BLAST FROM THE PAST ARTICLE ----CBI confirms the abandonment of an auction sale of foreign currency

CBI confirms the abandonment of an auction sale of foreign currency
 
25/04/2012 11:21
 
Baghdad, April 25 (Rn) – The Central Bank of Iraq Wednesday, about
his quest for the transfer of an auction sale of foreign currency (the
dollar) to a commercial bank government, saying the auction is not
within its terms of reference, and criticized in a living the same
accusations made against him on the mechanism adopted by the sell the
currency.
 
saw the price of the dollar relative to local currency increased
during the past few days, which is attributed by officials of companies
banking local to stop the central bank sales of foreign currency. and
picked up local media reports about the widening phenomenon of smuggling
hard currency from Iraq to Syria and Iran on the border crossing
points, a unless confirmed by the CBI.
 
Deputy Governor of Bank of the appearance of Mohammed, told the
Kurdish news agency (Rn) “It is time for out auction sale of currency
from the Central Bank of Iraq, and to assume that a commercial bank
government, Vmzad sell the currency does not fall within the competence
of the Central Bank of Iraq.”
 
He explained that “all banks in the world does not work that way, and
we we were in the central bank finance foreign trade and this is not
our job, and I will work hard with other government institutions for the
transfer of an auction sale of foreign currency to commercial bank
government.” and the Deputy Governor of the Bank “Unfortunately the
policy of intervention central bank in the market to maintain the
stability of the Iraqi dinar ended in foreign trade financing to the
private sector, because of the oneness of the Iraqi economy (oil), and
the market required graduation dollars under various pretexts legal and
illegal, and there are worn out to get the hard currency, including not
serve the Iraqi economy. “
 
He “The Central Bank of Iraq is his mission to intervene to absorb
liquidity, and will deal with the bank which will be an auction sale of
currency in the total without going into details,” critic at the same
time “the accusations made against the bank on a mechanism to sell the
currency.”
 
The mission of the Iraqi Central Bank is to maintain price stability
and the implementation of monetary policy, including exchange rate
policies and management of reserves of foreign currency and regulate the
banking sector, while stressing the Finance Committee of parliamentary
support for any efforts presented by the Central Bank of Iraq and lead
outturn final to stabilize the exchange market.
 
A member of the Committee Secretary Hadi’s (Rn) “The real exchange
rate and the actual is the one who sells Government 1118 dinars per
dollar, while the crackdown of the Central Bank to sell the currency
prompted the companies to buy dollars from banks at a higher price is
due.”
 
Hadi said that “the central bank if the easy procedures for the sale
of hard currency, it is certainly to decrease the exchange rate, “noting
that” the transfer of the daily auction of foreign currency to other
banks rather than the central bank will reduce one of the obstacles, and
then will be the Finance Committee in support of Bank Procedures. ” and
that “his committee with the tightening of measures to sell the
currency, but not this way, the conversion of the amount of thousand
dollars to the outside should not include measures of the same transfer
of $ 100 thousand dollars. “
 
In the opinion of experts in the Iraqi economy to transform the task
of selling the hard currency from the central bank to state bank may not
resolve the problem once and for all.
 
In this context, sees Majid picture that “it is possible that there
will be an auction for the sale of hard currency managed by a private
entity separate from the central bank, but the bank takes control of
market supply and demand to be considered the only party that sells the
dollar.” said Suri’s (Rn) that “I have a perception that management of
the auction by the Central Bank or any other party will not lead to any
change in the current reality, but are beginning to resolve the economic
problems. “noting that” the problem is that Iraq is a country
unilaterally economy depends on oil, and even tourists spend money,
Iraqi, not currency difficult in Iraq. “
 
The Finance Committee representative had warned earlier, the General
Secretariat of the Council of Ministers of trying to dominate the
monetary policy of the Central Bank of Iraq, and minimize the powers of
the province, noting that this was a violation of the constitution and
has consequences dangerous to the national economy.
 
 
http://www.aknews.com/ar/aknews/2/303639/
 
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love, love this article soooo freakin much!

supergirl wrote:love, love this article soooo freakin much!

Supergirl, can you tell me why you love it? I read it and it's over my head. I'm not sure what are the salient points.

Does anyone remember this article?   This is proof of how SLOOOWWWLY Iraq gets things done.  This is from APRIL 2012... And here we are,  Iraq is still using auctions even though they CONFIRMED that they were done.

Yep ... sigh ...