Keywords: Central banks were allowed to withdraw 50% of the reserves for the purchase of treasury re

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Keywords: Central banks were allowed to withdraw 50% of the reserves for the purchase of treasury remittances

February 15, 2016
 


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Our economy / Baghdad
Governor of the Central Bank on the Keywords disclosed that the bank has allowed private banks to withdraw 50% of the reserves deposited with the central bank to be used for the purchase of treasury transfers follows ...


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Central: we will sell bonds worth 7 trillion dinars .. and we have allowed banks to use 50% of their reserves


 Baghdad / Ibrahim Ibrahim, long-Presse 

economists called on the government to cancel the auction of the currency drained state resources Finance. 

He said the beloved" the continuation of auction daily sales of foreign currency represents a drain on financial resources from the sale of crude oil, causing the loss of billions of dollars as a result of the insistence of the Central Bank on the application of the direct sales force policy. " 

He said the" first step in financial reform, which the central bank must be activated summed up in foreign currencies directly pricing and work to prevent the circulation dramatically and daily by individuals, companies and replace them with trading banking by opening accounts for the transfer of funds under the government's view on according to strict laws. " 

This thinking is inline with the CBI move to dispensing salaries via direct deposit pushing the majority of Iraq into electronic banking and of course ending the auctions is the gateway to revalue.

Iraq: $ 6 billion in bonds and refused to withdraw the Reserve 


2/16/16

As head of the Iraqi parliament to reject any withdrawal of the cash reserves of hard currency it has been announced today the presentation of bonds for citizens worth six billion dollars to cover the deficit in the country's budget for the current year and to contribute to resolving the financial crisis plaguing the country.
London: During the launch of the Iraqi Central Bank's strategy for the years 2016 - 2020 in Baghdad Monday ceremony were Governor of the Central Bank of Iraq and the Agency on the Keywords announced the sale of bonds to citizens $ 7 trillion dinars (about six billion dollars) during the current year.
In his speech he pointed out that this strategy was launched in accordance with a clear vision and a guaranteed and adopt monitoring and follow-up real financial situation of Iraq is adopting a real monitor and follow up the financial situation of Iraq. He stressed that the central bank's first interest to maintain the financial situation and sustainable development in Iraq and the granting of licenses for a number of banking offices and banks during 2016, according to its rules of procedure.
He said that the situation that has occurred in Iraq is carried at oil prices and terrorist operations and import random prevented the growth of economic sectors in Iraq, despite the provision of central bank power of the Iraqi dinar against the dollar.
Jubouri refuses to resort to withdrawal of currency reserves
Parliament Speaker Salim al-Jubouri, for his part stressed the need not to resort to withdrawals of foreign currency reserves to cover the deficit in the project budget. He called the central bank in a speech put a financial plan that includes development of monetary policy and supervision of banks and tackle inflation.
He pointed out that the current situation in Iraq requires more skill, wisdom and thinking "to remedy the problems that surround us, and on her head at the forefront of the economic problem which is the most important part of our challenges and Mrahentna the solution at the same time, when we find an economic way out will not we fail then to find a political exit The security and humanitarian ".
He added that the core of the problem stems from the economic downturn and the first step of the solution begins with the economic solution "When we can economically we will be able to support the battle with weapons, money and Novi our commitments to volunteer to fight and their families, and while we have the money we will be able to solve the problem of displaced people and the reconstruction of devastated cities, and we will be able to run the unemployed and provide a decent living and housing As a result, citizens Money is the most important gate and the first political, social and humanitarian solution is required. "
He stressed the need to promote the banking business in Iraq and takes active role in bridging the gap between the potential and the challenges and the capabilities and needs .. He explained that this would only be after the regimented within international standards and benefit from the experiences of countries that stood up to its economy through the banking business professional All of this stems from the observation banking business and by taking advantage of the cadres of intern-to-date and relevant real world experience as a systems control the movement of the electronic transfer of bank funds and money laundering as well as the face of a civilized manner through a clear and international laws to follow the movement of money.
He stressed that the time has come to approve the Financial Court Act by sending it to Parliament to enable it to exercise its work as one of the most important interfaces regulatory and punitive to any excesses that would override the law in the Financial Action Task Force and the reduction of all types of corruption.
Jubouri said that support the work of the Iraqi Central Bank does not depend on official government effort but goes beyond that to the awareness of the citizen and his eagerness to keep this national monument is important at his best in order to enable the state's ability to move money and invest it in the right way that supports the result of the country's economy and in its favor instead to be a way to blackmail the will of the state of this or that party away from the higher interest of the homeland.
A plan to address the financial crisis
The President of the Iraqi parliament on the need to develop a clear plan to address the financial crisis plaguing the country's economy include the development of policies, programs and mechanisms of work in terms of monetary policy and means of supervision and control over the banking sector, and the need to find practical solutions to tackle inflation and growth in the contribution of the banking sector in the Gross Domestic Product total and all that comes through the implementation of mechanisms to ensure the participation of the government and the private banking sector, both by moving the Iraqi economy in the current crisis offset by the need not to resort to withdrawals in the central bank's hard currency financial reserves, to cover the deficit in the balance of payments
He explained that Iraq has a lot of wealth and large capabilities, assets and assets that allows him to move the economy and stimulating activities as well as the indebtedness is less than many of the surrounding countries .. He believed that investment can contribute to the revitalization of transport, agriculture, industry, banking sectors and even education and health, thus stimulating the public sector and save it. 

The central bank sold $ 314 billion
Information confirms that the central bank had sold to private banks since 2006 and until 2014 more than $ 314 billion and the recognition of the Secretary-General of the Council of Ministers, which serves as the governor of the current Central Bank on the Keywords, the only 5 percent of the auction remittances abroad real and the rest is what is known the phenomenon of volatile instruments any incorrect or non-issued originally hence can detect the leak disaster of this quantum of dollars out of Iraq and into Iran and Syria to rescue their economies from bankruptcy, especially in the era of the second government of Prime Minister Nuri al-Maliki earlier.
The most dangerous is the dollar selling operations at auction is caused by the decline in reserves of foreign exchange, which is governed by the Central Bank in the international banks of 88 billion dollars to 40 billion confirms that there are clouds of these deposits despite the fact that the law on the Bank to prevent the government or any on the other hand the manipulation of these reserves since they cover the national currency.
The House of Representatives is currently investigating the smuggling of about 200 billion dollars from Iraq to other countries between 2005 and 2014. The Committee of the parliamentary fact-finding for the Development Fund for Iraq had expressed earlier expressed doubts that the financial corruption funds smuggled abroad through remittances sale of central bank auction.
He also accused local banks of smuggling operations of the dollar amount to money laundering crimes, where there is lawlessness in the deliberate lack of verification of the sources of funds that go into the process of buying the dollar and where to go beyond it. And it sells the CBI between 200 and 300 million dollars of hard currency in the weekly five sessions and this means that what sells Iraq of hard currency per month exceeds $ 4 billion in real income of the country currently does not exceed two billion dollars a month just so the Iraq is witnessing a shortage of hard currency per month about two billion dollars.
 
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Lining up to pop. Just need those auctions out of the way. Been so quiet on the news front recently. Maybe we'll see more assertive headlines very soon. 

50% of the reserves for treasury remittances...Now we know why the total of reserves were shrunk, the remittances not loss of reserves...