Central Bank Related II

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


***********************************************************************************************************************************

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.


http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.alsumaria.tv%2Fnews%2F126626%2F%25D8%25A7%25D9%2584%25D8%25B9%25D9%2584%25D8%25A7%25D9%2582-%25D8%25AD%25D8%25B0%25D9%2581-%25D8%25A7%25D9%2584%25D8%25
A7%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1-%25D9%2585%25D8%25B4%25D8%25B1%25D9%2588%25D8%25B9-%25D9%2582%25D8%25A7%25D8%2
5A6%25D9%2585-%25D9%2588%25D8%25A7%25D8%25B9%25D8%25B7%25D9%258A%25D9%2586%25D8%25A7-%25D8%25A7%25D9%2584%2Far

*********************************************************************************************************************************************************************************

Iraq pulls smaller paper currency from circulation

Thu, February 26, 2015 16:12

Twilight News / Iraqi Central Bank announced on Thursday, about 50 dinars withdraw currency from circulation category due to the low value and stop the audience from the circulation.

alt The category of 50 dinars are smaller 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. Iraq issued a new currency in 2003 in the wake of dropping the former regime.

The bank said in a statement reported for "Twilight News" 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 banks and their branches will start replacing these banknotes presented to it and without fee or commission," noting 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," stressing that "as soon as the end of the period for the replacement of the banknote will be null and void and will not be accepted in Iraq."

https://translate.google.com/translate?depth=2&hl=en&nv=1&rurl=translate.google.com&sl=ar&tl=en&u=http://www.shafaaq.com/sh2/index.php/news/economy-news/91875-2015-02-26-13-15-35.html

*****************************************************************************************************************************************************************************************************************

Central Bank withdraw cash from currency trading

البنك المركزي يسحب عملة نقدية من التداول
14:59
26/02/2015

Iraqi Central Bank announced on Thursday, for the withdrawal of 50 dinars currency from circulation category, pointing out that the replacement will continue for two months. The bank said, "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 bank added that "the banks and their branches will start replacing these banknotes presented to it and without fee or commission," noting that "banks will be deposited at the bank and its branches for the purpose of being the equivalent value in the accounts we have." He noted the bank that "the term that will replace these banknotes will begin on the first of March to 30 of April next," stressing that "the end of the period of replacement will be banknote void and have no discharge power will not be accepted in Iraq." It is noteworthy that the Iraqi Central Bank issued after 2003 and banknotes from the category of 50 dinars, but he is not traded due to the high prices of the products offered in the market.

https://translate.google.com/translate?depth=1&rurl=translate.google.com&sl=auto&tl=en&u=http://www.waradana.com/news/iraq/22/77129/%25D8%25A7%25D8%25B3%25D8%25B9%25D8%25A7%25D8%25B1-%25D8%25A7%25D9%2584%25D8%25B0%25D9%2587%2

5D8%25A8-%25D8%25A7%25D9%2584%25D9%258A%25D9%2588%25D9%2585

****************************************************************************************************************************************************************************

Central Bank starts the application of the new system of remittances and sell currency

  2015/2/25 11:58
Central Bank starts the application of the new system of remittances and sell currency
{Baghdad: Euphrates News} central bank, announced on Wednesday, to start applying the new system of remittances and sell the currency.
According to a statement of the Central Bank and the Euphrates News Agency {} received a copy of it today that "the bank began on Wednesday, the application of the new system of remittances and sell the currency, and denied stopped selling the dollar operations."

The governor of the Central Bank of Iraq on the Keywords announced that it "is not true that the central bank remains preoccupied with selling the currency like ATM daily."

In the same vein, a report issued by the Central Bank of Iraq, saying, "Based on the provisions of the Iraqi Central Bank Act for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against foreign currency through the optimal use of foreign exchange resources to meet the needs of all and not the central occupancy tasks that are revealed the core of the work of the banking system and the relevant departments, with a commitment to the requirements of anti-money laundering and terrorist financing law Central decided to new instructions issued in this regard. "

The comment Economists and Financial on the decision to stop the bank daily currency auction that means cancel the sale by remittances, and cash sales will continue, explaining that he came to curb money laundering and smuggling of currency, warning against complacency and inaction in the follow-up and hand the money that buys the banks of the bank, stressing the these banks need to follow legal procedures to transform Alambalg.anthy

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://wwww.alforatnews.com/modules/news/article.php%3Fstoryid%3D77850&usg=ALkJrhjASDfuidjOYcPswPJUL1ZgrGC15Q

*******************************************************************************************************************************************************************************************************************

Economists warn of the lack of control over the private banks after the cancellation of the central bank auction

Economists warn of the lack of control over the private banks after the cancellation of the central bank auction

24-02-2015 08:25 PM

Warned a number of economic experts of the Central Bank of ethnic after the cancellation of the auction currency conversion task to private banks of the absence of controls on foreign exchange operations and not to pursue money laundering and remittances monopoly and control of speculators on practical operations, demanding assessment of banks deal with this experience.

To the President of the Economic Information Center, Dargham Muhammad Ali, The 'dealers accustomed said over more than ten years on the bank to adopt a reference to convert the currency and buy the dollar as a government entity sober can be trusted and operations' pointing out that' banks in Iraq need to be a transition period to assess its' ,.

He explained that 'the control of the private banks will ensure justice and transfer mechanisms to prevent money laundering and terrorist financing, as well as knowledge of the currency in which it was carried out by the central bank in the country paths'.

He added that 'Despite some problems, but that the bank has succeeded over the years to contain the dollar market and job referral to the banks as they are true, they need to tightly controlled its operations, especially the private banks that have not practiced banking properly'.

Abizaid 'I think that the market will not rise because the banks there are some speculators who are accountable for the high prices of the dollar in the past period and that this new mechanism Stnasabhm'.
 
http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.ikhnews.com/index.php%3Fpage%3Darticle%26id%3D136567&usg=ALkJrhjGp8mdSlPIFeL-tvkKJHUBt6litA#sthash.iI1DCpDH.dpuf
   

*******************************************************************************************************************************************************************************************************************

Parliamentary financial ply News: government wants to increase the central bank sales over 75 million dollars




Wednesday
18
February
2015
| 10:05
Parliamentary financial ply News: government wants to increase the central bank sales over 75 million dollars

The most prominent in the news

Year's budget law in 2015 identified in one of the paragraphs of the Central Bank of Iraq sells $ 75 million per day in order to control the currency auction on the one hand and repel money laundering operations on the other hand





Qurtas News / Baghdad

Parliamentary Finance Committee reported, Wednesday, that the government wants to increase the sale of dollar rates in the currency auction at the Central Bank to more than $ 75 million per day, to keep the dinar exchange rate of the dollar.

He said the Commission decision of Hama Rashid Ahmed told the "Qurtas News" "The year's budget law in 2015 identified in one of the paragraphs of the Central Bank of Iraq sells $ 75 million per day in order to control the currency auction on the one hand and repel money laundering operations on the other hand."

He added that "this decision impact on the market but it will not last long because of the actions to be taken by the central bank."

He said, "There are claims increased bank sales of dollars to more than $ 75 million per day if it is 100 to 125 million dollars per day, to reduce the price of the dollar against the dinar."

He pointed out that "the Commission will consider those requests and decide in a timely manner."

He called his flesh, "the central bank to accelerate the activation of serious action to control the outlets selling the dollar and prevent this currency manipulators and take precautionary measures against violators and punitive."


********************************************************************************************************************************************************************************************************************

URGENT: voting to prevent the central bank selling more than 75 million dollars a day in the auction

BAGHDAD / newspaper rectitude - House voted to prevent the central bank from the sale of more than $ 75 million a day in the auction .anthy

                                                                                                                                                                                                                                                                 http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://alestiqama.com/%3Fp%3D148637&usg=ALkJrhjwUkqlmTPzfRjDja3r-3kmunpiAg

********************************************************************************************************************************

World Gold Council: Iraq bought 48 tonnes of gold in 2014

Follow-up / newspaper rectitude - The World Gold Council (WGC), on Thursday, that the Iraqi Central Bank bought 48 tonnes of gold during 2014.

The council said in a report published on its website that "the Iraqi Central Bank had bought 48 tons of gold during 2014, bringing the country's reserves of gold material by three times what it was during the year."

The report added that "enrich and diversify their reserves away from the US dollar continues to be the driving force behind this activity."

The Iraqi Central Bank announced, in 2013, on his quest to find a balanced ratio of gold with hard currency reserves, saying that whenever increases the size of the reserve ratio less than the contribution of the other ingredients.

It is noteworthy that "the International Monetary Fund confirmed, in 2012, that Iraq had boosted its gold reserves to reach more than 31 tons, noting that Iraq bought 23.9 tons of gold in the month of August of the year Math.

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://alestiqama.com/%3Fp%3D151584&usg=ALkJrhg4v0Qs_FxwUT75yLXdEiiWGvzOGA

*********************************************************************************************************************************************************************************************************************

HERE'S TWO IN A ROW THAT ARE DRIPPING FROM THE EDGES WITH THE WORD RV!!

Okay, to diagnose these two articles. Let me ask you a question? If you're a cash poor society already. Which means the people have gotten used to there not being enough Dinar to use out on the street, and you have to use USD for most everyday transactions, yet your government has issued a standing order to use the Dinar only in all transactions, (if you can find enough) and then your government is complaining about a huge budget deficit and has not even approved the budget yet. How are they going to increase liquidity?  According to the below, Iraq can only increase liquidity by RV'ing their Dinar because they have no private market as in manufacturing, industry, agriculture etc.                                                              The definition of liquidity is this!

DEFINITION of 'Liquidity'
1. The degree to which an asset or security can be bought or sold in the market without affecting the asset's price. Liquidity is characterized by a high level of trading activity. Assets that can be easily bought or sold are known as liquid assets.
2. The ability to convert an asset to cash quickly. Also known as "marketability."
There is no specific liquidity formula; however, liquidity is often calculated by using liquidity ratios.
INVESTOPEDIA EXPLAINS
'Liquidity'
1. It is safer to invest in liquid assets than illiquid ones because it is easier for an investor to get his/her money out of the investment.
2. Examples of assets that are easily converted into cash include blue chip and money market securities.                                                                                                              http://www.investopedia.com/terms/l/liquidity.asp                                                                                       ...                                                                                                                                                                                                                                                                         What Is the Meaning of Liquid Cash?
By Kirk Thomason, eHow Contributor
What Is the Meaning of Liquid Cash?

Cash is a primary asset in business. It is easily exchangeable for other goods and often is the medium most companies require for completing business transactions. A term associated with this medium is liquid cash. Companies and financial institutions use this term to describe the ease with which companies can move cash among transactions.                                                                                                                                    

Defined:  Liquid cash represents the most fluid asset a company can own. These items can include cash, demand deposits, time and savings deposits, and short-term saving accounts easily converted to cash.
Cash Equivalents:  A company also may own items called cash equivalents. These items are not cash but easily can be converted to cash in a short time period. Common cash equivalents include Treasury bonds and money market funds through financial institutions.
Purpose:  Companies retain cash or cash equivalents to pay bills whenever necessary. Rather than keeping copious cash amounts on hand, however, making small short-term investments allows a company to earn additional cash through interest. The money remains liquid while adding benefits to the company.
Reporting:  The balance sheet contains all assets in a company. Cash and cash equivalents are often first in the current asset section. Current assets typically last less than 12 months in a company’s operations. Companies usually will list current assets in order of liquidity, hence the placement of cash and cash equivalents.

Read more : http://www.ehow.com/info_8246949_meaning-liquid-cash.html

_______________________________________________________________________________________________________________________________________________________

Central Bank announces Altdaperallazma taken to support liquidity in the banking system

Central Bank announces Altdaperallazma taken to support liquidity in the banking system

BAGHDAD / Baghdadi Uz..aaln central bank, on Sunday, for Altdaperallazma taken to support liquidity in the banking system and the simplification of procedures for the sale of foreign currency.

According to a statement of the bank and received / Baghdadi News / copy of it, that "the Board of the Central Bank discussed the extraordinary Directors held today, the financial situation in Iraq, as well as a large deficit in the federal budget for this year," he said, adding that "the Board decided to take the necessary measures to support liquidity in the banking system to allow it to perform its functions normal, and at the same time, the acquisition of government debt instruments so as to enhance sustainable development and job creation and prosperity. "

"The Council also decided to simplify the procedures for the sale of foreign currency," Money and Cash "in order to facilitate the stability of the market and the exchange rate."

It is said that the Parliamentary Finance Committee confirmed, on Saturday, complete them on the legal form of the budget, while suggesting near sent the budget to parliament. Ended 21 / j

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.albaghdadianews.com/economy/item/69147-AkBlK-AkLEKen-nIkl-AbgAdm-AkbDABnEAkkAeL%25D8%25A9-kDIL-AkYOnNk%25D8%25A9-Jn-AklzAL-AkLZHEJn.html&usg=ALkJrhjfZU-UE_IxscuJumcbgWE1m_GcUQ

***************************************************************************************************************************************************************************************************************

البنك المركزي يقرر دعم سيولة النظام المصرفي ويسهل اجراءات بيع العملة الاجنبية لتقليل عجز الموازنة العامة

Central Bank decides to support the liquidity of the banking system and facilitates the sale of foreign currency to reduce the budget deficit measures

BAGHDAD / newspaper integrity - the Iraqi Central Bank on Tuesday decided to support the liquidity of the banking system and facilitate the sale of foreign currency to reduce the budget deficit procedures.
According to a statement of the bank received (newspaper rectitude) a copy of it today that "the Board of the Central Bank discussed Minutes special on 01/25/2015 financial situation in Iraq and the wider deficit in the general budget and decided to take measures crisis to support liquidity in the banking system so that it could carry out his duties usual At the same time the acquisition of government debt instruments so as to enhance sustainable development and providing job opportunities and achieve Alrkhaq. "
"The council also decided to simplify the procedures for the sale of foreign currency (bank and cash) in order to facilitate the perpetuation of the market and exchange rate stability."
Iraq has been going through a financial crisis due to lower global oil prices, which have negatively impacted on the state budget and a deficit in it. "
With Congress likely to be next Thursday as the date to vote on the 2015 budget that after a round of discussions and actions to reduce the deficit .anthy 10

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://alestiqama.com/%3Fp%3D148103&usg=ALkJrhgepA8N53ROWxjixc5I5_YEi9BFww

******************************************************************************************************************************************************************************************************************

Central Bank decides to take the necessary measures to boost liquidity in the banking system and simplify the selling currency measures

Editor Mustafa Saad - Sunday January 25, 2015 16:18


Alsumaria News / Baghdad
Iraqi Central Bank decided, Sunday, to take the necessary measures to boost liquidity in the banking system and simplify the sale of foreign currency procedures to facilitate the stability of the market and the exchange rate.

The central bank said in a statement received "Alsumaria News", "The House of the Iraqi Central Bank management discussed the extraordinary Directors held today, the financial situation in Iraq and the large budget deficit. "






"The Council decided to take the necessary measures to boost liquidity in the banking system so as to enable it to perform its duties usual measures, and at the same time, the acquisition of government debt instruments so as to enhance sustainable development and job creation and prosperity."

He said the bank, that "The Council also decided to simplify the procedures for the sale of foreign currency (bank and cash) in order to facilitate the stability of the market and the exchange rate."

______________________________________________________________________________________________________________________________________________________

Opportunity to raise the value of the dinar






1/25/2015 0:00

BAGHDAD - Mustafa al-Hashemi
Economists and experts describe the Iraqi monetary policy as good as maintained the stability of the exchange rate under difficult economic conditions and the slow march towards progress the country witnessed in previous years, despite Iraq's possession of the elements of the economic boom in all productive sectors.
In this context, economic researcher saw state just to increase production achieve an increase in income and financial returns requires finding a balance or equation to ensure the continued improvement in the exchange rate with a salary increase to reach the stage commensurate with the productive economy and activating the industrial and agricultural sectors to improve the value of the dinar.
Iraq has seen in the last ten years a rise in production and exports of oil at a time when the value of the dinar has seen remarkable stability without mention in the high purchasing power.
Adel said in a statement the "morning" Now is the chance, despite the difficult circumstances, to activate the productive sectors as stated in the government program of encouraging the private sector and entry effectively in economic development through self-reliance resources of the private sector and move his money and invested in the development of economic reality.
She noted that the citizens believe that achieved an increase in oil production to ensure a major boost for the dinar in time looking where to direct positive repercussions on their standard of living through the production and export growth, hoping to resolve this matter through the involvement of the private sector in the development process.
She called economic researcher to develop solutions that contribute to upgrading the reality of living of the citizen and the creation of employment opportunities and jobs for graduates and the unemployed through the activation of the private sector because it possesses the freedom in his works and his money management away from the bureaucracy that makes production distinct exploited by the efforts and energies of young.
The economic and academic Dr. Majid Baidhani said earlier in the "morning" to increase the productivity of the individual worker comes through the activation of the private sector and projects in the productive sectors such as agriculture and industry.
He added: It is necessary to achieve financial revenues through the creation of jobs and employment opportunities in the private sector and make it equally with government officials privileges that contribute significantly to the revival of the booming economy, having to rely on the oil industry to activate those opportunities.
He stressed: that the central bank was able through the successful implementation of financial policies in recent years have contributed a lot in the stability of the market and this may be leading role regarding the improvement of the exchange rate.
He continued: Here comes the role of government and the competent authorities to complete drawing this picture by providing focused support to the private sector and the implementation of the government program, which stressed the importance in advancing the country's economy forward. Stressing that the most successful monetary policy is to maintain the stability of the exchange rate increase provided Alantegeh. oasmah International Monetary countries with economies in transition fund implementation of currency controls to stabilize the economy during the reconstruction phase and this is what served as the local economy over the past years.
He Baidhani that Iraq currently has the expertise and economic efficiencies in homes experienced enough for taking the lead and initiate self-reliance to develop the economy through reform developmental programs and policies that fit this stage application.
Mention that there are several factors confirms the possibility of the high value of the dinar against the dollar, the most prominent is the existence of a great desire for foreign investors to buy the Iraqi dinar, in addition to having an excellent cash reserve, which covers the local currency, as well as the dinar currency traded publicly in the global currency markets.
It is said that the central bank was able during the previous years of the reduction of the dinar against the dollar from 1450 dinars to the dollar to 1166 dinars, which is now in the bank.
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.alsabaah.iq%2FArticleShow.aspx%3FID%3D85286&edit-text=
____________________________________________________________________________________________________________________________
About the acquittal of the thinker and the world economic Iraqi appearance of Dr. Mohammed Saleh
By: Iraqi Democratic Movement in Australia
17-12-2014 | (Voice of Iraq) 

A statement of the Iraqi Democratic Movement in Australia about the acquittal of the thinker and the world economic Iraqi

Dr. appearance of Mohammed Saleh


Misdemeanor Rusafa court acquitted the economic world, Dr. appearance of Mohammed Saleh, of the charges against him when he was deputy governor of the Central Bank of Iraq and the previous dismissal of the suit and drop the charges against him and that On Sunday morning, December 14, 2014. We are in time to recall what happened to these national and educated personal violation bypass false charges and damage morale and character based on malicious accusations because of the people's money, who is keen on the national position, we announce our happiness by virtue of fair judiciary also congratulate Dr his innocence.

Dr. suffered appearance of Mohammed Saleh from arbitrary arrest issued by the former prime minister of his right, where he turned himself in on 4 December of 2012 and was released on bail on January 21, 2013 after a campaign to defend him by civil society organizations, economists, lawyers and students and honorable sons of the nation.

That the totality of the case that sparked the executive branch and its president was because of his refusal and his colleague Dr. Shabibi former central bank governor, delivery of public money, however, the executive branch, where it was overtaking on the central bank law and the Constitution.

The Practical Guide to patent the appearance of Dr. Mohammed Saleh of the charges against him is again appointed as an adviser in the Council of Ministers by Dr. Haider Abadi, head of the current cabinet, thanks to its knowledge and experience in financial and banking activity.

