CBI: Reduced Sales of Foreign Currency From 150 to 50 Million Dollars a Day

Baghdad, 28 April (Rn) – An adviser to the Iraqi Central Bank, Thursday, from lower sales of hard currency of $ 150 million to $ 50 million per day because of the problems faced by clients in the private banks and government relating to disclosure of tax.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “a sharp decline in the proportion of buy hard currency at the Central Bank reached $ 150 million to $ 50 million,” attributing the cause to “strictures government to disclose the tax is an obstacle facing clients in the private and state banks “.
Saleh added that “the central bank seeks to coordinate monetary policy and fiscal policy through the provision of tax disclosure requirements of the Chambers of government tax,” noting that “most of the proceedings conducted by the international banks to balance the economic value and the achievement of the factors of development banking.”
He continued that “this sudden drop will certainly affect the purchasing power of Iraq to foreign currency, but will not last long because of the political followed by the Central Bank in the promotion of the foreign currency market and raise about the Iraqi dinar exchange rate.”
The central bank set the $ 250 billion Iraqi dinars as a minimum for the establishment of private banks in the country.
The House of Representatives its first session legislation to the Banking Act in 2007 to organize the work of private and state banks.
And the central bank of Iraq in the month of February last he will give the number of licenses to establish private banks, stressing that banks will increase the role of the country’s economic.
The total capital of Iraqi private banks one billion and 600 million dollars now, other than bank branches owned by Arab and foreign companies operating in the country.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
Allonan of Jafar, the Open: Mustafa morning
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