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Complete Minutes of Shabbibi World Bank meeting
Here is the entire document.
MRA 1901 - SEPTEMBER 24, 2011 - B&B Reporters
IRAQ BANKING SYSTEM REPORT LAUNCH
MR. KARASAPAN: Ladies and gentlemen--now you can hear me. Welcome to
the launch of the Iraq Financial Sector Review. We have the Governor in
the building and he's making his way over here, led by our Task Team
Leader.
But because of time constraints, we will have Inger
Andersen, our brand new Vice President for the Middle East and North
Africa Region start with her remarks, and then we will move on to His
Excellency, Dr. Rafi al-Issawi, and by then we should have His
Excellency Sinan Al Shabibi, the Governor of the Central Bank here.
Inger?
MS. ANDERSEN: [Off microphone.]
MR. KARASAPAN: Whichever way, but it's better over here for the TVs, I think.
MS. ANDERSEN: Oh, I see. Well, first of all, my first comment is, of
course, to welcome everyone who's here. It's a real, real pleasure to
have so many people who are interested in this very important topic.
But most importantly, I'm particularly pleased to welcome Dr. Rafi
al-Issawi. It's a real pleasure to have you here, Mr. Issawi. I know
that you have led this work, you have provided guidance to this work,
and it's under your personal leadership that we have reached where we
are. So we are very privileged to have this launch in your presence. And
we will look forward, also, to Governor Shabibi speaking to us today.
Your personal leadership and your personal endorsement of this
financial sector review is after many consultations and much work. It's
actually what will make the difference. This is not just a dry report
that will sit on a shelf. This is something that is live, and that is
something that I'm particularly very pleased about.
I'm also
pleased that many of our partners who have worked with us on this, such
as the IMF, such as the U.S. Treasury, IFC, and many other partners
are here today and will accompany this process looking forward.
We
in the World Bank Group, we are here to provide support to the Iraqi
Government, the Iraqi people in enhancing economic growth and in
developing the financial sector to serve the nation and to serve the
people at large. And we've learned from experience that attaining an
inclusive system is essential for sustainable development. And so,
Mr. Minister, I'd like to recognize the Governor who has now arrived.
Governor Shabibi, it's a pleasure to have you here. We all agree
that a very strong and vibrant financial sector is absolutely critical
in promoting development in Iraq. And the launch of this report,
therefore, comes at a very, very opportune time. I'm also very glad
that we've had a project that is supporting the restructuring of key
state-owned banks, Raffidain Bank and Rasheed Bank, that account for 86
percent of the total system, and that that overall helps strengthen
the supervisory framework for these banks.
Now, some progress has
been made, but the speed is going a little slow, so we know that with
your leadership, we will, together, accompany that reform that is in
hand. And so, we very much appreciate that leadership and that specific
focus that we see you giving to this sector.
Now, the report
today--and you will hear from our brilliant Task Team Leader, Sahar
Nasr who is sitting there, some issues on the report, but let me just
say that there are six items, six sort of to-do items that I think
actually that the team, together with our Iraqi friends, have
identified.
And frankly, when I look at these six items, they are
very relevant to many of the reform programs and projects that we deal
with, with banks. So they are not unique to Iraq. But obviously, we can
learn from each time and in country to see the uniqueness in each
place. But there's much that is of general nature. And these six
areas, let me just mention them. First of all, the financial sector
really can play that role of financial intermediation, but it's still a
little weak, and the weak financial infrastructure is sort of
preventing that from playing the full role, the full potential that it
has.
Secondly, the story around finding a level playing field
amongst all the banks is very important and something that the report
highlights, and which I know is a desire of the Iraqi authorities to
find between the private banks, the state-owned banks, et cetera. How
can we get them in that level playing field? Thirdly, financial
restructuring, as I mentioned, on these two large state-owned banks.
That's important because they do govern control by 80-plus percent of
the market. And so, once that is brought in level and once we have that
restructuring, then we will be able to see the leveling between public
and private banks. Fourthly, the whole issue around banking
supervision. We know that if we ignore that, then the sector will be on
a runaway track. So ensuring that we have solid supervision is
absolutely key. Five, we have to also find ways to develop non-bank
financial institutions and markets because they have a potential to
provide access of sources of finance, and that's a very key piece to
the full array, the full rainbow of financial products that we want to
be sure are available to the citizens of Iraq and to businesses and
growth.
And finally, of course, to ensure that we have--and I think
we do have in the spirit of the Governor and the Minister here--a
strong politically supported effort to prevent any abuse and any
undermining of these very efforts on reform that are underway through
working on corruption issues and anti-money laundering, and issues
around prudent fiscal and financial management of the banking sector.
So when we look at Iraq's banking and financial systems and the speed
of these adjustments that need to happen, it's very clear that there
are some--this is not an easy road to travel because there are
political and many other issues that play, and that's where leadership
comes in, the leadership that we see today and the leadership that we
have seen in the preparation of the report.
So we know that there's
still much to be done on the legacy of the prevailing state
intervention of the past. With that said, I want to stress that we feel
that in this partnership and with that leadership that we see today,
we can see that the policies and the recommendations that are contained
in this report, we are very optimistic that they will prevail and see
the light of day as we roll out the program.
So I'm, therefore, very
glad, Mr. Minister, that you've taken a personal interest. I want to
thank you on behalf of the Bank for that leadership that you have
shown. And I want to thank, also, the Governor, as well as yourself,
Mr. Minister, for the excellent cooperation that we've had.
So with these words, let me hand over to you, Mr. Minister. Thank you.
[Applause.]
DR. AL-ISSAWI: Thank you very much. First of all, I would like to
express my deepest congratulation for Mrs. Inger for being appointed as
Vice President for the MENA Region, and looking forward to work
directly with you and with your team.
And here I don't need to
forget Mrs. Shamsehd [ph] who worked with Mr. Hedi Larbi and all the
excellent team, and Maria, and everyone who worked and some of them are
living in Iraq like Maria, or visiting. All of them are working very
hard to support my ministry and my government.
Everyone around the
table, maybe because of their different multiple meetings, is fully
aware about the type of the problems of Iraq economy and Iraq financial
sector.
But to me, maybe one of the most important reports or
meetings or workshops that have been conducted in Istanbul that I
already referred to in my meeting with Mrs. Inger this morning that are
represented by your team, is what's called Solution Oriented or
Problem Oriented Action Plan that focused on specific problem and the
solution and the ministry or ministries in charge and time table.
To me this was really a new trend and new beginning, in fact. Just to
focus on the different problems that diagnosed in the financial sector.
And we in the Ministry of Finance, when we came back to Baghdad, me and
Mr. Governor had a very extended meeting to put the time table for
implementing that action plan.
So again, I would like to thank again
Mr. Hedi Larbi and your team and especially because of the time short,
very hard to present that action plan.
And again, I would like to
stress the necessity of the partnership with the World Bank from the
point of view of the government. And you have a very long way to work
together, focusing on macro issues rather than the micro, despite the
macros are also important as daily activities, but working on
strategies and a comprehensive policies or strategies are very
important to the ministries, not only to the Ministry of Finance.
Reform of the financial sector is definitely needs a very long time,
not only our will or support of the government. We in the Ministry of
Finance and the Governor of the Central Bank are definitely stand with
you supporting all the reforms that are needed to update or to upgrade
our financial sector.
Some other issues like capacity-building
that I already stressed with Mrs. Inger this morning, and improvement
of private sector participation in the Iraqi economy, diversification
of Iraqi economy that already everyone knows very well that you depend
on what's on the oil that make everything very volatile and very
oscillating with the project of oil.
All these sectors or field
responses have to be really--I cannot say very premature, but it leads
off efforts to upgrade or to strengthen it.
Finally, I would like to
present an open invitation for you, Mrs. Inger, to Baghdad and Shallah
[ph], and I already discussed with you in the city of seeing your
office completely in Baghdad despite the fact that they are doing very
well from outside Baghdad. This is not for criticism, but this is only
just to say that their presence in Baghdad will really open more
opportunities to the ministries to work very close to them.
And thank you very much again for all the things that have been done by you and your team, Mrs. Inger. Thank you very much.
[Applause.]
MR. KARASAPAN: Now we will have opening remarks by Dr. Sinan Al Shabibi, the Governor of the Central Bank of Iraq.
HON. DR. AL SHABIBI: Thank you very much for giving me this
opportunity, and I'd like to thank very much the team who is actually
working on the financial sector review. This is very important.
And
I thank the efforts of all the staff of the World Bank on this, and
especially Ms. Andersen, and, of course, the team of Mr. Larbi and Sahar
Nasr, which is really very important, very essential for the Iraqi
economy.
The financial sector is a complement to the real sector
and, of course, in this case, it's very difficult to talk about any
kind of development in the real sector without having all the resources
to be mobilized for that sector and to be--actually serve it through inter-mediation, because development of the financial sector will make
all these things actually easy for the development and for the
resources to go from different saver to different investors and all
these things.
So I think it is very important and I would like to
appreciate very much the efforts of all the people who are actually
working on this project and, of course, His Excellency, the Minister,
actually lent his utmost support to this activity and we, in the
Central Bank, we are actually all ready to give all the support,
because we think that a lot of this work is a complement to the work of
the Central Bank in providing stability and the fact that
actually--despite the fact that we had a lot of success in the Central
Bank in the provision of stability and provision and laying the ground
for intermediation and exchange its stability.
But, I mean, that's
not enough because we have a banking sector which needs to be
developed, which needs actually to--especially the state-owned banks
and, of course, the whole private sector banks.
So you can actually
count on our support on that, because, I mean, not only the support
actually--it is a support actually which we are going to benefit from,
eventually. So I'd like to thank you again and look forward actually to
the discussion which is going to take place.
[Applause.]
MR.
KARASAPAN: Well, then without further ado, we'll turn to Sahar Nasr,
the Task Team Leader, who will introduce the team. We have 50 minutes
until [inaudible]. We have good representation from the [inaudible], so
time is of the essence. So, Sahar?
MS. NASR: I want to begin by
thanking you all for being here today at the launch for the Iraq
Financial Sector Report. I am especially honored to have His Excellency
Dr. Rafi Al-Issawi, Minister of Finance, and, of course, His
Excellent, the Governor, Dr. Sinan Al Shabibi, and our new Vice
President, Ms. Inger Andersen. We are happy to have you here.
I
would like to acknowledge that this is the first assessment of the
Iraqi financial sector that took place over the case, so we're happy to
be partners with you in this very key endeavor.
And as Ms. Inger
indicated, it is a package of integrated work of support that the Bank
has been providing the Iraqi authorities, and one of the key projects
that we have is the banking sector reform project, and we are very
happy to see, also, the new Minister of Finance with his leadership,
because the Governor has been working on that project along with
limited support from the government. So we are very proud to have you
in moving especially the state-owned banks where we have issues.
And
just quickly, the main objective of the report was to assess the
soundness and stability of the financial sector, especially with the
global crisis and what is happening in the Arab region, so we think it
comes at an opportune time.
And we wanted also to assess the reform
program, the gaps, the challenges, and also we wanted to make sure that
the financial sector does play a key role in economic development in
enhancing equal opportunities and poverty reduction for the Iraqis
serving all citizens, and that is why we'll focus a little bit on the
access issue.
One thing I want to highlight before the team takes
over is it's a joint product. It's not the World Bank report. It's a
product that was done in collaboration with the Iraqi government, and
we did, as His Excellency, the Minister of Finance, mentioned, we did
sit for three days, consecutive days, also with Hedi there, discussing.
And in many things that the team did put, we did reflect, we did make
changes, we did discuss some laws we were not aware of, we reflected. So
we had a lot of brainstorming and with the representation with the
private sector, civil society, we had the banker's association, we had
Islamic banks, state-owned banks, non-banks, stock market was there, and
we were happy to see ownership and commitment.
And, of course,
that was also due to your leadership, but also giving the opportunity
for a transparent and solid discussion with everybody. So I want to
thank you for that.
And Inger has already highlighted the key
messages, but just very quickly I want to stress also that the level
playing field, we think, is important. Enhancing the supervision of the
Central Bank is one of the key issues. Reforming the banking sector,
since it's dominant, so it plays an important role, but also developing
non-banks to have a more diversified financial system and more
competitive.
And very quickly, I will just take a look of the
snapshot of the action plan that their Excellencies referred to where
we clearly put time bound actions specified entities, whether they're
mainstream or whether it's Central Bank, whether it's a greater role of
the stock market, and we're all different players, market players.
We're there and endorse the action plan.
I think that's documented
now in Annex 18 and this is one that we've done in partnership that we
are really, as a team, we're all very proud of. We understand that
there are challenges. We had several missions in Baghdad and also the
Istanbul event and many other missions in different parts of the
region.
And we understand there is a security issue. We understand
the political situation. We also understand there is a lot of
challenges, but we see there is some progress made and there's more
than can be done and we're happy to step in and provide any support
through the current operation, but also moving forward.
Allow me
now to introduce our new core team members and Sibel. So maybe we start
with Sibel, who will give us a quick overview on the macro framework
in which the financial sector operates and we think it's very
important.
MS. ANDERSEN: I'm sorry. Before we do that, I'm afraid
that His Excellency, the Governor, and I will need to leave because we
have to be in the Development Committee. So I want to apologize for
that, but you know, we are here for the annual meetings, and so--
DR. AL-ISSAWI: [Off microphone.]
MS. ANDERSEN: I expect that we will all have to go to the Development
Committee so I hope that you will all understand, but this is the
business of the Bank at this point. But thank you very much.
[Pause.]
MR. KARASAPAN: Okay, we will continue.
Yes, could everybody sit down, please? We have Sibel Kulaksiz was
worried that everybody is leaving because she's starting to speak. I'm
trying to reassure her.
Sibel, why don't you give us a picture?
MS. KULAKSIZ: Thank you, Omer.
I'll provide the macroeconomic background before Arne Petersen's presentation on financial sector.
As Mr. Minister mentioned, Iraq's economic and financial performance
depends, to a significant extent, on the oil sector. We have the numbers
here. In 2010, revenues from oil sector accounted for 62 percent of
GDP, 87 percent of total revenues, and 99 percent of overall export
revenues.
The lack of economic diversification makes Iraq's economic
growth vulnerable to oil price and volume shocks. The financial
sector's contribution to economic growth has been very low. The share
of banking and insurance sector was only 1.9 percent of GDP in 2010. It
starts from an average of 5.6 percent in 1980s.
Although credit to
the economy has been on the rise in recent years, the level is still
very low compared to other countries. It was around 9 percent of GDP in
December 2010. Given the very, very low level of financial
intermediation, the nominal exchange rate continues to be the main tool
for conducting macroeconomic policy and maintaining price stability.
Also, international resources have played a critical role in helping
ensure stabilizing Iraq. Gross international resources went up from $20
billion in 2006 to $51 billion at the end of 2010.
There have been a
number of government post-interventions to encourage more lending to
private sector, the Central Bank of Iraq lowered post-interest rate
from 7 to 6 and the reserve requirements from 25 to 15 percent. This
development is expected to encourage more lending to the private sector
companies in Iraq.
Another encouraging status is that the Central
Bank of Iraq remains committed to independence of the institute. Iraq's
economic growth prospects are favorable. Real GDP growth decelerated
in 2009 and in 2010, but it's expected to pick up this year and the
coming year, mostly because international oil companies increased
production while global oil prices have risen.
Although economic
prospects are favorable, risks remain high. In addition to Iraq's
vulnerability to oil price shocks, main risks include political
factors, security issues, technical capability, and institutional
capacity issues to implement reforms.