We affirm the constitutional articles that emphasize the rights of the Iraqi human and not overtaking him and arrested because of false accusations have no legal basis and at the same time we demand the reinstatement of Dr. Shabibi and drop the charges against him and returned to his job as governor of the Iraqi Central Bank.

Democratic Movement, the Iraqi / Australia

Secretariat of the Iraqi Democratic Movement in Australia
____________________________________________________________________________________________________________________________________

Parliamentary Finance intends to find out the amount of money frozen

Published on Tuesday 0.09 1 December / December 2014 18:05
Written by: Sheikh Salem

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - a member of the parliamentary finance committee Masood Haider said on Tuesday that his committee is determined to address the Ministry of Finance to see the size of the Iraqi funds are frozen with banks abroad.

According to Haider's (IMN), that "there was a move to the Commission towards the knowledge of Iraqi funds frozen at foreign international banks, since the time of the previous regime, as well as knowledge of their locations." Noting that "is determined to raise its coordination with the Ministry of Finance Committee to find accurate information on these funds."

Observers in the possession of the Central Bank of nearly $ 84 billion in international banks, the government can not dispose of them revealed.

"The release of frozen funds to the Iraqi government, will contribute to raising the financial budget's ability to address its fiscal deficit." He pointed out that "the financial budget will be sent to the House of Representatives the end of this year."

A member of the Committee on Economy and Investment parliamentary Ali al-Maliki, the earlier, the central bank briefed the Committee on the future vision in progress, working on investment reserves of money and gold assets in a private service state government projects.

From: Osama success of the Mahdi, the Open: Ali Al-Shammari


http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://center-imn.net/2/index.php/2013-09-08-07-34-57/12628-2014-12-09-18-05-06&usg=ALkJrhgQAWidokLM32LWNx-M9mmiLvI34w
_____________________________________________________________________________________
____________________

Ebadi calls for "preventive censorship" to prevent money laundering

11/29/2014 13:24
Long-Presse / Baghdad

, Called on Iraqi Prime Minister Haider al-Abadi, said Saturday the Iraqi Central Bank to "exercise control over the transfer of funds abroad to prevent laundered", and as he emphasized that censorship "is very important to stop corruption, terrorism and organized crime, which relies on money laundering", pointed out that the control should be be "preventive" and not "intrusive".

Haidar al-Abadi, in a speech during the second Iraqi banking conference held today in the Babylon Hotel in central Baghdad, and attended (range Press), said that "the Iraqi Central Bank to exercise control over the transfer of funds abroad to prevent laundered," asserting that " control is very important not only because the world is requested, but is very important to stop corruption, terrorism and organized crime, which relies on money laundering. "
Abadi said that "the control should be preventive control and is not intrusive," stressing the need to "work on a real partnership between the private sector and the public sector over the next four years."
The Central Bank of Iraq (November 24, 2014), called, to "reconsider" the banks and the central bank laws and anti-money laundering, and attributed the cause to "address the problematic lack of challenge of the activity of banks and the World Bank in the management of the economy", and pointed out that the zeros "will not Remove from the Iraqi currency now is the lack of an appropriate circumstance. "
The CBI stressed, in (November 24, 2014), seeking to amend the banking laws to suit the current situation, and pointed out that the money laundering law highlighted laws that seek to modify it, while stressing that he go to play the developmental role of the Iraqi economy.
The Central Bank of Iraq was established independently as a bank under a law issued on the sixth of March 2004, an independent Kahyeh, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily buying and selling currencies sessions.

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.almadapress.com/ar/news/40427/%25D8%25A7%25
D9%2584%25D8%25B9%25D8%25A8%25D8%25A7%25D8%25AF%25D9%258A-%25D9%258A%25D8%25AF%25D8%25B9%25D9%2
588-%25D8%25A5%25D9%2584%25D9%2589-%25D8%25B1%25D9%2582%25D8%25A7%25D8%25A8%25D8%25A9-%25D9%2588%25D9%2582%25D8%25A7%25
D8%25A6%25D9%258A%25D8%25A9-%25D9%2584%25D9%2585%25D9%2586%25D8%25B9-&usg=ALkJrhi7Nvcjwjw5BdPRIUWOT5VglBGrkw

___________________________________________________________________________________________________________________________________________________


The new currency category 50 000 dinars will be written in Arabic and Kurdish
07:49: 10/22/2014
Khandan -ali Naji

Parliamentary Economic Commission, announced that the Central Bank of Iraq had told her that the new currency to be issued by the same group (50 000 dinars) will be written in Arabic and Kurdish.

A member of the committee MP Osman Dosky told the "Khandan" that "the Commission hosted the past two days, Governor of the Central Bank on the Keywords, was the debate on the Kurdish language is included within the Iraqi coins," adding that "Keywords welcomed this idea, and stressed that the new currency soon to be released, with the fifty thousand dinars will be in Arabic and Kurdish, as well as the rest of the coins issued in the future. "


Dosky He pointed out that "the Kurds of Representatives asked the Keywords During the meeting, also, the need for the opening of branches of the Rafidain and Rasheed provinces of Kurdistan, for the purpose of staff of the region take advantage of the 100 salary advance," explaining that "the position of Governor of the Bank was positive about their demand."

https://translate.googleusercontent.com/translate_c?depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=auto&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3163496&usg=ALkJrhiC4qUmaeADCaIJrMndt8vcASC-zg
___________________________________________________________________________________________________________________________________________________

Central Bank of Iraq issues Visa cards

July 13, 2014 by Ibrahim Khalil 1 Comment

Baghdad (IraqiNews.com) The Central Bank of Iraq announced adopting the electronic payments of funds (Visa Cards) to limit the phenomena of carrying and dealing with cash.

A statement by the CBI received by IraqiNews.com cited “The CBI adopted the Visa card system to develop the financial and banking sector and to create an atmosphere of competition among the different banking and financial establishments in Iraq.”

The statement added “The new system will organize the work of the providers of the service and issuing licenses for them according to the law No. (4326) of 22 June 2014.” /End/

http://www.iraqinews.com/business-iraqi-dinar/cbi-issues-visa-cards/

____________________________________________________________________________________________________________________________________________________

New Iraqi Dinar banknotes feature stronger security features

May 11, 2014 by Amir Abdallah

CBI Central Bank of Iraq Basra Branch e1399823775421 New Iraqi Dinar banknotes feature stronger security features

Central Bank of Iraq Basra Branch – file photo

Last week, the Central Bank of Iraq announced the circulation of new banknotes featuring stronger security features in both small and large denominations to make counterfeiting more difficult.

According to Ihsan Shamran al-Yasseri, the CBI’s treasury director, there is not much difference in the old and new notes except for the safer, more effective technical specifications of the latter. He said security symbols and technical characteristics will provide not only longer life but will make the notes nearly impossible to fake.

Among the new features added to the regular colored strands are a 1mm colored ribbon guarantee thread for the smaller denominations and 4mm for the notes of greater value. More features are not visible to the naked eye but are seen by scanners, added al-Yasseri. Another security addition that is world-recognized is an optical feature called SPARK.

Other features include raised dots to help those with vision issues. A protective film is also added to prevent deterioration due to constant exchange of the notes as they circulate to help them last up to 10 years as opposed to the usual 3 to 5 years.

Current notes soon to be replaced

About 5 trillion Iraqi dinars ($4.3 billion USD) will circulate along with the old notes, said al-Yasseri, gradually replacing the older issues. He added that for now, both old and new notes will circulate side-by-side.

Economist Bassem Jameel Antoine views the reprints of the Iraqi currency as a “necessary requirement”. He told Mawtani that the current notes in circulation are overused and the new notes containing new security features will be more effective against constant circulation and forgery attempts. These currency defenses are used worldwide against counterfeiting and tampering, he added. He also said that it is important that the public understands the new features and the technologies behind it to promote the circulation of the reprinted version.

Iraqi parliament’s economic committee MP Ibrahim al-Rikaby agrees that this will help achieve currency reform hence their support of the old notes replacement. He stated that the step will help strengthen the Iraqi dinar against other world currencies, make the currency easy to carry and circulate in banking transactions, selling and buying operations as well as in currency exchange.

_____________________________________________________________________________________________________________________________________________________

World Bank warns Iraqi government not to interfere with CBI

March 27, 2014 by Ahmed Hussein No Comments

araji international bank warns iraqi government not to interfere in performance of cbi World Bank warns Iraqi government not to interfere with CBIBaghdad (IraqiNews.com) MP, Baha al-Araji, of al-Ahrar bloc stated that the World Bank warned the Iraqi government from interfering in the performance of the Central Bank of Iraq.

He stated in a press statement received by IraqiNews.com “We were warned from the collapse of the economic and financial fields in Iraq due to the interference in the performance of the CBI.”

“The World Bank held a meeting in Amman in presence of the representatives of Iraq and warned the Iraqi government from the interference in the performance of the CBI other wise, Iraq will be listed within the black list and this reminds us of the sanctions imposed on the former regime,” he concluded.


http://www.iraqinews.com/baghdad-politics/araji-international-bank-warns-iraqi-government-not-to-interfere-in-performance-of-cbi/

____________________________________________________________________________________________________________________________________________________


Number of Iraqi currency in a banking offices in Baghdad
Central Bank decides to enter the banking companies to auction currency "without broker"

21/04/2014 11:02
Long-Presse / Baghdad

Decided the Iraqi Central Bank, on Monday, to allow banking companies financial enter the currency auction "without broker", and stressed that this action will contribute to the stability of the price of "dinar" and expands the auction of foreign currency, as pointed out that those companies would be "a true partner" to support economy.

The central bank said in a statement received (range Press), a copy of "Central Bank Governing Council decided at its meeting held on Sunday, the money transfer companies to open accounts directly with the Central Bank of Iraq, the Iraqi dinar and the dollar to carry out the purchase of foreign currency."

The bank added that "this process will expand special events auction of foreign currency and contribute to the stability of the exchange rate permanently, as well as making these companies a true partner in operations supporting the economy and the stability of the Iraqi dinar."

The number of owners of companies banking financial, criticized Tuesday (3 December 2013), the clampdown that followed the central bank and the routine which controls procedures, and argued that they can not approach the office of any employee to ask about the fate of their transactions, as emphasized that the central bank Iraqi lacks regulations in its dealings, pointed out that what puts Bank of instructions and controls "and the harsh injustice."

The Central Bank of Iraq (November 24, 2013) seeks to amend the banking laws, including the proportion to the current situation, and pointed out that the money laundering law the most prominent laws that seek to modify it, while stressing that going to play a developmental role of the Iraqi economy.

________________________________________________________________________________________________

CBI announces delivery of 90 tons of gold to support IQD

Posted: April 4, 2014 in Iraqi Dinar/Politics

goldRange/Baghdad
The Iraqi Central Bank, disclosed Thursday, the arrival of up to 90 tons of gold to support the value of the Iraqi dinar, stating that it contributes to the strengthening of the national economy.

The Central Bank said in a statement (term), “to buy 60 tonnes of pure gold from around the world over the past two months in order to support the national currency, dinar,” Noting that “the amount of gold reserves which currently has reached 90 tonnes.

The Central Bank, said that “on the gold reserves to support the value of the Iraqi dinar against other currencies and boost the national economy in General.”

The Central Bank of Iraq was announced last March, to purchase 36 metric tons of pure gold to raise its reserve, returned it aims to achieve “the highest levels of financial integrity” of Iraq.

http://bit.ly/1lvm0g8

_______________________________________________________________________________________________

Economist: If CBI sells gold to the public it will strengthen dinar and reduce dollarization

Posted: April 8, 2014 in Iraqi Dinar/Politics

Sell ​​gold to the public strengthens the dinar

8/4/2014 0:00

Baidhani described monetary policy successful
Baghdad – Mostafa Hashemi said the academic economic Dr Majid Baidhani that a central bank to activate the monetary policy tools and the willingness to sell gold to the public would be granted dinar greater strength as well as it reduces the dollarization phenomenon experienced by the economy.

added Baidhani in a statement (morning): The adoption of this measure requires increasing the Central Bank reserves of gold as a cover for the currency, and the promotion requires finding a basket of currencies to assess the economy vulnerable to prices, the dollar downwards or upwards.

reserves rose central gold recently from 38 to 90 tons of the precious metal after he announced the purchase of 60 tons in the past few weeks for the purpose of selling it to the public, after contracting with companies to Sikh to ensure the presence of gold purity high and the origins of well-known global and used as part of their savings. it is hoped that the proportion of gold allocated to the Mint about 11 tons, and identifies public need and desire for the allocation of additional quantities Stamping to sell to jewelers and investors.

said Baidhani that monetary policy tools two types quantitative tools and tools of quality and different conditions of use depending on the economic situation of the country for example, in the case of inflation is the goal of economic policy to achieve price stability and in either case the downturn will be aimed at achieving economic growth and increased operating., and added that the measures taken by the central bank reflect the familiar real economic reality of the country, where the launch of gold to the public would control the levels of liquidity and that it increases the rate of adoption of the public on the financial assets of the real, represented by the precious metal rather than dependence on foreign currency .

stressed that this measure will reduce the dollarization phenomenon experienced by the economy, where most of the business transactions and trade within Iraq are in dollars rather than rely on the on the dinar, what caused the phenomenon akin to a large extent the currency float.

said Baidhani that the weakness of public awareness of the importance of buying and selling shares in the local currency dramatically in the emergence of dollarization, which severely hurt the national economy, adding that this called for reasons that central to the practice of monetary policy tools effectively to save the economy from deteriorating and to enhance the strength of gold dinar.

http://bit.ly/1gJeUj9

_______________________________________________________________________________________________

After months of lifting the CH VII; CBI prepares to take over Iraq’s assets in America

Posted: April 4, 2014 in Iraqi Dinar/Politics

After the passage of months out of Iraq from Chapter VII, is preparing the central bank eventually to raise U.S. protection imposed on the Iraqi funds deposited in the United States, step has been welcomed and raised fears at the same time about the possibility of achieving a quantum leap in the process of construction or damage the money of the Iraqi Foreign Will it be the money to the summit, “easy prey” for some actors, under the pretext of debt?.

in (22 May 2014), will raise U.S. protection for Iraqi funds deposited in the “Development Fund for Iraq,” and will receive a responsibility CBI directly, after exit Iraq from Chapter VII in the (June 27, 2013), but there are fears of an asylum some countries and traders who “Wiesel their saliva” on those funds, according to observers, to bring claims in international courts for debt, claiming it owed ​​to the former regime.

Extension of last resort Protection accordingly says Deputy Governor of the Central Bank of the previous appearance of Mohammed Saleh in an interview for “Alsumaria News”, “deposits Development Fund for Iraq, which come from oil imports have been deposited in the Reserve Bank of the U.S. and is a discount of 5% of compensation Kuwait in accordance with Section VII imposed by the United United against Iraq, “noting that” the Iraqi Central Bank, and since he took over the responsibility of the Iraqi Development Fund in 2010 became unprotected, prompting Iraq to be placed under American protection. ” adds the benefit of that “Iraq has agreed with the United States to put these funds under U.S. protection a one-year stretch until June 2011, after the lifting of Iraq from Chapter VII in the (15 December 2010) in accordance with Resolution 1956 should be that Iraq will manage the Development Fund for Iraqi funds himself. “

Explains Saleh said that “Iraq has agreed to renew the protection and for another year After the signing of the Convention on the harm or protection agreement which under which Iraq paid 400 million dollars to the United States as a result of the harm that resulted from the war that waged the former regime. ” refers Saleh that “the United States has demanded Iraq to renew the protection of the money back, according to the set by the Organization of the International Monetary under which the new protection fund for an additional year ending in May 2013, to be later renewal protection for another year ending in (22 May 2014). ” and likely favor that “this is an extension of the protection is the last of its kind,” explaining that “there Protection would be natural for Iraqi funds deposited in U.S. banks, even though it did not renew this protection, as the central bank is an independent entity and administered funds not used for speculation or trade but stability. “

Allay fears and dispel the Governor of the Central Bank and the Agency Abdel Basset Turki, “threats” of potential which may affect the Iraqi funds deposited in the United States, asserting that “the protection of Iraqi funds in the United States end in (22 May 2014). explains Turkish that “Iraqi funds deposited outside the United States raised the protection it two years ago,” he said, adding that “the claims of some persons and bodies debts stemming from the former regime, do not constitute a threat to the resources of Iraq. “

Adds Turkish that “the big issues that were facing Iraq, particularly in relation to the problem of KAC was solved, and therefore, the concern of the issues that may be raised is much less than it was five years ago,” noting that “Iraq’s ability to defend its assets strong, and there is a consulting firm legal and international consultants specialized in defense of their rights.” and deposited in the “Development Fund for Iraq” all Iraq’s revenues from oil exports and withdraw the United Nations of this revenue 5% compensation to Kuwait for war 199 , with pay and the Ministry of Finance, all of Iraq’s debt before the Government recognizes the responsibility of overseeing the fund. , and the Development Fund for Iraq, DFI form under UN Security Council Resolution 1483 to protect Iraqi funds from international claims and pirated after the events of the year 2003, among experts that Iraq has lost part of its expenses, and that any obstruction in the rates of export of oil or the fluctuation in prices, will affect the ability of government spending, amid a political crisis that is unprecedented in the country. was the UN Security Council had committed the Iraqi government at the end of 2010 to develop a plan for the receipt of the oversight functions on the “Development Fund for Iraq,” of the United Nations the end of 2010, for the Iraq after cum-Treasury U.S. federal to ensure immunity by law the U.S. presidential him and that will protect Iraq’s imports of oil from custody by a lot of creditors.

Noteworthy that the UN Security Council votes, in the (June 27, 2013 ), unanimously approved the decision to remove Iraq from Chapter VII, in the presence of Iraqi Foreign Minister Hoshyar Zebari, and before that Iraq sought to cancel the debts arising during the reign of the former regime, amounting to more than 120 billion dollars, which date back to some compensation because of wars with its neighbors and other other countries and traders, with some states requiring the government and Iraqi traders need to pay their dues and are threatening to sue in international courts to fund Iraqi imports.

http://bit.ly/1shLjq5

________________________________________________________________________________________________

CBI will Reprint New Banknotes with Added Features (2 articles)

Posted: April 8, 2014 in Iraqi Dinar/Politics

Central Bank: the new currency to help the blind know

April 8, 2014

BAGHDAD ((eighth day))
CBI re-printed banknotes with pictures of the Iraqi new and more protection, and at the time, who pointed out that the current will continue to be traded currencies.

The bank said in a statement received by the agency ((eighth day)), a copy of it, he was “re-print the new series of banknotes of Iraq and the currently circulating pictures of new and superior protection,

using a good quality of printing paper, with the inclusion of the two dates Hijri and Gregorian and the signing of the Governor of the Central Bank and the Agency Abdul Basit Turki Saeed, with the addition of some signs of security.

The statement added that “the categories of the 250, 500 and 1,000 dinars has been added to signs of a new security upon which bristles color visible and invisible signs circular for the visually impaired (blind), in addition to coating the banknotes paint shield to protect it from dust, as well as a string ensure width of 1.2 mm.”

Adding that “the new tags will help the blind to see these categories.

The bank noted that it “has been added to the IPL colorful visual and non-visual classes 5000 and 10,000 and 25,000 dinars, and signs for the visually impaired and coating to protect it from dust and thread bar for protection with a picture of the Palm and Animations and colors changing different for different denominations of the three,” noting that it “has been added to high mark protection know Bspark globally. “

The bank said that “it was changing the image of the Arab world, al-Hasan ibn al-Haytham in the paper category of 10 000 dinars to the image of the Freedom Monument in Baghdad artist Jawad Salim, in addition to modify the image of agriculture and the field in the category of 25 000 dinars, which will be charged farming pitcher of water appears behind a tractor plowing the ground the new.

http://bit.ly/1helqTQ

Central Bank announces re-printed banknotes Iraqi “pictures of new and more protection”

Central Bank of Iraq, on Tuesday, re-printed banknotes Iraqi pictures of new and superior protection, and in the time that indicated that the currency will continue to be traded now, confirmed that the new currency will help the blind to see the value of these categories.

