Central Bank: Launch trillion dinars to banks and currency auction will reduce the volatility in the exchange rates

by **Ponee** Thu May 21, 2015 7:46 pm

Central Bank: Launch trillion dinars to banks and currency auction will reduce the volatility in the exchange rates

The central bank stressed that the decision to launch trillion dinars to the banks and the auction currency, the right step in the framework of control over dollar exchange rates and to maintain economic stability of the country, while noting that this decision is not an encroachment on the item 50 of the Budget Law pointed out that the stability of the exchange rate leads to the stability of the economic situation in general.

He said economic expert and member of the Board of the Central Bank, Majid picture, in an interview with "News Today", that "the central bank's decision to launch the money came as a result of high volatility in exchange rates and should intervene to reduce this volatility and control of the exchange rate to reach economic stability, currency stability "pointing out that" this decision is not an encroachment on the Law of the budget item 50 but that the bank acted in accordance with his powers. "

He pointed out that "exchange rates affect the overall economic situation of the country and its stability leads to the stability of the economic outlook and the reduction of inflation and the emphasis on the guaranteed future investments."

He noted that "the Bank has taken such a step to reduce the volatility of exchange rates in winning and reduce the pressure on the Iraqi parents, because this leads to a state of economic stability, and that Our primary goal is to reduce the process of decline of the Iraqi dinar."

And money smuggling operations continued Suri said, "It's not the responsibility of the Central Bank, but the responsibility of other agencies and the World Bank cooperate with them and watching and oversees the work of banks, but its responsibilities specializes in monetary policy and exchange rate stability and the reduction of the inflation process." He continued by saying that "the bank is audited the documents submitted to reduce the severity of smuggling and money laundering," pointing out that "the Department control over foreign transfers were canceled and can not be returned because it is contrary to the central bank law in the framework of freedom of foreign remittances."

He concluded his speech by saying, "The country's economic situation needs to be concerted efforts by all sides, and the central bank Icon duty aspects of monetary policy and trying to control exchange rates to reach economic stability, but fiscal policy has not reached sufficient maturity so far to push the development process and harmony with monetary policy. "

http://today-news.org/news.php?NewsID=2250