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Shabibi: the problem of Central Bank with the government that they want to acquire reserves

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Bringing this over from Dinar Alert This is long but excellant read 10/11/2012 (23:00 pm)

BAGHDAD / supporter Tayeb
Organized the "long" at its headquarters in Baghdad yesterday a seminar on the issue of central bank governor article Dr. Sinan al-Shabibi, who participated in the symposium via the Internet Tora with a group of economists and financial experts and journalists.
The Shabibi said the bank began experiencing problems with the government since 2009, said, "These were problems especially in the government's request money from the reserve bank, which was rejected by the bank. This was the main issue in the problems the government and the Bank, we have explained to the government that the existence of this reserve or knows lid currency is something essential in maintaining the value of the dinar and not volatility, and if the government had no projects Felt_khass its resources ", and stressed that the reserve bank" is a reserve of all Iraqis and not the right of the government to act by "also stressed the importance of the independence of the Bank for the government to maintain the money of the Iraqi people from the claims of creditors of the government and assured that the bank reserves locked in the most important banks in the world.
He added Shabibi that "the central bank, despite economic instability in the world, helped in achieving financial stability and price stability in the exchange rate, and the stability of payments and the general economy of the state, but the government did not take advantage of this development, and this of course is a big mistake, because the bank put a solid ground to build The government did not exploit development, the bank was not the obstacle also accused parties in the political process, and officials should not deny the role of the bank in this case. "
The Shabibi "The other issue is the auction of foreign currency, and every word that goes around is how much is the share of the person or how much we can give to the Fulani of the currency, and this is a mistake in taking Multi currency auction in this way, because the auction is monetary policy so put in the hands of Central Bank, and this monetary policy to withdraw the Iraqi currency and thus reduce pressure on prices and give value for currency printing, and secondary goal last her, and when imports by the people to use these resources and lower printing, although the goal of the bank is essential to the reduction of the level of printing, so the auction of foreign currency is monetary policy, not trade policy, and noted that each of the accused Central Bank but accused him in the business side, and the central bank has nothing to do commercial operations, but the bank deal and gives money to someone who has an account in a bank and wants to modify his money in Iraqi dinars, and we are trying through that make the Iraqi dinar hard currency, and need not to provide the dollar as long as the backup is available, and if not available for our dollar in that case raise the price, and this process must be understood by the government and citizens central bank systems currency auction for the purpose of development and not for the purpose of commercial, If some politicians wanted to direct charges to the Central Bank should they have to make a distinction between the central bank and commercial banks. "
Shabibi noted that "central bank's relationship commercial banks are very good, but at the same time we take the information incomplete, and there is no central bank in the whole world oversees the development of commercial banks and their work in a comprehensive and holistic, though the work of the Central confined to the question of commercial banks and confirmed that accounts are not used in money laundering or in support of terrorism, and therefore work is done and the agreement between the central banks and those on the basis of this. "
He denied Shabibi any link to the Bank of laundering money and said, "until this moment has not been news Bank and senior management in any process of money laundering, although some parliamentarians say the department money laundering gather some information, but in fact that information about irregularities banking and not for money laundering operations, and the Department of money laundering is responsible if there is a suspicion of money laundering. "
Shabibi stressed that "suspicions and charges of the Central Bank is real though the bank's employees are the best staff and the most integrity and all of them are honest in relation to treating professional."
"The data is in respect of each dinars income of the bank or out of him since 2004 until now, and all files concerning the process of the transfer and the currency conversion of Iraq to foreign or vice versa, or income in the accounts of the government also all present, and I was very upset by the charges to the Bank and its staff, and very upset to leave suspicious institutions working to discredit the bank, which is one of the most well-known state institutions good reputation all over the world. "
He Shabibi that "the main problem of the bank is to not approve the bank to fund the government of using the reserve, which represents the force supporting the currency is the budget financing of the Central Bank is only used in cases such as currency auction or in the case of an economic crisis the country can this reserve to face and support by the state also should be used only in the event of an interruption of the production process where the reserve is used to support the import, so if we used reserve Fsnather in currency exchange rate, these technical things did not want to listen to it the officials in the government. "
In response to a question about the opinion of the World Bank and the Organization of the International Monetary recent actions taken against him and the right of the central bank and the dismissal of officials in the bank to conduct contrary to the Constitution, said Dr. Shabibi "The World Bank and the IMF as organizations international them views even if they are personal, but they take into account the sensitivities political relations between the countries, and certainly have an opinion as observers to put cash on the international level and facing corruption. "