, the bank said in a statement received by the Agency for News News ( et al) , a copy of it, he was “re-print the new series of banknotes of Iraq and currently circulating pictures of new and superior protection, using a good quality of printing paper, with the inclusion of the two dates Hijri and Gregorian and the signing of the Governor of the Central Bank and the Agency Abdul Basit Turki Saeed, with the addition after security tags , “pointing out that” the banknotes current will continue trading with the new will not be pulling rolling them now or in the future. “

the statement added that “the categories of the 250, 500 and 1000 dinars has been added to signs of a new security upon which bristles color visible and invisible signs circular for the visually impaired (blind), in addition to coating the banknotes paint shield to protect it from dust, as well as a string ensure width of 1.2 mm. “

the Bank noted that “he has been added to the IPL colorful visual and non-visual classes 5000 and 10,000 and 25,000 dinars, and the signs for the visually impaired and coating to protect it from dust and thread bar Protection with a picture of the Palm and Animations and colors changing different for different denominations of the three, “stating that it” has been added to high mark protection universally known Bspark. “

the bank said that “it was to change the image in the Arab world, al-Hasan ibn al-Haytham in the paper category of 10 000 dinars to a picture of a monument Freedom in Baghdad artist Jawad Salim, in addition to the modified image of agriculture and the field in the category of 25 000 dinars, where will be charged farming jar of water and appears behind a tractor plowing a new earth. “

declared the Iraqi Central Bank in November 2013 its intention to issue coins denominations are small and other paper-related large segments of the category of 50 000 dinars written in Arabic and Kurdish.

was established Iraqi Central Bank as a bank independent under the law issued on the sixth of March of the year 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and being sessions daily for buying and selling currencies.

http://bit.ly/1irF6zQ


__________________________________________________________________________________________________________________________________________________

New Iraqi banknotes to be printed in Arabic and Kurdish languages  9.4.2014  
Ekurd.net


 

 


Photo: Archive See Related Articles
April 9, 2014

BAGHDAD,— The Central Bank of Iraq (CBI) announced printing new banknotes with new photos, confirming that the current banknotes shall be used now and future, Aswat al-Iraq reported.

It added that the new banknotes will help the blind to recognize its price.

New security and anti-forgery signs were added, as reported.

On November 2013, the CBI announced intention to put into circulation higher banknotes of 50.000 dinars in Arabic and Kurdish languages.

Need to be mentioned that the Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi publicwww.Ekurd.net and within the business community, and Iraqi economists are divided. While some support the project and consider it a chance to decrease inflation and unemployment, others warn of economic shocks that may prevail over the Iraqi market as a result of the project’s implementation.

An economic expert believes that the zeros will not be removed from the Iraqi currency because the Iraqi budget is highly dependent on oil revenue.
 

Najiba Najib, a member of parliament (MP) from Iraq’s finance committee said in January 2014 “There is no draft law in parliament about removing zeros from the Iraqi currency,”

Copyright © 2014 Ekurd.net. All rights reserved

http://ekurd.net/mismas/articles/misc2014/4/govt2291.htm

______________________________________________________________________________________________

Economist: If CBI sells gold to the public it will strengthen dinar and reduce dollarization

Posted: April 8, 2014 in Iraqi Dinar/Politics

Sell ​​gold to the public strengthens the dinar

8/4/2014 0:00

Baidhani described monetary policy successful
Baghdad – Mostafa Hashemi said the academic economic Dr Majid Baidhani that a central bank to activate the monetary policy tools and the willingness to sell gold to the public would be granted dinar greater strength as well as it reduces the dollarization phenomenon experienced by the economy.

added Baidhani in a statement (morning): The adoption of this measure requires increasing the Central Bank reserves of gold as a cover for the currency, and the promotion requires finding a basket of currencies to assess the economy vulnerable to prices, the dollar downwards or upwards.

reserves rose central gold recently from 38 to 90 tons of the precious metal after he announced the purchase of 60 tons in the past few weeks for the purpose of selling it to the public, after contracting with companies to Sikh to ensure the presence of gold purity high and the origins of well-known global and used as part of their savings. it is hoped that the proportion of gold allocated to the Mint about 11 tons, and identifies public need and desire for the allocation of additional quantities Stamping to sell to jewelers and investors.

said Baidhani that monetary policy tools two types quantitative tools and tools of quality and different conditions of use depending on the economic situation of the country for example, in the case of inflation is the goal of economic policy to achieve price stability and in either case the downturn will be aimed at achieving economic growth and increased operating., and added that the measures taken by the central bank reflect the familiar real economic reality of the country, where the launch of gold to the public would control the levels of liquidity and that it increases the rate of adoption of the public on the financial assets of the real, represented by the precious metal rather than dependence on foreign currency .

stressed that this measure will reduce the dollarization phenomenon experienced by the economy, where most of the business transactions and trade within Iraq are in dollars rather than rely on the on the dinar, what caused the phenomenon akin to a large extent the currency float.

said Baidhani that the weakness of public awareness of the importance of buying and selling shares in the local currency dramatically in the emergence of dollarization, which severely hurt the national economy, adding that this called for reasons that central to the practice of monetary policy tools effectively to save the economy from deteriorating and to enhance the strength of gold dinar.

http://bit.ly/1gJeUj9

*******************************************************************************************************************************************************

Months after lifting Chapter 7 sanctions, Iraq takes delivery of its money from US

By Duraid Salman - March 31, 2014 16:00









Months after Chapter 7 sanctions have been lifted, the Central Bank of Iraq is finally getting ready to lift the American protection on the Iraqi money deposited in the United States of America. This step was welcomed by many but also stirred fear as it might be a qualitative step in the financial Iraqi sector. Will this money become an easy target to some authorities under the pretext of debt?


On May 20, 2014 the American protection imposed on the Iraqi money deposited in “Development Fund for Iraq” will be lifted and the responsibility will be transferred to the Central Bank of Iraq; after the Chapter 7 sanctions have been lifted. However, many fear that “gold digging” countries and traders would file lawsuits before an international court on the grounds that the pervious regime owes them money.

Postponing Protection

“Development Fund for Iraq is financed by oil revenues deposited in the Federal Reserve Bank and 5% of the amount would be deducted as indemnification for Kuwait according to Chapter 7 sanction imposed by the United Nations on Iraq”, says Central Bank of Iraq’s former Governor, Mathhar Mohammad Saleh. “Ever since the Central Bank of Iraq has taken responsibility of the Development Fund for Iraq in 2010; it has become unprotected which pushed Iraq to place it again under the American protection”.

“Iraq agreed with the USA to place this money under the American protection for a full year at the time, ie. until June 2011 after the sanctions were lifted on December 15, 2010 in virtue of resolution 1956; placing Development Fund for Iraq under the bank’s management”, added Saleh.

“This protection extension is the last of its kind”, mentioned Saleh; clarifying that “the protection of the Iraqi money deposited in the American banks is normal even if it wasn’t postpones especially that the Central Bank of Iraq is an independent entity and the money it manages is not used in speculations or trade”.

Putting fears to rest

Central Bank of Iraq’s Acting Governor Abdul Bassit Turky puts fears of wasting away Iraqi money in the US to rest by confirming that “American’s protection of Iraqi money will end on the 22nd of May, 2014”.

“The Iraqi money deposited in the US has been under its protection for 2 years”, clarified Turky pointing out that “people’s claim to the previous regime’s debts are not a threat to Iraqi resources”.

“The important issue that Iraq was facing with the Kuwaiti airlines has been solved. Consequently the issues that might be raised now are far fewer than those possibly raised 5 years ago”, added Turky. “Now, Iraq can defend its resources with the help of lawyers and international councilors and advisors”, he stressed. 

http://www.alsumaria.tv/news/96614/months-after-lifting-chapter-7-sanctions-iraq-take/en

______________________________________________________________________________________________

Iraq’s Central Bank buys 36 tons of high-purity gold bullion

Posted: March 25, 2014 in Iraqi Dinar/Politics

Said a statement obtained by “obelisk”, a copy of “Alasttratejah as part of the central bank in managing the reserves of the vessels, to achieve an element of safety and safety in order to use the tools of monetary policy to stabilize the exchange rate of the dinar against foreign currencies Iraq.”

The statement noted that “the Bank has purchased large quantities of gold bullion with a very high purity and in accordance with the approved international standards”, noting that “the quantity amounted to almost 36 tons during the month of March to achieve the above objective.”

http://bit.ly/1msSiv9

___________________________________________________________________________________________________________________________________________________

Private banks proceed to implement CBI instructions; Enhance value of the IQD to support national economy

Posted: February 22, 2014 in Iraqi Dinar/Politics

- FEBRUARY 17, 2014
Private banks will proceed to implement the instructions of the Central

The head of the governor of the Iraqi Central Bank and the Agency Abdel Basset Turki a meeting of general managers in the bank and a number of departments, private banks, as well as members of the Association of Banks in non-governmental organizations in Iraq.

A source of (time) yesterday (that the meeting discussed the instructions for the sale and purchase of foreign currencies that have been working out from last Sunday, he said (banks expressed their willingness to implement the instructions to enhance the value of the Iraqi dinar against foreign currencies and began procedures to implement those instructions in support of the national economy and the process of development).

http://bit.ly/1ehniVN

________________________________________________________________________________________________________________________________________________

Central Bank of Iraq to produce new 50,000 IQD bills and coins
Created on 25/11/2013. 9:20

Central Bank of Iraq announced the production of new 50,000 IQD bills and coins from the beginning of the New Year. The new Dinar bill and coins will be typed on in Arabic and Kurdish.
Abdulbast Turky, Deputy Central Governor, said: “we want to produce new 50000 bills so that its value exceeds the value of the previous-large bill, the 25000 bill.” And, he explained that the purpose behind producing coins is to make commodity marketing easier for people.

Source:

____________________________________________________________________

24/11/2013 17:02:00

     Central Bank of Iraq to produce new 50,000 IQD bills and coins

Central Bank of Iraq announced the production of new 50,000 IQD bills and coins from the beginning of the New Year. The new Dinar bill and coins will be typed on in Arabic and Kurdish.

Abdulbast Turky, Deputy Central Governor, said: “we want to produce new 50000 bills so that its value exceeds the value of the previous-large bill, the 25000 bill.” And, he explained that the purpose behind producing coins is to make commodity marketing easier for people.

PUKmedia



http://pukmedia.com/EN/EN_Direje.aspx?Jimare=16076

__________________________________________________________________________________________________________________________________________________

A new Iraqi currency. Soon


A customer counts Iraqi dinars at a money changer in Baghdad, Oct. 1, 2012. (photo by REUTERS/Saad Shalash)




  

  



By: Amina al-Dahabi, pulse monitor, Iraq Publishing October 1.

The Central Bank seeks to delete the three zeros of the Iraqi currency since 2003. Which raises many concerns on the street level and the business and financial community and economists seem divided between supporters of the project saw an opportunity to reduce the rates of inflation and unemployment and forewarned of economic shocks might prevail in the Iraqi market by implementing this project.

About this article

Author: Amina al-Dahabi
Posted: October 1, 2013
Categories: Authentic articles Iraq

The project has been postponed after the Central Bank introduced its amendments, most of the time because of fears based on the most unruly security situation and open market to foreign goods and counterfeit currency circulating on the market in addition to rampant corruption in the country.

The independent Iraqi news agency quoted a member of the Finance Committee in Parliament, Abdul Hussein Al-yasiri in fourth from last September as saying that 2014 will delete the zeros of the Iraqi currency, in coordination with the Central Bank. Al-yasseri said that this project will reduce the size of the national currency in circulation of four billion Iraqi dinars to 1 billion.

, Said the Chairman of the Finance Committee in the House of Haidar Al-Abbadi for "monitor" it is possible to delete zeros from the current currency, but it has been postponed until after the parliamentary elections, adding that studies are now to establish safeguards to reduce fraud, and make sure that trading in the current currency.

The process of deleting zeros was postponed more than once, until called on Parliament's Economic Committee, according to the "East" in channel 7 last July from the Central Bank, to speed up the process of deletion of zeros of the Iraqi currency in a press conference that the deletion of zeros will increase the value of the Iraqi dinar will be reflected positively on the issue of reducing unemployment and poverty in the country.

But the financial advisor in the "North Bank" Nafi ' Elias said in an interview to "monitor" the deletion of zeros are only administrative, process equation of cash must remain as they are, that the purchasing power of the new currency must be equal to the old currency. Elias said that trading in both currencies for up to three years old to withdraw gradually from the market. Elias predicted that highlights the problems if not resolved operations of the creditor and the debtor or if the any payments and withdrawals. But it would not affect inflation rates or poverty.

, Vice Chairman of the Finance Committee in the Iraqi Parliament Ahmed Faizullah to "monitor" the wholesome Elias, noting that the deletion of zeros will not alter the purchasing power of the Iraqi dinar because it is linked to the volume of industrial production and import. What saved the Iraqi dinar is owning the Central Bank cash reserve of hard currency might formed engaging cover to the dinar. Called Faizullah to not implement the project at this time because it could confuse the market and citizens alike.

Amid those views the Commissioner for "Breeze" stock trading for INAS Mohamed told "the monitor", that the stock market will be affected by the change and delete the zeros. The stock is still selling dinar, currently equal to a thousand shares, while will become one new dinar after the deletion of zeros equals 000, which could confuse the stock market basically confused movement due to the security situation in the country.

*آمنة الذهبي باحثة وإعلاميّة في مجال الاقتصاد السياسي ومدرّبة في مجال صحافة النفط والطاقة. وهي حائزة على شهادة دكتوراه في "سياسة الاحتواء الأميركي".
 


Read more: http://131.253.14.98/proxy.ashx?h=DxKcdOwjQjdwHMKI8WAuj_2_Ho-9_w3n&a=http%3A%2F%2Fwww.al-monitor.com%2Fpulse%2Far%2Fcontents%2Farticles%2Fopinion%2F2013%2F10%2Fdinar-currency-iraq-plans.html#ixzz2gYukKG6O

_______________________________________________________________________________________________________________________________________________________

Finance Committee: rapid damage of small groups dinars behind either in the domestic market

اللجنة المالية: سرعة تلف الدنانير ذات الفئات الصغيرة وراء شحتها في السوق المحلية

21-09-2013 10:40 AM


Baghdad (newsletter). The parliamentary Finance Committee attributed the reasons for the dearth of small groups in dinars, the local market to perishability, prompting the Central Bank to print a new currency and drag the damaged ones to balance the quantity of categories in the Iraqi market.

The Vice-Chairman of the Committee, said attorney Ahmed Hassan (Lou machine newsletter): most of the citizens and shopkeepers and city buses with a scarcity of small groups especially dinars (250) (1,000) dinars because of perishability.

He added that the Central Bank is printing new currencies with small classes, good quality and replace damaged categories for the purpose of creating a balance in the local market with quantities traded dinars.

This and a number of citizens have complained about the lack of currency of small groups (250, 500, 1000), demanding the Central Bank pumped more quantities on the domestic market./finished/8 l. Eng.
- See more at: http://131.253.14.98/proxy.ashx?h=Z-mCUjw1UkJ4K-s6UbHgpggMfkncMi8g&a=http%3A%2F%2Fwww.ikhnews.com%2Findex.php%3Fpage%3Darticle%26id%3D101744#sthash.ex5uLer3.dpuf


*******************************************************************************************

Economic parliamentary calls for the central bank put a new strategy to raise the value of the dinar for the advancement of economic reality and to achieve the desired goal

By khabaar khaba   
08-24-2013

Et Baghdad

The parliamentary economic committee confirmed that the central bank has failed to invest out of Iraq from Chapter VII to enhance the value of the Iraqi dinar against the dollar confirming that it will host a proxy bank governor and officials to find out the reasons

He said the Commission's decision Mahma Khalil during a press conference the parliament building and was attended by the correspondent of the Agency for News News (et) The day balance sovereign Iraqi through more than $ 76 billion distributed in international banks and there is increasing balance and out of Iraq Iraq from Chapter VII is not reasonable to stay exchange rate in the market more than 1,200 Iraqi dinars, demanding the Iraqi Central Bank to improve the Iraqi dinar against the dollar.

Khalil said that the central bank has failed to invest historic achievement which Iraq would emerge from Chapter VII, which was supposed to lead to the lifting of the value of the Iraqi dinar against other currencies.

He added that we are in the economic demand that officials at the central bank to develop a new strategy and policy and plan effective over a period of time to raise the value of the Iraqi dinar for the advancement of economic reality and to achieve the desired goal.

Between Khalil that there must be a constant balance of Iraq fits with sovereign tally, stressing that there will be a host for acting central bank governor and officials to the Commission to find out what they are planning to him and put a correct policy to sell the dollar and raise the value of the dinar.

________________________________________________________________________________________________________

Iraqi Officials Divided
Over Dinar 'Reset'


An investor speaks on the phone during trading hours at the Iraq Stock Exchange (ISX) in Baghdad, April 2, 2013. Last month's scene at the headquarters of the Baghdad bourse revealed the struggle which Iraq faces to modernize its financial system. It must overcome primitive, ultra-conservative savings habits born of decades of war and political instability. (photo by REUTERS/Mohammed Ameen )



  





Two Iraqi parliamentary committees monitoring fiscal policy in Iraq have held two contradictory positions on the Iraqi currency “reset” project, which would delete three zeros from the currency. There has been much debate about the project's feasibility and the date of its implementation.

About This Article

Summary :
Various bodies within the Iraqi government are debating the implications of a move to “reset” the national currency by deleting three zeros from it.
Original Title:
Iraqi Division Over Currency “Reset”
Author: Omar al-Shaher
Posted on: July 22 2013
Translated by: Naria Tanoukhi
Categories : Originals Iraq  

While the parliamentary Economic Committee believes that the deletion of three zeros from the Iraqi currency would strengthen it, the parliamentary Finance Committee fears that this project would open the door to counterfeit operations.

In a statement to Al-Monitor, Mudher Mohammad Saleh, former deputy governor of the Central Bank of Iraq, warned against the consequences of such a step if it is not implemented at the appropriate time.

Abdul Abbas Shayya, a member of the Economic Committee in the Iraqi parliament, told Al-Monitor, “Reforming the management of the Iraqi currency now requires the deletion of three zeros. This has been endorsed by the parliamentary Economy and Investment Committee."

Shayya, an MP for the State of Law Coalition led by Prime Minister Nouri al-Maliki, added that the Economic Committee "asked the government and the Central Bank to quickly replace the current Iraqi currency with another that is less [in value] by three zeros."

"The Iraqi currency is weak, and the money supply has amounted to multi-trillions because of the existence of these useless zeros," he said. "The country will witness a significant increase in oil revenues, financial earnings and high budgets. Thus, we need to print new banknotes, as estimated by the Central Bank."

"Iraq would need about 9 billion banknotes in the event of applying the deletion of zeros. Iraq today is dealing with 4 billion banknotes," he said.

MP Nahida Daini of Ayad Allawi's Iraqiya List agrees with Shayya, her colleague in the Economic Committee. In an interview with Al-Monitor, she stressed the need to implement the Iraqi currency “reset” project. However, she said that the government fears money laundering operations in the event of the project's implementation.

She said, "The Economic Committee last week requested to implement the deletion of zeros from the currency, but the Council of Ministers asked to delay the process for fear of money laundering operations."

Daini believes that the government's fears "are mere concerns." She said, "There are regulators in Iraq who can follow up and ensure the integrity of the project."

Meanwhile, the parliamentary Finance Committee believes that channelling resources toward ensuring the stability of the local currency exchange rate is better than the deletion of zeros.

Magda al-Tamimi, member of the parliamentary Finance Committee, told Al-Monitor, "The delay in deleting zeros from the currency was due to fears of possible fraud operations. The Finance Committee is currently focused on controlling the currency auction," which is carried out by the Central Bank to ​​provide merchants with hard currency necessary for import.

Iraq’s fiscal policy has come under criticism due to the fluctuation of local currency exchange rates against global currencies.

According to Tamimi, "Iraq is not ready to control the possible currency fraud that may result from the deletion of zeros." The Finance Committee, Tamimi added, "is now working toward controlling the Iraqi currency auction, which is witnessing a significant fluctuation in the exchange rate of the Iraqi dinar against the dollar."

