Thread: Central Bank: The foreign exchange abroad "project" and seek to erase the zeros from the dinar

Central Bank: The foreign exchange abroad "project" and seek to erase the zeros from the dinar

Take the CBI, on Wednesday, transfers of foreign currency out of Iraq "a legitimate act," while seeking to cancel confirmed zeros from the Iraqi dinar.

The adviser said the central bank governor and general manager of statistics for the appearance of Mohammed in an interview with "Alsumaria News" that "the process of foreign-exchange foreign currencies came in accordance with the transition from totalitarian regime to a free economic system", stating that "This is one of the economic rights of citizens that guaranteed them by law."

Saleh pointed out that "the CBI committees involved in combating money laundering and proceeds of crime and terrorist financing, and otherwise is an act of legitimate," he said. The law against money laundering Iraqi development of procedures in 2004 due to regulatory institutions, especially banking ones.

Saleh added that "the transfer of funds, by citizens abroad, through the remittances is to finance the trade of Iraqi private sector, not for reserves in foreign banks, the lack of interest granted by the Iraqi banks compared to foreign banks."

He said Advisor to the Governor the Central Bank that "the Central Bank of Iraq is only in Iraq, which is conducting the financing of the Iraqi private sector and traders in foreign currency, through auction conducted by the daily."

Salih stressed that "The auction was able to maintain the Iraqi dinar exchange rate, for a period of four years of non-volatility, as well as the auction has to absorb excess liquidity, which is reflected positively on the price stability," indicating n "of the Iraqi dinar has become very strong, The strength of rising foreign exchange reserves, would be reflected on the positive performance to cope with any crisis that may occur in the future ", he said.

Regulated by the central bank auction sessions a day, except Fridays and official holidays, and the participation of Iraqi banks, and within which buying and selling foreign currencies, the central bank sold currency conversion process to the outside, for some companies and citizens for a certain commission.

For his part, the economic expert Falah Hassan Alwan said "get out the currency remittance through the auction has a positive side and a negative."

The Alwan said in an interview for "Alsumaria News", that "the positive side is to move the Iraqi economy, by encouraging the private sector and entrepreneurship, while the downside is the fact that some companies out of money laundering."

Alwan called on the Iraqi Central Bank to "pass a law forcing banks, with which to determine the amount of money, which turned out, for the employment of funds, and transfers to be made under the control and supervision of the Central Bank of Iraq."

In another context, "said Advisor to the Governor Central Bank of Iraq that" the proposal to cancel some of the zeros of the Iraqi dinar, is one of the priorities of the Central Bank of Iraq, to reform the currency and organizing it. "

Saleh pointed out that "past wars fought by Iraq, has caused the rise and inflation in the money supply of 25 billion dinars in 1980 to 23 trillion dinars now," asserting that "the Central Bank of Iraq moving in the direction of literacy zeros currency quietly, to avoid problems for the future".

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