Alnasiri: monetary policy, enhance the value of the dinar externallyAfter touching up the 80 billion

Alnasiri: monetary policy, enhance the value of the dinar externallyAfter touching up the 80 billion dollars and 90 tons of gold  



 
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Baghdad, Hussein al-Tamimi Tgb 
is the monetary policy the most important episodes of economic stability through the stabilization of the exchange rate by more than the national economy, the strength and effectiveness to face all the challenges facing the development process (according to the specialist economic affairs).  
said Samir Nasiri said the central bank several years ago succeeded in achieving a reserve large and growing foreign exchange reserves stood at 80 billion dollars and 90 tonnes of gold according to the latest data issued by him. 
added in an interview with "morning" that fixing the exchange rate of the Iraqi dinar against the main currency in (dealing dollar) is considered to be necessary and appropriate, and had a foreign currency auctions held by the Central Bank of Iraq played an important role in maintaining the appropriate level of the exchange rate and install it.  

required reserve 
and pointed out that for pressure on the exchange rates, pay Bantrza to tighten its monetary policy and narrowed, including raise interest rates on deposits in Iraqi dinars, and to allow greater flexibility in the management of monetary policy, pointing out that he adopted several measures to expand the list of tools available to them, and to cover the required reserve to include government deposits, and the granting of facilities on deposits that mature in a short period in order to allow banks to manage the development of liquidity a more effective way, and to reduce liquidity risk 


balance of payments 


and pointed out that among the goals of monetary policy, the other to achieve economic growth and reduce unemployment, and the stability of prices of goods and services, and the stability of exchange rates, as well as improving the balance of payments, indicating that the achievement of these goals is through the adoption of tools monetary policy, direct and indirect, and issued by the Central Bank regulations and regulatory instructions and guidance over the past years and finally what has been emphasized in the year 2014. 


exchange rate 


and continued Alnasiri saying that the current structure for the stability of exchange rates has been granted an opportunity for the Iraqi economy to rebuild and grow, despite that the prices have not stabilized completely, due in part to the nature of the security and political conditions and the market situation faced by the country in spite of the evolution is clear in fiscal and monetary policy and the banking industry, where the Bulletin of the IMF delegation during their visit to Iraq recently and within this context has succeeded Central also in the collection of reserves at a high level of foreign exchange, so it is fixing the exchange rate of the Iraqi dinar against the dollar the U.S. ordered appropriate and required at the current stage.  


scalable dollarization 


Nasiri said that to support this structure to be the Iraqi Central Bank to raise the required amounts of foreign exchange on the basis of average Far in daily auctions and allow greater flexibility in the management of monetary policy, it has taken the CBI a number of steps to expand the list of available tools of monetary policy, which identified whereby perceptions about demand growth in money supply and currency in circulation and that expectations about economic growth and inflation. 
stressed that the policy tight monetary adopted by the central part of Strutijeth efforts to achieve the goal of stability, has shown that the financial system Almdolr taking a drive towards a gradual decrease, and the phenomenon of partial dollarization and roots are now less than the former, because of the launch of freedom of foreign exchange and monetary policy is working to strengthen the external value of the dinar Iraq, which has increased during the last five years. 
explained that the moderate policy established a framework effectively lead to the lifting of confidence in Iraqi dinars, as it helps the confidence in the local currency to create the conditions for strong and deep in the stability of the financial system, and the strength to address the dollarization, is a measure of the effectiveness of monetary policy to provide a reference impressive to make the local currency more attractive and that is usually reflected the stability of the cash demand or decrease the speed of money circulation and stability of any due to the influence of my reference exchange and interest.  


capital market 


and concluded Alnasiri his speech by saying that the measures and means the current adopted by the monetary policy to influence the phenomenon inflationary come to play a role Whatever rein in inflation caused by factors of aggregate demand, which continues to the central adoption of its current policy aimed at reducing inflation, which reached 3.1 percent at the end of 2013 to address the trends and causes, and in a manner provides a stable cash wider and Tjeela in rates of economic growth and ensure sustained through two signals two basic adopted the current monetary policy, namely to strengthen the real interest rate and the exchange rate of the Iraqi dinar to accelerate towards the balance and stability of the financial market and the overall stability in the country.

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lol nah da IMF setting rates>?? .. lol

Why would they put this out. .. ;)

Neno wrote:Why would they put this out. .. ;)

To sell more dinars.

Neno wrote:Why would they put this out. .. ;)

Well lets not forget way back when the CBI told the Bank of Baghdad to simultaneously keep two sets of books one set based on the current exchange rate at the time and the other based on the $3.22 rate of the past publishing it with that admission...Sometimes things are spoken when they shouldn't be....

