Commissions from the sale of private banks .. dollar budget equivalent to a neighboring state
06/10/2014
Baghdad / Ibrahim Ibrahim
Varied views of MPs and economists about the commission large obtained by private banks through the central bank auction day to sell the dollar, where some criticized the policy of the bank and the method of preference for some private banks and not others, spoke with another on the need to assign these banks to move the investment process in the country. A member of the parliamentary Finance Committee Abdul-Hussein al-Yasiri in an interview for the "long" that "currency auction was established at the time of the former regime to control the significant decline of the dinar against the dollar as the cause of financial and economic crises, but according to specific amounts not to exceed $ 300 million and market needs in a timely manner"
He added: "But after 2003, the coalition has worked to expand the currency auction through open ports purchasing dollars unconditionally to the citizens what the cause of conversion processes are very large sums of money out of the country and it is a waste of national wealth, great"
He Yasiri on "the need to develop new controls and selectors enables businesses and individuals to buy the dollar without circumventing the law and not, as is happening now request a passport or a certificate of import and export, and other steps to Atnm vision for economic and financial professional"
And between "the previous management's central bank is responsible for the decline in the exchange rate of the dinar against the dollar and putting it plans timely and confusing, and a preference for private banks without other trading millions of dollars a day."
He referred to "the existence of the phenomenon of parasitic middlemen who work in contravention of the law to reap profits by exploiting the fictional gaps to plan for the process of selling the dollar"
For his part, member of the Committee on Economy and Investment parliamentary Mahma Khalil in an interview for the "long", "The policy of the central bank depends on the basic foundation is to maintain the power of the Iraqi dinar, which is the country's economic identity in front of other currencies"
"The changes internal and external political and security instability contributed significantly to influence the national economy and in particular the exchange rate of the dinar against the dollar."
Khalil said, "Despite the repercussions of developments for the economies of neighboring countries from an economic blockade on Iran to the security situation is not upset in Syria, the central bank could result right policies and good taken to maintain the power of the dinar and the ease of trading by companies and citizens to sustain the economy
And between "The process of speculative daily by individuals and companies extraneous currency auction led to instability and that is the rise and fall Mphajin process caused confusion trading currency in the local market"
He pointed to "the need for banks as a result of the civil commissions to buy the dollar from the central bank and then sell it to the banking companies, to earn a reasonable profit you need to fill the daily expenses represented functional cadres working in addition to their other services essential to their work"
For his part, Ray, an economist Abbas Bahadli in an interview for the "long" that "flopping decisions of the central bank necessarily lead to the emergence of crises disrupt the economic development of the country since 2005, and even now, when he proceeded to plan a system of financial investment through the interest charged rewarding for banks and private banks reached 22%. "
"The damage caused by this procedure, which is the oldest by the central bank over interest from the evidence shifted funds of private banks to the process of buying and selling the dollar due to profit big and fast numbers equivalent to the budget of a neighboring country, which led to the stoppage of banking transactions all the other".
The Bahadli "the existence of flaws big in the monetary policy of the Central Bank, was to sell the dollar at auction exclusively for domestic banks at a price of 1173 dinars to the imposition of the archives own, import of goods as a certificate of origin and settling accounts of tax and other, subject to sell the dollar for the citizen at a price of 1180 dinars."
He stressed that "the private banks did not adhere to the official selling price, and monopolized the dollar, as well as the emergence of mafia money laundering, brokers and monopolists manipulate the exchange rate by Omzjtha profitability"
And between "The financial allocation by the central bank, each bank Ahli up a day to 10 million dollars, so the simple calculation have won all Bank amounted to a million dollars per day which led to the reluctance of banks to finance any project, because the interest of the funding of the 12% Projects for much less than the process of selling the dollar. "
The expert described these actions as "significant waste of public money and damaging the national economy and is the Honor of funds through the monopoly of the national economy and the disabled, as well as the stop of strategic projects and infrastructure in the country."
He was surprised Bahadeli of "lack of seriousness of the security agencies competent to economic crime in dealing with such a major issue affecting economic security."
The Truth parliamentary matches Development Fund of Iraq revealed, for the sale of the Central Bank about 207 billion dollars is equivalent to 55% of Iraq's oil revenues during the past six years, and while confirming that those sales were more doubles than you need the local market, they revealed that the More than half of those sales went to community banks poured specific purchases in the Jordanian and Gulf banks through its acquisition of most of the claims of the Central Bank of hard currency to make a profit obscene Up to 6% so that they control the national economy. "
Accused the General Authority for the North Bank for Finance and Investment, in April of 2013, the central bank not to meet the needs of the Iraqi market of hard currency over the past five months and refer it the responsibility of the private banks, while confirming that Iraq needs to pump nearly 300 million dollars in the market a day to meet the needs of the currency, while the central bank has criticized these statements promised they attack him and "stems from ignorance and lack of knowledge of monetary policy."
