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Iraqi economist appearance of Mohammed Saleh's time to live a dilemma uncontrolled market and the year 2014 is not fit to replace the currency
- July 29, 2013
Iraqi economist appearance of Mohammed Saleh's time to live a dilemma uncontrolled market and the year 2014 is not fit to replace the currency
Interviewed by Abdul-Jabbar Khudair Abbas
Returned talk these days of a new on deleting three zeros from the Iraqi currency against the background out of Iraq sanctions Chapter VII as to achieve goals positive, contributing to reform the system of currency management, and enhance the confidence of citizens بعملته national at the expense of the dollar on the other hand raised the topic doubts the opponents of the project on the timing and the implications and fraud and the accompanying corruption and money laundering.
On 17 May 2013, President Barack Obama ordered to extend the term of protection of the Development Fund for Iraq to continue for an additional year until mid-2014, and this is already a decision out of Iraq from Chapter VII sanctions around for more than a month, the question is what is the fate of the Development Fund for Iraq? Will the UN resolution 1483 is still valid according to which established the Development Fund for Iraq, which indicates that the money in the fund are used for the benefit of Iraq, but he did not refer to it belong to him? Are these decisions are still valid after the withdrawal of Iraq from Chapter VII sanctions.
There are requests for some MPs against the backdrop of the high volume of Iraq's reserves of foreign currency, which reached $ 76 billion, as well as 30 tons of gold bullion investment of this reserve ..
These questions and others interviewed decade, an economist known d. The appearance of Mohammed Saleh them as follows Development Fund for Iraq what is and whether his presence is a necessity and its relation to economic renewal protection to him by U.S. President Obama?
Let's start from the fact is that Iraq under resolution 687 of 1991 resulted from it all the costs of the war waged by the Kuwait invasion, and the consequences because of it, and thus carrying Iraq's historic responsibility for this war, part of this arrangement, while Iraq signed a memorandum of understanding oil for food and medicine Year 1996 with Kofi Annan and this program is aimed at two things first, alleviating the suffering of the partial and the provision of food and secondly, and most importantly what aim it so that the oil revenues go to fund covers the 30 that make up the down payment of compensation to Kuwait plus the proportion of 4 pay the costs of the inspection teams, and for the success of the This program, developed a mechanism which opens an account on behalf of the Secretary-General of the United Nations Kofi Annan, the French bank in New York, Kofi Annan is commanding Order, and supervised by, a stirring account.
Iraq exported oil, and oil revenues are deposited in this bank, which is supervised by the Secretary-General, Iraq begins opening credits for the purchase of food, medicine and materials permitted and prohibited obscure, for example, as he gets to prevent the import pencils ..
Iraq is demanding companies confirms receipt of materials and instructs the Secretary-General launched the amounts companies processed through appropriations. All of these funds under the control of the Secretary-General for Iraq is no right to act on its own Dirhams.
The former regime to develop a mechanism anti dubbed after-sales services, student companies should take into account opened in a Lebanese banks amounted to $ 10 of the amount of the contract, placed in its favor than the amount oversized Hence began to financial and administrative corruption as extra-ordinary, for example, tons of wheat b inflates to $ 350 up to $ 600 according to this mechanism of corruption, economic and Book price $ 30 arrived in Iraq to $ 300 for the account of the Ministry of Higher Education.
Deposit ratio of 10 companies to the expense of Iraq and fictitious names, and after the start of Iraq's embassies in Beirut, Damascus and Amman collect these funds Cash and sends them to the Central Bank of Iraq, so the system was able to collect more than two billion dollars ..
Account registered in the name of the Presidential Office, after the change in May 2003, Resolution 1483 was issued after it stopped working the oil-for-food program. So it has to be to find a new mechanism more flexible than the mechanism prior to that established an account for the Iraqi Central Bank in the Federal Reserve Bank U.S. rather than the French bank placed in the bank all imports of oil and gas and oil derivatives, and any frozen funds again, is released, shall be deposited in this bank also , but keep the oil revenues are essential in this bank, being behave this account as follows behave by the Iraqi government by directing comes from the Central Bank and the Prime Minister, in the beginning it was Bremer is the head of the Coalition Authority and Minister of Finance and then solve the Prime Minister, who authorized the Secretary General of the Council of Ministers instead of him and finance minister in the Iraqi government, coming paper payments, any payment order includes the conversion billion dollars to Bank of Iraq, for example, for the establishment of Iraqi dinars, in this way the dinar issued and builds its reserves or converting billion dollars to that.
Me. TBI TBI foundations of this bank for the purposes of government financing of imports, for example, to pay for the needs of the Ministry of Commerce or health .. money in this bank is a subsidiary of the Ministry of Finance, managed by the Central Bank of Iraq on behalf of the Ministry of Finance.
Now the mechanism more easy for us but what's changed? Issued a decision in 2004 to establish the Council of State for the control and verification aims of this Council that the Iraqi oil sold in accordance with international standards, and is sold at a very high price and a low .. In terms of price and marketing ..
In order to ensure the safety of the position of the money included in the calculation of Iraq, and that the money withdrawn by the Iraqi government is for the benefit of the Iraqi people. Council is composed of one representative from the United Nations and a representative of the Arab League, said a representative of the Iraqi Finance contrast wanted the Iraqi government set up a committee mimic the Shura Council named this committee, consisting of financial experts, the Commission Kofi chaired by the President of Supreme Audit and Bmeith three financial experts.
