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President of the Office of Financial Supervision: Near the launch of treasury bonds for contractors and farmers
08/06/2017 0:00
In an interview with the (morning)
Baghdad / Tariq al- Araji ,
said President of the Office of Financial Supervision , Dr. Salah Nouri behind the completion of auditing contractors and farmers files who have the entitlements of the state in the past years, revealing near the launch of treasury bonds to them by the central bank, while counting the return to work import by opening letters of credit , along with the adoption of the electronic system " the best solution" to stop the wastage in hard currency.
Khalaf said in an interview with the "morning" in response to a question about the optimal solution to stop or control the wastage happening in hard currency: The best solution to the waste of hard currency is, first, to return to the import of goods through letters of credit conditional terms of which an external objective outside of the will of the State, including the indoor, the conditions external ones that the trader, before 2003, it was imported by letter of credit through the Central Bank through an external transfer is allowed to deposit funds in the bank and enter account the goods and then are imported, but after 2003 due to external conditions, most of international banks Foreign confidence withheld from the Rafidain Bank because he was the only one in charge of remittances as well as the country 's financial situation did not allow it. But in 2004 , was an alternative to Rafidain Bank , the establishment of a Trade Bank of Iraq and this new bank , won a good reputation and acceptance has been dealt with, but that the bank covers imports within the government investment budget as well as the number of traders is limited. When the appearance of the central bank auction activity was central in his intention to maintain the price of the Iraqi dinar and ensure that inflation and the lack of high commodity by one monetary policy tools to maintain price stability on the stock market and currency occurs. Hard currency leak added behind the big economic problem in the country reflected on the monetary policy and this problem (economic) is that there is no local production covers part of the need for or sufficiency there is no agricultural production is not artificial in the sense that all the needs of the country, or most of them, come through import this means the leak of hard currency and this process obliged the central bank, to maintain prices, provide currency to the dollar for the withdrawal of the Iraqi dinar in order to control inflation, and despite the huge amount of the sale of the central bank was not affected because oil prices were high, as the dollar sold by the central bank It comes from the Ministry of Finance after buying them and invested in US Treasury also gold investments, and the remaining has a mass of dollars and this is called the reserve .. Thus the bank when selling is not affected because the process is going on there is the sale of oil and the entry of a large currency to the Ministry of Finance sells it to the bank and the rest has backed up, and when low oil prices in 2014 reduced the size of hyphenated dollars to the Ministry of Finance and the private sector continuing to import and needs to currency and the central bank continued to sell and the reserve fell .. the question here: Is that import fits the local need, of course not overpriced P E Here is the problem in the waste of the currency and to reduce the waste of hard currency must control the mechanics of import of goods and knowledge of the fact that their documents through Mttor.obsaalh electronic system for the offending and the beneficiary of the waste of the currency in the auction currency? President of the Office of Financial Supervision replied that a large part of banks, but not all, take advantage of this waste, and there is a good number of them trading in hard currency by buying and smuggling, and to reduce this phenomenon and to stop this bleeding must stop external conversion, as our community banks solid open depending Mstendea. Back to the documentary credit and Khalaf said the central bank deliberately to apply a good step by agreeing with the correspondent bank and the opening of the documentary credit, from the transfer of funds through the open account number in correspondent bank, with no granting of internal banks or commercial any amounts in hard currency, but banks told the central bank 's unwillingness to traders hold such deal, contributing to derail this experiment, indicating that the central refuge, in another step, to ensure the arrival of the goods directly to the deduction of prior insurance by 8 percent as fees customs and tax , which will have the merchant because brings the goods to Athacb with BID to ensure h E, and this step is also the work of importers and traders to fail. The importance of the electronic system and on customs revenues and can add the general budget if the use of the electronic system in its work, he stressed behind the revenues that come from customs duties, if seized completely, Iraq will not require IMF loan and evidence that the fees increased revenues from a few million dinars to billions in one of the ports after placing certain controls and the imposition of strict control, the project adopted by the judge Prime Minister using the electronic system and coordination with the international Customs Organization , which owns a link electronically featuring various companies, and therefore the goods when Antl How lopsided from any country up to the ports of the importing country and where an electronic lock for each container in which control of the router and thus the ship imported container indicate since its launch until it reaches the port and then start the tariff for Iraq intervention in the system, and this can not be an employee customs manipulation because the electronic system checks the goods and determine the amount of customs, according to the directives of the Prime Minister will apply this system in Iraq within months because the companies that want to implement existing and import license will also be issued as soon as the electronic license from the Ministry of Commerce to determine the type of goods and the port border. And on the mechanisms put in place to monitor goods entering the country , although the Court may monitor manipulation in import operations? He explained behind that there is a problem in the supply of medicines, because more than one point of supplying medicines for