Economic parliamentary: the low exchange rate of the dinar against the dollar due to the failed policy of the Central Bank

Sunday, June 2, 2013

The parliamentary economic committee attributed the continued decline in the exchange rate of the Iraqi dinar against the dollar to the central bank's policy "failed".

The central bank has promised to take measures to raise and stabilize the price of the Iraqi dinar as it was in the past, but the impairment and the exchange rate of the dinar continues.

He said the Commission's decision Mahma Khalil told all of Iraq [where] that the continuation of the low exchange rate of the dinar is the result of failed political central bank and keep supply and demand and the reason for this policy recent changes on the management of the bank in addition to that affect and extend the government on the powers of independent bodies, including the Central Bank. "

He added that "the central bank today takes the directives and decisions of the government more than it is committed to the legislative side, although the Constitution provides that the bank linked to the House of Representatives."

He said Khalil "As the Iraqi environment has become a result of current conditions environment expelling the foreign currency and not attractive her and citizens due to lack of customs tariffs and the absence of regulations, the legislative, the goods enter the Iraqi market from different المناشيء a result there is no law on Tariffs customs and such a number of factors led to the low price Iraqi dinar exchange. "

Observers believe Economists and analysts said the increased turnout to buy the dollar has led to a significant drop in the price of the dinar and attribute this to smuggle most of it will offer daily Central Bank of dollars abroad.

The Iraqi Central Bank announced shortly before the new procedures limit the availability of the U.S. currency in markets where demand to buy them, amid suspicions suggest the smuggling of large amounts of hard currency in Iraq for neighboring countries.

And issued the CBI, new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select the stakes weekly for banks and money transfer companies and trading firms currency from the dollar is estimated according to the capital of each of them, and we will increase and decrease the stake against the commitment of all of them deliver the amounts they want customers citizens.

The central bank starts to put the dollar at an auction for the sale of foreign currency at subsidized prices and the lowest of the real exchange rate in the market to support the dinar. "

Observers fear stop CBI those auctions and then multiply the value of the dollar against the dinar. "

The central bank is facing charges for the staff in conjunction with officials in the state with corruption and smuggling of currency Bank is currently subject to investigations affected province former Shabibi, who left Iraq several months ago and no longer fear of arrest according to the warrant.

Employees complain and retirees who receive their salaries in dinars from price rises, and that their salaries are no longer sufficient to meet their needs and that the rise in prices has included real estate and rentals, as well as transportation, food and clothing. 2 ended.

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Central Bank of Iraq is suing one of the members of the House of Representatives

Sunday, June 2, 2013

The Iraqi Central Bank, on Sunday, he would sue one of the members of the House of Representatives for insulting the bank, reiterated his claim politicians or wishing wading in such subjects standing on the health issues that they have, especially since some are real and illogical.

The bank said in a statement received by the agency Ambassador News ", a copy of" one members of the House of Representatives said in a television interview that the central bank has deposited in three Arab banks billion dollars interest rate of 3%, "noting that" this MP is the beginning of what is going on, as the mechanism adopted at the bank is a deposit with the central banks only in countries that have its credit rating more than good, and is performed by a decision of the Board of Directors of the Bank. "

The bank said that "these conversations misleading used to meet the Bank's policy Avenue in uprooting the corrupt and parasites, and his defense of the men bankers serious and actors in building the economy of Iraq," noting that "confuse the information public and shuffling papers in front of him does not constitute an abuse of the central bank and the banking system only, but also to the system of national effort to build the institutions and support the economy and weakens confidence in any decisions and mechanisms can be pursued by the state. "

The bank that he "reserves the right to legal establishment of a lawsuit over what was stated in the interview, which made ​​this MP from abuse and misleading to the Bank's work," reiterated its call "for politicians or wishing to go into such topics, stand on the health issues that they have, especially since some are not real and illogical for a specialist priori. "

The bank said that "access to these topics by the bank will not lose these credibility if their destination reform."

The CBI confirmed, on 19 May 2013, that the statements unauthorized confused the market and led to losses for businessmen and investors, resulting in losses for investors and businessmen, noting that there was no justification for such statements in economic terms.

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Director of Microsoft Corp.: ready to contract with all Iraqi banks in the field of transfer of expertise and technological banking

26-05-2013

Baghdad (news) .. The Director of Business Development of Microsoft Corporation in Iraq Firas al-Obeidi, his company's readiness to conclude agreements with all Iraqi banks in the field of transfer of expertise and technological banking.

Obeidi said (of the Agency news): The Iraqi banking system in dire need of modern developments he is still working according to the old traditional systems, where it lacks the Integrated Systems banks in the issue of remittances, as well as the lack use Alvezacard systems and MasterCard.

