Expert : Central Bank Need To Change Policies Rather Then Leadership Change

04/16/2012

BAGHDAD / JD / .. stressed economic expert, Dr. Asia Kazem al-Saadi said the central bank needs to change policies rather than changing the leadership. The professor of economics at the College of Management and Economics at the University of Baghdad / for JD /: that the policies of the bank open and behind the deterioration in the price of hard currency, saying that the problem will not be changing the leadership of the Central Bank a comprehensive solution. She said Saadi, he can, the bank enhances the position of the currency if freed from the pressures faced by Kanfattah trade currency and the possibility of withdrawal of any amount by any person at any time he wants, pointing out that the solution lies in following the new policies, including a return to the stock market and the central control process sale for a dollar limit on a particular day in the volume of sales as a necessary step to get rid of the control elements that you drag the currency in large quantities, causing confusion in the volume of cash reserves at the bank, which often leads to high exchange rate of the dollar against the dinar. Saadi and stressed the need for the Bank shall determine the beneficiaries of the hard currency as a measure necessary in the current stage, noting that what is important is not who comes, but what he will do. The Iraqi market is currently witnessing a rise of the U.S. dollar against the Iraqi dinar, as sales rose from the Iraqi Central Bank foreign currency, while the central bank attributed the cause as well as to finance trade in the neighboring countries of Iraq by the merchants. The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh in January 2012, for raising the price of the Iraqi dinar against the dollar during its sessions for buying and selling foreign currencies at the rate of four dinars, pointing out that the price of the dinar nominal is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar . The Central Bank of Iraq by January 15 in the past buying and selling of the dollar and the price (1166) during the auction, which is evaluated daily and with the participation of 23 banks, after it was the buying and selling of the dollar price of 1170 dinars to the dollar. / Finished / 20 /

Link

Vice chest: There are no independent bodies in Iraq and replace a failed Shabibi Bpapan choice in the management of the Central Bank

Monday, April 16 / April 2012

The vice of the Liberal parliamentary bloc of the Sadrist movement believed that there was no bodies and independent institutions in the Iraqi state.

The MP said Jawad al-Hasnawi told all of Iraq [where] that "talking about the existence of bodies and bodies and independent organizations in the institutions of the Iraqi state a hundred percent is is not true and this also applies to the House of Representatives and the Council of Ministers, which is run by one person, but we can say that those bodies working towards independence and autonomy is not in itself ".

He added that "attempts by some parties linking the bodies supposed to be independent of government, such as the Central came to not subject the institution to control and dominate a specific destination or people either argue sometimes that this behavior comes the service of the citizen, I believe that the citizen's share of which very few, but we can confirm that it utilized for the purposes of electoral and propaganda for the hand and the consolidation of all state resources for the benefit of a particular party "

He Hasnawi that "the rumors about the intention of replacing the central bank governor current Shabibi by the government with Minister of Planning Previous Ali Baban, although not confirmed this information but we think that it would be altered is a failure" and called on "the political blocs to a serious stand to correct Msaraml the state and the political process ".

And picked up some media reports about the intention of official bodies to link management of the government and central bank governor to replace the current Shabibi former Minister of Planning Ali Baban.

The Chairman of the House of Representatives Osama Najafi said during a session of the House of Representatives last week about the "letter sent by him to Prime Minister Nuri al-Maliki urging him not to interfere in the matters of the Central Bank, and showed the message functions and duties of this bank, which is one of the independent institutions."

And denied the Secretary General of the Council of Ministers on the Keywords in a statement asked the government to link the central bank by the government is trying to coordinate positions with the Central Bank in order to avoid damage to the citizen and the national economy and the law of the Central Bank is a bank consultant and a bank and agent financially for the government and within the responsibilities of the exchange of information and opinions and policy coordination cash in accordance with Article 24 of the Bank Act as demanded by the government. ended 2.

Link

Expert to rule out the return of the dollar price of the real .. And the likely stability when (1226) DT

Monday 16/4/2012

Baghdad (news) .. Ruled out the financial expert Ismail Radi dollar return to the front of the real exchange rate of the dinar, which had settled on a price (1117) dinars, likely to price stability (1226) dinars in the coming period.
Radi said (of the Agency news) said on Monday: The Central Bank has worked hard during the past to keep the Iraqi dinar exchange rate against the dollar through monetary policy, which made the Iraqi dinar is stable at (1117) to the U.S. dollar, but he now has control of the local markets a result of internal and external challenges have led to increase the value of the dollar against the dinar.
He added that the central bank increased its sales of hard currency "dollar" during the current year from (160) million dollars a day to (250) million dollars a day, and can not sell more than the amount specified current, as it will lead to the entry into force of the hard currency of the country, although that its presence supports the local currency as serve as a cover to it.
A financial expert, is that the dollar exchange rate will stabilize the (1226) dinars in the coming period, after hitting a price (1300) dinars will the Central hard to reduce it to the price (1226) dinars per one dollar. / Finished / 8. D. Q /

