical solutions and enforceable.” The Iraqi banking sector sees Mediterranee that “must be reformed and restructured and re-consider the law of the Iraqi Central Bank No. 56 of 2004 and the Banking Act and its amendments No. 94 of 2004″, as well as “amend the law on company registration number 21 of 1997 and activation of the Investment Law No. 13 of 2006″ .
To maintain the exchange rate, adds Mediterranee “We control the exit of foreign currency outside the local market according to the Principles and guidelines for new and not hard-line as it is now, and not to the extent that leads to the creation of economic crises, a new,” while maintaining the “independence of the Central Bank of Iraq to take all procedures monetary policy according to its law in force. “
Nasiri called to “stop the media campaigns organized by some quarters against the Central Bank of Iraq and accused him of his services and various charges that her health has not been confirmed so far, which will reflect negatively on the economic situation in Iraq in general.”