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Wednesday, July 1, 2015

RV is Essential to Finance the Budget, 1 JULY

A seminar held to discuss the progress of the development policies and it was attended by the Governor of Iraqi Central Bank, large number of economists, officials, businessmen, academics and institutions. They discussed the reasons behind the recent crisis, low value of Iraqi dinar against the U.S dollar and its effects on the economy of Iraq. Mehdi Al Hafez said that the prices are stabilizing in the country, the Iraqi Central Bank has taken some major and important measures that limited the provocation of these crisis, so the Iraqi dinar returning to its previous position. The Iraqi Central Bank is also focusing on executing development projects with a handsome support of billion dollars in the form of loans for small and medium size projects.
The Governor of the Iraqi Central Bank said that we are focusing on our monetary policy, especially the process of selling the U.S dollars which is most important for Central Bank and for other banks, although buying and selling of foreign currencies is not their business process, but it is related to Central Bank’s monetary policy and to achieve the economic stability for the country. He also added that a sale of U.S dollars contributes financing in the Iraqi commercial sector. It is also said that more than 70 percent of the U.S dollar sales used to cover the imports. He said that there is not any problem regarding shortage of U.S dollars but the lack of coordination and cooperation which resulted shortage in the local revenues and created problems to convert U.S dollars into Iraqi dinars, so the Iraqi Central Bank interested in selling more U.S dollars in its daily sales auction.

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