Central Bank’s Decisions Worsened Value of the Dinar
|February 10, 2014||Filled under All Dinar Trade Articles|
Iraqi sources banking collapse of the value of the Iraqi dinar against the dollar shortly after the decision of the CBI not to allow domestic banks to enter the market to buy the currency, but the condition put their money in full the bank and then receive it after days and noted the interventions of the leading rib Vice President of the House of Representatives Qusay al-Suhail in decisions Bank subject to the supervision of the Board.
Told sources (writings) that the value of the Iraqi dinar against the dollar recorded a sharp decline ratio of 25% where the value of the dinar against the dollar from 1150 to 1500 dinars .. She explained that the supervision of the central bank is subject constitutionally to the House of Representatives, like other private institutions Hence oversees parliament on legislation on him and pushing him to issue certain decisions Here they took advantage of Qusay al-Suhail mandate of the Parliament this to the bank to issue certain decisions disappear behind the interests and special relationship.
Said sources that interventions Suhail this off through his relationship with the bank Huda, investment and are neither banks sense of the word, and so that their staff are few, as they are closer to my office banking to their respective banks those in charge by themselves all the specifications are known about the banks but backed by the central bank.
Sources indicated that Qusay Suhail and despite his lack of experience of Economic Affairs, the banks or the central bank, but it interferes its affairs through economic legislation have contactless serious economic situation.
Explained that the decision of the Central Bank of the need to freeze the banks for their money in the treasury for a period ranging between one week and two had the weakest work of Iraqi banks civil dramatically and pay a number of them to refrain from participating in the auction the central bank for the currency and thus to the high value of the dollar against the dinar.
It added that in addition to the central bank’s decision this push to revitalize the work of banking offices associated Bmtnfven in power it will lead to significant gains to those who paid to issue the decision and led by Suhail through the sale of dollar prices to current high and then buy it at the rate of at least 25% from the sale after the launch Central Bank coin banks that relates to them a few days ago. And was amazed sources defense Suhail said in an interview with Al-Iraqiya during the past two days from the resolutions of the Central Bank, despite his lack of experience with economic affairs and knew Btdakhaladtha.
Said banking sources that the personal interest and profiteering rapidly at the expense of the poor citizen, and without taking into consideration the interest of the national economy and the lack of knowledge of the market mechanism may pay owners of personal benefits toward the issuance of central bank governor this hasty decision and what has led to a sharp deterioration in the value of the Iraqi currency and will claim to a sharp deterioration of the level of trade Baerakip a column of the economy in all countries, including Iraq, because the column of Commerce is the trading of currency and Ansiabatha and this is not consistent with the decision of the Central Bank of the current that halted trading this seriously.
The writings published yesterday a report on the subject said:
Triggering a serious decision issued by the Central Bank of Iraq not to allow domestic banks to enter the market to buy the currency, but the condition put their money in full the bank and then receive a week or two concerns definite collapse of these banks due to convert all of its assets to the central Then wait for this period before he can enter the market purchase for the currency in cash that Sazodha by Central.
And expert warned Iraqi bank in an interview with (Writings) of the decision to the CBI this would almost certainly lead to the cessation of private banks and lead to a collapse because it is not reasonable to give up this for its currency to the central throughout this period and stops its bank loans and credits and the rest of their dealings with their customers and clients.
And pointed out that the issuance of this decision two months before a general parliamentary elections at the end of next April, aims to take advantage of banks small is a Offices banking The transfer of funds does not have systems of banks accepted but owned or behind the activity, officials Navdhun in power where it’s going to be the sole beneficiary of the central bank’s decision, which suspends the work of private banks to deal with the currency in favor of the banking offices of these which will exclusivity deal with the currency more profits which will go into their pockets.
Stressed banking expert said the decision confirms the fear of power and officials of failure in the next election and exit from governance so they are trying to exploit the remaining period until next April to reap millions of new dollars that will enter their pockets at the expense of the Iraqi economy, which would be affected significantly decision Central Bank as a result of crashes or the collapse of the private banks.
For his part, criticized member of the Committee on Economy and Investment parliamentary MP Aziz Shareef al-Mayahi, the central bank’s decision, calling him not to convert to banks banking offices. Mayahi said in a statement today that the central bank’s decision not to allow banks to enter the market to buy the currency, but the condition put their money in the bank is a full decision surprised and Anjad in which any economic feasibility could be of benefit in the short or long term. He added that the banks are investor important and vital role in Iraq and has a major responsibility in supporting development projects by moving the capital in the domestic market, which gives more incentive for investors to competition and the development of style, including raising the efficiency of the market and investment alike.
And pointed out that the handcuff banks such limitations and prevent them from moving their money in the market and freeze in the coffers of the Central Bank rather than Bank support to those banks with money to stimulate Amlhaho is surprising, and there is no where any benefit to the economy and will deliver Bdilalh negative impact on the overall situation and makes those banks like the offices of banking whose sole job is to convert the currency no more.
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