Saturday, August 25, 2012

CBI adopts scientific programs to create the stability of the dinar exchange rate, 25 august

CBI adopts scientific programs to create the stability of the dinar exchange rate

Date: Saturday 18/08/2012 06:00 am
Working Alpetk Iraqi Center to adopt scientific plans and programs in order to create the stability of the exchange rate of the Iraqi dinar against the U.S. dollar, while welcoming the civil Almusariq central bank to take over the responsibility of overseeing the national divider system instead of foreign companies, would be a big boom in the business of banks.
Deputy Governor of the Central Bank of the appearance of Mohammed Saleh plans and scientific programs by the central bank to lower the exchange rate of the dollar against the dinar to reach its normal market price of $ (1190) in the coming period.
Saleh said (of the Agency news): The increasing demand for the dollar continues in the market, which led to get the case confusion in the market by increasing demand for dollar suddenly, leading to increased price even arrived (1300) dinars per dollar During the last period.
He added: that the central bank policy and plans by him was reduced value of the dollar gradually until he settled on a price (1240) dinars to one dollar (in the market), although the central bank auction selling dollars b (1189) for banks and customers, to keep the local currency from deterioration because the increase in the exchange rate of the dollar to more than the number specified cause a deterioration of the national currency.
He continued: Plans are in place and scientific programs and calculated to devalue the dollar further against the dinar even up to its price real to settle the (1190) dinars and (1200) dinars in the market and then be thinking away to make dollar equals dinars through the development of long-term plans after settling The political situation in both inside and outside the country and at diversifying the state’s fiscal revenue.
Has seen the U.S. dollar has increased significantly and unprecedented him its value against the Iraqi dinar in the past months, reaching an exchange rate one U.S. dollar (1300) Iraqi dinars, after he was conservative on the price for a long time b (1170) dinars to one dollar, which was born great fear in economic circles constantly increase its price and its direct impact on the Iraqi economy.
The current dollar exchange rate equal to (1240) dinars.
In the meantime, praised the association of private banks to take over the central bank responsible for overseeing the national divider system instead of foreign companies, would be a big boom in the business of banks.
The association said (of the Agency news): The supervision of the central bank on the work of the National divider system that will be in the next few days would be a big boom for the work of banks in Iraq, the best of the foreign companies that provide service are narrow in scope.
She added: chunked will include all national government and private banks and under the supervision of the Central Bank, which will settle bank accounts through the calculation system connected to all banks under the supervision of the Central Bank.
She explained: that the national system divider will serve as a central point into which all bank accounts throughout the year and will work to resolve the bank accounts of the creditor banks and condemnable in order not to fall banks financial loss.
She pointed out that use chunked national system enrich the banking sector from dependence on foreign companies and reduce the costs and risks of dealing with foreign companies.
To the expectation of a banking expert Mohsen Ali withdrawal of small banks with low capital of the Iraqi market for securities, noting that the Iraqi Stock Exchange needs to be developed more easily traded shares between the companies. Ali said (of the Agency news): The securities market in Iraq since (2003) and yet still not encouraging and the palaces Although developments in it and the introduction of the technological side and the use of electronic devices, and continued: This is due to the community has a vision deficient regarding this market and perhaps there is no doubt the role of the stock market to achieve economic development.
He added: investing in the stock market is an investment indirectly through the contribution of corporate development, banking finance, noting that the Iraqi banking sector is still unable to perform his role properly in the process of economic development despite the fact that Iraq was relying upon that lead important role in the process of the country’s economic reform.
He explained that the small Iraqi banks if they do not develop the same possession of large sums of money, they would withdraw from the stock market in the event of entry of big banks with high capital may be merged with other banks because it is able to compete with those banks.

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