Central Bank: Identification of a commission selling the Iraqi currency ten dinars only be added to the price of the dollar

Thursday, 23/02/2012

Baghdad (news) .. The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh select commission that the bank selling the Iraqi currency ten dinars only be added to the price of the dollar set at a reasonable price, indicating that monetary policy is controlled.
Saleh said (of the Agency news) on Thursday: that there are differences in the market for the dinar exchange rate against the dollar in different parts of Iraq, which called for by the Central Bank to impose special measures against market speculation through the identification of a commission to sell the currency ten dinars only be added to the price of the dollar and set a thousand and one hundred and seventy-nine dinars.
He added that the central bank decided not to receive a bank or company money transfer or franchise more than a commission set starting on Wednesday (February 22 cur) also can not create the price of the last that the central bank rate is (1179) dinars per dollar, which was originally (1166), but added it (13) JD commission, banks and companies charge (10) JD shared, adding that it should not exceed the price (10) dinars for central bank rate for the commission.
For his part, said Iraqi Central Bank Governor Sinan Shabibi in an interview with him (the news): it is possible to Ntmon everyone, be they in government or the House of Representatives or the citizen himself and that monetary policy and the dinar policy controlled and that there are reserves of so-called cover the currency is in the truth will ensure an adequate process of the dinar in the country.
The Iraqi Central Bank revealed on the sixth of January 2012, a rise in reserves of foreign currency into (60) billion dollars for the first time in the history of Iraq, after it had been in 2010 had reached (58) billion dollars.
The Deputy Governor of Central Bank of Iraq appearance of Mohammed in the ninth of January 2012: that the high exchange rate of the dollar against the Iraqi dinar in the Iraqi market as well as higher sales of the Iraqi Central Bank foreign currency, due to the financing of trade of neighboring countries by the Iraqi traders.
The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks that fund the traders from the private sector except for public holidays on which depends the World Bank for these auctions and the sales either in cash or in the form of money orders sold out for a commission of certain. / Finished / 3. d. Q /

Link

Alabtan MP: talk about the entry of counterfeit currency in large quantities just rumors unreasonable

Thursday, 23/02/2012

Baghdad (news) .. A member of the citizen bloc MP / National Alliance / Abdul-Hussein Alabtan that the rumors about the presence of Iraqi and foreign currencies of a forged in Iraq is a relentless campaign intended to fold the national currency, noting that the country is immune, no changes can be affected side.
He said Alabtan (for the Agency news) on Thursday: The talk and a fraud, a large entered Iraq and are dealing in is not true, and there may be fraud, but not in quantities that have little, indicating that these rumors are relentless campaign intended to fold the Iraqi currency.
He added that these rumors were proportional to the procedures for the Central Bank, which stepped up the currency or increase the exchange rate of the Iraqi dinar against the U.S. dollar and that the talk of the existence of counterfeit currency in large quantities is reasonable because it depicts Iraq as the only one who has the fake currency and the rest of the countries in the world does not have a counterfeit currency.
He called for: stakeholders to be careful of such rumors being detrimental to the national currency and the market alike.
He pointed out: that the Iraqi currency well in the central bank is immune, and is still in the lead as oil country and has a high cash.
He was a member of the Iraqi List Lahibi Taha accused earlier: Iran to enter forged Iraqi currency to buy foreign currency from the market, warning that the government's silence on this issue will allow it to participate in the process. / Finished / 3. D. Q /

Link

Economic parliamentary: Start the process of removing zeros from the currency in September next.

18/02/2012 17:48

Remember without revalue of currency they can not replace the old currency with new..

Baghdad, February 18 (Rn) - The parliamentary economic committee, Saturday, in agreement with the Iraqi Central Bank to begin the process of removing zeros from the local currency in September next.

The central bank announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.

A member of the Economic Commission Abdul-Hussein Abtan told the Kurdish news agency (Rn) that "the Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next."
He added that "the agreement granting process to ensure the currency switch for a full year that the two currencies are traded the old and new in the market during this stage."

And describes the CBI process of switching the currency national project in support of the economy in the country, while expressing the Iraqi government for fear of the project as it will increase the phenomenon of money laundering, "according to belief," and is working to convince the central bank to stop the implementation of the project, and be approved by the securities the government's position of deletion of zeros and says it will affect negatively on the financial trading in the stock market.

Abtan explained that "the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in the community."

The Committee emphasized the financial representative, on Sunday, the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying that the law was passed would give Iraq an opportunity to address economic inflation, as experts predict a rise of inflation in the budget in 2012 because of the continuing interest in aspects of operational at the expense of the investment part of the general budget.

And inflation is excessive in the general level of prices and rising incomes as well as higher cash costs and create excessive cash balances.

He concluded his speech by saying Abtan that "the central bank looking to send a bill to change the currency to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency."

The functions of the central bank conduct of monetary policy in the country, including exchange rate policies and the management of foreign reserves and the issuance of currency management, and raise the level of the values ​​of the Iraqi dinar and deal with inflation in the country, which is responsible also for the maintenance of price stability, as well as to regulate the banking sector.

