National has accused the central bank and the currency is the "window of thieves and corrupt" auction


 Baghdad / term

Emphasized national coalition led by Iyad Allawi, on Monday, the dollar exchange rate in the domestic market management is a"window of thieves and corrupt", and pointed out that the currency anywhere auction "for wasting money and leaking Iraqi balance across the mafias money laundering", as he was concerned the determination to continue auction currency policy despite the warnings and recommendations of experts, called for the inclusion of the Central Bank reforms approved by the House of Representatives.

According to a statement, the national coalition, she received a "long", a copy of it, that " the dollar in the domestic market prices of management is the muggers window and the corrupt who make their living on the difference between the official exchange rate with the parallel market, "he returned to" the so – called auction currency is non – existent in countries that adopt the practice of a market economy, and proved experimentally that they lead to a waste of money without supervision.

" He was the national coalition, "concern of thecentral bank ‘s determination to continue the auction policy , currency and management of dollar in market prices, despite the experts ‘ reports on the need to reform this policy, which refers to the mismanagement that lead to leakage of Iraq ‘s financial balance across the mafias launder money deplete foreign exchange reserves, and in the critical economic and financial conditions seriously. "

After falling to $ 51 billion .. specialists: Reserve monetary Iraq is enough for two



specialists revealed in the economic and financial affairs for the decline in cash reserves of hard currency in the Central Bank about $ 29 billion after it was $ 78 billion, he now $ 51 billion, due to the financial crisis and the continuing decline in oil prices in world markets, which making the federal government relies on monetary reserves in the bridge the fiscal deficit in the state budget.

In light of the decline happening in the cash reserve specialists have confirmed that the size of the current reserve Iraq would be sufficient for only two years because of the expectations that point to the continuing decline in oil prices in world markets.

He says an expert on financial affairs on behalf of al-Tamimi, said the size of the monetary reserves at the Central Bank began to gradually diminish until he was in the last period, according to international reports between 53 billion to 51 billion dollars after it was three years ago or more, exceeding the $ 80 billion.

He said al-Tamimi told / KD / that such a large decrease in the size of the reserves requires data and explanations by the government because it is the sovereign credit of the state and cover local currency Vtnaqs mean lower value of local currency, stressing that this reserve will be enough country for only two years in the light of the continuing financial crisis and low prices oil.

For his part, predicted economist nice Abdul Salem Ugaili, the continuing decline in reserves of the Central Bank in the coming years in the absence of processors of the financial crisis and plans to expand the resources of the state, stressing that the security situation and the war against terrorism and the decline in oil prices in the absence of the role of the productive sectors (agriculture and industrial and tourism) led to the worsening of the financial crisis in the country, making the government be forced to resort to monetary reserves to fill some of the expenses.
He warned Ugaili told / KD / The unilateral Iraqi economy side and is supported on oil revenues, oil, volatile oil prices because there is a well-known political will try to affect the subject of supply and demand and thus affect oil prices, and oil prices will not rebound until 2018, meaning that Iraq It will remain in this vortex if they do not find outlets to get out of this crisis, namely the development of other economic sectors, which will maximize state resources and increase cash reserves.

To that, the Finance Committee member Ahmed Sarhan, said the size of the monetary reserves decreased to US $ 51 billion due to the government to withdraw some of the money to meet the operating expenses due to the financial crisis faced by the country as a result of lower oil prices.

He said Ahmed told / KD / that the country is going through a severe economic crisis made the states have to withdraw some of the money to meet the staff and the salaries of retirees, noting that the World Bank and IMF loans will help Iraq avoid the government from withdrawing cash reserves over the coming years.

He added that the government had resorted to foreign loans is the result of increasing the fiscal deficit and the decline happening reservoir Central Bank.

Parliamentary Economy: amounts traded in the market 43 trillion dinars and reserves of Iraq amounted to $ 51 billion

  • Tuesday, August 23, 2016 11:32

BAGHDAD / Baghdadi News / ..

A commission parliamentary economy, Tuesday, for a new currency from 100,000 dinars category, loaded with the central bank issuing the responsibility of the Iraqi low volume of currency reserves to 51 billion dollars.

Rapporteur of the Committee, said Nora Albjara in an interview / Baghdadi News /, "it was printed a new currency of 100,000 dinars category, so as to reduce the size of the rolling transport, particularly regarding the payment of staff salaries."

She Albjara, that "the amount of money traded between salaries and markets amounted to 43 trillion dinars," indicating that "the reserve currency of $ 51 billion."

She stressed, "it is supposed to be the size of the reserve currency of 60 billion dollars," adding that "the central bank responsible for the decline in the size of the reserve."

And it warned the planned Economic Committee, the "occurrence of inflation in the money supply after the huge categories like 100 thousand dinars without taking the necessary measures," pointing out that "the central bank has promised to issue a small cash categories of metal there to be a balance between large and small groups."

Albjara showed that "differences on a certain image and Embossing on those small coins, prevented the issuance at the moment."

The Iraqi Central Bank announced, in November 2015, for the issuance of high-value category of cash (50,000 dinars) in circulation in Iraq, for the purpose of completing the restructuring of banknotes Alaracah.…nAE-DNkAE.html

US dollar ends cheaper against the rupee

Times of India1 hour ago

MUMBAI: The US dollar ended cheaper against the rupee at 67.06/07 per dollar but the pound sterling finished higher at Rs. 88.42/44 per pound at the close of the Interbank Foreign Exchange market today.

RBI sets rupee reference rate at 67.0885 against US dollarIndia Today

Premarket: Global stocks creep higher amid Fed limbo, US dollar dips

The Globe and Mail54 minutes ago

World shares crept up on Tuesday while the dollar lost ground as investors awaited further clues on whether the Federal Reserve will raise U.S. interest rates this year. European equities were 0.5 per cent higher led by mining and banking stocks after …