The Cabinet decided, to request the President of Supreme Audit Abdel Basset Turki functions of the central bank governor and the agency rather than the former Fed governor Sinan al-Shabibi on charges of issues of financial and administrative corruption in the bank, especially in the sale of the dollar, but nothing has been occurring in the work of the bank and currency auction in whereas the exchange rate of the Iraqi dinar against the dollar, a big drop since jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar until now.
[You must be registered and logged in to see this link.]
--
06/10/2014
Baghdad / Ibrahim Ibrahim
Varied views of MPs and economists about the commission large obtained by private banks through the central bank auction day to sell the dollar, where some criticized the policy of the bank and the method of preference for some private banks and not others, spoke with another on the need to assign these banks to move the investment process in the country. A member of the parliamentary Finance Committee Abdul-Hussein al-Yasiri in an interview for the "long" that "currency auction was established at the time of the former regime to control the significant decline of the dinar against the dollar as the cause of financial and economic crises, but according to specific amounts not to exceed $ 300 million and market needs in a timely manner"
He added: "But after 2003, the coalition has worked to expand the currency auction through open ports purchasing dollars unconditionally to the citizens what the cause of conversion processes are very large sums of money out of the country and it is a waste of national wealth, great"
He Yasiri on "the need to develop new controls and selectors enables businesses and individuals to buy the dollar without circumventing the law and not, as is happening now request a passport or a certificate of import and export, and other steps to Atnm vision for economic and financial professional"
And between "the previous management's central bank is responsible for the decline in the exchange rate of the dinar against the dollar and putting it plans timely and confusing, and a preference for private banks without other trading millions of dollars a day."
He referred to "the existence of the phenomenon of parasitic middlemen who work in contravention of the law to reap profits by exploiting the fictional gaps to plan for the process of selling the dollar"
For his part, member of the Committee on Economy and Investment parliamentary Mahma Khalil in an interview for the "long", "The policy of the central bank depends on the basic foundation is to maintain the power of the Iraqi dinar, which is the country's economic identity in front of other currencies"
"The changes internal and external political and security instability contributed significantly to influence the national economy and in particular the exchange rate of the dinar against the dollar."
Khalil said, "Despite the repercussions of developments for the economies of neighboring countries from an economic blockade on Iran to the security situation is not upset in Syria, the central bank could result right policies and good taken to maintain the power of the dinar and the ease of trading by companies and citizens to sustain the economy
And between "The process of speculative daily by individuals and companies extraneous currency auction led to instability and that is the rise and fall Mphajin process caused confusion trading currency in the local market"
He pointed to "the need for banks as a result of the civil commissions to buy the dollar from the central bank and then sell it to the banking companies, to earn a reasonable profit you need to fill the daily expenses represented functional cadres working in addition to their other services essential to their work"
For his part, Ray, an economist Abbas Bahadli in an interview for the "long" that "flopping decisions of the central bank necessarily lead to the emergence of crises disrupt the economic development of the country since 2005, and even now, when he proceeded to plan a system of financial investment through the interest charged rewarding for banks and private banks reached 22%. "
"The damage caused by this procedure, which is the oldest by the central bank over interest from the evidence shifted funds of private banks to the process of buying and selling the dollar due to profit big and fast numbers equivalent to the budget of a neighboring country, which led to the stoppage of banking transactions all the other".
The Bahadli "the existence of flaws big in the monetary policy of the Central Bank, was to sell the dollar at auction exclusively for domestic banks at a price of 1173 dinars to the imposition of the archives own, import of goods as a certificate of origin and settling accounts of tax and other, subject to sell the dollar for the citizen at a price of 1180 dinars."
He stressed that "the private banks did not adhere to the official selling price, and monopolized the dollar, as well as the emergence of mafia money laundering, brokers and monopolists manipulate the exchange rate by Omzjtha profitability"
And between "The financial allocation by the central bank, each bank Ahli up a day to 10 million dollars, so the simple calculation have won all Bank amounted to a million dollars per day which led to the reluctance of banks to finance any project, because the interest of the funding of the 12% Projects for much less than the process of selling the dollar. "
The expert described these actions as "significant waste of public money and damaging the national economy and is the Honor of funds through the monopoly of the national economy and the disabled, as well as the stop of strategic projects and infrastructure in the country."
