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Dr. Haider al-Abadi, Save the monetary sector, it is the last remaining of the sustainability of the Iraqi economy!
Ahmed Hamed Hathal
Tuesday, June 16, 2015
Often I spoke on the deviation from the objectives of monetary policy which aims to achieve and most importantly, price stability and preserve the value of the national currency. Today the dinar continues to decline, and the prices are on the rise, the central bank floundering in its monetary policy continuously, which became the influential monetary policy to protect their interests. We are tired of giving suggestions for officials and through newspapers, websites, and the location of the writings of the best witness to that, and channel Baghdadi as well .. We have made since it began dollar crisis against the dinar, at the end of 2014 and beginning of 2015, we must be that the central bank notice the deviation policy the direction of monetary exchange rate, because the currency continues to decline against the dollar, and worse than that the central bank is independent variable in the foreign exchange market model, which he who controls the exchange rate against the dinar, because it is an independent body and the Bank of banks. In many periods we have seen a sharp rise in the dollar's exchange rate against the dinar, due to some analysts the reason for that is the imposition of the central bank to impose a rate of 8% tax on banks and Customs that prevent hard currency. Yes is the cause of the reasons for the high dollar against the dinar, but such a ratio does not lead to the deterioration of market conditions to this extent, and I add to that, that the main problem faced by the exchange rate is to put massive amounts of hard currency in the hands of the (thief), Does that make sense! (Harami) are banks civil and banking companies who are smuggling hard currency without entry imports versus the currency exit, as well as the central bank requires them to sell very simple margin to user price, which is estimated B1190, and the Central Bank of Iraq and the Office of Financial Supervision put tough conditions for each person who contravenes instructions of the Central Bank, but we did not see any deterrent to these banks that sell the dollar B1400 dinars per dollar one! I will show you and through sales to the Central Bank simple analysis on 14/06/2015 amount sold by the Central Bank: (125 692 500) one hundred and twenty five million, six hundred and ninety-two thousand five hundred dollars, multiplied by 1190 * Let this official price. The market price of the dollar for the day is 1400 14/06/2015 Let per dollar! The gap between the two rates: Let the 210 per dollar against the dinar! If we analyze sales difference between the bank rate, and the market price, will be the profits of the 9 banks and 3 banking companies, participating in the auction currency of the day up: (26,395,425,000) Twenty-six billion three hundred and ninety-five million four hundred and twenty-five thousand dinars! Note that central bank sales in one Mzhadath in 2014 was (75,000,000) million dollars, and the price of the same bank in 1190 Let, but the difference is that the market in 1200 was equal to the price Let each one dollar, and today in 1400 to the dollar! If he stayed the continuing rise of the dollar and thus the general price level rise will lead to the collapse of the Iraqi economy entirely, because the central bank is the last cluster as crossing, and that other sectors virtually non-existent for operation and production, so it always repeat in several articles on the correct course of monetary policy, because economic theory emphasizes that the imbalance in the monetary sector leads to a similar imbalance in the real sector (goods and services sector). Wares most prominent solutions to the stability of the exchange rate:
1. Changing the Central Bank of the non-specialist to specialist in the economy.
2. The Ministry of Finance is working in coordination with the Central Bank to give 25% of the foreign currency as well as the national currency, Croats staff.
3-Cancel auction for domestic banks and banking companies.
4. Central Bank resolves civil banks and companies replace the high level of transparency and the conduct of foreign currency
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Ahmed Hamed Hathal
Tuesday, June 16, 2015
Often I spoke on the deviation from the objectives of monetary policy which aims to achieve and most importantly, price stability and preserve the value of the national currency. Today the dinar continues to decline, and the prices are on the rise, the central bank floundering in its monetary policy continuously, which became the influential monetary policy to protect their interests. We are tired of giving suggestions for officials and through newspapers, websites, and the location of the writings of the best witness to that, and channel Baghdadi as well .. We have made since it began dollar crisis against the dinar, at the end of 2014 and beginning of 2015, we must be that the central bank notice the deviation policy the direction of monetary exchange rate, because the currency continues to decline against the dollar, and worse than that the central bank is independent variable in the foreign exchange market model, which he who controls the exchange rate against the dinar, because it is an independent body and the Bank of banks. In many periods we have seen a sharp rise in the dollar's exchange rate against the dinar, due to some analysts the reason for that is the imposition of the central bank to impose a rate of 8% tax on banks and Customs that prevent hard currency. Yes is the cause of the reasons for the high dollar against the dinar, but such a ratio does not lead to the deterioration of market conditions to this extent, and I add to that, that the main problem faced by the exchange rate is to put massive amounts of hard currency in the hands of the (thief), Does that make sense! (Harami) are banks civil and banking companies who are smuggling hard currency without entry imports versus the currency exit, as well as the central bank requires them to sell very simple margin to user price, which is estimated B1190, and the Central Bank of Iraq and the Office of Financial Supervision put tough conditions for each person who contravenes instructions of the Central Bank, but we did not see any deterrent to these banks that sell the dollar B1400 dinars per dollar one! I will show you and through sales to the Central Bank simple analysis on 14/06/2015 amount sold by the Central Bank: (125 692 500) one hundred and twenty five million, six hundred and ninety-two thousand five hundred dollars, multiplied by 1190 * Let this official price. The market price of the dollar for the day is 1400 14/06/2015 Let per dollar! The gap between the two rates: Let the 210 per dollar against the dinar! If we analyze sales difference between the bank rate, and the market price, will be the profits of the 9 banks and 3 banking companies, participating in the auction currency of the day up: (26,395,425,000) Twenty-six billion three hundred and ninety-five million four hundred and twenty-five thousand dinars! Note that central bank sales in one Mzhadath in 2014 was (75,000,000) million dollars, and the price of the same bank in 1190 Let, but the difference is that the market in 1200 was equal to the price Let each one dollar, and today in 1400 to the dollar! If he stayed the continuing rise of the dollar and thus the general price level rise will lead to the collapse of the Iraqi economy entirely, because the central bank is the last cluster as crossing, and that other sectors virtually non-existent for operation and production, so it always repeat in several articles on the correct course of monetary policy, because economic theory emphasizes that the imbalance in the monetary sector leads to a similar imbalance in the real sector (goods and services sector). Wares most prominent solutions to the stability of the exchange rate:
1. Changing the Central Bank of the non-specialist to specialist in the economy.
2. The Ministry of Finance is working in coordination with the Central Bank to give 25% of the foreign currency as well as the national currency, Croats staff.
3-Cancel auction for domestic banks and banking companies.
4. Central Bank resolves civil banks and companies replace the high level of transparency and the conduct of foreign currency
[You must be registered and logged in to see this link.]
