Iraq's Ministry of Finance

Formation of a committee to issue coins of 50 categories and 100 dinars pave the way for the abolition of zeros



BAGHDAD - Iraq Press - April 11: a prelude to remove zeros from the Iraqi currency, the parliamentary finance committee revealed the formation of a committee to issue coins of the two categories of fifty percent dinars, noting that the "Getting Started in issuing such currencies does not affect the Iraqi currency balance against the dollar." .

In this regard, committee member said Masood Haider, Saturday, that "the central bank governor and the problem is studying the matter and study the safe aspects and compared with other currencies in preparation for the start of release," pointing out that "there is a procedure to remove three zeroes as necessary to the existence of large groups of coins to replace the 50 thousand coin shop of 50 dinars category, for example. " Admiral ended


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04/11/2015 (00:01 pm)

Parliamentary Finance proposes to make large cash categories


BAGHDAD / Noor Ali

MP from the Parliamentary Finance Committee, said Haitham al-Jubouri, the committee proposed the issuance of large cash categories to control inflation and to preserve the value of the dinar against the dollar, as he emphasized that the central bank is now working to develop a thorough study on the introduction of new categories.

And between a member of the parliamentary finance committee in an interview for the "long",

"The Knesset Finance has proposed issuing coins large cash denominations in order to reduce the number and maintain the value of the Iraqi dinar against the dollar," noting that "this solution was to push people towards the replacement of the dollar in Iraqi dinars in their dealings Banking or for the purpose of storage or movement, because the reason people deal in dollars to its small size and not taking the process a great deal of movement. " 

(THERE'S NO WAY IN HELL THIS IS EVEN GOING TO HAPPEN!) He said al-Jubouri said, "If we were to give recipes dollar itself into the Iraqi dinar and worked on the issuance of currency category 100 thousand or 250 thousand dinars", the "raised is just a proposal and it is not a final decision, but the Governor of the Central Bank of Iraq promised a thorough examination of the subject, and waiting for the soon be approved. " 

However, saying "Although the likelihood of an increase in inflation, but there must be a study of the subject of the new currency launch, and how to control inflation if it happens," expected to "measure will reduce the demand for the dollar and away by all the dollarization of the Iraqi currency and the buying and selling exchange and transactions in Iraqi currency instead of dollars. " 

The member of the Finance Committee that "there are a number of solutions in order to maintain the exchange rate of the Iraqi dinar against the dollar, including the opening of new and additional windows, and that is not enough for the distribution way exchange or through banks, but there must be a direct limits, especially in currency exchange places , such as airports, etc., because the traveler needs this money, or in large commercial centers to cover the expenses of hard currency and reduce the height against the dinar. " 

Jubouri and called for "the need to free money from the state control nor endorse the integration of private banks with government banks and hand over all these powers to the government," and urged to "edit banks, even if it's in our hands to get us out until the government banks from state control and Holnaha to private banks in order to increase the powers investment and borrowing mechanisms and setting interest rates and asked it to merge large private banks Bank within the government banks in order to be private banks imprint banking transactions within the Iraqi state. " 

It is noteworthy that the US dollar exchange rate has been rising for nearly a month, up to a few days ago to 1230 dinars to the dollar.
The central bank may impose a special program of tax and customs guarantees for goods, while among banking and economic shown that it came under the guidance of the Council of Ministers to determine the work of traders and keep them away from "illegal transactions in the smuggling of" hard currency. 

The CBI also announced (24 March 2015), for the approval of the Economic Committee of the Council of Ministers on the proposal to accept the judge issued by private banks to pay taxes and fees of all instruments without a specified ceiling.

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Parliamentary Finance: the central bank is likely issuance of large coins




Thursday
09
April
2015
| 09:38
Parliamentary Finance: the central bank is likely issuance of large coins
















Qurtas News / Baghdad

Parliamentary Finance Committee revealed on Thursday that the Central Bank is likely to issue a large coins in order to minimize the number, while showed that the Bank supports the merger of private banks.

Said committee member Majda al-Tamimi's "Qurtas News" that "the Commission hosted the Central Bank officials two days ago, to discuss the work of the Bank and its relationship banks, as well as discuss the assets and net reserves of domestic credit and the net in the balance sheet of the bank, and the basis of cash and the impact of increasing oil reserves, which leads to reduce cash basis. "

Tamimi explained that "the central bank justified the lack of implementation of the project to delete the zeros because this process does not reduce the size of the paper," asserting "the benefit of the largest export categories to reduce the number, to maintain the value of the dinar."

Tamimi pointed out that "the Central Bank supported the need for the integration of private banks and activation of banking activity, because most of the banks need to support and strengthen its credit and bank transactions."

Parliamentary Finance Committee, headed by Ahmad Chalabi, the Commission and members of the Committee on April 6 the current central bank governor and his senior staff and hosted.