Link

Economists: tariff indirect taxes borne by the ordinary citizen

Monday 16/04/2012

Baghdad (news) / report / Faleh Hussein / .. The decision to apply tariffs on imported goods to Iraq, a sensation among economists.
Some expressed concern that the prices of materials, goods and higher rates of inflation, while others believe it is necessary to protect national products and prices will return gradually to the origin after a period of application.
Agency (news) surveyed the views of economists to find out the possible outcomes when applying the Tariff Act in (30) of the month of June.
Where A member of the Committee of Economy and Investment MP / National Alliance / Abdul-Abbas Xiaa: The tariff will protect the economy and save the local markets that have become dumping ground for shoddy goods and non-conforming to international standards.
He added that the local product is unable to compete with the imported cost in terms of productivity, the absence of a tariff, noting that prices will rise at the beginning of something as simple implementation, but these gains will fade over time.
The deputy proposed broadly: the distribution of funds accruing from the customs tariff on the social protection network and those with low salaries of retirees and employees, to create a balance between increases in prices and purchasing power of the citizen to avoid inflation, economist in the country, noting that the rate of customs imposed on goods ranging from (5% ) to (30%), this indicates that the funds derived from the tariff would be great.
The head assembly while the Iraqi industrial Abdul Hassan Shammari the need for the application of the Tariff Act as a flourishing agricultural and industrial sectors.
He explained: that the fashions that refuses to implement this law, "incorrect", because the rates of tariff, varying on imported goods, so that the material is necessary to cause harm to the citizen will determine their rates of high tariff, Chalskaúr This is good and advocated by the Ministry of Health, as it will reduce the purchase of and the reduction of smoking and the harms to society.
The Shammari (of the Agency news): The application of this law will support the national economy, which provides security for the people through the absorption coefficient of unemployment after the operation of industrial and agricultural.
There is a high probability of price increases in local markets when the application of the Tariff Act, which may damage the simple citizen.
In this regard, said a member of the Economic Commission deputy / coalition in Iraq / Nahida Daini: The merchant began to store food, industrial and consumer goods to be raised through the application of the law, which will increase their prices, stressing the importance of the formation of an Oversight Committee not to make way the Council for these to exploit the conditions at the expense of ordinary citizens .
The Daini (the Agency news) to: the importance of applying the Tariff Act that the country needs to protect his product to local and national levels.
And economic sectors suffering from the deterioration of Iraqi infrastructure as a result of exceptional circumstances that have passed on the country such as wars and terrorist attacks.
Implementation of the law and can not be customs tariff on goods imported without the presence of a local national product.
He said economic analyst Abdul Latif Salem Ugaili (of the Agency news): A comprehensive economic plan to activate a solid summarized Kalzeraih key economic sectors and industrial insurance and the local product.
He pointed to: that the purpose of the application of the Tariff Act is to support the national product, if there was not a local product, what the purpose of activating the law?, So you must ensure food and goods so as not to increase prices.
For his part, criticized the economic expert Majid picture Ministry of Finance's decision to impose tariffs on imported goods, they will increase their prices, which serve as indirect taxes borne by the simple Iraqi citizen.
He said the picture (of the Agency news): The time is not appropriate for the application of the Tariff Act on imported goods as will serve the merchant and the detriment of citizens simple through the increase in commodity prices, and this will lead to economic problems in the country through high rates of inflation due to the weak purchasing power of citizens and increase the price of articles in the Iraqi market.
He added that the support of the local product and protect it come through the means of many other Koafah of taxes and facilitate the importation of raw materials and the provision of infrastructure such as electricity, transport and communications, noting that the revenue will come from customs duties in one year up to (420) billion dinars, or approximately ( 150) million.
The Ministry of Finance has identified the first of June next date for the direct tariff for all goods entering Iraq to support the production, industry, local agriculture and reduce flood the market with shoddy goods.
The law provides for the imposition of customs duties on imported goods, not included in the table of tariff duties, by no more than 20% of its value, to be exempt samples and models that are not of commercial value, customs duties, and took into account the law in the application of its provisions, the facilities granted under the Investment Law No. 13 of 2006, as amended, on goods imported for investment projects exclusively, and comes with a view to attract the greatest possible investment companies and businessmen to work in Iraq. / Finished / 8. d. Q /

Link

High Joint Committee meeting, the Iraqi-Kuwaiti postponed until next week

16/04/2012

The independent Iraqi news agency / Baghdad / e. M ... Joint Committee postponed the Iraq-Kuwait meeting until next week because of travel and Foreign Minister Hoshyar Zebari out of Iraq and the Kuwaiti side is busy with a number of internal issues ..