"Development is the gateway to strengthening the currency. Thus, raising the value of the dinar is more important than the deletion of zeros," she said. 

Saleh told Al-Monitor"The deletion of three zeros from the currency means deleting three grades from the calculation records of the Republic of Iraq. The decision to implement the deletion of zeros next year is very dangerous and risky. This issue must be done at the appropriate time."

Saleh added, "We need to reform the currency management and accounting systems in the country in general. This can only be initiated in a new fiscal year." 

"There are many encouraging positive factors to reform the currency management system," he said, also noting that the deletion of zeros "does not only involve changing the design of the currency. It implies changing the economic system in the country in general."

Omar al-Shaher is a contributor to Al-Monitor’s Iraq Pulse. His writing has appeared in a wide range of publications including France’s Le Monde, the Iraqi Alesbuyia magazine, Egypt’s Al-Ahaly and the Elaph website.


Read more: http://www.al-monitor.com/pulse/originals/2013/07/iraq-currency-debate-reset-fiscal-policy.html#ixzz2ZpGjpAff

__________________________________________________________________________________________________________
Najafi looking with the head of the central bank control mechanisms on the exchange rate and the development of the Bank's work
Baghdad / justice - 07/18/2013 - 2:49 p | Hits: 321


Search House Speaker Osama Najafi with the Governor of the Central Bank of Iraq and Abdul Basit Turki agency, control mechanisms on the exchange rate, and procedures against the violation banks.


The central bank has promised to take measures to lift and install the dinar as it was in the past, but the rate of the dinar is still volatile in the Iraqi market to fall and rise. According to a press release of the Office of the President of the House of Representatives that "Najafi discussed during a meeting in his office's central bank governor Agency ways to reduce the damage caused by Policy bank earlier and forwarded to the judiciary. "and added that" Najafi expressed during the meeting to support the House of Representatives of the Central Bank and his administration the current in order to strengthen the cash balance and control of the exchange rate to serve the interests of the Iraqi citizen, stressing the importance of completing procedures develop the Bank's work, especially in the field of electronic connectivity with banks and regulatory authorities such as customs and taxes. "The statement added that" the meeting dealt also discussed the measures undertaken by the banking policies to remove the implications in the period after the lifting of U.S. protection of Iraqi funds in and out of the provisions of Chapter VII. "and called on the President of the House of Representatives to" hold meeting with the Committee on indebtedness, headed by Rose Nuri Shaways Deputy Prime Minister for Economic Affairs and the membership of the oil minister, Justice, Finance, Foreign Affairs and Chairman of the BSA, to study and discuss the mechanisms followed in addressing the issues of debt after the lifting of U.S. protection for Iraqi funds. "The Central Bank of Iraq, issued new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select the stakes weekly for banks and money transfer companies and trading firms currency from the dollar is estimated according to the capital of each of them, and will increase and reduce this share compared to the commitment of all of them deliver the amounts they want customers from citizens. baptizing the central bank to put the dollar at an auction for the sale of foreign currency at subsidized prices and the lowest of the exchange rate real in the market to support the dinar. "facing the central bank charges to staff it in conjunction with state officials Baalmyat corruption and smuggling of currency and is subject to the Bank is to investigate long-manager, former Shabibi, who left Iraq a few months ago.

__________________________________________________________________________________________________________

Economist: Central Bank's lack of trust leads to a fluctuation of the exchange rate of the dinar
04:59:18 / 07/2013
Khandan - Zia Caliph

Majid picture warned an economist specializing in the development of monetary policy and the continued volatility of the Iraqi dinar against hard currency Ntihh the lack of confidence in the policies of the Central Bank of Iraq and the deepening political crisis in the country, as called for to restore trust between the banking sector and public sector.

He said Suri in a statement singled out by the reporter, "Khandan", said: "banker Rasheed and Rafidain government to Aimknhma control of the Iraqi dinar exchange rate against the U.S. dollar for many reasons," adding that "the fluctuation of the exchange rate of the local currency is directly related to a lack of confidence and economic shocks suffered by Iraq recently as well as the needs of the local market and private banks to foreign currency. "

And the figurehead that "declining rates stabilize the Iraqi dinar lies in the political interference in the political central bank and currency market as well as the political crisis worsening and the control of mafias large in buying and selling the currency of the central bank auction," adding that "There is a close link in Iraq between the capital market and political crises and the security situation. "

Suri said that "Iraq is living the suffocating political crisis in years, as well as the central bank is suffering from a lack of confidence in the currency market because of political interference and the sacking of Bank Governor Sinan al-Shabibi previous suspicions of corruption raised since the financial period."

He called on the picture to "revive the confidence between the financial sector and public sectors, which is the only solution to the stability of the local currency market in Iraq, as well as go to the modern capital market mechanisms and more openness to the private sector."

This has been attributed the parliamentary Finance Committee fluctuation of the exchange rate of the Iraqi dinar against the dollar to the impact on the operations of brokers buy and sell the dollar at the central bank auction.

Witness the exchange rate of the Iraqi dinar against the U.S. dollar fluctuated between one period and another by (3-6) degrees.

The Federal Council of Ministers decided on 16 of October of last year mandated Abdul Basit Turki for the management of the central bank rather than Shabibi that the Integrity Commission issued an order to arrest him, in addition to 16 other officials, including Deputy Governor appearance of Mohammed Saleh various charges.

http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.xendan.org%2Farabic%2FdrejaA.aspx%3F%3Dhewal%26jmara%3D15499%26Jor%3D2

_______________________________________________________________________________________________________________________________________________________

Shammari: the government invest surplus cash reserves in accordance with a well thought out

economic policy

Tuesday, 09 July / July 2013 08:21

b_214_168_16777215_0___images_idoblog_upload_68_index_237.jpg

{Baghdad: Euphrates News} spokesman white bloc MP Kadhim Al Shammari said the government invest surplus cash reserves and harnessed in accordance with a well thought out economic policy.

Among Shammari said in a statement received by the agency {Euphrates News} copy of it on Tuesday that "the high volume of reserves of the country's foreign currency to $ 76 billion, in addition to 30 tons of gold bullion, and out of Iraq from Chapter VII, make it necessary to set a date to reset currency Iraq. "

The parliamentary economic committee has indicated that the deletion of zeros from the currency and restructuring is the need to support the country's economic identity, especially after the end of Chapter VII.

Said a member of the Committee Mahma Khalil Abdul Hussein Abtan at a news conference عقداه in the parliament building last Sunday that "we in the Economic Commission parliamentary see that the time is appropriate to start a deletion of zeros from the currency and restructuring to support the identity of the country's economic and benefit the people."

Where Khalil stressed that "after the withdrawal of Iraq from Chapter VII, there are great advantages stations and many promising in the country's economy to support economic and identity of the Iraqi dinar, and this case is purely economic aim of maintaining the Iraqi currency."

Asked Khalil, "the Iraqi Central Bank to begin a project to delete the zeros from the Iraqi currency and restructuring," explaining that "this project is as old as the central bank has asked the government to wait it out that it's an appropriate time and today we see that the time has come to start this project."

"Also, and that there is an item constitutionally clearly provides for the issuance of currency and categories of currency for the purpose of economic benefit of the people, and today the Economic Commission considers that the time is appropriate on the grounds that there are stations promising in the Iraqi economy to support the identity of the economic and the Iraqi dinar, indicating that the currency does not know of quotas and her promising future in the region. "

He said that "in light of the country's large potential and promising economic stations, we hope that the next financial budgets will be greater."

Committee member said parliamentary economic Mahma Khalil said "large current bloated currency to Atliq the country and there among the citizens intense desire to keep the Iraqi dinar to compete with the dollar and other currencies."

As a member of the Economic Commission parliamentary bloc of the citizen Abdul-Hussein Abtan has said the "central bank announced a few days ago that the reserves of the country reached $ 76 billion and we have Iraqi dinars befitting the country and these deposits and the amounts the order to delete the zeros and structuring currency has become an urgent necessity."

He continued that "it is not reasonable to have reserves of Iraq has reached $ 76 billion and we still are dealing 1,300 dinars to the dollar, then what is the use of these funds and the money if it does not reflect positively on our citizens, where there is still unemployment rate of 7%, poverty over 20 % and the edge of the poverty line when more than 30%. "

Abtan added, "We believe that the Iraqi dinar must improve against the dollar as it is not true that the reserves of the country today has reached $ 76 billion and the Iraqi dinar at 1280 for one sic dollar".

"The improvement in the status of the Iraqi dinar is reflected on the lives of citizens and its purchasing power and all what exists in the country is imported goods, so when improving citizens' purchasing power will be reflected positively on his life and this is what we expect from the Central Bank of Iraq."

He said the "multiplicity of revenue growth in the country is a modest and simple compared to the existing privileges and development of the Iraqi economy depends on the vision and management of the economic file better than the current situation."

A member of the parliamentary economic committee Abdul Hussein Abtan that "Turkey and Lebanon were deleted zeros from their currencies, how Iraq who owns this great Alahitati has the argument of Chapter VII, and now has been completed and removed, what remains of zeros."

Abtan and ended by saying that "increase the exchange rate of the Iraqi dinar against the dollar is very vital to the citizen, it is not enough that we have billions in deposits at the central bank against poverty and unemployment rate and weak purchasing power of the citizen"

The spokesman said the block white MP Kazem Al Shammari said, "Investment of this reserve big help to raise the value of the Iraqi currency compared to foreign currencies and thus will contribute to reduce the prices of goods and commodities, would be reflected on improving the living conditions of citizens and contributes to keeping the security and stability of the society and reduce crime rates and determination in addressing and the fight against terrorism. ended

http://translate.google.com/translate?hl=en&sl=auto&tl=en&u=http%3A%2F%2Fwww.faceiraq.com%2Finews.php%3Fid%3D1846378

_____________________________________________________________________________________________________________________________________________________

Central Bank Governor promises bright future for Iraqis

By Adel Kadhem

Azzaman, July 9, 2013

Iraq’s financial capabilities are stronger than any challenges the country might be facing, said Deputy Governor of the Iraqi Central Bank Abdulbasit Turki.

“The near future will be a surprise … our potentials are greater than any challenges we are going to face,” Turki said.

Turki made the remarks during a celebration marking the 10th founding anniversary or Iraq’s Commercial Bank.

Turki took over the Central Bank’s administration almost 10 months ago, following a period in which the bank’s former leadership was alleged to have pursued policies detrimental to the country’s economy and the exchange rate of its national currency, the dinar.

Iraqi Central Bank’s coffers are reported to be brimming with hard cash with reserves estimated at more than $70 billion.

Turki said the short period in which he has been at the helm of the country’s most influential financial institution has provide him with evidence that Iraq will overcome its economic difficulties with great leaps forward in the near future.

He did not elaborate, but hinted that his bank was negotiating with international banking institutions to open branches in the country and at the same time encourage foreign investment.

“We have met delegations from some of the world’s largest banks who are willing to start operating in Iraq,” he said.

Turki said his institution wants to turn Iraq into an arena for investment, particularly by foreign firms and entrepreneurs to rebuild its infrastructure.

“Iraq is open to all investors willing to invest in it and reconstruct its institutions,” he said.

http://www.azzaman.com/english/?p=855

_______________________________________________________________________________________________________________________________________________________

Parliamentary economy: central bank reserves increase to more than 80 billion dollars will enhance the stability of the Iraqi dinar
01-07-2013 11:38 AM

Baghdad (news) .. Rapporteur of the Commission stressed the economy and investment MP / coalition of Kurdish blocs / Khalil Mahma, that the increase in central bank reserves of hard currency will enhance the stability of the Iraqi dinar and develop the national economy.

Khalil said (of the Agency news): that the increase in monetary reserves of the Central Bank for more than 80 billion dollars, this means that all Iraqi dinars located inside or outside Iraq covered two dollars and a half dollar, because the size of the blocks cash of the Iraqi currency amounting to 33 trillion dinars.

He added: This increase will enhance the stability of the exchange rate of the Iraqi dinar against the U.S. dollar, the international currency because it would be a safe haven for him, plus he will promote the growth of the national economy.

The Iraqi Central Bank announced an increase in the cash reserves of hard currency to more than 80 billion dollars. / End / 8.'s. M /

______________________________________________________________________

Finance parliamentary: Change of Directors of the Central Bank will not affect the process of lifting the zeros


المالية النيابية:تغيير إدارة البنك المركزي لن تؤثر على عملية رفع الاصفار

9:04

BAGHDAD / Mustafa al-Araji

According to a member of the investigative committee dealings of the Iraqi Central Bank and member of the parliamentary Finance Committee Haitham al-Jubouri that the process of lifting of the zeroes will not be affected in the administrative changes that have occurred in the Central Bank of Iraq recently.

Jubouri said the newspaper "integrity electronic" The process of lifting of the zeroes or replace the currency has no connection with the events that took place in the central bank recently, noting that monetary policy does not depend on a person whatever his status management, but rather rely on the institution to draw political الاستراتيجة which include process raise zeros and the replacement of the currency in the country.

Jubouri announced the arrival of special equipment to replace the currency by the English side to Mushir country to that there is a competent committees will these procedures, if any, within the plan monetary policy in the country.

It is noteworthy that one of the members of the Parliamentary Finance Committee announced that cash Aalssayash in the process of raise zeros Stadtther the benevolent result of events that took place in the Iraqi Central Bank regarding Alshabibi.

http://translate.google.com/translate?sl=ar&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http://www.alestiqama.com/news.php%3Fcat%3Dsiasy%26id%3D5084http://www.alestiqama.com/news.php?cat=business&id=2448

_____________________________________________________________________________________

Dr. Sinan Mohammed rida Al-Shabibi *: auction of foreign currency. Central Bank crisis or crisis economy?

- Posted on 16/06/2013
منذ تغيير النظام السابق في 2003 تبنّى العراق نظام الاقتصاد الحر الذي انعكس في علاقاته الاقتصادية الدولية وجعله يركز على دور القطاع الخاص في التنمية، وقد اكد الدستور على ذلك...

Since the change of the former regime in 2003 Iraq adopted a market economy which is reflected in international economic relations and make it focus on the role of the private sector in development, and confirmed the Constitution

The liberalization of financial flows contribute to economic growth, but it requires tighter control on the phenomenon of money laundering because of the inclusion of economic freedom financial and banking sector.

Auction currency is a foreign exchange market where demand for the currency supply and then made up the exchange rate. The exchange rate has remained stable for a long time because of our success in increasing volume of foreign currency to provide flexibility and confidence in an interview request. The process of determining the exchange rate must be held smoothly because the blocking will affect demand for the dollar and demand to be obstruction will satisfy the market saturation will be higher exchange rate so it gets confusion in the market and the introduction of multiple exchange rates, which hamper the economic decision-making and implementation.
Not all banks the task of the demand side of the BA constituent acts deposit accounts at the Central Bank used for the purposes of monetary policy and foreign exchange auction. These accounts may be checked in the same banks that have within their administrative department to check money laundering.

Although the auction is used mostly by dealers import through business conformance must stress that a monetary policy that draws Iraqi dinar from the market, which reduces the pressure of liquidity and its impact on inflation. The previous Administration has confirmed to the Central Bank in its statement issued on 22/5/2012 and can be reviewed through the Central Bank of Iraq. The use of foreign currency to import also leads to reduced inflationary pressures, but this is within policy.

The process of buying foreign currency as we are purely monetary process and under the instructions of the Executive Committee of the buying and selling of foreign currency or auction Commission. This includes checking the documents and whether the Bank has banking problems related to capital or monetary policy rate set by the Bank. And the Central Bank gives USD because it receives JD suit (we before cash process) Although the dollar might be used commercially (after coming out of the Central Bank) and the numbers of final import to the statistical authorities by the Ministry of Commerce and the customs services. Therefore, you should not blame the Bank because he did not follow the import process. In other words, not only must the Central Bank believes that public money is not wasted years there was no import.

It is likely not to control the currency market for the period you get disparity between official rate and market rate. This is due to many factors of supply and demand, some crises may occur that generate an increase in demand for the dollar as a safe and secure. It is also possible to provide banks with Central Bank dollar, but it is not possible to deliver this to the ultimate beneficiary of the dollar before banks the flexibility required. All of these things hinder the smooth flow of foreign currency and get market price rises. These phenomena impede the flow of the market and often occur in developing countries, especially including Iraq.

Fluctuation in the exchange rate began during the previous administration at the beginning of the year 2012, as a result of external circumstances characterized by severity, are those related to events in Syria and Iran, and coincided with the withdrawal of u.s. troops from Iraq. These circumstances have led to a significant increase in demand for dollars, which raised its price in the market. This has led to the former administration to restrict the offer in response to these changes, which led to heightened volatility.

In September 2012 resulting from intensive discussions apply circular issued on 1/10/2012 leading to exchange rate stability since edit procedures for the dollar. When the new administration took over the responsibility of the Bank in October 2012 the exchange rate stabilized for a limited period but started from the end of 2012 oscillation until present day.

The Central Bank has announced that it will be to use documentary credits to finance trade transactions. Although documentary credits are a good method of trade financing, this purely commercial issue. The Central Bank must finance all debtor side of balance of payments and trade balance only. Events not covered by documentary letters of credit would go to the market, it creates another price. And documentary credits also include all financial flows, for example, there is nothing to prevent Iraq from the overseas savings while waiting for improved conditions at home, returning the funds to invest in Iraq. We must look to the Central Bank as a commercial enterprise. As stated earlier, the auction currency is the monetary policy. The Central Bank stressed that the World Bank should work to stabilize domestic prices and the exchange rate, and if this goal required to achieve increased money supply, why accuse the Central Bank that he wasted public money? Why the Central Bank tried to apply its law which provides for immunity from legal proceedings (article 23)? Many central banks in the world have this immunity. Why should the Central Bank be held accountable for the business process being outside even though cash and cash currency Foundation?
The primary accomplishment of the Central Bank is the stability of prices by dragging the dinar by selling the dollar. This is part of monetary policy as part of trade policy (outside the Central Bank) is to use dollar commodity import and supply which neutralize inflation significantly. But if we leave aside the cash side and our perception that the private sector imports is purely commercial and finance such imports come from foreign currency available to the Government (Development Fund for Iraq, for example) and not from the reserves of the Central Bank, the Central Bank's fundamental interest in reducing inflation, which can play an important role in trade policy. The basic principle by which the Central Bank operates is that demand and do not know whether the Government will work with the same standard and what is the impact on the exchange rate in this case.
The staff at currency auction committees are eager to have foreign currency flows smoothly from the demand side to ensure stability in the exchange rate and domestic prices, and that is the objective of the World Bank. That these employees did not waste public money they received TD vs dollars that gave and they fully met the demand on the dollar depending on the requirements of monetary policy, as they will be if they do not satisfy the demand of the market at a higher price and this would contravene the principle of stability of the currency and the Central Bank law. We must stress here that the objective of the Central Bank is the stability of prices including the exchange rate, the Central Bank is not the goal of trade financing. In other words, that the Central Bank could change its policy if the exchange rate but it will not change its policy of necessity if trade this installation sets with other commercial or financial policies. Currency auction committees must pass orders for the dollar because the prerequisite in the process of Exchange have been achieved and is the dinar, and obstruct the exchanges here will lead to the instability of the price or more than the rate in the money market. This economic and legal violation does not want any member of the Central Bank.
The work of the Commission on the auction currency must be characterized by speed and accuracy, the Committee scrutinizes citations from banks about lack of money laundering operations, but this audit should not amount to obstruction even unimpaired exchange rate. The Commission also makes sure that enough banks to exchange the Dinaric dollar conversion is financed from the bank account of the Central Bank. For the Central Bank gives USD for dinar, the issue is not only a cash swap.
Stages of the process of obtaining foreign currency begin to submit an individual application for import or for other purposes to commercial bank which demand detailed checks,. But not supposed to verify the Central Bank (an institution) that would give foreign currency details at the commercial banks. The Central Bank in this case is like a wholesaler. It checks the Bank irregularities, receives the citation on that bank money laundering. Most of all to give the dinar-dollar receives a uniform exchange rate. If there are lists of business with demand they should check on the level of commercial bank because it offered. In any case, the commercial bank go data copy to the money laundering unit at the Central Bank to continue.

