Experts: sale of hard currency in several ports, an observer .. And consequences of intangible

 Sun 07/01/2012

Baghdad (news) / report / Faleh Hussein / .. An open multiple ports to sell the dollar, which has turned the central bank, raised heated debate between economists, some of whom questioned the commitment not to some private banks controls set for the sales.
Known as the central bank very well how to address the low exchange rate of the Iraqi dinar against the U.S. dollar in an unprecedented way in recent months, it has allowed (25) private banks to sell the dollar according to certain controls, and gives each bank a week million and (250) thousand dollars at the (1179 ) and sold to citizens at (1189) that the ratio of profit for banks (10) dinars.

Comes a central bank to create a balance between the quantity offered and the size of currency increased demand to maintain the value of the dinar against the dollar, in time, which is still the exchange rate ranges between (1240 - 1250) dinars per dollar.

Do not work a central bank this benefit to rein in the rise of the value of the dollar against the dinar? .. Is it an actor?, This is what I tried (agency news) know, by talking with experts and deputies specialize in financial affairs.

A member of the Commission on economy and investment MP / National Alliance / Amer Winner: that private banks can not manipulate the exchange rate of the dollar against the dinar because it is linked to the Central Bank and bound his own terms, but there are companies that have the authorization of the Central for the purchase of hard currency has not adhered to the price to be no clear mechanism to follow the work of these companies in the market.

And the winner (of the Agency news) is that banks sell the dollar to the companies at the official rate, but that the companies sell in the market (ie in the banking offices) at the price you want, and the monopoly of the dollar caused the accession confusion in the sales process and the fluctuation of the exchange rate of the dollar against the dinar .

He added the central bank to monitor the work of companies buying and selling currency approved because it is the main reason for the instability of the national currency, legislation calling for a special law to punish companies and banks are contrary to specific controls to keep the exchange rate of the dollar against the dinar.

The recent months have seen a marked decline in the Iraqi dinar exchange rate against the dollar, from (1200) to (1280) dinars per dollar, to the (1320) dinars in some cases.

Some blame the Experts reasons Tzbb dinar exchange rate to the international sanctions imposed on Syria and Iran, which led for the smuggling of large to the dollar in recent months, taking advantage of freedom of foreign exchange, despite a series of measures the central bank to control the conversion, making the citizens do not trust the national currency, because the dinar suffered a jolt unprecedented, the first of its kind since 2003, with the ratio to decline (9%), the highest rate of exchange four years ago.

As explained competent in economic affairs Dargham Muhammad Ali that the reasons for the stability of the dinar exchange rate against the dollar despite open multiple windows for the sale of hard currency, due to the imposition of restrictions on the sale of the dollar which is not an open process as envisioned by some as committed banks to sell currency exclusively for passengers of $ ( 10) dollars, or thousands of traders after checking the amounts of specific buying motives of the coin.

He added that some private banks probably do not adhere to regulations specified by the Central Bank this you need to tighten control.

He pointed out: that a Central Bank to sell the last hard currency through the banks merely reduce the ring and brokers selling the currency and this does not add anything to the local currency, but is a process similar to the auction carried out by the Central Bank.

He said: that the central bank monetary policy has a successful and knows how to face the crisis and no fear of the Iraqi dinar in the shadow of the existence of the current Central Bank.

For his part, said the deputy governor of the Central Bank of the appearance of Mohammed Saleh: When you increase the demand on the dollar in recent months thought the central open multiple ports is the auction to pump large quantities of dollar rate equal to the volume of demand, in the beginning was the sale by banks of government (Rafidain and Rasheed) and pump them daily (6-7) million dollars, but all endowed with private banks and requests were made for the supply of dollars to sell for its commitment to abide by regulations specific to them.

The benefit (of the Agency news) to: that the number of licensed banks to sell foreign currency amounted to (25) banks and through control of its work it was observed that the proportion (88%) of private banks is committed to the procedures established to sell hard currency, but the proportion (12%) of which is committed to .

