Chalabi: Central Bank Sales in 2013 Are the Same That Were in the 2012 but Dinar Deterioration 8%
|April 15, 2013||Filled under Featured Article|
Announced the Truth in matches Development Fund of Iraq, the central bank sales during the first months of the current year 2013 completely identical with bank sales for the same period of last year 2012, and stressed that the only difference that has been under new management for the bank is the collapse of the price exchange rate of the dinar against the dollar by up to 8% and an increase in inflation.
Committee Chairman Ahmad Chalabi in a press conference held at the parliament building and attended (range Press) that “the total central bank sales of dollar bank auction during the month the first three of 2013 amounted to ten billion and $ 152 million,” noting that “auction sales in the same period during the year 2012 amounted to ten billion and $ 149 million. “
He Chalabi that “the difference was in the high dollar prices in the free market against the Iraqi dinar as the price of the dollar to 1280 dinars, while selling the central bank dollar b 1180 dinars,” pointing out that “the price of the dollar in the same period in 2012 was only 1220 dinars “.
The head of the fact-finding committee in matches Development Fund of Iraq, “the central bank to curb this disparity in the price of the dollar,” pointing out that “the continuation of this variation will cause the high price of the dollar and increase inflation.”
And Iraq’s cabinet decided on (16 October 2012), the prime BSA Abdul Basit Turki tasks central bank governor and agency rather than former Fed governor Sinan Shabibi on charges of issues financial and administrative corruption in the bank, especially in operations Auction dollars, but the something did not occur to the Bank’s work and currency auction whereas the exchange rate of the Iraqi dinar significant decline against the dollar jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar in April 2013.
The Fund said in a report issued in (21/03/2013) Following the end of consultations in Amman between a delegation of the Fund and the Iraqi delegation headed by VMware Planning Ali Shukri, and seen (long-Presse) it “an improvement in the financial sector”, but stressed that what still “need to greater efforts by the central bank to revise the monetary policy tools and strengthen banking supervision, and accelerating the restructuring of the banking system.”
And called on the International Monetary Fund Central Bank of Iraq to “progressive measures towards liberalizing foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year.”
UNFPA emphasized that “the establishment of a banking system nationalist requires abandoning the current model, which is controlled where weak banks state-owned, which has preferential treatment apart from private banks,” calling on Iraq to do to strengthen its financial institutions public to ensure efficiency and transparency in the use of oil revenues.”
Related Iraqi Articles-
Iraqi Dinar Investment?
WILL THE IRAQI DINAR BE REVALUED?
Iraqi Dinar: Scam or God-Send?
Central Bank Reveals Details of the Iraqi Currency
Cancellation of “Zeros” from Iraqi Currency Won’t Solve Iraq’s Economic Crisis
Iraqi Dinars: Smart Investment or Smoke and Mirrors?
Iraqi Dinar Revaluation Soon
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Columbus Hooters to Visit Iraq, Kuwa
Iraqi Dinar Trade – What Next After the Revaluation?
The Deletion of Three Zeroes From the Iraqi Currency Is a National Demand
Investing in Iraq- What Investors Have Been Waiting For
Crisis of Fiat Currencies: US Dollar Surpluses Converted Into Gold
Gold Dinar Will End Currency Wars