its own account , including government hospitals and Almmakr pharmacies civil, processes of importing medicines for government hospitals governed by controls and imports through the Trade Bank of Iraq, while the so - called "scientific office" is the one who gives import license for the private sector, and because the ports are not controlled and there are official outlets and other informal intervention of smuggled goods spread in pharmacies , some fake medicines and other expired, and in order to limit this to the security agencies to coordinate with the Office of the Inspector General and to cancel all ports informal , So that all goods entering to be monitored and subject to the approval of standardization and quality control. Treasury bills and on expectations for the launch date for contractors and farmers treasury bonds and whether the SAI completed check all the files? The Chairman of the Board of Supreme Audit to contractors Treasury bonds were amounts and according to statistics from the Ministry of Planning 4 trillion seven hundred billion dinars in the previous years, and within the credit recovery agreement, the government should perform some of its obligations to get loans as payments, and one of the recovery conditions that checks the Audit Bureau supports The benefits of farmers and contractors are correct or not? And then go to the Ministry of Planning and then to the Ministry of Finance and then to the central bank to issue Sindat.ookd behind the Audit Court has fulfilled its obligations 16/3/2017 , which was the last date checked and floor in which all dues contractors received from the Ministry of Planning, but the results of the audit It was different . Some matching and ready and the other is not ready, indicating that the dues were in time up to a trillion 663 billion dinars , which is identical, the difference between this figure reached by the Audit Bureau and the 4 trillion seven hundred billion dinars (according to statistics of the Ministry of planning) back to being a non - matching and the shortcomings, has been followed up Now became the results matching the audited hundred percent, and the same farmers dues completed a hundred Palmih.uan reports of corruption in the displaced aid file, pointed behind that the case got under exceptional circumstances was documenting the disbursement of funds operations it is inaccurate and is exaggerated prices to buy the needs of the displaced when comparing prices between the goods we find it figures exaggerated, in addition to that there are amounts prepared advances not resolved by the Department of immigration with the central bank told them not to finance only after the fire advances, causing the existence of highly problematic because the committees that have special documents regardless allocated for amounts Displaced people in the region and the latter was not granted to the Department of Immigration and it was formed teams to bring the documents from there but until verification of the authenticity of the documents Stnkhv abuses ratio, the largest proportion because there are a lot of goods in which documents do not exist and there are advances of up amounts to trillions of dinars have not paid and there are thousands of documents It did not check, and I expect the level of corruption will be great with this thorny issue.
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08/06/2017 0:00
In an interview with the (morning)
Baghdad / Tariq al- Araji ,
said President of the Office of Financial Supervision , Dr. Salah Nouri behind the completion of auditing contractors and farmers files who have the entitlements of the state in the past years, revealing near the launch of treasury bonds to them by the central bank, while counting the return to work import by opening letters of credit , along with the adoption of the electronic system " the best solution" to stop the wastage in hard currency.
Khalaf said in an interview with the "morning" in response to a question about the optimal solution to stop or control the wastage happening in hard currency: The best solution to the waste of hard currency is, first, to return to the import of goods through letters of credit conditional terms of which an external objective outside of the will of the State, including the indoor, the conditions external ones that the trader, before 2003, it was imported by letter of credit through the Central Bank through an external transfer is allowed to deposit funds in the bank and enter account the goods and then are imported, but after 2003 due to external conditions, most of international banks Foreign confidence withheld from the Rafidain Bank because he was the only one in charge of remittances as well as the country 's financial situation did not allow it. But in 2004 , was an alternative to Rafidain Bank , the establishment of a Trade Bank of Iraq and this new bank , won a good reputation and acceptance has been dealt with, but that the bank covers imports within the government investment budget as well as the number of traders is limited. When the appearance of the central bank auction activity was central in his intention to maintain the price of the Iraqi dinar and ensure that inflation and the lack of high commodity by one monetary policy tools to maintain price stability on the stock market and currency occurs. Hard currency leak added behind the big economic problem in the country reflected on the monetary policy and this problem (economic) is that there is no local production covers part of the need for or sufficiency there is no agricultural production is not artificial in the sense that all the needs of the country, or most of them, come through import this means the leak of hard currency and this process obliged the central bank, to maintain prices, provide currency to the dollar for the withdrawal of the Iraqi dinar in order to control inflation, and despite the huge amount of the sale of the central bank was not affected because oil prices were high, as the dollar sold by the central bank It comes from the Ministry of Finance after buying them and invested in US Treasury also gold investments, and the remaining has a mass of dollars and this is called the reserve .. Thus the bank when selling is not affected because the process is going on there is the sale of oil and the entry of a large currency to the Ministry of Finance sells it to the bank and the rest has backed up, and when low oil prices in 2014 reduced the size of hyphenated dollars to the Ministry of Finance and the private sector continuing to import and needs to currency and the central bank continued to