August 30, 2010
Economic expert: Mali: the monetary policy challenges
بغداد – الصباح BAGHDAD - morning
Of monetary policy played an important role in the overall economic process and the process of monetary and financial, in particular, but the term is broader in addressing the economic problems facing the world's economic systems,
Financial expert in a Samal of financial credit Hussein Abdullah said: "The monetary policy role in organizing and managing the cash block in a step towards achieving the goals of monetary stabilization in prices, domestic currency deposits and credit is to maintain the exchange rate and full liberalization of capital account and independent monetary policy and guidance about achieve local interests exclusively.
He says often Matusband transition economies of the central system toward a market economy is the case with the Iraqi economy at the moment and to embrace market economics as a branch of a future containing the interaction of the forces of supply and demand and challenges of economic, political and rebuild infrastructure devastated by repeated wars and economic sanctions, which lasted for many years.
He points out that this gives an indication of some trend to rely on foreign remittances and the trend towards foreign investment, which makes monetary policy faces in the near future real challenges in the face of reduction of the free movement of capital from home and abroad, and constraints on the work of investment and implementation of projects, hence the texts of the new law as an affirmation of its role in activating the market forces and eliminate dependence on government institutions, especially in funding, hence the institutions of cash in Iraq several steps on the monetary level aimed at strengthening economic and financial stability and work to develop and maintain the stability of domestic prices and create a favorable economic environment in terms of Economic Competitiveness relies principle is important in their financial and economic based on an appropriate mechanism in the law of supply and demand to create future trends and drawing up monetary policies required to replace the currency and the granting of work permits for foreign banks and holding auctions daily foreign exchange banks to investment projects significantly.
He says: that domestic monetary policy there have been attempts to install the process of monetary stability, reduce inflation and activating the role of the domestic financial market and the use of monetary instruments not previously used, including engaging in acts of open market and the establishment of an auction of foreign currencies, as the economic changes taking place in Iraq right now by going toward a market economy as a cornerstone in a strategy of economic development and face the dilemmas and challenges of current economic situation, especially with the start of the flow of capital into Iraq with improved security and political situation and employment of those funds support the work of reconstruction, development and promotion of the private sector in taking the role of real and serious contribution in the development process economic development.
Alsabah
