Central Bank Related I





Iraq calls for a review of the dinar exchange rate

Version: paper - International Version: الجمعة، ١٧ أبريل/ نيسان ٢٠١٥ (٠١:٠)
Last updated: الجمعة، ١٧ أبريل/ نيسان ٢٠١٥ (٠١:٠) BAGHDAD - Adel Mahdi

The CBI has issued resolutions aimed at raising the value of the dinar against the dollar, which included doubling the share of banking from companies, and allow banks «rational» and «Iraq» and «Government Commerce» open windows to sell the dollar for banking companies and small importers, reflected on the commercial market, which saw a significant decrease in the dollar's exchange rate after rising from 1228 to 1334 dinars to the dollar.

The decisions of the «Central» repercussions deemed interested in it contributed to the improvement in the dinar exchange rate, especially in light of the increasing demand for the dollar to settle import goods from the requirements, arguing the stability of the market accompanied by a relative increase in the value of the dinar.

He suggested the former deputy governor «Central» Economic Adviser to the Prime Minister the appearance of Mohammed Saleh correct path and the value of the dinar new prices in line with the economic situation faced by the country, saying that the official price of the dinar against the dollar is unrealistic in the current circumstances.

He said in a statement to «life» that «the central reserves» covers currency in circulation increased by one and a half times and is built on the basis of the $ 103 price for a barrel of oil with a surplus in the balance of payments, but the situation has now changed after the decline in oil prices, causing a deficit in the current account the balance of payments. He stressed the need to «lift restrictions on the central determining amounts sell the currency within Article 50 of the federal budget for the 2015 law, because of this restriction, the risk to the stability of the Iraqi market, as the central pricing is not conducive to stability in the presence of the parallel market». Article 50 of the federal budget bill that «Central is committed to identifying sales of the dollar in daily auction ceiling does not exceed $ 75 million». Saleh pointed out that «there is no room to deal with the deficit in the current account of the balance of payments official Baltsairh followed the dinar, which leads to the depletion of foreign currency».

He quoted economist Maytham Laibi saying that reducing the number of outlets selling the currency policy did not achieve results because they limited the ability of the market to expand into selling the dollar across multiple ports. He explained that the inventory of outlets selling the currency led to a monopoly, which in turn led to price controls in a larger format, so it has been working on the expansion of the number of ports. He added that the decline in the dollar exchange rate will remain subject to the height or the dollar amounts that can «Central» available to the market, and this depends on oil prices.

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IMF and Iraq: Minister of Finance, Central Bank Governor and senior finance officials participating in the IMF spring meetings April 17-18-2015
Friday, April 17, 2015

Iraq calls for a review of the dinar exchange rate

The CBI has issued resolutions aimed at raising the value of the dinar against the dollar, which included doubling the share of banking from companies, and allow banks «rational» and «Iraq» and «Government Commerce» open windows to sell the dollar for banking companies and small importers, reflected on the commercial market, which saw a significant decrease in the dollar's exchange rate after rising from 1228 to 1334 dinars to the dollar.

The decisions of the «Central» repercussions deemed interested in it contributed to the improvement in the dinar exchange rate, especially in light of the increasing demand for the dollar to settle import goods from the requirements, arguing the stability of the market accompanied by a relative increase in the value of the dinar.

He suggested the former deputy governor «Central» Economic Adviser to the Prime Minister the appearance of Mohammed Saleh correct path and the value of the dinar new prices in line with the economic situation faced by the country, saying that the official price of the dinar against the dollar is unrealistic in the current circumstances.

He said in a statement to «life» that «the central reserves» covers currency in circulation increased by one and a half times and is built on the basis of the $ 103 price for a barrel of oil with a surplus in the balance of payments, but the situation has now changed after the decline in oil prices, causing a deficit in the current account the balance of payments. 

He stressed the need to «lift restrictions on the central determining amounts sell the currency within Article 50 of the federal budget for the 2015 law, because of this restriction, the risk to the stability of the Iraqi market, as the central pricing is not conducive to stability in the presence of the parallel market». 

Article 50 of the federal budget bill that «Central is committed to identifying sales of the dollar in daily auction ceiling does not exceed $ 75 million». Saleh pointed out that «there is no room to deal with the deficit in the current account of the balance of payments official Baltsairh followed the dinar, which leads to the depletion of foreign currency».

He quoted economist Maytham Laibi saying that reducing the number of outlets selling the currency policy did not achieve results because they limited the ability of the market to expand into selling the dollar across multiple ports. 

He explained that the inventory of outlets selling the currency led to a monopoly, which in turn led to price controls in a larger format, so it has been working on the expansion of the number of ports. 

He added that the decline in the dollar exchange rate will remain subject to the height or the dollar amounts that can «Central» available to the market, and this depends on oil prices.


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03/30/2015 (21:01 pm)
 
Governor of the Central Bank on the Keywords in dialogue with the (long)
Governor of the Central Bank on the Keywords in dialogue with the (long) PART 2


Interviewed by Ghazanfar Laibi

 1.) khassna 5 trillion dinars for mortgages and housing, industrial and agricultural


2.) project to delete the zeros is still there and the need to "stabilize the Year" for its implementation


3.) allowed banks to use half of its reserves to buy bonds

Part two

The Governor of the Central Bank of the relationship, the project to delete the zeros still exists a need to "stabilize" the implementation and follow carefully, and as he emphasized that the central coordinate with local banks for economic development and financing of small and medium-sized enterprises, said in the second part of the expanded dialogue interview with "Range": that the government decision which committed banks fulfillment rate of tax when you sell the dollar guarantees for the government obtaining part of the customs duties. 

