6/29/2015 0:00 70 percent of sales go to cover foreign imports
BAGHDAD Shokran Fatlawi
hold the progress of the development policies of the Institute expanded seminar attended by Governor of the Central Bank d. On the Keywords and a large number of academics, economists and officials of institutions and businessmen to discuss the reasons behind the crisis, the Iraqi dinar and low value against the rising dollar and its impact on the Iraqi economy.
initiated the seminar which was attended by the “morning” with the opening of the institute’s president d. Mehdi al-Hafez price which the central bank’s position by taking quick measures that limited the aggravation of the crisisand the return of the dinar to its previous status
as well as the central initiative doing development project with the support of $ trillion dinars in the form of loans to small and medium-sized projects and their implications for national development process.
Hafiz promised central position reduction Foreign interventions in policy, whether governmental or parliamentary first step and wished to continue its initiatives to stop the interventions, especially those related to trying to time limit to sell the dollar by 75 million dollars a day as well as intervention by imposing taxes and customs duties by 8 percent mode.
then Governor of the Central Bank occur d . On the Keywords for means of monetary policy, particularly the dollar selling process, which is essential for the central and the rest of the banks being it is not a business process ends buying and selling
but base related to monetary policy and therefore economic policy and to achieve stability in the prices returned that objective of the central President.
He added that the sale of the dollar contributes funding the commercial sector central to the fact that is a monopolist of dollars so he is on coverage of foreign imports as the data indicate that 70 percent of the central sales go to cover foreign imports
coincided coverage for personal remittances and thus achieved another goal of the sales process, which scaled the money supply and not to resort to currency printing which leads to inflation.
He noted that the process was able to curb liquidity in the market by selling the dollar and the withdrawal of the dinar and re-used as needed and requests the Ministry of Finance without having to print more currency.
promised perception simplify this window and counted marginal in the central work of the conclusion that the Aasb in achieving the goals which had been prepared for it, pointing out that the sales process resulting in the financing of the state budget the fact that oil imports received by the country in dollars
through the Ministry of Finance are recent converts to the dinar through thecentral bank, which buys dollars to enable it to cover its expenses in dinars.
He said that the problem of the Ministry of Finance is not a shortage of the dollar but rather the lack thereof in the Iraqi dinar as a result of the paucity of local revenues for that resort to convert dollars to dinars and thus a source of dinars Central needs so tempted to sell the dollar.
He concluded Keywords his reference to the need to control the reform because it is the basis of economic reform and performance assessment, pointing out the importance to have a central active role in the development in accordance with the Constitution
and called for the importance of concerted efforts the central fact alone will not be able to solve the financial, tax and movement of goods problems between home and abroad as a holistic nature to the national economy.
At the end of the seminar praised d. Mehdi al-Hafez clear and frank dialogue to the fact that the Governor of the Central Bank of the country in dire need of such Almkashifat in order to identify the problems and access to a private at this critical juncture for the country and out of the crisis resolved.