Reduction of selling the dollar in cash contributes to the stability of the dinar

July 14, 2013 12:03

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Chancellor revealed in the Iraqi Institute for Economic Reform d. Ahmed Husseini, the presence of a number of solutions and proposals to give a greater proportion of the stability of the Iraqi dinar. 
Husseini said in a statement (morning): that there are short-term solutions and long-term to reduce the volatility of the exchange rate of the dinar against the dollar. 
He said the quick solutions include reducing pumping dollars through cash sales at the central bank auction, along with the adoption of increased foreign remittances, in addition to increasing the price of cash sales at the central bank auction for the equivalent selling price in the auction of foreign remittances, noting that the sale and purchase of foreign currency to companies conversion and financial intermediation is done by licensed banks in Iraq to reduce the non-compliant transactions of the conditions and procedures adopted. 
He said al-Husseini need to compel traders and dealers in the areas of trade exchange between Iraq and neighboring countries to deal transfer financial and letters of guarantee, rather than buying cash. And on radical solutions long-term Husseini said it is reviewing the financial policy of the state and reduce inflation in spending operational, and the need to speed up plans for banking reform in order to facilitate external monetary exchange procedures, in addition to improving the tax code and work to expand horizontally while reducing tax evasion. 
He pointed to the necessity of activating the law of customs tariff because of its important role in providing incentives for producers with feature economic, leading to a reduction in the volume of imports, as well as improved revenue workforce, stressing the importance of improving the business environment, the economic order to raise the efficiency of production for companies and institutions of local productive that will reducing imports and increasing the intake of foreign currency through export and attract foreign investment. 
Husseini stressed the need to use modern electronic mechanisms in the distribution of salaries and the use of bank instruments and to encourage savings, can also issue a new currency or deletion of zeros from the current currency to have a positive psychological effects on the local currency dealers.

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