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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Governor of the Central Bank on the Keywords in dialogue with the (long)

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    Governor of the Central Bank on the Keywords in dialogue with the (long)  Empty Governor of the Central Bank on the Keywords in dialogue with the (long)

    Post by day dreamer Mon 30 Mar 2015, 4:27 pm

    03/30/2015 (21:01 pm) - 



    [ltr]Governor of the Central Bank on the Keywords in dialogue with the (long) [/ltr]


    Interviewed by Ghazanfar Laibi


    [ltr]
    [rtl][/rtl]

    _khassna 5 trillion dinars for mortgages and housing, industrial and agricultural


    [rtl] [/rtl]

     project to delete the zeros is still there and the need to "stabilize the Year" for its implementation


    [rtl] [/rtl]

     allowed banks to use half of its reserves to buy bonds

    Part II

      The Governor of the Central Bank of the relationship, the project to delete the zeros still exists a need to "stabilize" the implementation and follow carefully, and as he emphasized that the central coordinate with local banks for economic development and financing of small and medium-sized enterprises, said in the second part of the expanded dialogue interview with "Range": that the government decision which committed banks fulfillment rate of tax when you sell the dollar guarantees for the government obtaining part of the customs duties. 
    And below the full text of the second part of the interview conducted by the "long", with the relationship ..



    [rtl][/rtl]

    fa step to meet the tax, has been addressing tax evasion through obtaining the custom fees by banks which objected to the decision .. What is the opinion of the Central Bank of such a decision?[/ltr]
    [ltr]"Possible for this decision to replace part problem obtaining the tax, and it solves part of the problem, and what happened in the last period of obtaining the tax through banks when buying the dollar, is the decision not from the central bank, because it is not our relationship tax, a government decree issued for the prime minister and the finance ministry, and because of the circumstances through which Iraq currently, and the presence of the problems at border crossing points, and because of the large amount of corruption institutions related to this subject, and found that the best way to be obtaining insurance customs duties, identified by 5% when buying the dollar, This is at the very least guarantee of the government portion of the proceeds from customs duties without leaving the rings, units, and institutions are not able to control this process, and the rate of 5% is not all the tax, but at the very least it is a part and presumably after the introduction of the goods being the actual tax is calculated, certain material may be a toll of 20% or 30% or 3% is being conducted settlement between the General Administration of Customs and customer between or merchant in the light of the real quantity, so this decision a government guarantee as certain of the proceeds of customs duties, it is true that the decision dollar displays to rise as it gets Now, one of the reasons for this increase is that the banks, while the dollar sells, it sells at a price that was purchased by the central bank, which has not changed, and she has these fees, so this rise is real, but it is a load dollar fees that push the bank. "[/ltr]

    [ltr]
    [rtl] [/rtl]

     know that the country is living a financial crisis because of lower oil prices on the one hand, and because of the battles against the "Daash" On the other hand, the question, what the role of the central bank to support the economy and the development process?[/ltr]
    [ltr]
    [rtl]"[/rtl]

    "The financial crisis through which Iraq has opened the door to the study of the economic and financial situation in the country, in some cases, financial abundance are cover failures, and we believe that the favorable opportunity, and then revealed that the current crisis country's real economic capabilities kick that can provide stable resources and permanently unavailable, so it is an opportunity, as the central bank calls for the need to develop Iraqi economic model outlining the economy and resources, financial and monetary policies and other so he can Istqad of this crisis, as the lessons of this crisis must and employ the right way, and to reconsider the economic structure and policies Finance in what country is exposed to shocks and risks due to the fluctuation of the only source of imports of Iraq, which is oil, and the central bank arms folded not stand towards the current crisis, but entered the depth of this crisis with the government in an attempt to overcome first, and to contribute in building the correct directions for the future, and on the first level The central bank as permitted by law, we have demonstrated willingness to buy bonds the government issued and we buy from the secondary market, and we do this now, and the second point and do not even get a contraction affects economic activity because of the weakness of resources and thereby increase the unemployment rate, the central bank has decided the equivalent of 5 trillion dinars to the specialized banks (real estate, industrial, agricultural, housing) and I think that this is an important step and spoke for the first time to enter the central bank in the financing of these banks process in order to move the economic situation, as well as allowed the central bank to banks, which has a reserve with the central bank and by law must to put 15% of their capital in reserve at the central bank, allowed banks to use half of this reserve to buy bonds so that these banks benefit from the return on these bonds at the same time we can shortfall coverage at the present time, and all now realize the need to stimulate the private sector and take its role broad economic currency and we can say that the Central Bank is the pioneer now in support of the private sector, which has to do with banking and financial sector, and we have a broad plan may not help the field to mention the details, and we adopt at the present time the advancement of the private banking sector by giving the confidence of the private banking sector, The public's trust is the basic rule is based, so the first thing we have done is to try to promote this confidence in the banking sector through the proposals they have made to the Council of Ministers and the Economic Commission to accept government deposits at private banks, because as it has been to prevent government institutions from the deposit in private banks I do not expect the public to deposit deposits in those banks. "[/ltr]