Council of State has company accounts a mission Taatdqik international accounts in accordance with international standards, each interested audited year fund bills, payment orders, and the health of the breasts, and where did the money come from? And how they act? Commission Kofi mimic the Shura Council, the mechanism itself has continued this case to 15 »12» 2010 since the decision was made in 1956 concerning the Development Fund for Iraq for the protection of money, when it was registered account Kofi Annan, was protected one hundred percent, and these funds as long as they registered the Development Fund for Iraq is also protected by a hundred percent, but this does not preclude that it may be exposed to book on according to American laws of the Interior, and in view of the consequences of America's responsibilities as an occupying power in Iraq and there is validity to U.S. President being able to issue Omer emergency or for the protection of national security, the U.S. whereby it is possible to exclude any country with funds within the United States of any court decisions on the protection of funds and so-called Presidential Executive
This is used by Bush since the creation of the Development Fund for Iraq in 2003 and up to the present time renews each year.
What do you mean protection money and threatening this protection?
Protection means there are complaints come from trade creditors on Iraq and they are many, those of them has judicial decisions enables them from seizure of Iraqi funds where they are and some of them in the process of the courts, and some of them his allegations of fake dust war hopes stroke of luck and the Department had previously taken compensation and tries get it back again, imagine there is no known .. These forms and types.
Private-sector debt
And fears of
What size of private sector debt on Iraq and whether there is a catastrophic fears in this regard or are there dramatize her?
These creditors number is not known, and is expected to external indebtedness of the private sector foreign account for 20 of the external debt on Iraq, these are the ones who complain, the truth had taken place the process of settlement of their debts in 2006 when Iraq announced on each creditor purports to settle debts under the process of settlement of the debts on according to the Paris Club agreement if the indebtedness great example of $ 35 million or more,
Iraq granted pursuant internationally and this bond can through it to get the benefit by 5.8 and in two installments per year, and after 20 years gives 20 of the amount of any deduction 80 of the amount and mediated by this mechanism deducted 80 debt estimated at $ 17 billion so that it became debt $ 2.7 billion, and these bonds mostly have been sold in global markets, and is now in circulation, in the beginning when sold bonds, the dollar was sold for 60 cents and is currently sold at 90 cents and this is an indication that the Iraqi economy is heading right, as indicative of this increase at the same time, that Iraq is rated credit, which is now the default classification nearly classification me cite this like Iraq does not have a rated credit currently, but this approach, if Iraq were a credit workbook.
The UN Security Council Resolution 1956 on 15 »12» 2010 pointed out that the resolutions of the United Nations ends 30 »6» 2011 No protection to the Development Fund for Iraq if the circumstance is available in this case for every suit that owner-driven.
There is an indebtedness less than $ 35 million given them by the Iraqi government of 10 of indebtedness Cash these promising young Aldaúnyen as an indebtedness of some 10 thousand dollars given more than a thousand dollars, a figure approaching the Paris Club terms and calculated according to the financial account at present net
The interest rate of 20 extends for 20 years, these reach indebtedness to 4.5 billion turned into $ 450 million and in spite of all that, there are commercial creditors insist on move judicial Bdaawahm to obtain the full debt, because some of them holds a final rule under which decisions as well as the amount of requests ..
They therefore waiting for opportunities to book the Iraqi funds, wherever you are to sign the reservation and implementation of obtaining their debts from Iraq.
How much the value of these debts that were not subject to compromise and the owners insist on fully met?
This debt is not known, and this moving part not control yet, Valjhat financial Iraqi official has estimated, which was not disclosed for reasons of precaution, the fact that this file has not been decided yet, but Ptkadirati personal amount is not large nor reason to fear him, but the allegations is that arouse fear.
There are those plaintiffs who and Cefnahm researchers for a stroke of luck understanding of many. Practically nothing left of them important, partly because it came out of the books of accounts, because companies do not wait for the debt for a period of twenty years, since the statute of limitations accounts after more than 5 years.
If my estimation Profile is modest amounts not cause for concern, as there is no country in the world, not by complaints from the private sector to the United States are exposed to it. In Iraq, there is a legal committee at the Ministry of Justice and linked to the Council of Ministers, the relay of foreign debt on Iraq and complaints with the lawyers of international monitors and evaluates the movement of these debts and her secretarial permanent and work is characterized by discipline, they work with high professionalism Financial experts Iraqis, lawyers, and judges from the Ministry of Justice, and wherever move located have a responsibility to suit its response, Iraq has responded a lot of false claims.
To what extent remains on the protection of Iraqi funds and the fear stand?
The United States and at the request of Iraq, renewed protection of Iraqi funds, other applications will be completed mid-year 2014 which now there to protect the funds the Development Fund for Iraq, which we Nadira and نشرف him, but remained the same mechanism, as deducted rate of 5 from every barrel of oil sells for Iraq, the question here is what the nature of the Development Fund for Iraq?
Is a bank account normally works according to a mechanism called Opera This account consists of two section loft, and the Department basement, No. upper section enters the oil revenues for the day assigned automatically deducted from the 5 where you go to the Compensation Committee at the United Nations, to shift to Kuwait to pay compensation of $ 52 billion and the remainder of which $ 11 billion at the present time and the proportion of the 95 intervention afternoon in the Development Fund for Iraq in the account opened in the name of the Central Bank of Iraq in the interest of the Republic of Iraq.
The reason for this is the request of the United Nations Single Account for the payment of reparations to Kuwait, now and after coming out of Chapter VII sanctions, such compensation can be settled through bilateral dialogue between Iraq and Kuwait.
There are those who say this fund was established for the protection of Iraqi funds did not say it belongs to Iraq what your interpretation of this vision?
No, this money belongs to the Republic of Iraq and in my opinion is unlikely it another interpretation, but how we act now with money included in the calculation by the Central Bank of Iraq? For in accordance with resolution 1956 of 12 »5» 2010 funds included in the Development Fund for Iraq are the property of the Republic of Iraq.
Raised these days, the arguments on the deletion of three zeros from the Iraqi currency against the backdrop of the withdrawal of Iraq from the sanctions of Chapter VII and will have a positive impact numerous and there are those who believe that the circumstances and the timing is appropriate as well as provide an opportunity for a broader process of money laundering and smuggling of currency What is your comment?
