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Governor of the Bank: Reserve reassuring .. The Keeper calls for end to media Altogej

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Governor of the Bank: Reserve reassuring .. The Keeper calls for end to media Altogej
NEW MORNING SUPPLEMENTS DECEMBER 5TH, 2015
727 NUMBER OF VIEWS
11
At a seminar for »Institute of the progress of development policies» for monetary policy .

The effects of MP Dr Mehdi al-Hafez number of questions on monetary policy of the Central Bank of Iraq and subjected to the policy of media campaigns regarding the papers of the deceased Ahmed Chalabi, which has spread recently its news as well as the existence of talking about having something of negligence and laxity in the performance of the bank and talk a lot is being said about the sale Currency .. What is said about the reserve or cash balance of the bank Is there a danger that threatens Iraq in this context?
questions Hafiz This represented the main themes of the symposium organized by the «Institute of the progress of the policies of development» and guest in which the Governor of the Central Bank, Dr. Ali Keywords and a group of financial experts and the economy and representatives of the private banks to discuss the reality of monetary policy and what is being said around criticism ..
He said Hafiz that Iraq is in a very difficult economic situation caused by the fall in oil prices, which led to a state of economic instability .. pointing out that this is reflected in the central bank because it is part basic economic system in the country especially in light of an imbalance between the Bank Act, which led to a case of divergence of interpretation, especially in the articles on the principle of autonomy as well as having many irregularities in the bank's path and download a lot of losses the country in previous periods resulted in taking positions official.
Governor of the Central Bank of Iraq
and the Governor of the Central Bank of Iraq, Dr. Ali Keywords occur .. expressing thanks «Institute of progress« and those who support it and are persecuted and events important issues seriously and objectively and carefully ..tdtha for a number of observations on the functioning of the central bank, such as selling currency and other .. He explained that many of these issues were raised by his conservative tasks which go back to previous years and there were a lot of files related to offenses that have been diagnosed about selling the dollar and these irregularities came because of the instructions issued in 2012 and identified the conditions required for the implementation of dollar-buying orders and these conditions were not present before it requires these conditions promote the purchase documents concerning the import licenses and companies custom clearances and other operations .. adding .. that its origin in the sale and purchase of currency operations is out of a legal and practical, The Law of the bank provides the bank the process of selling the currency at about simple, unconditional and this is in line with the principles of International Monetary Fund not to put restrictions on the sale and purchase of currency and the Bank's role here is to make sure the money sources through banks under the principle of «Know Your Customer» and here we are not needy to set limits because we are working under the Constitution and the market economy which promotes the sale of the coin which is mono-economy which depends on oil and here are the responsibility of the bank keeping the required elevations of cash in order to keep the inflation rates or vibration exchange rate of the local currency .. The mission of the bank summed up two things are to maintain the exchange rate and curb inflation.
Economic reality dominance
complained Keywords of the limited tools owned by the bank are in control of the process of buying and selling of the currency and are subject to the dominance of the economic realities associated with the general budget of the State which determines the amount of liquidity in the market through the size of the state expenses .. He explained that the Ministry of Finance resources are dollar resources which is not in need of this quantum of foreign currency Its need not exceed 20 or 25 per cent to cover some expenses such as foreign ministries imports or pay off the debt. But it is the need of the dinar to cover budget expenditures through its sale of the dollar the central bank, which in turn sold it in the framework of the currency auction which is better than doing the printing of the dinar and give it to the Finance Ministry, rather than the dollar, because the printing process adversely affect the indicators of inflation and exchange rate of the dinar .. pointing to the absence of any other sources of oil dollars but as is the case in other oil countries.
