Currency Revaluation Hints




Parliamentary Finance warns of corruption and manipulation in the printing of the new currency

MP Magda Tamimi


  344
06/01/2015 12:52

Tomorrow Press / Baghdad: the parliamentary finance committee, warned Monday, of the existence of corruption and manipulation of the new currency printed in the categories of "50" thousand and "100" thousand.

Said Finance Committee member Magda Tamimi for "tomorrow Press," that "the Central Bank in connection with the issuance of the two categories of the coin (50) and (100) thousand dinars to reduce the amount of currency in the market," pointing out that "some built towers in the Dubai operation switch currency through the introduction of the currency to be replaced without damaging the old currency. "

She added that "corruption and manipulation have through agreements with the central bank staff," pointing out that "staff monitoring devices, however it is easy to buy off some of them."

It showed that "the Iraqi state is full of corruption not imagine that there is hope, because everyone is looking for personal and partisan interests."

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Iraqi bank says it coordinated with IMF to develop the banking business in the country

  • Saturday, 30 May 2015 09:10

Shafaq News / Rafidain Bank announced on Saturday, an ongoing bilateral cooperation with the International Monetary Fund (IMF) in the context of providing

advice regarding the development of the work of banks in the country.

The general director of the bank , Basem al-Hassani said in a statement received by Shafaq News, that al- Rafidain Bank began advanced steps with regard to its bank to be parallel with its counterparts in the countries of the world.

He noted that Rafidain Bank is one of the main pillars of the national economy and financial trading in Iraq due to its strong financial position
http://www.english.shafaaq.com/business/14549-iraqi-bank-says-it-coordinated-with-imf-to-develop-the-banking-business-in-the-country.html
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Government launches next week the promotion of local industry and the private sector strategy

23/05/2015 17:31

Long-Presse / Baghdad

Your national team revealed preparing promotion of the private local and industry sector strategy, on Saturday, about the government's intention to launch the strategy next week, and as he emphasized that the final touches completed and pending the allocation of money to her, pointed out that hundreds of thousands of beneficiaries forces pinning its hopes on that strategy.

A member of the national team to prepare the promotion of the private as the sector Jamil Antoine strategy in an interview to the (long-Presse), "The charge of the team from the prime minister to end the finishing touches on a special strategy to promote the private sector," noting that "the Prime Minister's Office promised that he will be the strategic launch through next week ".

Antoine and added that "it is linked to the executive approaching that by allocating the necessary funds for its implementation," adding that "the Prime Minister's office agreed to the proposal team that this team of experts contributing to the follow-up and monitoring of the process and comment this strategy and to ensure its implementation as planned and not be merely ink on paper. "remained trapped in the paper were not implemented on the ground ".

Antoine said that "the strategy laid the foundation for rules to enhance the contribution of the private sector and national industry by at least 10 percent of the gross domestic production," noting that "the new strategy proposed a number of measures, including legislation to protect the private industrial sector and activate the product and the consumer protection laws, and customs tariffs, and to prevent dumping, as well as activating the role of the Central Organization for Standardization and Quality Control. "

Antoine and pointed out that it "also emphasized the tax and customs exemptions for the private industrial sector and granted soft loans, and the establishment of entanglement between public and projects that are meant restructuring the private sector, and with government and private banks, which owns large amounts of frozen".

It is noteworthy that the advisers in the Iraqi Council of Ministers announced (January 31, 2015) launched the national strategy to develop and nurture the private sector by mid-February next, while confirming that the strategy will include a diversification of income sources and create an attractive investment environment for Mschmran and the private sector, they have indicated that they will contribute to the State gradually move away from care projects directly.

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Parliamentary Finance: Iraq's new currency will be traded outside the country

Economy and tenders
Since 20/05/2015 19:27 pm (Baghdad time)  

Special scales News

The parliamentary finance committee, revealed Wednesday, about the possibility of the use of the new currency of the class hundred thousand fifty thousand outside the country, saying it will increase the strength of the national economy, especially after the deletion of zeros.

Said committee member Abdul Qader Mohammed's / scales News / "The issuance of new categories of currency and a new edition can be used outside the country will increase the strength of the economy Aerava for possible use with import and export traders."

He said Mohammed "The new currency will enable the Iraqi traders to deal out for easy transport and trading," noting that "the more if I grew up and the small amount of cash currency increases the size of the turnout and handle them in the Iraqi market and external economy of the country."

This "declared the parliamentary finance committee member Masood Haider, for" the formation of a committee to study the issue of coins and categories of the fifty hundred thousand Iraqi dinars, stressing that these categories booting to remove zeros from the Iraqi currency in the future, ".anthy / 29 / d 24

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Iraq in talks with IMF, no decision yet

April 08, 2015 - 12:00:00 am
Iraq’s Finance Minister Hoshyar Zebari (left) and Iraqi Central Bank’s governor Sinan Al Shabibi attend a meeting of Arab Financial Institutions yesterday in Kuwait City.
KUWAIT: Iraq is discussing its financial situation with the International Monetary Fund but has made no decision to request emergency assistance, Iraqi Finance Minister Hoshiyar Zebari said yesterday. Asked by reporters if Iraq was in touch with the IMF, he said: “Well we are actually discussing with the IMF especially — they have some emergency assistance.

We haven’t decided to resort to them. At the moment, we are not that bad.”The plunge in oil prices since last year is ravaging Iraq’s state finances.

The government has projected a budget deficit of roughly $21bn this year and it has been building up debts to the companies developing its oil fields.Speaking on the sidelines of a financial conference in Kuwait, Zebari did not elaborate on what aid might be provided by the IMF.

He has previously said Iraq plans to raise $1.8bn this year by using Iraq’s Special Drawing Rights at the IMF, which would be different than an emergency loan program.“Iraq is not bankrupt — we have plenty of assets we can use,” he said yesterday.

But he also said, “We have a serious cash flow problem,” adding that Iraq’s financial squeeze was “very serious”.Reuters
http://thepeninsulaqatar.com/business/middle-east-business/331194/iraq-in-talks-with-imf-no-decision-yet

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Smooth Jazz Man: I'M POSTING THIS AGAIN WITH A QUESTION, DO YOU SUPPOSE THERE IS ANOTHER PURPOSE BEHIND THIS? IF THEY RV, PEOPLE ARE GOING TO INSIST THE BANKS SERVICE WHATEVER BAD LOOKING CURRENCY THEY HAVE AND THERE SHOULDN'T BE ANY LIMITATIONS FOR THAT. CAN YOU IMAGINE IF THEY HAD THREE OR FOUR 25K BILLS DAMAGED AND SUDDENLY THEY WERE WORTH 75 OR 100 USD AND THEY COULDN'T GET THEM EXCHANGED AND EVEN WERE THREATENED WITH A FINE? OMG...THEY'D BE FIGHTING OR KILLING THE BANKERS! AND THAT'S JUST THE TIP OF THE ICEBERG, THEY COULD HAVE A THOUSAND DOLLARS WORTH OF DAMAGED BILLS!

Central Bank cancels meet the fine on the damaged money for the purpose of replacing


Tue Oct 28 2014 12:14 | (Voice of Iraq) - Add Comment - Alsumaria News / Baghdad
Iraqi Central Bank announced on Tuesday, the abolition of the fine to meet for the purpose of damaged coins replaced with new ones, adding that he is trying to clean the circulation of banknotes damaged.

The bank said in a statement, "Alsumaria News" received a copy of it, he was "for the purpose of encouraging banks and financial institutions to take over the securities and cash damaged and damaged and burnt from the public has been decided to cancel the fine imposed on the damaged leaves of the currency, which was reluctant banks received from the public on the grounds are met the imposition of the fine. "

The bank added that it "seeks to clean up the trading of banknotes damaged and burnt and damaged in the markets."

And still most of the Iraqi banks and financial institutions, as well as most traders refuse to handle financial damaged banknotes and often refuse received from citizens.



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As Immunity Ends, Iraq Takes Measures to Protect its Funds

Posted: April 8, 2014 in Iraqi Dinar/Politics

(2 articles)

The government is taking action to protect Iraqi funds abroad

8/4/2014 0:00
government has taken after consultation with international experts swift measures to protect Iraq’s money abroad.

comes at a time announced by the Minister of Finance Agency purity of net debt to install 20 000 component of the gainfully employed daily within Charge of the Knights in 2008 on the permanent staffing and approve the transfer of services of employees of the Ministry of Interior of the holders of BA degree from the military to the wire civil.

Net said in an interview for «morning»: «22 next May will end the period granted by the President of the United States to provide immunity for money Iraq », stressing take a lot of measures in order to protect the money of follow-up creditors for debts that have not been resolved».

minister noted that the stakeholders met a week ago with international consultants to develop legal mechanisms and some financial procedures in order to avoid the possibility of booking money by some creditors for doubtful debts who are trying to harass Iraq using legal means ».

between net that «plan, financial, legal and came in consultation with international lawyers to protect the money, and at the same time we are working hard to settle the debt right with the parties creditor issued by the provisions of, or that have documents documented according to the Paris Club agreement that will enable Iraq during the settlement of foreign debt that his trust », expecting that« interact states with the desire of Iraq positively to end the file of debt, especially since the reconstruction of the debt exceeded more than 20 years ». , and on the Arab countries that have a debt, the minister said : «there is still a space large debt settlement amicably, especially large sums of money to Saudi Arabia, Kuwait and the Emirates», saying «the existence of a genuine desire to resolve and end its case soon as possible, pointing out at the same time that« Kuwait confirmed the proximity of the end dossier ». , it announced net being able to obtain the formal approval to install gainfully employed daily within the Charge of the Knights in the state departments of all the permanent staffing.

minister noted that the number covered by a 20 000 member, urging them to see the headquarters of the Commission to support the reconstruction and Services Basra / Presidency of the Council of Ministers, for the purpose of making sure the inclusion of their names on the lists of the installation. also noted the formation of committees to audit the data subject to the resolution, as it is being prepared detailed lists Palmhmolin for the purpose of sending the Secretariat of the Council of Ministers for approval on proofed, noting that the budget of 2014 included a financial allocation for their grades and their inclusion calculates the service they spent in their constituencies according to the law, which stipulates Add contract duration actual service.

explained Net that «decision proofed came confirmation targets Sawlat knights provide jobs unemployed sons Basra Governorate areas Other covered operations impose law 2008 as been allocated towards 20 000 jobs Bagger daily sons Basra in the service sector and other activities to develop the level of services, stressing his quest to proofed on the permanent staffing departments, similar to the provinces of Nineveh and Diyala ».

minister also said approval of the «request of a number of employees of the Ministry of Interior of the holders of BA degree shift from the military to the wire civil», saying in this connection: «we take into account the situation of university graduates in determining their level of career who are in a cop to commissioner now»., and continued: «the Interior Ministry to hold arrangements for granting degrees on Civil and cancellation of scores of military by the Department of Budget», saying «the proximity of the distribution between Civil circles after approving the budget, the public ».

http://bit.ly/1koIIK3


Yasiri: distribution of deposits in different banks abroad for the purpose of protecting
08/04/2014 01:26

MP in the parliamentary Finance Committee Abdul-Hussein al-Yasiri, on Tuesday, about the decision to distribute the Iraqi deposits in different banks abroad on the purpose of the protection of state funds.