A deterioration in the
political environment in the region might have a negative impact on
implementation of reforms. And now I want to enlight Arne Petersen to
talk about the financial sector.
[Applause.]
MR. PETERSEN: Thank you very much.
I see that we've already exceeded the time limit allowed for
intervention, so I shall be very quick, or try to be very quick at
least. And also, all the good parts have already been spoken by the
Minister and Ms. Inger. So all I have for you is a little bit of
background to put in relief what are the key findings that have been
mentioned here already. And it's also mentioned in the news release that
I'm sure you already have seen.
As mentioned, Iraq's financial
sector is very much dominated by the banking sector which holds most of
the assets. There is a sluggish change, but conversion is very low and
very few instruments are traded. It needs to be revitalized.
The
insurance sector is even smaller and is not at all effectively
supervised. There's a supervisor, but not staffed. As others have
alluded to, the SME and bank financing is not well developed and access
to finance is very low.
As an example, a USAID study has indicated
that less than 5 percent of SME, small and medium enterprises, actually
receive loans from banks. Seen from the other side, household service
shows that only 3 percent of households in Baghdad receive loans from
banks. So there's a lot of work to be done.
Now, the banking
sector, to look at that, as other people have noted, it is dominated by
the state banks. We have nine--sorry--we have seven state-owned banks,
two of which are the large banks that take both deposits and make
loans. They're mostly focused on the state sector and on state
enterprises.
We do now have a number of new commercial banks coming
in. We have as many as 36 small, private banks, nine of which follow
Islamic principles, and they are gaining importance, but as you can see
from the chart there, still they account for a rather small share of
assets.
The bank system is small. There are some questions of the
numbers and we had to make adjustments to take into account the fact
that a lot of the assets accounts in the banks are actually the recent
losses linked to the sharp depreciation of the dinar.
So if you
adjust for that, you will see that only about 73 percent of GDP in
terms of assets, compared to 130 percent for the MENA Region as a
whole, so about half the size in other countries in the Region, and 86
percent of banks.
You'll see that credit extension is very low. If
you compare it to the MENA Region, which you'll see in this chart, only
10 percent GDP compared to 55 percent for the MENA Region. Now, it is
growing fast, but for a low base. Also, for all MENA GDP is low. And
importantly, half of the money supply is in cash, which indicates still
a largely cash-based economy.
As mentioned, the reform efforts,
it's safe to say, are the focus of Raffidain and Rasheed Banks, which
have suffered from the legacy of past economic losses and also some
poor fiscal operations. They are not very efficient, according to
modern standards, and reform efforts are needed.
Some progress has
been made as acknowledged. It has taken longer, as has been anticipated
regionally. I take heart in the fact that the Minister now is
committed to accelerate his efforts.
A new player has entered the
market over the last couple of years, namely the Trade Bank of Iraq, or
the TBI, an increasingly large institution, and has been--the
government has not yet developed a very clear strategy for the future
of state banks versus that assigned to private banks.
Looking at
the private banks, the expertise is improving. There are still
very--I'm not going to say many cases, and not all provide a full range
of services. Many banks provide only limited services and a particular
focus on wholesale and retail trade rather than on construction or
industrial work in public places.
Now, if you look at the share of
credit, then the private banks actually have a larger share in credit
than they do in total assets. So as you can see they do have an
important role already and is one that is likely to increase as we go
along.
That, of course, presupposes that they are able to function
effectively and in a prudent manner and that's why we speak of bank
supervision must go hand in hand and you have to strengthen the banks
in parallel with the increased role that will be assigned to them.
No less, as mentioned, the premier indicators are going to be good, and
we do not think there's a systemic risk. A few are in difficulty.
We referred to the level playing field and that is a clear issue that
the government will need to tackle. At the moment, government and
state-owned enterprises are not allowed to bank with private banks. The
private banks have a limited mission for granting lines of credit, and
this is strictly controlled by CBI, which was created with the express
purpose of trade financing for the public sector.
An interesting
little tidbit is that you cannot pay your taxes to the government with a
check drawn on a private bank. It has to be drawn on a state bank. On
top of that, of course, is the perception of a de facto deposit
guarantee for state-owned bank which tends to let customers prefer
deposits there.
I apologize. I'm trying to be very fast here. But
let me go quickly through bank's original regulation. You'll see what
it does. Banking regulations are broadly appropriate, but they need to
be fine-tuned, brought to international standards.
On top of that,
many regulations have just recently been introduced, and therefore, the
track record has not yet been fully established. And the Central Bank
is fully aware of the need to strengthen further supervision, and they
have indeed asked for assistance in this area.
One area that needs
improvement is that effectively Central Bank is not able to fulfill its
supervisor function over state banks, in part basically because the
state banks have had the first position in the past and they have not
really adjusted to the new system yet. So that is an area that needs to
be addressed very urgently.
And as I mentioned, in tandem with
giving a larger role to the private sector, we must ensure that their
risk management skills are improved and that bank supervision is
strengthened. If not, you risk getting into a shock situation in the
asset quality and we want to avoid that.
Briefly on the capital
market, everybody agrees that in a fair and efficient capital market,
it's crucial for supporting economic growth. The Iraq stock exchange
appears to provide a good foundation to build on, and as I mentioned
earlier on, we do need to build on it.
For the moment, only
about--market capitalization only amounts to about 3.5 percent of GDP
compared to around 30 percent in Egypt, similar in Oman, and over 100
percent in Jordan. So there's a long way to go.
To do so, there are
some legal and regulatory framework issues that must be addressed. And
supervision of the market must also be enhanced. For example, the Iraqi
Securities Commission still work under a temporary law. It is a draft
law, but that needs to be adopted quickly, also to allow then the
operation and more detailed regulations.
So we're still waiting for
that. It is going to happen soon, we believe. But in general, many of
the prior conditions for effectiveness of markets are weak.
I
mentioned the insurance sector is small. It is also dominated by the
state companies. There are 18 small private companies and, de facto,
they're not regulated. As I mentioned, there is a supervisor, there is a
law, there's no staff except for two or three people, and effectively,
the activities of these companies are not being regulated.
There
are no mandatory insurance products. As the Minister has pointed out,
he would like to see also developed some regulations for shar'ia
compliant insurance products which not yet they have.
The pension sector is an undergoing a transformation in part with the assistance from the World Bank.
There are a number of issues that cut across all the sectors, and I
have listed some of them there, but they're very clearly related to
transparency and to governance and to the rule of law. That is not
unique for Iraq. We find that in all countries. But it is very clear,
though, there are things that must be focused on immediately, but will
take a long time, as the Minister mentioned.
We believe that the
move to IFRS could be very helpful, in particular to banks and
privately-owned companies. We need to raise the proficiency of the
audit profession. We need to secure accountants and auditors, update
bankruptcy law, improve the competency of fiduciary, strengthen the
framework, set up a comprehensive credit registry, and improve the
general frame of doing business.
And I should mention here that in a
survey, unfortunately, Iraq ranked last in the framework for doing
business in the MENA Region. So there's work still to be done. In a
sense, we already have talked about the key findings and what needs to
be done to move forward, so I don't know if I need to go into this now
or shall we stop here?
MR. KARASAPAN: Maybe very quickly.
MR.
PETERSEN: Yeah. As I mentioned, some of the issues, if they're begun
now will take a long time, but there are some that can be done very,
very quickly up front, and I think which will show a very good
demonstration effect, and also demonstrate the government's conviction
of moving towards a level playing field.
So that will include the
clean-up of the balance sheet of Raffidain and Rasheed Bank, and the
implementation of the reconstructuring. There are progress in both
areas. I mentioned one. There was another company in Istanbul where the
focus was on the reconstructing of the two state banks. So again, they
are moving forward and that's good to see.
Combined with that, we'd
like to see very early developing a vision for the role of state banks
because as I mentioned, there's also ICB and we have four sectoral
banks. We need to have a clear message from the government how they see
that going forward. Will there be a further liberalization? Will there
be a further increase, a further move towards private banking?
I
mentioned the bank supervision. Again, some things were done
immediately, but that's also a longer term project. We need the adoption
of the permanent securities law to permit the public relations and
securities markets. And, of course, we need to have a proper supervisor
established for the insurance sector.
Underlying all this, we need
to accelerate the transit to a market economy, a full functioning
market economy so that we can actually have some more customers for the
banks, good strong customers for the banks, and also if you start
accelerating some of these state banks, you will, in a sense, bring
life into the stock market as well.
So a lot of things to do, some things in front, but we are convinced it will work.
MR. KARASAPAN: Nicely done.
[Applause.]
MR. KARASAPAN: So we will now move to the open discussion. I will move
to the mic and then we will move to the open discussion. But before the
open discussion, let me also acknowledge some of our other partners
who have joined us. Mr. Ron van Rooden, the Chief of Mission for the
IMF in Iraq. He's there. Paul Leonovich, Associate Director, U.S.
Treasury, is also here.
MR. THOMAS: I'm Bill Thomas sitting in for Paul. He was--
MR. KARASAPAN: That's what I meant actually. And Ziad Badr who used to
be the Country Manager for Iraq and has now jumped ship to the IFC, but
will continue to work closely with us.
So I open it up. Questions, comments?
Please.
MR. VAN ROODEN: If I may start, and I must say I very much support Arne
Petersen's presentation. We have been working closely together on
this. I think one of the issues that I see is that--I mean, we
essentially all agree on what needs to be done and what the situation
is.
What I see as a key constraint is capacity on the Iraqi side to
implement these recommendations. And so, a question that I have is, how
can we help the Iraqi authorities to implement some of these measures
that they agree to that needs to be done? And also, to the extent that
there is still a discussion ongoing in Iraq, for example, on what to do
with the state-owned banks, how can we help as an international
community in building support for these type of measures?
MR. KARASAPAN: Any other comments, questions?
Yes, please.
MR. THOMAS: I just want to reiterate, from the presentation, my
observations--I've only been there once, but been looking at it pretty
closely. They almost have no capacity to supervise banks.
They are
struggling desperately, I think, and if this little 11 percent or 15
percent of the sector, they have two in serious difficulty and they,
understanding how difficult it is in certain countries to live up and
meet what their own law says, they've been unable to do that with these
two banks.
They have no liquidity and they turn depositors away,
and that's an unacceptable situation almost anywhere if you try to do
it right. You have to have a level playing field toward depositors if
they get their money or not.
So they're struggling with even
implementing things the law allows them to do, and we're encouraging,
as much as we can. I think those of us that have discussed this, this
week, and are aware of the situation, they're trying--we're all trying
to take the same basic position of what we think they need to do.
They have a short-term problem with these two banks, and then they have
this much more difficult, ultimately long-term capacity-building
problem. It's very difficult to help them when you can't travel freely
and go to a bank with bank examiners and be there every day.
And I
think there's a certain understanding how critical this is. They are
going to get some help from Turkey, which was a big development. They
had a meeting in Ankara with the Turkish bank supervision agency who's
going to--I still think it's not ideal, but they will get some training
from them. I think they'll be able to send people to Ankara to go
through this Turkish examiner's training program.
There's still a
possibility that they would contract help on their own that we could
help facilitate and help them pick a good contractor and help oversee
them, someone who could actually come in and go to the CBI every day
and go out to banks. That's ultimately what they need. And until they
get that, they're only going to get so far, I'm afraid.
So the real
emphasis is they need that kind of assistance and it will take several
years to build any real capacity. Maybe it's good that the private side
is small, because I think it's one the sides--as the slide says, their
capacity needs to grow with the sector as it develops. They can't get
behind it.
Meanwhile, this new responsibility to oversee the
state-owned banks, which we can wait and see how well they do that.
Keep in mind, the state-owned banks are investing in the private banks,
either through loans or equity positions and things like that. So it's
getting pretty muddled to see how everything is working there.
MR. KARASAPAN: Thank you. Let's take one more comment.
[Off microphone.]
MR. KARASAPAN: Yes?
MR. BADR: Thank you.
Well, I just started my job in the field in Baghdad as the first
representative for IFC, to find myself already under extreme pressure
from the donors. They already have a trust fund with like $38 million.
And as you know, IFC has two arms. It has advisory services and
investment services. So we will be happy to support the actual plan
coming out of this review. As you know, we have the funding, so in all
areas that IFC has comparative advantage, we will be happy to provide
the support.
Also, we have a self-interest in the restructuring of
commercial banks, to have a fair ground for commercial banks to
operate. As Arne represented, 11 percent of the market is controlled by
private banks. Half of that 11 percent is controlled by the Trade Bank
of Iraq, which is not really a private bank. Okay?
So all commercial banks are competing in that whatever 5 percent that is left, and--
PARTICIPANT: TBI is a [off microphone].
MR. BADR: Okay. So it's not that 11 percent. Okay. So anyway, most
banks, most commercial banks do not really operate as banks. We found
out that some of them are selling cars, furniture, and so on. So, I
mean, we have self-interest really to restructure the sector, because
IFC is already an investor in two commercial banks.
One of the first
foreign investment in Iraq was an IFC investment in the Credit Bank.
It was the Kuwait National Bank where we have 10 percent equity. And
IFC Board already approved recently another investment in the
Commercial Bank of Iraq [Iraqi name] in partnership with the Ahli Bank
of Bahrain with 7 percent equity.
So, you know, we would like to
work in partnership with you and see whatever we could do to help in
this sector. We already have some activities going on to support the
Central Bank of Iraq in setting up a credit bureau.
And I would like to thank you for this opportunity to speak here today. Thanks.
MR. KARASAPAN: Thank you, Ziad.
Could you--the next speakers, we have one question and then one more.
Could you identify yourself, please, and then we'll come to you.
QUESTION: Hi. I'm a reporter with Reuters. I just want--this question is
for Mr. Leonovich. Do you think the banking, like this opaque banking
sector, is Iraq's biggest roadblock to growing their economy?
MR. THOMAS: I can't say.
QUESTION: Can anyone answer that question?
MR. KARASAPAN: Why don't you--okay, one more, let's take one more question. Identify yourself, please.
QUESTION: Thank you.
This is Mohammad Wafir [ph] from Middle East Broadcast Network.
Actually, I was very--I came to give the questions for the--to give the
answers for the questions Mr. van Rooden had raised. And we all know
that the Iraq, as other countries in the region, they need the
capacity-building and the technical assistance now the IMF is really to
introduce and help.
But at the same time, when we ask the IMF
officials, they say, We are waiting for the request. And by experience,
countries in the region, they don't ask for capacity-building. They
don't ask for the technical assistance. Somewhat, they're pretty much
interested in the financial thing.
So the questions you ask, we really need the answers. So if you can help with those answers, we will be very grateful.
Thank you.
MR. KARASAPAN: Let's take the questions in order. Sahar, the first
question on the opaqueness of the system, and then we will let the IMF
answer that one.
MS. NASR: Okay. I will comment on several things, also, that--
MR. KARASAPAN: Okay, sure.
MS. NASR: Because Ron raised the question of how can we help, and I
think that's an important question. I think there are many ways that we
can help, but it's the different issues. Some issues would require
capacity-building. It's true that many of the implementing entities lack
the capacity and skills, so that is one area.
But there are many
issues that we have highlighted that requires political commitment and
the decision to be taken. If we're talking about the cleaning of the
financial statements, that requires more than capacity-building, a
decision taken at the highest level.
We had many discussions with
the banks. Chairmen of the banks don't feel they have the authority to
take the decision. They need a higher level decision to do the
write-offs, for example. So I think let's differentiate not only
between the short-term and the long-term.
