Currencies-Money Changers-Banking

Government adviser: 5% of the gross domestic product of Iraq seeps through money laundering and the law .... "strictly" to combat it

07/03/2015 19:13

Long-Presse / Baghdad

A government team in Iraq and will work on drawing up special policies to address the issues of money laundering, according to the law, which was issued last week by the Council of Ministers.

And it will consist of a team that is likely to be headed by the Minister of Finance or the Governor of the Central Bank, other members of the foreign, interior and defense, trade and intelligence ministries and other institutions concerned with security and money.

The team is, according to the Parliamentary Finance Committee to monitor the movement of Iraqi funds at home and abroad and the imposition of deterrent and preventive measures for money laundering.

It will provide the new law, which is supposed to be prescribed. House of Representatives soon, "sedate" the banking and financial system in Iraq, and limit the movement of the financing of terrorism in the country through cooperation with interested international cells in this regard.

The first law of its kind in the country after 11 years on the issuance of instructions by the former civil administrator Paul Bremer. But a number of experts deemed the ruling civil proceedings "limited and constrained by the central bank in the money control", noting that the money laundering operations in Iraq, amounting to 5% of gross domestic product.

Ebadi said Office, in a press release last week, that "the Council of Ministers approved a draft anti-money laundering law, and the financing of terrorism," noting that "this project is of great importance for his role in drying the sources of terrorism and to respond to international trends in this area."

National team to combat money laundering

In this context, says the appearance of Mohammed Saleh, Economic Adviser to the Prime Minister, that "the new law will work on the formation of a national team that works with a view to formulating policies, according to the legislation that will be issued for Parliament, to curb money laundering and issue instructions in this regard, a political umbrella, will help him (umbrella operations) in the implementation of those measures. "

And adds the benefit of, in connection with the "long", saying "will be finance minister or central bank governor or deputy presidency of the team, according to law, and the membership of representatives from the private financial issues and economic crime Interior, Defence and Foreign Affairs and International police and security agencies and other Ministry of institutions."

It is expected adviser to Prime Minister that "given the chairmanship of the Governor of the Central Bank, after the enactment of the law, the fact that the latter is headed by a cell in the bank operates in the same regard."

He said the appearance of Mohammed Saleh speech by saying "Intergovernmental Panel will issue instructions and regulations to prevent money laundering commensurate with international standards," adding that "Iraq is a member of a team known as the International Financial Action Task Force of the North and East Africa have average since 2004".

Saleh noted that "the new law will enable Iraq to cooperate with the international team, which imposes certain conditions to work with him, and will enable us to cooperate with the United Nations and World Bank."

Will provide information in collaboration with the Unit for Combating Money Laundering in the central bank (say an economic advisor to the Prime Minister that "the umbrella of the operations within the national team for the elimination of money laundering, a point of intelligence on the movement of funds), and will exchange information quickly and to deal more easily than in the past follow-up money. "

It is estimated the government official money laundering around the world to range between 3 to 5% of GDP and that "Iraq is close to this figure as well." He pointed out that the law will give the guarantee and sedate Iraqi banks and financial situation in the country.

He praised the Governor of the Central Bank on the Keywords, recently, the Cabinet's decision to vote on the draft anti-money laundering law submitted by the central bank, which was put on according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations, according to a press statement issued by Keywords week the past.

And he called on the Governor of the Central Bank of the House of Representatives to "give priority to pass a law where there is a few months deadline given to Iraq if it is not the adoption of the project will be placed Iraq on the blacklist, which has serious consequences for Iraq's position internationally."

He noted that "the new law lays the framework and concepts clear and effective provisions that enable the central bank, the judiciary and the relevant authorities to exercise the roles and tools commensurate with the seriousness of the crimes of money laundering and terrorist financing."

Law will support the work of the Central

So says Najiba Najib, a member of the Parliamentary Finance Committee, the "long" that "the new law will enable the central bank to move more easily to follow the movement of funds."

Najib and adds that "the Central Bank told us in the Finance Committee that is restricted and can not easily pursue money laundering cases to the absence of a law supports his work, where smuggling was a lot of money and the inability of the bank to cope with it."

Asked nominated from the terms of the new law that has just arrived in the House of Representatives, Najib he says, "will determine the meaning of money laundering and establishes sanctions against the perpetrators of this crime, and to take deterrent steps and other treatments for after the discovery of the crime, will also address the law the financing of terrorism, which is the money laundering of the most prominent issues sources ".

And it will replace the law, which the Cabinet sent to parliament recently, replaced the law in force, which began in the US civil administrator in Iraq, Paul Bremer, time and bears the number 93 of 2004.

