Monday, July 15, 2013

Finance Committee: government measures to support the exchange rate of the dinar does not represent the policy of the central bank intervention

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BAGHDAD - A citizen
A member of the Finance Committee MP Najiba Najib government to take urgent measures to strengthen the Iraqi dinar is not the work of the central bank intervention, stressing that the current laws are not commensurate with the policy of the free market economy. Najib said that strengthen the Iraqi dinar is not only the responsibility of the central bank, but its responsibility rests with all relevant institutions and the Iraqi state, indicating that Iraq needs a strong economy and a strong currency. She added: there must be urgent action and strategic plans by the government to strengthen the economy, without a strong economy and produce local and directed state can not strengthen the Iraqi dinar.
She pointed out that the legislation window does not fit with a free market economy, nor with the government on plans to strengthen the economy, indicating that strengthen to ايطبق the dinar in a short period but need a set of procedures and a package of laws to get the desired results.
The Iraqi Central Bank is responsible for monetary policy and there is a tendency for the integration work between the central bank and the government to raise the purchasing power of the Iraqi dinar. On the other hand
Favored the president of the Center for Economic Information Dergham Mohammed Ali said that the Iraqi dinar currency becomes desirable to deal internationally after the withdrawal of Iraq from the provisions of Chapter VII internationalist. Muhammad Ali said that Iraq would emerge from Chapter VII of the Iraqi currency will make internationally acceptable and wider than it is now, where in the past was acceptable regionally and traded in countries that heading have Iraqis tourists. He continued: but the term will be expanded to increase trade and increased international openness as long as there is a guarantee cover of foreign currency for the local currency. He added: He does not have a direct link between the withdrawal of Iraq from Chapter VII of the dinar exchange rate that the exchange rate linked to local factors and is linked to the management of monetary policy in the country through the auction, supply and demand and the effectiveness of speculators in effect, in addition to less effect of concussions imported inflationary. This has been the voice of the UN Security Council on Iraq would emerge from the provisions of Chapter VII after Iraq fulfill its obligations to repay the debt owed ​​it to some countries.

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