And below the full text of the second part of the interview conducted by the "long", with the relationship ..

1.) fa step to meet the tax, has been addressing tax evasion through obtaining the custom fees by banks which objected to the decision .. What is the opinion of the Central Bank of such a decision?

- "Possible for this decision to replace part problem obtaining the tax, and it solves part of the problem, and what happened in the last period of obtaining the tax through banks when buying the dollar, is the decision not from the central bank, because it is not our relationship tax, a government decree issued for the prime minister and the finance ministry, and because of the circumstances through which Iraq currently, and the presence of the problems at border crossing points, and because of the large amount of corruption institutions related to this subject, and found that the best way to be obtaining insurance customs duties, identified by 5% when buying the dollar, This is at the very least guarantee of the government portion of the proceeds from customs duties without leaving the rings, units, and institutions are not able to control this process, and the rate of 5% is not all the tax, but at the very least it is a part and presumably after the introduction of the goods being the actual tax is calculated, certain material may be a toll of 20% or 30% or 3% is being conducted settlement between the General Administration of Customs and customer between or merchant in the light of the real quantity, so this decision a government guarantee as certain of the proceeds of customs duties, it is true that the decision dollar displays to rise as it gets Now, one of the reasons for this increase is that the banks, while the dollar sells, it sells at a price that was purchased by the central bank, which has not changed, and she has these fees, so this rise is real, but it is a load dollar fees that push the bank. "

  2.) know that the country is living a financial crisis because of lower oil prices on the one hand, and because of the battles against the "Daash" On the other hand, the question, what the role of the central bank to support the economy and the development process?

"The financial crisis through which Iraq has opened the door to the study of the economic and financial situation in the country, in some cases, financial abundance are cover failures, and we believe that the favorable opportunity, and then revealed that the current crisis country's real economic capabilities kick that can provide stable resources and permanently unavailable, so it is an opportunity, as the central bank calls for the need to develop Iraqi economic model outlining the economy and resources, financial and monetary policies and other so he can Istqad of this crisis, as the lessons of this crisis must and employ the right way, and to reconsider the economic structure and policies Finance in what country is exposed to shocks and risks due to the fluctuation of the only source of imports of Iraq, which is oil, and the central bank arms folded not stand towards the current crisis, but entered the depth of this crisis with the government in an attempt to overcome first, and to contribute in building the correct directions for the future, and on the first level The central bank as permitted by law, we have demonstrated willingness to buy bonds the government issued and we buy from the secondary market, and we do this now, and the second point and do not even get a contraction affects economic activity because of the weakness of resources and thereby increase the unemployment rate, the central bank has decided the equivalent of 5 trillion dinars to the specialized banks (real estate, industrial, agricultural, housing) and I think that this is an important step and spoke for the first time to enter the central bank in the financing of these banks process in order to move the economic situation, as well as allowed the central bank to banks, which has a reserve with the central bank and by law must to put 15% of their capital in reserve at the central bank, allowed banks to use half of this reserve to buy bonds so that these banks benefit from the return on these bonds at the same time we can shortfall coverage at the present time, and all now realize the need to stimulate the private sector and take its role broad economic currency and we can say that the Central Bank is the pioneer now in support of the private sector, which has to do with banking and financial sector, and we have a broad plan may not help the field to mention the details, and we adopt at the present time the advancement of the private banking sector by giving the confidence of the private banking sector, The public's trust is the basic rule is based, so the first thing we have done is to try to promote this confidence in the banking sector through the proposals they have made to the Council of Ministers and the Economic Commission to accept government deposits at private banks, because as it has been to prevent government institutions from the deposit in private banks I do not expect the public to deposit deposits in those banks. "

  3.) ma reason for a lack of public confidence in banks?

"Occurred in previous periods situations such as the failure of the bank or the bankruptcy of another, and were then radical decisions not to deal with private banks, we try to give confidence in banks, and even the bank that was the cause of the crisis, we are trying to revive it again, the central bank has plenty of flexibility and tools which can which corrected the situation of banks which are exposed to the problems, because the collapse of any bank affect the banking sector as a whole, so the government agreed to accept deposits and accept issued by banks and instruments, as well as accept letters of credit, which opens to the government from private banks, which are very important issues , the central bank is considering in the current period to provide liquidity to banks which are exposed to a state of distress at the present time according to the central bank law, as well as coordinating now with the banks in an attempt to her husband in the process of economic development and financing of small and medium enterprises is an important and a great program and it was the reason for the growth and economic activity who got in a lot of countries, and there are regulatory and legislative reforms and we have five to six new laws with respect to guarantee deposits in respect of Islamic Sukuk and Islamic banks and the law of the new banks and the law of the new Central Bank, all of these bills are very important in order to avoid the problems that were previously holds. "
adm saving citizens money in banks, you come from a lack of confidence in banks or she societal culture?

