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Central Bank: The deletion of zeros aims to tighten banknotes and needs parliamentary legislation

Proven
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Central Bank: The deletion of zeros aims to tighten banknotes and needs parliamentary legislation - Page 2 Empty Central Bank: The deletion of zeros aims to tighten banknotes and needs parliamentary legislation

Post by Proven on Fri 31 May 2019, 9:14 am

First topic message reminder :

Central Bank: The deletion of zeros aims to tighten banknotes and needs parliamentary legislation
2 days ago Iraq
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Ihsan al-Yasiri, director general of the Central Bank, said on Wednesday, May 29, 2019, that "the bank is a very transparent institutions both in the window of selling the currency or the subject of contracts," noting that "the Central Bank is in constant contact with the relevant parliamentary committees and the Central Bank is the only institution that Work every day. "
"The central bank's duty is to maintain the exchange rate and stability to meet the demand that comes on foreign currency against the dinar," he said in an interview with the Noa Dialogue program. "The central bank is responsible for the simple sale of the dollar."
"The Iraqi economy is an import economy and this is not the responsibility of the central bank. It is the duty of the state and the government to fix this structural imbalance and the domestic economy becomes a product for leaving imports," he said.
He pointed out that "there is a defect in the duty of some institutions, but ordinary people believe that this process should be carried out by the Central Bank, and this is not true," explaining that "the central bank contact with banks and the government by keeping accounts."
"The major sin that was committed in 2004 was the abolition of import controls and quality control rules at the border crossings, which made the market full of cheap and cheap imported goods," he said.
As for the incident of corruption of seven billion in the Rafidain Bank, said Yasiri, "The year 2013 saw heavy rains and leaked water to the bank on the street Rashid, which led to damage that money, which was originally intended to damage, and the duty of the Central Bank to replace those papers, The amount of money less than 200 million dinars. "
On the subject of the deletion of zeros, he said that "this administrative process aimed at tightening the banknotes and improve the accounting record in the country was launched in 2012, but there are some objections at the time and need legislation by the House of Representatives."
"The Central Bank has suspicions, the first is to prevent one of the internationally recognized companies from conducting an audit and conduct internal control of the bank in exchange for the placement of Iraqi offices, as these companies are global and stamped recognized worldwide and indicates the lack of money laundering "He said.
"The second thing is that controls the joints of the central bank, usually they are accountants and they basically have offices."
She said that "the independence of the Central Bank and not to the executive power made the government of Nuri al-Maliki dismiss Sinan Shabibi because of his refusal to enter the prime minister to manipulate the reserves of the Central Bank as it represents the stability of the currency and represents the monetary policy in the country and parliament only those who can account and today Parliament is unable to do so.
She stressed that "the status of the head of the Financial Control Bureau governor of the Central Bank is a violation of the constitutional authorities as the regulatory body has become the executive branch."
"The Finance Committee formed three subcommittees to follow up the work of the Central Bank of the first follow-up the issue of building the Central Bank and the second follow the auction of currency and the third follow the issue of the subsidiary currency and therefore if there is evidence will be submitted to the Integrity Commission or the judiciary."
He added that "the issue of scrutiny within the Central Bank can be resolved through the House of Representatives and not raise the issue is due to audits by local companies and anyone who has an interest in this issue must submit to the Finance Committee."


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Post by Wheelman on Sat 01 Jun 2019, 6:16 pm

It’s done already, CBI posted selling gold and coins, they showed the lower denominations this past week on their website.
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Post by Stevethebrit on Sat 01 Jun 2019, 6:28 pm

[You must be registered and logged in to see this link.] wrote:It’s done already, CBI posted selling gold and coins, they showed the lower denominations this past week on their website.
Do you have a link to show it's done? I can't see anything on the CBI website yet.
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Post by Screwball on Sat 01 Jun 2019, 7:52 pm

[You must be registered and logged in to see this link.] wrote:So what's your gut feeling on this Screwball.  Are they any closer with having the deleting approved do you think Screwball?
I personally love to see more delete zeros articles...it was good to see them hold a scientific symposium on the delete zeros project again which they did last time. Saying that how much education is enough and remember a lot has happen in the past 6 years since 2013 and Isis took hold. I feel we are fighting a bigger power than just Cbi and Iraq, andfeel trump is the man to make it happen. Auctions needs to end and quickly.
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Post by Screwball on Sat 01 Jun 2019, 7:59 pm

Let’s not forget this from the date...

Parliamentary move to raise the price of the dinar and maintain the stability of inflation

Wednesday 20 March 2019
Baghdad / Omar Abdul Latif
 
 
The Parliamentary Finance Committee is moving in the current legislative session to develop mechanisms to change the monetary and monetary policies in the country, in coordination with the Central Bank of Iraq, aimed at raising the dinar exchange rate and maintaining the stability of inflation.

"The committee will move during the current legislative term towards changing the fiscal and monetary policy in the country in general," said member of the committee Abdul Hadi al-Saadawi, Coming ".

He added that "the Committee is keen to enact the law of financial administration as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state," pointing out that "the change will raise the exchange rate of the Iraqi dinar against foreign currencies while maintaining the stability of inflation In the country".
"The Commission is determined to make these changes during the next phase and not to follow the traditional methods are not appropriate at the moment."

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Post by Screwball on Sat 01 Jun 2019, 8:06 pm

[You must be registered and logged in to see this link.] wrote:So what's your gut feeling on this Screwball.  Are they any closer with having the deleting approved do you think Screwball?
I believe it’s been approved but delayed because of the security and political situation at the time..they are ready...Hold time will tell...timeframe.....none given..
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Post by Stevethebrit on Sat 01 Jun 2019, 8:14 pm

[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:So what's your gut feeling on this Screwball.  Are they any closer with having the deleting approved do you think Screwball?
I believe it’s been approved but delayed because of the security and political situation at the time..they are ready...Hold time will tell...timeframe.....none given..
Do you get the feeling there's no such thing as a good time to do this for that country? They should just hold their noses and just jump.
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Post by Screwball on Sat 01 Jun 2019, 8:17 pm

“The government’s monetary policy since 2003 has focused on maintaining price stability and exchange rate predictability. The inflation has remained in the low since 2010. According to the CBI, the inflation rate is 1.4% (2015 estimates), while the World Bank estimates 2015 at -1.2%, and the country’s international reserve volume also has decreased due to the sharp decline in oil prices. The independence of the CBI suffered a setback in January 2011 when former Prime Minister al-Maliki won a court ruling that placed independent institutions, including the CBI, under the control of the cabinet. In January 2012, the CBI raised the exchange rate of the Iraqi dinar to $1.19, causing a huge crisis that led the Supreme Judicial Council to issue an arrest warrant for CBI governor Sinan al-Shabibi in October 2012 on charges of corruption. Al-Shabibi received a seven-year prison sentence in absentia 2014, shortly before being acquitted of all charges. The difference between the official and parallel exchange increased from three percent in 2015 to nine percent in May 2016. The CBI introduced a number of policies to keep inflation low. The dinar remained widely stable and was worth $1.71 in early 2017.”
 
I remember an article from the CBI  talking about, how they can cover the monetary mass by 170% in 2017
 
By today the CBI can cover 173% of the monetary mass.


$1.71 he likes that number 

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