A tribute to the central measures for the conservation value of the dinar

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A tribute to the central measures for the conservation value of the dinar

04/06/2012 2:22

Baghdad - Al-Sabah
praised the Finance Committee MP Abdel Hussein al-Yasiri, in a way to open letters of credit instead of foreign exchange of currencies used by the central bank to maintain the value of the Iraqi dinar against the dollar. Yasiri said: The Central Bank has started to make good steps to restore the value of Iraqi dinar and the preservation of price to the foreign currency through him the powers of the sale of hard currency for a number of commercial banks in addition to that action will be taken to open letters of credit instead of foreign exchange of currencies. He explained: that the way the opening credits would force traders toopen the adoption of their own by commercial banks, whether governmental or private and puts the insurance, so it is when want to import goods from abroad opens depending instead of money transfer to ensure the receipt of goods to the country and high specifications and to avoid out of funds without the import of the country. He added that the purpose of taking such measures by the Central Bank in order to maintain the value of Iraqi dinar, because when you reduce the central from the sale of hard currency will lead to increase in value as the lower exchange rate of the dinar. The central bank has announced the start of opening letters of credit instead of foreign transfers of funds difficult for Iraqi banks two branches of public and private.

Source: alsabaah