He explained: that the reason for not achieving the desired goal of selling currencies from several windows back to the government and central bank fear put hard currency outside the scope of the national economy as they come from a supplier unilaterally which is oil, pointing to the existence of barriers imposed by the state that does not give hard currency only to those who used the correct legal form and despite the freedom of use.

He warned the deputy governor of the Central Bank of banks in the absence of commitment controls prescribed by resorting to the force of law to maintain the value of the dinar against the dollar. / Finished / 8. D. Q /

 

Link

Deputy Central Bank Governor proposes the formation of a joint committee to schedule the implementation of the project to delete the zeros

  Sun 07/01/2012

Baghdad (news) .. I suggest the Deputy Governor of the Central Bank of the appearance of Mohammed Saleh form a joint committee by the central and the House of Representatives, ministers and economic experts to study the project to delete the three zeroes from the currency and the time limit for its application.
Saleh said (of the Agency news): The central bank completed all the procedures relating to the draft restructuring of the local currency after deletion of zeros of the three of them, put certain models of the form of currency is civilizations Iraq's ancient and religious shrines and features of archaeological and infrastructure such as dams and bridges have been submitted to the executive and the legislature for approval them.

He said: It does not require legislation law but needs to be a regulation issued by the Council of Ministers and published in the Official Gazette (the facts) because the Central Bank Law No. (94) for the year 2004 specifically in Article (37) gave permission to a central issuing a new currency and its design The governing legal Blaúhh called "system" is different from the law.

He added that the project is now delayed by the federal government and is not known at the time the end of the patient, noting that he needs to form a joint committee by the Central Bank and some members of the House of Representatives Committees on Economic, Finance and the Council of Ministers as well as experts and specialists to find out the most important developments pertaining to the project , and continued: against which specifies the time period to apply for an important project that serves the national economy must be implemented.

That Iraq is seeking a new step to delete the zeros from the currency and change shape. / Finished / 8. N. R /

 

Link

National Alliance confirms its commitment to dialogue and consensus and Reform Commission will meet today and on the agenda

Sun 07/01/2012

As part of the critical situation and its repercussions on the political scene, the crisis is heading the path towards the adoption of the principle of dialogue instead of other options to get to the formulation of consensus that satisfies all parties, and presents his vision of the National Alliance to uphold the dialogue beyond the only way and best suited to resolve political differences.

The MP said the National Alliance, Qasim al-Araji, "The National Alliance adheres to the principle of consensus and dialogue to resolve the current crisis of faith in the absolute as the only means capable of resolving crises rationally far from escalation and recklessness." And added that "The crisis today is a crisis of confidence between the parliamentarians and the parliamentary blocs. The Araji that "the political process in a dire need for calm because the atmosphere bustling lead to waste the opportunity for dialogue and consensus to solve all the problems because they Stmanana to listen to the opinion of others and deal with it seriously." to the MP for the mass of citizens were part of the National Alliance on an inch, "The the survival of the political crisis this title harm to the political blocs and the Iraqi citizens, "noting that" we hope that Atstmrhzh differences too much. said an inch that he "can not continue political differences and the differences between the blocks because they are irrelevant to the political process and the Iraqi citizens," adding that "the issue of reform, the need and there There are agreements and the principles and many of the projects and initiatives that need to take into effect. In terms of the reform program, which adopted the National Alliance announced an MP for the National Alliance, Samira al-Moussawi that a meeting of the Committee of the Coalition of the reforms will address the {120} points include all political issues. and Musawi said that "the points the {120} be discussed by the meeting of the reforms will include a paper prepared by the Preparatory Committee for the meeting of the national as well as problems and obstacles that exist between the political blocs and the holiday special legislative House of Representatives and some operational issues. ", she said," There are many problems, including political and judicial as well as relations between the governments of the center The province and the provincial councils and the center issues which undiagnosed for long periods and cause to disrupt the work of the State and must demonstrate its effective solutions by putting them on the list of reforms. "and indicated Moussaoui that" the National Alliance, a person a lot of problems and for a long time and being a sponsor of the political process felt that Looking for ways to solve all these problems by returning to the Constitution and the emphasis on the resolution in the fastest time by put up for the reforms. "and explained that" the coalition Aotunai will be discussed during a meeting of the Reform Committee decisions issued by the political body of the National Alliance to discuss how to develop and put mechanisms for how to deal with crises. "is scheduled to be held for the Reform Committee today its second meeting to develop a road map to resolve the political crisis experienced by the country, said sources in the National Alliance, the Committee will hold a full scan for all the outstanding issues and then consider papers submitted two meetings of Erbil and Najaf. A member of the Alliance Mohammed Chihod "The Reform Commission will give the perception of its solutions and treatments with an emphasis on not to let loose their ends." He Chihod that "the current phase requires the development of the points on the characters and this is being done under the umbrella of the Constitution

