Central Bank: Permit the conservative lower U.S. dollar exchange

December 15, 2012 · Posted in Central Bank or Iraq, Economic News 

Central bankBAGHDAD (Iba) .. The Central Bank of Iraq on his decision authorizing the governor powers to reduce the dollar exchange rate to the Bank Act document.

A source at the bank in connection with the independent press (Iba) in response to a statement the former governor Sinan al-Shabibi, describing the decision (b wrong) that Article 20, paragraph one of the central bank law, which refers to the tasks the central bank governor as the chief executive and his conduct of daily operations.

He also passed the same article to maintain the exercise of any powers conferred upon the Board of Directors of the Bank governor.

The bank’s board has decided to empower the governor to reduce the sale price of the dollar and of (1179) dinars per dollar to enhance the value of the Iraqi dinar based on market demands.

For his part, former central bank governor issued an arrest warrant Shabibi, Thursday, authorization decision “wrong”, stressing that this economic decision, as he emphasized that the authority of the Board of Directors higher than the authority of the province.

Shabibi said in an interview with the local agency, said that “the central bank’s recent decision to judge authorizing the new governor the power to reduce the sale price of the dollar is wrong,” he said, adding that “the decision to reduce the price of the dollar economic and not administratively.”




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