Central Bank supports electronic control system with the border crossing points
06/16/2013 06:29
While the central bank announced a decline in sales of the currency auction to banks and adoption of the control system electronic links between him and the General Authority for Customs, called Economists Bank to expand the adoption of the treasury transfers instead of cash sales to banks and citizens to reduce the high prices of the dollar and ensure the preservation of public money wastage.In this regard, said a researcher at the Iraqi Institute for Economic Reform, Dr. Ahmed al-Husseini (morning): The adoption of the Central Bank of the introduction of remittances for traders ensures access the largest number of goods, but he in turn may delay the arrival or entry of those goods into the country, but in all conditions much better if combined with system control again. , adding that foreign banks are foreign-based and trust remittances issued by the central bank and therefore it is a good sign and gives an incentive for the central bank to reduce the cash sales and restrict the sale of foreign currency for traders and investors as it ensures the arrival of goods in the same amounts transferred to traders themselves. was governor of the Bank and the Agency Abdul Basit Turki said in a press statement from the central bank sells daily between 160 to 180 million dollars in cash on a daily basis to the citizens and brokerage firms. According to the theory of supply and demand is supposed to drop prices, the dollar through this procedure, but to do some weak people exploiting the phenomenon of cash sales direct to the dollar to the citizens to achieve a quick profit at the expense of the country's interests and damage the local economy, as the amount set by the Central Bank of the citizen for the purposes of travel or treatment at 5 thousand dollars. said Husseini system that remittances contribute directly in the balance of trade payments of the country and achieve stable than if it was linked to a program controlled electronic between the central bank and border crossings of the General Authority for Customs, indicating that the control systems of modern contribute significantly to the reduction of administrative corruption as it investigates the economic viability and to maintain public money. announced Association of private banks in Iraq for more than five banks civil will start reducing prices sell the dollar to the citizens at 1183 dinars, while the identified sales price for the purposes of the appropriations to 1178 dinars. said Executive Director of the Association of private banks in Iraq, Abdul Aziz Hassoun told (morning): This trend comes to support measures CBI aimed to reduce the prices of the dollar and the stability in the markets, noting that the three banks, which will take the initiative to reduce the prices are the Ashur International Bank and Bank of Baghdad and the Bank of Huda Islamic. predicted Goldfinch tend the rest of the private banks to this initiative seriously and that reflect the response of the private banking sector with the instructions of the Central Bank of Iraq and restore bridges of trust between them. Iraq has seen a recent rise in the dollar exchange rate result of market instability by Iqbal large numbers of people to buy it from the outlets and then sell it to companies to mediate in the sale of the currency against the profits of small What led to the rise in the price of the dollar against the dinar. was the Iraqi Central Bank Governor agency Abdul Basit Turki announced that the Bank adopt way linking email with the General Authority for Customs for the purpose of documenting transactions for the entry of goods into the country and earned from money selling foreign currency. said in a press statement that The move comes for the purpose of effective implementation of the link between border crossing points and window currency auction window and expense payments of Iraq so that we can know that what we are selling in the currency auction turns into goods real intervention into Iraq. said that the report of the Board of Supreme Audit has shown that derived from the actual materials entering Iraq amounts to less than 1 per cent due to the lack of fully controlled outlets and at best the proportion of goods entering into the country 20 percent of the amount sold in the auction currency, which in turn transformed into merchandise.
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