"We have a serious phenomenon in Iraq, at a time when the country needs him to the resources to create economic activity and the need for liquidity, we note that the bulk of this liquidity is outside the banking system system, but today we have between 30 to 40 trillion outside the banking sector, which is stored in the public , so the central bank to give confidence in banks and providing the movement and activity of her so that we can attract these 30 or 40 trillion held by the citizen and incorporated in the development process and economic activity, and that part of the subject back to the public culture and the other part is due to give confidence in banks, As we have already said that the first step by the central bank is to create confidence among the public banks through bridging the relationship between banks and the government to the public trust this, and also through the bill, which we are working on a deposit insurance law, which is a very important law, because the citizen when he feels the existence of law that protects and Diath in the bank be a reason to deposit their money in banks. "

_aad Iraqi banking system late compared to the banking systems in most countries of the world and even the nearest neighboring countries, and may be bureaucratic red tape or a reason for the reluctance of citizens to deal with these banks, Is there any intention to develop the mechanisms of Iraqi banks in the near term?
"This note is very important, especially since the banking system in all countries of the world is the most sector progress in regulatory, administrative, financial and technical operations, which is the first advanced in all the institutions, because it is an important sector, and the efficiency, speed, accuracy and the whole transparency important things, so we see the financial and banking institutions are particularly sophisticated in their work always, we have a very big problem lies in the acquisition of 80% by the government banks, meaning that the government's banking sector accounts for 80% of the banking sector, market, and not a problem by acquisition, but this sector is underdeveloped, means you have 80% of the banking sector has lagged work, organization and use of modern technologies and others, so it is necessary to reconsider the structuring of the Rafidain and Rasheed because they are the bulk of the Iraqi banking sector, in order to achieve the reorganization of these two banks, and to reconsider the ownership of these two banks, and in favor of that these banks are joint stock companies and open the way for the banks and the public to access these banks through certain stocks, the central bank adopted in the current period, a lot of modern systems in banks manage to regulate banking operations and coordination is underway with these banks to implement these programs and will tighten the coming period, a reflection of this matter. "

  4.) ugod foreign banks in Iraq is very limited .. Is there any intention to enter the international banks to work in Iraq? Is this a small number of global central banks meet the ambitious Iraqi?

"The central bank encourages the entry of foreign banks to operate in Iraq, and there are a number of branches of foreign banks operating in Iraq, but the overall situation in the country delay the entry of foreign banks into Iraq, and there are branches of Arab and foreign banks but they are still cautious and limited in scope in its work and has plans to expand its work in the future coupled with the conditions existing in the country. "

  5.)  kther talk about the project to delete the zeros, which is long overdue, and we hear occasionally conflicting statements on this matter .. Where arrived Central Bank in this project?

"Multi deletion of zeros taking many dimensions to the debate and controversy, and there are two points of view on this subject, and that the points of view two different deletion or maintain agree on the principle that this deletion or maintain does not change the reality of the currency or the value or effect in the economic reality of financial or cash because are just like you put a sticker on the currency in or on the zeros, party pro-deletion of zeros sees the need to delete the zeros, because the zeros when they are in large numbers, usually in countries where very large inflation happens and, as happened in Iraq earlier, while disappear inflation is natural phenomenon and back to normal, as is happening now in Iraq that the inflation rate is very slim and low, when it should delete the zeros to facilitate the calculations and give the kind of confidence the currency, because the zeros linked to the weakness of the previous currency, and there is the case in the sense or the subconscious mind that these zeros express the abnormal condition and inflation, so that the removal gives the kind of reassurance to the return of the currency to normal reality and the real power, and facilitates calculations and registration ,, while the opposite view that hinder delete currently zeros, you see that this process since it does not create an impact on the ground the existing economic, say you do not need to replace the currency in which the cost management and organizational, as well as that there is a kind of fears that the effects of inflationary occur any currency less psychologically and not structurally structural value, it is scientifically can not occur something, there is a kind of fear, and we as a central bank to give to ourselves the opportunity and space for feminization in this topic because it is not a major priority for the central bank, and we believe that the general conditions of her relationship in taking such a step, and making sure the process of withdrawal and replacement of more than 40 trillion dinars, even if they are within range We put time and in circumstances that may not be stable, could create a lot of shenanigans, We need to general stability which we can do through this process smoothly, but we put this subject on the track to move it carefully. "

  6.) ma reason for the lack of a coin?
"Reconsider the issue of the coin is associated with the subject of the deletion of zeros, which is needed to study, and so far we study this matter, because the central bank tried earlier in the infectious currency that have not been accepted, and was retrieved by the central bank and bear the losses."

For more than a year, Iraqi banks have stopped granting loans to citizens because of the failure to approve the budget in 2014, and in the shadow of the current period of financial crisis, the central bank steps in this aspect?

"Personal loans determined by the banks (Rafidain and Rasheed), a policy relating to banks through the availability of liquidity, according to the priorities that are working on, but we have dedicated industrial, agricultural, real estate and housing loans of $ 5 trillion to banks and will open the door wide for the specialized banks, which are loans which will benefit the people."

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Parliamentary Finance: Rise of temporary dollar exchange rate and we have measures to curb it

BAGHDAD - Iraq Press - March 25 / March: According to a member of the parliamentary finance committee, Majida al-Tamimi, on Wednesday that there are other measures will be taken to address the rise in the dollar exchange rate, including inviting the governor of the central bank and private banks to develop plans limit the continued rise of the dollar, "a banner that "the rise of the dollar exchange rate is a temporary situation and does not constitute a real crisis."