He told Yasiri / Source News / “The Iraqi Central Bank has taken a series of measures recently aimed at protection of Iraqi funds abroad.”

The stakeholders met a week ago with international consultants to develop legal mechanisms and some financial procedures in order to avoid the possibility of booking money by some creditors for doubtful debts in Iraq who are trying to harass using legal means.

“The bank decided to distribute the Iraqi deposits on various banks abroad in order to protect them,” explaining that “deposit funds listed are a sovereign state and can not point to dispose of them at all.”

He added that “the United States to reconsider those funds within a year prior agreement with the Iraqi government.”

The Iraqi government has been taken after consultation with international experts swift measures to protect Iraq’s money abroad, and has also taken a lot of measures in order to protect the money and follow their debts to creditors that have not been settled

http://bit.ly/1e8IPGC


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CBI: 15 Arab and foreign banks have opened branches in Iraq since the beginning of this year

Posted: April 4, 2014 in Iraqi Dinar/Politics

04/04/2014 2:18 p.m.
Revealed the CBI, on Wednesday, announced the opening of 15 branches of the Arab banks or foreign country during the last three months of 2014, the current, as a result of his policy of openness to the world, noting that pulling off one branch of the Arab bank for violating the conditions laid down in the laws.

The central bank said in response to questions was sent by (long-Presse) to his administration, “The Bank approved during the first three months of this year, the opening of 15 branches of foreign banks or Arab after granted leave by the Directors of the Bank under Law No. 94 of 2004″, He pointed out that “the policy of opening up to support and encourage international banks to open branches in Iraq or participate in the capital of local banks, as this has a positive impact on the national economy.”

The central bank added that, “pull off one branch is ABC, because of his violation of the conditions stipulated by the laws of the bank.”

The governor of the Iraqi Central Bank and the Agency, Abdul-Basit Turki, had threatened during a financial conference held in Dubai, two months ago, the withdrawal of licenses of five banks operating in Iraq
(unspecified), unless they increase their capital.

It consists of the banking system in Iraq from 43 banks, as well as the central bank, and are distributed according to government ownership between seven and 30 waged, including seven Islamic, as well as six foreign banks.

http://bit.ly/Py6wwG


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As you read the following articles, remember, every country in OPEC has their own currency, as a matter of fact, most middle eastern countries have their own currency, eventually Iraq will use their legacy currency instead of the USD, they hate the USD, but the locals also don't trust the government because of Sadaam's past practices of robbing the people's money right out of the banks. So to do that, the dinar has to be worth as much or more than the value of the USD against the dinar....it's coming soon...

Finance parliamentary looking with representative of the World Bank mission a number of issues related to the Iraqi economy

Saturday, September 28 / September 2013 15:06

http://www.alliraqnews.com/images/idoblog/upload/1853/ba0b9243d3842cdc47c18ce878162203.jpg

[Baghdad where]

Parliamentary Finance Committee considered with Mary Helen represented the World Bank mission in Iraq, a number of issues related to the Iraqi economy and its importance in absorbing and creating jobs.

According to a statement of the Commission has received all of Iraq [where] a copy of it today that "MP Haider al-Abadi Chairman of the Finance Committee met last Thursday in his private office at the headquarters of the Commission, Mary Helen representative of the World Bank mission in Iraq During the meeting, they discussed a number of issues related to the Iraqi economy and its importance in absorb and create jobs and give a greater role for the private sector. "

He added that "the two sides discussed the budget in 2014 and the increasing volume of expenditure where the search for other sources of funding, such as taxes, as well as what has been accomplished on the application of financial management system [IIFMIS] and the accounting system the new government and the World Bank's role in providing expertise in that area." Ended

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Iraq's reserves of foreign exchange and what it means for the life of the citizen


28/09/2013

The Central Bank of Iraq, as in other countries of the world, the management of the national currency and maintain the value and size of rolling them.

The central bank also oversees the commercial banking system. Unlike the Commercial Bank, the central bank has a monopoly to increase the money supply in the country or be reduced, which is that prints paper currency and metal coin. The central bank controls the quantity of money supply through mechanisms such as setting interest rates and be the last resort to support the banking sector in troubled times and financial crises.

One of the main functions of the central bank to maintain the value of the national currency and protect it from fluctuations. The central bank is keen to provide cover for the national currency to build the country's reserves of foreign exchange and gold, for example.
It is said that the Iraqi Central Bank as an institution generally succeeded in this task so that the level of efficiency that is almost an island in a sea of ​​inefficiency compared with other institutions, service or productivity.

The central bank maintained at this level, although he suffered tremors before the period and attempts to undermine its independence. The bank recently announced that Iraq's reserves of gold and foreign exchange amounted to about $ 80 billion, compared with approximately $ 74 billion in June.

The governor of the Central Bank and Abdul Basit Turki agency in an interview that this increase is due to the high price of oil in world markets expected to increase reserves in the coming months as well.
Radio Free Iraq met a former adviser to the Central Bank of Iraq the appearance of Mohammed Saleh, what this means the size of the cash reserve pointed out that sovereign wealth offer strong protection for the Iraqi dinar as well as securing months import of approximately 12 months, compared with 6 months in the past, but this extreme importance if we know that Iraq imports almost everything.

He predicted a former adviser to the central bank that reflected such a strong cover provided by foreign exchange reserves of the national currency in the high purchasing power of the Iraqi dinar.
A member of the parliamentary economic committee Mahma Khalil noted that the Iraqi incremental backup by building a basket of foreign currencies and gold as well as an investment portfolio of Iraqi assets in important financial centers such as London, Paris and New York means the success of the monetary policy pursued by the central bank.

He predicted MP Mahmh Khalil to rise the value of the national currency result of the accumulation balance sovereign so that the Iraqi dinar equivalent to the U.S. dollar within the next four years (where Iraq plans to increase its oil production to 8 million barrels per day by the year 1917, as noted by the Economic Committee of Parliament.

Khalil stressed Mahmh of the importance of retaining CBI باستقلاليته the monetary policy in order to continue sound calling on the government to stop its attempts to interfere in the bank's policy, especially as the same constitution guarantees his independence.

Financial expert Majid picture cautioned that the presence of large reserves of foreign exchange alone is not enough to maintain the value of the national currency affected by external factors such as the volatility of oil prices, which sells for Iraq and the prices of goods imported by, and another internal in the forefront of the security situation and consumerism with government and private sector together to expense synergies product.

With regard to the living conditions of the citizens, the Reserve large foreign exchange means what it's supposed stability of consumer prices, but parasites exploit usually the deteriorating security situation and political instability and ignorance dealers dinar and the dollar to increase prices under various pretexts), as noted financial expert Majid picture.

Expected and the U.S. Agency for International Development late last year that leads the Iraqi economy, the economies of other Arab countries in the next five years.

Contributed to file a reporter with Radio Free Iraq in Baghdad, Ghassan Ali

Iraq's reserves of foreign exchange and what it means for the life of the citizen

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Private banks, government appeals to lift restrictions on its activities

21/09/2013

Iraq has since more than ten years a the arms folded market economy countries Page economy Alawamra and bureaucratic central planning in the years preceding the change in 2003, or so it is on paper. But the reality tells another story.

The state is still the largest employer in Iraq, with her strategic sectors such as the oil industry and mineral resources, electricity and railways. Despite allowing the private sector to work in the banking sector, the State-owned banks accounted for the lion's share of transactions and transfers, deposits and balances and bank loans.

This remains the contradiction exists between the stated policy of reliance on the private sector initiative to build the national economy and boost growth on the one hand and the continued state control of key economic sectors on the other.

With regard to the banking sector specifically, the government officials first to admit that this sector needs radical reform, especially as conditions in Iraq as it passed from the wars and isolation in the years bequeathed international sanctions banking sector lags behind developments in the work of banks.

Private banks are still saddled with restrictions prevent the takeoff to contribute to the development of the banking sector and expand the options available to the ordinary citizen and investor of banking products and services.
The government has promised to hold several amendments in this area to facilitate the work of private banks. But these banks departments confirms that what is promised by the government remained in the box promises and did not come into effect in practice.

Radio Free Iraq met with the president of the Association of Iraqi private banks Abdul Aziz Hassoun, who stressed that no harm in the presence of state banks and other civil that the relationship is unequal and not dysfunctional as it is now as provided by the government to protect the state banks, which account for 85 percent of assets, although It does not work as it is banks is a financial offices of the government, as described by Goldfinch.

And went goldfinch that the government imposes practically province on the banks, despite the progress made in its services generalized provisions of the 35 banks waged, identified with a limited number of banks failed note that with these banks capital equal to 8 billion dollars could be a start to be reckoned with in economic activity.

The Chairman of the Association of private banks Abdul Aziz Hassoun that the Iraqi Central Bank pumped every month six trillion Iraqi dinars paid salaries and agora for workers and that this money supply huge spend a consumer rather than encouraging owners to save for example, which dropped a relatively him ten years ago, despite the large increase in income .

Member of the Finance Committee in the House of Representatives Abdul Hussein al-Yasiri confirmed that a conference will be held on 28 and 29 September to listen to the demands of private banks and parliament is heading towards modify the basic material in the Banking Act to serve the interests of the private banking activity.

Yasiri said that the expected amendments to the Banking Act include substances that prevent private banks from direct investment, expressing hope that lets adjusted enter these banks sectors such as infrastructure projects and housing construction and electricity.

Economic expert on behalf of Jamil Antoine reviewed the history of private banks and positive role before nationalized in the mid-sixties, warning that restrictions on its activities today does not serve the national economy.

Suggested Bankers Ahleon to the formation of a committee of experts and specialists to reconsider the Iraqi banking sector as a whole to promote the incident and catch up with the developments in this sector.

Contributed to file a reporter with Radio Free Iraq in Baghdad, Ghassan Ali

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Maliki: Iraq among the top ten countries in the world that possess great wealth and able to construction and development

Maliki: Iraq among the top ten countries in the world that possess great wealth and able to construction and development

21-09-2013 02:40 PM

Baghdad (news) .. Was opened by Prime Minister Nuri al-Maliki Garraf oil field by the port consortium Petronas Karigala and Japex and production rate (50) thousand barrels per day.

Maliki said in a speech opening ceremony in a statement his office has received the Agency (news) copy of it: we celebrate the opening of this project is to give the letters first inside we we invest our resources properly and the second letter to the effect that Iraq's state-of-ten countries possess great wealth and capable of building and development , stressing that the process of construction and reconstruction will require a solid popular and political help in the process of construction and reconstruction.

He added: This area has suffered from neglect and ruin and become imperative for us fairness, noting that this field does not represent the issue of production, but will reflect the state of development, expertise and services that will accompany the production process, stressing that the province of Dhi Qar need further development and construction, calling for the formation of a company Dhi Qar oil in order to promote oil projects built in the province.

He stressed: support companies operating in Iraq, calling on all companies to the timeliness of completion and be a partner in the process of construction and reconstruction. / End / h. P /
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Deputy: activation code economic development strategic plans needed



نائب: تفعيل قانون التنمية الاقتصادية يحتاج الى خطط ستراتيجية

20-09-2013 11:43 AM


Baghdad (newsletter). Member of the Economic Committee, MP//Ibrahim Al-Rikabi, the law of economic development strategic plans and needs development.

