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Parliamentary Finance warns of economic crisis may be exposed to the country
Date: Monday 13/8/2012 8:52
Baghdad / term
The Committee expressed their concern over the parliamentary financial vulnerability of the country to an economic crisis due to the fluctuation of oil prices in world markets as revealed from the recommendations include issuing new currency next year. Said committee member, according to Najib Najeeba / Baghdadiya News /, that "due to the adoption of state revenues on oil
By more than 93% means that the economy of the country yield, any adverse change occurs to the oil prices in the world either decline or rise will affect the economy of Iraq directly. "Said Najib, that" oil prices saw a decline during the past months due to lower prices in world markets ".
Pointing out that the passage of the supplementary budget in the House of Representatives and the $ 9 trillion two hundred and fifty billion, demanding that the government keep the surplus in case of any emergency is the economy is facing the future. She explained that "the recommendations issued by the Finance Committee to the Central Bank include issuance of new Iraqi currency over the next year, and other recommendations relating to indebtedness upon completion of the new currency."
On the subject of the distribution of petrodollars on the citizens pointed out Najib that "there is a provision in the budget gives authority to the government grant of surplus oil profits to the citizens after the issuance of instructions from the ministries of finance and planning", pointing out that the delay distribution is due to return the supplementary budget by the government to Parliament.
To that suggested by the Committee Magda al-Tamimi, for many economic crises in the country during the next phase, due to continued volatility in oil prices will affect the public budget and a lot of projects are interspersed. Tamimi said that oil is now in a dangerous situation and the state at a sensitive stage, because of the effects of the Syrian situation and the situation in Iran and its threat to the continued closure of the Strait of Hormuz, as well as the political crisis in Iraq, and all these factors affect the Iraqi currency.
She added that the export and the price of oil had been unwavering during the last stage, and Iraq is not up to now to the volume of production, which was adopted in the budget, calling the policy decision to be conservative side of safety.
She explained: it is not with the expenditure of any imports coming into the state treasury, as there must be balance to the crises facing Iraq could in the future. Appeared to influence the Syrian situation in Iraq and clearly economically and politically, where a rise of prices of fruits and vegetables, food and various goods deployed in markets where they come from Syria, as well as Iran's threat to the continued closure of the Strait of Hormuz in the event of a military strike, which leads to obtain significant economic losses in Iraq and the countries that benefit from this strait.
And in respect of smuggling currency and its impact on the economic crisis, said the decision of the Finance Committee Ahmad electrodes that the continuation of the phenomenon of smuggling hard currency will affect and directly on the national economy and the local currency, calling to adjust the Iraqi border to prevent smuggling of currency to Iran and Syria being the going through an economic crisis made them in dire need of hard currency. Electrodes and said that the sale of hard currency in the country in ways that take place regularly and is not under the control of the parties concerned, both the Government or the House of Representatives.
He added that the process of selling the dollar at an auction the central bank must be done transparently, without manipulation and high bias in favor of hand at the expense of the other. He pointed out that some banks to help the smuggling of currency abroad and illegally due to lack of control of real sales process in Iraqi banks, calling on the Central Bank to impose full control on the banks to prevent the smuggling of foreign currency and avoid harm to the national economy and the local currency.
A: You must adjust the Iraqi border by the security authorities, especially with the states of Iran and Syria to curb illegal operations that cause the economic problems of the country, pointing out that Iran and Syria are undergoing major political crisis made them desperate need for dollars to cover their local currencies.
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Date: Monday 13/8/2012 8:52
Baghdad / term
The Committee expressed their concern over the parliamentary financial vulnerability of the country to an economic crisis due to the fluctuation of oil prices in world markets as revealed from the recommendations include issuing new currency next year. Said committee member, according to Najib Najeeba / Baghdadiya News /, that "due to the adoption of state revenues on oil
By more than 93% means that the economy of the country yield, any adverse change occurs to the oil prices in the world either decline or rise will affect the economy of Iraq directly. "Said Najib, that" oil prices saw a decline during the past months due to lower prices in world markets ".
Pointing out that the passage of the supplementary budget in the House of Representatives and the $ 9 trillion two hundred and fifty billion, demanding that the government keep the surplus in case of any emergency is the economy is facing the future. She explained that "the recommendations issued by the Finance Committee to the Central Bank include issuance of new Iraqi currency over the next year, and other recommendations relating to indebtedness upon completion of the new currency."
On the subject of the distribution of petrodollars on the citizens pointed out Najib that "there is a provision in the budget gives authority to the government grant of surplus oil profits to the citizens after the issuance of instructions from the ministries of finance and planning", pointing out that the delay distribution is due to return the supplementary budget by the government to Parliament.
To that suggested by the Committee Magda al-Tamimi, for many economic crises in the country during the next phase, due to continued volatility in oil prices will affect the public budget and a lot of projects are interspersed. Tamimi said that oil is now in a dangerous situation and the state at a sensitive stage, because of the effects of the Syrian situation and the situation in Iran and its threat to the continued closure of the Strait of Hormuz, as well as the political crisis in Iraq, and all these factors affect the Iraqi currency.
She added that the export and the price of oil had been unwavering during the last stage, and Iraq is not up to now to the volume of production, which was adopted in the budget, calling the policy decision to be conservative side of safety.
She explained: it is not with the expenditure of any imports coming into the state treasury, as there must be balance to the crises facing Iraq could in the future. Appeared to influence the Syrian situation in Iraq and clearly economically and politically, where a rise of prices of fruits and vegetables, food and various goods deployed in markets where they come from Syria, as well as Iran's threat to the continued closure of the Strait of Hormuz in the event of a military strike, which leads to obtain significant economic losses in Iraq and the countries that benefit from this strait.
And in respect of smuggling currency and its impact on the economic crisis, said the decision of the Finance Committee Ahmad electrodes that the continuation of the phenomenon of smuggling hard currency will affect and directly on the national economy and the local currency, calling to adjust the Iraqi border to prevent smuggling of currency to Iran and Syria being the going through an economic crisis made them in dire need of hard currency. Electrodes and said that the sale of hard currency in the country in ways that take place regularly and is not under the control of the parties concerned, both the Government or the House of Representatives.
He added that the process of selling the dollar at an auction the central bank must be done transparently, without manipulation and high bias in favor of hand at the expense of the other. He pointed out that some banks to help the smuggling of currency abroad and illegally due to lack of control of real sales process in Iraqi banks, calling on the Central Bank to impose full control on the banks to prevent the smuggling of foreign currency and avoid harm to the national economy and the local currency.
A: You must adjust the Iraqi border by the security authorities, especially with the states of Iran and Syria to curb illegal operations that cause the economic problems of the country, pointing out that Iran and Syria are undergoing major political crisis made them desperate need for dollars to cover their local currencies.
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