He was surprised Bahadeli of "lack of seriousness of the security agencies competent to economic crime in dealing with such a major issue affecting economic security."
The Truth parliamentary matches Development Fund of Iraq revealed, for the sale of the Central Bank about 207 billion dollars is equivalent to 55% of Iraq's oil revenues during the past six years, and while confirming that those sales were more doubles than you need the local market, they revealed that the More than half of those sales went to community banks poured specific purchases in the Jordanian and Gulf banks through its acquisition of most of the claims of the Central Bank of hard currency to make a profit obscene Up to 6% so that they control the national economy. "
Accused the General Authority for the North Bank for Finance and Investment, in April of 2013, the central bank not to meet the needs of the Iraqi market of hard currency over the past five months and refer it the responsibility of the private banks, while confirming that Iraq needs to pump nearly 300 million dollars in the market a day to meet the needs of the currency, while the central bank has criticized these statements promised they attack him and "stems from ignorance and lack of knowledge of monetary policy."
The Cabinet decided, to request the President of Supreme Audit Abdel Basset Turki functions of the central bank governor and the agency rather than the former Fed governor Sinan al-Shabibi on charges of issues of financial and administrative corruption in the bank, especially in the sale of the dollar, but nothing has been occurring in the work of the bank and currency auction in whereas the exchange rate of the Iraqi dinar against the dollar, a big drop since jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar until now.
[You must be registered and logged in to see this link.]
--
[You must be registered and logged in to see this image.]
Today at 9:03 pm by Rocky
» Alia Nassif: Nour Zuhair returned to the port of Umm Qasr to make deals.. An influential Shiite forc
Today at 9:02 pm by Rocky
» The Prime Minister announces the movement of nearly 500 stalled projects
Today at 9:00 pm by Rocky
» A government strategy to enhance investments.. Iraq is on the verge of a new era of economic develop
Today at 8:59 pm by Rocky
» Ranging between 20% and 50%.. The Kurdistan government decides to reduce service fees, customs dutie
Today at 8:58 pm by Rocky
» Al-Sudani: The reform approach in the security services is an integral part of reform in other secto
Today at 8:56 pm by Rocky
» Everyone in Iraq wants the Sudanese visit to Washington to be successful, even the factions!
Today at 8:55 pm by Rocky
» Sources and experts expect the agenda.. in his bag is the Baghdad dollar and the factions’ truce, bu
Today at 8:54 pm by Rocky
» The decision to raise gasoline prices arouses the ire of drivers...a reminder of the large demonstra
Today at 8:53 pm by Rocky
» Parliamentary services: 3 important hospitals in Baghdad will enter service at the end of the year
Today at 8:52 pm by Rocky
» Iraq signs a contract to supply Iranian gas for a period of five years
Today at 8:50 pm by Rocky
» Parliament adds a voting paragraph on amending the Penal Code to its agenda
Today at 8:49 pm by Rocky
» His political advisor: We are not afraid of Sudanese entering the elections alone
Today at 8:48 pm by Rocky
» Parliamentary services explain the reasons for the rise in real estate prices in Baghdad
Today at 8:46 pm by Rocky
» Attia, criticizing the government's decisions: "The citizen's feathers will be ruffled without servi
Today at 8:45 pm by Rocky
» Parliamentary Communications: Zain Iraq and Asiacell did not pay their debts
Today at 8:44 pm by Rocky
» The Governor of Karbala announces the imminent establishment of the largest industrial city in the c
Today at 8:43 pm by Rocky
» A government determination to end the issue of displaced persons in the middle of this year
Today at 8:42 pm by Rocky
» Iraq buys gas from Kurdistan to generate electricity
Today at 8:41 pm by Rocky
» Parliamentary signatures to include an amendment to the internal regulations to decide the choice of
Today at 8:40 pm by Rocky
» In Basra.. a demonstration against foreign workers in Iraqi companies (video)
Today at 8:38 pm by Rocky
» Al-Samarrai: Presidency of Parliament is an entitlement to the constituents, and calling it a “frame
Today at 8:36 pm by Rocky
