Keywords «morning»: our economy overcome the difficult phase

Keywords «morning»: our economy overcome the difficult phase

07/03/2017 0:00

It revealed that the central bank reserves exceeded the expectations of the IMF $ 10 billion

Baghdad / Tariq al - Araji

The central bank confirmed that Iraq has overcome the difficult phase «pessimistic» that have passed over the past two years, which were accompanied by statements are not based on facts raised in horror Iraqi street.

Showed the bank , which is the «safety valve» for the economy and monetary policy of the country indicators, the inflation rate did not exceed 2 percent, while kept the dinar on a fixed exchange rate, in addition to the index raised interest in supporting global institutions as exceeded the central bank reserves ceiling IMF forecasts ten billion dollars , despite the extraordinary circumstance that is going through the country, but despite the relative recovery of the Iraqi economy, the central bank governor on the Keywords called on the government to rely more on revenue (non - oil), venerating and lack of dependence on oil in this large proportion in the budgets, also stressed the need to take Government planning its sound financial and economic revitalization and development of the private sector and encourage investment and to stop the dumping policy of the country and the improvement of the domestic industry and stop the chaos at the border crossing points.

Keywords and as usual , to talk clearly fully and explicitly, revealed in his interview with «morning», that an important meeting will be held with the International Monetary Fund in the month of August and will be based on the reimbursement of Iraq Fund grants and loans agreed the launch of the requirements of them after submission (supplementary budget) to pay the dues of peasants contractors and suppliers , and several sections of other expenses.

Keywords also pointed out that the central bank has made significant progress over the past two years regarding the fight against money laundering and the financing of terrorism and the smuggling of foreign currency procedures, stressing oblige the bank to banks relevant to take inter action in this regard, as well as cooperation with international institutions and financial institutions led to the conversion of many of the money - laundering and the financing of files terrorism to justice the first time.

The following is the text of the meeting: overcome the difficult stage

* What is your calendar 's financial and economic situation of Iraq and presented by the Bank in this regard?

* If we want to measure the strength of the economic and financial country; it must be considered to economic, financial and monetary policy factors, the monetary situation is a reflection of the economic situation, and if we consider the economic situation of the country, you have to look at the real factors to the development of real Kalsnaaah, agricultural and other sectors especially the case General monetary reflection of the state and not of origin. As for the economic situation in Iraq; many of the analyzes and statements released pessimistic statements are not based on facts, as this speech at the beginning of last year , 2016 through the threat of the collapse of the dinar, to finish to overcome the difficult conditions that accompanied the decline in oil prices and the situation experienced by the country in the war against terrorism, as the cash reserve exceeded the central bank 's forecast of the international Monetary Fund with ten billion dollars, and kept the exchange rate on the stability, and did not extend past the level of inflation barrier of 2 percent, and this is a very important indicators of the world understood by international institutions accredited and enjoys the status of a task in the calendar Oaudha Countries and the strength and stiffness of their economies to face conditions and shocks and risks; but - with very Alosv- many in Iraq do not see it the same degree of importance or neutral and carefully when evaluating the economic situation. The previous risk has become at present (non - existent), but I do not say that the difficulties and challenges ended, and the role of the central bank is trying to push these challenges and reduce their impact on the economic situation; however , the first line of defense remains the responsibility of the executive branch ( the government) with regard to the proper planning financial and economic revitalization and development of the private sector and encourage investment and to stop the dumping policy of the country and the improvement of the domestic industry and stop the chaos at the border crossing points, it is strange to turn attention towards the central bank , who is dealing as valve Aman- to take this role because of the weakness of all the episodes that we have quoted wa T should be corrected, it has the central bank introduced by the end of 2015 and 2016 (about twenty trillion dinars) to support the Treasury and the payment of salaries, and should not rely on it in the future, and have the central bank since the duration of the process of pushing the government towards that there will be control over their expenditures and adapt to these challenges and that a new plan of the financial situation based on reliance on revenues placed (non - oil) and not to rely on this oil ratio large.

International grants and loans

* What is the extent of coordination with the IMF and the World Bank to launch grants and loans to Iraq? And the extent of Iraq 's commitment to Ptosyatema economic and monetary reform?

