Parliamentary Finance: Some banks civil licensed to sell hard currency refrain from selling the dollar for citizens
22-03-2013 12:32 PM
Baghdad (news) .. A member of the Finance Committee MP / National Alliance / Hussain Yasiri, for the reluctance of some banks civil from the sale of hard currency for citizens, and obtained by the central bank auction, which contributed to reducing the exchange rate of the dinar against the dollar.
Yasiri said (of the Agency news): Some banks in the private sector get large amounts of hard currency from the central bank auction, for the purpose of selling it at a subsidized price to the citizens but refrain from selling rate him.
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added: that the failure of those banks from selling the dollar for citizens this means closing port of outlets hard currency and thus contributed and significantly reduce the Iraqi dinar exchange rate against the U.S. dollar.
pointed to: that his committee will have a big role in the verification and auditing this subject in the coming days, to determine the reasons for increase in the price of the dollar in the market, and find solutions to them.
[Shredd] so, we know the auctions have been going on for some time and for those who don't get their purpose, this article spells a key part of it out, liquidity to the people, those who use it.
A process which has kept their economy running but now the banks are motivated to hold onto it thus causing a restriction in the availability of the dollar. We've seen a few articles in the recent past that told us that supply is drying up but here we see why. Banks see the problem. Banks !
[tlm724] its a currency vacuum Shredd
[Shredd] yes timmy, a currency vacuum
[Shredd] so, the issue has grown to this level and it's all PERFECT for us. The wonderful buck, the currency that has kept them going is about to leave the building like elvis so, the logical solution is to get the dinar to take its place because this problem can't continue. An economy is the fuel for a country. Some will say iraq can just flood more USD but it is weak and we've see past articles about the concern in the dollar, that's easy to see
[Shredd] so, this is pushing our agenda folks and what perfect timing, a time where stimulus via the HCL is about to come to fruition, a time where investment at all levels, even lending to businesses is taking place more than ever, we have articles on that too.
[Shredd] if you look back into history and study where economic panic struck it's almost always at the people level, the "street" and Iraq can't let that happen, the CBI does not have that situation written into its monetary policy
[tlm724] the CBI has no contingency plan for that
[Shredd] so, be excited because this issue is escalating and everyone knows the solution, the Dinar
[Shredd] Shredd - out