I think the political will
and the commitment from the highest political level, and not
necessarily the governors, but even beyond that, would be required
because there is external debt. There are many issues. It's not only
the regular non-performing loans.
We have a project, the World Bank
has a project. It's not large, but it's reasonable, and I think we are
slowly, but we are doing some progress there. Like I can give one
example.
Two weeks ago we had a mission where we agreed on the new
organization structure for the state-owned banks. It took us four days
of discussion. We had to bring in like different organizational
structure of different banks to convince them, because you need buy-in,
because at the end of the day, they need to approve organization
structure.
Even if we provide the best, they need to believe in it
and really be committed to do it, and you have to make a good case by
showing them what are other countries, especially in the region, are
doing where they would reflect. So I think that's an area that I'd like
to highlight.
Also, on supervision, things take time. I think
banking reform takes time, and I think our expectations should be also
very realistic on how much we can do.
And I want to, because we
have this on-the-ground operation, and I have to highlight that it's
sometimes very difficult to find the right competent consultants to go
and work in Baghdad. That's a challenge we face. We have bidding's with
procurement like every week and we get sometimes consultants. Sometimes
we turn them off and we have to find more. So that's a key challenge
that we face and we have to acknowledge that.
Okay. And on the
question regarding opaqueness, I think there are different challenges. I
think Ron had raised one. The team has also brought it up. It's not
only opaqueness, but I think lack of skills. They need skills. They
need political commitment, a willingness--like we have seen a
significant, and I'm sure IMF colleagues would agree--the appointment
of the new Minister of Finance who was more committed, because the
Governor of the Central Bank has the responsibility of
capacity-building of the Central Bank itself, as a supervisor,
regulator.
For example, you see the payment system is one of the
good, main outcomes of the reforms that took place which has been
supported by U.S. Treasury and it's there operating, all banks are
connected. So when there is the right support, there is some positive
outcome.
But like when you're talking about state-owned banks, the
owner is not the Minister of Finance, because these state-owned banks
are owned by Treasury. So that's where a lot of the decisions have to
be taken. So it's important to identify and that different entities
have the commitment to really do that.
And maybe I'll ask Ron or Sibel if they want to comment on anything.
MR. PETERSEN: I'm Arne. That's Ron over there.
MS. NASR: No, no, sorry. Maybe Arne would want to comment.
MR. PETERSEN: Yes. I have to be careful not to get into areas that
really belongs to the IMF. So maybe I should let Ron speak first.
The banking system is not the only roadblock to have the growth in the
non-oil sector we would like to see in Iraq. And I'm speaking from, for
example, personal observation. It seems to me there is still a legacy
from previous regime, whatever.
We have not resolved all the issues
relating to state intervention in the economy. There's been a lot of
discussion going on and there's been decision taken, but yet, it has
not come to fruition and there's some things to be done to fully
implement that.
You see it clearly in the size of the state's role
in the banking sector, which is indeed large by any standards around
the world. It's commonly accepted by most observers that a state-owned
bank in general is not quite as efficient as a private bank.
So the
Iraq authorities do need to decide how they would like to see the
banks develop, along private lines or along state-controlled lines.
We believe that they wish to move to the private sector, but to do so we
have to have a clean-up of the state banks, we have to have proper
governance in those state banks, and at the same time, the government
has to realize if you have a strong state bank, we cannot--government
should not tell them what to do. Then they have to accept it, behave
along commercial principles. So that must also change.
Now another
thing. The culture is still influenced by the previous situation. It
seems to me that bureaucrats or all technical level staff are very
careful in doing their job or in over-doing their job or taking the
initiative, because in the old days, if they did something and it
turned out to be wrong, well, you might pay with your life.
We have
again heard when we asked, How come you didn't have much profit, they
say, Well, the minister didn't tell us what to do.
MS. NASR: In writing.
MR. PETERSEN: In writing, yes. And then a letter in writing.
MS. NASR: And then they stopped it or they didn't.
MR. PETERSEN: And as I keep telling them, Well, it is your job to tell
the minister what it tells you to do. You have to bring up proposals
and give the answers and then the minister will be able to act in a
good manner. But that's not yet the way they quite see this.
There's a lot of work to be done to change the culture.
MR. KARASAPAN: Then, Sibel, very quickly to you.
MS. KULAKSIZ: Sure.
MR. KARASAPAN: And then over to the IMF and then we'll pass it on to Hedi for the closing remarks.
MS. KULAKSIZ: On capacity-building, Turkey is very much interested in
providing support to Iraq's financial sector. In addition to banking,
its Parisian agency, the Capital Board of Turkey is keen on providing
capacity-building training. The Chairman was here wishing to gather with
his team and he said he could team up with OECD and the U.S. SEC and
could provide support to all Iraqis in their facilities in Ankara and
Istanbul and they said they will be happy to provide that support.
MR. KARASAPAN: Sibel is also talking in her capacity as the former head of the Turkish Staff Association.
Yes, please go ahead, Ron.
MR. VAN ROODEN: If I may, indeed there is a need for capacity-building
and authorities actually do request that and then the IMF is providing
technical assistance in many areas, particularly also to the Central
Bank.
But it's, to some extent, constrained, both by the security
situation, and typically what the IMF does is provide missions.
Short-term people are there for one week, two weeks, to help them
develop and build capacity.
But what's the Central Bank and the
banking system in general in Iraq needs is people there for a longer
term, for a longer period. As Bill was saying, the capacity is weak at
the Central Bank's supervision department, but also at Raffidain and
Rasheed and the other banks.
So in that sense, I mean, it's very
welcome, but the Bank of Turkey, Central Bank of Turkey, and the
Turkish supervisory agency would be willing to provide that type of
assistance, which we cannot do, unfortunately.
Sometimes we are
able to put long-term advisors there, but for Iraq, it's very difficult
as Sibel or Sahar is saying, to put people there for a long period,
particularly into such difficult situations. And there, I think we need
to do better to find that type of assistance, and also by approaching
other central banks also in the region.
With regard to what is
needed for private sector development, the financial sector is one
aspect and it's a key aspect because the key role, essential role of
the financial sector is financial intermediation, to mobilize savings
and allocate that to investment in the private sector.
But it's
only clearly one aspect. Another aspect is obviously security, which
has improved an enormous, an enormous amount over the last few years,
but it's still a risky environment.
You also need macroeconomic
stability. And again, there are two--a lot has been achieved. Iraq has
low inflation, has a stable exchange rate, government finances are
doing reasonably well, largely supported by higher oil prices.
And
then for private sector development, you also need the appropriate
regulatory framework, what Arne was mentioning earlier. If you look at
the rankings for--Iraq ranks, in terms of ease of doing business, they
come in quite low. So last even.
So there is a huge effort that
needs to be done there for the private sector to truly develop, and
there's a lot of work still to be done. And, of course, I mean, the
Iraqi government has a lot on its plate. It's still in a building
capacity even inside the government having to invest in basic
infrastructure, electricity, roads, health, education. So the agenda is
enormous. So it's not easy.
MR. KARASAPAN: Thank you. Thank you very much.
I'll turn it over now to our Finance and Private Sector Development
Director, Loic Chiquier, for a few minutes and then we will conclude
with our Country Director, Mr. Hedi Larbi.
MR. CHIQUIER: Don't
worry. I will not take a few minutes. One is enough, I think, not to
repeat what have been already said or comments made by the team and the
panelists.
Just two remarks briefly.
Number one now is we have
to take into account the time of these projects, on these projects.
It's really remarkable to have built a consensus with the different
authorities and the different donors about this kind of not quite fair
reflection of the situation. Some of these messages are strong
messages.
It was remarkable to have built rather recently. The
Istanbul meeting where this was presented and discussed in depth took
place only a few days or few weeks ago. So this is for us a starting
point and in completion phase and we're moving now to the phase of
implementation. So let's keep in mind this consensus happened only
very, very recently.
On the Minister this morning in the more global
meeting, with the assistance of Sahar to pursue the same way of
proceeding with other sectors. So he considers this as a pilot
interesting to move forward to other sectors.
And the second thing
is we have to look at the last slides. I agree with all the panelists'
comments, we have eight major recommendations. Some of them we all
agree will take time, because we're starting on building capacity. We
spoke about Central Bank, but the insurance is even worse probably.
We'll take yours in the best case scenario. But I join the comment of
Sahar, the TTL, that some other measures, it's not so much a matter of
time, it's a matter of political will. It's a blank field starting with
the private banks.
Adoption of the permanent securities law, it's
not really so much a technical problem than a matter of a decision at
the highest level and political will. So we hope in this scope of
recommendation that some decision really be taken now and decision
taken relatively fast. And we're giving a very important demonstration
effect to the rest of the reforms.
MR. KARASAPAN: Thank you, Loic. Thank you.
Monsieur Larbi?
MR. LARBI: Thank you very much, Omer, and I would like for us, in
abstentia, to thank their Excellencies, both the Governor of the Central
Bank, Mr. Shabibi, and His Excellency, Mr. al-Issawi, the Minister of
Finance who actually led this work from the very beginning, of course,
and in cooperation with the World Bank team which was very
heavy-handedly led by our colleague, Sahar.
But I would like also to
thank you all because I think you probably have so many other things
to do at the annual meeting, but the simple fact that you came here
shows how much interest, not only to this work, but for me it's the
interest in Iraq, which is even more important.
And finally, I would
like to thank the team who organized this because, frankly, finding
your spot at the annual meetings and finding the room, finding the
logistics probably was certainly very, very challenging and I would
like to thank the team, Sahar and Omer and Dale and the whole--maybe
probably at least 10 or 15 people. Sorry?
PARTICIPANT: [Off microphone.]
MR. LARBI: And whoever participated, thank you very much.
Now, I hope that you are not expecting me to make a summary of whatever
is in that report or of the debate, but I would like to leave you with
a couple of thoughts on Iraq and this work and how we look at this
work actually in terms of perspective.
One, we hear noise that Iraq
is a fragile country. In my view, it is not a fragile country, it is a
country in a transition, politically and economically. Politically,
from that kind of dictatorship that we all know, to a democratic system
that is being actually formed or shaped, and most recently, I see it
even more shaped by the Arab Spring, and that is fundamental.
So
the democratic process in Iraq is ongoing, but probably will take a
little bit of different turns, and that's where the whole political
will, whether we will build or the right governance where
accountability, responsibility, and actually in a way accountability
toward the people. Are we going to deliver services and are we going to
deliver--and live up to the expectation of the people.
In
transition economically, because this is a country which has been, for
the last at least, let's say, 50 years, under a state-owner ran
economy, how can you transit actually this economy to some sort of
market-led type of economy. I hope it will not be a market--because in
Iraq there are a number--I see the room for the government and if the
government plays, there's a huge development and it has to play its
role.
So that the transition is not easy at all when you have
actually 15 years, when you spent 15 years of war, sanctions, and so on
and so forth. We have to bear in mind what is Iraq and the challenges
that Iraq is actually facing. So it is easy to say this is missing, the
government denied this, they institution, et cetera, but this is Iraq
and this is the exceptional innovation.
Now, how we see it in the
perspective actually of the future, Iraq is a blessed country. I will
tell you why it is blessed and it will succeed. One, this is the
second, after Egypt, largest demographic country in the region. And
therefore, its economy has no, in no way, in the future to look like
any Gulf country.
It has to look like a well-developed and
diversified economy because we have to provide the jobs for million and
million of people because they have to provide services which the
small Gulf countries can actually in a way subsidize that and they
bring labor from other places.
Iraq cannot afford it if Iraq has to
maintain some political stability and, hence, the need for
diversification and so on and so forth, and I will come to this. So
this is a big country in the region. It is not a small country and it
has to be taken as it is.
The second why it's blessed, this is the
second or maybe the third oil reserves and gas reserves which we have
not yet put our hands on in the region--in the world, sorry. So this is
a wealthy country. It is very, very important and hopefully those
resources will be deployed in a very optimum way so that actually they
develop their country and they use these resources appropriately.
Third, this is the only country in the world that has oil and gas. Big
deal. And second, water. This is the only place in the Middle East after
Lebanon where you have oil--sorry--water. And water, unfortunately,
the day that Iraq will receive its fair share of water, everybody knows
what I'm saying, then you will see that this country, its agriculture
will thrive and will actually resume its export history in terms of
foods, et cetera, et cetera. Today it's a net importer, and I'm sure
that it will soon become a net exporter.
Now, it is also the first
and unique country in the region that has some great actual potential
for economic development. It is the next lion or tiger in the region,
definitely before Saudi Arabia or any other country because why? They
have all these endowments, but Iraq has the history for human capital.
Most of the writers, most of the philosophers, most of the scientists
of the Arab world came from Iraq. So do you think that Iraq will not
have it soon? Probably once they stabilize, probably once they redeploy
these resources properly, this civilization is there. It's rooted
there.
So this is the country where the potential is absolutely
fantastic, it's huge, so up to us how to help Iraq today to mobilize
their resources properly, to have the right strategies, the right
vision so that they use these resources to build a thriving and a
prosper country in the region, which will have a major, major impact on
the rest of the region.
It can be the locomotive. We thought that
at one time that Algeria could be the locomotive. Now we are looking
for another locomotive and probably Iraq can be that locomotive. Just
look back to its civilization. Let's look back to its history. And just
the last few years, I started doing that. There is a wealth for human
capital out there.
Now, what now Iraq has to do are three things,
at least in my view. One is really to rebuild its social and economic
infrastructure. It has been destroyed. It has been lagging behind for
so many years, no help in this rehabilitation, and no actually
additional investment for years. So rebuilding the social and economic
infrastructure is fundamental.
And the second is really to rebuild,
to re-establish, to restore the institutional, the institutions, the
government institutions. This is what you are talking about, the
capacity, the capacity is not there. But this is just the beginning.
Institutions are fundamental for Iraq.
And third is really to work
hard to stabilize its nascent political and democratic system. This is
fundamental. Political stability and consolidation of its democracy are
absolutely fundamental for Iraq to move forward on its economic
development.
So it is under that actually pillar of institution and
development of Iraq that this work has been designed, has been carried
out, and has been achieved. So it is fundamental to see where we are
when we have done this work.
Now, while I see that this work is
unique based on what we have been doing in the country and in a number
of sectors, this is particularly unique and this is what I wanted to
leave you with a last thought.
One, it has been led in cooperation
with Iraq from the very beginning. I don't recall one single sector,
maybe the education started learning from the financial, where actually
the Iraqis are in the driving seat. That's fundamental and I think we
have to move forward to the future.
The second thing is the strong
leadership and political engagement of both the Central Bank and the
Minister of Finance, and here I want to highlight one thing.
I'm
working in five countries. It is very hard to bring to the same table
the Central Bank and the Minister of Finance and to get them agree to
something.
Not only they agreed on how to lead the work, how to
supervise it, but they sit with us, as you rightly mentioned, three
days to come up with an action plan on which they agreed, both, and I
signed it off. So, fundamental cooperation bringing probably the
governing power playing a role in it.
Third is we don't have a
strategy and this is exactly what we like. We have an action plan with
the timing, with the possibility, and what needs to be done. This is
the first, and I think in that mode, that we have to look at it as a
model that we probably, hopefully, can replicate somewhere else.
But the most important thing, as I heard you all, is that action plan,
embedded in that action plan, a capacity development of the financial
institutions, including the Central Bank by the way manage their funds,
but other, non-related--sorry--related financial institutions in terms
of human capital, in terms of training, in terms of management system,
capacity, financial system.