According to the MP for the Kurdistan Democratic bloc that "the fight against money laundering needs to be international cooperation with Turkey, Iran, Jordan and other countries that represent the largest importers and exporters of Iraq," pointing to "the necessity of activating the Ministry of Interior procedures and national security and intelligence services and the Ministry of Commerce to monitor the traders and owners of capital." MP also assume that the "Iraqi economic attaché in all countries of the world to monitor the movement of Iraqi money there."

On the other hand says that the member of the Finance Committee for its "check the existence of charges for the judge to stop the proceedings against a number of banks that money to flee abroad."

She said some media leaks that the judge who is extorting telecommunications companies and the owners of the banks to close the cases brought against them being the chairman of the appeal committee in the form of communications, estimated at around 2500 issue, Najib said that while "the figure mentioned is uncertain so far."

.. Of Wael grace



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The problem of fluctuating exchange rate of the dollar against the dinar for the benefit of? The sudden rise of the coin from behind him, and what are the causes?

Wed Jun 24 2015 06:34 | (Voice of Iraq) - Knight-Shammari

* Chairman of the Federation of Iraqi businessmen willing Reza Blibl: to be quick and decisive action by the central bank to adjust the price and do not let the currency rise in the market ..
* Economic expert on behalf of Jamil Antoine: quantity posed by the Central Bank of the dollar since the need for less than the market as well as increasing all contributed to the indiscriminate import high price of the dollar.

* With detente caution in the dollar and the Iraqi currency rates, which created its crisis since the days of a state of anxiety and instability in the market as a show and asked for many basic goods and materials and needed by the consumer, especially with the entry of the month of Ramadan, especially of food such as grain and animal products, all of which are being handled by the dollar .. !!
The case was need urgent intervention and responsible. And attribute the traders of beautiful markets and Shorja rise of dollar selling for a number of reasons Exchange .. the most important determining dollar selling process at an auction sell the currency to $ 75 million per day, based as stated in the new budget law for the current year .. as well as the imposition of central bank measures procuring customs tax fees to buy dollar bills for many imported materials, commodities and private external conversion of remittances .. to buy the dollar along with the identification operations for banks, companies and civil banking offices .. !!
They are as traders factors to the high exchange rate and the monopoly of foreign currency sees it. !! And thus declining purchasing power in the market ..
It is noticeable that the period confined to the days of June 1018 this has seen a rapid rise of the dollar exchange rate, prompting some market traders beautiful business to protest and demand that the government and stakeholders to address this emergency and their economic implications problem ..
* Legal and financial procedures with the future exchange rate stability

* Breakthrough warned down the exchange rate and market stability

What causes the opinion of traders?
* With volatility at the price of the dollar, which was stable in the market up to 1200 1250 dinars to the dollar before the tenth of June this .. and the application of the Central Bank of procedures the process of selling the dollar and the rise accelerated during the day, queried from the merchant Nuri al-Zamel to clarify the reasons for the rise, and that our meeting with him was On June 17, where he said:
Before the advent of international problem and the central bank had pumped high amounts of dollar market and then demand was slightly due to the availability of hard currency amounts .. where dealing banking offices in the week to 300 thousand dollars and with the application of the central bank measures and sell it for 75 thousand dollars occurred climb on the exchange rate because the display has become less ..
Then he adds, auction sale of currency sales were up to $ 400 million and $ 100 million now become a maximum .. !!
And imposed on the banking tax offices for sale and cash on foreign remittances factors which led to the high price of the dollar.
* And his opinion about ways to solve the problem .. Zamel commented saying:
State to take the case of an economic downturn is tired and weak purchasing power of the economy .. inject any more in order to stabilize and increase the supply of hard currency.
But today indicators June 17 and after we heard from a series of measures the exchange rate dropped to 1350 dinars after it was 1420 dinars to the dollar for the past days .. !!
Traders expect the continued application of new measures to ensure the return of the prevailing price a few weeks ago ..
Zamel merchant does not hide what baptized him some traders from weak people in the problem as we enter the month of Ramadan and the monopoly of some food .. !!
* For his part, Engineer Abdul Wahab Radi holds the government and Ministry of Finance and the Central Bank responsible for the imbalance in the fiscal and monetary policy was possible to develop a clear and strict limits to address the large whales, which plays with money which founded large financial empires on the people's livelihood and the poor account.
Then he adds, is not reasonable in front of all these possibilities in the absence of fiscal and monetary policy and that the strategy was to impose a different world oil price .. in exchange for the presence of mission economic committee to develop policies to overcome the crisis .. but to miss planning and subject to the procedures of jurisprudence and lost a series of experiments and thus So pay losses.
The rise in the dollar exchange rate is reasonable .. Iraqi street and remember the names of a lot of market manipulators dollar.
* Then we asked him about the problem indicators and ways of treatment ..?
It noted that the currency exchange rates in most countries of the world stable and steady and the other hand we have oil resources and budget and have huge reserves of hard currency in the Treasury .. why this is happening to our formats ..?
In my view the security side, violence and the process of money the direct impact of this dilemma laundering play is not difficult to exercise the state and financial institutions rigor and punish manipulators market dollar exchange rate and how long silence on nepotism and clientelism of the manipulators people's money and harm the economy .. !!
We have laws can be activated on both the cause economic losses and damage .. is important to expose those who get rich and take advantage of the crisis to the expense of others .. !!

