US DOLLAR NO LONGER OFFERED AT CBI AUCTIONS NOW SOLD THROUGH BANK TELLERS

US DOLLAR NO LONGER OFFERED AT CBI AUCTIONS NOW SOLD THROUGH BANK TELLERS



Wed, 01/02/2012 13:05

Baghdad (news) .. A Deputy Governor of the Central Bank of the appearance of Mohammed Saleh, a new policy with the central bank to avoid the risk of the impact of currencies of neighboring countries on the Iraqi dinar exchange rate, because it has a cash reserve large hard currency.

Salih said (of the Agency news) on Wednesday: The Central Bank has the largest financial reserve of hard currency in the history of Iraq, reaching more than (60) billion dollars to cope with difficult circumstances that may pass in the country.

He pointed to: that the Central Bank of Iraq in control of the local market by injecting liquidity or withdrawn and has a policy on the medium term and short to avoid serious impact Tdhoramlat neighboring countries to the Iraqi currency, continued, that the reserve is enough for a full year to meet the needs of the country of hard currency.

He added that the Iraqi dinar today has become a strong and covered with foreign currency and by more than all (100%), so it is not easily affected by the fluctuations in the exchange rate of the currencies of neighboring countries.

and the Deputy Governor of Central Bank: the sale and purchase of the dollar in the local markets are now through the window and not through the auction, in order to maintain the stability of exchange rate of the Iraqi dinar against foreign currency, shall be through inventory liquidity of the Iraqi dinar in the market and then is pumped into the dollar either in the form of cash Aoicon the form of “remittances” specialized private traders on the importation of goods.

The Altoman Iran has dropped significantly against the U.S. dollar reaching (320) Toman Iran against one U.S. dollar a , while in front of the Iraqi dinar has fallen at a rate (50%), where he was Altoman Iranian equivalent of one (1000) Iraqi dinars, while now the equivalent of (500) Iraqi Dinars.

Economic Commission formally addresses the central bank to stop selling the dollar and decided to host the Governor



2/1/2012






I addressed the parliamentary Economic Committee of the Central Bank's official letter to stop the sale and the dollar auction until the issuance of instructions that specify which authorities have the right to deal with the hard currency to ensure that leaked out of Iraq.


Committee Chairman Ahmed al-Alwani today Alaravaouan "officials in the Iraqi Central Bank confirmed that they are now the process of developing a new mechanism to participate in bids to buy the dollar and how they will exchange the dollar and hard currency, and we will follow up this subject first Powell in order to preserve the cash reserves of Iraq," he said.


Alwani said that "the smuggling of currency and a negative impact on the Iraqi economy is bad and will affect the reserve currency and the exchange rate of the dinar against the dollar, also has serious political dimensions."


He said that "Iran is suffering from the economic situation is bad because of international sanctions and is trying by any means compensate for the damage, especially with regard to foreign currency and has no outlet other than Iraq being considered by Square powerful influence on the political, economic and even security," he says.


He continued: "So they are trying to fill the deficit, even if there was damage to Iraq, and this can not accept it, and we will stand against all who try to dump the hard currency from Iraq, and will not compromise the country's wealth for the interests of others."


The United States, Korea has imposed economic sanctions on Iran for its nuclear activities are doubts, forcing it to buy foreign currency from the neighboring countries of Iraq and the closest to the openness of the control without security or political or economic, according to observers.


On a related source in the parliamentary Economic Committee that the committee will host the Central Bank Governor Sinan Shabibi soon to stand on the issue of counterfeit currency.


The source said that "the Committee will discuss with the Governor of the Central Bank reports that talk about the fake currency entering Iraq through neighboring countries, in addition to the attempt to limit this phenomenon, if any."


Several media sources have picked up reports of cases of forged Iraqi currency to replace with another foreign in a number of Iraqi banks.


And approved the Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh, the existence of counterfeit currency in the market and trading in foreign currency and smuggling, but said they are not as high of an exaggeration that is being talked about.


The indicators that we have is that what exists and is significant of the counterfeit currency in the market is the proportion of normal and within normal limits. Which is found in all countries of the world does not carry an indication exceptional for such rumors for the flow of counterfeit currency local from some countries and the withdrawal of the dollar in return, so the level of exaggerated media reports about this matter. "

I guess they did shut it down. They went from 201 million for yesterday to 3+ million for today.