Rikabi said (News Agency): the law is an important development for Iraq, especially after the passage of many setbacks that brought economic growth and reconstruction, adding that Iraq now passes by 10% and economic growth are very good compared with the industrialized countries.

He added: the bright future of Iraq during oil production and exports, adding that Iraq needs the advanced unitary development plans responsible Ministry of planning and other ministries such as industry, agriculture and trade in order to bring the economy to the national product.

The Iraqi Constitution recommended in article (26) interest in the various economic sectors and encourage investment to enhance the revenues of the national economy./finished/5 l. Eng.
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Iraqi five-year plan to diversify the economy

Published on Thursday, September 19 / September 2013 12:05
Written by: Publisher

BAGHDAD - Awan

The Iraqi government announced a five-year plan to diversify the economy away from dependence on oil and the development of the industrial sector.

But may be in the case of implementation of the plan ushered in a new phase of recovery from the effects of war and international economic sanctions, which lasted for decades. The recovery was limited since the U.S. invasion in 2003 on higher oil production.

Said Hussein al-Shahristani, deputy prime minister for energy affairs, said the government had taken a decision to focus on non-oil resources and that the new plan will focus on the industry.

Under Al_khash which covers the period from 2013 to 2017 to invest about 357 billion dollars in development projects across the country and focus on five sectors are construction, services, agriculture, education, transportation and energy.

And about 79 percent will come from these investments from the government and the rest from the private sector.

Oil will remain the largest source of government revenue in that period. It is expected that the oil revenues 768.7 trillion dinars (662 billion dollars) in five years and non-oil revenue amounting to 43.5 trillion dinars.

The Iraq aspires to raise oil production from 3.2 million barrels per day in 2012 to 9.5 million barrels per day in 2017 and the promotion of exports of 2.6 million barrels per day to six million barrels per day in 2017, assuming that the average price of a barrel of oil is $ 85 over five years.

And many analysts believe that these goals may be dumped in optimism because of logistical problems and the impact of sectarian violence on oil production and government activities.

Iraq is seeking to increase the storage capacity of crude oil for export from 10.987 million barrels to 30.057 million barrels in 2017.

The five-year plan also includes efforts to promote agricultural production to reduce Iraq's dependence on grain imports.

Sami said when the technical agent for the Iraqi Ministry of Planning, said the plan aimed to produce about six million tons of wheat in 2017, which will cover domestic consumption and raise the average barley production of 820 thousand tons in 2011 to 1.2 million tons in 2017.

The plan aims to increase the total Iraqi production rate of 13 percent per year on average and reducing the poverty rate from 19 percent in 2012 to 16 percent in 2017. The government also hopes that the plan will help to narrow the economic gaps between rural and urban areas.

СНПЧ А7 Тюмень , Обзоры Принтеров И МФУ

http://www.awaniq.com/2/index.php/2013-07-21-20-18-25/2362-2013-09-19-12-05-52

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Let me comment on this article about replacing damaged currency...no central bank tells people this, it's something that is done automatically!


Central bank: a new plan to withdraw and replace damaged currency



Grumbled a large number of citizens across the country from the growing phenomenon of damage and rupture of small groups of paper currency, with the central bank announced a plan for the withdrawal of banknotes damaged and replaced with new ones.

Observers said: "The problem of damage and rupture of the categories of banknotes 250, 500, 1,000 dinars worsened significantly within the past few months and that most of the current banknotes of these categories damaged and torn, which can cause sometimes often Baharajat and problems."



And said the deputy governor of the Iraqi Central Bank Zuhair Ali Akbar: "The government banks in the provinces did not stop the withdrawal of currency damaged from circulation, however, put an ambitious plan to print the categories of alternative techniques of high quality," adding that "the categories that will replace the damaged printed on paper better than the paper used in the printing of banknotes to neighboring countries. "

The banknotes circulating in Iraq printed in the United Kingdom by a British company, is gaining all denominations leafy current specification much better than the specifications of those that were in circulation until 2004, it was printed during the nineties in China and Iraq on paper lousy and specifications easy to counterfeit

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Member of the parliamentary Finance: Iraqi dinar exchange rate will see significant improvement against the US dollar

21-07-2013 01:07 PM



Baghdad (newsletter). Anticipating Financial Committee member MP/Kurdistan blocs Coalition/Jimmy, Iraqi dinar exchange rate improved significantly against the US dollar after the action taken by the Central Bank of Iraq and of the provisions of Chapter VII.

He said capable (News Agency): that the Central Bank would take new procedures and controls which supports the stability of the Iraqi dinar exchange rate against the US dollar, which would be a correction of errors that occurred during the past period and the Bank that led to the decline of the dinar.

He added that Iraq's exit from a for the seventh UN will contribute significantly to support the dinar exchange rate because it will stimulate trade and economic movement of the country with various countries of the world so it will reflect positively on the dinar exchange rate against foreign currencies.

The Central Bank announced its intention to adopt new procedures and controls for the sale of hard currency to support and stabilize the Iraqi dinar exchange rate against the US dollar.

Saw the Iraqi dinar exchange rate sharply in the past months, born great confusion in the local market./finished/8 l. Eng.

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JPMorgan Expands Iraqi Business

Posted on 09 July 2013

By John Lee.

JPMorgan Chase is the latest international bank after Citigroup and Standard Chartered to expand business in Iraq, reports Bloomberg.

The company has just signed a one-year agreement to help the Trade Bank of Iraq (TBI) finance imports of goods and services, John Gibbons, managing director and EMEA regional executive, told the news agency.

“Our focus is to open more letters of credit through the Trade Bank of Iraq on behalf of the government and its ministries,” he said.

JPMorgan helped set up TBI, the country’s largest bank for trade finance, to facilitate imports needed for Iraq’s postwar reconstruction.

***Our Corprotacracy has struck again! The NWO is at the wheel!

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Lifting restrictions economic development
07/03/2013 12:00 AM

Baghdad morning
Economic specialist said that Iraq would emerge from Chapter VII will enable him to act his money frozen in international banks and relieve him of all constraints Advancement of Economic incident.
She d. Fawzia Al-Attiyah »Sabah» that the obstacles that had prevented the advent of global companies to work and invest in will be gone and have him wider areas which will reflect positively on all sectors of agricultural and industrial production, which has suffered a lot of neglect as a result of conditions experienced by the country.
Pointing out that all this will serve to promote the economic reality of the projects, services and investment and benefit from the advantages possessed by the country and is invested so far, as well as absorb unemployment rampant, calling for the need to encourage Alastosmaraly the grounds that Iraq is a promising market, including owned wealth of untapped she said.

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Finance for parliamentary "Awan": the 3 steps to maintain the exchange rate of the Iraqi dinar .. In the forefront of blocking mediators
BAGHDAD - Awan
Called on the Finance Committee in the House of Representatives of the Central Bank to take 3 important steps to maintain Iraqi Srvaldanar rate against the U.S. dollar, stressing the need to block the work of intermediaries between buyers and selling auction.
A member of the Finance Committee, Abdul Hussein al-Yasiri told the "Awan" that "the central bank work very hard during the last period in order to reduce the price of the dollar against the Iraqi dinar has achieved good results," adding that "these measures are still below the level of ambition and there must be continue the efforts in order to proceed to raise the price of the dinar to the fullest, especially that Iraq is on the verge of good economic stage after coming out of the provisions of Chapter VII. "
He suggested Yasiri, MP for the coalition of state law, that "adopt management Central Bank 3 steps to preserve the Iraqi market and support the price of the dinar," noting that "there must be organizing more and structural work of an auction sale of the dollar and an end to all kinds of random devilishly."
He went on to "the need for there to be lifted to buy hard currency restrictions because we are moving to a market economy."
He Yasiri saying that "the most important step will be to prevent the work of mediators between the auction sale and the buyer," returned "the work of mediators breach of the law, those put extra money on the price of the dollar leads to rise significantly, which happened two months ago when he saw the Iraqi dinar declined unusual front hard currency. "
http://www.awaniq.com/index.php/en/2013-06-20-22-37-32/273-3

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Timid rise in the value of the dinar was accompanied by a decrease in demand for the dollar


BAGHDAD / tributary cactus

Experiencing the local market at the present time high shy of the Iraqi dinar against the dollar amid expectations of a number of companies and shops owners banking increase in the value of the Iraqi dinar in the coming period because of the touched lack of demand for the dollar and keep the citizen because of belonging to the local currency.
Says the director of Al Anwar banking and financial transfer in the Harthiya Mohammed owner that "demand for the U.S. dollar fell to a remarkable", noting that the citizens preferred to keep the local currency reverse of what it was in the past.
He adds in his speech to the extent that "the decision to remove Iraq from Chapter VII of the impact on our business since the first day price of the dollar fell dramatically.
For his part, saw Muhammad retribution SAB replace banking in the Mansour district to the extent that "the increase in the value of the Iraqi dinar natural, so why is owned by Iraq of
hard currency abroad, noting that it funds the sale of oil received by Iraq in U.S. dollars, and the abundance of this currency increases the drop height of the dinar.
And retribution expressed happiness increase the value of the Iraqi dinar, albeit a slight rise somewhat, but it is expected to reach a value to higher limits comparable to the U.S. dollar in the future.
And retribution student based on the economic side of the country, including the central bank to prepare for any sudden movement in the high or low value of the dinar on the grounds that the decision is still new and can not be known to the dollar fixed price at the present time.
Within likely Fadel Mayali, an Iraqi trader to rise more the value of the Iraqi dinar after the maximum speed which rose due to remove Iraq from Chapter VII, stressing that the Iraqi trade depends mainly on the dollar may not get upset at the outer level.
Mayali said to the extent that "the constant value of the Iraqi dinar previously is 118,000 dinars for $ category percent
And that the rise in previous periods was a result of the political conditions expected to return to that value.
Mayali stressed the need for the government bodies are ready for market movements and exchange rates against the dinar.
In the meantime, expect the Ministry of Commerce and the Federation of Chambers of Commerce to see the Iraqi market in the coming months mobility qualitatively in the buying and selling, especially after the withdrawal of Iraq from Chapter VII.
Khairallah says Hassan, Minister of Trade in a press statement: economically Iraq be the day after his release from Chapter VII economic free in dealing with many countries of the world
With adds Jaafar al-Hamdani president of the Federation of Chambers of Commerce: Yesterday was international companies fear many from entering Iraq and the capital was worried
about a lot of Iraq, today believe they stage an opportunity for all Iraqis, especially the private sector in order to build a partnership project with the Iraqi government in the process of construction and investment.
In the meantime explained Mahmoud Laithi, the member of the Federation of Chambers of Commerce: we must unite and fight terrorism and fight corruption and the corrupt even stand
up the Iraqi economy is good.

http://almadapaper.net/ar/news/447086/ارتفاع-خجول-في-قيمة-الدينار-يرافقه-انخفا

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Politicians: out of Chapter VII important government Completed