Fast and strange developments
* Continued Iraqi street on Thursday afternoon June 18 that, according to statements to the media aired some satellite channels that .. (the crisis) set up by the Council of Ministers cell announced its agreement to the proposal of the Central Bank to cancel the tax of 8% and also include customs tax .. !! Which had previously been added to the dollar remittances sale .. !!
While the spread Tweets and comments of citizens on websites (Facebook) and to demand the resignation of the Central Bank for failing to manage the dollar crisis in the markets .. !!
* For its part, varied buying and selling dollar operations with banking offices in markets and commercial areas Sadoun Street and the holy door and Mansour .. dividing them refrained from buying and selling to the instability of the price .. and others buy dyslexia 1300 dinars dollars nor sell .. !! He attributed some of them not to sell to the accident on Friday and Saturday as a holiday .. !!

The feasibility of government actions
* In a press statement of the Director of the Office of the Prime Minister Dr. Mahdi Keywords on the fluctuation of the exchange rate of the dinar against the dollar .. which he said:
Mark raised about the fluctuation of the dinar exchange rate against the dollar is Thuala theme .. This will create a kind of panic and confusion in the market ..
This bubble suddenly appeared where aspects of trying to disrupt the political and economic process ..
He said, the central bank will take swift action and meet with cell crisis that address economic issues and will be issued a clarification so .. !! We have taken urgent action and deferred other and the central bank sold the amount of the dollar in the auction ..! Him for Wednesday June 17 is equal to three times as decided by the budget for 2015 and sales were more than $ 257 ​​million at a price of 1166 dinar exchange rate to the dollar for the sold cash and at a price of 1187 dinars / USD sale of remittances, including the commission of the Central Bank .. this auction as mentioned reports of the news agencies of local and participated the 315 banking and financial transfer company .. !!
* For his part, the President of the Federation of Iraqi businessmen Mr. Reza Ragheb Blibl explains about the importance of the role of the central bank in the rapid treatment of the crisis .. He said:
In supply and demand and what happens from defect has to be the role of the central bank's rapid measures to ensure that the continued rise in the market price of the dollar ..
I say .. when the central bank began selling the dollar auction activity does not exceed the ceiling of 75 million dollars for months did not happen something !! I think public and private banks, companies and banking offices need to follow-up procedures and especially the central bank has the information and data on the means by which the trader Asthsal need of hard currency ..
He adds at night .. Of course, this is not without points of intervention seeking to harm the Iraqi economy, whether from home or abroad .. !!
I call the attention of the prosecution by the Central Bank's departments to reduce the fluctuation of the exchange rate in the market ..
* For its part, the international parliamentary finance committee demanded to take other measures to support the value of the dinar, including increasing the supply of dollars in the market and acceptance of all purchase orders submitted by traders and banking companies and the private banks and the abolition of tax secretariats and customs that were collected in advance by 8%.
* This is contrary to a series of bank procedures to maximize the financial resources of the Treasury and as stated in the budget law for 2015 .. !!
* For his part, sees economic expert on behalf of Jamil Anton that the rise was caused by the fact that the amount raised by the central bank less than market needs as well as the holy month of Ramadan and increase imports and led to high demand for the dollar and also start dealing private banks to deal with the depositors have in that currency .. !!
So banks calculated the dollar to its customers 1200 dinars / USD while the market price is 1425 dinars / USD making some speculators and currency traders and banking offices monopoly dollar .. !!
Union
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Specialists: the entry of foreign banks to the Iraqi market will boost the country's economy and brings investment

 06/23/2015 09:41

Tomorrow Press Press / Baghdad: Iraq's transition after 2003 from a socialist economy to a market economy was an opportunity for a number of foreign banks to open branches in Iraq, where he specialists and officials said the entry of foreign banks into the country will boost Iraq's economy and will bring investment companies in which to work.

The banking system in Iraq consists of 54 banks, as well as the Central Bank and distributed by ownership between seven state banks and 23 private commercial banks, including nine Islamic banks, in addition to the 15 branches of foreign banks.

Says bank adviser "City Bank," the US in Iraq Stephen Randov for "tomorrow Press," that "the idea of ​​our entry into Iraq came after a thorough study into the Iraqi market and advanced stages where we have noticed that Iraq has become a magnet for investment in various sectors, especially in the field of oil, tourism, Construction and Housing, It was therefore necessary for us to have a foothold in Iraq and we open our branches. "

He Randov "The bank Citibank important financial companies in America, so its presence in Iraq believe will have an advanced stage in support of the Iraqi economy, full and moving of foreign currency and the presence of liquidity foreign as possible to take advantage of them in the implementation of various projects and both public and private sectors."