He explained: that his company is ready to hold agreements with all banks, the Iraqi government and private in the field of training competencies and transfer of expertise in the company as well as the transfer of technological world in the banking industry, to create a device that Iraqi bank a sophisticated, easy operations and provides banking services better to the citizen. / End / 8 .. /


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Vian outsider: Payment on credit law will pass, as amended, for a vote in the House of Representatives

05-05-2013

Baghdad (news) .. Chairman of the Committee warned services and reconstruction MP / coalition of Kurdish blocs / Vian outsider, the vote on the draft law of infrastructure coming from the government, because it would put Iraq under a large debt can not get out easily.

Dakhil said (of the Agency news): The parliamentary committees conducted an amendment on the draft law of infrastructure or the so-called 'payment on credit', which came from the form of government maintains public money and wealth based on Iraqi oil.

She explained: that the version that came from the federal government can not be voted on in the House of Representatives, because it put Iraq in significant economic problems and overburden the state financial debt, stressing that the revised draft will be passed within the Council for the purpose of voting on them.

She pointed out: that the only bloc, which objected to the amendments to the law 'coalition of the rule of law', while the other blocs expressed their consent to the recent amendments, voting weighted by the parliamentary majority during the next sessions of the House of Representatives. / End / 8.'s. M /

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Economic center: invest part of the reserves of the Central Bank in local projects is a major economic risk

02-05-2013

Baghdad (news) .. Head of the Media Center warned economic Dergham Mohammed Ali, invest part of the central bank reserves of hard currency in local projects within the country, because it is a major risk to the economic situation in the country.

Muhammad Ali said (of the Agency news): The foreign reserves of the Central Bank currency is an asset for an emergency on the one hand and also cover the local currency of the other hand and the lid is an international reliability and this is what makes the preservation and development necessary.

He stressed: not to use it only when absolutely necessary, ie to lend to the government at the time of salt fiscal deficit in the state budget finances.

He added: parts of it, can be invested in investment portfolios are almost guaranteed European central banks, either incorporated in the local projects it is a major economic risk that this process is not the prerogative of the Central Bank of Iraq.

He pointed out: that the return on investment at European banks are for the development of the reserves and not to spend within the local budgets, except in cases necessary. / End / 8.'s. M /

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Financial expert: the granting of loans banking "ironing card" will eliminate the boring routine

29-04-2013

Baghdad (news) .. Financial expert suggested the name Hadi al-Tamimi, the adoption of smart card system in all banking transactions, especially in the process of granting financial loans, to eliminate red tape and corruption prevailing financial position.

Tamimi said (of the Agency news): The orientation Housing Fund to contract with a company to Card 'global distribution of financial loans through the smart card will facilitate the process of granting and repayment of loans for citizens and the Fund.

He added: This system must circulate in every banking operations, especially in the granting of loans to eliminate the boring routine and financial corruption that is exploited in some quarters at the expense of the Iraqi citizen.

He stressed the importance of the introduction of modern systems in the banking business for the development of the banking sector and to facilitate financial transactions.

The company has made global smart card (Key Card) willingness to organize the process of granting and the payment of Housing Fund loans through a system of smart card-mail, with awaiting official المفاتحة from by the Ministry of Housing to proceed with the matter. / End / 8. D. O /

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Schiller Aziz: Kurdistan hold a meeting today to prepare a paper delegation, which is visiting Baghdad next Monday

27-04-2013

Erbil (news) .. Announced member of the Kurdistan Alliance MP / Kurdistan Alliance bloc / Schiller dear, that a meeting of the Kurdish forces with the President of the Kurdistan Regional Government, to prepare a paper Kurdistan delegation on a visit to Baghdad on Monday.


Said Aziz in a statement (of the Agency news): The meeting will happen today in the Council of Ministers of Kurdistan headed by the provincial government Nechirvan Barzani and the presence of heads of Kurdish blocs and parliamentary minister in the federal government to prepare a paper delegation on a visit to Baghdad on Monday, indicating: that the paper will include all the problems between center and the region and the way resolved through the constitution and the agreements signed previously.


She added: that the delegation of political will travel to Baghdad on Monday will include all political parties in the Kurdish region, and will have a schedule for all the problems and will demand by these problems, are described: that the meetings of the delegation not be limited to the federal government, but with the political parties that have a role in solving problems.


The works of the Kurdistan region, to send a delegation to Baghdad to negotiate and consult with the Federal Government and the National Alliance on outstanding issues between the center and the region, the center of the Prime Minister Nuri al-Maliki to give compulsory leave of Ministers of the Kurds, because attached to their work for political reasons ./24.'s. M /

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