    [ltr]
    [rtl][/rtl]

    ma reason for a lack of public confidence in banks?[/ltr]
    [ltr] "Occurred in previous periods situations such as the failure of the bank or the bankruptcy of another, and were then radical decisions not to deal with private banks, we try to give confidence in banks, and even the bank that was the cause of the crisis, we are trying to revive it again, the central bank has plenty of flexibility and tools which can which corrected the situation of banks which are exposed to the problems, because the collapse of any bank affect the banking sector as a whole, so the government agreed to accept deposits and accept issued by banks and instruments, as well as accept letters of credit, which opens to the government from private banks, which are very important issues , the central bank is considering in the current period to provide liquidity to banks which are exposed to a state of distress at the present time according to the central bank law, as well as coordinating now with the banks in an attempt to her husband in the process of economic development and financing of small and medium enterprises is an important and a great program and it was the reason for the growth and economic activity who got in a lot of countries, and there are regulatory and legislative reforms and we have five to six new laws with respect to guarantee deposits in respect of Islamic Sukuk and Islamic banks and the law of the new banks and the law of the new Central Bank, all of these bills are very important in order to avoid the problems that were previously holds. "[/ltr]

    [ltr]
    [rtl][/rtl]

    adm saving citizens money in banks, you come from a lack of confidence in banks or she societal culture?[/ltr]
    [ltr] "We have a serious phenomenon in Iraq, at a time when the country needs him to the resources to create economic activity and the need for liquidity, we note that the bulk of this liquidity is outside the banking system system, but today we have between 30 to 40 trillion outside the banking sector, which is stored in the public , so the central bank to give confidence in banks and providing the movement and activity of her so that we can attract these 30 or 40 trillion held by the citizen and incorporated in the development process and economic activity, and that part of the subject back to the public culture and the other part is due to give confidence in banks, As we have already said that the first step by the central bank is to create confidence among the public banks through bridging the relationship between banks and the government to the public trust this, and also through the bill, which we are working on a deposit insurance law, which is a very important law, because the citizen when he feels the existence of law that protects and Diath in the bank be a reason to deposit their money in banks. "[/ltr]
    [ltr]aad Iraqi banking system late compared to the banking systems in most countries of the world and even the nearest neighboring countries, and may be bureaucratic red tape or a reason for the reluctance of citizens to deal with these banks, Is there any intention to develop the mechanisms of Iraqi banks in the near term?[/ltr]
    [ltr]
    [rtl]"[/rtl]

    "This note is very important, especially since the banking system in all countries of the world is the most sector progress in regulatory, administrative, financial and technical operations, which is the first advanced in all the institutions, because it is an important sector, and the efficiency, speed, accuracy and the whole transparency important things, so we see the financial and banking institutions are particularly sophisticated in their work always, we have a very big problem lies in the acquisition of 80% by the government banks, meaning that the government's banking sector accounts for 80% of the banking sector, market, and not a problem by acquisition, but this sector is underdeveloped, means you have 80% of the banking sector has lagged work, organization and use of modern technologies and others, so it is necessary to reconsider the structuring of the Rafidain and Rasheed because they are the bulk of the Iraqi banking sector, in order to achieve the reorganization of these two banks, and to reconsider the ownership of these two banks, and in favor of that these banks are joint stock companies and open the way for the banks and the public to access these banks through certain stocks, the central bank adopted in the current period, a lot of modern systems in banks manage to regulate banking operations and coordination is underway with these banks to implement these programs and will tighten the coming period, a reflection of this matter. "[/ltr]