Step Bakdovernma foreign banks to Iraq excluded some private Iraqi banks that are aimed at supporting the Iraqi banking system or develop it for reasons unknown to her she said she put the Iraqi economy.

Says Managing Director of the Bank Union Aqeel trouble maker for "tomorrow Press," that "the foreign banks can not be the same recipe supportive of the Iraqi economy in any way being far from the reality of the Iraqi economy and away from the details of the work of the Iraqi citizens and the concerns of the Iraqi trader, so it will be located It is the glory. "

He explained that the trouble maker "of foreign banks in Iraq purpose only profit while the particular purpose of their own national banks to support the Iraqi economy and raising its standards by increasing their capital each year and give loans and adopted large and medium projects."

Finance Committee in the House of Representatives disagreed with the expectations of some private banks in the recent advent of the fact that foreign banks would be a reason to enter the global investment companies, which in turn will find a guarantor for its money.

According to the Parliamentary Finance Committee rapporteur Ahmed Hama Rasheed for "tomorrow Press," that "the country's dependence on banks balance and with a global reputation gives confidence for corporate and paid for work and investment", adding that "after Iraq out of Chapter VII note there are a lot of international companies and banks It seeks to have branches in Iraq to take advantage of the large budget of the country and find themselves being can achieve huge profits. "

Attention Rashid that "Iraq needs the support of our banking sector through the entry of high reputation in terms of competence and experience solid banks to give it impetus for investment companies to work in the country better," noting that "it will strengthen the banking sector in Iraq and gives the confidence major scientist to companies for work and investment in the country. "

For his part, the banking expert believer confirms visit for "tomorrow Press" that "the entry of these banks Iraqi investment market has great economic impact, especially as the local banks in Iraq are suffering from problems and disorders, because of the delay and inefficiency in some joints of its business," adding, "it was better during the last period that the development of its financial and reinforce their positions and contacts and beyond vulnerability and underdevelopment are experiencing. "

And it characterized the Iraqi market lack the number of citizens who have bank accounts, which allows the banks a substantial margin to attract thousands of customers, particularly that the Iraqis are looking for a complete package of services ranging from current accounts to insurance services and to mortgages, a few services in the Iraqi market.

The Governor of the Central Bank of Iraq on the Keywords, confirms for "tomorrow Press," that "the central bank has long urged and continues to urge the need for the presence of international banks being will help Iraq to work and financial communication in the region and the world, especially since these banks has a modern and sophisticated technology almost devoid of them banks Local currently operating in Iraq. "

Keywords noted that "the desire discreet banks internationally known Kalomrakih and English to work in Iraq evidence that Iraq a fertile environment for work and investment and has great economic elements."

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13 private banks are reducing the dollar exchange rates for the citizens and businesses of banking

23/05/2015  

Long-Presse Baghdad

Assyria bank, announced on Saturday that 13 private banks took the initiative to reduce the dollar exchange for citizens and companies the price of banking, as he emphasized that this step comes in support of monetary policy of the Central Bank and to ensure exchange rate stability.

The Managing Director of the Bank of Assyria Adnan Chalabi during a press conference held in Baghdad and attended (range Press), that "the 13 private banks took the initiative to reduce the cash rate for the dollar for citizens and companies banking price support monetary policy of the Central Bank and to ensure exchange rate stability."

He said Chalabi, said that "banks will start tomorrow since the sale of the dollar price for 1193 dinars, and the price of 1192 dinars to the remittances," noting that "these banks are the Bank of Assyria, the Middle East, and across Iraq, the Islamic and national levels, and the Union, and the Gulf, and Dar es Salaam, the Muslim and the country, and the Iraqi Islamic, and United, and the Bank of Irbil, the trade and the region, and the Iraqi Credit Bank ".

He pointed Chalabi, that "the announcement of the other banks that are expected to take such a step will be later," pointing out that "the initiative banks to reduce will follow their customers from banking companies to commit to this initiative and open windows to the public and selling prices specified".

The specialize in the banking sector attributed, in (April 9, 2015), the reason for the high dollar exchange in front of the dinar to the last Central Bank special procedures to deduct customs duties and taxes in advance, and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need the abolition of Article 50 of the budget.

The Central Bank of Iraq announced, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control of "money laundering" through prepayment of taxes and customs for goods entering Iraq, returned to that will double the country's imports.

The International Monetary Fund predicted in (21 March 2015), the high proportion of the deficit in the budget for Iraq in 2015 to more than the proportion of 12% announced by the government, because of lower oil prices and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget, He suggested the implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and the revision of the maximum limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.