And about the relationship of the commercial banks at the Central Bank, article 40 of the law on the Central Bank to supervise banks, which includes vacation and supervise banks and issuing instructions on its work. It is not the Central Bank's banking operations at the level of individual lending operations. The Central Bank's relationship with banks is through banking and credit service which tracks banking and its conformity with the requirements of monetary policy, and through the currency auction where the Bank receives a transfer request and quote about that Bank's operations of money laundering through money laundering reporting service in the Bank for subsequent follow-up and money-laundering operations at the level of individual process.

All operations within the market or currency auction and its role in determining the exchange rate go copy them directly to the money laundering reporting service in the Bank to do more checking of suspicious operations. Follow-up is carried out within and outside Iraq and with counterparts in various countries. The service is competent to pursue money laundering and particularly suspicious operations.
Currency auction committees at the Central Bank is not concerned with issues of money-laundering, although it received citations that bank money laundering as we mentioned earlier, responsible for monitoring money laundering reporting service at the Central Bank, they receive the auction data from the outset.

To check money laundering in the banking circles of money laundering in banks and money laundering reporting Directorate Central Bank and it is not the duty of the auction committees must pass requests for foreign currency quickly and smoothly the cash market is very sensitive to any delays in the flow of information to affect the exchange rate. That money-laundering Directorate receives lists of requests for conversion at the same time that it receives these lists and auction committees have sufficient time to proceed and news. Banks must tell the Department reporting directly from the Central Bank of any suspicious transaction, in accordance with article 17 of the law on money laundering, reporting service BA news security actors.

Attempts to detect money laundering requiring banks to identify sources of TD to be deposited. It quickly converts the dinar to the dollar, and the dollar has for purchasing goods and services everywhere in the world. So the question of martyrdom on money laundering by banks are gaining importance. The judgement in the case of money-laundering derived from citations and checking the money laundering reporting unit in the Central Bank.

Department of money laundering that could raise doubts about all processes and are able to address directly the banks there is a circle of anti-money laundering in banks.

Under article 12, paragraph 4, of the anti-money laundering Act of 2004 on it (if the money laundering Office complained that the transaction reasonably made or initiated involve funds derived from illegal activities or money laundering or funds intended to be used in the financing of crime or funds owned by the criminal organization the right to dispose, or finance terrorists, or treatment intended for any other unlawful purpose, the service immediately Notify the competent investigating and prosecuting authority.) . This means that the Office of the reporting does not necessarily refer to the Governor of the Central Bank or ask permission from him or from the Bank to notify the competent investigating and prosecuting authority. The reporting service remained operational independence.

The basic properties that must be available in the money market to enter bank or auction currency is in addition to his ownership of Iraqi dinars sufficiently into account at the Central Bank, but also in the development of disease met its obligations to the Central Bank and deposit free of money laundering. And follow-up process of money laundering takes place after the end of the auction process it should not affect the process of determining the exchange rate. to check money laundering is the process of validation and security while the auction process as purely monetary policy.
The auction currency available to all banks that have not committed offenses. The belief was popularized during the campaign against the Central Bank since the end of last year that the Bank sells foreign exchange to certain banks. the auction is available for both banks and currency auction data do not indicate that the sale is for certain banks, most banks enter the currency auction and unevenly. The process of selling foreign currency are determined when the demand of commercial bank or the buyer and his response by the Central Bank or the seller. This issue will depend on market conditions and the needs of the Bank in different fields as it is possible to request certain banks foreign currency or required by all banks. It is also possible to enter the auction Bank one or both banks, but it is possible in theory but no bank auction enters. It all depends on the activities of banks and market conditions. The Central Bank does not choose the Bank that sold him. Some banks buy than others because they are more active than others and not because the Central Bank favours. Of course, as we have all gotten the banks operations in terms of banking irregularities in terms of money laundering.
The Central Bank now sells six days a week, while the previous Administration sells five days and never did not adopt the system six days a week. Financial markets (in particular financial and monetary operations of the Central Bank) not work during holidays and when there is a working day in the banks. Despite that, in many States you may find buying and selling currencies by cashier in holiday but however expanded operations are limited and do not take the form of an orderly market.
The previous administration was able to stabilize exchange rates before you leave work in mid-October of last year, at least one month. It must be emphasized here that successful monetary policy is measured by maintaining price stability, not by reducing the amount of sale, especially if a sufficient reserve.
I assumed the present leadership of the World Bank, through the Iraqi TV in March, daily currency auction sales must not exceed $ 100 million, but the sale at present average double that amount, the new Administration said that this increase in the conversion was the smuggling of funds, washed or does it have it and what actions have been taken in this respect and what is the opinion of money laundering reporting service in the Bank Governor and talk do you follow? This and we would like to note here that the report does not raise any situation or issue where suspicion of laundering or terrorist financing to the Bank but the first Deputy Speaker of the House of representatives in the parliamentary debate on 8/11/2012 this reporting service was complaining about ((terrible)) for money laundering, the Central Bank.

That sale now started approaching the method followed by the previous administration and is moving toward satisfying the market but the market price is still higher than the bank rate and this means that the present Administration still restrict or follow restrictive measures although oust reserve concern. The price is determined by demand-supply meeting point. The principles of economics. These developments indicate that the Central Bank's goal is to sell less not that works on exchange rate stability.

The economic stability as a result of exchange rate stability and reducing inflation in General is an essential process for the development and implementation of projects, especially those that need imported users.

The problem now is the problem of the Iraqi economy, policies and resources are not a problem. The country now suffers from a lack of political stability and security which impede development and decision-making, we have now also suffer from a lack of economic stability as a result of the instability of the Exchange. That would affect confidence in dinars, which started less (Please be temporally) which explains the great desire to acquire dollar now when the public as a commodity. The lack of stability of domestic and regional conditions, in turn, encourages greater demand for the dollar. There is no doubt that this is an important factor in the fluctuation of the dollar but that the Central Bank was selling dollars, we are restricted to high demand and restricted view. You must recover the stability so that policy makers make decisions especially with regard to the external sector, which is particularly important in the Iraqi economy.

Auction currency problem is really the problem of the economy, the Central Bank is not a problem.
Should the Central Bank provides an enabling environment for the development of the most important elements of this environment is exchange rate stability. But taking advantage of this environment depends on the efficiency of the real economy, particularly its susceptibility to develop exports of non-oil sector and formulate appropriate policies of the Government and its organs. If the real economy is suffering from low productivity of the private sector to import nearly everything and exchange rate dinar will decrease but the large reserves can import finance and balance of payments gap and keep the dinar from falling and this is what happens in the auction of foreign currency. Better to keep our dinar through production and create non-oil export capabilities, it is the duty of the productive sectors (governmental and private sector). Must develop the non-oil export and scalability if gradually even less reliance on oil revenues and foreign currency auction, based on oil.
Not supposed to blame the Central Bank for development has been funded, and there seems to be from the Government and some members of the House who wants to access in this way. The Central Bank must be blamed if it does not provide or participate in providing the appropriate environment for development by providing a stable financial and economic environment. The instability of the exchange rate is one of the essential features of the political instability and disrupt or delay the economic decision-making and implementation.
Have you ever asked themselves why Government depart and Iraq are humans the production elements in the country? If there is an appropriate political and economic circumstances were these items will leave Iraq? If these production elements in Iraq would be the easiest solution to the problem of the exchange rate that will remain in Iraq in an investment environment and productivity. This is the environment that must be available and this is the responsibility of the Government. That auction deals with economic conditions in which many changes, especially with regard to the financial sector. In addition, Iraq is undergoing a period of transition, there is first the transition towards market economy and has the text of the Constitution on the importance of the private sector within it. There is also a move to an economy of peace from war and siege economy (which has been with us for a long time) which is a development of great importance. There is also integration with the international community, which must settle things with him as most of Iraq's problems with international dimensions. This includes solving the debt problem and the normalization of economic relations with the international community and international economic and financial institutions. To deal with the international community, which acquired great importance in our development requires significant administrative capacities and substantial international support, demonstrated the importance of this during our negotiations with the Paris Club and the monetary and financial negotiations with international institutions, especially the International Monetary Fund.
*) محافظ البنك المركزي المقال

عن جريدة المدى البغدادية، العدد(2819) – السبت 2013/06/15

http://almadapaper.net/ar/printnews.aspx?NewsID=446094

_____________________________________________________________________________________________________________________________________________________

Central bank: a plan to raise the exchange rate of the Iraqi dinar

Created on Saturday, 25 May 2013 11:59 | Print | E-mail


Baghdad / Orr News

A member of the parliamentary Finance Committee that the central bank told us that he will implement a new plan to raise the value of the Iraqi dinar exchange either the U.S. dollar.

A member of the Committee Faleh Djiashi, that "the central bank told the parliamentary Finance Committee that an action plan will apply early next June, will be enough to raise the exchange rate of the Iraqi dinar against the U.S. dollar."

He added that "the central bank works to reduce the number of companies that deal with it and put the money in the auction which will lead to a reduction in the value of the dollar and reliance on monetary policy open without complicated procedures and controls and a wide open field in front of the government banks."

The Finance Committee has announced the formation of a small committee composed of three deputies to monitor Srvaldanar of Iraq against the dollar, stressing that the practical measures undertaken by the central bank last week led to address the problem gradually. The parliament may ضيفت week current governor of the Central Bank and the Agency Abdul Basit Turki and discussed with him the reasons for the high price of the dollar against the dinar.

_______________________________________________________________________________________________________________________


Visual proposes mechanisms quick to raise the value of the Iraqi dinar
Iraq Business Directory - 05/22/2013 - 7:48 pm | Hits: 107



Visual proposes mechanisms quick to raise the value of the Iraqi dinar

Exchange rate fluctuations accounted for expert attention

Select an economist many reasons behind the fluctuations in the value of the Iraqi currency and economic imbalances structural considering that the exchange rate holds an pivotal role in monetary policy in terms of its use as a target or a tool and as an indicator of the competitiveness of the state through its effect on the components of economic growth, such as investment and the degree of openness to international trade and capital flows and the evolution of the financial sector.


The parallel market


He d. Kamal Al-Basri's "morning" that the increased demand for foreign currencies and the weakness of the business environment of economic and fiscal policy and weak productive capacities of local and growing presence remittance companies and financial brokerage firms (parallel market) and the emergence of areas of trade at border crossing points all of which led to volatility in the Iraqi currency. noted that the Iraqi currency optical recovering derived from the content of the economy and it can not be to stabilize the value of the currency away from economic reality.  

GDP


And Asharalbbar to that the reality of the Iraqi economy suffers from a weakness in the effervescence basic Through meditate in the components of GDP for the year 2011 we will see that different sectors are for GDP oil, 54.74 percent and agriculture 4.15 percent and the industry is about 1.83 percent, noting that the Iraqi economy depends on the oil sector, saying that the problem when oil revenues are much bigger than the financial returns obtained from taxes reasoned that finding a state asset financially significant disposal easy gain (not achieved at the expense of the financial resources of citizens), noting that all of this will result in economic policies sterile represented an increase of salaries and wages away from labor productivity accounts and the creation of employment for non-productive purposes useful that all this will result in inflation Balasarklah on policy support is an updated economic distortion in the structure of the economy.  

Uneconomic spending


He also will result in spending policies represented by non-economic activities have no justification and كالمنح economic aid and open the external circuits and cultural diplomacy does not add real value to the economy for the citizens and not be at the expense of pressing economic areas relating to the lives of citizens.  
He attributed the optical reasons behind the fact that the private sector in developing countries, marginal and weak it to ايتمتع support as is the case in the public sector, but rather concentrated support in the areas of economic commercial and service noting that the absence of the real role of the private sector means the absence of creativity and speed adjustment with market needs and provide employment outside part of the public sector, pointing out that the uniqueness of the public sector production and the absence of his rival for the private sector will inevitably lead to the continued deterioration of the efficiency of the production of the public sector, he said.  

Government intervention


He pointed out that this matter requires government intervention and protection of the public sector through financial support and customs protection policy (currently support the annual $ 3 billion). Thus, the government is working to protect the institutions of productivity inert at the expense of the citizen who finds unchanged compelled to buy goods or services at a higher price and the quality is poor useful that this sacrifice is usually also emphasizes global experiences to not lead in the short term and not run into improved performance and efficiency of the production of the public sector.  

Central action


He optic that exchange rate Atatheraola measures the central bank, which represents management major in the state to identify and manage monetary policy so as to contribute to the achievement of economic goals that are looking her state, and secondly commercial banks and remittance companies financial terms intervene in the market to execute the orders of their clients or for its own account, where you These centers collect orders customers and they Palmqasat banking, and thirdly brokerage firms are intermediaries militants who collects orders purchase or sale of hard currency for the benefit of several banks or dealers others away from transparency. drew visual to it, and over the past few months, decreased the value of the Iraqi dinar against foreign currencies until he was sometimes the market parallel 1,300 dinars per dollar, after it was stable on the rate of 1185 dinars per dollar, despite the stability of the selling price of the Central Bank's 1166 dinars with a commission of 13 dinars of remittances any 1179 dinars and 1171 dinars to the sale of cash and this indicates to the high demand for dollar in the domestic market.  


External factors


He attributed this to several factors in the forefront of external factors which formed the political and economic crises in neighboring countries (Syria and Iran) and embodied in need of these countries to the dollar coin and foreign currency, which he got a drop of the local currency in those countries and reflected down the price of exports to Iraq, and the creation of windows to attract the dollar from Iraq to those countries during trading attractive to the Iraqis and the same time a source of hard currency to the Iranians and the Syrians. On the other hand there is interdependence of social and family with these countries may also be an outlet for the exit of the dollar but it is difficult predict Bmekdarh.  

Investors retreat  
The other factor is the business environment, represented by economic factors, which result lead to a flight of domestic capital and the decline of foreign investors, including political instability and the absence of the rule of law in economic transactions. There is no doubt that the time period that followed the 2008 has seen an improvement in the security situation and then in the rate of inflation and the exchange rate. However, the economic environment is still repulsive acts do not encourage project planning medium-or long-term. Which led to limiting activities to some businessmen and commercial projects yielding quick profit, but is no doubt that the proportion of it turning to other countries suffering from scarcity of liquidity implications of the impact of the financial crisis that began in late 2008.  

Fiscal policy  
In addition to other factors, including fiscal policy, where previous years have seen high levels of government spending at a greater rate than any other country in the world (public spending rose from 34.6 trillion dinars in 2004 to 117.1 trillion dinars in 2012) and most Pictures Consumer spending is leading to the rise spending outside world, as well as led to a rise in net Iraqi currency traded amounting to 36 trillion dinars in 2013, bringing the demand for foreign currency, where the value of imports of Iraqi 37.3027 billion dollars in 2010 to 40.6325 billion dollars in the year 2011 at a rate of change stood at 8.9 percent. as well as the weakness of tax policies and lack of political and economic stability and the weakness of the local productive capacities.  

Cancel Profit


For the purpose of finding a solution to the fluctuation in the value of the Iraqi currency sees visual need to reduce pumping hard currency (cash sales) in the central bank auction and the adoption of increased foreign remittances and increase the price of cash sales at the central bank auction for the equivalent selling price in the auction of foreign remittances in order to cancel the profit realized because of the difference between the two rates ..  
The proposed mechanism of buying and selling foreign currency for remittance companies and financial companies to mediate done by banks licensed in Iraq in order to reduce transaction is eligible and procedures adopted and compel traders and dealers in the areas of trade exchange between Iraq and neighboring countries to deal transfer financial and letters of guarantee, rather than buying cash.  
In addition to the commitment to a transparent auction information and cash transfers and development of an electronic information system.  

Reduce inflation


He called visual in his speech to the need to adopt radical solutions to long-term by reviewing the financial policy of the state and reduce inflation in spending, operational and need to speed up plans for banking reform in order to facilitate the procedures for exchange the cash and improve the tax code and work to expand horizontally while reducing tax evasion.  

Deletion of zeros


He also called for activating the law of customs tariff because of its important role in providing incentives for producers with feature economic, leading to a reduction in the volume of imports as well as improved revenue workforce and improve the business environment, the economic order to raise the efficiency of production for companies and institutions of local productive that will reduce imports and increase intake of foreign exchange through export, as well as to attract foreign investment and the use of modern electronic mechanisms in the distribution of salaries and the use of bank instruments and encourage saving.  
He pointed to the possibility that be to issue a new currency or deletion of zeros from the current currency positive psychological effects on the local currency dealers.


http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fwww.alrafedain.net%2Findex.php%3Fshow%3Dnews%26action%3Darticle%26id%3D101499


________________________________________________________________________________________________________________________________________________________


  • Iraqi parliament supports the actions of the central bank to ensure the stability of the dinar

  • Sunday, May 12 / May 2013 18:03 

  • Twilight News / announced the Presidency of the Council of Representatives, on Sunday, its full support for the action the central bank intends to take to ensure the stability of the Iraqi currency after it experienced a decline in value against the dollar to a record level in two years.

    And plunged the value of the Iraqi dinar gradually over the past weeks to reach the price per dollar to about 1129 dinars after it had been stable for 1120, the highest rate up to the exchange rate during the past two years.

    The Finance Committee in the House of Representatives revealed, early last month, the start of the Iraqi Central Bank to take urgent action to preserve the stability of the exchange rate of the Iraqi dinar against the dollar by increasing outlets selling hard currency, but the value of the currency has continued to decline.

    A statement from the House of Representatives reportedly for "Twilight News", the Presidency of the Council of Representatives headed by Osama Abdul Aziz Najafi, Chairman of the Board and the presence of Qusay al-Suhail, First Deputy Speaker of the House and Aref Tayfur, Vice President of the Council met with the President of the Audit Court and the Governor of Central Bank of Iraq and the Agency Abdul Basit Turki " .

    And the Presidency of the Council expressed during the meeting for "full support for the central bank to scrutinize the work of private banks and archiving of information within the bank and reform measures that include adjust the exchange rate of the dollar and reduce the phenomenon of money laundering and strengthen the capacity of the central bank in economic development."

    According to the statement, the meeting dealt with the role of the House of Representatives in issuing decisions in order to protect Iraq's money for the next year and address the issue of debt and push focus of the international effort to protect Iraqi funds abroad.

    Iraq looks forward to the United States to protect its assets and reserves of the Central Bank and the Development Fund for Iraq in the next year and vaccinated against creditors.

    The U.S. President Barack Obama signed an executive order last year to extend immunity to Iraqi funds in the Development Fund for Iraq for a year, due to the situation in Iraq.

    It seems that confidence in Iraqi تزعزت currency after a government decision to oust former Central Bank Governor Sinan al-Shabibi and tense security situation in an unprecedented manner during the past few weeks.

    K e / p p / c

  • http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fwww.shafaaq.com%2Fsh2%2Findex.php%2Fnews%2Feconomy-news%2F57533-2013-05-12-15-06-23.html


IRAQ Directory

Iraqi dinar rate anticipated to increase

13 Apr 2013
Iraqi dinar rate anticipated to increase
The Parliamentary Committee of Finance stated that Central Bank of Iraq is enhancing the American foreign currency sale to maintain Iraqi dinar exchange rate.

Ameen Hadi, PCF's member, told that exchange rate of the dinar against the dollar began to return gradually to its normal level. Iraqi Central Bank is taking up all measures to increase the sell of dollars. Hadi also said that it is not monopolizing to a limited number of banks and banking companies, due to terrific exchange facilities in Baghdad and other provinces of Iraq. This will surely lead to a stable position for exchange rate of Iraqi dinar compared to the dollar – as hoped by him.