All civilized nations while passing through a transition or an acute case of conflicts or runaway inflation, then see the category large number small financial value, Iraq moved from the category of 25 dinars 1980, equivalent to $ 75, equivalent to 300 thousand dinars at this time, to coin a class 25 A dinars for Atadel of only $ 21 at this time and thus become a huge cash mass and computational inflation figure, Iraq moved from OS 9 to OS 12 billion to trillion .. فالعملة increasing proportion and fit with economic activity and economic growth, if growth continues and Zdadt oil revenues and remained the currency value and composition as such, there is a potential move to the exponent 15 and go on to post-trillion number is the arithmetic then complicated then handles Iraq country Alsgerbalkuantellon ..
Question here is monetary policy or reform of management of monetary policy, the reform process is the availability of two conditions first, the availability of economic stability, which is what is happening now, there is economic growth and a large block of foreign currency exchange rate relatively stable and, second, the availability of political stability and political will, the question is whether economic stability exists Are political stability exists?
This question is difficult to answer it .. Thus, the process entails repair my account, where deleted three zeros from the currency, and when it will change all books calculations, instead of writing in 1000 would type 1 as well as the need novitiate of the fiscal year, as it begins the general budget, the largest budget in the state, with an expenditure ratio 73 of gross domestic product, Iraq is one of the largest countries in the world by public spending of GDP, we are big countries any larger size of the state in the economy, percentage of spending in the United States Ttrah between 21 to 23 and therefore the state dominance, if such a process to delete the zeros should be start with the beginning of the fiscal year, if we started to change the currency in 1 »1» 2014 timing is appropriate, help the political climate.
The answer is, no, because it is a parliamentary election year, and longer years of political stability, and the replacement of the currency in the year 2014 is doubtful.
Any decision needs to be a historic moment corresponds to the political and economic stability in conjunction with security and stability.
All what you have mentioned, as well as the political will and the monetary policy side, we need to switch all notebooks calculations, there will be عملتان at the same time, for example, if someone has given you 1000 dinars Stsgelh the new account dinars that will be recorded with the new currency account.
The process is very complex, plus assignments historical, as well as data in computers, software numeric calculations all change when traced back to old accounts, it is necessary to delete the three zeros for the purposes of the switch, in a country like Iraq is not easy, to go into so difficult and complicated, need the will and concerted the efforts of technical, political and economic high-class.
Do not you see an urgent need at the moment?
Necessary calculations of the future, and need to be a historic moment, as I said above, but on the fear of counterfeiting and smuggling of currency and intimidation exaggerated size .. I tell you the country of this size from the chaos and instability even place where counterfeiting and smuggling of this magnitude catastrophic?
I think it's exaggerated visions to the fullest extent and not reasonable or logical, why? Is the case of underestimating the ability of Iraqis arrived in this class? It is possible that the violation occurs here or there, but not to this degree of exaggeration.
Frankly, may be behind some personal motives to disrupt the project. Question Is that a good time in the next year to the currency exchange say no, but the project optimism, so projects Atnvz only in the country's currency increases and higher value addition to improved and accelerated economic growth, there is no country in the way of disappearing and seeks to alter the currency, does not offer it, but thought Yoke, in a state with accelerated economic growth and sophisticated.
Is said to cover the currency in Iraq now equals weakness What does that mean?
This is part of the philosophy of economic stability required by the replacement process, dissemination pain above the need for economic stability, and monetary stability, فالعملة the Iraqi stable, which covered more than doubled, and that's a good thing. For example, the Central Bank of Iraq could pull all of the Iraqi currency and exchange foreign currency .. This is part of the required stability and growth index and economic development and helps to accomplish such projects.
There are deputies believe that the high volume of Iraq's reserves of foreign currency to $ 76 billion, as well as 30 tons of gold bullion and out of Iraq from Chapter VII makes it necessary to invest this large reserves in the bank while the laws do not allow act Iraqi بالاحتياط what is your comment?
Central bank reserves are part of the philosophy of sovereign wealth funds, but usually dominated this part of liquidity and yield when they become large amounts of reserves it is possible to enter into overcoming the return on investment liquidity, meaning it enters the economic biggest financial investments, enter into areas Investment true to some extent, in the scope of thoughtful does not threaten the safety and liquidity of these investments.
In this case the use of the reserve be wholly or partially?
Use be partially estimated as needed, central bank reserves is the religion of the central bank by the holders of the Iraqi dinar, other sovereign wealth funds are from the general budget surplus. In countries such as Kuwait and Saudi Arabia have access to funds from oil and gas revenues, beyond their needs, the excess go him to sovereign wealth funds, as يغلبون its return on liquidity, for example, enter into real estate investments and other ... and call it a recipe diversification of financial, process diversity of financial inside if you can not invest agricultural and industrial invest in sovereign wealth funds like you invest in the real sector investment in other countries.
Not fear these funds from financial and administrative corruption?
Here's the question, you need to manage external financial professional efficient, and the International Monetary Fund (IMF) has a permanent committee to guide regarding sovereign wealth funds, where there are 30 countries in the world have sovereign wealth funds.
Walther sovereign force
Does Iraq have sovereign wealth funds?
Iraq does not have sovereign wealth funds, government revenues triple, two-thirds of its revenue conversion to JD disposal wages and salaries, underwear and a third remains Foreign Exchange opens it credits for the purposes of trade finance governmental organizations, such as the Ministry of Commerce, to import ration, imports and the Ministry of Electricity, and the Ministry of Health ...
The rest goes to other budget, the remaining so-called sovereign wealth fund is simple and so-called stabilization fund as possible evolve to protect the budget from fluctuations in oil prices is part of the sovereign wealth funds.
World Bank praises the draft reform of the banking sector in Iraq .. What happened and what its impact on the economic situation in Iraq?
International Monetary Fund (IMF) and the World Bank two financial Pttoiralqtaa meanings in Iraq, and they mean by financial markets, banks, government or private, and the Iraqi market for securities, as a secondary market of the capital market.