The current year's budget law, committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in the daily auction ceiling does not exceed 75 million dinars, with the exercise of justice in the sale, and claim participant in the auction the bank to provide the introduction of goods and data documents settling accounts and tax savings Alkmarki within 30 days from the date of the purchase amount, and so it applied the sanctions set forth in the Central Bank Act or regulations issued it, and use other banking instruments to maintain the strength of the dinar against the dollar.

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Rafidain Bank uses a smart card in the pay of retirees

09-05-2015 03:30 PM


Iraq today

Use the Rafidain Bank in modern techniques pensions exchange through the smart card in its branches in the country

The head of the bank on behalf of Kamal al-Hassani told a news briefing that the bank put its capabilities in providing services for retirees and pay their salaries Ptoukitat appropriate and without delay.

He pointed out that the bank is one of the main pillars of a national bank leads its services to all sectors ranging from government and private and Maitalq citizens who need direct humanitarian service.
                                                                                          

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Parliamentary attributes the rise in the dollar to add 8% in taxes and Customs on purchase orders
Monday, June 15, 2015 10:01

Alsumaria News / Baghdad
Izzat member of the parliamentary Committee of Economy MP Najiba Najib, Monday, rising dollar against the Iraqi dinar to the imposition of the Central Bank of 8% in taxes and Customs requests on the dollar, in addition to the lack of oil revenues, while the expected continued rise under these procedures.

She said Najib in an interview with Alsumaria News , "The dollar rally during the current period, which amounted to more than 1136 dinars to the dollar back as a result of the bank to add 8% to requests from traders and companies to buy dollars," indicating that "the dollar selling directly to traders and companies will be met them 5% tax and 3% Customs ".

Najib added that "the Bank has to take the bodies of taxes and customs duties which are able to do so, led to the rise in this way."

Najib said that "other reasons that led to the rise is the lack of oil revenues," pointing out that "the drop in oil prices from US $ 111 per barrel to less than $ 60 have reduced Iraq's revenues of hard currency."

Najib pointed out that "the security situation is stable also increased the demand for the dollar and therefore, there is an increase in demand over supply."

Najib stressed that "the budget law for the current year 2015 included a restriction or condition within one of its articles, which should not exceed the sale of the bank conducted by more than 75 million dollars a day auction," indicating that "the new measures taken by the budget and the central bank would that continued high dollar ".

The dollar price in the domestic market in front of the Iraqi dinar gradually up to 1336 dinars to the dollar, compared to 1225 thousand dinars to the dollar during the month of February and 1,200 dinars to the dollar by the end of last year 2014.

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Finance and Economic: We will take all measures to restore the value of the dinar against the dollar

06/15/2015 11:07:00

Rep. Najiba Najib

Economic Commission called for parliamentary, the central bank to take correct measures to restore the value of the Iraqi dinar against the dollar.

Said committee member Rep. Najiba Najib PUKmedia's, that the high US dollar against the Iraqi dinar many reasons, the most important of the lack of Iraqi state revenues, from the dollar, which relies on revenues of oil, noting that a barrel of oil was sold for $ 111, and this was a good which makes dollar entry in the public treasury more than it now, pointing out that revenue is now less than half a barrel of oil because the best is sold at a price of $ 60.

She MP Najib out there that a major cause for this rise is that banks are fulfilling Deposit tax is estimated at 5% and 3% Komanat customs, while he was supposed to Customs Authority fulfilling their secretariats, and that the taxation departments to impose the tax and completeness of businesses and traders who buying the dollar, pointing out that banks are doing it now, and meet the 8 dinars on every dollar purchase request, noting that it appeared that the tax and customs departments fulfillment of duties and trusts the dollar exchange rate Sahishd decline.

She MP Najib that one of the reasons for the high price of the dollar against the dinar is that the demand is more than supply, due to the security situation after the fall of gray, and the unstable security situation pay merchants and citizens to buy the dollar, and at the same time, the central bank will increase the offer, but is restricted in accordance with the Almoisanh law which obliged to sell 75 Million dollar a day, saying that no matter how the bank has increased the supply demand remains more.

MP Najib pointed out that the Iraqi economy's dependence on import without export also one of the reasons for the high price of the dollar against the dinar, warning that the dollar exchange rate will rise more that there was not a wise and correct action by the central bank to raise the value of the dinar against the dollar, stressing that The first thing to do is to re-issue the tax to meet the secretariats and not the competent departments of banks, pointing out that the state wants to increase its revenue by making trusts met with banks.

And the role that the House of Representatives and the Economic Commission for the game, he was deputy Najib said after the legislative recess and direct the new legislative term of the beginning of the end of July, the Commission will take all measures that serve the citizens.