sell and the reserve fell .. the question here: Is that import fits the local need, of course not overpriced P E Here is the problem in the waste of the currency and to reduce the waste of hard currency must control the mechanics of import of goods and knowledge of the fact that their documents through Mttor.obsaalh electronic system for the offending and the beneficiary of the waste of the currency in the auction currency? President of the Office of Financial Supervision replied that a large part of banks, but not all, take advantage of this waste, and there is a good number of them trading in hard currency by buying and smuggling, and to reduce this phenomenon and to stop this bleeding must stop external conversion, as our community banks solid open depending Mstendea. Back to the documentary credit and Khalaf said the central bank deliberately to apply a good step by agreeing with the correspondent bank and the opening of the documentary credit, from the transfer of funds through the open account number in correspondent bank, with no granting of internal banks or commercial any amounts in hard currency, but banks told the central bank 's unwillingness to traders hold such deal, contributing to derail this experiment, indicating that the central refuge, in another step, to ensure the arrival of the goods directly to the deduction of prior insurance by 8 percent as fees customs and tax , which will have the merchant because brings the goods to Athacb with BID to ensure h E, and this step is also the work of importers and traders to fail. The importance of the electronic system and on customs revenues and can add the general budget if the use of the electronic system in its work, he stressed behind the revenues that come from customs duties, if seized completely, Iraq will not require IMF loan and evidence that the fees increased revenues from a few million dinars to billions in one of the ports after placing certain controls and the imposition of strict control, the project adopted by the judge Prime Minister using the electronic system and coordination with the international Customs Organization , which owns a link electronically featuring various companies, and therefore the goods when Antl How lopsided from any country up to the ports of the importing country and where an electronic lock for each container in which control of the router and thus the ship imported container indicate since its launch until it reaches the port and then start the tariff for Iraq intervention in the system, and this can not be an employee customs manipulation because the electronic system checks the goods and determine the amount of customs, according to the directives of the Prime Minister will apply this system in Iraq within months because the companies that want to implement existing and import license will also be issued as soon as the electronic license from the Ministry of Commerce to determine the type of goods and the port border. And on the mechanisms put in place to monitor goods entering the country , although the Court may monitor manipulation in import operations? He explained behind that there is a problem in the supply of medicines, because more than one point of supplying medicines for its own account , including government hospitals and Almmakr pharmacies civil, processes of importing medicines for government hospitals governed by controls and imports through the Trade Bank of Iraq, while the so - called "scientific office" is the one who gives import license for the private sector, and because the ports are not controlled and there are official outlets and other informal intervention of smuggled goods spread in pharmacies , some fake medicines and other expired, and in order to limit this to the security agencies to coordinate with the Office of the Inspector General and to cancel all ports informal , So that all goods entering to be monitored and subject to the approval of standardization and quality control. Treasury bills and on expectations for the launch date for contractors and farmers treasury bonds and whether the SAI completed check all the files? The Chairman of the Board of Supreme Audit to contractors Treasury bonds were amounts and according to statistics from the Ministry of Planning 4 trillion seven hundred billion dinars in the previous years, and within the credit recovery agreement, the government should perform some of its obligations to get loans as payments, and one of the recovery conditions that checks the Audit Bureau supports The benefits of farmers and contractors are correct or not? And then go to the Ministry of Planning and then to the Ministry of Finance and then to the central bank to issue Sindat.ookd behind the Audit Court has fulfilled its obligations 16/3/2017 , which was the last date checked and floor in which all dues contractors received from the Ministry of Planning, but the results of the audit It was different . Some matching and ready and the other is not ready, indicating that the dues were in time up to a trillion 663 billion dinars , which is identical, the difference between this figure reached by the Audit Bureau and the 4 trillion seven hundred billion dinars (according to statistics of the Ministry of planning) back to being a non - matching and the shortcomings, has been followed up Now became the results matching the audited hundred percent, and the same farmers dues completed a hundred Palmih.uan reports of corruption in the displaced aid file, pointed behind that the case got under exceptional circumstances was documenting the disbursement of funds operations it is inaccurate and is exaggerated prices to buy the needs of the displaced when comparing prices between the goods we find it figures exaggerated, in addition to that there are amounts prepared advances not resolved by the Department of immigration with the central bank told them not to finance only after the fire advances, causing the existence of highly problematic because the committees that have special documents regardless allocated for amounts Displaced people in the region and the latter was not granted to the Department of Immigration and it was formed teams to bring the documents from there but until verification of the authenticity of the documents Stnkhv abuses ratio, the largest proportion because there are a lot of goods in which documents do not exist and there are advances of up amounts to trillions of dinars have not paid and there are thousands of documents It did not check, and I expect the level of corruption will be great with this thorny issue.
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