Tamimi added that "the central bank did not invest the previous period to raise larger amounts of US dollars to maintain a certain price for the disbursement of the dollar," pointing out that "During the last period, the price of oil dropped dramatically and Iraq sell its oil at a lower price than the world price and spending on military requirements to buy weapons and sustain battlefronts imposed on him a great spenders and this in turn make the dollar rises during the previous days. " Admiral ended

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03/26/2015 (00:01 pm) - The number of readings: 55 - Issue (3321)
The government attributes the rise in the dollar to speculators and experts assert: Central wrong deal


BAGHDAD / long-Presse

The Iraqi government confirmed on Wednesday, having a stock of reserves of hard currency and not "fear" of the Iraqi currency deterioration against the US dollar, as showed that speculators raised a state of anxiety about the bank's reserves, the Parliamentary Finance Committee to the eye that the weakness of the financial policy of the country and control of traders Market of the main reasons that led to the rise of the dollar against the dinar. 

He said the prime minister for economic affairs adviser appearance of Mohammed Saleh in an interview with the (long-Presse), "The central bank sales of the dollar was up to about 200 and 300 million dollars per day in order to maintain market and wasted dollar Finance Committee considered in the House of Representatives and in Article 50 of the budget to make the central bank sales of up to $ 75 million per day law. " 

Saleh added, "but this amendment exploited by speculators and Mentfon provoked panic, and fear of the decline of bank sales and the weakness of its reserves of foreign currency as well as flooding the market with the import of goods is necessary, boosting demand for the dollar has increased and therefore the high price to sell," noting that "75 million dollars is sufficient to meet the needs So the market can not be hold responsible for central bank action rising dollar and neglect them. " 

Economic Adviser to the Prime Minister, "There is no fear of the Iraqi currency deterioration against the dollar and continued because the central bank has sufficient and reassuring reserves of hard currency dependent on oil revenues," noting that "the coming days will witness a breakthrough to the crisis with the followers of the budget on the liquidity in the market and the size of the reserve policy and flow. " 

For his part, said the Finance Committee in the House of Representatives member Haitham al-Jubouri, in an interview with the (long-Presse), "The weakness of the financial policy of the country and in particular monetary and fluctuating dollar exchange rate against the dinar, as well as control of the traders on the market of the main reasons that led to the rise of the dollar against the dinar ". 

Jubouri said that "the Iraqi Central Bank made a serious mistake when inventory sell the currency on the government and private banks and banking offices, leaving traders to buy the currency on the black market because of their inability to wait to take their roles in the private banks or succumb to speculators because the market can not afford delay or borrow from others." . 

Turn Committee member Magda al-Tamimi said in an interview with the (long-Presse), "The rise in the dollar exchange rate against the dinar, the case will not last long and will be gone soon, as the central bank promised that he was working on the mechanisms and procedures it is possible to reduce the selling price and make it available to adequately among citizens and merchants. " 

For his part, the financial expert Majid picture in an interview with the (long-Presse), "The changes in commodity prices, today, in the Iraqi market is not caused by the change in the exchange rate for the dollar, but the result of the new indirect taxes which increase the tariff, the merchant importer does not influenced by the exchange rate permanently. " 

He criticized the picture "link banking companies of the Central Bank and receive a license to deal in obtaining and selling the dollar," stressing that "that is the wrong way because the internationally recognized is that the central bank only deal with the banks, so it maintained a presence with the bank has the wrong effect on the market."

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Mon, March 23, 2015 18:48

Abadi underlines the importance of the developed countries emulate sophisticated banking system

Abadi underlines the importance of the developed countries emulate sophisticated banking system

BAGHDAD / Baghdadi News / .. stressed the Prime Minister Haider al-Abadi, on Monday, the importance of the central bank maintains its independence, pointing to the importance of Iraq to be a well-developed banking system comparable to developed countries.

A statement by the Prime Minister's Office, seen by / Baghdadi News /, that "the Prime Minister Haider al-Abadi, received in his office, Monday," Governor of the Central Bank on the Keywords ".

The statement added that "During the meeting, they discussed the work of the central bank's strategy for the coming period and the control of the Iraqi dinar exchange rate against foreign currencies."

The Prime Minister stressed "the importance of the central bank maintains its independence and that works to promote the financial and economic reality of the country and draw financial and economic policies that enable us to move forward towards what we aspire to."

He noted "the importance of Iraq has to be a sophisticated banking system comparable to developed countries." At the same time stressing the "need to develop mechanisms for the control of the Iraqi dinar exchange rate" .

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Central» Iraqi governor confirms smuggling huge amounts of funds

BAGHDAD / squares of liberation



Posted       11/03/2015 01:01 PM



Governor acknowledged the Iraqi Central Bank on the Keywords, the existence of smuggling hard currency abroad, did not hide his doubts about the involvement of civil banks already submitted forged documents to buy dollars from the central bank auction. It was announced in a press conference, proceed with the adoption of new mechanisms different from what had been followed by previous administrations, notably to reduce dependence on the auction currency window, which was created in 2004 in order to maintain the stability of exchange rates, and enhance the value of the dinar, and secure hard currency to the Iraqi market.