The MP Najib indicated that the committee hosted more than once, the central bank officials, and briefed on their actions, pointing out that despite the central bank measures the desired objective of which can not be achieved and the dollar exchange rate does not decline.

The MP stressed Najib that only affected the high dollar is the ordinary citizen, noting that the dollar is sold in banks at a price of 1200 dinars, while the price in the 1380 market, pointing out that some powerful and some parties are benefiting from this process and the injured are the government and ordinary citizens.

MP Najib stressed that the House and the Economic Commission will take all measures to ensure, in accordance with the Constitution and the law, and in cooperation with the concerned authorities to restore the value of the Iraqi dinar against the US dollar because it affects the lives of citizens.

The exchange rate of the US dollar against the Iraqi dinar, arrived in 1360 dinars to the dollar in the Kurdistan Region and Iraq markets.

Super Yazidi PUKmedia

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Bank meet with the financial crisis on the dollar and decide not to answer any request for purchase

 
06/16/2015 11:26

Tomorrow Press / Baghdad announced member of the Committee of Economy in the House of Representatives MP Najib Najib, Tuesday, that the Central Bank of Iraq met, yesterday, with the Ministry of Finance in order to avoid crisis high dollar prices in front of the Iraqi dinar, and has taken a number decisions, including failure to respond any request to buy dollars.

She said Najib for "tomorrow Press," that "high the great dollar rate against the decline of the Iraqi dinar back, partly due to demand much increased on the dollar because of the security situation, especially after the events of gray," indicating that "the central bank is restricted in accordance with Article 50 of the Budget Law on the subject of sale quantities of the dollar. "

She added that "Article 50 of the 2015 budget that the Bank has identified only sells $ 75 million a day only, and this contributes to the rise in the dollar, but the article in which the government and the court did not decide yet challenged, has been postponed work out."

She said Najib "Another reason for the rise is the lack of oil revenues, because of the low price of a barrel, which is sold in dollars, while the third reason is the banks that became the meet tax Deposit estimated at 5% and 3% Deposit Kmarkip, and the fourth reason for the high dollar is the survival of the country's dependence on revenues, and one which is Oil ".

She noted member of the Economic Committee that "the central bank met yesterday, with the Ministry of Finance in order to avoid the surge of the dollar, and taken swift measures began to apply today, including: will increase the sale of dollar amounts and it would not respond any request for purchase without any delay, and this will reduce the high rate the dollar. "

Najib stressed that "the Bank to make way for citizens also to buy dollars in order to reduce its price in the market."

The price of $ 100 in front of the dinar on Monday 0.140000 thousand Iraqi dinars.

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Dealers and sellers of Basra protest tariff and warn of price rises exponentially


Basra - Iraq Press - May 5 / May: Dozens of traders and suppliers of goods within the port of Umm Qasr south west of Basra after a ministerial directed that the application of the tariff law, came in conjunction with a demonstration by importers of fruit in Basra in front of the local government building, Tuesday, in order to pressure on the Ministry of Finance to abolish tariffs that would raise prices of materials to three times, arguing that "the price of a kilogram (sophistication) arrived in 1500 Danarbad that was sold for 350 dinars, only in the past few weeks" as they called them.

To that followed the Commission of border crossings in the Basra Governorate Council on demonstrations by saying "that caused the first of this problem is the finance minister who refused to book the provincial council judge to wait implementation of this resolution," noting that "Basra Governorate Council will continue to click Mkhatabath to the central government to stop the work of this decision "

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13 private banks cut dollar exchange rates for the citizens and businesses of banking

13 private banks cut dollar exchange rates for the citizens and businesses of banking

25/05/2015

BAGHDAD / long-Presse

Ashur Bank, announced Saturday that the 13 private banks took the initiative to reduce the dollar exchange for citizens and companies the price of banking, as he emphasized that this step comes in support of monetary policy of the Central Bank and to ensure exchange rate stability.
The Managing Director of the Bank of Assyria Adnan Chalabi during a press conference held in Baghdad and attended (range Press), "The 13 private banks took the initiative to reduce the cash rate for the dollar for citizens and companies banking price support monetary policy of the Central Bank and to ensure exchange rate stability."
He said Chalabi, said that "banks will start tomorrow since the sale of the dollar price for 1193 dinars and the price of 1192 dinars to the remittances," noting that "these banks are: Bank of Assyria, the Middle East, and across Iraq, the Islamic and national levels, and the Union, and the Gulf, and Dar es Salaam, the Muslim and the country, The Iraqi Islamic, and United, and the Bank of Irbil, the trade and the region, and the Iraqi Credit Bank ".
He pointed Chalabi, that "the announcement of the other banks that are expected to take such a step will be later," pointing out that "the initiative banks to reduce will follow their customers from banking companies to commit to this initiative and open windows to the public and selling prices specified".
The specialize in the banking sector attributed, in (April 9, 2015), the reason for the high dollar exchange in front of the dinar to the last Central Bank special procedures to deduct customs duties and taxes in advance, and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need the abolition of Article 50 of the budget.
The Central Bank of Iraq had declared, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control of "money laundering" through prepayment of taxes and customs for goods entering Iraq, returned to that will double the country's imports.
The International Monetary Fund predicted in (21 March 2015), the high proportion of the deficit in the budget for Iraq in 2015 to more than the proportion of 12% announced by the government, because of lower oil prices and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget, He suggested the implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and the revision of the maximum limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.
The current year's budget law, has committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in the daily auction ceiling does not exceed 75 million dinars, with the exercise of justice in the sale, and claim participant in the auction the bank to provide the introduction of cargo documents Data tax and settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount, and otherwise apply to it the penalties provided for in the Central Bank Act or instructions issued by him, and the use of other banking instruments to maintain the strength of the dinar against the dollar.