A source at the Foreign Ministry in a press statement today quoted (and independent Iraqi news agency) that the Higher Committee Joint Iraqi-Kuwaiti postponed its meeting until next week due to travel and Foreign Minister Hoshyar Zebari out of Iraq and the Kuwaiti side is busy with a number of domestic issues.

The source added: that an agreement was between Iraq and Kuwait to postpone the meeting, to be held exclusively in the next week, and the presence of the two countries' foreign ministers and members of the Committee to discuss the outstanding issues between the two sides and by the exit that satisfies both parties.

The Iraq and Kuwait have agreed to hold a second session of the Joint Higher Committee in Baghdad, Iraq-Kuwait during the first half of the month this April under the chairmanship of the Foreign Ministers of both countries.

It is noteworthy that the Iraqi delegation headed by Prime Minister Nuri al-Maliki during his visit to Kuwait held detailed discussions with the Emir of Kuwait on the overall issues of Iraqi-Kuwaiti relations was reached a number of understandings on the settlement of the debt owed ​​by Iraqi Airways and the completion of a final settlement and stop the Kuwaiti side all lawsuits and claims the company's legal and property in Iraq.

Link

The volatility of the Iraqi dinar traders worry

16/04/2012

The independent Iraqi news agency / listen .... facing business difficulties in Iraq since the weeks after it became the national currency (the dinar) more volatile due to the effects of the sanctions imposed on neighboring Iran and Syria as well as political unrest in Iraq.

And the imposition of the Iraqi Central several measures this month to curb demand for the dollar, after rising dramatically in Mzhadath daily turnout with local merchants to buy it to sell to Iran and Syria.

an attempt to reduce the exodus of dollars from Iraq, he stressed the central participants Bmzhadath rules relating to sent a message that he still controls the market through raising the dinar exchange rate auctions a bit to 1166 dinars to 1170 dinars to the dollar.
And now requires the participants in the auction currency traders to be members of the Iraqi Chamber of Commerce, which means that they have to record the activity of work formally and obtain a license from the Ministry of Commerce.

But the central actions caused the dollar to appreciate the local market, which put pressure on business people who rely on dollars to import goods and foreign products. Currency traders say the market is stagnating.

And recovering from Iraq war and decades of sanctions, and continues to run its economy is highly centralized, where the major complaint of foreign investors.

Under the sanctions imposed on Iran, Syria, Iraq has become an important source of dollars for the two countries seeks citizens and businessmen to get the two dollars with the decline in the value of the local currency.

Large dollar reserves

He says that the central Iraq's large reserves of foreign exchange, which rose to a record sixty billion dollars on the back of rising oil prices will protect the country's financial system from damage. But he added that the actions taken by the bank recently, the country needs to impose more discipline in the local market.

The denominator is harmful to the deputy governor of the central "intervene in the market through auctions in order to stabilize the Iraqi dinar, and to maintain exchange rate stability."

The Bank Governor Sinan Shabibi said conference with businessmen last week that the government coalition of political conflict and the failure to Ttoiralaguetsad outside the oil sector resulted in the increased volatility of the dinar.

According Altjaron procedures of the Central of new dollar hurt business activities where they must provide legal documents and get approval within thirty days to transfer money abroad for imports, and they have to submit also a certificate from country of origin of imported goods bearing the approval of consular Iraq that State.

The traders say that these procedures take time. Many of them took refuge in the local market for dollars at prices higher than the official exchange rate so as not to lose their goods abroad.

Link

Falh: National Alliance is ready to go to the stage of the national meeting and committed to meet its obligations

16/04/2012

The independent Iraqi news agency / Baghdad / n. X ... MP for the coalition of state law on the Falh that the National Alliance is ready to go to the stage of the national meeting called by its President Jalal Talabani in the event of an appointment

Falh said to the reporter (and independent Iraqi news agency) that the alliance is committed to fulfill its pledges, which lies within the circle of the Iraqi constitution, and extends no ".
He Falh "The National Alliance to consider the Iraqi List, and to meet its obligations And obligations that do not create new arguments after the last to make the National Alliance The full intention and willingness to close a lot of files ".
He emphasized that he does not There is what is imposed on the contract not to find solutions to the contrary that the solution became clear To all who either them or hold their position announcement is clearly to teach Everyone fact of political positions

Link