It is fundamental because I recall in
the discussion, you said yes, the capacity is very low and anything
that you want to implement in Iraq, we should first and foremost start
by building the capacity. So this is a model that we really need to
replicate in anything that we should do and we should help Iraq as the
next tiger of the region. Thank you very much.
[Applause.]
MR.
KARASAPAN: Ladies and gentlemen, before going, we should also thank our
translators who unable to do have been working the whole time.
[Applause.]
MR. KARASAPAN: And also Halid Al-Awan, Sophie Cox and David Fann [ph].
Without them, none of this would have happened. And, of course, the
MENA EXT team.
[Applause.]
MR. KARASAPAN: And Nalia, yes.
PARTICIPANT: [Off microphone.]
MR. KARASAPAN: Next time around we will have everybody here.
Thank you very much.
[Whereupon, at 3 p.m., the seminar concluded.]
Full Text Feed Powered by RSSEZ.com ______________________________________________________________________________________________________
CBI efforts to drop zeros not effected by criticism
Posted: September 21, 2011 by THE CURRENCY NEWSHOUND - Just Hopin in Iraqi Dinar/Politics
Tags: Central bank, Central Bank of Iraq, Currency, Deputy Governor, Economy of Iraq, Iraq, Iraqi dinar, Monetary reform
CBI: Delete the zeros based
Posted 21/09/2011 08:55 AM
BAGHDAD – Babinaoz: Central Bank of Iraq continued the project of
deleting three zeros from the Currency against the backdrop of the
criticism faced by the officials, adding that These criticisms do not
affect the conduct of the monetary reform.
The deputy governor of
Central Bank of the appearance of Mohammed Saleh, a reporter for the
Agency (news) Tuesday: The project to delete the three zeroes from the
currency was not affected by any existing Faced criticism, noting that a
national project must be implemented, and continued: Much of the world
has gone through this experience and successfully applied
And exceeded all the conflicts and the decline in economic reality to
them. He said Mohammed Saleh: that the project will be studied in more
depth and Etbiana and explained to the public and it is not a project
simultaneously, “but long-term needs to long to apply,” likely that they
will be applied more than a year from now.
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Prime Central Bank policies are wrong and last longer "cheap talk" and guarded Author: HM
Editor: MN | BK
Saturday 17 September 2011 14: 49 GMT
ATM mobile Iraqi in Baghdad ATM mobile Iraqi in Baghdad
Sumerian news/Baghdad
The Prime Minister said Saturday that the
monetary policy of Central Bank of Iraq to address economic conditions
"wrong" because they should be adapted to other policies and development
programmes, while the last count on some charges "failure" to address
monetary policy in the country, "" cheap talk, showing the Bank's
readiness to manage the country's economic development if they failed to
other institutions.
He said Prime Minister Counsellor for Economic
Affairs, Abdel Hussein Al-Anbuge, in an interview for "Sumerian news, on
the sidelines of a seminar hosted by the Institute of economic reform,
Saturday, at the Sheraton downtown Baghdad," the Central Bank used in
the process of the reform policy of deflationary Iraqi currency depend
on monetary reform without ".
Al-anbaki said that "the Central Bank
should not deal with inflation alone to ensure the stability of the
Iraqi currency, but that means tackling the recession and unemployment
in Iraq because it would contribute to the development of the country
economically."
"The Central Bank had not coordinated with other
economic policy system in the country to address the situation", stating
that "there is a mistaken understanding of the topic of independence by
the Bank."
"Independence does not mean never be
decisions taken by the Bank away from the interests of the economy,
which should be in", "monetary policy should be adapted to other
economic policies."
The Deputy Governor said the Central Bank of Iraq,
the appearance of Mohamed Saleh, in an interview for "Sumerian news",
"some claim on Central Bank policy fails to address the situation in
Iraq, not only guarded and turn green with envy. success of the reform
process of the Central Bank over the past years", describing it as "just
talk is cheap", according to his opinion.
"The Central Bank exercises its
coordination with fiscal policy and Government agencies to fully address
the external indebtedness of Iraq accordingly arranged for signing
agreements with the IMF," he said, adding that "what he was talking
about some of the Central Bank's isolation and spacing on other State
institutions, the word void guide everyone still operates under the
umbrella of the International Monetary Fund to address the issue of
indebtedness, loans obtained by Iraq."
And the World Bank had demanded Iraq several
economic reforms, including the lifting of government subsidies on
petroleum products and ration for abolition of foreign debt, estimated
at more than $ 120 billion.
Saleh said that "the Central Bank achieved
its objectives through sheet and build large reserves supported Iraqi
dinar and created a stable", pointing out that the "Iraqi dinar exchange
rate has stabilized, as well as low inflation to price level to one
decimal.
"Development policy for Iraq was not the
responsibility of the Central Bank of Iraq, as well as with
entrepreneurship, because it is the responsibility of political
finance", wondering "ability of fiscal policy in building production
plants or power stations or hospitals."
Saleh said that "the Central Bank unable to manage the economic development of Iraq if unable to other institutions."
The Central Bank of Iraq has four branches in
Basrah, Sulaymaniyah, Erbil, Mosul, founded as an independent bank,
under a special law (the Central Bank of Iraq Act), promulgated on 6
March 2004, and is responsible for maintaining price stability and the
implementation of monetary policy, including exchange rate policies and
management of foreign reserves and currency management version, in
addition to regulating the banking sector.
He accused the Central Bank of Iraq, in a
statement issued Monday (12 September 2011), government bodies, "block"
the idea of monetary reform in Iraq, and while he retains the legal
right to defend its existence, those responsible for "endangering the
financial interests of the country to danger."
This is not the first time attacked Prime
Minister Counsellor for Economic Affairs, Abdel Hussein Al-Anbuge,
Central Bank, as it was considered at the twenty-fifth from last August,
the lifting of the Iraqi currency zeros is "biggest" corruption in Iraq
if it was during this time, pointing out that they fall under the
rubric of "tampering", warning of "maviat" preparing for counterfeiting
trillions of Iraqi dinars in light of the upcoming changes to
substitution.
While the Central Bank said in its
statement dated 12 September, it had received an official letter from
the Committee on Economic Affairs in the Cabinet during 2007 which calls
the draft study of Iraqi currency system reform through restructuring
and deleting three zeroes.
The Iraqi Central Bank Governor Sinan
Al-Shabibi, confirmed during a meeting of independent bodies with Prime
Minister Nouri al-Maliki, on 19 June 2011, ready to initialize all items
to replace Iraqi currency.
http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http://alsumarianews.com/ar/3/28173/news-details-.html
_________________________________________________________________________________________________________________________________________________________
17 September 2011
|
|
Iraq recovers $116 million from Saddam officials
BAGHDAD, Sep 17, 2011 (AFP) - Iraq has
recovered $116 million from bank accounts in France belonging to an
official from ex-dictator Saddam Hussein's regime, the country's
anti-graft watchdog said in a statement seen on Saturday. The
Commission on Integrity said the funds comprised $106 million deposited
in UBAF, a French-registered bank whose shareholders include 19 Arab
banks and Credit Agricole, and the equivalent of $10 million in foreign
currency deposited in several banks in France.
It said in the statement published on Thursday that the accounts
had been registered "under one of the former regime members," but did
not say which official specifically.It said it had obtained the funds with the help of the US embassy in Baghdad. ___________________________________________________________________________________________________________________________________________________________
Sep 2011
|
|
__________________________________________________________________________________________________________________________________________________________ CBI closes its Thursday session with selling US$194 million dollars
BAGHDAD: The Central Bank
of Iraq (CBI) has closed its weekly auction sessions for the sale and
purchase of foreign currencies on Thursday with selling 194 million US
dollars, on an average rate of 1,170 dinars per dollar, the CBI's daily
bulletin reported.
"The total demand on the US dollar on Thursday had reached 194 millions
and 983,000 dollars, covered by the exchange rate of 1,170 dinars per
dollar, including the Bank's interest rate of 13 dinars per dollar" the
bulletin, copy of which landed in Aswat al-Iraq news noted It
pointed out that the Bank's foreign transfers had reached 190 millions
and 803,000 dollars, on an average exchange rate of 1,183 Iraqi dinars
per dollar, with an interest rate of 13 dinars per dollar. The
bulletin repeated its daily comment that none of the banks that attended
the sessions, including the 23 banks that attended today's session, had
offered any dollar for sale. |
|
|
Restructuring of the Iraqi currency: the project to delete the three zeroes and the cost of cash transactionsSame article as below about time to delete the three zeros.
_______________________________________________________________________________________________________
Posted: September 15, 2011 by THE CURRENCY NEWSHOUND
Wed, 15/09/2011
-
The appearance of Mohammed Qasim
Deputy Governor of the Central Bank of Iraq
In light of economic conditions and volatile financial pressure and
monetary inflation that has befallen our country before, and led to
negative effects on the regularity of the commercial market and the
labor markets and production and living standards of citizens, it has
generated distortions many structures, economic relations, among which
was the Activity block cash many zeros of little value and way that is
not commensurate with the future developments in the present and the
future of the Iraqi economy, which requires a solution to these
conditions and offal, and these solutions reform the management of
currency cash through the structure and the deletion of zeros to control
the flow and management of the cost of the cash block optimally.
The trading bloc cash exporting more
than 30 trillion Iraqi dinars to the various groups and reflected by the
number of securities traded $ 4 trillion paper money is the product of a
long period of inflation and economic decline, rising, for example, the
index of consumer prices Bassas 1993 from 100 to 200,000 in the midst
of the year 2003, which means that the item that was sold for 100 dinars
became sold for 200,000 dinars …
And so on.
First Published: 2011-09-14 |
|
| هل حان وقت حذف ثلاثة أصفار من العملة العراقية
Is it time (for) deleting three zeros from the Iraqi currency
| http://translate.google.com/translate?sl=ar&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.middle-east-online.com%2F%3Fid%3D117385
http://www.middle-east-online.com/?id=117385
| مشروع هيكلة العملة العراقية يواجه تركة ثقيلة من التضخم النقدي الذي يحارب أي إصلاح اقتصادي محتمل.
Project restructuring the Iraqi currency is facing a heavy legacy of inflation, which is fighting any possible economic reform. | _____________________________________________________________________________________________
| ميدل ايست أونلاين Middle East Online |
| بقلم: د. By: d. مظهر محمد صالح قاسم The appearance of Mohammed Qasim | _____________________________________________________________________________________________
| في
ظل الظروف الاقتصادية والمالية المتقلبة وضغوط التضخم النقدي التي حلت في
بلادنا سابقا، وادت الى اثار سلبية على انتظام السوق التجارية واسواق العمل
والانتاج ومستوى معيشة المواطن، فقد تولدت تشوهات كثيرة في البنى
والعلاقات الاقتصادية والتي كان من بينها تواجد كتلة نقدية كثيرة الاصفار
قليلة القيمة وعلى نحو لا يتناسب والتطورات المقبلة في حاضر ومستقبل
الاقتصاد العراقي، مما يقتضي ايجاد حل لهذه الظروف ومخلفاتها، ومن هذه
الحلول اصلاح نظام ادارة العملة النقدية من خلال هيكلتها وحذف الاصفار منها
للسيطرة على تدفق وادارة كلفة الكتلة النقدية على نحو امثل.
In
light of economic conditions and volatile financial pressure and
monetary inflation that has befallen our country before, and led to
negative effects on the regularity of the commercial market and the
labor markets and production and living standards of citizens, it has
generated distortions (of) many structures, economic relations, among which
was the Activity block (addition to our) cash many zeros of little value and way that is
not commensurate with the future developments in the present and the
future of the Iraqi economy, which requires a solution to these
conditions and offal (offenses), and these solutions reform the management of
currency cash through the structure and the deletion of zeros to control
the flow and management of the cost of the cash block optimally. __________________________________________________________________________________________ان
تداول كتلة نقدية مصدرة تربو على 30 ترليون دينار عراقي بمختلف الفئات
والتي يعكسها عدد الاوراق المتداولة البالغة 4 ترليون ورقة نقدية هي نتاج
مرحلة طويلة من التضخم والتدهور الاقتصادي، حيث ارتفع على سبيل المثال
الرقم القياسي لاسعار المستهلك باساس 1993 من 100 الى 200000 في خضم العام
2003 مما يعني ان السلعة التي كانت تباع بـ100 دينار اصبحت تباع بـ 200000
دينار...
The trading bloc cash exporting more than 30 trillion
Iraqi dinars to the various groups and reflected by the number of
securities traded $ 4 trillion paper money is the product of a long
period of inflation and economic decline, rising, for example, the index
of consumer prices Bassas 1993 from 100 to 200,000 in the midst of the
year 2003, which means that the item that was sold for 100 dinars became
sold for 200,000 dinars ... _____________________________________________________________________________________________
وهكذا.
And so on. ___________________________________________________________________________________________
وتحت
هكذا ظرف وتدهور قيمة العملة ارتفعت فئة العملة الاكبر من 25 دينار الى
25000 دينار مما يعني ان التضخم هو الذي اضاف هذه الاصفار
Under such circumstances, the deterioration of the value of the coin currency
rose greater than 25 dinars to 25,000 dinars, which means that inflation
is added, these zeros ____________________________________________________________________________________________
لا
تتناسب فئات العملة الحالية مع الوضع الاقتصادي الراهن والمقبل.فعلى سبيل
المثال وقبيل اندلاع الحرب العراقية الايرانية كانت فئة الـ25 دينارا تعادل
75 دولارا بالقوة الشرائية لذلك الوقت او ما يعادلها في الوقت الحاضر 300
الف دينار.
Categories do not fit with the current currency of the
current economic situation and the next. For example, before the
outbreak of the Iran-Iraq war was the category of 25 dinars equivalent
to $ 75 purchasing power of the time or the equivalent in the present
300 thousand dinars. _____________________________________________________________________________________________
لقد
اضاف التضخم المالي في البلاد على مدى ثلاثة عقود من الزمن اصفارا الى
العملة وعلى الرغم من ذلك لم ترفع تلك الاصفار من القدرة الشرائية لاكبر
فئة من العملة وهي الـ 25 الف دينار والتي تساوي اليوم 21 دولارا.
I
said inflation in the country over three decades of zeros to the
currency, although this did not raise those zeros of the purchasing
power of the largest category of the coin is 25 thousand dinars, which
is equal to today's $ 21. _____________________________________________________________________________________________
ونحن بحاجة اليوم الى اعادة هيكلة العملة.
We need today to restructure the currency. ____________________________________________________________________________________
فالاصفار
الكبيرة تعني كتلة نقدية كبيرة في التداول تبلغ اليوم قرابة 30 تريليون
دينار مما تطلبه من تداول نقدي مباشر والى كلفة كبيرة في العد والفرز وما
تستغرقه من وقت وخواص مكانية وامنية. Valasfar mean large cluster
of large cash in circulation today of about 30 trillion dinars, which
requested the circulation of cash directly and significantly to the cost
of sorting and counting and it takes time and spatial properties and
security. ____________________________________________________________________________________________
ففي
نظام الاسعار، يعد السعر هو القيمة معبر عنها بالنقد وبالتالي فان هيكلالتكاليف والمدفوعات الاجرية والرواتب واقيام المعاملات أمست جميعها لا
تتناسب مع حاجة البلاد الى نظام ادارة نقدية ينسجم وهيكلة القطاع الحقيقي
والمستويات السعرية التي بلغها.
