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CBI Governor Indicates Steps to Reduce Inflation

18 Dec 2012
Agencies verified Central Bank Governor Sinan al-Shabibi issued an arrest warrant, on Saturday that the central bank’s goal is to reduce inflation and support savings and not financing import operations. Sinan al-Shabibi also said to Alsumaria News that the main purpose of the Central Bank is monetary policy to fight inflation and not commercial financing import, noting that the recent decision of the Central Bank to allow the Iraqi banks approved to open letters of credit and financing by the bank is a business decision and Shabibi also added that the aim of the bank is working to pull the dinar from the market and entered issues auction to reduce inflation and urged, the Bank’s management group’s new focus on monetary policy, not profitability. It was the bank’s board decided on 11 December to encourage Iraqi banks approved to open letters of credit and financing by the Bank in accordance with the mechanism designed for this purpose and continuity in the entry window selling foreign currency, indicating The banks covered are Bank of Baghdad, credit and Mansur as a first stage and later include all licensed banks. Under the instructions of the Economic Commission of the council of Ministers to move all of the special allotments ministries that more than four million dollars to the commercial Bank of Iraq in the transfer of funds of less than four million dollars to private banks, which are distributes by activity according to the classification of banks by the Central Bank of Iraq. Sinan al-Shabibi on 13th December said that the bank’s decision to approve the province validity reduce the sale price of the dollar was wrong. The Prime Minister Nuri al-Maliki said on 5th November, 2012 that the warheads large fall in the issue of the Central Bank, indicating that he is not acting funds Iraqi, but had no information on the size or the position of the deposit, referred to the supreme Judicial Council verified in 19th October that the issuance of an arrest warrant for the central bank governor and a number of officials in corruption cases. Source: [Al Mada Paper]
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