The theme of praise, they sometimes seem negative feedback on the performance of banks, but this does not mean that this sector does not evolve and not the level of ambition, and it is not unreasonable to banking and financial sector has not developed, the number of accounts increased and prepare branches proliferated, and then trade the private sector foreign funded and managed by Why this lightly?
The only sector is the banking sector, which operates and drives the market and despite all the disadvantages frankly, is the most active in the country there is a stark and exaggerations infringement on the private banking sector, but this Ayafah of some of the problems and abuses, is on track with some irregularities, but it steerable and treatment through the accumulation of expertise and experience .. Generally are things natural and errors occur in all countries of the world and it's not catastrophic banking sector is more sector witnessed the transition towards market liberalism in Iraq
The CBI Asdrtalimat the year 2012 private banks managed to import foreign currency, including the dollar, it has the right to import is not his right to sell?
Yeah, right .. Occurred experience at the time banks made a request because of the scarcity b Cache Why not نستورده We, the applications in the world exist, particularly for the purposes of tourism, in Iraq, the Iraqi Central Bank alone selling dollars cash with it ended the subject and published in the Official Gazette Iraqi instructions in the middle of last year whereby banks Iraqi civil after scrutiny by the Council of State, Import Foreign Exchange from its reserves or assets outside of Iraq, but with conditions that pass through the monetary authority, and the vets and those who sold a measures to combat money laundering, there are instructions issued by the facts of Iraq, join this work, but under the bank is selling dollars to banks.
Can you explain to us the difference between the concept of money laundering, smuggling of funds?
Iraq under the Convention on the International Monetary Fund and in accordance with resolution 1483, which demanded that Iraq return of normalcy to the International Monetary Fund and the World Bank Hrralhassab current balance of payments, which means the balance of goods and services and transfers from one end of any restrictions and the right of any individual to import whatever he wants and issued what he wants from without any restrictions, so the Iraqi Central Bank canceled the circle of foreign exchange controls,
and canceled all the instructions that restrict foreign remittances, created for that anti-money laundering department. It is your right to be converted for the purposes of claiming to be for trade, provided that such funds clean subject to Law No. 93 of 2004 the law against money laundering and funds crime and terrorism and established a department to combat money laundering within the central bank and founded a department to combat money laundering in banks and other outside banks, in security At the national Interior Ministry and Interpol ..
Cooperate with each other to combat money laundering. Money laundering means there money is being handled at home or abroad, the money resulting from a crime such as money selling drugs or arms trading funds .. A broad and long series of other methods of money laundering.
Question here, is in Iraq allowed the Iraqi National Capital to invest abroad any beyond national Hadhanth, for example you could Iraqi investor that emerges million dollars to invest outside of Iraq in Sudan or buy a factory in Somalia Are you allowed him to do so? This question no one answers, you Iraq Hrrahsab the capital of the balance of payments or did not free him? There is no answer. So who wants out his money invoked the import and trade grounds, out of money and this behavior falls within the smuggling of money .. It exaggerate this price list way evade the funds.
In the overall context of the Iraqi state and the constitution of the Iraqi economy is a market economy, but in government departments and institutions is going on according to your established the Mmarst centralized economy where Iraq's economic identity?
What is happening problems and Barriers back a large part of the central trends of thought, because we are not clear in our economic policy, so our weak economic identity. We do in fact live uncontrollable market predicament.
The Iraqi government should consider two things, considering the subject of the Iraqi capital, and pass a law for the introduction of the Iraqi capital and protection, and the issuance of a law regulating the exit properly protected.
There is nothing wrong if he wishes Iraqi businessman to come out million dollars to build a factory, for example, in Somalia under the supervision of the government, and converts a part of the profits and pay tax to the Iraqi government, nothing wrong in it for what we call the entry of capital into Iraq, and do not allow the Iraqi capital to invest abroad .
What kind of interest that accrue to Iraq from the Iraqi investment abroad and protect capital inflows?
This freedom will pay the heads of Iraqi funds abroad, to come to Iraq, when reassures capital free entry and exit of capital, which allows the creation of an investment climate that comfortable, but this economic climate oppressive present in Iraq and in this way teeming with concerns, and proposals such as that comes out of capital the money will not be coming back, when that will not come capital for Iraq in accordance with so repulsive Rules for capital, and so we have contributed through the existing laws to expel the capital.
Smuggling money abroad
There is money out and no longer what is your comment?
This is true, but it is exaggerated to say, today there is a graduated funds through money laundering, the source of criminal offenses and these issues Nlahakha we as well as any international law there is international cooperation in this field is limited and can not be overstated.
Overall profit opportunity today is in Iraq, it is not logical to take out money from Iraq and betting opportunities are scarce and research about the benefits of a simple reach 1, you will starve to death, the question of any crazy out money from Iraq, leaving profit opportunities enormous Aikarf curve that does not have a semi- any country in the world where the commercial market is open and profit margins are enormous, generally those traders their money out and back, but they fear فيبقون part of their money in foreign banks, يتحوطون as تسكنهم some concerns, such as tomorrow there is no money stopped transfers and according to the unstable security situation, they do not reassured and this part a little of it while the bulk of $ 85 is an investor in the trade
The 15 remaining are رجراجة, فالمسيحي who deserted from Iraq must escape his money to buy him a house there and this case applies to more than three million Iraqis migrated or abandonment of Iraq Those of Certainly they have well and money properties .. How they described?
How Iraqis lived in Syria after the change and the events of 2005 and 2006? Then there are transformations taking place across the Rafidain Bank for retirees.
According to economic growth and winning Iraq fulfill its international obligations Is it possible to classify the Iraq credit?
It is possible to have an opportunity to enter Iraq classification and credit begins to bonds sold in the international markets, it can give a picture of the economic situation in Iraq any credit worthiness of Iraq, especially after we are out of Chapter VII and across can get credit rating.