In the price system, is the price
is expressed in exchange value and thus the structure of costs and
payments of salaries and the Cubs and eventually become Akiem all
transactions not commensurate with the needs of the country into a cash
management system consistent with the restructuring of the real sector
and price levels reached. ____________________________________________________________________________________________
فالبلاد بحاجة الى نظام نقدي سهل التعامل ومن فئات صغيرة وكبيرة معبرة عن كلفة ذلك الهيكل الحقيقي.
The country needs a monetary system is easy to handle small groups and large reflect the real cost of that structure. ____________________________________________________________________________________
خصوصاً
اذا ما علمنا ان التضخم يعني بنفسه ارتفاع اسعار النقود money price على
السلع والخدمات (اي كم من النقود نحتاج لمبادلتها بحزمة معينة من السلع
والخدمات.. فكلما تزداد كمية النقود المخصصة لمبادلتها على الحزمة نفسها
معنى ذلك ان هناك تضخم او ارتفاع في اسعار النقود).علما ان قيمة النقود
تتناسب عكسياً مع اسعار النقود، خصوصاً اذا ماعلمنا ان السعر هو قيمة السلع
والخدمات معبر عنها بالنقد.
Especially if we know that inflation
means self-rising prices of cash money price of goods and services (ie,
how much money we need in exchange for package of goods and services ..
the more increase the amount of money allocated in exchange for the
package itself means that there is inflation or a rise in the price of
money) . note that the value of money is inversely proportional with the
price of money, especially if Maalmana that price is the value of goods
and services expressed in cash. _____________________________________________________________________________________________
ولما
كانت النقود هي اي شيء يتفق عليه المجتمع ليصبح وسيط للتبادل ومخزن للقيمة
ووحدة حســاب، فان النقود (القانونية) الصادرة عن السلطة النقدية بموجب
القانون وذات قوة ابراء للذمم ويُنظر اليها بانها مؤسسة اجتماعية Social
Institution تزداد كفاءة الاقتصاد وعملياته الاقتصادية في تحريك التبادل
بكفاءة تلك المؤسسة الاجتماعية او النقود والعكس بالعكس.
Since the
money is anything agreed upon the community to become a broker of
exchange and store of value and unit of account, the money (legal)
issued by the Monetary Authority under the law and with the power of
discharge of the receivables and is seen as a social institution Social
Institution increases the efficiency of the economy and economic
ventures in moving the exchange efficiency of the institution social or
money, and vice versa. _____________________________________________________________________________________
لقد
ادى التضخم المستمر الى ارتفاع رقم العملة المتداولة من 23 مليار دينار في
العام 1991 الى حوالي 30 ترليون دينار في الوقت الحاضر، وارتفاع اكبر فئة
عملة من 25 دينار الى 25000 دينار بمرور الوقت.
Has led to high
inflation continued currency of No. 23 billion dinars in 1991 to about
30 trillion dinars at the present time, the high currency the largest
category of 25 dinars to 25,000 dinars over time. _____________________________________________________________________________________________
وبهذا،
رسم التضخم ارقاماً جديدة للعملة المتداولة باضافة ثلاثة اصفار مما زاد من
مقدار العمليات النقدية الاسمية ورتب تكاليف انتاج كميات كبيرة منها
رافقتها عمليات خزن وتوزيع وعـد وفـرز وتدقيق مرافقة لها وبمستويات مضاعفة،
ساعدت على تعاظم المخاطر التشغيلية المصاحبة لها
Operational Risk.
In this, draw the inflation figures of new currency in circulation by
adding three zeros, which increased the amount of cash operations in
nominal and arranged the production costs of large quantities of them
were accompanied by operations, storage, and distribution of promise,
sort and check to accompany her and the levels increase, helped to
increase the operational risks associated with Operational Risk. _____________________________________________________________________________________________
وفي
ظل الاستقرار السعري والتفاؤل بمستقبل العراق الانمائي فقـد بات من اللازم
اجراء اصلاح جذري على نظام ادارة العملة وذلك باعادة هيكليتها بما يتناسب
وهيكل الاسعار الجديد المختلف والمستقر ومستويات الاجور والرواتب التي
اختلفت كثيرا عن السنوات الثلاثين الماضية، فضلا عن التعامل بكتلة نقدية
كبيرة ضعيفة في مكوناتها بحيث باتت اكبر فئة عملة لاتساوي الا 21 دولار
اميركي في الوقت الحاضر.
In the light of price stability and
optimism in Iraq's future development, it became necessary to hold a
radical overhaul of management system of currency and the re-structure
commensurate with the structure of the new price is different, stable
and levels of wages and salaries, which differed significantly from the
last thirty years, as well as handling the mass of large cash weak
components so that become the largest category of currency, but not
worth $ 21 U.S. for the time being. ____________________________________________________________________________________
منوهين
ان ارتفاع الناتج المحلي الاجمالي للعراق من 140 مليار دولار في نهاية
العام 2010 الى اكثر من 300 مليار دولار في نهاية عام 2015 سيرفع الكتلة
النقدية المصدرة من 30 ترليون دينار الى حوالي 70 ترليون دينار.
Noting that the increase in gross domestic product, Iraq's $ 140 billion
at year-end 2010 to more than $ 300 billion at the end of 2015, will
raise the monetary mass exported from the 30 trillion dinars to about 70
trillion dinars. ____________________________________________________________________________________
وان
التركيب الضعيف في هيكل العملة كما ذكرنا آنفاً قـد اخذ يضيف كلفة تسمى
كلفة المعاملات النقدية من حيث التداول بها بين الافراد والافراد المصارف
وداخل الجهاز المصرفي.
And installation in the structure of the
weak currency as mentioned above may take the added cost is called the
cost of cash transactions in terms of traded between individuals and
within individuals, banks and the banking system. ____________________________________________________________________________________________
فالطلب
على الدولار الاميركي (ولا سيما فئة الـ 100 دولار) أمسى حاجة ملحة لتسوية
المعاملات النقدية في السوق المحلية خارج ارادة السياسة النقدية لكون تلك
السوق تتطلع في معاملاتها الى فئات اكبر غير متوافرة حالياً ولكنها تتجسد
بفئة العملة الاميركية الكبيرة لسهولة حملها وتداولها.
The demand
for the U.S. dollar (in particular the category of $ 100) has become an
urgent need for the settlement of cash transactions in the local market
beyond the control of monetary policy to the fact that market is looking
at the transactions into categories, the largest currently unavailable,
but it reflected the category of U.S. currency large for easy carrying
and handling. ____________________________________________________________________________________________
لذا
فأن النظام النقدي العراقي بحاجة الى اصلاح اداري ليكون هناك فئات نقدية
عالية القوة الشرائية في التداول سهلة الحمل والحيازة بما يسهل عمليات
التبادل النقدي لاغراض المعاملات والمتاجرة منوهين ان الاختلال في هيكل او
تركيب الوحدات النقدية قد عمق من مشكلات "الدولرة" التي رتبت اثارا غير
مرغوبة على فاعلية واداء السياسة النقدية.
Therefore, the monetary
system of Iraq need to reform the administrative order to have a
monetary of high purchasing power in the trading easy pregnancy and
acquisitions in order to facilitate exchanges cash for the purposes of
transactions and trading noting that the imbalance in the structure or
installation of monetary units have the depth of the problems of
"dollarization", which impacted undesirable on the effectiveness and
performance of monetary policy. ____________________________________________________________________________________
ففي
السويد على سبيل المثال، التي يتوافر فيها حالياً واحدة من افضل انظمة
المدفوعات النقدية في العالم وعلى الرغم من ذلك، فان كلفة التداول النقدي
من عـد وفرز ونقل وخزن للعملة تكلف الاقتصاد الوطني مانسبته 4% من الناتج
المحلي الاجمالي للسويد.
In Sweden, for example, that where there
is currently one of the best systems of cash payments in the world,
however, the cost of trading cash counting, sorting, transport and
storage of the coin cost the national economy gain of 4% of the GDP of
Sweden.
____________________________________________________________________________________________
فكيف
نقارن ذلك في بلد مثل العراق يتولى ادارة هكذا مقادير نقدية هائلة ضعيفة
التركيب، مما يضيف كلفة معاملات نقدية ربما تصل الى 8% او اكثر من الناتج
المحلي الاجمالي، وهو عبء يتحمله الفرد في تعاملاته مما اخذ يقلل من كفاءة
النقد كمؤسسة اجتماعية مؤازرة لمؤسسات الاقتصاد المختلفة بما فيها السوق
والدليل على ذلك تنحصر المعاملات النقدية الكبيرة للدفع بالدولار الاميركي،
مما يعني احلال عملة دولة اخرى في التداول لاسناد المعاملات النقدية بسبب
هبوط كفاءة وتركيب الكتلة النقدية الحالية.
How can we compare this
in a country like Iraq shall be managed so amounts of cash tremendous
weak structure, which adds the cost of cash transactions may have up to
8% or more of the gross domestic product, a burden borne by the
individual in his dealings, which took reduces the efficiency of the
exchange as a social support for the institutions of the economy
different, including the market as evidenced by the large cash
transactions are limited to the payment in U.S. dollars, which means
substituting other country's currency in circulation for the award of
cash transactions because of falling efficiency and installation of the
current monetary bloc. _____________________________________________________________________________________________
ويثير
تعدد الاصفار على فئات العملة مع انخفاض القوة الشرائية لها مصاعب جمة
منها صعوبة التعبير عن القيمة النقدية فضلا عن مصاعب العمليات النقدية
نفسها ومشكلات فنية في تسجيل البيانات الاحصائية والتسجيل في الدفاتر
المحاسبية وتغيير انظمة الحاسبات ونظم التسويات فضلا عن اظهار الاسعار
بارقام طويلة تصعب احياناً حتى العدادات او الاجهزة الرقمية من قراءة
اصفارها في محطات الوقود او الاجهزة الرقمية الاخرى.
And raises the
multiplicity of the zeros on the categories of currency with a lower
purchasing power has enormous difficulties, including the difficulty to
express the monetary value as well as the difficulties of monetary
operations itself and the technical problems in the recording of
statistical data and registration in the accounting books and changing
the computer systems and settlement systems as well as show price
figures for a long difficult sometimes even counters or digital device,
read the digit at gas stations or other digital devices. ____________________________________________________________________________________________
وعلى هذا الاساس، اصبحت حاجة لاصلاح نظام المدفوعات النقدي من خــلال المزايا الآتيـة:
On this basis, the need to reform the system of cash payments through the following advantages: ____________________________________________________________________________________
اولا
First _____________________________________________________________________________________
- على المستوى الافقي: حذف الاصفار الثلاثة - At the horizontal level: delete the three zeroes _____________________________________________________________________________________
-
تحويل 30 ترليون دينار الى 30 مليار دولار عن طريق حذف ثلاثة اصفار من
العملة الحالية واستبدالها بعملة جديدة مما يسهل التعامل الحسابي مع ارقام
هي اقل عددا على صعيد حسابات الموازنة الاتحادية، موازنات البنوك والشركات
فضلا عن موازنة الاسرة النقدية (الافراد) دون ان يرتب اي تغيير او تبدل على
الدخل او الثروة النقدية للاشخاص الطبيعية والمعنوية فضلا عن عدم تأثيره
على التعاقدات والالتزامات بين الاشخاص الطبيعيين والمعنويين كافة. -
Transfer of 30 trillion dinars to $ 30 billion by deleting three zeros
from the current currency and replace it with a new currency making it
easier to handle arithmetic with numbers are less numerous on the level
of the accounts of the federal budget, budgets of banks and companies as
well as balancing family cash (individuals) without arranging any
change or change of income or monetary wealth of the people, the natural
and moral as well as the lack of impact on the contracts and
obligations between natural persons and legal entities all. ____________________________________________________________________________________________
وهو
مايطلق عليه بتوليد دالة رياضية متجانسة من الدرجة الصفر
Homogenous
Function of Degree Zero _____________________________________________________________________________________________
، طالما ان كمية النقود الجديدة الاصغر رقما تغطي
في التبادل الحزمة السلعية نفسها في النقود القديمة ذات الرقم الاكبر.
It generates a so-function sports homogeneous degree zero Homogenous
Function of Degree Zero, as long as the amount of new money covers the
smaller number in the package of commodity exchange in the same old
money with the largest number. _____________________________________________________________________________________________
ثانيا
II. _____________________________________________________________________________________
- على المستوى العمودي: اعادة هيكلة العملة وتركيبها -
On the vertical plane, the restructuring of the currency and installed _____________________________________________________________________________________
-
لما كانت الفئة الكبيرة البالغة 25000 دينار تشكل لوحدها ( ثلثي كمية
الاوراق المتداولة ) فان اصدار فئات اكبر يعني اختزال الاربعة ترليون ورقة
نقدية المتداولة حاليا وتحويلها الى عدد يساوي ( 2.8 ) مليار ورقة نقدية.
-
As the large category of $ 25,000 a JD alone (two thirds of the
amount of securities traded), the biggest issue categories mean
reduction of four trillion banknote currently in circulation and
converted to a number equal to (2.8) billion banknotes. ______________________________________________________________________________________________
اذ ستختزل الفئات الكبيرة من العملة قرابة 90% من اجمالي الفئات المصدرة الى التداول.
Stakhtzel as large groups of the coin about 90% of the total categories exported to the circulation. _____________________________________________________________________________________
استنادا
الى ما تقدم، فان كلفة المعاملات النقدية بين الافراد والمصارف وبين
الافراد انفسهم طبيعية ام معنوية ستنخفض حتما من حيث تكاليف العد والفرز
والتدقيق.واذا ماعلمنا، ان الاوراق النقدية المتداولة تتآكل بالمتوسط خلال
مدة خمس سنوات مما يعني استبدال كتلة هائلة ضعيفة التركيب وترتب تكاليف
طباعية ذات مواصفات امنية عالية وهو عبء آخر تتحملة سلطة الاصدار النقدي
وهو من مخلفات نظام ادارة نقدية ولدها التدهور الاقتصادي السابق واصبحت
لاتتناسب والاستقرار والتقدم الاقتصادي المنشود. Based on the
foregoing, the cost of cash transactions between individuals, banks, and
between individuals themselves, natural or moral will fall inevitably
in terms of the cost of counting and checking. If Maalmana, the
banknotes traded eroded the average over a period of five years, which
means the replacement of enormous mass weak structure and the consequent
costs of printing specifications, a high-security burden is borne by
the authority of another version of the remnants of a cash management
system cash generated by the economic downturn and the former has become
not fit, stability and economic progress desired. _____________________________________________________________________________________________
ختاما،
ان اسباب تغيير العملة الراهنة يعبر عن ثمرة الاستقرار الاقتصادي ونجاح
سياسات البنك المركزي العراقي في الحفاظ على الاستقرار والمتمثلة باستقرار
سعر صرف الدينار العراقي وهبوط التضخم الى مرتبة عشرية واحدة وبناء
احتياطيات اجنبية مؤازرة للدينار العراقي بمستويات لم يسبق تحقيقها خلال
الثلاثين عام الماضية والتي تعد غطاء العملة العراقية.
Finally,
that the reasons for changing the currency of the current reflects the
fruit of economic stability and success of the policies of the Iraqi
Central Bank in maintaining stability and of stability of the Iraqi
dinar exchange rate and lower inflation to the level of one decimal
place and build reserves of foreign support of the Iraqi dinar at levels
not previously achieved during the last thirty years ago, which is a
cover Iraqi currency. ______________________________________________________________________________________________
اضافة
الى تحسين نظام المدفوعات النقدية وجعله يغادر التصاقه وتركيبه الراهنين
بالماضي واختلالاته الاقتصادية واعادة بنـاءه على مستقبل التطور الاقتصادي
ومعطياته الحقيقية والاسمية.