He pointed out that the auction window is no longer a daily basis, and will depend auditing mechanisms different from that previously, especially that of the functions «Central» provide currency for foreign trade, pointing out that the currency sale by remittances, mechanisms will be electronically instead of documents that were formerly banks offer .

Keywords and pointed out that «the bank March foreign currency sale by auction for more than ten years of operation, and this procedure is not true, because a lot of countries around the world rely this method in exceptional circumstances to create balance and stability of the currency», adding that «the dollar selling operations shifted from the way Foreign Trade to speculation in the market and reap the profits and keep banks from the real activity. » He accused «some non-banking companies and even commercial business, the shift of activity to speculative currency, taking advantage of the ease of procedures and guaranteed profit and fast, as well as the nature of the work of these parties has become a cover to facilitate many of the processes related to the smuggling of money».

He considered Keywords that cash sales of dollars, is the part most dangerous in the sales processes followed in the auction, which reached record amounts in the last two years, recorded $ 15 billion a year, pointing out that «these amounts are very large compared to the imports of the dollar, and to the needs of the country of cash to cover traveling expenses and treatment and others. » He stressed «Central» he was open to the possibility of supporting the Iraqi economy, likely to control the sale of dollar traded through the application of new procedures process.

Keywords and pointed out that the officials pointed to a decline in foreign currency reserves at the central bank, stressing that Iraq does not suffer from any problem, and has a good income with no room to have any worries. And revealed the existence of «a tendency to increase gold reserves basket», and pointing out that «moving procurement issue and subject to study continuously», and «the bank moves the basket almost daily to find out the currency and interest rates and the bond market and stock prices and the value of gold.» Also, he stressed that «the size of the reserve, which is owned by the Central Bank of the money supply exceeds one and a half times, allowing control of the currency, and there are no fears of the process of selling the dollar against the dinar».

The World Gold Council announced in January (January), that Iraq is ranked 37 in the world the size of gold reserves and the fifth Arab world, where he owns reached 89.5 tons of gold. The central bank decided on January 23, 2014, SEC assortment of gold bullion weights ranging between 50 grams and one kilogram, to sell gold dinar for traders and investors.

On the other hand, the central bank confirmed that he supports private banks by convincing the government put their deposits in government banks, which examines some of the laws that allow the support of the Iraqi economy ».

Prior to the hanger to admit when he served as Secretary General of the Council of Ministers, that the Central Bank of Iraq was able to sell more than $ 200 billion through the auction sale of foreign currencies during the eight years, stressing that five percent of the foreign transfers are made through the legal process. He said then in an interview to «life», that the amounts smuggled out of Iraq during the past years, is estimated at $ 180 billion, pointing out that less than 5 percent of the foreign transfers are made through the legal process, pointing out that when the government urging the central bank to intensify control over the movement of funds, it is not an interference in the work of the bank, but comes to maintain public money.

A member of the Committee on Economy and Investment, Nora Albejara, in a statement to «life», that the Commission has already «discussed by hosting the Governor of the Central Bank, some of these mechanisms that we hope will be more effective to reduce the negative phenomena, especially the smuggling of currency.» But it has made no secret of Togesha possibility of occurrence of strong fluctuations in the value of the dinar, due to the reduction of the supply of the dollar in the open auction of amounts depend principle demand, to $ 75 million a day


Between speculators and Central Bank measures, Dollar exchange rate reaches highest level in two years

March 10, 2015 12:50









The Dollar exchange rate for Dinar continues to rise in spite of the measures taken by Bank of Iraq to stabilize it. What lies behind this increase after years of stability, how should it be handled and did it result from a drop in the amount of Dollar currency offered in the market?

In the past two months, the Iraqi stock market witnessed a gradual increase in Dollar exchange rates for Dinars to reach 1228 Dinars for 1 Dollar; making it the highest exchange rate recorded in the past two years. At a time when financial specialist consider it to be merely a bubble resulting from the activity of speculators; experts assured that this rise was a result of the budget law that decreased the amount of Dollars sold in auctions.


“The increase in Dollar exchange rate is minor and results from speculators’ activity” said Bank of Iraq governor Ali Al Alaq, clarifying that “this rise was due to a new procedure adopted by the bank for selling Dollars in auctions”.

“This augmentation came as a consequence to speculators’ deal in dollars in addition to some people who live on the bank auctions”, explains Al Alaq in a statement to Alsumaria. “The Bank expected such an increase to take place in Dollar exchange rate; it’s justifiable, reasonable and unreal at the same time”.

“This elevation is considered normal when you move from a phase to the other and from a mechanism in currency exchange to the other”, highlighted Al Alaq.

As for the Prime Minister’s economic advisor, Mohammad Saleh, he told Alsumaria that “the rise in Dollar exchange rate for Iraqi Dinars isn’t more than a bubble resulting from the speculators who started operating in the market. The Dinar is strong and backed by 1.5 units of hard currency”.

Saleh stressed that the Bank had taken specific measure ensuring that this bubble phenomenon would cease to exist in a few hours and restore things to the way they were.

Economic committee member, Najiba Najib told Alsumaria: “the 2015 budget law included a clause or a condition stipulating a ban on selling more than 75 million Dollars per day in the Bank’s auction”. She revealed that this new procedure adopted in currency exchange requires specific document for every Dollar purchasing transaction from banks partaking in the auction while this money can only be collected after 15 days”.

