The CBI Should Follow The Budget Law 2015

Iraqi Dinar 123 News: – The Iraqi parliamentary finance committee member Masood Haider said that according to the exercise of justice in the sale, Article 50 of the budget law assists the Iraqi Central Bank about the sale of the dollar which should not be exceeded of 75 million limits. He also said in his statement that the Iraqi Central Bank is authorized to take some major and necessary steps to control the strength of the Iraqi dinar. He added that the rising prices are a natural process in these unpredictable economic situations.

According to a Iraqi parliament finance committee member, Iraq has the best amount of hard currency reserves and we have decided to control the elements that makes the sales illegal of the Iraqi Central Bank. The Central Bank of Iraq should sell dollars to banks at the price of 1166 dinars per U.S dollar. The paragraph 50 of the 2015 budget law is for the Iraqi Central Bank that identifies the daily auction sales of the dollar which should not be exceeded 75 million dollar limit. According the article 50 in the exercise of justice in the sale, the Bank should claim the auction participant within 30 days from the amount purchasing date, who is providing the data documents and introduction of goods in the settling accounts and tax savings. Otherwise the CBI should applies penalties that is predefined in the Central Bank law and with the use of other banking elements to maintain the Iraqi dinar strength against the U.S dollar.

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