worked monetary policy since the early days of political change in Iraq to maintain the overall rate of price because this goal is a priority over the other, according to the criteria of independence for the central bank .. In general, the monetary policy, which is called the indirect tools are also the context of modern trends in the work of central banks as well as independence, which are dealt with within the natural conditions to achieve that goal, we find the nominal interest rate signals and send the petition of the messages of the economy over the nature-term perspective of monetary policy, whether contractionary or expansionary, in addition to the ratio of the legal reserve and operations open and private market offer Monetary ..
If through these tools and change depending on the nature of the prevailing economic variables pushing for control of the money supply leads to the reduction of boarding rates when inflation signals, and vice versa ..
but in the privacy of the loss of investment sensitivity to the interest rate of the Iraqi economy because of the pessimistic outlook and other and size the large reserve with banks in addition to the weakness of the interaction between individuals and the banking system and added to it the limited Iraq Stock Exchange, which reflected negatively on the amount by subtracting government bonds, so it has become the central bank follows the policy (the exchange rate) for the purpose of achieving his goal and thus work through method (floating Orbit) through auction currency industry policy sets the exchange rate according to a certain formula enabled the Central Bank of the stability in the general rate of prices of industry (excluding real estate).
Overall it was this policy is the privilege of defense policy forced the central bank from which to respond to the domestic demand, the size of the hard currency regardless of its size and by the fact that the money supply (money supply) has become a variable belonging to government spending, ie, beyond the control of the central bank, note that in normal cases, the money supply is expressed in the external variable being given by the central bank .. if it did not Central find a way has succeeded in that task and managed to accumulate reserves very excellent enabled him to auction management with high confidence the industry thanks to the large economic mentality of the previous administration of Dr. Sinan and Dr. appearance, no wonder the understanding of a very difficult cognitive numbers at the global level.
But confusion great is that the economic sectors in the Iraqi interior of a very shrunken character, and the supervisor is no secret the case that industry and agriculture are all services partially paralyzed, and this means a contraction in the Iraqi economy ..
From this grew the new policy, the central bank announced by the government through economic reform team , and on his head, Dr. appearance of the launch of loans worth (six trillion dinars) a specific mechanism for the purpose of which is to channel loans to the Iraqi private business sector and the mechanism shared by the government and private banks, the purpose is to expand the business and create a favorable environment for investment and thus out of the economic downturn that accompanied Iraq Since 2003 until now, Mr. adviser to Prime Minister Dr. explained the appearance that these loans after they are launched from the central bank and then re-met will be launched in the form of loans again .. If the plan is relatively long range for the purpose of maintaining the sustainability of the momentum of government support the private sector ..
It is noteworthy that such a policy is more akin to the old style of management of monetary policy and of direct tools such as determining the credit limit and interest rate and persuasion literary and other, which does not meet with the independence of the standards, on the other hand may be similar within certain limits with those unconventional tools of monetary policy that followed after the 2008 crisis in the US and other quantitative and credit Kaltesar, interest and zero ..
In general, we are facing great economic School is Dr. School of Economics appearance, and not necessarily always work the idea of cloning Because there are several things have privacy .. is referred to as There are fears that the group accompanied by observers such as corruption, nepotism and other .. and apart from that we are discussing the idea of a shift in the course of monetary policy to attack rather than defense, and we all hope to reap the benefits of those policies as soon as possible.
[You must be registered and logged in to see this link.]