Smuggling Dollars

by Di Narino Mon Jun 03, 2013 9:59 pm

This article hit the nail right on the head! Dollars are being purchased and smuggled to Iran and Syria and there are no controls in place to stop it. I should say no serious or enforced controls. This has got to stop!

Sadoun: central bank kept the rate of the dinar against the dollar

06/03/2013

Sadoun: central bank kept the rate of the dinar against the dollar

Said former deputy Alaa al-Sadoun said the CBI was able to and during the past few years to maintain the exchange rate of the dinar against the dollar and have a cash reserve large reached $ 60 billion, which gave the Iraqi dinar stability reflected in turn stabilize the economic situation for the prices of goods and services traded.

It showed Sadoun in a press statement that "In recent times taken the dinar exchange rate is deteriorating against the dollar until it reached to 1320 dinars to the dollar after that was a long time 1170 dinars," ruled that "the central bank's policy is the reason for this is because it is still ongoing work in the same instruments of monetary policy and of the policy of open market (auction of foreign currency) and the imposition of interest rate on loans provided by the banks, a 6% and the imposition of a cash reserve on bank deposits is 15%, as well as reducing the rate of annual inflation from 50% to decimal one in recent years . "

Attributed the head of the Finance Committee in the previous parliament, "the reason why the deterioration of the value of the dinar to the smuggling of foreign currency abroad for the benefit of countries suffering from economic sanctions leading to be less than the amount of the supply of the dollar against the dinar and the quantity is not sufficient to cover the need for Iraq was the supply is less than demand in addition to the global rise in the price of the dollar against other currencies. "

It also called for "the solution to this problem by imposing real control over the dollar smuggling operation to the outside and put more effective controls and activation of the Money Laundering Act, a task does not fall only on the central bank, but also on the Iraqi government."
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