Restrictions create corruption
is believed Keywords starting point of the legal data and process that the central bank that Ayda restrictions on the sale of the currency or what is known as a simple and control money sources and legitimacy of these funds to sell .. he put restrictions mean the creation of a parallel market and speculation becomes margin sales teams a very big lead to the formation of financial clusters large and fraud, extortion and other what brings us in a large spiral resolved is not to impose restrictions that Tljye Alajeryn to other behaviors as is the case in international banks that work to simplify the process by about does not allow the emergence of categories benefit from the controls and conditions and convert them to blackmail and fraud. He pointed out that the bank instructions issued in 2012 probably came intersecting with these principles and this is evident through the positions of the International Fund conservative on such terms .. It was incumbent upon the Bank to focus on the investigation of the money sources of the process and the strengthening of control through the activation of anti-money laundering office and banking supervision in general .. revealing activate the work of this office and giving it financial and administrative and spatial independence as well as take a range of measures to give effect to these principles .. He pointed out that the move came too late process of money laundering are in dinars rather than dollars .. adding that great efforts have been made him personally for the preparation of a law to combat money laundering in line with international frameworks and the Organization of Financial Action Task Force was to vote on the law in the House of Representatives by a period of close and we were about to enter Iraq in the black list in the absence of read t this law, even if Iraq entered in this list, it means end financial dealings with the countries of the world and the fall in international ban circle.
Banks are not able to
provide financial liquidity
and draw relationships to the central bank for 2012 instructions refer to the lack of the ability of banks to provide financial liquidity needed for many reasons .. has been changed the mechanism of action and completed all the files relating to an auction sale of the currency since the initiation them were presented to the Board of Directors Bank afternoon that there are about 80 per cent of banks have problems and decided to board fined these banks for violating the instructions and was a big fines built on the amount of profits realized from these operations and amounted to more than 400 billion dinars .. pointing to the existence of suspicions among some banking transactions related to money laundering This issue is being dealt with according to the law of anti-money laundering and public prosecutor's office .. stressing that what was going to talk about and Maeetm detection of problematic is not new but date back to previous years and the central bank is of the diagnosis of these problems in order to be addressed and this positive point is calculated for the management of the bank and not negative .. noting that Iraq today has a problem of confidence vibration by the World as banks and therefore raise such issues in the media and the entry of the bank is a party would reduce this confidence even in the area of opening of branches of banks abroad, so the international banks dealing cautiously with a number limited Iraqi banks and is required to maintain international confidence. The Ministry of Finance is the reserve source spoke Keywords for problems that arise around the central bank's reserves of foreign currency .. Indicating that this reserve source is not the central bank when it drops does not mean there is a problem in the bank .. Valahtaati is the dollar, which comes from the Ministry of Finance, while financial revenue dollar derived Emienkhvd this reserve is reduced in the central bank and this is a normal issue .. The role of this reserve is to achieve a balance in the balance of payments of any between the need for the dollar and contained him by pumping quantities that kept the exchange rate When this imbalance occurs, as is happening now The role of the reserve is to bridge the need to keep the balance in place and otherwise will increase the exchange rate arise gray market and black .. As the central bank to Aatgm reserve because he already is responsible for the revenue and this problem must be understood at the national level, we always talking about selling the dollar and not talking about a buy .. wondering: Why are there always a great demand for the dollar .. If we reach the causes of this phenomenon, it will lead us to solve all the problems .. The analysis of demand for the dollar reveals a lack of production base and there monetary policy pumped Dollar This constantly puts pressure on the dinar required to provide to meet the expenses of fiscal policy. Stressing that the ideal situation for any country is that clog the local revenue of an operating expenses to create the required balance, but this is not verified .. In this year until the end of October last month spent the Ministry of Finance about 54 trillion dinars, while the non-oil revenues about 4 trillion dinars and all revenue Other real, which include taxes and other not to exceed 1 trillion dinars.