In addition to improving the system
of cash payments and leave him stuck to the past and the actual
composition and its imbalances and economic re-construction on the
future of economic development and its data in real and nominal. _____________________________________________________________________________________________
لذا،
فقد أعد البنك المركزي العراقي ستراتيجية بعيدة الاجل قابلة للتطبيق
مستقبلا عند توافر الفرصة الملائمة وبصورة تدريجية وفق تعليمات واضحة
ولوائح ارشادية توفر الحماية للحقوق والمصالح المختلفة بما يتلاءم ومرحلة
الازدهار المقبلة والنمو الاقتصادي المتوقع حيث سيزداد متوسط دخل الفرد
خلال السنوات القادمة الى أكثر من مرة وسيخطو الاقتصاد خطوات نحو التقدم
مما يتطلب اصلاحا لمخلفات مراحل التضخم وربما يتطلب بعض التشريعات بهذا
الشأن.
So, has prepared the Iraqi Central Bank strategic
long-term viable future, when the availability of the appropriate
opportunity and gradually according to clear instructions and
regulations, guidelines provide protection of the rights and interests
in line and the stage of prosperity ahead, economic growth is expected
in terms will increase the average per capita income in the coming years
to more than once and will step steps towards economic progress, which
requires a reform of the waste stages of inflation and may require some
legislation in this regard. ______________________________________________________________________________________________
د. D. مظهر محمد صالح قاسم The appearance of Mohammed Qasim ________________________________________________________________________________________________________
نائب محافظ البنك المركزي العراقي Deputy Governor of the Central Bank of Iraq |
Central Bank of Iraq to retract from the process of deletion of zeros | | 2011-09-13 01:18:00 2011-09-13 01:18:00 |  |
| خاص _بغداد بوست _ Special Baghdad Post أكد البنك المركزي العراقي انه لاتراجع عن مشروع حذف الاصفار مؤكداً وجود قوى سياسية لتعطيل مشروع حذف الاصفار . The
Central Bank of Iraq was to retract the deletion of zeros from the
draft confirming the presence of political forces to disrupt the project
to delete the zeros. وقال
نائب محافظ البنك المركزي مظهر محمد صالح لـ"بغداد بوست " أن " البنك
المركزي عازم على إعادة هيكلة العملة من خلال حذف الاصفار بعد ان يشرع
البرلمان العراقي قانوناً مناسباً وتعطيل مشروع قوى سياسية تحاول تخريب
الاقتصاد العراقي ". The
deputy governor of the Central Bank of the appearance of Mohammed's
"Baghdad Post" that "the central bank is determined to restructure the
currency through the deletion of zeros after the Iraqi parliament is
prescribed legally appropriate and disable the draft political forces
trying to sabotage the Iraqi economy." وأضاف
إن" تأخير مشروع حذف الاصفار الثلاثة من العملة العراقية خاطئه جدا ويجب
الاسراع بعملية حذف الاصفار لنهوض بالواقع الاقتصادي العراقي" . He
added that the "delay the project to delete the three zeroes from the
Iraqi currency is very wrong and should speed up the process of deletion
of zeros to the advancement of the economic reality of Iraq." وتابعَ إنهُ" أذا تعدل الاقتصاد العراقي بعد 10 سنوات فهذا لايأتي بصالح الشعب ويبعث صورة اليأس على كل نفس عراقي". He
continued that "If the Iraqi economy adjusted after 10 years, it does
not come to the welfare of the people and send a picture of despair all
the same to the Iraqis." . . وكان المستشار الاقتصادي للحكومة العراقية عبد الحسين العنبكي قد كشف He was economic adviser to the Iraqi government Abdul Hussein Al-Anbuge has revealed لوسائل الاعلام محلية ، الجمعة عن وجود مافيات تحاول خرق العملة المحلية To local media on Friday about the existence of mafias are trying to breach the local currency اثناء مشروع إعادة هيكلتها الذي يقوم به البنك المركزي العراقي During the project restructuring carried out by the Central Bank of Iraq |
CBI reiterates the need to delete the zeros and the issuance of new currency in three languages
Posted: September 5, 2011 by THE CURRENCY NEWSHOUND
Friday 09/02/2011 14:18
New Central Bank of Iraq, Friday, reiterated the need to delete the
zeros and the issuance of new currency, adding that there is a need to
bridge the categories of large cash transactions in addition to the
large presence of small coins, while noting that the new currency will
be in three languages.
The deputy governor of Central Bank of Iraq the appearance of
Mohammed in an interview for “Alsumaria News,” The installation of the
currency in which defect, as the largest category of the Iraqi currency
is now worth $ 21, and therefore resort traders and senior traders to
dealing in cash to the United States and the hundred-dollar specifically
, for example if I gave them $ 10 they do not accept it.
Saleh added that the new currency will
carry the three languages are Arabic, Kurdish and English, noting that
the Swiss currency with four languages, stressing that the currency
symbols will be a national legacy of Iraqi civilization, which extends
eight thousand years, and therefore reflect the Iraqi nation a hundred
percent.
http://bit.ly/qzDnp6
Posted on 04 September 2011. Tags: Corruption, dinar, IQD, iraqi dinar  According
to a report from Aswat al-Iraq, an economic advisor to Iraq’s Prime
Minister, Nouri al-Maliki, has described the Central Bank of Iraq
(CBI)’s plan to redenominate the Iraqi currency as “the worst corruption
and money-laundering process in the history of Iraq.” “The CBI
must understand that it is playing with fire and undermining the course
of the consumers, producers and the economic changes in the country,”
Abdul-Hussein al-Anbaky told Aswat al-Iraq news agency on Sunday, adding
that the move was taking place “at a time when the Iraqi economy was
suffering from instability and chaos.” Anbaky’s statement was
issued the day after the Central Bank announced its intention to drop
the zeros from the Iraqi currency and to change it, in an attempt to
ease inflation, and to encourage citizens to use their own currency
instead of the US dollar. “The changing of the currency shall be
the greatest corruption process in the history of Iraq, because the
currency counterfeiting Mafias are ready to change the counterfeited
currency with the new currency,” Anbaky said, adding that “the
money-laundering merchants would come with trillions of dinars to change
them.” Anbaky, at his position as the government’s economic
advisor, had called on the Economic Committee of the Council of
Ministers “not to respond to the draft-law for changing the Iraqi
currency, raised by the CBI to the Council for ratification.” AlsumariaTV
reported on Saturday that the CBI had sent a draft resolution regarding
the redenomination to the Iraqi cabinet. The report said the new notes
will be printed in three languages, including Kurdish, and the changes
would also involve the introduction of coins. The CBI reportedly emphasised that the changes will not affect the buying capacity of the Iraqi dinar.
CBI: trillions of Iraqi currency comparable to the U.S. .
Posted: September 5, 2011 by THE CURRENCY NEWSHOUND
Monday, 05 September
Twilight News / The Central Bank, on Monday, he sought to reform the
Iraqi currency, which suffer from inflation in the monetary mass,
indicating that the size of several trillion and reached a size
comparable to U.S. monetary bloc.
The deputy governor of the Central Bank of the appearance of Mohammed
in an interview with ” Twilight News “that” the Iraqi currency to
suffer from inflation of several trillions and trillions of comparable
size in the U.S. monetary bloc. “
It is said that the Iraqi Central Bank
revealed, earlier, that the new Iraqi currency will increase [decrease]
by three zeros, indicating that he had conducted an extensive study
concluded that the lifting of the zeroes will strengthen the value of
the Iraqi currency.
Saleh explained that “the mass of U.S. monetary inflation because of
the strength of the U.S. economy, but inflation, the Iraqi currency was
due to the deterioration of the Iraqi economy.”
Economists and shows that the process of deleting three zeros from
the Iraqi currency will lead to increased value and to increase the
purchasing power of citizens, pointing to the need to follow the
policies of peaceful citizens and to persuade them to get used for a
period not exceeding two years.
The Deputy Governor of the Central Bank, “the Bank seeks to reform
the Iraqi currency by deleting the zeros and the issuance of coins of
small and large are not exposed to damage quickly.”
The Central Bank of Iraq began to discuss amending the dinar
categories last year, and is still a large part of the payments are in
cash because of the evolution of the banking system.
And between the head of the Iraqi Securities Commission, earlier,
that the deletion of zeros from the Iraqi currency will not affect
trading in the Iraqi Stock Exchange and its shares
Read more:
http://dinarvets.com/forums/index.php?/topic/82500-central-bank-trillions-of-iraqi-currency-comparable-to-the-us/#ixzz1X5XAxM00
http://bit.ly/o3ZFgx
Al Sumaria TV: Iraq Central Bank to delete zeros soon
Posted: September 3, 2011 by THE CURRENCY NEWSHOUND
Saturday, September 03, 2011 12:21 GMT
The denomination of the Iraqi currency reached its final stages as
the study and draft resolution reached the Cabinet after being sent by
Iraq Central Bank. Iraq Central Bank said that it won’t only delete the
zeros but it will also change Iraq monetary structure in order to
provide bigger currencies. According to this project coins will appear
again in the Iraqi currency, as for the banknotes the Central Bank will
recourse to international institutions to print them.
The new currency will be printed in 3 languages including the Kurdish
and it will include pictures that represent the Iraqi civilization.
Since a while Central Bank tries to pass this project.
The Central Bank stresses that this change will not affect the buying
capacity of the Iraqi dinar and its influence is only restricted on the
organizational things and it aims to decrease the huge volume of
currencies in Iraq.
http://bit.ly/nTosqE
Talk about Propaganda, this is the ultimate in it! LOL!Iraq doesn't even have a plan for all of the currency outside the country while many other central banks, big companies and regular consumers like you and I sit on top of billions of Dinars, Iraq is trying to get their citizens to trade down to the new currency.
Here's what I see as a quandary. Theres no way all of the Dinars out side Iraq will get exchanged at a rate equal to what they were bought at the 1170 per 1 US dollar. And Iraq can't go two years without a revaluation, their country would be in turmoil.
While inside the country, if they tell their citizens that a 25000 dinar bill is the same as the new 25 dollar Dinar and all of the Iraqi's trade theirs in and then Iraq revalues the currency to the old eighties rate of 3.22 or more which they claimed they want to do, there's going to be rioting in the streets.
Iraq is a corrupt nation, no two ways about it. They say they want to please the citizenry and give their Dinar more purchasing power, but at the same time, they are conning them. Iraq is hurting economically and they want to revalue their Dinar very bad so the world will have new faith in their currency and their assets.
They are also under a mandate by the W.T.O. to have a tradable currency in a market based economy. So they are pumping out all kinds of propaganda trying to fool many people just before they revalue. They need this revaluation more than anything else to jump start their economy and to be accepted into the World Trade Organization.Iraqi Association of Private Banks: Removing zeros is only a modification, not a revaluation
Posted: September 3, 2011 by THE CURRENCY NEWSHOUND
Bank excludes revaluation by deleting three zeros
On: Saturday 03/09/2011 10:18
Baghdad (news) .. The
director of the Association of private banks Abdul Aziz Hassoun that the
project to delete the three zeroes from the Iraqi currency is simply a
modification of the categories of cash and is not intended to raise the
Iraqi dinar exchange rate against the dollar or other currencies,
pointing out that the strengthening of the currency comes through
security and stability and increasing domestic production in the country.
He said Hassoun, a reporter
for the Agency (news) on Saturday: the project to delete the three
zeroes from the Iraqi currency intended to modify the denominations do
not is not to raise the price of the Iraqi dinar exchange and support,
and continued as long as there is no local production is real and
security stability in the country it is difficult to raise the price of
exchange of the dinar.
Hassoun and expressed concern that the
project is accompanied by the deletion of zeros of some negative aspects
such as what happened in the year (2004), the project likely to affect
prices in the market, stressing at the same time that its impact will be
in my time on the consumer until the stability in the circulation.
The Director of the
Association of private banks: There was a proposal could be altered some
of the large groups of the coin instead of the currency completely, but
there are different points of view other that there is significant
inflation in the amount of currency in circulation and are aiming to
reduce to the extent reasonably possible, and called to have a
production of a national real and the Iraqi dinar in order to be an
international currency are treated abroad.
The Central Bank of Iraq
has confirmed that the new currency will be printed in three languages
Arabic, Kurdish, English for the application referred to by the Iraqi
constitution, noting that the old currency will be dispensed gradually.
The Advisor to the Central Bank of the appearance of Mohammed Saleh
said earlier in (the news): The new currency will work in three
languages: Arabic, Kurdish and English, the real opportunity to apply
what was referring to the Iraqi constitution, stressing that the aunt of
old has not been canceled but will be dispensed gradually and work
together with the new currency.
Saleh pointed out that
there is no difference and disagreement about the rights of the exchange
rate and purchase, noting that when we want to buy the rotor b (1200),
we will buy dinars Bdenaro (200) fils.
He added that the project
to delete the zeros approved by the Department of the Central Bank has
been forwarded to the Council of Ministers and House of Representatives,
explaining the government’s approval if it will work by hand.
The central bank adviser
that the purpose of the project to delete the zeros of the three is to
reduce the large numbers that we are exposed by Bataamlat that reach
trillions, and shorten the blocks of cash without disparage and wealth
or income, they are all be fixed.
And that the project will
be working gradually, and differs from the previous project, which began
at the end of the year (2003) and continuing until the end (2004), is
most probable that this project will take Nada time broader and continue
to the year and thus we note that the old currency will gradually
disappear.
The project to delete the
zeros of the three is the restructuring of the Iraqi currency and start a
new currency system is the replacement of categories (250.500) JD
currencies metal to facilitate a lot of things.
http://bit.ly/oM2hOS
Alternate translation of same article”
Price excludes Bank dinar by deleting three zeros
Date: Saturday, 03-09-11 10: 18 am
Baghdad (newsletter).The Director of the Association of private
banks, said Abdel Aziz Hasson on draft deleted three zeros Iraqi
currency is simply modified cash categories is not intended to raise the
price of the Iraqi dinar against the dollar or other currencies, adding
that strengthening currency comes through security stability and
increase local production in the country.
Hasson said reporter (News Agency KCNA) Saturday: draft
deleted three zeros from the Iraqi currency meant to modify categories
only cash and not to raise the price of Iraqi dinar and support, and
continued as long as there is no local production and security in real
stability of the country it is difficult to raise the exchange rate of
the dinar.
He expressed concern that the accompanying Hassoun draft
deleted some negatives as zeros in (2004), likely to affect the project
at market prices, but added that its impact is my time to the consumer
until stability in circulation.
The Director of the Association of private banks: there
was a proposal that could be altered some large groups of currency
currency allowance, but there are different views on the existence of
significant inflation in the amount of currency in circulation and aim
to reduce it to a reasonable extent, calling for there to be a national
production and real Iraqi dinar to be international currency traded
abroad.
The Central Bank of Iraq had stressed that the new
currency will be printed in three languages, Arabic, Kurdish, English
application indicated the Iraqi Constitution, pointing out that the old
currency gradually will be dispensed with.
Central Bank Adviser was the appearance of Mohamed Saleh
said earlier (News): the new currency will work in three languages are
Arabic and the Kurdish and English this is an opportunity for real
application indicated by the Iraqi Constitution, stressing that the old
aunt was not abolished but gradually will be dispensed with and work
together with the new currency.
Saleh said there was no difference and difference of
rights over the exchange rate and purchase, stating that when we want to
buy swivel b (1200) JD we will buy the dinaro 200 Fils.
