CBI auction and failing to adopt IQD in business and international transactions could collapse economy, says parliament sources

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CBI auction and failing to adopt IQD in business and international transactions could collapse economy, says parliament sources

Posted by Iraq News Journal on Jan 02, 2014

Auction Central Bank monetary policy threatens to collapse
Warned parliamentary sources familiar with the collapse of the Iraqi monetary policy in light of the continued dollar selling in the auction of the Central Bank, and revealed a blueprint for the continuation of the process of money laundering agreement with American officials through non-recognition of the Iraqi dinar in international transactions.
The sources said that “the financial policy of Iraq at a critical juncture in the light of the growing phenomenon of selling the dollar at the central bank auction to sell the currency,” indicating that “the government is not aware of this risk and is oblivious also on the level of collapse concealer suffered monetary policy in light of the marginalization of the presence of the Iraqi dinar, which What still is not recognized in international business dealings despite the passage of 11 years since the change of the former regime and the lifting of international sanctions on Iraq. “
The sources pointed out that “the failure to adopt the Iraqi dinar in business dealings and international economic serves as the execution of the Iraqi economy, arbitrary and intentional,” pointing out that “this phenomenon, according to foreign experts within the biggest corruption in the history, the agreement between senior American and international companies leading the laundering operations and money laundering. “
Previously, specialists in economic affairs that strongly criticized the policy of the central bank in control of the Iraqi dinar exchange rate and demanded reconsideration of the auction sale of the dollar, but the latter insisted on continuing to sell foreign currency and Usaha to include all government and private banks.

The bank said in a statement issued in the month of April, “The process of cash sales for the dollar continues through the central bank auction conducted by the sale of foreign currency,” adding that “sales operations include all government and private banks, according to quotas and timings of time so special” .

You are here: Home / Current News / Senior banker: the high exchange rate of the dollar against the dinar affects the operation of the country’s economic

Senior banker: the high exchange rate of the dollar against the dinar affects the operation of the country’s economic

Economic

Baghdad (news) .. Said banking expert Majid picture, the fluctuation of exchange rate of the U.S. dollar affects the economic process as a whole, because of the interdependence between the Iraqi economy and the dollar.
said Suri (of the Agency news): The rise and fall in the U.S. dollar exchange rate adversely affect the Iraqi economy, because of all exports and Allwaradat Iraqi evaluate the dollar, noting that the volume of imports large for Iraq at 70 billion dollars, and all will be affected.

continued: that any change Aotzbzb the U.S. dollar affects the other currencies associated with it, and has a direct impact on the economic situation and Iraq’s relationship with the economies of other countries. noted that the Committee on the economy parliamentary warned of the continued rise of the dollar’s exchange rate against the dinar, stressing that this phenomenon began to weigh heavily on the majority of low-income citizens

2.

“Strengthen Iraqi Dinar and make it acceptable internationally, not just local”, says banking expert

Suri calls to strengthen the Iraqi dinar and turn it into a currency is possible to deal internationally

Called banking expert Majid picture, today, to strengthen the Iraqi dinar and turn it into a currency is possible to deal at the international level, not just local.
He said the picture: that local  and international inappropriate disengagement of the Iraqi dinar to the U.S. dollar, ruling out the success of the disengagement of the Iraqi dinar to the dollar being tied to the global system and the development of local industries and agriculture, then the right conditions will be available disengagement dinar to the dollar.
He stressed: the need to find a new global monetary system instituting various currencies, which Maysay him the International Monetary Fund and the World Bank and the Organization of the century in order to create economic stability of the global monetary.
He called Economic Information Center, the government need to work on the disengagement of the Iraqi dinar to the dollar, indicating that the current data do not indicate seriously special programs to find alternatives to the parallel development of the oil.
3.

Editorial: Will the CBI will be able to address the low value of the dinar?