Link

Integrity parliamentary discuss with the Minister of Finance and the Governor of the Central Bank of the issue of deletion of zeros and the proliferat

Wednesday, February 22, 2012

Hosted the Parliamentary Integrity Commission today, Finance Minister Rafie al-Issawi and Central Bank Governor Sinan Shabibi and Chairman of the Integrity Agency Alaa al-Saadi, a number of investigators to discuss a number of important laws and decisions. "

A source within the Commission told all of Iraq [where] said Wednesday that "The discussions centered between the Integrity Commission and the Parliamentary Finance Minister and Central Bank Governor and Chairman of the Integrity Agency on the issue of deletion of zeros and prevent the introduction and spread of counterfeit currency."

And since we are talking about changing the period of currency, and issuing a new currency, and are to note that there are changes will occur in the form of new Iraqi currency, including the removal of zeros, and the inclusion of the Kurdish language alongside Arabic in the currency.

The officials at the Central Bank as well as some politicians and economists urged the government to delete the zeros from the currency and the issuance of new currency denominations large cash in addition to the presence of small coins.

Observers say that the government intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar is that economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the expected benefit of raising the zeros. "

He was an adviser to Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge had warned earlier in the process of removing the zeros from the currency as it would cause big problems and events confuse the Iraqi economy. Ended 2.

Link

Finance Minister: We expect tomorrow after adoption of the budget address their problems and disability suffered by the

Wednesday 02/22/2012

Baghdad (news) .. contract, Finance Minister Rafie al-Issawi a joint press conference with the Minister of Planning Ali Shukri today.
Issawi said during a press conference which was attended by reporter Agency (news) on Wednesday: The meetings continued yesterday with the parliamentary committees to solve the problem of the budget, pointing to the existence of a deficit of (15) trillion dinars in the budget.
He added, we can plug (10) trillion of Petroleum Exporting Countries Fund for Iraq and (1) trillion of central bank and left (4) trillion, indicating that the remainder of the deficit is not large and does not affect the budget.
He explained: that the social benefits for the three presidencies can be converted and utilized to provide the ration card items and to compensate victims of terrorism and solve the problems of property claims.
He pointed out: that the final accounts for the five years ago, free of corruption and grouped in two directions through the first advances are estimated in the Office of Financial Supervision and the door of the second through the laws prescribed by the House of Representatives and spent, such as increasing the salaries of the security services.
He expected the al-Issawi: Adoption of the budget tomorrow.
For his part, Minister of Planning Ali Shukri: the budget and reached the (117) trillion dinars, which is very large, indicating that the deficit, which he obtained was the result of converting amounts of such projects is to other projects and not for the budget, causing the existence of the problem of the deficit. / Finished / 4. d. Q /

Link

World Bank: fiscal surplus of Iraq in 2011 with a $ 20 billion

22/02/2012 15:11

Baghdad, February 22 (Rn) - The World Bank said on Wednesday that the value of the surplus in the fiscal budget for Iraq for 2011 past $ 20 billion, warned at the same time of the introduction of payment on credit.

Iraqi cities and need money desperately to build its infrastructure destroyed by years of war, sanctions and violence, and protesting citizens on an ongoing basis on the lack of basic services that have not been able to successive Iraqi governments have made available, despite a lapse of almost nine years to overthrow the former regime.

But the violence and corruption deprived Iraq of investments during the years of conflict that followed the fall of the former regime in the spring of 2003, while moving slowly rebuilding process.

The expert at the World Bank Majid picture, told the Kurdish news agency (Rn) that "the value of fiscal surplus to the budget in 2011 amounted to $ 20 billion, one of the budgets of the provinces that did not happen by 85%."

He added that "the Iraqi government has to take advantage of fiscal surpluses since 2004 to 2011, which amounts to about $ 80 billion."

He pointed to the picture that "the payment system on credit is not successful and the government not to work on it because it hinders projects of investment and economic development in the country and increase the debt of Iraq."

The Central Bank of Iraq said on Wednesday that the government encourages the introduction of payment on credit, that he attributed to contributing to the promotion of international companies to enter the Iraqi market, stressing that monetary policy is not affected by the application of this method.

It is expected to pass the House of Representatives during the next few days the country's budget for the current year, which amount to 100 billion dollars (about 117 trillion Iraqi dinars) and a deficit of up to $ 13.5 billion (about 17 trillion dinars).

Link

Member of the Committee on Energy: Kuwait over the rights of Iraq's oil using horizontal drilling

Wednesday 02/22/2012

Baghdad (news) .. Warned a member of the Committee on Energy and MP for the oil / mass change / Bayazid Hassan Kuwait over the rights of Iraq's oil through the use of horizontal drilling on its oil fields near the Iraqi border.
Hassan said (to the Agency news) on Wednesday: The use of the Kuwait modern technology known drilling horizontal to extract oil from fields near the Iraqi territory Saatheraly oil reserves in the fields of Basra and the offense must be viewed through diplomatic channels and dialogue between the two sides to resolve it.
He added that the Iraqi Oil Ministry was not aware that there is a case of stealing oil from the Kuwaiti side, calling on the Ministry of Oil to the need to verify the authenticity of the news by the Kuwaiti side and knowledge of its consequences, and causes of being a threat to the Iraqi economy, the danger and the formation of a committee to follow up the matter.
In the same context, a source from the Federal Ministry of Oil in a statement (the news) for the theft of Iraqi oil by the two neighbors, Iran and Kuwait Bastkhaddamanma drilling technology horizontal to the fields near the Iraqi territory, which led to the withdrawal of Iraqi oil fields. / Finished / 8. D. Q /

Link