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Central: the financing of small and medium enterprises aims to promote the reality banking
23/05/2015

BAGHDAD / long-Presse

Iraqi Central Bank confirmed that the amount allocated for the financing of small and medium enterprises trillion dinars, will be allocated for the banks that are willing to in order to perpetuate their liquidity and revitalization, and pointed out that it will lend banks that suffer a shortage of liquidity to increase its capital, as decided to accept the properties of some banks that applied for financial loans for capital increase , counting those actions that aim to promote the reality banking to be consistent with the requirements of the current stage.

He said the Council of the Iraqi Central Bank board member Majid picture, in an interview to the (long-Presse), "The process of economic development without relying on the budget is the main reason which made the central bank to take a number of decisions, including the financing of small and medium enterprises to domestic banks."
He added the picture, that "the central bank decided to ask trillion dinars to be used to finance small-scale projects, where it is possible to medium enterprise finance up to $ 250 thousand dollars," noting that "banks that finance these projects, then made a disclosure to the central bank, which is based directly pay amounts for banks in order to perpetuate their liquidity and revitalization. "
A member of the Board of Management of the Central Bank of Iraq, that "all banks covered by that decision," but he also said, "but not all are willing to finance small and medium projects, so it will be funding on this basis."
And on the bank's decision to put capable of addressing the situation of some private banks that cash-strapped procedures, said the picture, that "the central bank will grant loans appropriately for banks that suffer a shortage of financial liquidity to increase its capital," pointing out that "the central bank decided to accept the properties of some banks I applied for financial loans to increase its capital. "
He said the picture, that such "actions carried out by the central bank aims to promote the reality banking to be consistent with the requirements of the current stage."
The Central Bank of Iraq, Tuesday, (the 19th of May the current 2015), launch trillion dinars for private banks to finance small and medium enterprises loans, and increase the share of dollar sales for banking companies and foreign transfers, and the development of measures to to address the lack of liquidity in some banks.
The Central Bank of Iraq, has revealed in (the 19th of March 2015), the presence of a number of private banks lagging in its work during the last term, while attributing it to non-payment of dues of contractors and clients as a result of "lack of liquidity", vowed to dealers funds with private banks lagging through the legal reserve.

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Currencies

Money-changers at bay

Monetary policies and falling inflation are behind currency turmoil

Feb 7th 2015 | From the print edition

EARLY trade was conducted in whatever currency was available. Coins circulated across borders in a bewildering variety of forms, creating the need for middlemen to value one token against another. These were the “money-changers” whom Jesus threw out of the temple.

Two thousand years later the foreign-exchange markets are still in turmoil. In January the Swiss National Bank abandoned its policy of capping the Swiss franc against the euro, catching many traders and investors by surprise. As the franc rose by 30% in a few minutes, many foreign-exchange brokers lost money (one went bust) and a hedge-fund manager, Everest Capital, lost so much that it had to close its main fund. Eastern Europeans who had taken out mortgages in Swiss francs also suffered—so much so that Croatia voted to peg its currency, the kuna, against the franc.

Other currencies are also under pressure. The Russian rouble has plunged against the dollar in the face of a declining oil price and sanctions by the West. This week the Reserve Bank of Australia unveiled a surprise rate cut, sending the Aussie dollar down to its lowest level against the US dollar since May 2009. Denmark has had to cut interest rates three times, further and further into negative territory, in order to discourage capital inflows that were threatening its peg against the euro.

What is behind this sudden burst of currency volatility, which follows a quiet period in foreign-exchange markets (see chart 1)? In large part, it is caused by a divergence in monetary policy among the big three central banks—the Federal Reserve, the European Central Bank and the Bank of Japan. The Fed has stopped its asset purchases and may even push up interest rates this year. But the BoJ is still implementing a policy of quantitative easing (QE), and the ECB is just about to start one.