As US dollar rate rose to 1125 ID from its previous 1120 ID, the exchange rate of Iraqi Dinar went down for the past few days.
Updated 13 Apr 2013 | Soruce: Zawya | By S.Seal



Oil in a Week - Iraq: oil revenues in the wind

14-04-2013 | (Voice of Iraq)

And Walid Khadduri *,
Sunday, April 14, 2013
Wandering Arab countries in a wave of violence, paid for in the end the poor people. And published newspaper Al-Hayat last Wednesday news story refers to the dire situation of the outcome of the situation in Iraq.
The content of the news that the Prime Minister of Iraq, put pressure on the governor of the Central Bank in order to give him a 5 - $ 6 billion of bank reserves, a request rejected by the governor, because the demand is contrary to the law of the bank. Threatened to conservative and Pader president of التنفيدية Authority to issue of corruption charges against the governor, and used his influence in parliamentary committees and the judiciary to tighten his decision.
Get this scene in many Arab countries, but his appearance to the public in Iraq demonstrates the level of decline that reached things. It is noteworthy that the dissemination of news through this month corresponds with the tenth anniversary of the U.S. occupation of Iraq, the United States and try to make Iraq an 'democratically example' for the rest of the Arab countries.
The news «life» pointed out that the Integrity Committee in the Iraqi Parliament announced that the court overturned the charges against the governor of the Central Bank of the article Shabibi, and described his removal from office «targeted personally» and confirmed that ten tons of gold stolen from the bank late last year. He pointed out that a member of the Integrity Commission MP Jawad Alshahyla said during a press conference held yesterday in the parliament building: «Court investigation competent to consider integrity issues have proved that no income to the Central Bank and former boss Shabibi process waste of money referred to by the parliamentary commission of inquiry, not even the report of the Office of financial control ».
He explained that «there are policies no fault committed by the central bank, but the banks that are still sitting in the heart of the bank and linked to major political figures, as well as consulates and trade attaché in some capitals, including Dubai and Oman in addition to the State of Qatar. He stressed that «reason for exclusion Alshabibi is failing to meet the request of Prime Minister Nuri al-Maliki, give him a sum of reserves to finance the government outside the framework of law and integrity. He pointed out that «the investigation proved there is no corruption in the former Central Bank, but there is money-laundering operations of some banks and commercial attaché.
Furthermore, it was revealed Alshahyla according to a «life» that «ten tons of gold stolen from the Central Bank through the end of last year, and stressed that the current presidency of the bank involved in that robbery» and explained that «the coming days will witness the opening of Melvin dangerous files from the central bank: The first financing of mobile phone companies, and one steal ten tons of gold reserves on November 15 (November) last year, the bank did not admit until now.
Great disaster lies in the following: use of blatant pressure on the central bank governor by Nuri al-Maliki in order to get the Prime Minister about 5 - $ 6 billion of bank reserves to finance the government outside the framework of the law or integrity. It is known that Nuri al-Maliki pressure on Shabibi in order to give him the amount objected Shabibi to this request is illegal, as it is also known to everyone, as provided for by the law of the Iraqi Central Bank, this is a reserve asset for the state, nothing to do with the authority التنفيدية it. As is well known, too, threatened Maliki bank governor at a meeting attended by a limited number of officials and Iraqi economists, assuring him that he would regret his decision that in the event of his insistence, and it is (ie, al-Maliki) will put his hand on the money, willing Shabibi nilly.
Was known and clear that the corruption charges against to Alshabibi was fabricated, this is what was written inside and outside Iraq, those who are know Shabibi professional and morals.
But the strange thing in the report of the Integrity Committee of the Iraqi parliament, which flatly rejected the accusations-oriented شبيبي, they campaign described it as 'personal', without defining what is personal. The strangest thing in the whole subject, the accusation made by the Parliamentary Integrity Committee of stealing ten tons of gold at the end of last year, after dismissal Alshabibi. It is difficult for us to imagine stealing ten tons of gold bullion from official Iraqi institution with its long history in the country's economy. We hope that the parliamentary committee to explain in its report detailed how this theft of tons of the yellow metal from a financial institution guarded by government forces of the system itself.
How steals ten tons of gold from the headquarters of the Central Bank (about 400 - 500 million)? Is Trhilt things in country and Tsept to this extent? Is it already has the same theft of gold bullion from the bank itself? Where the Guard and the police? Do you also has bribed? Or is this a mafia operation and method for international money laundering? Is it possible to carry out the process of this size and weight without the protection and support of some influential politicians and adults? This information must be published, if obtained by the Integrity Committee.
One last question: Is it possible reach the extent of corruption and theft this level, poverty is still widespread throughout the country, and what is the roof of theft these days, especially with the dramatic rise of the oil revenue as a result of higher oil prices and increased production? Did you hear about the biggest thefts in the future?

* Adviser to the bulletin 'Miss' oil

MP Faizullah likely return of the exchange rate of the dinar against the dollar to normal

29-03-2013 01:16 PM

Baghdad (news) .. Likely Vice-Chairman of the Finance Committee MP / coalition of Kurdish blocs / Ahmed Faizullah, the return of the Iraqi dinar exchange rate to its natural price against the U.S. dollar, the central bank requirement to take the necessary procedures and the use of international expertise to support the national currency.

Said Faizullah (of the Agency news): The country is suffering from floundering his policy monetary and economic terms that the money that goes out of the country for imports more than the money that comes to the country from oil sales, etc., in addition to there other funds wasted in various ways.

He added: that the central bank demands take its necessary measures to recover the value of the Iraqi dinar to its natural price against the U.S. dollar, and the use of international expertise should benefit from the recommendations of the International Monetary Fund to support the national currency. / End / 8.. /


Iraqi Politician Attacks “Central Bank Corruption”

Posted on 11 March 2013

Iraqi Politician Attacks “Central Bank Corruption”

By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

The controversial Iraqi Sunni politician Ahmed al-Alwani, who is president of the Economic Commission in the Iraqi parliament, ridiculed the notion that if Anbar province gains autonomy, its economy will be weak because the province lacks essential economic resources. He said that large Iraqi provinces can attract a lot of investment.

Alwani proudly claims to be “the godfather of the Anbar [autonomy] project.” He said that “whoever says that Anbar wishes to become an [autonomous] province in order for it to throw itself into the arms of neighboring Sunni Arab states is getting his information from [the wrong sources].”

Alwani is considered to be at the forefront of the Anbar protest movement that started more than two months ago and spread throughout Sunni-dominated areas in Iraq to oppose Prime Minister Nouri al-Maliki’s policies. The protests turned into an open-ended sit-in on the international highway that passes through Anbar and connects Iraq to both Syria and Jordan.

Alwani gained fame when he was reported to have accused Iraqi Shiites of being subservient to Iran and working to serve its interests in Iraq, but he has denied saying that.

Anbar is majority Sunni and the largest of Iraq’s provinces, covering a third of the country. It borders Syria, Jordan and Saudi Arabia and has one of the largest untapped gas fields in Iraq, the Okaz field.

Alwani said that “establishing a province does not mean secession. According to the constitution, [Anbar] should receive a portion of the state budget to manage its affairs, as happens with the Kurdistan region.” He added that “the Iraqi constitution provides for the formation of [autonomous] regions, but it also provides for the existence of federal ministries, such as finance, defense and foreign affairs. This is to ensure the success of the [autonomous] regions project.”

Along with a number of Sunni lawmakers, Alwani formed a team headed by Speaker of Parliament Osama al-Nujaifi. Alwani said that he is trying to prevent attempts by Maliki’s government to dominate the Iraqi Central Bank, which is an independent body tasked with managing the country’s monetary policy.

The dispute between that group and the government reached its most intense period when in October 2012 a warrant was issued against former Central Bank chief Sinan Shabibi, charging him with corruption. In October 2012, the Iraqi cabinet appointed the head of the Board of Supreme Audit (BSA) Abdul Basit Turki to be the acting Central Bank governor.

The BSA is the highest fiscal regulatory authority in Iraq and an independent body that the constitution says should be controlled by the parliament.

Alwani said that “the parliament decided to scrutinize the work of the Central Bank after suspicions were raised about the [bank’s operations] under Shabibi’s leadership, specifically when economic sanctions were tightened on Syria and Iran. At the time, a number of private Iraqi banks started buying hard currency from Central Bank auctions and smuggled the money into those two countries. So we formed a committee consisting of the chairman of the parliament finance committee, Haider al-Abadi, the BSA head Abdul Basit Turki and me. That was done in coordination with the parliament deputy speaker, Qusay al-Suhail.”

Alwani said that the committee studied the allegations of corruption that have been raised about the Central Bank and its administration, and that the committee identified some violations and irregularities.

“We prepared a detailed report free of sectarian, political or personal interests and sent it to the Independent Public Integrity Commission,” he said.

Alwani said that “Shabibi was not involved in the violations detected by our committee, but there was negligence in pursuing fraudulent documents that were used to withdraw millions of dollars from bank auctions via private banks. Some banks were buying from bank auctions amounts that exceeded their capital, which is a clear violation that the Public Integrity Commission should investigate.”

He continued, “There has been some arbitrary actions by the Integrity Commission regarding the Central Bank file, especially regarding the charges against its former chief, Shabibi, who is an internationally renowned economic figure. Some of the Integrity Commission’s actions regarding the Central Bank issue were hasty. It was an attempt by the cabinet to impose its control over the Central Bank, contrary to the constitution, which places the Central Bank under parliament, not the cabinet.”

Alwani believes that “some political parties are giving cover to some private banks in Iraq to withdraw foreign currency from the Central Bank with false documents. I will not deny this charge, even for figures who are with me in the Iraqiya List, but I do not have the documentation to prove it.”

Alwani said that “some political figures are definitely implicated with a number of private banks in the auction. The proof is that these figures have valuable accounts and real-estate properties outside Iraq. We received information from a number of countries indicating the existence of real-estate properties and bank accounts for a number of Iraqi officials and politicians, but I do not have documents to condemn a particular person, whether it be the Iraqi prime minister or anyone else. But when I identify those persons, I will not hesitate to announce it.”

Alwani said that “some lawmakers are not experts in following up on economic matters. They said that the Central Bank has lost millions of dollars since Abdul Basit Turki succeeded Shabibi. We believe that Turki is an honest professional, as attested by his friends and foes alike, and those who say otherwise are trying to make gains by pressuring the Central Bank.”

Omar al-Shaher is a contributor to Al-Monitor’s Iraq Pulse. His writing has appeared in a wide range of publications including France’s LeMonde, the Iraqi Alesbuyia magazine, Egypt’s Al-Ahaly and the Elaph website.

http://www.iraq-businessnews.com/2013/03/11/iraqi-politician-attacks-central-bank-corruption/



CBI looking for methods to advance level of IQD and bank involvement; Says Chapter VII threaten bank investment

Screen Shot 2013-02-16 at 12.22.47 PMCBI looking at mechanisms to support investment in Iraqi dinar
Published on Saturday, 16 February / February 2013

Central Bank, Saturday, search mechanisms to support investment in Iraqi dinars, pointing out that he was seeking to boost his tally including currency makes it controlled.

The central bank governor said Abdul Basit Turki agency, following a meeting directors-general of private banks and the Iraqi civil operating in the country, for “obelisk” that “it is necessary to develop plans modern and necessary for the advancement of the level of the Iraqi dinar and the involvement of private banks Iraqi foreign to this approach.”

“The meeting included discussion of the mechanics of investing in support exchange value of the Iraqi dinar and stabilize the market and go to further contributions to these banks operating in the country in support of these necessary steps,” stressing that “private banks Iraqi and foreign proved contribution actors in the development of the economy in the country” .

The governor of the Central Bank of Iraq in search of the 13 of February with a number of foreign banks ways to expand its work in Iraq.

The CBI attributed the earlier reason for not attracting well known international companies to invest in Iraq, the internal and external factors, is the external ones that Iraq is still under Chapter VII which he considers threatened state of peace, as well as the difficulties large facing investor such as the allocation of land plots of projects and a lot of other obstacles.

http://bit.ly/XP44lL


Economist: Iraq shifting to a free market economy requires updated banking laws

Screen Shot 2013-01-16 at 9.39.45 AMExpert: the free market make of the banking sector needs to be updated in all banking laws

1/15/2013

BAGHDAD (Iba) .. Confirmed an economic expert Akram Abdel Aziz, Iraq’s economy shifted from a highly centralized economy to a free market economy has made the banking sector needs to be updated in all its banking laws to keep pace with global developments.

Said Abdul Aziz told the independent press (Iba) .. “The banking sector lacks the laws of modern play incident economic fact that all laws classic and need to be updated, are described: the conferences latest economic came plans supportive of the banking sector will promote incident practical economic.”

He added, “The Law of the Central Bank Act known regulates monetary policy and regulates aspects of banking in all its details, but needs to be updated, that the transformation of the Iraqi economy to a market economy and open up to the developed world needs to be supportive elements and new laws.”

She cross-Aziz, “The banking sector needs to support the concrete in the development of future prospects in all fields and electronic dealings to keep up with the global system and improve the Iraqi banking sector.”

http://bit.ly/Y9sqt1



U.S. Federal Reserve controls the Iraqi foreign currency

Baghdad - Al-Hayat
Wednesday, January 9, 2013

A source familiar with the Central Bank of Iraq's Al-Hayat, that the Iraqi government is unable to act in cash reservoir abroad because it is lodged with the U.S. central bank. He stressed that the latter had already agreed with the United Nations and the Department of the Central Bank of Iraq to reject the transfer any amount outside the framework of the budget.

The experts predicted the end of the crisis, the Central Bank of Iraq for fear of exposing the big names in the political and financial center, which was confirmed by sources familiar with the investigation, pointing to the issuance of a judicial decision to release the deputy governor of the Bank appearance in favor and 30 employees were arrested earlier.

The Supreme Judicial Council issued on 19 October (October) last arrest warrant against the Governor of the Central Bank and a number of officials in corruption cases, and arrested 32 staff with the governor's refusal to Shabibi decision.

Sources from within the central bank leaked «life» implementation details of the arrest of the deputy governor and showed that the warrant included three officials are Governor Sinan al-Shabibi and his deputy, the appearance of Saleh and General Manager of the banking sector Ali Abu Nayla.

The sources added that Shabibi and Abu Nayla not surrender themselves to the concerned authorities, but Saleh turned himself in after the security authorities arrested some members of his family. She noted that the investigators concluded achieved with the deputy governor and is satisfied that there is no evidence incriminating, and decided to end his detention on bail pending completion of the investigation, but the security authorities represented by the Ministry of Interior refused to release him or allow the media confronted inside prison «upper» in Baghdad.

A source close to the investigation committee that «the number of staff of the Central Bank beyond 1235, distributors headquarters and four branches in Nineveh and Basra, Dohuk and Sulaymaniyah. He explained that the number of detainees less than 30, including 22 female and four officials, explaining that the reason for their arrest was that they were members of the board committee, where four staff members are elected to serve under the authority of the Board of Directors. He confirmed that investigators had evacuated the last for the members of the Committee and some employees because they are not really concerned.

And the latest developments in the investigation pointed out that «the art is that the central bank adopted five banks eligibility to sell the dollar, and these banks offer to auction the bank to list in exchange for any amount of purchase, then implement the conversion and here are the responsibility of the Central implied not directly». The «has not issued any arrest warrant against officials of private banks involved while making sure of its involvement money laundering operations or smuggled out of Iraq.

He was a member of the Finance Committee parliamentary Hassan Ozmn announced told media three weeks ago, that Iraqi funds abroad are exposed to the risk of international trusteeship because of the participation of the United Nations to investigate the issue of the Iraqi Central Bank, expected to appoint UN special rapporteur to monitor the movements of Finance of Iraq, but the Iraqi Foreign Ministry denied this.

Noteworthy that the Iraqi Central Bank announced in August 2012 Iraq reserves rise of hard currency to $ 67 billion from 63 billion.

Furthermore, official denied the central bank can manipulate government these precautions, and said: «is still under the tutelage of the United Nations under paragraphs seventh item, and proceeds from the sale oil goes directly to the account itself, and even going out of the trusteeship is already present in the bank U.S. who refuses any requests issued by the Iraqi government regarding financial withdrawals outside the framework of the budget, and this is agreed with the United Nations to prevent any theft operations in Iraq, which continues to suffer instability.

And threatened Iraqi Central Bank Governor Sinan al-Shabibi resorting to 'all means' if the case is not resolved within the country, saying that the immunity of the bank have been overcome in Iraq.

http://translate.google.com/translate?hl=en&sl=auto&tl=en&u=http%3A%2F%2Falhayat.com%2FDetails%2F470558




Upper: Directors of the Central Bank acting to weaken him

on 01/07/2013

BAGHDAD / Farah Asim al-Tai

Independent lawmaker Hassan said upper management of the Iraqi Central Bank by proxy is to fold cash for this institution and its strength and durability will be the strength of the Iraqi currency and have the weight of the fiscal balances.

The top of the newspaper “integrity electronic” For this reason, we note that the law gave the staff of the Central Bank of Iraq immunity similar immunity given to members of the House of Representatives while the ministers do not have the immunity of the staff of the Central Bank so as not to be held hostage emotions or side effects.

He top that this issue internationally condemned a weakened financial position and weaken confidence in the central bank and not Iraqi oil, and countries know that the Iraqi dinar is JD oil to become the Iraqi dinar quarter of the value the U.S. dollar being the world understand that there is oil wells like it or not, and that there carriers transported Iraqi oil to the world.

He continued that which covered the upper central bank and save the Iraqi dinar is Alaftyh wealth owned by the country they kept him standing steadfast against disturbances caused to the Central Bank of flow of oil is the one who assigned the Iraqi currency deterioration.

http://bit.ly/RGHlXZ




Banker: Iraqi dinar still maintains its value and not vibrate issue Central Bank
Date: 13/01/04 11: 33: 44 Friday


Baghdad (newsletter) ... Banking expert confirmed Abdul Aziz Hassoun, Iraqi dinar maintains its value and does not vibrate with the Central Bank crisis, noting that the current Central Bank Administration to promote the power of the Iraqi dinar.
He said Hassoun (News News Agency): the Iraqi dinar has made him a force on its value and not vibrate to any financial or economic crisis in the country, including the Central Bank, because it hedged by cash reserves of hard currency.

He added: the current Central Bank management to increase the value of the Iraqi dinar and make it desirable internationally through monetary policy, as well as the application of the rules by banks to prevent the smuggling of currency or money laundering./finished/8 n. p

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http://www.ikhnews.com/news.php%3Faction%3Dview%26id%3D69690


Fears of flooding Iraq with gold markets fiddled
BAGHDAD - Naseer Goldfinch
Saturday, December 22, 2012

Now sign attached to the interfaces exhibitions, shops and shopping centers to advertise discounts in prices, of things so familiar in the countries of the world except Iraq, which himself finally a new phenomenon which comments banners similar interfaces stores that sell gold declares readiness for sale for less than gold prices in markets World.

The continued suspension of these banners three months, and exposed an economist saying that all goods can be sold for less than its value with the exception of gold and hard currency, with whose values ​​globally, so security services informed by this phenomenon. The official correspondence provided, which lasted weeks, the opportunity to jewelers shops dealing with this type of gold, consisting of metals 60 per cent, to hide them and sell them later.

He said a chapel Abu Adnan, «the Iraqi market previously dependent on locally produced gold in specialized workshops spread in the street 'river' in Baghdad. The gold ore imported through the Central Bank of Iraq, which provides workshops manufacturing their needs of gold at official prices.

He explained that «any piece of gold can not be displayed or sold only after Labelling of by the Central Agency for quality control, but changed it after 2003, and became a dealer or jeweler and even ordinary citizens, able to import tons of gold if he holds the identity of the Chamber of Commerce.

He pointed out that most of the workshops goldsmiths' non-functional now, because of its inability to compete in markets that plunged بالمصوغات Gulf and Indian, Iranian and other, which are manufactured by machines. But keep the local industry is required, despite the fact that imported the most beautiful jewelry and more accurate, such as a map of Iraq of gold or the Iraqi flag and other pieces.

At the time of Iraqi regulators announced, seizing large quantities of fake gold jewelry, the parliamentary economic committee confirmed that it will summon officials of the Ministry of Planning and the Central Agency for quality control, to question them about how to enter this huge quantities of adulterated gold.