06/25/2013 12:00 AM


Citizen is looking forward to the benefits that it will return
BAGHDAD - morning - Ann Salah
Looks citizens to the benefits that will be due to the withdrawal of Iraq from the provisions of Chapter VII imposed on the country as a result invasion Saddam's State of Kuwait in 1990, and after touching the citizen in particular tragedies succumb to the provisions of this chapter, here is today awaiting what Segnih after afford the provisions of this chapter and pay for what were not his by hand from Acts confrontational. expected to vote in the UN Security Council, to remove Iraq from Chapter VII of the night next Thursday (the day of complete sovereignty), after the recommendation of the Secretary-General of the UN, Ban Ki-moon in a report submitted to the Council of Security, in which he said: that Iraq has fulfilled all its international obligations.
MPs spoke for "Center Brief for the Iraqi Media Network," for that matter, stressing that getting rid of this chapter will open up new avenues for improving the standard of living of citizens, stressing that he finished a government is important.
Iraqi List MP Raad Dahlaki stressed that the implications of the withdrawal of Iraq from Chapter VII will be witnessing the citizen through the investment of frozen Iraqi funds abroad and return to the country.
As the head of the citizen Baqir al-Zubaidi has stressed that Iraq would emerge from Chapter VII is a great achievement for the government. Between al-Zubaidi's "Center Brief for the Iraqi Media Network," "The withdrawal of Iraq from Chapter VII is accomplishing important for the government," pointing out that "this done will contribute to the return of Iraq to the fore Arab, regional and international."
It is said that the Legal Committee of the House of Representatives confirmed that Iraq would emerge from Chapter VII will bring his legal status in the international community.
For its part, the national investment confirmed that Iraq soon after his release from Chapter VII will be directed towards the international economy and the development of the banking system, which gives reassurances international companies to enter the Iraqi investment markets.
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Complete sovereignty
25/6/13 12: 00 am

Dr. Karim shaghidl
Since mid-1990, after Iraq's invasion of neighboring Kuwait toppled tyrant, and Iraq suffers under the provisions of Chapter VII, and is a serious punishment, military, political and economic, of the threat to international peace and security, and Chapter VII action is the last resort after the failure of all attempts at dispute resolution or remove threats, as is known to all that the toppled dictator, as any tyrant, bully the obstinacy insisted stupid State of occupation and annexation of Kuwait, Iraq and the international community has dealt with lightly, and underestimated the people of Iraq and the worst famine, in deed Despicable, to make our country under the international trusteeship.

The Iraqi citizen who lived those days black bitterness does not remember details of the hunger, but recovers serial humiliation and indignity, and rivers of blood and mass graves after the uprising, recalls the refraction of the army and its defeat and humiliation tent Safwan, recalling the country's fortunes darkened tyrant weapons did not keep him out of the fall and hide in Rat Terrier, and we all know where our leaders Saddam and aggressive arrogance, how much we paid our lives and she loved us and our sovereignty and dignity.

In 2008, the Security Council issued an important decision in 1959 to cancel resolution 1790, any cancellation of delegation of the multinational forces, and extend the protection of Iraqi funds for one year in order to cancel more than 40 resolutions from the provisions of Chapter VII, it wasn't so clear effect to resolution that Iraq then was under the occupation forces, the withdrawal process has formed the end of the year 2011 stage of sovereignty that we believe has not yet been completed.

We passed many obstacles to the restoration of sovereignty, since the formation of the Governing Council and the adoption of a permanent Constitution and the establishment of a democratic system, then the withdrawal of the occupier, and exit Iraq remaining international sanctions, the most important of our time, in the direction of absolute sovereignty, and this is thanks to the diplomatic efforts made by Iraq to settle files with Kuwait, imagine that after a decade on the fall of the dictator we suffer from the consequences of its policies of aggression which undermined the security of the region.

Exit Iraq from Chapter VII means getting rid of international trusteeship, the return to exercise our right to build military and economic institutions, freedom of trade exchanges, and frees up our money frozen in the banking world, in economic construction, and to restore the freedom of movement of Iraqi funds, and this is reflected at the level of production and export of oil and have additional returns on the strength of the Iraqi economy, debt settlement and other effects with some States,
>>> Iraqi dinar exchange rate stability against other currencies and perhaps height<<<, free import of capital goods, and was banned from the materials and techniques, as well as Freedom of travel, some States are still committed sanctions, Iraqis are granted entry visas to their territory, and this is a real update for sovereignty.

It was heavy and harsh sanctions relief to our people, Iraq centuries back, the time has come for the international community, should appreciate the importance of democracy and radical transformation, the value system which constitutes a threat to international peace and security is irreversible, and has instead a democratic system seeks to establish a balanced and friendly relations with everyone, from the most to the stability of the region, and most respond to terrorism, the United Nations remained, especially after settling the Kuwait file, the justification for the sanctions, and we expect The promise of resolution provisions of Chapter VII, which we expect to release soon
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Parliamentary economy: we are out of Chapter VII will restore our economic strength
Created on Saturday, June 22 / June 2013 06:44




BAGHDAD / Haidar al-Tamimi

Commission said the parliamentary economy and investment that the exit of Iraq from Chapter VII of the UN Charter, it is formatted to restore economic strength in the region, and showed n all obstacles facing Iraq in economic and financial issues will be removed by the end of sanctions.

He said the Commission's decision Mahma Khalil said that "Iraq has all its legal obligations and financial obligations to the UN Security Council resolutions and exit from Chapter VII would enable it to regain its real economy in the region," noting that "some countries regrettably played a negative role in an attempt to block out of Iraq Chapter VII. "

Khelil said that "Iraq is a strong return to the region, which derives its strength from its economy and its bounty," pointing out that "Iraq will be free from all Alaqiod imposed on him after his release from Chapter VII." Khalil between that "Iraq's foreign policy represented by the Ministry of Foreign Affairs has succeeded through the efforts made ​​during the past years to reach the stage of removing Iraq from Chapter VII," noting that "Chapter VII still restricts Iraq from the financial and economic." And that "out of Iraq from Chapter VII is to restore the prestige of the Iraqi state, after the right of the former regime damage the prestige of Iraq."

And fulfilled by Iraq with its obligations to pay 41 billion dollars to Kuwait for war reparations Iraq and Kuwait, where pay for the Iraqi people as a result of the reckless policies of the former regime. The Secretary-General of the United Nations, Ban Ki-moon said in a report submitted to the Security Council, remove Iraq from the provisions of Chapter VII after Ivaúh all its international obligations.

It is expected to vote on the Security Council to remove Iraq from Chapter VII on June 27 after the current Iraq's commitment to the implementation of all UN resolutions. These recommendations are internationalist important achievement is calculated on the successful foreign policy of the government. These recommendations emphasize the UN that Iraq returned stronger than the events of 1990, which saw the occupation of the dictatorial regime of the State of Kuwait.

The Secretary-General of the United Nations in his 35th report to the Security Council and the Security Council resolution 1284 of 1999: "It commends both Iraq and Kuwait for their efforts which led to the solution of outstanding issues between the two countries to remove Iraq from Chapter VII."

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Dodgy Dinar: Fake Passports in Bogus Banking, Currency Crisis

Posted on 01 June 2013.

By Mustafa Habib.

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

During the past month of violence, the Iraqi dinar’s value has fluctuated radically. Now black market money men are using Iraq’s poorer passport holders to take advantage of a government measure to stabilise currency.

In the middle of a long queue waiting to enter a branch of the Rafidain Bank, Iraq’s state bank and its largest, is Baghdad woman who wished only to be known as Sadoun. She’s waiting in the queue to exchange her Iraqi dinars for US$500. Although she’s not saying so now, when she gets in there to the tellers, she may well pretend she is going overseas. She may even show her passport with a forged international visa stamped inside it. This allows her to take advantage of a recent government subsidy meant to artificially maintain the Iraqi dinar’s value; the state bank buys the dinars at a higher rate.

In Sadoun’s case, she will exchange IQD1,900 for one US dollar. In the unofficial exchange shops, which are found throughout Iraq, she would exchange around IQD1,200 for one US dollar. So that difference of around 10 percent makes the waiting in this queue worthwhile.

Sadoun is not the only person doing this. The fresh round of violence in Iraq which has seen over 500 dead in May, among other factors like politics, unresolved financial issues and regional conflicts, has caused dramatic fluctuations in the value of the dinar against the US dollar. Most Iraqis use dinars for small purchases, like groceries, but use US dollars when buying bigger ticket items – one of the main reasons for this is that they don’t need to carry around bags of cash in dinars, they need only take several bills in a wallet.

As local economist Majid al-Suri told NIQASH, “the decline in the dinar against the US dollar since April can be attributed to many political issues, as well as security and financial administration problems. This has seen many merchants and businessmen transfer money outside the country, exchanging their Iraqi dinar for dollars because they’re afraid the dinar will only become more unstable. A few months ago, Iraq’s central bank was selling around US$50 to US$150 million a day,” al-Suri explained. “Now demand has increased and it’s selling more than US$400 million a day. That’s a huge increase.”

The current security problems, which are reminding locals of the violent years between 2006 and 2008 when the country was virtually in a state of civil war, has also seen projects come to a standstill and the movement of cash around the economy slow down. Wealthier Iraqis are leaving the country and foreign firms are pulling their contractors out until things calm down. “Our parent company in Turkey has decided to pull all their Turkish staff out,” said one Iraqi employee of a Turkish construction company building houses in Baghdad. “We haven’t been able to do any business here at all over the past month; Iraqis have stopped building right now.”

Against this troubled backdrop, the Iraqi government is trying to shore up the dinar’s value. They are allowing state and private banks to exchange US$5,000 for dinars at an inflated, official rate for Iraqis who hold a passport and are planning to travel overseas or for medical treatment. They may only do this once a month.

However unlicensed exchange shops have been quick to take advantage of this. Iraq’s black market money market doesn’t have too many rules or regulations – anyone can buy US dollars from hundreds of both licensed and unlicensed exchange shops. And there’s currently a difference between the official exchange rate and that on the black market of between 8 and 10 percent.

“Getting a license from the bank requires a lot of paperwork and there’s also favouritism at work,” one money changer, Kazim Jassim, from Baghdad’s Mansour neighbourhood, told NIQASH. “That’s why I just started. I’ve been doing this for seven years now and never once has anybody asked me what I’m doing, or tried to stop me,” he explains.

And those money traders are approaching people on the street – especially if they look needy – and asking them if they’d like to make a comparatively quick profit. They give them the US$5,000 to take to the bank. The money is exchanged, then changed again on the black market. The profit of around US$400 is easy money for the money changers and the person who queued at the bank gets US$100 for their trouble.

NIQASH met up with a number of people who’ve been doing this kind of bogus banking regularly. “The visa stamps on our passports are forged,” one of them told NIQASH. “The exchange shops stamp the visas on our passports so that we can show it to the bank employees in order to convince them that we are travelling abroad.”

Some of the queue-standers said the bank employees had been catching on. Some were distrustful, others demanded a cut of the profits before they would do the exchange.

As a result of all of the above, there have been plenty of criticisms made of the way the Iraqi Central Bank and the Iraqi government are handing the currency crisis.

Sadrist MP Jawad al-Shuhaili, a member of the Iraqi parliament’s integrity committee, told NIQASH that the dinar’s decline could be traced back to the removal of the former Central Bank governor, Sinan al-Shabibi. Al-Shabibi, who is generally seen to have revitalised the Central Bank after 2003, tightened up several fiscal procedures that meant smuggling money from Iraq to Iran became much harder; eventually he had an arrest warrant issued against him.

Al-Shabibi was replaced by former Minister for Human Rights, Abdel Basset Turki. And now, al-Shabibi says, “the new administration of the bank is unable to control the dollar smuggling operations”.