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- July 29, 2013
Iraqi economist appearance of Mohammed Saleh's time to live a dilemma uncontrolled market and the year 2014 is not fit to replace the currency
Interviewed by Abdul-Jabbar Khudair Abbas
Returned talk these days of a new on deleting three zeros from the Iraqi currency against the background out of Iraq sanctions Chapter VII as to achieve goals positive, contributing to reform the system of currency management, and enhance the confidence of citizens بعملته national at the expense of the dollar on the other hand raised the topic doubts the opponents of the project on the timing and the implications and fraud and the accompanying corruption and money laundering.
On 17 May 2013, President Barack Obama ordered to extend the term of protection of the Development Fund for Iraq to continue for an additional year until mid-2014, and this is already a decision out of Iraq from Chapter VII sanctions around for more than a month, the question is what is the fate of the Development Fund for Iraq? Will the UN resolution 1483 is still valid according to which established the Development Fund for Iraq, which indicates that the money in the fund are used for the benefit of Iraq, but he did not refer to it belong to him? Are these decisions are still valid after the withdrawal of Iraq from Chapter VII sanctions.
There are requests for some MPs against the backdrop of the high volume of Iraq's reserves of foreign currency, which reached $ 76 billion, as well as 30 tons of gold bullion investment of this reserve ..
These questions and others interviewed decade, an economist known d. The appearance of Mohammed Saleh them as follows Development Fund for Iraq what is and whether his presence is a necessity and its relation to economic renewal protection to him by U.S. President Obama?
Let's start from the fact is that Iraq under resolution 687 of 1991 resulted from it all the costs of the war waged by the Kuwait invasion, and the consequences because of it, and thus carrying Iraq's historic responsibility for this war, part of this arrangement, while Iraq signed a memorandum of understanding oil for food and medicine Year 1996 with Kofi Annan and this program is aimed at two things first, alleviating the suffering of the partial and the provision of food and secondly, and most importantly what aim it so that the oil revenues go to fund covers the 30 that make up the down payment of compensation to Kuwait plus the proportion of 4 pay the costs of the inspection teams, and for the success of the This program, developed a mechanism which opens an account on behalf of the Secretary-General of the United Nations Kofi Annan, the French bank in New York, Kofi Annan is commanding Order, and supervised by, a stirring account.
Iraq exported oil, and oil revenues are deposited in this bank, which is supervised by the Secretary-General, Iraq begins opening credits for the purchase of food, medicine and materials permitted and prohibited obscure, for example, as he gets to prevent the import pencils ..
Iraq is demanding companies confirms receipt of materials and instructs the Secretary-General launched the amounts companies processed through appropriations. All of these funds under the control of the Secretary-General for Iraq is no right to act on its own Dirhams.
The former regime to develop a mechanism anti dubbed after-sales services, student companies should take into account opened in a Lebanese banks amounted to $ 10 of the amount of the contract, placed in its favor than the amount oversized Hence began to financial and administrative corruption as extra-ordinary, for example, tons of wheat b inflates to $ 350 up to $ 600 according to this mechanism of corruption, economic and Book price $ 30 arrived in Iraq to $ 300 for the account of the Ministry of Higher Education.
Deposit ratio of 10 companies to the expense of Iraq and fictitious names, and after the start of Iraq's embassies in Beirut, Damascus and Amman collect these funds Cash and sends them to the Central Bank of Iraq, so the system was able to collect more than two billion dollars ..
Account registered in the name of the Presidential Office, after the change in May 2003, Resolution 1483 was issued after it stopped working the oil-for-food program. So it has to be to find a new mechanism more flexible than the mechanism prior to that established an account for the Iraqi Central Bank in the Federal Reserve Bank U.S. rather than the French bank placed in the bank all imports of oil and gas and oil derivatives, and any frozen funds again, is released, shall be deposited in this bank also , but keep the oil revenues are essential in this bank, being behave this account as follows behave by the Iraqi government by directing comes from the Central Bank and the Prime Minister, in the beginning it was Bremer is the head of the Coalition Authority and Minister of Finance and then solve the Prime Minister, who authorized the Secretary General of the Council of Ministers instead of him and finance minister in the Iraqi government, coming paper payments, any payment order includes the conversion billion dollars to Bank of Iraq, for example, for the establishment of Iraqi dinars, in this way the dinar issued and builds its reserves or converting billion dollars to that.
Me. TBI TBI foundations of this bank for the purposes of government financing of imports, for example, to pay for the needs of the Ministry of Commerce or health .. money in this bank is a subsidiary of the Ministry of Finance, managed by the Central Bank of Iraq on behalf of the Ministry of Finance.
Now the mechanism more easy for us but what's changed? Issued a decision in 2004 to establish the Council of State for the control and verification aims of this Council that the Iraqi oil sold in accordance with international standards, and is sold at a very high price and a low .. In terms of price and marketing ..
In order to ensure the safety of the position of the money included in the calculation of Iraq, and that the money withdrawn by the Iraqi government is for the benefit of the Iraqi people. Council is composed of one representative from the United Nations and a representative of the Arab League, said a representative of the Iraqi Finance contrast wanted the Iraqi government set up a committee mimic the Shura Council named this committee, consisting of financial experts, the Commission Kofi chaired by the President of Supreme Audit and Bmeith three financial experts.
Council of State has company accounts a mission Taatdqik international accounts in accordance with international standards, each interested audited year fund bills, payment orders, and the health of the breasts, and where did the money come from? And how they act? Commission Kofi mimic the Shura Council, the mechanism itself has continued this case to 15 »12» 2010 since the decision was made in 1956 concerning the Development Fund for Iraq for the protection of money, when it was registered account Kofi Annan, was protected one hundred percent, and these funds as long as they registered the Development Fund for Iraq is also protected by a hundred percent, but this does not preclude that it may be exposed to book on according to American laws of the Interior, and in view of the consequences of America's responsibilities as an occupying power in Iraq and there is validity to U.S. President being able to issue Omer emergency or for the protection of national security, the U.S. whereby it is possible to exclude any country with funds within the United States of any court decisions on the protection of funds and so-called Presidential Executive
This is used by Bush since the creation of the Development Fund for Iraq in 2003 and up to the present time renews each year.