These diverging policies reflect economic fundamentals. The American economy is growing at a decent rate; both Japan and the euro zone are struggling to generate a sustainable recovery. Like Japan, the euro zone is teetering on the brink of deflation. Helpful though it is to consumers, the recent fall in the oil price has sent the euro area’s headline inflation rate negative. Lower inflation is causing central banks around the world to ease policy: 12 have done so since the start of November.

In such circumstances, a lower exchange rate is often one of the goals of monetary policy. Since the start of 2014, the yen has fallen by 11% against the dollar and by 17% against the euro. A weaker currency makes life easier for exporters (boosting the economy) and also pushes up import prices (making deflation less likely). But foreign-exchange markets are a zero-sum game: for one currency to fall, another must rise. A country with a rising currency will be tempted to seek a depreciation of its own, for fear of importing the deflation that others are trying to offload.

Foreign-exchange volatility can also cause problems for companies and investors. That is why the world used to favour fixed exchange-rate systems (such as Bretton Woods, which operated from 1944 to the early 1970s). It is also why many countries still choose to peg their currencies to the dollar or the euro. With the dollar rising and the euro falling, pegging countries have to follow suit. That may require tightening monetary policy in dollar-bloc countries and weakening it in the euro bloc (hence all those Danish rate cuts).

Pegs produce stability in the short term. Countries can use them to bolster the credibility of their economic plans. When Argentina was trying to shake off the hyperinflation of the 1970s and 1980s, it adopted a currency board that kept the peso at parity with the dollar. Britain joined the European exchange-rate mechanism (ERM) in 1990 in the hope of importing some of Germany’s inflation-busting success.

But pegs have a number of problems. The first is that other economic goals need to be subordinated to the exchange rate. That may not be a problem if the economy with the peg is closely tied to the one its currency is pegged to: monetary-policy changes in the one will be appropriate in the other. But that was not the case with Britain and Germany in the early 1990s: the tightening needed to keep the pound in the ERM proved too painful for the British economy to bear.

In the era of the classical gold standard, in the late 19th century, nations were governed by men drawn from the creditor classes. It was no surprise that sound money was their priority. But in an era of mass democracy, that is no longer the case. Few voters care about the exchange rate, but they do care about borrowing costs and jobs. Markets know this, giving them an incentive to attack pegs that lack credibility.

A second problem with pegs relates to the way that exchange rates are set. One theory, called purchasing-power parity, holds that currencies will move in line with the prices of tradable goods. If one country has a higher inflation rate than another, its goods will become more expensive and it will lose market share. If that happens, its currency should fall until prices are back in line. Our rough measure of currency values, the Big Mac index, reflects this logic. But as chart 2 shows, currencies can deviate quite a long way from their apparent fair value and stay there.

One reason for this divergence is the effect of investment flows. Most currency transactions have little to do with exports and imports. The daily value of world goods trade in 2013 was $52 billion; daily foreign-exchange turnover in the same year was $5.3 trillion, a thousand times larger. Investors are forever switching from one currency to another in search of a better return. A common tactic is the “carry trade”, borrowing money in a currency with a low interest rate and investing the proceeds in a country with a higher one. Such huge flows of money make it harder to maintain pegs. The ultra-low rates that pegs such as Denmark’s require risk inflating asset bubbles; house prices there are rising. Negative rates can also cut into banks’ net interest margins.

A related issue is that companies and banks in the pegging country may borrow in the target currency, particularly if it offers lower rates. If the peg breaks, such companies may get into deep financial trouble, since the cost of repaying foreign debts will soar.

That problem was at the heart of the Asian crisis of the late 1990s, when many tiger economies suddenly saw their currencies fall against the dollar. The episode echoed the “third-world debt crisis” of the 1980s, when many countries (mostly in Latin America) struggled to pay back their dollar debts. Both episodes occurred in the middle of strong dollar runs. So if the dollar is at the start of another bull market, as many commentators believe, there could be even more volatility ahead.

Where might it occur? Many Asian countries operate with trading bands against the dollar rather than targeting a specific rate. Singapore has already made an adjustment to its band, allowing its currency to weaken against the dollar to make sure its exports stay competitive. Other Asian countries may follow suit, largely by lowering interest rates. They have plenty of scope to do this since lower commodity prices have reduced inflation and improved their trading positions.

The big question is what China will do. After many years in which the yuan steadily appreciated against the dollar, markets expect a small depreciation in 2015. The Chinese have a fine line to tread: they will not want to lose competitive ground to their neighbours but, given their trade surplus, too aggressive a depreciation would annoy many Americans. The tectonic plates are shifting in the world economy, subducting some currencies and thrusting up others. But a few old grievances are unshakeable.

From the print edition: Finance and economics

http://www.economist.com/news/finance-and-economics/21642204-monetary-policies-and-falling-inflation-are-behind-currency-turmoil-money-changers

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