Baghdad, Mustafa Habib
At the door of the Rafidain Bank, the government stands hundreds of people in a long queue to buy the dollar after the bank allowed every Iraqi intended to travel to purchase 5,000 dollars at a subsidized price from the Central Bank of Iraq and the value of 1900 dinars per dollar.
Iraqi dinar is witnessing weeks ago marked decline against the dollar value returned by economists and Vice specialists in the matter of financial factors political, security and other financial because of the growing phenomenon of smuggling dollar outside the country.
central bank sold every citizen intended to travel 5000 dollars at 1900 dinars per dollar, as it sells banking offices at 1126 dinars, but brokers currencies and the owners of banking offices invested the opportunity to get hard currency.
game practiced by these is to send a group of citizens to government banks to replace the currency exchange for giving them a commission of $ 100 for each replacement process.
“talk” surveyed a number of citizens who come daily to the banks where he confirmed many of them that “the attributes of travel allow them to replace the currency price mentioned forged and banking offices provide them with the visibility of the bank staff to approve the purchase of $ 5,000. “
and adds many of them, mostly from the poor class, “The owners of banking offices give us the amount of dollar buying for not امتلاكنا this amount and later we reinstatement them dollar versus giving us a hundred dollars for that process. “
says economist Majid picture “The deterioration of the exchange rate of the dinar against the dollar due to many factors, including political and other security and a third related to financial management in the country.”
adds to “talk” that “the Central Bank a few months ago was sells between (50 150) million dollars per day, but soon increased demand for the dollar grew sales to $ 400 million per day.
Suri said that “the security situation tense and complex political situation pays a lot of traders and owners of capital to convert their money outside the country and switch their money from the dinar to the dollar for fear of the collapse of the dinar. “
Some companies non-Iraqi operating in the country decided to suspend the work of its employees and deported out of Iraq because of the situation.
says one of the officials in the Turkish company specialized in building homes in Baghdad that “the parent company in Turkey decided to withdraw all its employees Turks against the backdrop of crisis situations in the capital and the return of the bombings.
adds that “our work during the past two months saw a recession because of the lack of construction projects by the Iraqis.”
problem facing the forex market in Iraq, they are not subject to certain controls, and simply microchannel can any people in Baghdad and other Iraqi cities to get the dollar through hundreds of banking companies unlicensed or by the owners of stalls on the sidewalks, and does not cost much more than wages.
recognizes Kazem Jassim, the owner of a small office for banking in the Mansour district in Baghdad, that his work is not subject to censorship by the government or the central bank.
, he says, “to obtain a license by the Bank require a lot of regulatory approvals and subject to favoritism therefore preferred to work without a license seven years ago.”
deputies in the committees of integrity and financial parliament throwing a portion of the responsibility for the deterioration of the dinar exchange rate on the bank Central to being the executive responsible for fiscal policy in the country.
charges these MPs are focused on how to manage the central bank, and procedures that do not live up to the required level befitting the national economy, in the words of some of them.
member of the Integrity Committee in the Parliament MP Jawad Alshahyla said, “After replacing the Governor of the Bank Previous known integrity and experience Shabibi began dinar exchange rate against the dollar to decline and became the worst of the past, administration of the new bank was unable to control the smuggling of currency. “
Alshahyla confirms that his committee pursuing policies of the Central Bank under the Governor of the Bank’s New Abdul Basit Turki, according to initial reports drop policy cash, and adds, “There are staff corrupt in the bank must be held accountable.”
As a member of the Finance Committee in Parliament Magda Tamimi فتوقعت continued deterioration rate of the dinar against the dollar, and attributed to the presence of cooperation between the economic and financial institutions, and the lack of control of the ministries imported, such as health and trade.
Regarding the news the effect of smuggling huge amounts of dollar abroad confirmed that “the smuggling of dollars currently underway by traders against documents and forged documents, and goods and fake.”
CBI has already tried a few months ago to put an end to the phenomenon of the increasing demand for the dollar and enact new regulations to stop the conversion of dollars to out of the country when he called on all banks and banking companies to provide official documents about transactions to convert the dollar, and the closure of shops banking unlicensed.

economic expert on behalf Antoine summarizes the reasons for the deterioration of the dinar by three key factors, the most important of the political crisis, and the return of violence, and weak monetary and fiscal policies.
says Antoine For “talk” should “reconsider its fiscal policy and financial reforms include the sectors of banking, investment banks, and strengthening the private sector and to address the scourge of administrative and financial corruption in the country.”