What do you mean protection money and threatening this protection?
Protection means there are complaints come from trade creditors on Iraq and they are many, those of them has judicial decisions enables them from seizure of Iraqi funds where they are and some of them in the process of the courts, and some of them his allegations of fake dust war hopes stroke of luck and the Department had previously taken compensation and tries get it back again, imagine there is no known .. These forms and types.
Private-sector debt
And fears of
What size of private sector debt on Iraq and whether there is a catastrophic fears in this regard or are there dramatize her?
These creditors number is not known, and is expected to external indebtedness of the private sector foreign account for 20 of the external debt on Iraq, these are the ones who complain, the truth had taken place the process of settlement of their debts in 2006 when Iraq announced on each creditor purports to settle debts under the process of settlement of the debts on according to the Paris Club agreement if the indebtedness great example of $ 35 million or more,
Iraq granted pursuant internationally and this bond can through it to get the benefit by 5.8 and in two installments per year, and after 20 years gives 20 of the amount of any deduction 80 of the amount and mediated by this mechanism deducted 80 debt estimated at $ 17 billion so that it became debt $ 2.7 billion, and these bonds mostly have been sold in global markets, and is now in circulation, in the beginning when sold bonds, the dollar was sold for 60 cents and is currently sold at 90 cents and this is an indication that the Iraqi economy is heading right, as indicative of this increase at the same time, that Iraq is rated credit, which is now the default classification nearly classification me cite this like Iraq does not have a rated credit currently, but this approach, if Iraq were a credit workbook.
The UN Security Council Resolution 1956 on 15 »12» 2010 pointed out that the resolutions of the United Nations ends 30 »6» 2011 No protection to the Development Fund for Iraq if the circumstance is available in this case for every suit that owner-driven.
There is an indebtedness less than $ 35 million given them by the Iraqi government of 10 of indebtedness Cash these promising young Aldaúnyen as an indebtedness of some 10 thousand dollars given more than a thousand dollars, a figure approaching the Paris Club terms and calculated according to the financial account at present net
The interest rate of 20 extends for 20 years, these reach indebtedness to 4.5 billion turned into $ 450 million and in spite of all that, there are commercial creditors insist on move judicial Bdaawahm to obtain the full debt, because some of them holds a final rule under which decisions as well as the amount of requests ..
They therefore waiting for opportunities to book the Iraqi funds, wherever you are to sign the reservation and implementation of obtaining their debts from Iraq.
How much the value of these debts that were not subject to compromise and the owners insist on fully met?
This debt is not known, and this moving part not control yet, Valjhat financial Iraqi official has estimated, which was not disclosed for reasons of precaution, the fact that this file has not been decided yet, but Ptkadirati personal amount is not large nor reason to fear him, but the allegations is that arouse fear.
There are those plaintiffs who and Cefnahm researchers for a stroke of luck understanding of many. Practically nothing left of them important, partly because it came out of the books of accounts, because companies do not wait for the debt for a period of twenty years, since the statute of limitations accounts after more than 5 years.
If my estimation Profile is modest amounts not cause for concern, as there is no country in the world, not by complaints from the private sector to the United States are exposed to it. In Iraq, there is a legal committee at the Ministry of Justice and linked to the Council of Ministers, the relay of foreign debt on Iraq and complaints with the lawyers of international monitors and evaluates the movement of these debts and her secretarial permanent and work is characterized by discipline, they work with high professionalism Financial experts Iraqis, lawyers, and judges from the Ministry of Justice, and wherever move located have a responsibility to suit its response, Iraq has responded a lot of false claims.
To what extent remains on the protection of Iraqi funds and the fear stand?
The United States and at the request of Iraq, renewed protection of Iraqi funds, other applications will be completed mid-year 2014 which now there to protect the funds the Development Fund for Iraq, which we Nadira and نشرف him, but remained the same mechanism, as deducted rate of 5 from every barrel of oil sells for Iraq, the question here is what the nature of the Development Fund for Iraq?
Is a bank account normally works according to a mechanism called Opera This account consists of two section loft, and the Department basement, No. upper section enters the oil revenues for the day assigned automatically deducted from the 5 where you go to the Compensation Committee at the United Nations, to shift to Kuwait to pay compensation of $ 52 billion and the remainder of which $ 11 billion at the present time and the proportion of the 95 intervention afternoon in the Development Fund for Iraq in the account opened in the name of the Central Bank of Iraq in the interest of the Republic of Iraq.
The reason for this is the request of the United Nations Single Account for the payment of reparations to Kuwait, now and after coming out of Chapter VII sanctions, such compensation can be settled through bilateral dialogue between Iraq and Kuwait.
There are those who say this fund was established for the protection of Iraqi funds did not say it belongs to Iraq what your interpretation of this vision?
No, this money belongs to the Republic of Iraq and in my opinion is unlikely it another interpretation, but how we act now with money included in the calculation by the Central Bank of Iraq? For in accordance with resolution 1956 of 12 »5» 2010 funds included in the Development Fund for Iraq are the property of the Republic of Iraq.
Raised these days, the arguments on the deletion of three zeros from the Iraqi currency against the backdrop of the withdrawal of Iraq from the sanctions of Chapter VII and will have a positive impact numerous and there are those who believe that the circumstances and the timing is appropriate as well as provide an opportunity for a broader process of money laundering and smuggling of currency What is your comment?