The MP for mass citizen Abdul-Hussein Abtan, economic security apparatus responsible for the spread of adulterated gold, calling the device to «carry out its role to detect workshops that increase rates of copper and cadmium in the gold industry, leading to reduce its purity.

He Abtan, that «such fraudulent operations in the gold industry adulterated make Iraqi citizens, questioning the product Iraqi or Iraqi goods generally, negatively affect the Iraqi economy.

The official figures showed that Iraq «imported 5 tons of gold per month, four of which come across the UAE and the rest of Kuwait, India, Italy, Iran, Turkey, and finally appeared import from Brazil.

And a member of the Economic Committee announced Nora Salem البجاري, in a statement to Al-Hayat, directing a letter to the Ministry of Planning and Interior about mechanisms to import gold and control methods to sell in the markets.




Parliamentary Finance: ground is prepared for the process of lifting the zeros from the currency in 2013

Sunday, December 16 1 / December 2012 06:01

b_172_189_16777215_0___images_idoblog_upload_67_kjhgjhgf_1.jpg

[Baghdad where]

Excluded by the parliamentary Finance Committee, Majida al-Tamimi, the lifting of the zeroes from the currency in 2013, noting that "the earth is ripe for replacement."

Tamimi said in a statement told all of Iraq [where], "The process of lifting the zeros from the currency in 2013 depends on the nature of the policy of the new central bank governor," adding that "according to the previous vision of the bank is supposed to be raised."

She pointed out that for its "not arrive until the day the book from the central bank about the process of lifting the zeros or postponed", drawing attention to the "ground is prepared for the process of lifting the zeros from the currency, especially if there is fear from entering the currency forged and replace currency original thus happens inflation allowance reduce trading. "

The Cabinet had in its meeting held on April 10 last patient in the application process of deletion of zeros from the national currency until further notice.

The Central Bank of Iraq, and on the lips of bank adviser appearance of Mohammed Saleh, has confirmed to [where] the need for Iraq to process administrative reform of the currency cash, and that the project to delete the zeros is a step comes as part of the country's need to process administrative reform of the currency, in order to reduce the cost of cash transactions in the economic process, in addition to the need to provide small denominations coins used in daily circulation of small transactions.

The officials at the central bank, as well as some politicians and economists, urged the government to delete the zeros from the currency, and the issuance of a new currency denominations large cash, in addition to a small Coins.

Observers say the government really intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar, but economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the benefit expected from the lifting of zeros. Ended 2





Iraq: Permit the governor «Central» the power to raise the value of the dinar
BAGHDAD - Naseer Goldfinch
Sunday, December 16, 2012

Council authorized the management of the Central Bank of Iraq the new governor Abdul Basit Turki powers raise the value of the Iraqi dinar against other foreign currencies early next year, after former governor considered judicially supplements Shabibi these powers and mechanisms in violation of the law and harmful to the economy of Iraq.

The «Central» middle of the year announced his intention to raise the value of the dinar against the dollar from 1120 dinars to the dollar to thousand dinars, in preparation for a project to replace the currency currently in circulation with new ones after deleting three zeros. The judiciary was issued on October 19 (October) last arrest warrant against al-Shabibi and a number of senior officials of the bank in corruption cases.

The Shabibi told media need to «not to give these powers to one person to decide what he wants, but must study issues related to monetary policy, including reducing the price of the dollar, as well as follow-up of prices and inflation accurately, and taking into account the price developments and exchange rate in local markets». He pointed out that «the bank's board is to decide this policy after studying carefully as the highest authority in the bank and not conservative.

Prime Minister Nuri al-Maliki said on November 5 (November) last large warheads will fall in the case of the central bank, pointing out that he is not acting Iraqi funds and had no information on the size or the location of the deposit. Turkish responded Shabibi remarks by saying that the Bank Act allows the governor as the chief executive running the daily operations.

He economist Imad Abboud said in an interview to «life» that «most observers the issue of corruption in the Central Mtogson of the results of the investigations carried out by a parliamentary committee, fearing Tsuifaa predecessors. He added: «the investigation leaked to the media, which revealed some very important facts, including the dominance of 10 banks eligibility solely on buying and selling the dollar in the auction the bank to reach Shobachm during the past eight months to about $ 30 billion», referring to «breaches other no less important included among the investigations, including the fake transfers about $ 56 million for the benefit of specific companies, but without showing actors behind these companies or banks.

In response to a question about raising the value of the dinar, stressed that «Everyone knows that the value of the currency of any country determined by the world market leader central Talmusrv is controlling hard currency inflows to the market and their prices.

Abood said central bank officials and former Bmsaihm government to enhance the value of the dinar, stressing the need to be of real value, not just numbers have no effect, What is the point of raising the value of the dinar, while the purchasing power of the individual will remain intact or will be.

And invited member Economic Commission parliamentary Nora Salem to include the decision to raise the value of the dinar within a project to replace currency planned to start by next year, and confirmed for the «life» that «any action taken by the Central raises a storm of objections and turn things to exchange accusations exploited politically, it is possible to transmit so projects to Parliament for its opinion and approval.

And effectively raise the value of the dinar, stressed that «the Iraqi citizen is not looking for numbers rise and fall, but for the benefit of the most important to restore the purchasing power of the dinar, compared to inflation of many of the economy during the past few years. She explained that «rates very high cost of living rose and became difficult on the consumer response, and impacted negatively on the food basket, any increase in salary rates collide rising materials prices, thus moving these returns only to secure a living.




CBI Source: Reveal the intentions of raising the value of each Iraqi dinars to equal one dollar

Original Date: 03/21/2012  

Last updated: 12/09/2012

A source at the Central Bank of Iraq for four companies currently competing to win a draft print the new Iraqi dinar, which will generate graceful after deleting three zeros from him, while Samay central bank to raise the value of the dinar against the dollar gradually down to the day to start replacement where the value will be in the absence of a fluctuating one Iraqi dinars equivalent to U.S. dollars one.

The source said the bank and after remarking that blockbuster buy hard currency from the auction, which is supervised by the Central deliberately to sell the dollar worth less than the previous by 3.4 points, with the imposition of conditions buy to prevent the exploitation market meet the demands of neighboring countries, which suffer from sanctions economic and devaluation of their national currencies, all of this to re-balance the local market, which saw the result of what male fluctuate rapidly in prices dinar, adding that everyone knows that the central bank succeeded actually raise the value of the dinar is thoughtful and intelligent since 2003 until now that the price of the dollar equivalent to 240 dinars, but now price tag rose to 1120 per dollar, and this is one of the most important tasks of the central bank, which is responsible for monetary policy in the country, and one of the most important endeavors is to raise the value of the national currency to achieve a higher purchasing power of the Iraqi citizen.

The Central Bank of Iraq announced, yesterday, doing the buying and selling dollar at 1166 dinars during the auction, which is evaluated daily with the participation of 23 banks, after it was sell it and buy it at the price of 1170 dinars to the dollar.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh in statements to the media », that« the bank to work on raising the prices of the Iraqi dinar against the dollar during its sessions for the sale and purchase of foreign currency by four dinars and by 3.4% to reach to 1166 dinars to the dollar », indicating that« dinar nominal is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar. Saleh added that «the current account of payments Iraq where a large surplus relative to GDP and by 5-8%», stressing that «the surplus is the signal strength and not vice versa as well as the presence of large reserves of the Bank». Saleh pointed out that «the dollar exchange rates in the Iraqi market which recently experienced a slight increase will be affected by the decision of the Central Bank of Iraq, saying that «the Iraqi dinar will be attractive in the Iraqi market.

The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh earlier this year for efforts to obtain the approvals executive and legislative authority to ask three major categories after deleting three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years. As Saleh announced in (January 6 2012) from higher reserves the Iraqi Central Bank foreign currency to $ 60 billion, for the first time in the history of Iraq, while stressing its ability to curb inflation if arrived at two places decimal places, considered that current levels do not raise anxiety.

Noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays during which depends on those auctions.

And Zkrmzar Mohammed Saleh, said that the size of the money supply, which will be printed soon consist of 28 30 billion dinars, with calculation of the currency in circulation now reaches more than 32 trillion dinars, and you measure the size of Limbering which dominated the national currency, and the size of the benefits that will befall this project where withdraw monetary inflation and reduce the amount of cash and other.

He revealed that the shape of the new currency would be like a mirror reflecting the history of Iraq and specifications will be even better than printing the dollar, and are impossible with falsified, and will be charged properties technical and aesthetic features of an Iraqi national tells the story of civilization and achievements since the dawn of history, as well as she would Arabic and Kurdish as the constitutional text on This addition to the English language as a global system in place in all countries of the world.

He said the groups would be equal between the metal and paper issued class (25, 50, 75 and 100) dinars metal and there are groups of 5, 10 and 25, 50 and 100 dinars paper.

***NOTE(by site owner) If you look at the value of the new currency, it reflects a new value in and of itself, like the currency in use in the USA, the new Iraqi Dinar will be able to have a value at a 1 to 1 and more as they have indicated many many times they want to get back to the pre-war rate of 3.22 or above so Iraq can gain their prestige back as a rich country. 

In order to shed light on the history Iraqi currency was hired to study integrated worked on writing the responsible engineer Mahmoud Shaker al-Rubaie, who was able to document the history of the dinar in this country since its inception and so far, which stated: – Talking about the Iraqi currency and a broad and large is linked political circumstances unstable experienced by Iraq, which led to the entry foreign currency of the policy of the occupied country, when Iraq was under Ottoman control, the (Majidi) is the currency traded in the deal has been named this currency rate to the Sultan Abdul Majeed’s father Sultan Abdul Hamid, and parts Majidi is (Alaqچh and righteous ) and continued deal Ottoman Palmgide until the entry Englishmen in 1917 and extract the country from Ottoman control was introduced with the British (Indian Rupee) as an alternative currency in dealing and trading and parts (Anna) and usual that the new currency expel the old currency ..

So ended the trading currency Ottoman having entered wild Indian to the Iraqi market and the reason for making the trading Barabah Indian instead lb English due to most troops English territories are Indians Sikhs and Alkirkh. Having crystallized when the British idea of a (Kingdom of) in Iraq and became talk about A boys Sharif Hussein to rise this task has happened in 23 / ​​August / 1921 as crowned Faisal Ibn Sharif Hussein king of Iraq must be of this political shift that is reflected at all levels and to find him there in the currency change. It began pumping Iraqi currency called a new (penny) and this word is out of Byzantine and consists of a small circle of copper in the middle category number and below the word fils and around the circle Kingdom of Iraq and on her right Hijri and to the left Gregorian date other side image of King Faisal I written on it King of Iraq on the right and Faisal I on the left.

With the passage of (Iraqi penny) continued (Indian Rupee) trading until the first of October 1932 deal was canceled.

After the issuance of (penny) issued a coin is (two mites) and with the same specifications penny but larger than a little then appeared (pubic), a four fils a reward currency English (brown), one of the parts pound continued to issue categories in ascending appeared ten fils a copper then Twenty penny called (the Koran) and the dirham and equal to 50 fils after emerged percent fils then two hundred fils and called (Rial) and equivalent (shilling) currency English which is made ​​of sterling silver and a picture of King Faisal I on the one hand and the other three palms engraved on the thick branch of a tree which large size relatively. and ten years after the coronation of King Faisal I was established Iraq Currency Board in London in 1931 and a law 44 of the same year by which printed paper currency in the sixteenth of March 1932 saw the light first Iraqi dinars bearing an image of King Faisal I on right and the name Kingdom of Iraq at the top and category number in the middle which is written in English and the second in English, where the company (Dollarroa) British print dinar also been printed in small denominations of paper (quarter and half) in India and began the Iraqi dinar expelled wild Indian, according to the rule referred to even end the deal in October 1932.

The Iraqi dinar equals 1,000 fils also been printed Order of five dinars and ten dinars and then was put carpaccio% Royal dinars.

With the development of political events, specifically on 26 / November / 1934 appeared new dinar He holds a picture of King Ghazi has happened after the departure of King Faisal I quickly changed this picture to be replaced by a picture of King Faisal II in late 1939, when the departure of King Ghazi. Has Council continued the Iraq Currency printing Iraqi currency until the Act No. 43 of 47 and under which was established (National Bank of Iraq), and specifically on the twentieth of July 1947 to adopt Multi printed Iraqi currency and the existence of this bank has been dispensed currency board and its Abolition in 1949, and after several years, specifically in the first of July 1956 a law was passed 72 under which changed its name National Bank of Iraq to (CBI). has not changed form the Iraqi currency and continued printing until the Republic of Iraq in 1958 and the emergence of leader Abdul Karim Kassem in his time occurred many amendments on the currency notes and coins It raised the pictures of the three kings of all currencies were replaced (slogan Republican) new and in the eighth of July 1958 and get a lot of variables on a coin as canceled class (Filsin) and added fils to (pubic) to become (five fils) and Hausa popular salutes leader his work is (lived leader who Zaid pubic .. fils ..) as well as canceled (the Koran), a twenty fils replaced (twenty five fils) while retaining Dirhams and percent fils and cancel (Rial) which is equal to 200 fils, the terms of paper currency, the class percent dinars were canceled and keep the rest of the categories of paper with the addition of symbols Iraqi her like (Palm filling Darbandikhan filling Dukan and Fort Phaenicia and Daura and waterfall entirely on your beacon humpback and Basrah silo and Helicobacter and bull winged and Lion of Babylon and ascend Kut and harp and obelisk of Hammurabi has changed shape currency only a slight change until the revolution of the seventeenth of July 1968 and began to raise the banner of the Republic to be replaced by the aforementioned Iraqi symbols.

With the beginning of the eighties of the last century began to appear a coin to replace bank notes small Fezhrt 250 fils compared to quarter dinars and 500 fils, compared to half dinars and 1000 fils against the dinar also issued CBI alloy of gold to the categories (gold dinar and five dinars and ten dinars gold) and sold rate prevailing gold for a short period, and in the mid-eighties of the last century began (feminine) size paper currency from quarter dinars and end Balashr dinars and more characteristic of this phase is the emergence of the Order of the ten dinars and has a picture of the world the great Hassan Ibn al-Haytham that Ohmt people that this currency is not Iraqi!! With the deterioration of the political situation and falling exchange rate of the dinar against the dollar proceeded government to print new class bearing the number 25 dinars and on his face the first image of Arabian horses and the other side is for the coin was then put a picture of former Iraqi President Saddam Hussein instead of Arabian horses were printed this category in Russia.

At second of August 1990 got evolution in Iraqi politics overshadowed the dark on the country in general and the currency, especially by imposing (policy economic blockade) by America and its allies, which led to the disappearance of original currency for each category and the emergence of currency printed locally Bmtaba newspapers and journals which lean and devoid of controls applicable universally. . With advancing years siege increased print size and say the dinar exchange rate against the dollar even arrived in 1995 to 3000 dinars to the dollar, which produced tons of currency printed locally. That monetary policy is losing its balance due (currency prosthetic) For the purpose of controlling inflation large began printing classes undefined earlier, such as the fifty and one hundred dinars, carrying a picture Unknown Soldier new Baghdad clock hand and a picture of former President Saddam Hussein from the second and then a class Almaútan and fifty dinars a poster of President as well. did not hold these banknotes in front of the dollar exchange rate with the continued printed locally up seemed meager worthless and large size افقدها prestige ..

And continued in 2002 to issue a new class is a paper (10000) dinars to absorb inflation gorge and sagging currency big hit, but to no avail.

After more than thirteen years on the policy of blockade and the advent of the CPA and the occupation of the country by the United States and set the civil governor Paul Bremer, who began amending Iraqi laws as it deems is if adopted the Law on the Central Bank No. 73 of 2004 amended, which provides for printing Iraqi currency new currency and rely on dinar Republican in terms of shape and change the category to be consistent with what the corresponding currency printed locally if adopted form quarter dinars to become 250 dinars and half becomes 500 dinars dinar becomes 1000 dinars, as well as five and ten dinars become five thousand and ten thousand dinars with the introduction of class new (25000) dinars to absorb hyperinflation in cash which are of red dye was also an instrument of coins from class 100 dinars and 50 dinars and 25 dinars, but has not been activated widely because of the conditions of inflation and price increases have begun replacing the currency from 01/10/2004 until 28/02/2005 and continuing currency trading referred to above to the present day and talk about the intention of the government remove three zeros from the Iraqi dinar to reach levels comparable with the exchange rates of foreign currencies dry Iraqi dinar back to glory and weighs a healthy beautiful green color.

A source at the Central Bank of Iraq for four companies currently competing to win a draft print the new Iraqi dinar, which will generate graceful after deleting three zeros from him, while Samay central bank to raise the value of the dinar against the dollar gradually down to the day to start replacement where the value will be in the absence of a fluctuating one Iraqi dinars equivalent to U.S. dollars one.

The source said the bank and after remarking that blockbuster buy hard currency from the auction, which is supervised by the Central deliberately to sell the dollar worth less than the previous by 3.4 points, with the imposition of conditions buy to prevent the exploitation market meet the demands of neighboring countries, which suffer from sanctions economic and devaluation of their national currencies, all of this to re-balance the local market, which saw the result of what male fluctuate rapidly in prices dinar, adding that everyone knows that the central bank succeeded actually raise the value of the dinar is thoughtful and intelligent since 2003 until now that the price of the dollar equivalent to 240 dinars, but now price tag rose to 1120 per dollar, and this is one of the most important tasks of the central bank, which is responsible for monetary policy in the country, and one of the most important endeavors is to raise the value of the national currency to achieve a higher purchasing power of the Iraqi citizen.

The Central Bank of Iraq announced, yesterday, doing the buying and selling dollar at 1166 dinars during the auction, which is evaluated daily with the participation of 23 banks, after it was sell it and buy it at the price of 1170 dinars to the dollar.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh in statements to the media », that« the bank to work on raising the prices of the Iraqi dinar against the dollar during its sessions for the sale and purchase of foreign currency by four dinars and by 3.4% to reach to 1166 dinars to the dollar », indicating that« dinar nominal is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar. Saleh added that «the current account of payments Iraq where a large surplus relative to GDP and by 5-8%», stressing that «the surplus is the signal strength and not vice versa as well as the presence of large reserves of the Bank». Saleh pointed out that «the dollar exchange rates in the Iraqi market which recently experienced a slight increase will be affected by the decision of the Central Bank of Iraq, saying that «the Iraqi dinar will be attractive in the Iraqi market.

The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh earlier this year for efforts to obtain the approvals executive and legislative authority to ask three major categories after deleting three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years. As Saleh announced in (January 6 2012) from higher reserves the Iraqi Central Bank foreign currency to $ 60 billion, for the first time in the history of Iraq, while stressing its ability to curb inflation if arrived at two places decimal places, considered that current levels do not raise anxiety.

Noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays during which depends on those auctions.

And Zkrmzar Mohammed Saleh, said that the size of the money supply, which will be printed soon consist of 28 30 billion dinars, with calculation of the currency in circulation now reaches more than 32 trillion dinars, and you measure the size of Limbering which dominated the national currency, and the size of the benefits that will befall this project where withdraw monetary inflation and reduce the amount of cash and other.

He revealed that the shape of the new currency would be like a mirror reflecting the history of Iraq and specifications will be even better than printing the dollar, and are impossible with falsified, and will be charged properties technical and aesthetic features of an Iraqi national tells the story of civilization and achievements since the dawn of history, as well as she would Arabic and Kurdish as the constitutional text on This addition to the English language as a global system in place in all countries of the world.

He said the groups would be equal between the metal and paper issued class (25, 50, 75 and 100) dinars metal and there are groups of 5, 10 and 25, 50 and 100 dinars paper.