He said the draft approved by deleted zeros Central Bank
management and forwarded to the Council of Ministers and deputies,
saying if the Government agrees to work on it directly.
Central Bank Adviser stated that the purpose of the draft
deleted three zeros is reducing the large numbers that are exposed by
the ataamlat by the trillions, and monetary blocs shortcut without
shortcut income rights and wealth, they all be fixed.
The project will be introduced gradually and differs from
the previous project, which began at the end of the year (2003) and
continued until the end (2004), the more likely that this project will
take a broader and continue Nada years therefore note that the old
currency will gradually disappear.
Project deleted three zeros is restructuring Iraqi
currency and launching a new currency system been replaced categories
(250, 500) dinars coins to facilitate a lot of things.
CBI says value of dinar not affected by high inflation; World Bank calls on Iraq to take action
Posted: September 2, 2011 by THE CURRENCY NEWSHOUND
 CBI confirms the value of the dinar is not affected by high inflation rates in the country
02/09/2011 11:10
Baghdad, September 2 /
September (Rn) – The Central Bank of Iraq, Friday, on the value of the
dinar is not affected by high inflation rates in the country, denying
the existence of any economic risks on the country it came from.
The World Bank called Bank
of Iraq, the Ministry of Finance, on Thursday to take action to prevent
increasing the persistence of high monthly inflation.
The deputy governor of the Central Bank
of the appearance of Mohammed Saleh told the Kurdish news agency (Rn)
that “the concerns of the international financial institutions of high
rates of inflation, monthly and annual amounts which are under the
control of the Central Bank of Iraq and any threat does not cause
deterioration of the value of the Iraqi dinar.”
Iraq has seen a rise in
inflation for the month of July in 2011 compared to the same month of
2010 by 7.1% after it was last year’s 2.4% due to higher prices, housing
rent allowances.
He pointed out that “the
crisis of the dollar and the rising prices of rents and higher wages for
electricity and the main reasons behind the persistence of high
inflation in the country.”
He explained that “the Central Bank of successful political support
in reducing the rate of inflation and reduction in line with demand and
supply prices on the Iraq dinar and increase the monetary value.”
Defines inflation as excessive in the general level of prices and
rising incomes in cash or a component of cash income such as wages or
profits as well as high costs and over-the creation of cash balances.
And worried about a number of economists from the continuing high rates
of inflation in the country in the absence of mechanisms to reduce
height of the government institutions involved in the management of the
economy in the country.
Central Bank underlines the need to delete the zeros and the issuance of new currency in three languages 02/09/2011م - 4:15 م | عدد القراء: 188 02/09/2011 PM - 4:15 PM | Hits: 188
جدد
البنك المركزي العراقي، الجمعة، تأكيده على ضرورة حذف الأصفار واصدار عملة
جديدة، معتبرا أن هناك حاجة الى فئات نقدية كبيرة لسد التعاملات الكبيرة
اضافة الى وجود عملات صغيرة، فيما اشار الى أن العملة الجديدة ستكون بثلاث
لغات. New Central Bank of
Iraq, Friday, reiterated the need to delete the zeros and the issuance
of new currency, adding that there is a need to bridge the categories of
large cash transactions in addition to the large presence of small
coins, while noting that the new currency will be in three languages. وقال
نائب محافظ البنك المركزي العراقي مظهر محمد صالح في حديث لـ"السومرية
نيوز"، إن "تركيب العملة فيها خلل، إذ أن اكبر فئة من العملة العراقية الان
تساوي 21 دولارا، ولذلك يلجأ التجار وكبار المتعاملين الى التعامل
بالأوراق النقدية للولايات المتحدة وفئة المائة دولار بالتحديد، وعلى سبيل
المثال لو اعطيتهم فئة 10 دولارات فإنهم لا يقبلون بها". The
deputy governor of Central Bank of Iraq the appearance of Mohammed in
an interview for "Alsumaria News", "installation of the currency in
which defect, as the largest category of the Iraqi currency is now worth
$ 21, and therefore resort traders and senior traders to dealing in
cash to the United States and the hundred-dollar Specifically, for
example if I gave them $ 10 they do not accept it. " واعتبر
صالح أن "هذه المسألة إذا ما استمرت بهذا الشكل مع تطور الاقتصاد ونموه
فستكون معوقا، وبالتالي يجب إعادة هيكلة العملة وحذف الأصفار في آن واحد". Saleh
said that "this issue if it continues like this with the development of
the economy and growth will be disabled, and therefore must restructure
the currency and the deletion of zeros at the same time." وأضاف
صالح أن هناك "حاجة الى فئات صغيرة من العملة متمثلة بالنقود المعدنية
للتعاملات الصغيرة، وفئات كبيرة لسد التعاملات النقدية الكبيرة التي يتم
إعدادها في مؤسسات من الدرجة الأولى بالعالم وبمواصفات عالمية"، مشيرا الى
"عدم توفر امكانية طبع العملة داخل العراق بعد أن رافقت هذه التجربة عدة
مشاكل خلال تسعينيات القرن الماضي". Saleh
added that there was "a need for small denominations of currency
represented by coin of the transactions small and large groups to meet
the trading large cash that is prepared in the first class institutions
in the world and a world-class," pointing to "the lack of the
possibility of printing the currency in Iraq after taking this
experience several problems during the nineties of the last century. " وسبق
أن أقدم العراق على طبع عملته داخل البلاد اثر الحصار الاقتصادي الذي فرض
عليه عقب احتلاله الكويت عام 1990، حيث شهدت السوق العراقية تضخما غير
مسبوق، فضلا عن تزايد حالات تزوير العملة انذاك بسبب افتقارها الى
المواصفات العالمية الرصينة في الطبع. Previously,
the oldest of Iraq to print its currency within the country after the
economic blockade imposed on it following the occupation of Kuwait in
1990, where the Iraqi market has seen unprecedented inflation, as well
as the increasing cases of counterfeit currency at the time because of
the lack of international standards in printing sober. واشار
صالح الى أن "هذه العملة الجديدة ستحمل ثلاث لغات هي العربية والكردية
والانكليزية، ونحن نعرف أن العملة السويسرية تحمل اربع لغات"، مشددا على أن
"رموز العملة ستكون وطنية من إرث الحضارة العراقية التي تمتد ثمانية الاف
سنة، وبالتالي فهي تعبر عن الأمة العراقية مائة بالمائة". Salih
noted that "this new currency will carry the three languages are
Arabic, Kurdish and English, and we know that the Swiss currency with
four languages," stressing that "the currency symbols will be a national
legacy of the Iraqi civilization, which extends eight thousand years,
and therefore reflect the Iraqi nation One hundred percent. " وسبق
أن أعلن البنك المركزي العراقي في 23 حزيران الماضي عن استعداده لحذف
الأصفار من العملة العراقية، وفيما أكد أن هذه الخطوة تعتبر من الوظائف
الاستراتيجية للبنك، أشار إلى أن العملة الجديدة ستحوي على اللغة الكردية
بالإضافة إلى اللغة العربية. Previously,
the Iraqi Central Bank announced on 23 June for his willingness to
delete the zeros of the Iraqi currency, and as he emphasized that this
step is one of the strategic functions of the Bank, pointed out that the
new currency will contain on the Kurdish language in addition to
Arabic. يذكر
أن مستشار رئيس الوزراء للشؤون الاقتصادية دعا في الـ25 من اب الحالي،
البنك المركزي العراقي إلى إيقاف إجراءات تغيير العملة، محذرا من "مافيات
عملة" تستعد لتزوير ترليونات الدنانير مستغلة تغيير العملة، فيما أكد أن
الأمر سينتج عنه كتلة نقدية هائلة يصعب مواجهتها. The
Advisor to the Prime Minister for Economic Affairs called on the 25 of a
father present, the Iraqi Central Bank to stop the action to change the
currency, warned of "mafias currency" is preparing to rig the trillions
of dinars exploited to change the currency, as he emphasized that it
will result in a mass of cash huge hard face. يشار
الى أن متخصصين عراقيين في مجال الاقتصاد قللوا من تأثير قيام البنك
المركزي حذف أصفار من العملة على القوة الشرائية للدينار العراقي، كما تأمل
الحكومة من وراء تلك الخطوة، كما يرى باحثون أن كلفة رفع الأصفار ستكون
اكبر من منفعتها، باعتبار ان قوة العملة تقاس باستقرار صرفها الذي يرتكز
على قوة القطاع الإنتاجي القادر على توفير السلع والخدمات. Referred
to the specialists the Iraqis in the area of the economy have reduced
the impact of the Central Bank of deleting zeros from the currency the
purchasing power of the Iraqi dinar, also hopes the government from
behind the move, as seen researchers that the cost of raising the zeros
will be the biggest of its usefulness, given that the currency's
strength is measured by the stability disbursement, which is based on
the strength of the productive sector is capable of providing goods and
services. وكان
محافظ البنك المركزي العراقي سنان الشبيبي أكد خلال اجتماع الهيئات
المستقلة مع رئيس الوزراء نوري المالكي الذي عقد، في الـ19 من حزيران
الجاري، استعداده لتهيئة كافة المستلزمات لاستبدال العملة العراقية. The
Iraqi Central Bank Governor Sinan Shabibi said at a meeting of
independent bodies with Prime Minister Nuri al-Maliki, who held, in the
19 of June, and, ready to create all the supplies to replace the Iraqi
currency. ويملك
البنك المركزي العراقي أربعة فروع في البصرة والسليمانية وأربيل والموصل،
حيث تأسس كبنك عراقي مستقل بموجب قانون البنك المركزي العراقي الصادر في
السادس من آذار عام 2004، وهو المسؤول عن الحفاظ على استقرار الأسعار
وتنفيذ السياسة النقدية بما فيها سياسات أسعار الصرف وإدارة الاحتياطات
الأجنبية وإصدار وإدارة العملة، إضافة إلى تنظيم القطاع المصرفي. And
have the Iraqi Central Bank has four branches in Basra and
Sulaymaniyah, Irbil and Mosul, where established bank independent Iraqi
under the law of the Central Bank of Iraq issued on the sixth of March
2004, which is responsible for maintaining price stability and the
implementation of monetary policy, including exchange rate policies and
the management of foreign reserves and the issuance and management
currency, in addition to the organization of the banking sector.
New Iraqi Dinar to be Harder to Counterfeit
Posted: August 31, 2011 by THE CURRENCY NEWSHOUND
 According to reports from Al-Sabaah, the Central Bank of Iraq is planning to make its new currency forgery-proof.
Central Bank Governor Sinan al-Shabibi claims that the new currency’s
attributes will make it ‘difficult’ to falsify, and says that the
project to delete the three zeros, if implemented [awaiting parliament
approval], will enhance the value of the Iraqi dinar against other
currencies.
The Central Bank and the Finance Committee in the House of
Representatives agreed to hold further meetings to finalize discussions
on the project.
(Source: Al-Sabaah)
http://bit.ly/r4D9q4
Central Bank reveals details of Iraq’s new currency
Posted: August 30, 2011 by THE CURRENCY NEWSHOUND
 The
central bank of Iraq, Tuesday, that the new Iraqi currency will
increase by three zeros, indicating that he had conducted an extensive
study concluded that the lifting of the zeroes will strengthen the value
of the Iraqi currency.
The deputy governor of Central Bank of Iraq in favor of the appearance of Mohammed in an interview with “Twilight News” that “the
central bank is determined to raise three zeroes from the currency of
the new Iraqi and presented its project to the government and the House
of Representatives, is awaiting the government’s decision and the
Council of Representatives.”
Shows the economists, that the process of deleting three zeros from the Iraqi currency will raise its value,
and to increase the purchasing power of citizens, pointing to the need
to follow the policies of peaceful citizens and to persuade them to get
used for a period not exceeding two years.
And the benefit of that “project raise
three zeroes from the currency made by the government five years ago to
the Central Bank, and has undergone during this period to an extensive
study over the need to raise the value of the zeros to strengthen the
Iraqi currency.”
He added that “the deletion of zeros to enhance the value of the
Iraqi currency and reduce the cost of handling cash, currency, and its
current estimated size of today Petrlionat dinars, which makes the
process of dealing with critical high cost.”
The Central Bank of Iraq began to discuss amending the dinar
categories last year. And is still a large part of the payments are in
cash because of the evolution of the banking system.
It is said that the President of the Iraqi Securities Commission, had
confirmed, earlier, that the deletion of zeros from the Iraqi currency
will not affect trading in the Iraqi Stock Exchange and its shares.
http://bit.ly/qXUWHM
Saleh: Political forces are trying to delay economic advancement and deletion of zeros; Any delay would be wrong
Posted: August 29, 2011 by THE CURRENCY NEWSHOUND
CBI accused of sabotaging the political forces of the Iraqi economy
29/08/2011 13:53
Baghdad / Orr News
The Central Bank of Iraq and the existence of a hidden political forces
did not identify to sabotage the economic reality and delay the project
to delete the three zeroes.
The deputy governor of the
Central Bank of the appearance of Mohammed Saleh said that “political
forces behind the sabotage and delay the advancement of the economic
reality of Iraq and the project to delete the three zeroes.”
He added that the “delay
the project to delete the three zeroes from the Iraqi currency is very
wrong and should speed up the process to delete the zeros for the
advancement of the economic reality of Iraq.”
He
continued that “if the Iraqi economy was modified after 10 years, it
does not come to the welfare of the people and send a picture of despair
in the soul of every Iraqi. “
He was economic adviser to
the Iraqi government Abdul Hussein Al-Anbuge has revealed to the media,
local, of the existence of mafias are trying to breach the local
currency during the project restructuring carried out by the CBI.
The main tasks of the Iraqi Central Bank to maintain price stability
and the implementation of monetary policy, including exchange rate
policies, and management of reserves of foreign currency, and the
issuance of currency management, as well as to regulate the banking
sector.
The Central Bank of Iraq on 22 June he had decided to restructure the
local currency in order to the development of the payments system in
the country.
http://bit.ly/o9VH94
| 28 Aug 2011
|
|
CBI sells 170 million dollars in its Sunday auction
BAGHDAD: The Central
Bank of Iraq (CBI) has sold 170 million U.S. dollars in its auction for
the sale and purchase of foreign currencies on Sunday, exceeding
Saturday sales that reached 164 millions, its daily bulletin reported.
"The
total size of the demand on the U.S. dollar had reached 170 millions
and 202,000, covered by an average sale of 1,170 Iraqi dinars per
dollar," the bulletin stressed. The CBI sales for Saturday had reached
164 millions and 686,000 U.S.
dollars.
The CBI's sales were
distributed on 14 millions and 350,000 U.S. dollars on its cash sales,
on average rate of 1,183 dinars per dollar, including the Bank's
interest of 13 dinars per dollar, the bulletin pointed out. "The CBI's
foreign transfers for Sunday had reached 155 millions and 852,000 U.S.
dollars, on average rate of 1,183 dinars per dollar as well, along with
the Bank's interest of 13 dinars per dollar.
The bulletin
repeated its daily comment that none of the banks that attended the
auction, including the 25 banks that attended it on Sunday, had shared
in offering any dollar for sale. The CBI holds 5 weekly sessions to sell
and purchase foreign currencies, beginning on Sunday and ending on
Thursday, charging 13 dinars per dollar, along with 13 dinars per dollar
for its foreign transfers as well.