4.

Editorial: Cancellation of zeros dinar, Must implement to achieve; And the release of prisoners of the Central Bank

Could the central bank since 2003, raising precautions from bankruptcy and debt to more than 80 billion dollars. And was able to achieve the objectives assigned to it and essentially constant currency and control inflation ..
Dropped the price of the dollar from 1500 dinars to the dollar in the (2003) to (1166) .. Any citizen achieved (23%) Zaardh on income that was received by .. Inflation fell foundation year and inflation of about (75%) .. And (46%), respectively, to the number of individual spins between (4-8%) .. With reminders at the Millennium inflation rates, to the end of the eighties and nineties.
Had to cancel the zeros can enhance these achievements .. Indeed, the approximate dates announced new currency has been designed .. فتسحب currency “zeros” gradually from the market within a year or two smoothly and quietly .. Vasdar new currency and withdraw consuming and shattered a routine, Securities فتطرح new, Deleted zeros.
Some criticized focusing on fraud .. Many supported .. Issuance, transfer and save the recording and counting, monitoring and follow-up and print (5) billion banknotes is more complicated and more expensive than print (5) million and paper, which is better for the economy in the transactions and the prosecution of forgery and fraud .. And an example, فاحدى the problems of the Rafidain Bank to move from a paper-based system to a system of “comprehensive” mail is that the system is designed for (14) a number, and that the trillion alone would take (13) digits without fractures, and high numbers. In short, it was possible to cancel the zeros, and realize the benefits, taking pertinent criticism .. But the delay the decision for political purposes related to the management of the bank before his policy. It is the same that led the bank to change the leadership of almost a year ago.
Objected to the measures the change in form and substance, and we addressed and worked eliminate all possible to end these implications and their effects on Iraq and the bank’s reputation and his staff .. Who instead Akavaa, sentenced to Khazem Ani .. And arrested about a year ago, Kovzah Kazem Hassan al-Haidari and Haifa Peter, and gave for trial Kalshbibi and Mohamed Saleh,.

Our confidence in our brothers will enhance the bank’s current leadership pros .. And dealing with the consequences and wisely and professional errors and amended .. See also التشريعيون to executives and judges attitudes responsibly and look to the future and without “Azza iniquity” .. Sense to insist on a crime he did not fall .. And the criminalization of innocent people have served the country. Professional mistakes working directory, and evidence of corruption crime and punishable punishment .. If there were crimes unfolded, but said the sun was in the fourth day, and before the investigation procedure and evidence are, and what this required time and effort to prove it.

5.

Economic Committee Member says, no zeros to drop from currency through the next 2 years

Economic
Finance Committee exclude the application of the project to delete the three zeroes through the next two years

Baghdad (news) .. Excluded the parliamentary Finance Committee application project to delete the three zeroes from the currency during the next two years because it would cause confusion for the Iraqi economy and increasing inflation rates of the country ‘by Ray Committee’.
said Committee Vice Chairman Ahmed Faizullah (of the Agency news): The implementation of the project to delete the three zeroes from the currency During the current period would cause confusion for the economy and the increase of inflation rates in the market through the issuance of currencies with multiple categories, indicating that the central bank may re-consider the project as he refrained from applying it. ,
and added that the project is large and sensitive and needs to stabilize the financial and economic in the country,therefore, Iraq During the current period, and even the next few non-triggering of the implementation of the project in spite of expectations to suggest that applied during the next two years.
noted that the CBI announced his intention not to implement the project to delete the three zeroes from the currency early next year, stressing that the deadline to apply is still iffy.

The previous administration of the Central Bank announced that the date of implementation of the project will be the beginning of the year 2014