» Electronic food supplies in 6 governorates... covering 11 million Iraqis and “writing off” about 700
Today at 8:34 pm by Rocky
» Corruption of the Ministry of Transport.. Representatives express their surprise at the minister’s s
Today at 8:32 pm by Rocky
» The biggest supporter of the invasion of Iraq.. The death of former US Senator Joe Lieberman
Today at 8:31 pm by Rocky
» Iraq is ranked “late.” A list of the most and least safe Arab countries for women
Today at 8:30 pm by Rocky
» utube MM&C 3/26/24 Iraqi Dinar - IQD Update - Strength Dinar - Automation ASYCUDA - World Bank - D
Yesterday at 11:49 pm by Rocky
» The Council of Ministers exempts the Gulf Interconnection Authority from guarantee fees: it is a gov
Yesterday at 11:48 pm by Rocky
» The Iraqi government raises the size of the 2024 budget, and Parliament is “surprised”
Yesterday at 11:46 pm by Rocky
» Popular Movement: We have many economic options away from American hegemony
Yesterday at 11:42 pm by Rocky
» The Oil Parliament stresses the need to transfer part of the revenues to the producing governorates
Yesterday at 11:41 pm by Rocky
» It will cover 14 regions in eastern Iraq.. A deputy reveals the “border electricity” project
Yesterday at 11:40 pm by Rocky
» Experts Warn Mass Migration Threatens US Food Security
Yesterday at 11:37 pm by Bama Diva
» Al-Fateh: America occupies Iraq through agreements
Yesterday at 11:37 pm by Rocky
» Anger in Iraq over a "sudden decision"... and a reminder of a "general strike" that paralyzed the co
Yesterday at 11:34 pm by Rocky
» Parliamentary Committee: Parliament is discussing today a decision that “disturbed” the Iraqis
Yesterday at 11:33 pm by Rocky
» Ministry of Electricity: Our production will reach 27 thousand megawatts by May
Yesterday at 11:31 pm by Rocky
» Diagnosing the “most important” problems in the oil file between Baghdad and Erbil.. What is the rel
Yesterday at 11:30 pm by Rocky
» The Iraqi Fiqh Academy and the Sunni Endowment issue a fatwa to pay Zakat al-Fitr
Yesterday at 11:28 pm by Rocky
» The National Bank of Iraq continues its digital transformation by launching its new banking system a
Yesterday at 11:26 pm by Rocky
» Parliamentary Investment and the Central Bank are discussing the housing initiative
Yesterday at 11:25 pm by Rocky
» The Prime Minister announces the restart of 500 suspended projects
Yesterday at 11:23 pm by Rocky
» Al-Barti assesses the region's employees: Your salaries are insured and will be paid after resettlem
Yesterday at 11:21 pm by Rocky
» Iraqi-American discussions in anticipation of the Sudanese visit
Yesterday at 11:20 pm by Rocky
» Iraq and Turkey hold meetings in Ankara to discuss technical issues related to the development road
Yesterday at 11:17 pm by Rocky
» A government parliamentary agreement to support budget revenues and governorate allocations for inve
Yesterday at 11:16 pm by Rocky
» Oil: The gas sector is witnessing great development
Yesterday at 11:15 pm by Rocky
» A Kurdish-French agreement to develop trade and economic relations
Yesterday at 11:13 pm by Rocky
» Exchange companies in Mosul demand that they be entered into the currency selling window
Yesterday at 11:12 pm by Rocky
» Minister of Finance to the Czech Ambassador: Iraq enjoys a more attractive business environment and
Yesterday at 11:10 pm by Rocky
» Iraq and Britain sign an agreement in the field of the stock market
Yesterday at 11:08 pm by Rocky
» A new parliamentary meeting with the Minister of Finance to discuss these files
Yesterday at 11:07 pm by Rocky
» A parliamentary committee discusses these files with the Director of the Projects Department in the
Yesterday at 11:06 pm by Rocky
» Central Bank sales exceed $257 million today
Yesterday at 11:05 pm by Rocky
» Parliamentary Finance and the Minister of Planning discuss governorate allocations and investment bu
Yesterday at 11:04 pm by Rocky
» Planning: We are discussing with representatives of the World Bank the work plan of the Social Fund
Yesterday at 11:02 pm by Rocky
» Parliamentary meeting with the Governor of the Central Bank and the Director of the Real Estate Bank
Yesterday at 11:01 pm by Rocky
» Parliamentary Finance: The 2024 budget reached 228 trillion dinars
Yesterday at 10:57 pm by Rocky
» Barzani "gives good news" to Kurdistan's employees: salaries, land, and loan exemptions
Yesterday at 10:57 pm by Rocky
» Parliamentary Economy: The decision to raise fuel prices targets this class
Yesterday at 10:54 pm by Rocky