© Aswat Aliraq 2011
Maytham Laibi سفينة المركزي وبحر السلطتين
Ship and the Sea of the central authorities
يبدو
ان الخطوات التي يتخذها البنك المركزي بصدد إصلاح نظام العملة بدأت تأخذ
منحى جديا نحو التطبيق، خاصة ما يتعلق برفع الاصفار من العملة العراقية، او
ما يعرف بالتبديل الاسمي للعملة القديمة (الحالية) وتغييرها بعملة جديدة
(في المستقبل القريب). It seems that the steps taken by the
Central Bank on the reform of the currency system began to take a
serious turn towards the application, particularly with regard to
lifting the zeros from the Iraqi currency, or what is known as the
nominal switch of the old currency (current) and change a new currency
(in the near future). هذا ما يتأكد لي رويدا رويدا، وأنا أتابع هذا الملف منذ ان انطلق، وتأجيلاته المتعددة. This was confirmed to me slowly, and I follow this file since it was launched, and multiple Tagelath.آخر
التطورات التي تعطي اشارات ان العد التنازلي للمشروع بدأ يدخل لحظات ذروته
الاخيرة، هو ذلك اللقاء الاخير الذي جمع محافظ المركزي؛ الشبيبي، مع السيد
حيدر العبادي عن اللجنة المالية لمجلس النواب، حيث تم مناقشة ما يمكن ان
يسمى بـ"لمسات المشروع النهائية"، وحمدا له ان تلك المناقشات تطرقت الى اهم
ما في هذا المشروع وتفصيلاتها كالمتطلبات القانونية والمحاسبية والاجرائية
واستعدادات المركزي لطبع ونقل وتوزيع العملة الجديدة. Recent
developments that give signals that the countdown for the project has
become the moments of peak recently, is that the recent meeting that
brought together the Central Bank Governor; Shabibi, with Mr. Haider
Abadi, the Finance Committee of the Council of Representatives, where
they discussed what could be called the "touches the final project," and
thank him that those discussions touched on the most important thing in
this project and its details Kalmttlebatt legal, accounting and
procedural preparations, and central printing and transporting and
distributing the new currency. الملاحظة
الاهم التي استوقفتني والتي تثبت ان المشروع بصدد اقراره كقانون ورود
عبارة "الاسباب الموجبة"، وهي عادة عبارة يتم مناقشتها عند اقتراب اقرار
الصيغة النهائية لأي قانون. Observation that struck me the most
important and which prove that the project approval process as one of
the phrase "reasons", which is usually a discussion on the approach of
the final version of any law. ما
يحسب هذه المرة لعلاقة البنك المركزي مع مجلس النواب هو الاحساس العام
بعلاقة التناغم والانسجام التي تبدو سائدة بينهما، وهي علاقة كنا افتقدنا
لمثلها بين المركزي والحكومة والتي تحولت الى تقاطع وقطيعة وصلت ذروتها عند
محاولة الحكومة "نزع" صفة الاستقلال عن المركزي. What counted this
time to central bank's relationship with the Council of Representatives
is the general feeling relationship harmony that seem prevalent between
them, a relationship we have lost the like between the central
government, which turned out to be the intersection of the break and
reached a peak of government's attempt to "disarm" the status of
independence from the central. وعلى
ما يبدو فإن "الحرب الناعمة" بين الاثنين ما زالت مستمرة، وهو ما يمكن ان
نجده في تصريحات المركزي ذاته، حيث انه إذ يطرح مشروع رفع الاصفار الى
البرلمان، يؤكد "ان العملة الجديدة المتوقع العمل بها لا يمكن تزويرها"، في
حين ان المركزي من جهة اخرى يعطي اشارات مبطنة الى ضرورة "حماية العملة
المحلية من مافيات متخصصة بالتزوير" وذلك على لسان الناطق الرسمي باسم
مشروع رفع الاصفار السيد مظهر محمد صالح الذي يؤكد على ان "الحكومة
العراقية مطالبة بملاحقة مافيات عملة تحاول استغلال مشروع اعادة هيكلة
العملة لزج عشرات المليارات من الدنانير المزورة" وهو ما يشدد عليه موضحا
ان "الامن الاقتصادي من تخصص الحكومة وليس المركزي لانه معني برسم السياسة
النقدية في البلاد". Apparently, the "soft war" between the two
are still going on, which can be found in the statements of the Central
itself, where he as put the draft lifting of the zeroes to the
parliament, confirms that "the new currency is expected to work out can
not be falsified", while the Central the other hand, gives signals lined
the need to "protect the local currency of the mafias specialized
fraud" in the words of the official spokesman for the project raise
zeros Mr. appearance of Mohammed Saleh, who asserts that "the Iraqi
government claim to prosecute mafia currency trying to use the project
to restructure the currency viscous scores of billions of counterfeit
dinars, "which he stresses, explaining that" the economic security of
allocated central government, not because he is drawing on monetary
policy in the country. " آخر
ما يمكن ايراده بهذا الشأن ان المركزي يقود سفينة مشروع رفع الاصفار على
ايقاع هادئ، والدفة الرئيسة لهذه السفينة هي حصر لعبة التصريحات بيد "ناطق"
واحد يتبادل الادوار احيانا مع محافظه، وهو اجراء يكون الهدف الرئيس منه
المحافظة على عدم افساد هذا المشروع الحساس، الذي قد يؤدي أي خطأ تكتيكي
فيه الى اثارة موجة من ردود الفعل السلبية على المشروع برمته، وهو المشروع
الذي ربما تكون آثاره الايجابية كبيرة في حال تم قيادة سفينة نجاته بشكل
سلس الى بر الامان، في حين ان تعثرات المشروع قبل اكتماله قد تكون كارثية
ومكلفة على الاقتصاد والمركزي وشخوصه. The last can be cited in
this regard that the central lead ship of the draft lifting of the
zeroes on the rhythm of quiet, and rudder key for this ship is the
inventory of game comments but "speaking" one exchange roles sometimes
with the governor, a move that will be the main goal it to maintain not
to spoil this project is sensitive, which may result in a tactical error
which to provoke a wave of negative reactions on the entire project, a
project that may have positive effects significant in the event of the
command ship survived smoothly to safety, while the hurdles the project
before its completion may be catastrophic and costly to the economy and
the central and Characters. سفينة المركزي تسبح في بحر السلطتين، فهل يلتقيان! Ship of the Central swim in the sea powers, will meet! ميثم لعيبي Maytham Laibi
البنك المركزية يؤكد اهمية حذف الاصفار على واقع الاقتصاد العراقي
Central Bank underlines the importance of the deletion of zeros on the reality of the Iraqi economy 28/08/2011م - 9:59 ص | مرات القراءة: 208 28/08/2011 PM - 9:59 | Hits: 208
أكد نائب محافظ البنك المركزي د. Deputy Central Bank Governor Dr. مظهر محمد صالح ان مشروع القرار هذا يندرج ضمن سياسة الاصلاح النقدي بهدف تقليل الكتلة النقدية من جهة وحساب الكتلة من جهة ثانية.
The appearance of Mohammed Saleh, said that this draft resolution falls
within the monetary policy of reform in order to reduce the money
supply of hand and calculate the mass of the other.
صالح
اوضح بان هذا المشروع طويل الامد يحتاج الى سنتين او ثلاث ويحتاج الى
ستراتيجيات وتوقيتات لحين اكتمال القناعة بالمشروع.وألمح الى ان مشروع
القرار هذا كان بتكليف من اللجنة الاقتصادية في العام 2007 ومضى على تداوله
اكثر من 5 سنوات.مقللا من المخاوف التي تعتري البعض من الاثار التي قد
تنجم عن تطبيقه. Saleh explained that this project long term needs
to be two or three years and needs a strategy and timing until the
completion of the conviction to the project. He suggested that this
draft resolution was commissioned by the Economic Commission in 2007 and
went on trading of more than 5 years., Diminishing fears Taatari some
of the effects that may result from its application.
ولفت
نائب محافظ البنك المركزي الى ان دولا عديدة مرت بهذه التجربة,مشيرا الى
ان مشروع القرار عرض على مجلس الوزراء واللجنة الاقتصادية والبرلمان بهدف
اغنائه بالمناقشة والخروج بقرار سليم يستبعد كل التاثيرات الجانبية
اجتماعية كانت ام اقتصادية داعيا الى اعطاء الفرصة لدراسته قبل الحكم عليه.
The Vice Governor of the Central Bank that many countries went through
this experience, noting that the draft resolution presented to the
Council of Ministers and the Economic Commission and the Parliament in
order to enrich the discussion and leave the decision of the proper rule
out all the side effects social mother was an economic and called for
giving the opportunity to study it before judging it.
واستغرب
صالح من تطير البعض من هذا القرار لافتا الى ان حجم الكتلة النقدية
بالترليونات غير موجودة سوى في امريكا والعراق، ووجودها في امريكا يعبر عن
متانة وقوة اقتصادها اما في العراق فيعبر عن حالات التضخم وضعف الاقتصاد
الوطني.ويضيف بان الاتجاه سائر نحو تقليل هذه الكتلة النقدية لكبح جماح
التضخم من جهة ولرفع قيمة الدينار العراقي مقابل العملات الاجنبية من جهة
ثانية.كاشفا عن ان العملة المقترحة ستتضمن نقوداً معدنية للفئات الصغيرة
تكفل تمشية التعاملات في السوق المحلية. He was surprised at the
benefit of flying some of this decision, pointing out that the cluster
size cash trillions do not exist only in the U.S. and Iraq, and its
presence in America reflects the strength and the strength of its
economy, either in Iraq is thus expressed cases of inflation and the
weak national economy. He adds that the trend is towards reducing the
cash block to rein in inflation on the one hand and raise the value of
the Iraqi dinar against foreign currencies from the other. revealing
that the currency will include the proposed coins for small groups to
ensure that walking in the local market transactions.
CBI: New currency can not be falsified
Posted: August 26, 2011 by THE CURRENCY NEWSHOUND
27/08/2011
Baghdad morning
The Central Bank of Iraq that the new currency is expected to work out
can not be forged. This came during an interview the President of the
Finance Committee in the House of Representatives Haidar Abadi, with the
Central Bank Governor Sinan al-Shabibi.
During the meeting, according to a statement issued by the commission
received “morning,” a copy of it, search the project to delete the
zeros of the Iraqi dinar and the reasons and legal requirements and
accounting and procedural preparations conducted by the Central Bank of
the process of printing, transfer and distribution of new currency, in
addition to the role of the Finance Committee in support of this
project.
The statement quoted Shabibi assertion
that «the new currency attributes are difficult to falsify, in addition
to the fortifications that put the new currency », pointing out that«
the project if implemented will enhance the Iraqi dinar exchange rate
against foreign currencies ».
The two sides agreed to hold further meetings to finalize discussions
on the project. The Deputy Governor of the Central Bank of the
appearance of Mohammed Saleh announced mid-month that the central bank
raise the bill to delete the zeros of the Iraqi currency to the
government and parliament for consideration and discussion and approval
in the event was approved.
Saleh explained in a press statement that «the bill included all the
details of legislative and executive on a subject to delete the zeros
and the positive economic effects that would leave in the event of
approval»
He pointed out that «the bill included proposals for a new currency
and the groups that carried and details of technical and economic». and
Saleh stressed that «the law, if approved, will have a positive impact
in the Iraqi currency in several aspects of the need during the next
phase».
http://bit.ly/pUCkPC
Professionals aspire IQD to trade internationally; Economic policy likely on immediate horizon
Posted: August 27, 2011 by THE CURRENCY NEWSHOUND
Financial (the news): We aspire to make the Iraqi dinar portion of international reserves
On: Saturday 08/27/2011 13:01
 BAGHDAD
(Alobaah) / report / Faleh Hussein / .. aspiring professionals is that
the financial affairs of the adoption of the Iraqi dinar as part of
international reserves, through the establishment of a strong economy
enhances the value of local currency.
Justified in speaking professionals (of the Agency news) on the
adoption of the Iraqi trader when importing his goods dealing in foreign
currencies and the dollar, the euro, and that the weakness of the Iraqi
economy, which led to the unwillingness of countries to deal currency
it.
The economic expert
attributed the peace Sumaisem reasons for non-traded Iraqi currency in
foreign dealings, the weakness of the Iraqi economy and overburdened by
debt, noting that the Jordanian dinar and have become powerful because
of their economies, in addition to the lack of debt and internal
problems.
And
khat Sumaisem in a statement to the Agency (news) on Saturday: that the
Iraqi trader himself has refused to deal in Iraqi dinars when the
import of goods because it would not be desirable abroad.
For his part, central bank adviser said the appearance of Mohammed Saleh in a statement to the Agency (news
for the news) on Saturday: that the Iraqi dinar is not an international reserve currency until it is handled in the outside,
saying we as a policy cash aspire to be the Iraqi dinar portion of international reserves, and this needs a long time.
Saleh added: that the Iraqi dinar is the local currency convertible
to other currencies, that is unlikely to deal in Iraqi dinars externally
at present evidence is that the instructions do not allow the central
bank to bring the Iraqi dinar, but the limits of (200) thousand dinars
for the traveler.
The central bank adviser that all countries in the world dealing in
currencies neighboring countries, but narrowly and not on any large
scale to deal with a small cross-border transactions and not the means
of payment to finance a large foreign trade.
And most likely a member of
the economic and parliamentary deputy / National Alliance / Amer
al-Fayez told the reporter Agency (news) on the immediate horizon that
there will be economic policy, vision, and clear to make the Iraqi dinar
refineries stable countries, stressing that there is no law forcing the
Iraqi traders to deal in Iraqi currency abroad because the issue is not
related to the merchant, but related to the global market.
Fayez and that which makes
dealing in Iraqi dinar abroad is out of Iraq from Chapter VII, as the
complete and maintain on deposits and balances are now in the Central
Bank.
He said the parliamentary
economic committee member: the idea that the list now to delete the
three zeroes from the Iraqi currency, and this project will hopefully
contribute to give power to the Iraqi currency to foreign dealings.
Iraqi dinar was introduced in the thirties of last century and
equated during the seventies three dollars, but later deteriorated in
1990 as a result of the invasion of Kuwait and the United Nations to
impose strict economic blockade, to lose value quickly and up to 3000
dinars per dollar mid-nineties.
The former regime has printed currency outside of Iraq have been
issued new bank notes worth up and after that was the largest number of
25 dinars, was printed banknotes and the category of 250 dinars, which
were not equal, in fact, more than 25 fils to KD seventies.
After 2003, issued new Iraqi dinar denominations larger to facilitate
the daily transactions, making the 25 thousand dinars, the largest
Iraqi currency now (the U.S. dollar is equal to 1120 dinars), but this
price is still far from the ambition of the Iraqi citizen, is the
deletion of zeros, the fastest way to raise the exchange value of local
currency against the dollar, according to observers.
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Shabibi, Iraq Parliament Finance Committee Discuss Deleting the Zeros Project
Posted: August 21, 2011 by THE CURRENCY NEWSHOUND
Finance Committee meets Iraqi Central Bank Governor
Sunday August 21, 2011
Met Haider Abadi, head of
the Finance Committee on Tuesday, 16/8/2011 Mr. Shabibi central bank
governor, and also discussed the project to delete the zeros of the
Iraqi dinar and the reasons and legal requirements and accounting and
procedural preparations conducted by the Central Bank of the process of
printing, transporting and distributing the new currency as well as the
role of the Finance Committee in support of this project.
For his part, Shabibi that the new
currency attributes are difficult to falsify in addition to the
fortifications that put the new currency and explained that the project
if implemented will enhance the Iraqi dinar exchange rate against
foreign currencies.
At the end of the meeting, both sides agreed to hold further meetings to continue discussions on the project.
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