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IRAQI NETWORK OF ECONOMISTS - POSTED ON 08/04/2018

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rocky
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IRAQI NETWORK OF ECONOMISTS - POSTED ON 08/04/2018

Post by rocky on Mon 09 Apr 2018, 6:10 pm

IRAQI NETWORK OF ECONOMISTS - POSTED ON 08/04/2018





The ..
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Mahdi Mohamed Reda
 He entered us from an unexpected door, it was a surprise. He is Ali al-Alaq, acting central bank governor. His entry was dramatic, from a side door, the scene was lacking in applause, or any other effect . Shook us all, and wiped away all the previous aura . He was witty, contemplative, hoping that his message would reach us easily, maybe he knew we were not well spent, he would say, and we have no capacity for interventions. He was sitting on his right, deputy governor Munther al-Sheikhli, and the director of the administration . I thought myself, loaded with questions, doing my best, I waited until he completed his words, about the achievements of the Central Bank, since taking office. Talked about the importance of the independence of the Central Bank, and monetary stability, and control of inflation. And the most important developments that took place in the bank, the management of foreign reserves, and investment in it, after he developed Kadra for this task, and is now overseeing the process .He also spoke about the central role of supervision and control over the public and private banking sector. His talk about government banks, represented by Rashid and Rafidain, was painful, burdened with the weight of the legacy of the past, which can not be solved, but uprooting it from its roots and liquidating it. I do not think he can do it . He also referred to the private banking sector, which has nothing to do with the fact that the country has 70 banks, which do not have the lowest banks in its work . He said he did not give a single leave to any new bank, except Islamic banks, embarrassed by the parliament, where he voted for it . He also spoke proudly about the central bank's pre-emptive control of private banks in the event of any imbalance in which personal control and technical techniques interfere .One of the worst we have heard: Iraq's bank dealers are only 11 percent of Iraqis. This suggests that the failure of citizens' trust in banks is justified by a culture of society (Iraqi society tends to put money in its hands casually), perhaps . Also referred to the bank lending industrial and agricultural projects, about $ 6 million and a half, and this was a successful achievement, it was not quite clear. How he spent this money, and what his influence actually was . Most importantly, the rise in reserves in the central bank does not depend on the bank, and probably on the finance ministry itself .He talked about how to sell the dollar at the auction of the currency, which is as follows: Finance receives oil revenues in dollars, giving it to the Central Bank, in order to sell them, because the bank is more knowledgeable, in the process of selling, and the association of banks and drainage and transfer companies. This makes it easy to sell. Since it is the finance that determines the need for sale, for the purpose of paying salaries, for example, in dinars, and the budget of the ministries as well, so the story of the sale and quantity, determined by the Ministry of Finance, not the Central Bank . He explained to us recently, that there is no alternative to the currency auction, but the bank takes the dollar, and print a dinar, which means a disaster in inflation . Thus, even the question of lower reserve is not directed to the central, but to the financial. "We need more information here on the subject of reserves ."The man ended up talking and began to wait for the questions of his guests. The eldest, Adnan Hussain, began to ask questions, obviously both public and non-specialized. The others spoke as well, and it was quite clear that no one specialized in economics . Have we been summoned for this reason, being non-specialists? But what does a man do? How his message will reach the media, and then the public . The truth is not the blame, but the blame here is all of us, the owners of the newspapers. I am one of them. I do not have a single economic journalist .
And to meet the rest ..

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azareus
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Re: IRAQI NETWORK OF ECONOMISTS - POSTED ON 08/04/2018

Post by azareus on Mon 09 Apr 2018, 10:21 pm

He explained to us recently, that there is no alternative to the currency auction,
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Re: IRAQI NETWORK OF ECONOMISTS - POSTED ON 08/04/2018

Post by wciappetta on Tue 10 Apr 2018, 7:52 am

This is CBI function 101  .... no alternative [currently]we all understand there is an alternative, its been cited many times in reports.


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Re: IRAQI NETWORK OF ECONOMISTS - POSTED ON 08/04/2018

Post by ron-man on Tue 10 Apr 2018, 9:25 am

This makes us take a step back.

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Re: IRAQI NETWORK OF ECONOMISTS - POSTED ON 08/04/2018

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