The integrity committee is looking into Turki’s supervision of the Central Bank, al-Shabibi said. “Initial reports indicate that the monetary policies of the central bank are not very effective and that there are corrupt officials there who must be held accountable for the country’s ineffective monitory policies,” he said.

MP Majda al-Tamimi, a member of the parliamentary finance committee, says she expects the Iraqi dinar to decline further – and not just because of the black market exchange rates. It’s a systemic problem, she says. “There is no cooperation between the state institutions,” al-Tamimi explains. “And there’s no real supervision of ministries importing products from outside Iraq, such as the ministries of health and trade.”

However it’s also obvious there are no easy solutions to these problems. “The government should reconsider its fiscal policy and it should enact financial reforms for the banking and investment sectors,” economist Basem Antoine gives NIQASH a long to-do list for the Iraqi dinar’s recovery. “It needs to enhance the role of the private sector and fight administrative and financial corruption.”

http://www.iraq-businessnews.com/2013/06/01/dodgy-dinar-fake-passports-in-bogus-banking-currency-crisis/

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Bankers accuse the central bank to encourage Arab and Iranian banks at the expense of the Iraqi




Author: HAM
Editor: BK, BS
05/15/2013 17:56

Range Press / Baghdad

Download bankers and economies, on Wednesday, the Ministry of Finance and Central Bank of Iraq responsible for the decline and the reality of private banks, local, while accusing the latter encouragement of Arab Banks and Iran at the expense of Iraq, and threatened to organize a sit-If you do not amend the laws to their work, he saw an economic analyst, that "the current circumstances do not allowed

to go towards investment banks because the banking culture "is still lacking."

This came during an economic seminar held in the building of the Gulf Bank of Iraq, in Baghdad, and was attended by a group of banks and other stakeholders, as well as (Presse term).


Banker: the central bank do es not listen to the views of the private banks

And complaining, Chairman Gulf Bank of Iraq, "not to listen Bank Center for private banks and deal with it as a subsidiary has," and urged the need to "amend some laws and regulations for the work of private banks."

He says Mounir al-Jubouri, in an interview to (range Press), on the sidelines of the seminar, said that "the Ministry of Finance to prevent official circles since the decade of the deposit accounts or accept instruments certified by private banks," noting that "the current legislation does not fit with the economic boom Iraq is going through. "

Jubouri calls for the need to "amend some laws and regulations for the work of private banks," noting that "the central bank does not listen to the views of private banks, but the deals like belonging to him."

Banker: encourage Arab and Iranian banks at the expense of the Iraqi

For his part, accuses Bank Chairman of the Iraqi economy Hossam Obaid Ali, the central bank to "encourage Arab and Iranian banks at the expense of Iraq," threatened that private banks "would seek to organize a peaceful protest if the central bank continues its current policy."

Attribute Ali in an interview with the (long-Presse) Undo the reality of private banks to "lack of confidence in the central bank it," accusing the central bank to "encourage Arab banks and Iran over Iraq despite the fact that the capital of foreign banks is not up to a quarter of that found in the counterpart Iraq. "

Ali that threatens private banks "would seek to organize a peaceful protest if the central bank continues its current policy with private banks."

Appendix: If the government does not deal with the private sector, how citizen

And sees the managing director of the Iraqi Company for Bank Guarantees Amin Abdul Sattar, that "Cooperation is missing between the public and private sectors," and wondered "If the government does not deal with the private sector, how citizens will be treated with it."

It is noteworthy curtain, in an interview to (Presse term), "The cooperation or missing coordination between the public and private sectors in Iraq," adding, "How can we expect citizens to deal with the private banking sector if the government itself does not deal with him."

Abdul Sattar calls on the government to "pack version of laws and regulations to support the banking business, particularly in the private sector."

Analyst: banking culture is still incomplete

Meanwhile, economic analyst believes, that "the current circumstances are not allowed to go towards investment banks," he said, adding that "the banking culture in Iraq is still incomplete."

He says Majid picture, in an interview to (range Press), "The banking culture in Iraq is incomplete, both for the government or banks or citizens," pointing out that there is a "need for a long time to get to a culture of cooperation between the banks and the various sectors."

This is not the first time that the attack which involved the banking sector in Iraq, where attacked politicians and bankers are Iraqis, in the first annual conference for the business, which was held at the headquarters of the Supreme Islamic Council in the capital Baghdad, in (the ninth of March 2013), fiscal policy in Iraq, and considered that the banking system in the country is the "most backward" between the countries of the region, while Benoit that the orientations of the central bank has made private banks "atypical and without a father," they saw that the "corruption" of the administrative and bureaucratic procedures in some institutions turned into "ways to blackmail."

The deputies, politicians and economists accused the Central Bank of Iraq over the past months to burn "an average of four billion dollars a month in an auction of hard currency for the benefit of ten banks, most of the capital of Gulf, you buy a day most of the claims of the Central Bank of hard currency and make a profit obscene up to six percent including them control of the Iraqi economy. "

The Cabinet decided to Iraqi (the 16th of October 2012), the prime BSA Abdul Basit Turki, the functions of the central bank governor and the agency, rather than the Governor of the Bank Previous Shabibi, against the backdrop of "charged issues of financial and administrative corruption" in the bank, especially in operations Dollar Auction, but something did not occur to the work of the bank and currency auction whereas the exchange rate of the Iraqi dinar a significant decline against the dollar, skipping from 1170 dinars to the dollar in the past autumn of 2012, to 1270 dinars to the dollar in April 2013.

The International Monetary Fund said in a report issued in (the 21 of March 2013), after the end of consultations in the Jordanian capital Amman, between a delegation from the Fund and an Iraqi delegation headed by the Minister of Planning Ali Shukri, and seen by (the long-Presse), that the improvement occurred in the financial sector , but he stressed that he still needs a "greater efforts by the central bank in the revision of monetary policy tools and strengthen banking supervision, and to accelerate the restructuring of the banking system."

The International Monetary Fund (IMF) called the CBI to "take measures to gradually towards the liberalization of foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year."

UNFPA emphasized that "the establishment of a banking system nationalist requires abandoning the current model, which is controlled in which weak banks owned by the state, which enjoys preferential treatment apart from private banks," calling on Iraq to do to strengthen its institutions, public finance to ensure efficiency and transparency in the use of oil revenues. "

It is noteworthy that the private sector has deteriorated significantly after 2003 due to increase government support him and especially for the industrial sector of it, which led to the suspension of most laboratories and factories from work due to their inability to compete with imported goods are supported in the countries that come from, that are not subject of imported for large fees, as well as local problems caused by the fuel and energy crises and lawlessness, and equipment obsolescence.
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Iraq has the potential to go to a market economy
11/05/2013 12:00 AM

Baghdad - شكران the Fatlawi
The Chairman of the Securities Commission to the importance of family businesses turned into joint-stock companies and create a larger entity able to compete and diversify the productive base and conduct strategic alliances and achieve competitive advantage of economies of scale and thus reduce costs.
He said Abdul Razak Dawood al-Saadi "morning" there is potential available to this sector on her head, the trend towards a market economy, pointing to the existence of incentives for investors, including tax breaks and legislation that will stimulate the private sector, not to mention the expertise and competencies that can promote this sector to extend the market in large quantities of products and absorb a great deal of savings national and the elimination of unemployment and its contribution to next of foreign trade, adding that the private sector has a key role in the development process in the development of the economies of countries, referring to the need to transform the family business to contribute to increase the effectiveness of support economic activity in the country.
He stressed the need for the development of family leadership skills and attract professional competencies with the importance of an internal control system based on the separation of responsibilities and clarity of plans and attention to transparency and finding every legal frameworks so as to enhance the ability to face difficulties and emergency economic crises.
He said Saadi said the positives convert family businesses to contribute to emerge from the sustainable development of the country and expand the economic base and depolarized human competencies and creating new job opportunities, in addition to its importance in the development process through the mobilization of private sector resources by small investors and savers, as noted to their contribution to the activation of the stock market through a process of indirect investment and that counted most important tools of the market economy.
He noted the need to overcome the difficulties that stand as a stone block to convert a family of companies to contribute, pointing to attract foreign investment and afford administrative expertise and technical knowledge and sophisticated technology.
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Member: financial representative intends to host the Central Bank Governor to discuss failures in the dinar exchange rate

08-04-2013 05:09 AM




Baghdad (newsletter). Member of the Finance Committee disclosed the Attorney//Secretary Hadi Abbas, the intention of the Committee to host the temporary Central Bank staff for their discussion on financial and monetary matters in the country and how to improve them.

He said Abbas (News Agency): the next few days will be hosting the Central Bank Governor and some of his aides in the House and the Finance Committee for discussion about akhavakat dinar exchange rate against the dollar, and how to develop the financial and banking sector in the country.

He added: there are many complaints about the sale and purchase of foreign exchange in the Central Bank auction, which caused low exchange rate of the Iraqi dinar against the dollar in the past period, he will be discussing all things to identify the most important challenges and come up with radical solutions.

The Iraqi market has experienced considerable unrest in recent weeks in the price of the US dollar against the Iraqi dinar as the sale price of one dollar to 1280./finished/8 l. Eng
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Specialists: counterfeit appeared in the market and to the security control

07-04-2013 12:23 PM


Baghdad (News)/report/bahtik/... It seems that the counterfeiting of currency is a lucrative business with the outlaws, which appear from time to time cases of counterfeiting Iraqi currency with five groups of thousands and ten thousand dinars.

The number of citizens complained in the governorates of Baghdad and Dhi Qar and Babil and Salaheddin the spread of counterfeit currency and dramatically in the market, pushing them to resort to buying dollars to keep their money.
Saw the US dollar exchange rate for the Iraqi dinar soared during the last period due to increased demand for purchase.

Parliament and economic specialists called on security authorities and the Central Bank to take necessary actions to prevent the spread of counterfeit money in the national economy, saying during their talk (News Agency) the importance of the withdrawal of counterfeits from the marketplace and issuing a new currency security blades are difficult to forge.

Member of the Economic Committee of the Vice-President//Amer winner, called: the Central Bank, the economic crime Directorate to take necessary actions to prevent the spread of counterfeit dinars Exchange on the local market.

He said the Agency's newsletter winner)): the phenomenon of counterfeiting of currency became prevalent in the market, particularly category (5000-10000), and is an indication of a threat to the national economy, it will lose the trust of citizens in dealing with the Iraqi dinar.

Explained: the reduction of the proliferation of counterfeit the security organs of the State through its own means to combat this economic crime and arrest the perpetrators.

He added that the Central Bank should have an important role in preventing the proliferation of counterfeit currency because it will disrupt the national economy, through issuing new currencies with high technical specifications and security fraud, blades and pull the counterfeit market in order to contribute to reducing this phenomenon.


He was the official spokesman of the Ministry of the Interior that the Directorate of economic crime in the Salahuddin province police arrested the gang specialized in foreign currency fraud and possession of a forged $ 130,000.

The Interior Ministry also said in a statement last month that ' police force to combat economic crime in Dhi Qar was able to adjust the printing of counterfeit currency during a search of a house in the central city of Nasiriyah Somer neighborhood ', indicating that the force had found $ 521 million counterfeit dinars of all categories '.

Financial expert as Hadi al-Tamimi, said the counterfeits are printed operations outside the country, because it was complex and minutes which revealed one of the security codes in the currencies, process guidance deployed the categories (5000-10000) and not all currencies.