“The Central Bank in Iraq has presented a contestation in the federal court to abolish this condition in the budget and expects to win the case making any Dollar transaction a free one in the Central Bank’s auctions; thus its price will decrease”, confirmed Najib.

“The current budget law has limited the Central Bank’s sales from 300 million Dollars to 75 million Dollars per day; which caused an increase in its exchange rate”, said economy expert Hilal Tahan in a statement to Alsumaria.

“On the one hand Dollar exchange rates have gone up on a worldwide level in comparison with Euro and Pound which also led to an increase in its exchange rate here too. On the other hand, the offer amount in local markets has become very low resulting in an exchange rate of 1228 Dinars for USD 1”, mentioned Tahan.

http://www.alsumaria.tv/news/127330/between-speculators-and-central-bank-measures-doll/en


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Economy 03-04 2015 | 06:10 مسا


Expert: delete the zeros supports the national currency and reduce inflation in the country




BAGHDAD / ... confirmed an economic expert d. Peace Sumaisem, on Thursday, on the importance of the subject of the deletion of zeros from the Iraqi dinar, considering it as a support of the national currency, and a reduction of inflation in the country.

Sumaisem said, in a statement to "Ein Iraq News", "delete the zeros includes two basic objectives, the deletion of zeros, and the restructuring of the Iraqi currency, instead of the $ 100 equals 120 000 Iraqi dinars, after deleting three zeros become a $ 100 equals 100 Iraqi dinars, which is equal to the dollar and the dinar This means strengthening the Iraqi currency. "

"The country suffers deficit as Iraq does not it can support its currency unless received grants from third parties, and whether this possible implementation it is important, reframes the value of the currency indirectly supporting the national currency, and when structuring currency returned it reduces inflation Iraq ". Finished / 13


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03/03/2015 (22:09)

Keywords: cash sales dollar continuously .. no ceilings on the withdrawal of funds

Keywords: cash sales dollar continuously .. no ceilings on the withdrawal of funds

BAGHDAD / Amer Mohi

Denied the central bank, on Tuesday, he stopped selling the dollar, pointing out that the bank gave the green light to implement the project to delete the zeros from the currency, while stressing taken new measures to trading in dollars, expect a decision parliamentary finance committee return dinar to his strength, returned central decisions to " good "because it is a challenge of smuggling currency out of the country.

The decision of the parliamentary finance committee Ahmed Hama Rashid in the "long", that "the central bank's plan to abolish the daily auction of the coin and determine the amount of $ 75 million a day, is a good step to prevent foreign currency smuggling out of the country," noting that "the decision returned good easily neutralized through this period. " 

Rashid added by saying that "hard currency prices stabilized after a few days of taking the central bank's decision to cancel the daily auction, and that this contributed to the strengthening of the Iraqi dinar," expected "The coming days will witness the return of the dinar to strength again."
He stressed that "a meeting between the parliamentary Finance Committee and the Central Bank and has been discussed many issues, including the issue of the daily auction of the coin and the strengthening of the Iraqi currency," pointing to "the formation of a small committee temporarily inside the Finance Committee to discuss the latest developments with the Central Bank by hosting maintain the relationship." .


The governor of the bank on the Keywords during a press conference, held in the bank building area Jadiriya in Baghdad, said that "the central bank went to the new mechanisms on the sale of currency window after studying extensively formerly followed which affected one way or another on the market because they carry a lot of problems, including money laundering, "pointing out that" the mechanism used currently maintain a market economy, as well as support for the dollar exchange rate against the dinar by linking foreign remittances through the financial deposit paid by the dealer before buying the goods are placed in banks abroad and thus not join inconsistencies in dollars, and the entry of the goods entirely according to invoices submitted. " 

He added that the relationship "cash sales of dollars by selling the currency continuous window and there is no interruption, but it will be in a new way and there are no limits to the amounts for those wishing to obtain the dollar." 

On the other hand pointed Keywords that "heading the bank is real and effective support of private banks in Iraq by persuading the government to develop a financial deposit in those banks as well as dealing with the outgoing ones in the state departments of all instruments", noting that "the bank is considering now deposit law is now under preparation and if completed it during the next few days will pay to the House of Representatives for approval. " 

Keywords that "revealed an ongoing process to delete the zeros of the currency has not canceled but is now in preparation and study the subject and to say the least over the next three years, largely will be worked out because this is an important administrative and financial operations can not rush it." 

For his part, said an expert on economic affairs Majid picture in an interview for the "long", that "the abolition of currency auction came to the goal of the organization of the currency sale in the market, especially after the great smuggling currency out of the country after the opening of the auction on a daily basis," noting that "the basic problem is the development of paragraph in the federal budget to determine the dollar selling in the daily auction of the Central Bank, "stressing that" the CBI plans are good for organizing the sale of hard currency for the market. " 

He added that the picture of "the existence of hard currency by more than 150% of the local currency exporting is good and indicates that Iraq will not suffer from a lack of hard currency," noting that "the presence of large amounts of dollar strengthens the dinar against the dollar and regulates the sale of currency process." The Central Bank of Iraq, denied, on Tuesday, closing window sell the currency, said "take new mechanisms to sell the dollar." 