The banking system consists in Iraq from 43 banks, as well as the Central Bank, and distributed according to government ownership between seven and 30 waged, including the Islamic seven, as well as six foreign banks which is distributed by Branch 600 in the whole of Iraq.
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Parliamentary Finance: the involvement of civil and state banks out money laundering up to $ 4 billion

Baghdad-Iraq Press -7 April: the parliamentary finance committee revealed on Tuesday, about the involvement of government and community banks and other Arab money laundering in Iraq, while confirming that the money up to four billion dollars.

A member of the Committee Faleh force, said that "the Iraqi economy suffered a massive smuggling operations of the funds during the past three years," noting that "there is money laundering and smuggling."

He added that the force "smuggling and washing operations, where banks Iraqi civil unknown owner" involved, adding that "some government banks contributed to the financing of certain amounts."

He continued that "sometimes up the value of the amounts through money laundering operations to four billion dollars in Iraqi dinars any Mikabl 5 trillion Iraqi," asking, "Who is the person who has this amount of Iraqi currency?".

He said in effect that "some of the Iraqi government banks contributed to funding, while the civil washing and conversion process, for goods does not exist and fake invoices," pointing out that "there are banks and clear-cut, which turned her money is in Dubai and Oman, and that these banks belong to those countries." .

He explained that "the measures that have omitted money laundering Iraqi bank department did not have the required level, and did not seize any person washing despite the presence of the law defines the functions of this department," noting that "the Ministry of Finance as if a hand spectator was not effective and weatherproof washings, during the last period." .anthy (1)

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04/06/2015 (00:01 pm)
Parliamentary Finance Committee constituted a five-year follow-up of money laundering and currency smuggling operations
Parliamentary Finance Committee constituted a five-year follow-up of money laundering and currency smuggling operations


BAGHDAD / Amer Mohi

Parliamentary Finance Committee announced the formation of a committee to follow up on a five-year money-laundering and smuggling dollar out of the country. While confirmed that stop manipulation would raise the value of the Iraqi dinar against the dollar, an expert called to involve combat economic crime with a five-member committee to acquire "legal force" and arrest the perpetrators of economic crimes.

She said a member of the parliamentary finance committee pros Hamadoun in an interview for the "long" that "the Iraqi currency suffer from low against the dollar, which led to the need to form a committee to follow up the money laundering and smuggling of foreign currency operations committee was formed to follow up on this matter and verify it," indicating that "The committee that will include members of the Economic Committee, Ministry of Finance, in addition to the General Authority for Customs and taxes." 

She said Hamadoun saying that "the Commission will follow up the work of the Central Bank and the amounts of money that will be sold, in addition to the follow-up work of the government and private banks, which sells large numbers of the dollar," noting that "he did not specify the names of the Finance Committee members who will participate in this committee, this will be managed According to the consensus among member Committee. " 

She said, "members of the committee are determined to work very seriously to pursue violations and corruption, which gets a result of money laundering and smuggling of currency abroad," predicting that "stop currency manipulation will contribute significantly to the decline in the dollar rate against the dinar." 

For his part, economist Ahmed Atwani said in a statement to the "long", that "money laundering and smuggling of foreign currencies phenomena that emerged strongly after 2003 as a result of the emergence of mafias financial and economic due to the weakness of the rule of law and the low performance of the regulatory agencies," noting that "money laundering operations are international crime has a direct connection to the activities of illegal sector work secret, which is known as the shadow economy or the hidden economy. " 

He Atwani saying that "money laundering may be linked to some of the major economic crimes phenomenon of trafficking of prohibited substances and internationally banned and by which the Acquistion of legal legitimacy of funds of illicit origin, either foreign currency smuggling is the worst threat to the Iraqi economy."
He explained Atwani that "the phenomenon has grown through the exploitation of the central bank action to provide cheap dollar by currency auction without strict control measures on import operations, creating a great opportunity for financial mafias remove large amounts of dollar out of Iraq", blaming "regulatory responsibility for the growing phenomena and to develop Fast processors to coincide with the CBI action. " 

He expert "The committee, which will be a very big coming days, tasks, and in the case of the Commission led its business in a professional manner and applied systems and standards regulatory limit and dramatically waste operations in foreign currencies provided by the Central Bank of Iraq, which will contribute to reducing the demand for the dollar is positively reflected the Iraqi dinar exchange rate and the decay of the role of the parallel market rates of exchange rate ", calling for" the introduction of the fight against the Interior Ministry's economic crime devices to this Committee to gain legal force to make the arrest of the perpetrators of these crimes and economic measures. " 

Parliamentary Finance Committee and hosted the Finance Minister, Hoshyar Zebari, and the Governor of the Central Bank on the Keywords search for hard currency smuggling and money laundering.  A member of the parliamentary Finance Committee MP for the Liberal bloc Hossam punitive, earlier, to take punitive action against banks that facilitate money laundering process and contribute to sabotage the Iraqi economy. 