He said Al-Tamimi (News Agency): the proliferation of these currencies in the market would distort the reputation of dinar and lose confidence of the deal, this will be a shadow over the national economy, and called on security authorities to combat this phenomenon and to arrest the perpetrators.

Said manager specialized in the sale of sand hard currency leading Aziz: the forgeries on the market long ago, but I started getting more and more, so I started the class (10,000) and now the fraud has increased significantly with the 5000 dinar.

He said Aziz (News Agency): the process of forgery is very accurate so it is difficult to distinguish between versions (and false) not only in the currency of the dinar, but even in the dollar sometimes particularly category (100) dollars.

He added: the first and last affected ordinary citizens from these operations because it is difficult for him to learn the forgery, while teller by his financial fraud reveals currencies regardless forgery detection equipment.

He noted: the majority of merchants and citizens prefer the recent dollarization without dinars to avoid the phenomenon of counterfeiting, which has led to increased demand for the dollar buying during the recent period and increased its price for JD/finished/8 n. p
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Studying foreign banks to open branches in the country
Translation: Abdul Khaliq Ali
: New York Times
Iraq is still struggling to overcome the economic effects of the war and armed actions and political rifts and the fragile security situation. For its nascent banking sector, the challenges do not stop at this point. According to the official website of the Central Bank of Iraq, there are seven state banks in the country and 32 waged banks and 15 foreign banks, but analysts say there is a section of the State-owned banks - especially the Rafidain and Rasheed - controls 90% of the banking business. Says as Khalil Al-Salem Executive Director of the Bank of الكابيتال Ahli in Jordan, which owns 72% of National Bank of Iraq, "the fact that the public banks have been given the opportunity to benefit from the funds of the public sector huge, it is natural to be marginalized banks Iraqi civil, resulting in a loss of confidence of consumers who fear the possibility of the collapse of the private banks, which constitutes a major challenge for the growth of the private banks. " On the other hand says supporter Makhlouf, regional director of the Middle East and North Africa of the International Finance Corporation in Dubai (World Bank Unit, which oversees the private sector) "There are no equal opportunities in Iraq because most of the agencies and state-owned companies - and employees - restricted in their dealings with private banks and deal only with public banks. As a result, the private sector - consisting of approximately 40 banks - a very small and limited his activity in the field of loans. "

Because of the possibility of public banks access to public funds, the capital good, but private banks, it should struggling to get deals in infrastructure competition protector in the construction and manufacturing sectors.

And adding to the difficulties, the central bank has provided two years ago, a law that defines the minimum capital requirements for all Iraqi banks at $ 215 million, will be implemented in June of this year. Says Tawfiq tempers co-director of the company ايفرشيدز of international law "there is a big issue concerning the adequacy of capital in the private banks and request the Central Bank capital increase gradually, it is likely that there will be integration of large among these banks, and possibly close some banks down, and may banks merge or buy other banks. "

If we add to that the costs of the application of risk management and anti-money laundering measures and the difficulty of running Ahli Bank in Iraq, the task seems too strenuous. However has expressed several foreign banks in recent willingness to enter the banking market in Iraq and pursuit of funding opportunities for projects in the country has a lot of untapped potential. Among these banks, Standard Bank تشاترد which gets 90% of its profits and revenues from the provision of services wholesale consumer banking in Asia, Africa and the Middle East. In the last steps, the bank plans to open three offices in Iraq. This bank has a representative office in the northern Iraqi city of Arbil.

In order to expand the activities of its customers within Iraq, the bank introduced this year a request to the Central Bank of Iraq to obtaining licenses in order to expand his office in Erbil to a branch full and to open an office in Baghdad, followed by another branch in the southern city of Basra in 2014. The bank also plans to appoint an executive director in Baghdad to oversee its work in Iraq.

http://almadapaper.net/ar/news/261546/%D8%A8%D9%86%D9%88%D9%83-%D8%A3%D8%AC%D9%86%D8%A8%D9%8A%D8%A9-%D8%AA%D8%AF%D8%B1%D8%B3-%D9%81%D8%AA%D8%AD-%D9%81%D8%B1%D9%88%D8%B9-%D9%84%D9%87%D8%A7-%D9%81%D9%8A-%D8%A7%D9%84%D8%A8%D9%84%D8%A7%D8%AF

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Investment law will undergo amendments including allowances for transitioning from central economy to a free market economy

11/18/2012 12:00 am

BAGHDAD – morning
revealed the National Investment Commission, Saturday, from entered proposed amendments new investment law and some laws that have to do side venture, indicating that the amendments being discussed in the Council of State.

said Chairman Sami al-Araji’s (Center Brief for the Iraqi Media Network) that “Investment Authority and when Law was amended investment and the application of amendments on the ground diagnosed some problems that need to be modified.”

and added that “the national investment made ​​modifications to the Council of State and Council of Ministers for consideration by the discussion and approval,” pointing out that “the amendment in investment law grants 45 days to get the investor on a vacation investment and the sectoral granted 15 days to answer the question the Board on the quality of the investment project.

“He Araji that” change from a centralized economy to a free economy still faces routine tired, which affects the final outcome in the granting of the license investment ” , pointing out that “it is not possible to put a paragraph in the investment law says it does not work with any text inconsistent with this law that other institutions have laws which also includes a paragraph does not work with any text contrary to law.”

http://bit.ly/RMBP3K
Minister for Planning: We will give the five-year plan to the Council of Ministers and the Parliament end of 2012

Friday, October 16 2 / November 2012 18:16

Minister of Planning Ali Shukri said his ministry will draft five-year plan for the coming years, to the Council of Ministers and the Parliament end of the year 2012.

The correspondent and all of Iraq [where] Planning Minister said during his visit to the city of Karbala that “the Ministry of Planning will present the five-year plan to the Council of Ministers and House of Representatives before the thirtieth of December next year 2012.”

He added that “the Ministry of Planning will be obliged to implement the five-year plan on the first of January next year 2013.”

The Iraqi government announced on April 28 of 2010 that the Council of Ministers decided to ratify the five-year national development plan for the years 2010-2014] as the final revised by the Ministry of Planning taking the amendments proposed by some ministries into consideration.

http://bit.ly/ZYc9Vb
World Bank weighs in on Iraq; CBI, Poverty, poor government, Iraqi’s should stand and demand Posted: November 14, 2012

World Bank representative in Baghdad: Iraq’s resources wasted at the expense of subsequent generations

Confirmed the Special Representative of the World Bank in Iraq Marie-Helene a transition strategy Bank of partnership short-term partnership to medium-term for four years with Iraq, adding that this strategy will allow the World Bank to focus on three grounds which targeted financial management, economic development, as well as poverty . “Long” Ms. Mary Helen met at its office in Baghdad to Thorha issues and issues related to the relationship between the World Bank in Iraq:

 How do you see the recent developments that have occurred in the CBI?
- For that matter we do not have the subjective opinion specific, and we are well aware that Iraq is an independent country with sovereignty and must be respected its decisions, and the only thing that I can say as an observer from the outside what is happening is that the deal the government transparently with this subject and reveal the real reasons for what happened, and also to know the people and specialists reasons that prompted the government or any other bodies to take such actions .. We are here asking to preserve the independence of the central bank, it is important in a country like Iraq is witnessing development in the field of economy and seeks to attract foreign investment.

 if I asked you about your opinion of the article’s central bank governor Sinan al-Shabibi what this say?
- I have had a professional relationship with Dr. Shabibi as well as personal relationship .. I find the world where a person in perceived competence and the nature of the work of the Central Bank of Iraq .. This is what can Agip within the limits of my knowledge Dr. Shabibi.

 How do you see the currency auctions and smuggled abroad?
We have no information about the smuggling of currency, but the only thing that we see is auctions currency by the Central Bank of Iraq, which could be interpreted that, according to market need, but it is the buyer who is the seller and where to go this money we do not have an idea about them.

 How do you see the influence of Syria in Iraq’s financial situation?
- It is very clear that the security situation in Syria has a significant impact on regional stability in general and affects in Iraq in particular and all this affects the neighbors with each other and, as happened with Turkey when he was an exchange of fire between Turkey and Syria.

As for the financial impact is not clear that it has the financial impact Syrian in. But I think there are some Syrians who have managed to flee from Syria and get their finances can be and put in Iraqi banks, and the possibility that there is demand for the dollar because of the Syrian crisis and we are not We have assurances or information sufficient to negate this issue also.

National Partnership Strategy
 heard from some news agencies and newspapers that the World Bank is on the verge of a national partnership strategy with Iraq this strategy? Will serve Iraq?

- This strategy will move the World Bank from a short-term partnership to medium-term partnership for four years, this strategy will focus on three foundations targeting financial management, economic development, as well as poverty.

This strategy has started after years of consultations with the Iraqi government and local governments and media organizations, academics and civil society organizations of the private sector has been through we went we bank international to provinces except such as Baghdad, Muthanna, Basra, Dahuk, Erbil and Mosul to see what they think of this strategy, which carries much funding allocated by the World Bank which is close to nine hundred million dollars for four years and because of the lack of this figure because the reason behind the limited this support is that Iraq is a rich country and has sufficient resources, a request from the World Bank training and capacity building to see weakness in the administration currently in government . She also noted that some of the tools you will use to support these three pillars mentioned above is there a loan to support the Ministry of Finance as well as another loan to build and work fast lane number one, which extends from Umm Qasr to Syria, where will implement the World Bank as part of this road and not whole it is a very big project. As well as support the work of the government in the delivery of basic services to the Iraqi people in a sustainable manner.

* What is the government’s view of this strategy?
- We had 3 short-term strategies for two years and was focused on providing support for reconstruction. The proposed strategy, which will be for four years will provide evidence to the world that Iraq is now open for business on the basis of which the World Bank has no strategy for four years.

Foundations of project selection

* Do you have current projects In Iraq? What are the sectors supported by the World Bank? And on what basis these projects were selected?
- The World Bank has since 2003 with 46 projects and here in this scheme as Trane division of the projects that have been supported, as the sector water and sewage has received 22% of it, of the total value a billion dollars and 500 million dollars again came from international companies of donor countries and another 500 million has come from the World Bank where donor funded $ 500 million and the World Bank Mall the other half, and within these other projects is to support the budget and support the education sector.

* Is it true that the World Bank impose on the government views such as the abolition of the ration card, the removal of fuel subsidies or not to increase the salaries of retirees?
- We do not charge our views on the government not discuss Multi support for raising fuel prices, but we are discussing Multi ration card and support social protection network and the reason that works and the reasons that led us to this is on these two points tasks is that there are existing methods used for the delivery of funds to the beneficiaries is not working and our dialogue with Government is Can you applied only the best service for people in need, and where these people will receive greater support from the government. The last statistics were work turned out to be in the house, which contains five of these each and every one of them received $ 150 thousand dinars and this amount is not enough to pay for the house nor education nor food so we encourage them to withdraw money from the people is in need to those who are in need have because this system gives total equal proportions who currently ميسورو case will get that but needy will remain at the bottom of society.

Unemployment in Iraq
* What is the unemployment rate and the method of calculation in Iraq?
- At first look at the size of the labor force in Iraq adults and able to work and also the proportion and number of people who are currently working in jobs and these two elements will extract or deduce the number of people who are looking actually for work, for example if we say that there is 87% of the men are working and 32 % of women work, we will find that there is a difference in the proportions of women working, where are these women? Are they working? Or looking for work? Are they workers or not in these ratios based on these data by unemployment rates, where this figure is the proportion of registered unemployed as researchers for jobs.