 
Balance 2004
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[rtl] [/rtl]
[rtl]General Budget 2004[/rtl]
[rtl] [/rtl]
[rtl]Chairman of Managing Council Speech:[/rtl]
[rtl] [/rtl]
[rtl]Ladies and Gentlemen stockholders of Baghdad Bank:[/rtl]
[rtl]Iraq had been through some unusual circumstances within the last two years like instability and lack of security that have had a destructive impact on economy, investment and industrial production, but, despite of all that Baghdad Bank achieved a big success during the financial year of 2004 in comparison to the previous financial year and the most important index to that is balancing US dollar price with the current price of 1460 ID[/rtl]
[rtl] [/rtl]
[rtl]Baghdad bank has taken also serious steps towards opening Al-Bayaa branch at the end of 2004 and rented a location for Al-Suliemaniya branch which shall be opened in March 2005 in addition to the expansion of Baghdad bank activities on the international level as it has made banking connections with many international banks. worth mentioning that Baghdad Bank started putting into practice new systems in Mansour, Palestine and Bayaa branches.[/rtl]
[rtl]I would to inform all the stockholders of Baghdad Bank that the report of the managing council 2004 was prepared according to the demands of Central Bank of Iraq to balance US dollar price to 0.310  ID instead of its real value (1460) ID per 1 US dollar, so, the report and general budget do not necessarily reflect the actual situation of Baghdad Bank and the volume of economical incoming indexes, so, this report was issued in order to meet the demands of the rules and instructions.[/rtl]
[rtl]The General Institution of Baghdad Bank that was held on November 16 2004 had taken a decision to make a partnership with Gulf Bank and Iraqi Payee Company with percentage of 49 %, increasing Capital to approximately 10.000.000.000 ID. We would like to inform stockholders of the bank that Central Bank of Iraq reclaimed that the increase of capital to 52.963.600.000 ID all at once instead of two stages. The managing council of the bank and new stockholders agreed to meet the demands of Central Bank of Iraq as long as they do not affect the basis of partnership that all sides have agreed upon in the previous meeting of the General Institution of Baghdad Bank and we are waiting for the final resolution of Central Bank of Iraq about our above mentioned approval.[/rtl]
[rtl]And hereby I express my deep appreciation to Central Bank of Iraq and department of company registration to their utilitarian and constructive roles in supporting Baghdad Bank and Iraqi economy in general. [/rtl]

[truncated to fit]
Assets
 

Account name	2004   I.D.	2003 I.D.
Assets
Cash in hand & at banks	16.359.903.887	37.041.063.542
Investment	16.211.065.318	8.873.007.912
Cash loans  and advances
Commercial bills discounted & purchased	3.165.101.675	3.076.711.864
Loans & advances	14.171.611.502	6.113.669.395
	17.336.713.177	9.190.381.259
Debtors & debit balances	7.867.640.718	7.376.909.335
Fixed assets	4.102.579.988	3.511.282.583
Total assets	11.970.220.706	65.992.644.631
Contra accounts
Customers liabilities for banking operation (less total)	2.325.327.348	503.046.749
Total	64.203.230.437	66.495.691.380

 
Liabilities
 

Account name	2004 I.D.	2003 I.D.
Liabilities
Current liabilities
Current accounts & deposits	49.006.168.708	39.410.007.997
Creditors & credit balances	4.237.174.590	22.836.844.857
Total current liabilities	35.243.343.298	62.246.852.854
Fixed liabilities
Paid-up capital	5.280.000.000	2.640.000.000
Reserves	3.354.559.790	1.105.791.777
Total fixed  liabilities	8.634.559.790	3.745.791.777
Total liabilities	61.877.903.088	56.992.644.631
Contra accounts
Bank liabilities for banking operations (less deposits)	2.325.327.348	503.046.749
Total	64.203.230.437	66.495.691.380

 
Profit and loss and appropriation account for the year 2003
 

Account  name	2004 I.D.	2003 I.D
Revenues of current activities
Banking operation revenue	5.050.996.873	1.964.450.088
Investment revenue	753.315.426	283.044.777
	5.804.312.300	224.749.4865
Les-expenses of current activities
Banking operations expenses	1.398.409.117	1.007.757.657
Depreciation	53.170.909	121.194.739
Administration expenses	1.375.111.573	691.855.366
	2.826.691.598	1.820.807.762
Profit of current activities	2.977.620.702	426.687.103
Add other  revenues	237.891.513	250.253.346
Less-transferable & other expenses
Transferable expenses	35.207.098	30.379.283
Other expenses	71.103.075	42748545
	106.310.173	73.127.828
Net profit-distributed s follows:	3.109.202.042	603.812.621
Provision for income tax	245.331.403
Provision for social security
Capital reserve as per central bank law	448.398.655	120.762.524
Provision for doubtful debts	621.877.364
Undistributed profit	1.793.594.619	483.050.097
Total	2.863.870.638	603.812.621

 

Oh yeah, Ty wciappetta almost forgot....NOT! ...;)

just_al wrote:

Neno wrote:Why would they put this out. .. ;)

To sell more dinars.

Their into buying them back... ;)