Parliamentary Finance Committee held (March 2, 2015) meeting with the Governor of the Central Bank and the Agency on the Keywords and director of TBI Hamdiya dry to discuss the financial situation and the issue of transfer of funds from the commercial bank to Kurdistan without collateral.
Confirmed the parliamentary finance committee member Majda al-Tamimi (February 2, 2015) that the rise in the dollar exchange rate "will not last long", and demanded that the central bank using monetary tools to control the market. 

She added that "the Commission predicted rise in the dollar exchange rate against the dinar, when the roof identified 75 million dollars for the auction of the Central Bank, the General Budget Law, while not confirmed the continuation of the long rally, called for the central bank using monetary tools to control the market.
The MP Magda al-Tamimi said that "the Parliamentary Finance Committee predicted a rise in the dollar's exchange rate against the dinar, when identified ceiling 75 million dollars for the auction of the Central Bank, the General Budget Law," noting that "such a paragraph came because the Iraqi central bank sales were between 200 to 250 million dollars a day, which led to the depletion of the country's hard currency reserves and low of 77 to 67 billion dollars or less.

http://www.almadapaper.net/ar/news/482981/

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Give the green light to implement a project to delete the zeros
اعطاء الضوء الاخضر لتنفيذ مشروع حذف الاصفار
14:13
03/03/2015

Governor of the Central Bank announced on the Keywords, on Monday, the deletion of zeros existing project, as pointed out it was given the green light for its implementation, he stressed that this process will be preceded by regulatory and administrative operations. Keywords and said in a press conference held at the bank building and attended by Alsumaria News, that "the project to delete the zeros is based has been put into practice and gave the green light to start with," noting that "The project needs a period of time may extend to two years or more." He added that the relationship "This operation will be preceded by regulatory and administrative processes and the form in which it will start moving in," adding that "the Bank began creating currency models and training of cadres to it." The Iraqi Central Bank announced in May 2012 that the process of deletion of zeros from the country of Iraq will be transferred to the trillions of billions, indicating that the process of replacing the currency needs to be approved by parliament. He accused the central bank, in (12 September 2011), government agencies obstructing monetary reform and vowed to persecuting, blaming those actors responsible for exposing the financial interests of the country to danger. It is noteworthy that some economists believe that Iraq is not ready at the moment to delete the zeros from the Iraqi dinar, pointing out that the deletion needs to security and political stability as well as the stability of the economy.

http://www.waradana.com/news/iraq/22/77529/%D8%A7%D8%B9%D8%B7%D8%A7%D8%A1-%D8%A7%D9%84%D8%B6%D9%88%D8%A1-%D8%A7%D9%84%D8%A7%D8%AE%D8%B6%D8%B1-%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%AD%D8%B0%D9%81-%D8%A7%D9%84%D8%A7%D8%B5%D9%81%D8%A7%D8%B1


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Relationship: delete zeros project and gave the green light for its implementation

Tuesday 3 March 2015 12: 47


Search Bigger

Alsumaria news/Baghdad
The Governor of the Central Bank for relations, Monday, that the deletion of zeros-based project, as he was giving the green light for its implementation, he stressed that this process would be preceded by organizational and administrative operations.

Allaq said at a press conference the Bank building and Alsumaria news, attended the "project delete zeros and put into practice and we gave a green light to start with", stating that "the project needs a period of time may extend to two years or more."


He said that this process would be preceded by "organizational and administrative processes that will be launched by walking," Noting that "the Bank began by creating models and train on it."

The Central Bank announced in May that the deletion of zeros from the country of Iraq would be redeployed to the trillions of billions, noting that the process of replacing the currency needs to be approved by the Parliament.

The Central Bank, accused in (12 September 2011), the Government of blocking the monetary reform and vowed to prosecute, blaming them for endangering the interests of the country to danger.

Some economists believe that Iraq is now prepared to delete the zeros of the Iraqi dinar, stating that deletion requires political and security stability as well as the stability of the economy.


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CBI pulls smaller paper currency

Banknotes Iraqi Banknotes Iraqi

01/03/2015

Iraqi Central Bank decided to smaller paper currency which is the withdrawal of 50 dinars value of trading after it no longer needed due to the low value and stop circulation, as well as the lack of acceptance in the banks. Said an official statement issued by the Central Bank that citizens can switch possession of Banknotes fifty dinars category in government banks.

In an interview with Radio Free Iraq, economic advisor to the prime minister the appearance of Mohammed Saleh pointed out that fifty-class dinars were printed after 2003, but an increase in the rate of inflation in 2006 after raising fuel prices has led to the erosion of the currency and the difficulty of trading them to become the 250 dinars smaller category paper currency at the moment.

He said economic expert Hilal Taan that inflation witnessed in Iraq led to the extinction of most of the small coins of the fifty-class dinars and 100 dinars, and become the 250 smallest currency and thus the government is forced to destroy the small coins. He expressed his opposition Taan printed currencies of large groups because this will lead to price hikes and a decrease in the value of the Iraqi dinar "because inflation based in Iraq comes because there is a large cash currency."