In order to shed light on the history Iraqi currency was hired to study integrated worked on writing the responsible engineer Mahmoud Shaker al-Rubaie, who was able to document the history of the dinar in this country since its inception and so far, which stated: – Talking about the Iraqi currency and a broad and large is linked political circumstances unstable experienced by Iraq, which led to the entry foreign currency of the policy of the occupied country, when Iraq was under Ottoman control, the (Majidi) is the currency traded in the deal has been named this currency rate to the Sultan Abdul Majeed’s father Sultan Abdul Hamid, and parts Majidi is (Alaqچh and righteous ) and continued deal Ottoman Palmgide until the entry Englishmen in 1917 and extract the country from Ottoman control was introduced with the British (Indian Rupee) as an alternative currency in dealing and trading and parts (Anna) and usual that the new currency expel the old currency .. So ended the trading currency Ottoman having entered wild Indian to the Iraqi market and the reason for making the trading Barabah Indian instead lb English due to most troops English territories are Indians Sikhs and Alkirkh. Having crystallized when the British idea of a (Kingdom of) in Iraq and became talk about A boys Sharif Hussein to rise this task has happened in 23 / ​​August / 1921 as crowned Faisal Ibn Sharif Hussein king of Iraq must be of this political shift that is reflected at all levels and to find him there in the currency change. It began pumping Iraqi currency called a new (penny) and this word is out of Byzantine and consists of a small circle of copper in the middle category number and below the word fils and around the circle Kingdom of Iraq and on her right Hijri and to the left Gregorian date other side image of King Faisal I written on it King of Iraq on the right and Faisal I on the left.

With the passage of (Iraqi penny) continued (Indian Rupee) trading until the first of October 1932 deal was canceled.

After the issuance of (penny) issued a coin is (two mites) and with the same specifications penny but larger than a little then appeared (pubic), a four fils a reward currency English (brown), one of the parts pound continued to issue categories in ascending appeared ten fils a copper then Twenty penny called (the Koran) and the dirham and equal to 50 fils after emerged percent fils then two hundred fils and called (Rial) and equivalent (shilling) currency English which is made ​​of sterling silver and a picture of King Faisal I on the one hand and the other three palms engraved on the thick branch of a tree which large size relatively. and ten years after the coronation of King Faisal I was established Iraq Currency Board in London in 1931 and a law 44 of the same year by which printed paper currency in the sixteenth of March 1932 saw the light first Iraqi dinars bearing an image of King Faisal I on right and the name Kingdom of Iraq at the top and category number in the middle which is written in English and the second in English, where the company (Dollarroa) British print dinar also been printed in small denominations of paper (quarter and half) in India and began the Iraqi dinar expelled wild Indian, according to the rule referred to even end the deal in October 1932.
The Iraqi dinar equals 1,000 fils also been printed Order of five dinars and ten dinars and then was put carpaccio% Royal dinars.

With the development of political events, specifically on 26 / November / 1934 appeared new dinar He holds a picture of King Ghazi has happened after the departure of King Faisal I quickly changed this picture to be replaced by a picture of King Faisal II in late 1939, when the departure of King Ghazi.

Has Council continued the Iraq Currency printing Iraqi currency until the Act No. 43 of 47 and under which was established (National Bank of Iraq), and specifically on the twentieth of July 1947 to adopt Multi printed Iraqi currency and the existence of this bank has been dispensed currency board and its Abolition in 1949, and after several years, specifically in the first of July 1956 a law was passed 72 under which changed its name National Bank of Iraq to (CBI).

has not changed form the Iraqi currency and continued printing until the Republic of Iraq in 1958 and the emergence of leader Abdul Karim Kassem in his time occurred many amendments on the currency notes and coins It raised the pictures of the three kings of all currencies were replaced (slogan Republican) new and in the eighth of July 1958 and get a lot of variables on a coin as canceled class (Filsin) and added fils to (pubic) to become (five fils) and Hausa popular salutes leader his work is (lived leader who Zaid pubic .. fils ..) as well as canceled (the Koran), a twenty fils replaced (twenty five fils) while retaining Dirhams and percent fils and cancel (Rial) which is equal to 200 fils, the terms of paper currency, the class percent dinars were canceled and keep the rest of the categories of paper with the addition of symbols Iraqi her like (Palm filling Darbandikhan filling Dukan and Fort Phaenicia and Daura and waterfall entirely on your beacon humpback and Basrah silo and Helicobacter and bull winged and Lion of Babylon and ascend Kut and harp and obelisk of Hammurabi has changed shape currency only a slight change until the revolution of the seventeenth of July 1968 and began to raise the banner of the Republic to be replaced by the aforementioned Iraqi symbols.

With the beginning of the eighties of the last century began to appear a coin to replace bank notes small Fezhrt 250 fils compared to quarter dinars and 500 fils, compared to half dinars and 1000 fils against the dinar also issued CBI alloy of gold to the categories (gold dinar and five dinars and ten dinars gold) and sold rate prevailing gold for a short period, and in the mid-eighties of the last century began (feminine) size paper currency from quarter dinars and end Balashr dinars and more characteristic of this phase is the emergence of the Order of the ten dinars and has a picture of the world the great Hassan Ibn al-Haytham that Ohmt people that this currency is not Iraqi!! With the deterioration of the political situation and falling exchange rate of the dinar against the dollar proceeded government to print new class bearing the number 25 dinars and on his face the first image of Arabian horses and the other side is for the coin was then put a picture of former Iraqi President Saddam Hussein instead of Arabian horses were printed this category in Russia.

At second of August 1990 got evolution in Iraqi politics overshadowed the dark on the country in general and the currency, especially by imposing (policy economic blockade) by America and its allies, which led to the disappearance of original currency for each category and the emergence of currency printed locally Bmtaba newspapers and journals which lean and devoid of controls applicable universally. . With advancing years siege increased print size and say the dinar exchange rate against the dollar even arrived in 1995 to 3000 dinars to the dollar, which produced tons of currency printed locally. That monetary policy is losing its balance due (currency prosthetic) For the purpose of controlling inflation large began printing classes undefined earlier, such as the fifty and one hundred dinars, carrying a picture Unknown Soldier new Baghdad clock hand and a picture of former President Saddam Hussein from the second and then a class Almaútan and fifty dinars a poster of President as well. did not hold these banknotes in front of the dollar exchange rate with the continued printed locally up seemed meager worthless and large size افقدها prestige .. And continued in 2002 to issue a new class is a paper (10000) dinars to absorb inflation gorge and sagging currency big hit, but to no avail.
After more than thirteen years on the policy of blockade and the advent of the CPA and the occupation of the country by the United States and set the civil governor Paul Bremer, who began amending Iraqi laws as it deems is if adopted the Law on the Central Bank No. 73 of 2004 amended, which provides for printing Iraqi currency new currency and rely on dinar Republican in terms of shape and change the category to be consistent with what the corresponding currency printed locally if adopted form quarter dinars to become 250 dinars and half becomes 500 dinars dinar becomes 1000 dinars, as well as five and ten dinars become five thousand and ten thousand dinars with the introduction of class new (25000) dinars to absorb hyperinflation in cash which are of red dye was also an instrument of coins from class 100 dinars and 50 dinars and 25 dinars, but has not been activated widely because of the conditions of inflation and price increases have begun replacing the currency from 01/10/2004 until 28/02/2005 and continuing currency trading referred to above to the present day and talk about the intention of the government remove three zeros from the Iraqi dinar to reach levels comparable with the exchange rates of foreign currencies dry Iraqi dinar back to glory and weighs a healthy beautiful green color.

Screen Shot 2012-12-09 at 12.13.31 PM

http://bit.ly/YRcFHV







The Dr. Eddy Abdul Latif Fadl
Wael50f_(at)_yahoo.com

In the light of the report of the Office of financial supervision and on a Central Bank Deputies committees before the first Committee should complete its range of correspondence between audit formed a second fact-finding Committee headed by first Deputy Speaker of Parliament and membership of audit and other members, the Committee decided, inter alia, requested in its recommendation (referral to the Commission of integrity) after the presentation of the theme speaker marginalized on the report of the Committee (by agreeing to refer the matter to the Commission of integrity) and may Transmit to the Commission of integrity, which in turn referred to the judiciary.
This matter has taken, inter alia, legislative and administrative decisions and resolutions of the Executive (Cabinet) as well as the judiciary in the light of the margins of the speaker of the House on the report of the Commission on the truth based on the report of the Office of financial supervision.

Action:-
I have been withdrawn by the Central Bank Governor and judiciary issued arrest warrants against him and a group of Central Bank staff. The President also appointed audit Governor of the Central Bank and raise this issue a lot of controversy in the Iraqi Street to stand on constitutional aspects – we will study legal facts in the light of the competence of each authority in the light of the provisions of the Constitution and the laws in force.
First: TB Taha which shariaih.
From the House of constitutional powers exercised under the provisions of articles 60/61 and related material and the terms of reference of the House legislative oversight, administrative, and these terms of objectivity only exercised through formal (mechanism) provided for in the Constitution and in the manner prescribed by the rules of procedure of the Chamber of Deputies, where the Constitution provided for the terms of reference of the House but that the modus operandi of the Parliament Speaker and his two deputies and members of the Board exercised through permanent and temporary committees, road map for legislative authority is The rules of procedure.
1.the Constitution did not give the terms of reference or powers of House speaker as he did in terms of Prime Minister and Council of Ministers as well as the functions and powers of the President.
That contained in the Constitution and in article 51: (puts House rules to regulate the conduct of work) and article 63/I (the rights and privileges of the speaker of the House of representatives and his deputies and the members of the Council Act).
And that the decisions taken at meetings of the House of deputies by simple majority. After quorum unless otherwise (m 59/II of the Constitution), we discuss the House resolution is it regulatory or legislative or administrative.
First, House Bill No. 50 of 2007. did any powers to the speaker of the House of representatives, his two deputies only paralysis to the rights and privileges enjoyed by the President and his two deputies and members of the Board.

II: rules of procedure of the Chamber of Deputies.
Article 67 of the rules of procedure (Chamber of Deputies, the right to interrogate officials of independent bodies in accordance with the procedures for the Prime Minister and his exemption by absolute majority).
This article governing rules of procedure governing the functioning of the Council, therefore, if the Central Bank (an independent body), the Governor of the Central Bank requires the House resolution taken by the House and the Cabinet as long as not all committees were formed by the House rather than the Cabinet.
With regard to the work of the commissions in the Council there are two types of permanent and temporary and provisional article 83 (interim committees are formed and commissions of inquiry with the approval of the majority of the attendance of the Council on the proposal of the presidential body, or fifty members of) commissions have the power shortage of facts is being offered from issues ... M 84 system.
The Interim Committee (following the completion of the investigation Commission submitted its report and recommendations to the presidential body, for presentation to the Council as it deems appropriate to take).
In chapter VI concerning the functions of the President of the Council and his two deputies, the President of the Council is represented by his talks and exercises the following duties:
First: the Constitution and the laws and rules of procedure of the Council.
II: opening and chairing Council meetings.
III: an invitation to a special session of Parliament.
IV: request for extension of the chapter's legislative session House of no more than 30 days.
VA: management discussions and maintain regularity, and select a theme, the spokesman reminded to observe the limits of the subject system and has to explain or clarify any matter deemed ambiguous.
VI: display things that require a vote and announce the results.
VII: Board representation in national celebrations and other events with one of his deputies or other authorization from members.
VIII. measures necessary to maintain security and order within the Council.
IX: oversight and supervision to all staff and personnel in the Office of the Board and exercise all its powers in this regard in a manner consistent with article 9 of this regulation.
Did not give any authority to the head of the House of representatives transmitting reports or recommendations to the interim body integrity following the decision to house the Interim Committee's recommendation does not constitute a decision and regulatory legislation and administratively it is wrong and unconstitutional decision is no decision thus does not entail any impact on all subsequent proceedings against the Governor of the Central Bank and his deputies and staff of the Bank, which being investigated by or under the supervision of body integrity and constitutional implications – legal – this administrative decision.
We couldn't understand the legal characterization of the work of the truth and also the first second we couldn't understand the characterization of the report of the Office of financial supervision compared to reports from Cabinet since 2003 – 2012 which did not take any action any how to handle reports audit reports of parliamentary committees, the House system had identified how to deal with them.
Secondly: the judiciary.
Recommendation of the Commission on the truth was referred to body integrity transmitted in turn to a Tribunal to conduct the inquiry with the Central Bank in accordance with the Committee's report and the report of the Office of financial supervision.
In the light of the constitutional and legal data, CBI was an independent body and independent bodies to operate according to its laws and its Constitution provided protection and financial and administrative autonomy, as follows:
1.the Iraqi Central Bank functioning in accordance with the provisions of law No. 56 of 2004 in force under article 130 of the Constitution of 2005 and that this law gives to the Governor of the Central Bank and his deputies and the members of the Board of Directors and staff (immunity) contained in the provisions of article 23 of the Act which reads:-
1.do not experience any member of the Council (Governing Council) or any employee or agent of the Bank's legal liability, or as personal liable for any damage caused by any negligence or conduct released him in the performance of his functions or for performing official tasks falling within the scope of his job.
2.the Bank compensate any Council member or any employee or agent of the Bank for any judicial costs incurred for defending itself in a lawsuit filed against him in connection with his official duties and the strengthening of immunity.
3. there is no legal basis for requiring the Central Bank to sell foreign currency to import purposes.
4. can legally buy foreign currency for the purpose of possession, for example an individual: a natural or legal person in an Iraqi bank account opening in foreign currency and there is no roof too: legally this account balance whatever deposit account (USD).
Assert immunity in the financial services Tribunal.
Articles 63-70 in formation and terms and appeals procedures before the Court of administrative services and the law on the formation of the Court exempted the Central Bank should consider its decisions on exchange rate before the financial services Tribunal article 63/4 (not the Court has jurisdiction to review decisions of the Bank procedures regarding the development and implementation of monetary policy, including the foreign exchange rate) and the competent court of financial work within the Central Bank of Iraq and decisions before the Court of Appeal distinguished presidency of risafa as discriminatory.

Administrative investigation:
Central Bank like official ministries and Government departments, semi-official applies Civil Service Act No. 24 of 1960 as amended and in force as a result of the administrative inquiry service is in accordance with the law on discipline of public servants no. 14 of 1991 thus not being any administrative investigation at the Central Bank and the Bank had found through investigation that a crime had been committed by State officials in the Bank require assignment of papers to the competent courts for committing an offence applies in terms of law Iraqi Penal Code No. 111 of 1969 as amended and the relevant penal laws exclude Bank is incorrect and inconsistent with State legal construction as constitutional terms-legal robbed this way.

Supervision of the Office of financial supervision:
Each year the audit regulatory survey to all State departments and semi-official including three governing bodies, ministries and independent bodies and provincial and District Councils and other used Sai to ask the observer to note their observations on the report of the Court to answer. Except in the case of the Central Bank, the report of the Cabinet became a crime without the Cabinet even answer the Central Bank audit report.
III: Executive power
Cabinet session held on 16/10/2012 and numbered 45 a resolution exempting Sinan Al-Shabibi, Governor of the Central Bank and represents Iraq in International Monetary Fund and appointment of audit Abdulbasit Turki, Governor of the Central Bank.

Constitutional-legal characterization of the legal
Article 103 as follows:-

First: each Iraqi Central Bank audit and communications and Media Commission wedowain endowments, financially and administratively independent bodies governed by law work.
Secondly: the CBI is accountable to the Chamber of Deputies.

Disqualification or withdrawal by or dismiss the Central Bank Governor that the competence of the Council of Ministers (recommendation) is confined to the House to approve the appointment of undersecretaries, ambassadors and special degree holders m/80 VA and that Prime Minister regards the dismissal of Prime Minister with the consent of the House of representatives (art. 78 of the Constitution) without the Constitution to heads of independent bodies in all cases that the inauguration of the President of the Office of financial supervision (watchdog) Governor of the Central Bank Agency (Executive Body) carries no constitutional violation decision, therefore the Cabinet incompetent The disqualification of an independent body as does not have pull hand because he is not an employee but (the Minister) as to the dismissal must be carried out with the consent of the Sejm.
Under paragraph e of article 61 (House right questioning officials of independent bodies in accordance with the procedures for the Prime Minister, and has to be exempted by an absolute majority).

The word is a must.
I've hired controversy about the independence of the Central Bank to challenge the competence and integrity of the Government and abetting, also challenged the competence of the Central Bank and his integrity and leveling it.
This contributed to the recruitment of others loss and destruction of fair opportunities for improving performance and cooperation for the reform of the monetary and financial system and created new hotbeds of conflict and escalated.
The Iraqi Central Bank is responsible for the use of the new system who tried to create two fronts the Government and the Central Bank of Iraq, and this is definitely not in the interest of the country, and authority of all the country's institutions must work in a spirit of cooperation and are based on its work to the Constitution and the laws in force.
The treatment was treated by the Central Bank of Iraq, according to the Chamber of Deputies and judicial decisions reflected in decisions of the Council of Ministers, so monetary institution in Iraq must not be treated in this way remains the Iraqi monetary Terza Rima signed the Governor of the Central Bank.
Abstract:
1. until the decision of the President of the Chamber of Deputies the legislative resolution is not considered a mechanism in legislation (laws and decrees) as editorialist for supervisory and Interim Committee's recommendation that the provisions of article 61 of the Constitution nor the instruction to not stretch the administrative jurisdiction of the speaker of the House on the Central Bank of Iraq. The resolution is non-existent and non-existent does not entail any legal effect.
2.the decision of the Council of Ministers ' meeting No. 45 on 16/10/2012 issued without any constitutional or legal basis therefore is no decision as the decision of the President of the Chamber of Deputies and no resolution had no constitutional or legal implications. Because the decision unconstitutional and unlawful and nothingness

_________________________________________________________________________________________________

Recent developments at CBI will not affect process of lifting zeros, Monetary policy doesn’t depend on a person says Member of Finance Committee

Parliamentary Finance: change management of the Central Bank will not affect the process of lifting the zeros

| On 2012-11-01

According to a member of the investigative transactions CBI and a member of the parliamentary Finance Committee Haitham al-Jubouri said the process of lifting the zeros will not be affected in the administrative changes that have taken place in the Central Bank of Iraq recently.

Jubouri said the newspaper “integrity electronic” The process of lifting the zeros or replace currency has nothing to do with events that took place in the central bank recently, noting that monetary policy does not depend on a person whatever his status administrative, but depends on the institution in charge of political الاستراتيجة which include process raise zeros and replace the country’s currency.

Jubouri announced the arrival of special equipment to replace the currency by the English side to the country Mushir that there are specialized committees will these measures, if any, within the plan in the country’s monetary policy.

It is noteworthy that one of the members of the Knesset Finance Committee announced that monetary Aalssayash in the process of lifting the zeros Stadtther benevolent result of events that took place in the Iraqi Central Bank on Shabibi.

http://bit.ly/Vf2bPB

________________________________________________________________________________________________

Iraqi Dinar Exchange Rate Manipulated?

Posted on 16 October 2012. Tags: , , , , , , ,

Iraqi Dinar Exchange Rate Manipulated?

By John Lee.

Investigators in Iraq have opened an inquiry into alleged manipulation of the exchange rate between the Iraqi dinar (IQD) and the US dollar, and arrest warrants have reportedly been issued for several officials including the head of the Central Bank of Iraq (CBI).

Hassan Karim Aati, spokesman for the Commission on Integrity, said on Tuesday that the Commission is looking into the matter, and studying documents from a parliamentary committee investigating the corruption allegations.

The investigation focusses around 16 officials in the CBI.

While it’s understood that no charges have been brought, Baha al-Araji, the chairman of parliament’s integrity committee, said 30 arrest warrants had been issued, including for CBI governor Sinan al-Shabibi (pictured) and his deputy Mudher Saleh [Mudher Kasim, Mudher Saleh Kasim].

Contacted by AFP while in Tokyo for a meeting of the International Monetary Fund (IMF), Shabibi said he was unaware of any warrants.

Concerns have been raised that currency auctions organised by the central bank were being used by neighbouring Iran and Syria to shore up foreign currency reserves, allegations the central bank has denied.

The CBI tightened its rules on the purchase of US dollars earlier this year.

There hava also been suspicions that the commission’s decision was politically motivated, as Prime Minister Nouri al-Maliki has been pushing to place the Central Bank under the control of the cabinet.

(Sources: AFP, Associated Press, Azzaman, NINA)

Subpages (1): Central Bank Related III
Comments