He said punitive, "it was an agreement between the Finance Committee after attending the Finance Minister, Hoshyar Zebari, and the Director of Money Laundering Office to the House of Representatives on Wednesday, to hold the first meeting in the presence of financial committees and the Parliamentary Integrity and the economy with the Presidency of the Council for the purpose of discussing the subject of money laundering and take deterrent action against the perpetrators sabotaging the economy. "
He announced punitive for "the formation of a parliamentary committee supreme for the investigation of money laundering case, because of the subject of high-risk and negative impact on the Iraqi economy," noting that "the World Bank warned of the repercussions of the washing process taking place in Iraq, and the failure of the extremely dangerous." 

He explained punitive "The Finance Minister Hoshyar Zebari told us that the money laundering affects the lower central bank reserves of hard currency," pointing out that "there are a number of private banks are covering up the money laundering process through remittances out of Iraq," stressing that "measures deterrent against banks that facilitate that process and working to sabotage the Iraqi economy. " 

He revealed the parliamentary finance committee member Masood Haider (April 4, 2015) that the committee has formed a committee for the five-year follow-up and verification in money laundering and smuggling of foreign currency operation. 

Haider said in a press statement that "the Commission held a meeting with the Minister of Finance and Director of the General Commission for Taxes and Customs and director of the Anti-Money Laundering and representatives from the Central Bank, on the subject of money laundering and showed their willingness to cooperate, noting that the Committee will hold a hearing with the committees of integrity, investment and economy, parliamentary, and then with body presidency to inform them of the course of events and the committee's findings. "

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About the Department of Economic Development

Department of Economic Development was founded in 2005 as a result of the urgent need for the requirements of the interest of the work under the approval of the General Secretariat of the Council of Ministers No.
S 6 \ 1 \ 46 \ 2812 in 4 \ 4 \ 2005

Holds the Department of Economic Development : -

1. create a medium-term economic framework takes into account the compatibility between strengthen the bonds of macro-economic events in the economic and financial aspects and work to create an integrative case between the financial goals of the macro-economy .

2. coordination between different departments of finance, such as the Budget Department and fund Iraqi Foreign Development and other ministries (such as oil, Planning and Trade) and the Central Bank of Iraq for creating regular reports of various financial government activities and budget analysis and financial achievements of the college plans, and make proposals on alternative fiscal policies .
3. provide scientific advice on reform of the general economy and support policies and tax policy .

4. Participation in meetings of global institutions such as the IMF and the World Bank to study the economic reform programs and the development of Iraqi capabilities in various fields .

  Consists of the following sections : -

  1. Technical Information Service : _

    The Section ............

  A - Preparation of special economic activities reports and findings of research as well as

Issuing pamphlets and periodicals in various economic issues and the preparation of training and development programs 

To staff the department .

(B) the preparation of statistical information according to scientific bases can utilize them by other sections of the Economic Department in order to achieve its goals .

(C) preparation software and save the information and files for easy reference in addition to keeping research and reports prepared by other sections of the department .

2. Economic Policy Department : -

   The Section ..........

A-financial analysis and the general budget and internal and external debt and provide financial advice in the preparation for the adoption of the federal budget of the State Planning and Economic Policy

B-analysis of monetary instruments in coordination with the Central Bank in terms of monetary policy management and work on the development of financial institutions and markets and related Iraqi banks policy .

  C-analysis of the nature of the national income and topics related to the overall performance of the system for measuring economic achievements through a series of economic criteria such as GDP college ..... etc. .

  D-preparing structures for economic models in order to configure a comprehensive predictive models for the structure of the Iraqi economy to provide quantitative analysis of the variables that affect it and the amount of this effect, which helps to develop an economic policy contribute to economic planning process for multiple sets of variables college .

3. Department of International Economic Relations : -
The Section .....

    A - study conditionalities of international financial organizations and the expected effects of these conditionalities and the extent to which in the light of the reality of the Iraqi economy and ways to adapt in line with that with that reality, especially dealing with the mechanisms of the IMF and World Bank .

    (B) the study of Iraq's accession to such international organizations and other bilateral and multilateral trade agreements and mechanisms, and to determine the consistency between the conditions imposed between these different organizations and the Iraqi side and the analysis of the feasibility of such agreements on Iraqi reality .

4. Department of Banking Reform - And take special drawing banking reform policies that can contribute to the development of the Iraqi economy in line with the new trends Studies tasks .

5. Tax Policy Department : -

A Department consultant specializing draw tax policies related to taxes both types of direct and indirect as well as the preparation of laws and regulations concerning taxes and propose any models for new types of taxes projects in addition to the study of the administrative structures of the models proposed tax and providing tax consulting necessary, as well as the preparation and review of double taxation and prevention of fiscal evasion agreement .

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