The answer to the question whether there was a failure in the work of the bank and what are core charge against him, Shabibi said "despite all what was raised there was no shortening of the central bank, but there are issues with the government on the basis of which the government took actions violent, such as the issue of reserve bank of funds which are present and there are progress reports from time to time and to the Parliament in order to follow up the work of the bank. "
On the lack of change to the sell the currency said that Committee members were competent and honest "If they with efficiency and integrity in the work there is nothing wrong that remain in their work," said Shabibi said members of the bank's board solidarity in responsibility and decisions contribute to it all, "and there are meetings almost daily Advanced cadre, and not, as claimed by the government of not meeting or supervising the work of employees. "
In response to a question about why that prevents Shabibi to return to Baghdad and open files Bank and the issue raised, Shabibi said that "the arrest warrant issued in my right exists at the airport are not subject to bail, could be take me to a place no one knows and that's what makes me fearful of returning to Baghdad. "
He Shabibi disturbed clear from the disposal of the Government in this way and try to tarnish his image and reputation before the international community and try Tsagath internally, and promised to return to Baghdad in case of cancellation of the arrest warrant him to habeas corpus and to clarify things for the media and citizens and to defend himself in front of the charges against him by the government, thanking everyone for their support and contributed to the delivery of the truth to the people.
To Bankers Association criticized the Iraqi actions taken in the right-Shabibi, where ultra-Nasser Hussein, director of management and training of the Association of Iraqi banks, saying, "We Kmusrvien criticize the action taken by the government against Shabibi and we know as a national figure and fair." Hussein added in a statement the "long" that "Paul Bremer wanted to cancel the Iraqi dinar and lost its value like it did America in some countries that colonized, but Shabibi was who stood against that pride in Iraqi dinars and pride in his homeland, and rejected the project, which wanted America that applied where they started, regardless granted to retirees U.S. dollar, The Hbibi had great role in the printing of a new Iraqi currency, also has a role in the project to delete the zeros, the government did not accommodate all of these things and stayed far from it. "
The Hussein that "the cause of the charges and actions taken by the government against Shabibi is not enable them to control the Central Bank reserves of money to dispose of them, though that Shabibi retained these funds to support the currency and achieving process currency auction to keep the exchange rate, although this reserve is used to crises and disasters or stop exporting oil for months, where can timely conservative government to lend some money from the reserve. "
For its part, the Commission described Parliamentary Integrity, on Saturday, the Special Committee to Investigate corruption cases attributed to the CBI as is "legal", and confirmed that he will form a new committee to re-investigate this file, calling for a freeze decision to arrest the right bank governor Sinan al-Shabibi .
A member of the Integrity Committee parliamentary Aziz Ugaili in an interview (long-Presse), the Special Committee to Investigate file Central Bank "illegal," and explained that "the formation of this committee came against the law No. (83) of the Council of Representatives, which states that be the formation of the interim committees during the request of one (50) deputies or by a vote in parliament. "
Ugaili between that "the Committee formed by the Presidency of the parliament and included two members of a single party, which is surprising." The House of Representatives has formed last August for a truth commission on auction sales daily dollars at the Central Bank and the people who get hard currency and checking sales figures, and includes the heads of the two financial, economic and BSA and the number of Representatives, and the Committee submitted its report on the work of the bank early October past, and then returned the House of Representatives and the form in the sixth month of this November another committee to investigate the implications of the central bank and includes economic committee chairman Haider al-Abadi and Finance Committee Chairman Ahmed al-Alwani and Central Bank Governor agency Abdel Basset Turki, and under the direct supervision of the Presidency of the Parliament. Ugaili called on the government and judicial bodies to "freeze arrest decision against Iraqi Central Bank Governor, to allow him to come to Baghdad and to defend himself," pointing out that "will be the formation of a new committee to re-investigate this file."
The Ugaili that "Shabibi told the Integrity Committee that he is innocent of the charges against him, and that cases of corruption have occurred in banks and no income to the Central Bank where," and continued that "Shabibi demanded guarantees not to arrest him if he returns to Baghdad, and that is hosted with a cadre Central Bank within House of Representatives, to listen to their statements on the charges against them. "
The Supreme Judicial Council announced (19 October last), the issuance of an arrest warrant against the central bank governor and a number of officials in corruption cases, after the media quoted a local, in (14 October 2012), sources oversight that the judiciary has issued an arrest warrant right Shabibi corruption charges, pointing out that he escaped out of the country after the issuance of the memorandum, the bank denied the news, saying that the governor is currently involved in an annual conference in Tokyo and will return to Baghdad.
The Cabinet decided, in (16 October 2012), the prime BSA Abdul Basit Turki functions of the central bank governor and agency. And received the issue of dismissal of the central bank governor international reactions mixed as called for U.S. Ambassador to Iraq Stephen Beecroft in the twenty-fifth of last month to a transparent investigation in this case as it represents the great importance of the Iraqi economy, also stressed the World Bank on the need for a transparent investigation in this case , pointing to his lack of knowledge of the chaos that prevailed the Central Bank of Iraq and that Iraqi officials talked about.




This is an excellent article. It gives us clarity of Shabibi's intentions. I hope he stays out of Iraq for the time being. Hopefully all the CBI issues will be resolved quickly. TY tobyboy

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