11

Finance is the source of the reserve
and increased Keywords clarification that the reserve nothing to do with treasury State when bent does not affect the Treasury when more than to azathioprine added nothing to the Treasury, but can not even lend to the government of the money it represents the balance of the country of foreign currency is a must in cash will always be in accordance with the principles of the Fund International Monetary and is used to cover the country's external obligations and exercise its role in the process of creating the financial balance and prefer to be called the balance of the state, not the reserve because this word raises a lack of understanding among many who believe the possibility of the use of these funds when needed, and this is not true .. Indicating that the real surplus is located at The Ministry of Finance when the government is spending by less than revenues The surplus goes to the government does not come to the Central Bank .. On this basis, the rise in the reserve about the biggest need is in vain and Iraq from countries that exaggerate the reserve and this exaggeration is not positive, this reserve should be kept deposits liquid Global central banks in the benefits of very low inflation and accounts, the process leading to the loss, and this means that there should be limits to the reserves commensurate with the size of the local currency exported.
Reserve covers currency
exporting for more than 6 months
and stressed Keywords that reserve or the balance of the foreign currency that exists today than the local currency issued by a comfortable It covers Iraq's imports for a period of 6 months and older and this global standard for calculating an indicator of efficiency indicators and does not mean that it will run out within six months this incorrectly The bank adds daily more than $ 500 million and this confirms the lack of concern in this aspect and this was confirmed by the International Monetary Fund in the latest study to him two weeks ago he asserted that reserve Iraq will resume rising in 2016 to reach $ 91 billion through 2020 .. calling to understand this through real figure out how much is the amount of foreign currency available to the amount of local currency exported.
Not to the possibility of the imposition of
the documentary credit
and male relationships that the central bank is unable to impose the documentary credit to traders and importers an issue that needs to be in-depth study as it can not be a comparison between the current economic situation and the situation in 2003 before The system changed completely politically, economically and required taking into account these aspects and look at the reality of the environment current zerofeha .. pointing out that the emphasis in the proceedings would open the way for the twisted roads.
Currency unique auction
in Iraq only
head of Iraqi businessmen Union Reza Ragheb Blibl .. Between the central bank's policy of selling the currency in order to maintain the exchange rate and rein in inflation caused counterproductive negative been rising interest rates .. pointing out the existence of monetary mass circulating in private sector markets is not a part of it, and move the economic activity in this picture were not successful .. As the auction currency is a unique case in Iraq caused the upheaval of the policy of the central bank because of the large amounts of currency being pumped daily, and I went to the other directions in large part out of Iraq through intermediaries ..
called Blibl to cover imports by documentary credits through the requirement on the importer to obtain the import license covering through entities financed by the central bank to provide cover for these documents as well as services provided by the bank to customers on according to a clear policy to achieve the country's needs from imports of various started goods and services ..
Is it possible to dispense with the auction?
Media Ismail Zayer, editor of the new morning newspaper wondered about the reasons for the existence of two prices for the sale of the dollar ..amadava .. Can the country afford, especially those relating to the Iraqi dinar without continuing in the currency auction policy financial operations .. though not not have this auction what is suitable substitutes for it.
You can not launch a sale of the dollar
and these reasons
commented Governor of the Central Bank on questions Zayer saying that the auction currency is not an auction, strictly speaking, but it is the process of selling at fixed .. The disparity between the official price and the selling price depends on the possibility of the central bank to bridge the domestic demand of the dollar and when that There is no room for speculation and price increases .. noting that some banks are not willing to sell sufficient quantities of currency because it will lose its monopoly and thus lose profit when the launch of quantity, the margin of maneuver will disappear, but we are not able to apply this mechanism to not. We have to understand and not tools .. The only option to address this phenomenon It is the activation of other sectors such as tourism and address the economic problems.
Corruption is the basis of the problems
economic expert, Dr. Abdullah al-Bandar, made ​​a number of observations .. stressing that corruption is the basis Alchuklh absence of calculation leads to a lot of problems ..mbana that the central bank has succeeded since 2005 when follow auction sale currency in the events of stability and maintain the exchange rate and the reduction of high inflation .. He asked al-Bandar, the fact «volatile instruments« and how they are handled? .. He pointed out that the dollar selling process must be consistent with economic reality by increasing the pot Alaiardi necessary .. adding that the import tuning means tuning market .. calling to activate the principle Where did you get this to put an end to money laundering.