All civilized nations while passing through a transition or an acute case of conflicts or runaway inflation, then see the category large number small financial value, Iraq moved from the category of 25 dinars 1980, equivalent to $ 75, equivalent to 300 thousand dinars at this time, to coin a class 25 A dinars for Atadel of only $ 21 at this time and thus become a huge cash mass and computational inflation figure, Iraq moved from OS 9 to OS 12 billion to trillion .. فالعملة increasing proportion and fit with economic activity and economic growth, if growth continues and Zdadt oil revenues and remained the currency value and composition as such, there is a potential move to the exponent 15 and go on to post-trillion number is the arithmetic then complicated then handles Iraq country Alsgerbalkuantellon ..
Question here is monetary policy or reform of management of monetary policy, the reform process is the availability of two conditions first, the availability of economic stability, which is what is happening now, there is economic growth and a large block of foreign currency exchange rate relatively stable and, second, the availability of political stability and political will, the question is whether economic stability exists Are political stability exists?
This question is difficult to answer it .. Thus, the process entails repair my account, where deleted three zeros from the currency, and when it will change all books calculations, instead of writing in 1000 would type 1 as well as the need novitiate of the fiscal year, as it begins the general budget, the largest budget in the state, with an expenditure ratio 73 of gross domestic product, Iraq is one of the largest countries in the world by public spending of GDP, we are big countries any larger size of the state in the economy, percentage of spending in the United States Ttrah between 21 to 23 and therefore the state dominance, if such a process to delete the zeros should be start with the beginning of the fiscal year, if we started to change the currency in 1 »1» 2014 timing is appropriate, help the political climate.
The answer is, no, because it is a parliamentary election year, and longer years of political stability, and the replacement of the currency in the year 2014 is doubtful.
Any decision needs to be a historic moment corresponds to the political and economic stability in conjunction with security and stability.
All what you have mentioned, as well as the political will and the monetary policy side, we need to switch all notebooks calculations, there will be عملتان at the same time, for example, if someone has given you 1000 dinars Stsgelh the new account dinars that will be recorded with the new currency account.
The process is very complex, plus assignments historical, as well as data in computers, software numeric calculations all change when traced back to old accounts, it is necessary to delete the three zeros for the purposes of the switch, in a country like Iraq is not easy, to go into so difficult and complicated, need the will and concerted the efforts of technical, political and economic high-class.
Do not you see an urgent need at the moment?
Necessary calculations of the future, and need to be a historic moment, as I said above, but on the fear of counterfeiting and smuggling of currency and intimidation exaggerated size .. I tell you the country of this size from the chaos and instability even place where counterfeiting and smuggling of this magnitude catastrophic?
I think it's exaggerated visions to the fullest extent and not reasonable or logical, why? Is the case of underestimating the ability of Iraqis arrived in this class? It is possible that the violation occurs here or there, but not to this degree of exaggeration.
Frankly, may be behind some personal motives to disrupt the project. Question Is that a good time in the next year to the currency exchange say no, but the project optimism, so projects Atnvz only in the country's currency increases and higher value addition to improved and accelerated economic growth, there is no country in the way of disappearing and seeks to alter the currency, does not offer it, but thought Yoke, in a state with accelerated economic growth and sophisticated.
Is said to cover the currency in Iraq now equals weakness What does that mean?
This is part of the philosophy of economic stability required by the replacement process, dissemination pain above the need for economic stability, and monetary stability, فالعملة the Iraqi stable, which covered more than doubled, and that's a good thing. For example, the Central Bank of Iraq could pull all of the Iraqi currency and exchange foreign currency .. This is part of the required stability and growth index and economic development and helps to accomplish such projects.
There are deputies believe that the high volume of Iraq's reserves of foreign currency to $ 76 billion, as well as 30 tons of gold bullion and out of Iraq from Chapter VII makes it necessary to invest this large reserves in the bank while the laws do not allow act Iraqi بالاحتياط what is your comment?
Central bank reserves are part of the philosophy of sovereign wealth funds, but usually dominated this part of liquidity and yield when they become large amounts of reserves it is possible to enter into overcoming the return on investment liquidity, meaning it enters the economic biggest financial investments, enter into areas Investment true to some extent, in the scope of thoughtful does not threaten the safety and liquidity of these investments.
In this case the use of the reserve be wholly or partially?
Use be partially estimated as needed, central bank reserves is the religion of the central bank by the holders of the Iraqi dinar, other sovereign wealth funds are from the general budget surplus. In countries such as Kuwait and Saudi Arabia have access to funds from oil and gas revenues, beyond their needs, the excess go him to sovereign wealth funds, as يغلبون its return on liquidity, for example, enter into real estate investments and other ... and call it a recipe diversification of financial, process diversity of financial inside if you can not invest agricultural and industrial invest in sovereign wealth funds like you invest in the real sector investment in other countries.
Not fear these funds from financial and administrative corruption?
Here's the question, you need to manage external financial professional efficient, and the International Monetary Fund (IMF) has a permanent committee to guide regarding sovereign wealth funds, where there are 30 countries in the world have sovereign wealth funds.
Walther sovereign force
Does Iraq have sovereign wealth funds?
Iraq does not have sovereign wealth funds, government revenues triple, two-thirds of its revenue conversion to JD disposal wages and salaries, underwear and a third remains Foreign Exchange opens it credits for the purposes of trade finance governmental organizations, such as the Ministry of Commerce, to import ration, imports and the Ministry of Electricity, and the Ministry of Health ...
The rest goes to other budget, the remaining so-called sovereign wealth fund is simple and so-called stabilization fund as possible evolve to protect the budget from fluctuations in oil prices is part of the sovereign wealth funds.
World Bank praises the draft reform of the banking sector in Iraq .. What happened and what its impact on the economic situation in Iraq?
International Monetary Fund (IMF) and the World Bank two financial Pttoiralqtaa meanings in Iraq, and they mean by financial markets, banks, government or private, and the Iraqi market for securities, as a secondary market of the capital market.