* What are the efforts and contributions made by the World Bank to increase employment opportunities for young people?
- The Bank has a project worth (two comma seven million dollars) to improve living conditions in the south and will be implemented this project with Save the Children of Iraq in the south and the goal of this project is to help young people in Basra on how to get a job and owning skills pertaining to computer and computer and how to conduct interview and other skills.
But as I pointed out that the strategy did not contain money or grant many for four years ahead because Iraq oil producer and these funds if requested by the government will be in the form of loans and interest rates and contain the terms and conditions for Iraq to give it back rates for this benefit and therefore The government must decide whether you will take the loan from the World Bank to complete these projects or we will use the advisory capabilities bank in project design more for the benefit of young people.

* What are the difficulties faced by your work in Iraq? Is there support and cooperation by the government side?
(After moments of silence .. smiled sarcastic and said) – There are many challenges and constraints faced by our work, one weak capabilities in government institutions and as a result, the project is delayed for the execution, and other topics such as procurement and launch of the predecessor to the issuance of visas for consultants and companies, and there are some projects that approved long ago and so far there is no exchange, and exchange existing few where there is a project has been approved in 2005 and eight years ago was not spent but only 19%, that the life span of the project from five to seven years was a must see 99 % as complete and there are also some other reasons is that some people in the decision-making centers are afraid the decision to sign some documents because system Berkratih or hesitation and fear of future error if you make this decision.

* What is the message that you would like addressed to the Iraqi people and the Iraqi government?
- My message is that Iraq has a tremendous opportunity for the development of this country for generations to come, Iraq Burke financial wonderful natural resources and unfortunately these wasted resources at the expense of future generations.
Unfortunately no methods are available for the Iraqi people to stand up and installed a good education nor electricity nor clean water and do not allow the private sector to grow, “Iraqis must be active more in demand this of their government and society that ought to move and demanded the government and there are reports of unfortunate UNICEF recently is that every hundred Iraqi children are between 1-5 children will become leaders prospective all because of lack of food, education appropriate and should be building this country based on those resources magnificent where should be used by the government wisely where can the Iraqi to enjoy the services and the level of living even if the average level. “

http://bit.ly/TZH4yZ
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CBI: Ready to intervene if inflation rate exceeds the red line

Posted: August 25, 2011
23/08/2011

Interact issue of rising inflation rates in the country and many specialists as well as citizens concerned about the news related to this, especially since the rise in inflation was not a bit within a year as it ranged from 6 to 7%.

The central bank announced that the annual inflation rate in the country amounted to more than 6 percent this year, with the exception that this rise is equal to twice what it was last year, attributing it to increased inflation, the dollar area at the global level.

The central bank adviser said the appearance of Mohammed in an interview for “Alsumaria News”, “rate of inflation in the country since February, and to June of this year amounted to 6.4% after it was 3%, in 2010,” indicating it was due to ” vulnerable to the phenomenon of inflation in the dollar on the global level, and because Iraq used the dollar in import operations.

Saleh added that “food have risen since July 2010 to July 2011 increased by 40%, and industrial materials by about 38%,” pointing to “ready the central bank to intervene in order to maintain monetary stability in the event exceeded the rate of inflation, the red line and approached the two places decimal places or less of them a certain rate. “

Saleh pointed out that “the general budget or planning for Iraq estimated for one year and not of income, capital,” pointing out that “the expenditure extends throughout the year, and therefore, there is a balance between revenues and expenditures.”

He noted the benefit that it “has been developed a budget based on an estimated deficit of about 17 trillion Iraqi dinars, and based on the price of $ 76 and a half of a barrel of oil, with export capacity of 2.0002 million barrels a day,” stressing that “if Iraq sold its oil at a higher price of 76 dollars and a half it would be a surplus budget. “

The CBI predicted in the 22 of June, the volume of inflation in Iraq during the month to 7%, while noting that high oil prices in world markets, one of the causes of inflation in the country, he stressed that commodity production National weak compared with the service production which is witnessing a rise.

Has already said the Ministry of Planning and Development Cooperation, in the 19 of June, the inflation index has been rising slightly in May 2011, compared to the previous month, stressing that the rate of inflation rose by a large margin compared with May of last year 2010.

The Central Bank of Iraq was established as a bank independent under the law of the Central Bank of Iraq issued on March 6, 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies, and management of foreign reserves, and the issuance of currency management, as well to regulate the banking sector to promote a competitive financial system and independently.

And the central bank denied that there was fraud, entered the country which led to the postponement of the project to delete the three zeros, adding that the process of removing the zeros facing the reactions of the strong points.

The central bank adviser said the appearance of Mohammed Saleh: No health on the entry of counterfeit currency into the country led to the postponement of the deletion of zeros to the notice, and that the project still exists, but ink on paper was not being implemented yet.

Saleh added that the issue of fraud and breach of law and economic crimes that exist in the list of all the countries of the world. And he continued, we faced a very strong reaction by the other parties to achieve the project to delete the three zeroes from the Iraqi currency, but despite this we as an authority we consider critical strategic project and must be applied in one day.

And between the central bank adviser to the project to delete three zeros is to re-structure of the Iraqi currency and start a new currency system, in addition to the replacement of groups 250 and 500 dinars metal currencies to facilitate a lot of things.

http://bit.ly/oI0QOS

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CBI closes more than 190 unlicensed currency dealers in Iraq

The Central Bank closed shop banking is approved

29.07.2012
Economists hailed the decision of the Iraqi Central Bank of Iraq was closed more than 190 Mketbalchirfah unlicensed dealing in U.S. dollars.

He said the economist, Dr. Hilal Taan that although this decision came too late, but he is correct and wise, because it will stand general currency smuggling, and money laundering operations, and operations of speculation, which aims to Zazh prices, and the instability of the exchange rate of the Iraqi dinar.

To the one that showed the banking stores in Baghdad displeasure with this resolution, which he said was issued without prior warning, as well as the closure of these shops will increase the price of the dollar.

While any deputy central bank governor Dr Mohammed Saleh, said that the appearance of the bank’s decision came after the discovery that there are a number of shops dealing in millions of dollars in banking without a license to practice the profession, which opens the door to several problems, including money laundering, as well as feeding the sources of terrorism.

The exchange rate of U.S. dollar against the Iraqi dinar is witnessing since the period of a few non-volatile, especially after the Iraqi Central Bank has taken measures which the size of the sale of the dollar, especially after being found smuggled to neighboring countries that suffer from economic sanctions.

http://bit.ly/OzzZ3d
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Iraq currency shops multiply as citizens trade IQD for USD; Officials say shops are flagrantly exploiting public ignorance

Posted: July 20, 2011 by THE CURRENCY NEWSHOUND
http://currencynewshound.wordpress.com/2011/07/20/iraq-currency-shops-multiply-as-citizens-trade-iqd-for-usd-officials-say-shops-are-flagrantly-exploiting-public-ignorance/

Traders are involved in damage to the opportunity of the Iraqi economy .. Officials are turning their homes into shops for the banking pending delete zeros dinar

With the approach of the countdown to reduce the zeros of the Iraqi currency by three zeros to the bottom step of the Central Bank of Iraq to rearrange the rules of the Iraqi economy, began to supported groups inside the Green Zone, assigned to currency traders collect and store a currency U.S. dollar in preparation for phase determine how zeros of the Iraqi currency and Tbdlleha to become a thousand dinars , JD and access to the numbers Alumblyaria that invaded the culture of the Iraqi economy.

Source from inside the Green Zone, says that some of the condos with leaders and officials and officers turned to the banks not matching the specifications of the storage of financial because they were filled with U.S. currency the dollar, a gain is added to the dealers that it exceeds the profit rate of 100%, where it will be the amount sold by the Iraqi currency and buyer of U.S. currency The dollar is the same amount that it will buy the Iraqi dinar once again after the whistle of the Iraqi currency.

This process has affected and three days ago at the level of trading of the currencies in central Iraq, but are invisible to this moment, but will cause major problems on the economic level for the next period.

Traders the opportunity who make a living on such stages are active in damaging the Iraqi economy and raise the crisis between the people who started many of them converts from its own funds to the U.S. currency, an approach that is almost universal in the Iraqi markets are looking for safety in the maintenance of its financial resources by turning them into dollar and then deal with the new Iraqi currency, Valqnaah that prevail in the market now, that the process of replacement of zeros of the Iraqi currency, which goes to the government seeking its implementation during the period between the end of this month, and year.

It is expected to break out conflicts and problems in society and in the Iraqi economy if the project was carried out without the education and promotion by the government in the media and open channels of its own government to alter the currency and not to rely on the black market and banking companies, which accuses currently being fed the subject of rumors about what will happen with if the project was implemented as a means to increase the chances of speculation by raising the purchase price of the dollar against the Iraqi dinar in the flagrant exploitation of public ignorance of the fact that a step the central bank.

Economic circles demanded an integrated program for public awareness and transparent display of the program delete the zeros because these decisions are not just purely financial decisions, but is located in the heart of the daily life of citizens.

http://wp.me/pZC7o-9pz
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Auction currency between the decision of the Central Association and the demands of private banks تم قراءة الموضوع 95 مرة