* The meetings with the International Monetary Fund periodically based on the agreement (credit recovery) signed by Iraq with the Fund, and are reviewed on things that have been agreed upon, as well as economic, financial and monetary framework of the country, because the support and facilities the process provided by the Fund and thus inflicted the World Bank and other countries involved in this Thread depends primarily on the reports provided by the international Monetary Fund, and the importance of those reports and audits carried out by the Fund is not only related to it; but is the way to give the green light to financial institutions and other countries to provide support and grants based on the Positive reports it provides, such reports In order to be positive must show his commitment to Iraq ( to maximize revenue and reduce unnecessary expenditures), and therefore considered the review with useful Fund for Iraq as it is a lot of style trends in spending. At the last meeting was at the International Monetary Fund, observations on compliance with assignments due in the general budget of the state and the presence of Diffraction them sometimes, and we have explained to them that Iraq -obgm is relatively stable conditions experienced Bha- can not adjust melodious it because of a lot of variables and conditions , and having understood it demanded that there be a legal cover for these emerging changes, so the basic requirements for the international Fund before the meeting to be held early next August , whichever is an important meeting for Iraq to be able to receive payments Kadmh- is a request for ( a supplementary budget ) It is fall within what the Iraq at the time of the payment of contractors, farmers, processors and other receivables do not exist within the (federal budget) and indicated IMF requirements in this area to the article says (in case it is needed to prepare the budget complementary to the implementation of the payment of dues; for the government provides a supplementary budget for the development of a legal cover for the payment of these receivables as well as make some adjustments based on the change that took place on oil prices or because of the increase in some expenses existing) and the objective of the IMF from these observations is to be retained on the ceilings specified for the expenses and revenue .

Iraq 's financial rating

* How do you evaluate coordination with the Organization (Financial Action Task Force)? What is the classification of financially Iraq according to this organization?

* The Organization (Financial Action Task Force) on measuring the extent of the obligation of States to fight money laundering and the financing of terrorism, and Iraq has cut off whatever it way, after that there were observations and a report prepared by the end of 2012 was alarming, and it was Iraq and the jurisprudence threatened to put in (blacklist) , after efforts and through the issuance of a new law to combat money laundering and activate the anti - money Laundering Office by the Central Bank and the inter measures taken by the Bank as part of a follow - up to the banks and financial Institutions and the development of many of the procedures relating to regulation and control over the financial and banking sector in particular, could not that Iraq is out of danger after it was heading from the (gray area) to (black), but we have moved from (gray) to (follow - up area) and we now expect to build on fulfill Iraq 's requirements of the organization and the obligations that come out of the subject (follow - up).

Anti - Money Laundering

* What are the mechanisms used by the central bank to control money laundering and currency smuggling operations difficult?

* The foreign currency movement abroad issue requires to be placed in the correct and regulatory standards enable the central bank to achieve its foundation the judge to verify the legality of the money and it is not linked to financial crimes or money laundering offenses or the financing of terrorism, and the role played by the central bank, especially in recent years , as the granting of this subject and developed great attention from the regulatory mechanisms in this direction by forcing banks to follow the rules and procedures associated with the law of anti - money laundering and the financing of terrorism committed by banks and financial institutions to take a number of due diligence measures towards the knowledge of the customer and with FH money sources and movement and, accordingly; the Central Bank - the first time - requires banks to establish special anti - money laundering units to manage compliance and risk management and the development of programs and database and information relating to all operations carried out by banks and units, and this is part of the process of anti - money laundering and the financing of terrorism. There are other parts are outside the frameworks of the Central Bank requires the concerted and other efforts of institutions in dealing with them, because financial institutions or banks is a ring of the rings may be the last, especially since the money and financial crimes laundering operations are operations precede the entry of money to the bank and operations bleaching complex processes go through several stages , and is taking the proceeds of these crimes is not deposited the bank directly understand they have various means and methods of multiple waste out of this money, and a lot of money suspicious go towards the purchase of real estate or gold , or set up fake companies or interfaces and then record the proceeds of these companies Connect this money. Therefore; the fight against money laundering and the financing of terrorism requires the cooperation of all parties and linking all professions Steering supervised and that what the Bank is yet to arrange the banking sector house by obliging them a set of rules and procedures and formations we have to link selling the dollar process of the level of commitment to this procedures and criteria established in front of banks to enter the window to buy the dollar and leading us as a central bank to exercise a supervisory role, and now the banks a set of procedures for verifying the integrity of money and open files to customers dealers by the level of income and provide the bank with Final statements correspondent banks abroad to know the fate of the money and where you went.

Judicial files

* Is there coordination with international organizations and banks to control the movement of money and reduce the phenomenon of money laundering?

* Yes , there is cooperation now between the central bank and organizations , central banks in several countries and there are an exchange of information, because the movement of funds reflected in the result system or device on the operations of the conversion, if the conversion dollar operations read all of it passes through the US Federal Bank and through a particular system can the US Treasury to know each movement of the movements of the money, so we share the information has been a lot of transactions involving suspicions, especially with regard to the financing of terrorism and has referred to the elimination of the diagnosis, and these efforts have been activated in the last two years and there were no issues have stirred the The judiciary entitled (money) laundering in the past. The central bank needed to the role and cooperation of other institutions to activate this activity, especially the Office of the (anti - money laundering) of the Bank does not conduct inspections directly, but called to inform the Office receives communications from other parties, if there were processes of corruption must be our notice by the authorities involved in combating corruption, and if there are operations relating to the financing of terrorism must be reported movement of terrorists and the movement of money and their areas by the security services; and so on , but the central bank and through the transactions carried out by banks and the operations of the conversion can put some doubts and suspicions and begin operations t Qiq related information, but the main source of these remain outside the bank , and this is still weak.



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