The theme of praise, they sometimes seem negative feedback on the performance of banks, but this does not mean that this sector does not evolve and not the level of ambition, and it is not unreasonable to banking and financial sector has not developed, the number of accounts increased and prepare branches proliferated, and then trade the private sector foreign funded and managed by Why this lightly?
The only sector is the banking sector, which operates and drives the market and despite all the disadvantages frankly, is the most active in the country there is a stark and exaggerations infringement on the private banking sector, but this Ayafah of some of the problems and abuses, is on track with some irregularities, but it steerable and treatment through the accumulation of expertise and experience .. Generally are things natural and errors occur in all countries of the world and it's not catastrophic banking sector is more sector witnessed the transition towards market liberalism in Iraq
The CBI Asdrtalimat the year 2012 private banks managed to import foreign currency, including the dollar, it has the right to import is not his right to sell?
Yeah, right .. Occurred experience at the time banks made a request because of the scarcity b Cache Why not نستورده We, the applications in the world exist, particularly for the purposes of tourism, in Iraq, the Iraqi Central Bank alone selling dollars cash with it ended the subject and published in the Official Gazette Iraqi instructions in the middle of last year whereby banks Iraqi civil after scrutiny by the Council of State, Import Foreign Exchange from its reserves or assets outside of Iraq, but with conditions that pass through the monetary authority, and the vets and those who sold a measures to combat money laundering, there are instructions issued by the facts of Iraq, join this work, but under the bank is selling dollars to banks.
Can you explain to us the difference between the concept of money laundering, smuggling of funds?
Iraq under the Convention on the International Monetary Fund and in accordance with resolution 1483, which demanded that Iraq return of normalcy to the International Monetary Fund and the World Bank Hrralhassab current balance of payments, which means the balance of goods and services and transfers from one end of any restrictions and the right of any individual to import whatever he wants and issued what he wants from without any restrictions, so the Iraqi Central Bank canceled the circle of foreign exchange controls,
and canceled all the instructions that restrict foreign remittances, created for that anti-money laundering department. It is your right to be converted for the purposes of claiming to be for trade, provided that such funds clean subject to Law No. 93 of 2004 the law against money laundering and funds crime and terrorism and established a department to combat money laundering within the central bank and founded a department to combat money laundering in banks and other outside banks, in security At the national Interior Ministry and Interpol ..
Cooperate with each other to combat money laundering. Money laundering means there money is being handled at home or abroad, the money resulting from a crime such as money selling drugs or arms trading funds .. A broad and long series of other methods of money laundering.
Question here, is in Iraq allowed the Iraqi National Capital to invest abroad any beyond national Hadhanth, for example you could Iraqi investor that emerges million dollars to invest outside of Iraq in Sudan or buy a factory in Somalia Are you allowed him to do so? This question no one answers, you Iraq Hrrahsab the capital of the balance of payments or did not free him? There is no answer. So who wants out his money invoked the import and trade grounds, out of money and this behavior falls within the smuggling of money .. It exaggerate this price list way evade the funds.
In the overall context of the Iraqi state and the constitution of the Iraqi economy is a market economy, but in government departments and institutions is going on according to your established the Mmarst centralized economy where Iraq's economic identity?
What is happening problems and Barriers back a large part of the central trends of thought, because we are not clear in our economic policy, so our weak economic identity. We do in fact live uncontrollable market predicament.
The Iraqi government should consider two things, considering the subject of the Iraqi capital, and pass a law for the introduction of the Iraqi capital and protection, and the issuance of a law regulating the exit properly protected.
There is nothing wrong if he wishes Iraqi businessman to come out million dollars to build a factory, for example, in Somalia under the supervision of the government, and converts a part of the profits and pay tax to the Iraqi government, nothing wrong in it for what we call the entry of capital into Iraq, and do not allow the Iraqi capital to invest abroad .
What kind of interest that accrue to Iraq from the Iraqi investment abroad and protect capital inflows?
This freedom will pay the heads of Iraqi funds abroad, to come to Iraq, when reassures capital free entry and exit of capital, which allows the creation of an investment climate that comfortable, but this economic climate oppressive present in Iraq and in this way teeming with concerns, and proposals such as that comes out of capital the money will not be coming back, when that will not come capital for Iraq in accordance with so repulsive Rules for capital, and so we have contributed through the existing laws to expel the capital.
Smuggling money abroad
There is money out and no longer what is your comment?
This is true, but it is exaggerated to say, today there is a graduated funds through money laundering, the source of criminal offenses and these issues Nlahakha we as well as any international law there is international cooperation in this field is limited and can not be overstated.
Overall profit opportunity today is in Iraq, it is not logical to take out money from Iraq and betting opportunities are scarce and research about the benefits of a simple reach 1, you will starve to death, the question of any crazy out money from Iraq, leaving profit opportunities enormous Aikarf curve that does not have a semi- any country in the world where the commercial market is open and profit margins are enormous, generally those traders their money out and back, but they fear فيبقون part of their money in foreign banks, يتحوطون as تسكنهم some concerns, such as tomorrow there is no money stopped transfers and according to the unstable security situation, they do not reassured and this part a little of it while the bulk of $ 85 is an investor in the trade
The 15 remaining are رجراجة, فالمسيحي who deserted from Iraq must escape his money to buy him a house there and this case applies to more than three million Iraqis migrated or abandonment of Iraq Those of Certainly they have well and money properties .. How they described?
How Iraqis lived in Syria after the change and the events of 2005 and 2006? Then there are transformations taking place across the Rafidain Bank for retirees.
According to economic growth and winning Iraq fulfill its international obligations Is it possible to classify the Iraq credit?
It is possible to have an opportunity to enter Iraq classification and credit begins to bonds sold in the international markets, it can give a picture of the economic situation in Iraq any credit worthiness of Iraq, especially after we are out of Chapter VII and across can get credit rating.
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