» The President of the Republic: Iraq is an important investment environment
Yesterday at 10:53 pm by Rocky
» From the accounts of Saddam's Republican Guard... Iraq returns approximately 7 billion dinars to the
Yesterday at 10:52 pm by Rocky
» Al-Abadi: Muqtada al-Sadr did not leave politics.. He reached a dead end
Yesterday at 10:49 pm by Rocky
» Nassif: The leaders of the framework abandoned Al-Sudani because of his recent successes
Yesterday at 10:48 pm by Rocky
» Baghdad stresses the continued danger of ISIS and the importance of Washington's efforts to combat i
Yesterday at 10:47 pm by Rocky
» Parliamentary Oil: It is necessary to transfer part of the revenues to the oil-producing governorate
Yesterday at 10:45 pm by Rocky
» The Sudanese government zeroes in on the legacy of its predecessors
Yesterday at 9:28 pm by Rocky
» The Human Organ and Tissue Transplantation Law is ready for its second reading
Yesterday at 9:26 pm by Rocky
» 1,500 active civil organizations in Iraq
Yesterday at 9:25 pm by Rocky
» The position of Speaker of Parliament awaits decision
Yesterday at 9:23 pm by Rocky
» Water for peace...the water crisis in Iraq
Yesterday at 9:21 pm by Rocky
» Fiscal and monetary policies succeed in undermining the parallel dollar
Yesterday at 9:20 pm by Rocky
» Kurdistan.. Attempts to circumvent the "Federal" decision and an invitation to the Baghdad governmen
Yesterday at 9:17 pm by Rocky
» “Iraq warned the US Treasury to leave the dollar.” Parliamentary Finance: The exchange rate will con
Yesterday at 9:16 pm by Rocky
» The Iraqi government issues new decisions
Yesterday at 9:14 pm by Rocky
» Barzani: We will not give up our constitutional rights, and tomorrow we will take a decision that is
Yesterday at 9:12 pm by Rocky
» A researcher in political and security affairs describes the decision to increase the price of gasol
Yesterday at 9:11 pm by Rocky
» The Council of Ministers addresses the Finance Ministry to appoint the families of those who died du
Yesterday at 9:09 pm by Rocky
» 100 thousand dinars as a “Eid gift” for retirees.. A parliamentary request before the Sudanese (docu
Yesterday at 9:08 pm by Rocky
» Al-Sudani confirms that more than 490 projects have been moved and returned to work in record time
Yesterday at 9:07 pm by Rocky
» Parliament reveals three facts about the decision to raise the price of fuel: It targeted “luxury” w
Yesterday at 9:05 pm by Rocky
» In detail...the problems of the oil file between Baghdad and Erbil
Yesterday at 9:04 pm by Rocky
» International skepticism about Iraqi agriculture... Modern irrigation succeeds, but it will not be e
Yesterday at 9:02 pm by Rocky
» For those who love traveling by the Iraqi train... buy the ticket with your mobile phone and 50 new
Yesterday at 9:00 pm by Rocky
» Regional and international challenges hinder the path of the Iraqi economy towards stability
Yesterday at 8:59 pm by Rocky
» A severe educational crisis threatens Iraqi children with a “bleak future”
Yesterday at 8:57 pm by Rocky
» Investing in Iraq's natural wealth is a step towards economic integration
Yesterday at 8:56 pm by Rocky
» Revealing the advantages of the “Hasabe” project: It is safe and provides great services to employee
Yesterday at 8:55 pm by Rocky
» Iraq seeks to strengthen its air defenses.. All eyes turn to South Korea
Yesterday at 8:53 pm by Rocky
» Residents of Souq Al-Shuyoukh and Al-Fahd renew their demand for the dismissal of officials and hold
Yesterday at 8:52 pm by Rocky
» The government's mood swings turn employees' dreams into nightmares of additional taxes and collecti
Yesterday at 8:50 pm by Rocky
» Deputy: Al-Sudani will raise the issue of lifting sanctions against Iraqi banks in Washington
Yesterday at 8:49 pm by Rocky
» Kurdish MP: The Shiite authority wants to restore the central system to Iraq
Yesterday at 8:47 pm by Rocky
» A Kurdish leader attacks the Federal Court: it is unconstitutional and its decisions are against the
Yesterday at 8:47 pm by Rocky
» Talabani Party: Al-Halbousi poses a danger to himself and not just his opponents
Yesterday at 8:45 pm by Rocky
» Deputy: The rule of law is trying to return Al-Maliki to power
Yesterday at 8:45 pm by Rocky
» Barzani accuses parties of trying to pave the way for the elimination of the region
Yesterday at 8:44 pm by Rocky
» BRICS adopts a payment system that is not linked to the dollar
Yesterday at 8:42 pm by Rocky
» Tax Authority: Fines imposed on colleges reach one billion dollars
Yesterday at 8:40 pm by Rocky