Link

Nassif high demand (team confidence) to withdraw his ministers from the government if they think they failed to provide services

 Sun 07/01/2012

Baghdad (news) .. Demanded the MP / Iraqi bloc of free / high Nassif, a team claimants to withdraw confidence from Maliki's government to withdraw their ministers from the government if they really believe that it has failed to provide services.
She said in a statement to transfer the Information Office of the cluster: the blocks on the claim of no confidence of the Maliki government to move away from the policy of double standards and that, trying to condone failures and Minister for the purpose of inventory of the crisis in the person of the Prime Minister in particular.

She added: If the claimants to withdraw confidence from the Prime Minister seeking to achieve the interests of citizens and not their self-interest, it was better for them to take the initiative to withdraw all their ministers from the government, although the majority of their ministers may not be their points of view are identical necessarily with the orientations of the leaders of the blocs. / Finished / d . N /

 

Link

Economists and MPs: private banks suffer government neglect and the absence of laws regulating the work

  Saturday 06/30/2012

Baghdad (news). Report / dreams Furaiji / .. Economists said the deputies in the Parliament that there was negligence and clear by the Iraqi government to domestic banks operating in the country, because of the absence of laws regulating the work and stand in front of her, urging the government to legislate all the laws on banks eligibility and the provision of bond support by the central bank to end the crisis of confidence between private banks and citizens.
The member of the Finance Committee MP / National Alliance / Haitham Ramadan Jubouri (of the Agency news): The private banks suffer from the actions and many laws are an obstacle in front of functioning, indicating the following: that the increase in private banks and to increase their capital is a catalyst for investment.

He added that the private banks in Iraq suffer from capital is low and there is no supported her, such as the CBI, which does not give a guarantee to domestic banks what drives the customer to not deal with it and the fear of loss of his money, saying: lack of encouragement to the domestic banks and the private sector by the central government.

And between a member of the Finance Committee: The House of Representatives has not yet begun the laws governing the work of private banks, adding that the government banks to have something of a moral powerful as a result of ownership of Guanyin wide open by the parliament granted by this character, while the private banks do not have a corporate status, which led to the reluctance of officials and government departments to deal with it.

The Jubouri: that most of the letters of guarantee that comes from the private banks is not by force enjoyed by the government banks, indicating the following: letter of guarantee that the companies are doing to engage in tenders or auctions of the State.

For his part, said economic analyst for the spectrum Abdul Salim (of the Agency news): The private banks are supposed to be working to promote investment but banking policy pursued by the government does not encourage domestic investment, he said: You should be sources of income the state portion of the revenues that come of private banks.

And Salem: that most people have large amounts of cash but they can not be Eodauha in banks as a result of the crisis of confidence for bad and actions are not encouraging in place by the government, which requires the citizen to bring a sponsor when depositing funds and provided that the sponsor has an account notebook in the bank, pointing out: that all citizens pay this routine to shy away from the deposit of funds in the National Bank.

He pointed out: that the loans provided by private banks are not encouraging as there are significant benefits to the bank while the interest rate that gives an applicant does not fit very few, and the amount of money which borrowed.

On the other hand confirmed member of the Finance Committee MP / National Alliance / Najiba Najib (of the Agency news): The private banks enhance the work of government banks is a catalyst for the advancement of the Iraqi economy.

She pointed out: that the Finance Committee is seeking to hold conferences to discuss the problems of private banks, "exclusively" and find appropriate solutions.