Imbalance in
tools, Dr. Ali al-Husseini of the Iraqi private banks association .. He pointed out that the defect is not the central bank's tasks but in the tools The bank provides liquidity needed opening for sale currency has become a burden on the central bank and banks, who declined to provide other services after the numbness which hit as a result of the large number of Profits are no longer bother to provide loans or to contribute to the development process .. adding that the existing reserve is divided into three categories of liquidity and gold and bonds, which it defines and distributes reserve on these three categories.
Banks is not interested in
the behavior of customers
economist Mohammed Saleh Chandler .. He said that is responsible for the behavior of their customers banks are not responsible for customs Altsrihh but are provided as they left .. As long as the customer made ​​a correct and legal documents bank, is responsible for what if they passed money laundering or something else.
Lack of coordination between fiscal and monetary policies
expert administrative Osama Mohamed Ali called for a state of coordination between fiscal and monetary policies are absent today, causing the prevalence of a lot of negative phenomena in the work of the central bank, money laundering and smuggling of currency abroad and import of shoddy goods and the reluctance of projects .. proposal to stop Dollar selling by the central bank to have a single exchange rate.
Eliminate the phenomenon of
«instruments Flyer»
Governor of the Central Bank of Iraq commented on what has been put forward observations revealing the end of the phenomenon of volatile instruments after the strict measures taken by the bank on this issue .. With respect to the coverage of imports explained that this method can be activated in the event of a fiscal and customs procedures effective.
Cancel auction remittances
economic journalist Abbas Ghalibi editor money and the economy .. between the presence of two prices to the dollar what are the measures the central bank about these two prices .. He pointed out that monetary policy is not fixed but is variable so why Ayaad considering auction according see the methodology and to find suitable alternatives .. and why are not taken to stop the auction of remittances?
The category of (50) thousand and its impact on the economy,
media colleague Amjad hip .. He said the world oil market data and prices probably will not rise, but 2020 .. wondered about the central bank's policy with regard to print currency, especially the category of 50 000 dinars, and the extent of economic feasibility in With economic conditions.
Change the policies of the Bank in accordance with the reality of
the central bank governor, commenting on the Amatrah of notes explaining that the Bank resorts to change its policies consistently in line with the fact variables in the event not to change these policies, it means that there is a problem and the failure to prosecute phenomena exist .. stressing that the central bank is unable to lend The government of the reserve only if the law was changed Bank ..ufema respect to print the fifty thousand dinars category between it's just another option to facilitate financial transactions does not mean adding amounts of currency in the market.
http://www.newsabah.com/wp/newspaper/67517
Tamimi asserts the need to cancel the auction currency at the Central Bank and remove him from the quotas
التاریخ: 2015/12/05 16:4
Information/Baghdad/...
Member of the parliamentary Finance Committee confirmed majda Al-Tamimi, Saturday, need to cancel the auction currency at the Central Bank and the Bank of dimensions and political party quotas.
Tamimi said in a statement/information/copy quota, "the political parties confuse the work of governmental institutions, notably economic," stressing "the need for the Central Bank is administered by specialists in economics, finance, and not according to the quotas that caused the destruction of Iraq's economy.
"The auction currency on growing despite many appeals to the Central Bank need to reduce such sales of hard currency, especially since such sales sometimes cover the reserve value negatively affecting its quantity," stressing "the importance of maintaining reserves commensurate with international standards."
Tamimi recalled that "there is something wrong with large currency auction clients private Central Bank buying of the dollar, the official price on the pretext of covering the State imports and this step carrying an intentional flaw, the fact that selling the dollar at the official exchange rate goes into the pockets of corrupt officials."
And Tamimi amazed "the Central Bank's insistence on continuing the auction currency" wondered "does the neighboring currency auction, as is the case in Iraq?". Finished/25 x
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