04/05/2011 04/05/2011
بغداد-حيدر فليح الربيعي BAGHDAD - Haider al-Rubaie Filaih
طالبت رابطة المصارف الخاصة بضرورة اعادة النظر بقرار البنك المركزي الذي منع خلاله مشاركة اي من المصارف الخاصة في مزادات العملة اليومية قبل تقديم كشوفات التحاسب الضريبي لها، وفي الوقت الذي اشارت فيه الرابطة الى ان ذلك القرار يتعارض مع سرية المعلومات الخاصة لزبائن المصارف غير الحكومية.ذكر مصدر رسمي في البنك المركزي ان من بين ابرز المساعي التي يتم التصدي لها في الوقت الحاضر هو خلق انسجام بين السياستين النقدية والمالية والتي يعد النظام الضريبي احد ابرز اركان تلك السياستين، نافيا في الوقت ذاته ما تردد من مخاوف بشأن ارتفاع معدلات التضخم بعد تراجع مبيعات المركزي من الدولار جراء عدم اشتراك المصارف الخاصة التي لم تفصح عن تحاسبها الضريبي، مؤكدا ان احتياطيات البنك من العملة الاجنبية يبلغ قرابة 54 مليار دولار وهو الأمر الذي ساهم بتعزيز قوة الدينار الذي قال انه اقوى العملات في المنطقة حاليا..في غضون ذلك قلل مدير عام الهيئة العامة للضرائب من اهمية الأمر الذي وصفه بـ (الطبيعي)، مشيرا الى ان المصارف الخاصة عبارة عن شركات مساهمة ما يحتم عليها التحاسب الضريبي ووفقا لقانون الضرائب رقم 113 لسنة 1982 النافذ.. Called the Association of Banks on the need to reconsider the decision of the Central Bank, which prevent which the participation of any of the private banks in exchange auctions daily before the submission of statements of settling accounts tax them, at a time indicated the Association that the decision is contrary to confidential information of clients of the banks non-governmental organizations. MALE An official source at the Central Bank were among the most prominent of good that is being addressed at the present time is to create harmony between monetary and fiscal policy, which is the tax system one of the main pillars of those two policies, denying at the same time, the frequency of fears about rising inflation after the decline in sales of the Central of the dollar due to lack of participation of private banks, which did not disclose Thasabha tax, stressing that the bank's reserves of foreign currency of approximately $ 54 billion, which contributed to strengthening the power of the dinar which he said was the strongest currencies in the region now .. In the meantime, Director General of the reduced General of Taxation of the importance which he described as (natural), indicating that the private banks is a joint-stock companies what they must be settling accounts and tax according to tax law No. 113 of 1982 in force ..
وكان البنك المركزي قد طالب المشاركين في مزادات العملة اليومية التي يقيمها بضرورة التحاسب الضريبي كشرط للمشاركة في تلك المزادات، الامر الذي ادى الى تراجع مبيعات المركزي من الدولار ليصل الى دون الى 20 مليون دولار، بعد ان بلغ متوسط البيع في الفترات التي سبقت القرار قرابة 130 مليون دولار على حد قول مستشاره الدكتور مظهر محمد صالح الذي اشار خلال حديثه لـ (الصباح) الى ان السرية المصرفية التي يدعي البعض بضرورة حفظها في المصارف الخاصة ينبغي ان لا تتقاطع وسياسة البلد الاقتصادية، واصفا ما تردد من مطالب بشأن الغاء القرار او اعادة النظر به كونه يتعارض وخصوصية زبائن المصارف الخاصة بـ (كلام حق يراد به باطل)، مؤكدا تلك المطاليب قد تسهم في تعزيز عمليات غسيل الاموال او انها تخفي اشياء اكبر وراءها.. The central bank has asked the participants in the auctions daily currency held by the need for settling accounts tax as a condition to participate in those auctions, which led to a decline in sales of the Central of the dollar to reach without a $ 20 million, after the average sales in the periods that preceded the decision nearly 130 million in the words of his adviser, Dr. appearance of Mohammed Saleh, who said during his speech for the (morning) that the banking secrecy that some claim should be saved in the private banks should not intersect and the country's economic policy, describing the frequency of demands for cancellation of resolution or review by the being contrary to the privacy of customers of private banks, b (words to be right for the wrong reasons), emphasizing those liabilities may contribute to the promotion of money laundering or it is hiding something more behind it ..
وقال صالح ايضا: ان سوق العملة يعد سوقا رسميا في العراق، وقد وجد لاغراض التدخل في استقرار سعر صرف الدينار العراقي، وهو يستخدم كذلك العديد من الوسائل غير المباشرة لضمان استقرار سعر الصرف، وصار القطاع الخاص يعتمد بشكل مباشر على تمويل تجارته واعماله من ذلك المزاد، لذا فمن الطبيعي ان يتعامل بقانونية مع المصارف الاخرى التي تشارك في مزاداته اليومية، وان طلب التحاسب الضريبي ماهو الا جزء رئيسي من السياسة التي يدعو اليها البنك المركزي بشكل مستمر.. Saleh said also: The currency market is the market officially in Iraq, has been found for the purposes of intervention in the stability of the Iraqi dinar exchange rate, it is used as well as many indirect means to ensure exchange rate stability, and became the private sector depends directly on the financing of his business and his works from that auction , so it is natural to deal with the legality of other banks that participate in the daily Mzhadath, settling accounts and request the tax is nothing but a key part of the policy advocated by the central bank continuously ..
ودعا صالح الى ضرورة خلق نوع من العلاقة الحميمية بين النظام الضريبي وبين المكلفين، مشددا على اهمية اعادة النظر ببعض القوانين الضريبية التي يمكن ان تعكس حالة الطمأنينة لدى الاشخاض المكلفين بالتحاسب الضريبي وتبعد عنهم المخاوف التي تنتابهم من ذلك.. He also called for the need to create a kind of intimate relationship between the tax system and between the holders, stressing the importance of re-evaluation of some of the tax laws that can reflect the status of the trust Alachkad Balthacb charge of taxation and away from them the fears that haunt them from it ..
وبشأن المخاوف من ارتفاع معدلات التضخم جراء تراجع مبيعات المركزي من الدولار، بين صالح ان البنك يمتلك من القوة ما يمكنه لعكس الاستقرار المالي في البلد، ولديه المزيد من الاجراءات التي تمكن من زيادة الاستقرار في معدلات الاسعار وفي توفير العملة الاجنبية، مشيرا الى ان الدينار العراقي يعد الان واحدا من اقوى العملات في المنطقة، وما عزز من قوته حجم احتياطيات البنك التي قال انها تبلغ قرابة الـ 54 مليار دولار.. And on fears of rising inflation due to falling sales of the Central of the dollar, between the benefit that the bank has the power as he can to reverse the country's financial stability, and has more measures that enable greater stability in the rates of prices in the provision of foreign currency, adding that the Iraqi dinar is now one of the strongest currencies in the region, and enhanced the magnitude of the volume of bank reserves, which it said amounted to approximately $ 54 billion ..
الى ذلك اوضح مدير عام الهيئة العامة للضرائب كاظم الحسيني خلال حديثه لـ (الصباح) بان النشاط الاقتصادي في العراق بكل اشكاله خاضع للتحاسب الضريبي، مبينا ان المصارف الخاصة تمارس عملها من خلال تكوين شركات لذا فهي تخضع He explained that the Director General of Taxation Kazem al-Husseini during his speech for the (morning) that the economic activity in Iraq in all its forms is subject to the charge for tax, noting that private banks operate through the formation of companies, so they are subject
بذلك الى احكام قانون ضريبة الدخل النافذ والذي يحتم عليها التحاسب بشكل مستمر مع هيئة الضرائب.. So to the provisions of the Income Tax Act in force and that they must be continuously settling accounts with the Tax Authority ..
وأوضح الحسيني ان السقف الضريبي في العراق يبلغ 15 بالمائة من صافي الارباح لاي نشاط اقتصادي، واصفا تلك النسبة بالاوطأ قياسا بباقي دول الجوار التي يخضع التحاسب الضريبي فيها الى اجراءات قانونية صارمة ونسب عالية جدا..مشيرا الى ان السقوف الضريبية في العراق لا تشكل اي عبء حقيقي على عملية التراكم الرأسمالي للنشاطات الاقتصادية المختلفة بقدر ما تعتبر دعما استثماريا.. The al-Husseini, the roof tax in Iraq at 15 percent of the net profits of any economic activity, describing the ratio Balaoto compared to the rest of the neighborhood, which is subject to settling accounts of tax to legal action strict and rates are very high .. pointing out that the ceilings tax in Iraq does not pose any burden real process of capital accumulation to various economic activities as much as it is considered an investment in support ..
وفي اشارة الى انعكاسات قرار البنك المركزي في امكانية الحد من الانشطة الاستثمارية للمصارف الخاصة التي ذكرها عدد من المعنيين في الامر بين الحسيني ان الحديث عن تاثيرات سلبية يمكن ان تحدثها المنظومة الضريبية لتحجيم النشاطات الاقتصادية ومنها عمل المصارف الخاصة امر تنقصه الدقة والموضوعية.. In a reference to the implications of Central Bank's decision to reduce the possibility of investment activities of private banks mentioned by a number of stakeholders in the matter between Husseini said talking about negative effects can be triggered by the tax system to limit economic activities, including the work of private banks is lacking in accuracy and objectivity ..
وبحسب مدير عام الضرائب فان ما نسبته 15 بالمائة من صافي الارباح وهو مقدار التحاسب الضريبي يعد في العديد من البلدان ضمن (المزايا والحوافز الضريبية) ولا تمنح الا للنشاطات الاقتصادية التي يراد تشجيعها، بينما في العراق تمنح لعموم الانشطة الاقتصادية عدا النفط بهدف تشجيعها.. According to the Director General of Taxation, the rate of 15 percent of the net profit is the amount of settling accounts tax is in many countries within the (advantages and tax incentives) will be granted only to economic activities that are meant to encourage, while in Iraq, giving the general economic activities other than oil in order to encourage ..
بدورها طالبت رابطة المصارف الخاصة(وهي رابطة تعمل على توحيد عمل المصارف الخاصة في عموم العراق وتسعى الى تنظيم عملها بشكل يمكنها من المساهمة في العملية الاقتصادية بشكل فاعل ومؤثر) طالبت البنك المركزي باهمية ايقاف القرار او اعادة النظر به، وادعت الرابطة على لسان مديرها التنفيذي بان القرار يتقاطع وسرية المعلومات المصرفية للزبائن على وجه الخصوص.. In turn, called the Association of private banks (an association working to unify the work of private banks in the whole of Iraq and seeks to organize its work can contribute to the economic process is an active and influential) demanded that the Central Bank of the importance of stopping the resolution or review by, the Association claimed on the lips of CEO that intersects the resolution and confidential banking information to customers in particular ..
وقال عبد العزيز الحسون خلال حديث ادلى به لـ (الصباح): ان طلب البنك المركزي من المصارف الخاصة بضرورة التحاسب الضريبي اثر كثيرا على حجم العمليات المصرفية الخاصة في العراق لاسيما في مجال التحويل الخارجي، مؤكدا ان العديد من المتعاملين مع المصارف الخاصة يمتنعون عن تقديم اية معلومات عن علاقاتهم الضريبية فضلا عن ان الاجراء يتعارض وسرية العمل المصرفي الخاص بحسب الحسون.. Abdul Aziz al-Hassoun during the interview with the (morning): The central bank asked banks on the need to settling accounts tax has greatly impacted on the size of private banking in Iraq, especially in the field of foreign exchange, adding that many of the dealers with the private banks are reluctant to provide any information about their tax as well as the move is contrary to the confidentiality of private banking, according to Hassoun ..
واوضح الحسون تعارض القوانين المصرفية الخاصة مع اجراء البنك المركزي التي نصت على عدم السماح بالافصاح عن المعلومات الخاصة بزبائن المصارف الا للجهات القضائية وبقرار من المحكمة.. He opposes laws goldfinch private banking with a central bank which provided not allowed to disclose information on clients of banks, but to the judicial authorities and the decision of the court ..
مؤكدا ان الزام المصارف الخاصة بتقديم بيانات عن زبائنها يعد خرقا لا تسمح به الاعراف المهنية للعمل المصرفي، فضلا عن تسببه بعزوف المتعاملين والزبائن عن تلك المصارف، غير ان اخطر ما قد ينجم عن القرار بحسب المدير التنفيذي لرابطة المصارف الخاصة هو لجوء الزبائن الى طرق قد تكون غير شرعية لتحويل الاموال الى الخارج واستقبالها من دون اللجوء الى الجهاز المصرفي في البلاد، Stressing that the commitment of private banks to provide data on their customers is a violation does not allow its norms professional banking business, as well as caused by the reluctance of clients and customers of those banks, is that the worst that can result from the decision by the Executive Director of the Association of private banks is to resort customers to the routes may be illegal to transfer money abroad, and received without recourse to the banking system in the country,
مشيرا الى ان ذلك الامر بدأ فعليا على ارض الواقع ما يدلل على تراجع مبيعات البنك المركزي التي يمثل الجزء الاكبر منها تحويلات خارجية.. He pointed out that this matter has already started on the ground is evidence of decline in central bank sales, which represents the bulk of foreign remittances
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