And called on Najib: Government to legislate all the laws on banks eligibility and the provision of bond support by the central bank to end the crisis of confidence of citizens banks eligibility and attract government departments to deal with it, she must activate the investment and use of expertise in foreign and electronic transactions that enable the rise of the reality of Iraq's economy.

As the Director of the Association of private banks Abdul Aziz Hassoun in his speech (of the Agency news): The private banks basically are the homes of a financial fund any economic event and as a result of the laws cruel and neglect the great from the government to domestic banks to make it with a negative character and with a bad reputation.

And: that the central government does not provide for domestic banks the most basic needs such as electricity, security guard and wheels to move the money from the center to the banks, pointing out that all these requirements provided by private banks self.

He Goldfinch to: that the procedures and strict censorship imposed only on the private banks, leaving the government banks navy leads to increased cases of financial corruption in government banks.

On the other hand between the adviser to the CBI the appearance of Mohammed in an interview (of the Agency news): The capital of private banks is sensitive and risk neutral toward what leads to the occurrence of major problems in dealings with the administration.

He explained: that the duty of the Central Bank is to issue instructions and regulations and protect the banks from collapse and to large losses as a result the errors committed in the most private banks, noting that the country to promote the private sector because of its great importance in spite of the problems experienced.

Saleh added: the duty of the central bank to encourage private banks and to provide her all his strength indicating the following: that the private banks grew up in difficult circumstances since the era of nineties.

He stressed the central bank adviser on the need to: be subject to private banks is determined by the standards of modern accounting and control and how to manage the risks that cause obstructions and cause great loss to the bank and deposited his money where citizen. / Finished / 21 / a. P /

 

Link

Deputy for Iraq: two options now in front of the political blocs to withdraw confidence from the Maliki or early elections

  Saturday 06/30/2012

Baghdad (news) .. MP from / coalition in Iraq / Mohammad Khaldi, a snap election solutions "actually" to save the political process, pointing out that close all the doors to political dialogue will push the blocks to early elections.
He said Khalidi, in a statement (of the Agency news) on Saturday: (We in the coalition in Iraq (we think that the ways of dialogue and political solutions still remain and are open to all political forces, and if not successful political dialogue, Back then, could be talking about early elections is one of the options before the political parties.

He added that the early elections as a constitutional reaction to the interrogation of al-Maliki's efforts, but to call this decision lacks political support in the House of Representatives.

He pointed out: that the Iraqi constitution, put the doors to get out of this crisis have to resort to the reforms and this has been surpassed in the present time, where the blocks went to the last option which is either no confidence or a snap election.

This is demanding of the three political forces (Iraqi Kurdistan Sadrists) to withdraw confidence from the al-Maliki after their differences with him, while demanding Prime Minister Nuri al-Maliki's calls for political dialogue to resolve the crisis in the event of his failure to resort to early elections. / End / 12. N. R /

 

Link

Member of Finance Committee: the continuing need to combat the smuggling of currency

 Thursday, 28.06.2012

Baghdad (news) .. According to a member of the Finance Committee MP / coalition in Iraq / Ibrahim al-Mutlaq, the importance of the enactment of the Anti-Money Laundering Iraq to save the local currency of the degradation, indicating that the phenomena of money laundering and the smuggling of foreign currency are still ongoing in the country must eliminate them.
Mutlaq said (of the Agency news): The law of the Iraqi anti-money laundering is one of the important laws that keep the local currency of the degradation, indicating has its first reading in the House of Representatives and the second reading and will be voted on in future sessions.

He added that the money laundering and currency smuggling is still ongoing in the country for the lack of real control of the banking offices, drafts and hold in different ways by both internal and external points of its goal to destabilize the Iraqi economy and the deterioration of the local currency.

He explained: that the phenomenon of smuggling foreign currency are found in all the countries of the world, but rates varied, but in Iraq began to spread and take a number of ways either by discharge of the goods by the traders, or through the offices of money orders, calling for the need to put an end to these illegal operations, which are exploited by some countries neighbors who suffer from an international economic blockade to save its economy at the expense of the Iraqi economy. / Finished / 8. for. m /

 

Link