As an economic advisor to the prime minister called for the appearance of Mohammed Saleh to the need to print large coins for circulation in the market, considering it of health phenomena and noting that Iraq is in the monarchy printed currency 100 dinars worth the time, "as there are coin 500 euros, equivalent to more than 600 US. "

Saleh also said he "was supposed to delete the zeros from the currency, a project has been prepared in advance and prepared the floor, however, many reasons led to the postponement of an unknown time," pointing to "the need to reduce turnover in Iraq since the deal today talking about trillions while strive to be trading billions. "

Central Bank statement said that the time that the replacement of these banknotes will be which is among the first of March to 30 of April next, stressing that once the replacement period banknote will be null and void and will not be accepted in Iraq.

It is noteworthy that 50 dinars category is the smallest process paper of paper within the categories that also include 250 dinars and 500 dinars and a thousand dinars and 5 thousand dinars and 10 thousand dinars and 25 thousand dinars, which were issued after 2003 in the wake of the overthrow of the former regime.

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02/27/2015 (20:34)
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Experts: 50 dinars born "dead" .. and canceled due to fraud and the deletion of zeros
Experts: 50 dinars born "dead" .. and canceled due to fraud and the deletion of zeros


Range / Amer Mohi

A source in the CBI revealed that the bank has decided to withdraw the currency of 50 dinars from circulation category because of fraud and conflict with other categories when deleting zeros from the currency, and while experts confirmed that the abolition of the small category guide to take prices upward trend, said the 50 dinars born "dead" because they are too small and can not be accepted compared to other groups.

The Central Bank of Iraq, the day before yesterday, the currency was withdrawn from the category of 50 dinars from circulation due to "low value and stop the audience from the circulation," according to a statement of the bank. A source in the CBI told the "term" that "the Bank does not want a conflict between the currency category of 50 dinars and 500 dinars in case of deletion of zeros from the last," noting that "the central decided to cancel the deal with 50 dinars category formally instructed banks government and private bring this group to the bank in order to burn them. "
The source, who declined to be named, said "the Bank issued a decision not to deal with a class of 50 because of a major fraud after reprinted in 2003", adding that "the citizen is no longer handles this category because of the small cluster of cash for this currency, and because the cheapest thing in the market to be sold for 250 dinars for it canceled the same. "

He pointed out that "the citizen who owns a coin 50 dinars category can replace it in the bank within a specific number, it is impossible to bring people billions of dinars in this category are demanding to replace them because they certainly false."

For his part, said an expert on economic affairs Maytham Laibi "long" that "the decision to cancel the coin 50 dinars very painful, because it shows that the presence of an upward trend of prices, so that Tfariv currency has become not used in daily use," noting that "after ten years of the 50 dinars coin presence and lack of circulation dramatically means that the Iraqi market tended to handle large groups rather than to deal with small groups, indicating the money supply expanded significantly. "

Laibi and pointed out that "most of the countries of the world do not put such a condition when you drag the currency market, but they can be non-acceptance of the currency in circulation at the same time be accepted in the banking system, especially as the term is too short, which is up to two months only," but he also said "The decision can not be considered wrong in its entirety, because it has become a reality if the result of the use of this currency, and to identify specific time frame for ending the deal in this category is the only weak point in the resolution."

In turn, said economist Ahmed Sabih told the "term" that "this group of Iraqi currency issued in the light of expectations down price levels to be smaller class can be traded among the public," noting that "the category of 50 dinars stillborn because it is very small Currency and can not be accepted in circulation compared to other groups that make up some of the complications. "

He Sabih saying that "the 50 dinars as long as calculated on the Iraqi currency bloc, it is better to replace the category of other more acceptable as a class 250 dinars, which represents smaller currency accepted by the public in circulation", adding that "this decision administrative true and does not reflect any economic effects is carried at liquidity or a reflection of the state of inflation, but it is a good procedure followed by many banks to get rid of the categories is acceptable in circulation. " The bank said in a statement received "long", a copy of which, the day before yesterday, that "due to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote from trading on the basis of the powers vested in Article 36 of the Bank Act No. 56 of 2004".

The statement added that "banks and branches will begin to replace these banknotes presented to it without fees or commission," he said, adding that "banks will be deposited at the bank and its branches for the purpose of being the equivalent value in the accounts we have."

Bank pointed out that "the term that will replace these banknotes will begin on the first of March to 30 of April next," noting, "Once the replacement period banknote will be null and void and will not be accepted in Iraq."

The 50 dinars category smaller paper currency from within the paper categories, which also include 250 dinars and 500 dinars and a thousand dinars and 5 thousand dinars and 10 thousand dinars and 25 thousand dinars. Iraq issued a new currency in 2003 in the wake of dropping the former regime.



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Iraqi Central Bank adopts new transfer and money exchange system

February 25, 2015 11:22









A well-informed source said on Wednesday that the Iraqi Central Bank started adopting a new money transfer and money exchange system; while pointing out that the bank has denied that it stopped selling Dollars.

“The Central Bank has adopted a new system when it comes to money transferring and money exchange”, said the source to Alsumaria.

This same source who wished to remain anonymous added that “the bank denied that Dollar exchange transactions have ceased”.


Iraqi Central Bank was established as an independent entity by virtue of the law ratified in March 2004. It is responsible for maintaining stable prices and implementing monetary policies including exchange rates policies, managing foreign reserves, issuing and managing currency in addition to organizing the banking sector to promote an independent and competitive financial system.

http://www.alsumaria.tv/news/125987/iraqi-central-bank-adopts-new-transfer-and-money-e/en


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