    [ltr]
    [rtl][/rtl]

    ugod foreign banks in Iraq is very limited ..[/ltr]
    [ltr]Is there any intention to enter the international banks to work in Iraq?  Is this a small number of global central banks meet the ambitious Iraqi?  "The central bank encourages the entry of foreign banks to operate in Iraq, and there are a number of branches of foreign banks operating in Iraq, but the overall situation in the country delay the entry of foreign banks into Iraq, and there are branches of Arab and foreign banks but they are still cautious and limited in scope in its work and has plans to expand its work in the future coupled with the conditions existing in the country. "[/ltr]

    [ltr]
    [rtl][/rtl]

    kther talk about the project to delete the zeros, which is long overdue, and we hear occasionally conflicting statements on this matter .. Where arrived Central Bank in this project?  "Multi deletion of zeros taking many dimensions to the debate and controversy, and there are two points of view on this subject, and that the points of view two different deletion or maintain agree on the principle that this deletion or maintain does not change the reality of the currency or the value or effect in the economic reality of financial or cash because are just like you put a sticker on the currency in or on the zeros, party pro-deletion of zeros sees the need to delete the zeros, because the zeros when they are in large numbers, usually in countries where very large inflation happens and, as happened in Iraq earlier, while disappear inflation is natural phenomenon and back to normal, as is happening now in Iraq that the inflation rate is very slim and low, when it should delete the zeros to facilitate the calculations and give the kind of confidence the currency, because the zeros linked to the weakness of the previous currency, and there is the case in the sense or the subconscious mind that these zeros express the abnormal condition and inflation, so that the removal gives the kind of reassurance to the return of the currency to normal reality and the real power, and facilitates calculations and registration ,, while the opposite view that hinder delete currently zeros, you see that this process since it does not create an impact on the ground the existing economic, say you do not need to replace the currency in which the cost management and organizational, as well as that there is a kind of fears that the effects of inflationary occur any currency less psychologically and not structurally structural value, it is scientifically can not occur something, there is a kind of fear, and we as a central bank to give to ourselves the opportunity and space for feminization in this topic because it is not a major priority for the central bank, and we believe that the general conditions of her relationship in taking such a step, and making sure the process of withdrawal and replacement of more than 40 trillion dinars, even if they are within range We put time and in circumstances that may not be stable, could create a lot of shenanigans, We need to general stability which we can do through this process smoothly, but we put this subject on the track to move it carefully. "[/ltr]

    [ltr]
    [rtl][/rtl]

    ma reason for the lack of a coin?[/ltr]
    [ltr]
    [rtl]"[/rtl]

    "Reconsider the issue of the coin is associated with the subject of the deletion of zeros, which is needed to study, and so far we study this matter, because the central bank tried earlier in the infectious currency that have not been accepted, and was retrieved by the central bank and bear the losses."[/ltr]
    [ltr] For more than a year, Iraqi banks have stopped granting loans to citizens because of the failure to approve the budget in 2014, and in the shadow of the current period of financial crisis, the central bank steps in this aspect?[/ltr]
    [ltr]
    [rtl]"[/rtl]

    "Personal loans determined by the banks (Rafidain and Rasheed), a policy relating to banks through the availability of liquidity, according to the priorities that are working on, but we have dedicated industrial, agricultural, real estate and housing loans of $ 5 trillion to banks and will open the door wide for the specialized banks, which are loans which will benefit the people." . [/ltr]





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    Governor of the Central Bank on the Keywords in dialogue with the (long)  Empty Re: Governor of the Central Bank on the Keywords in dialogue with the (long)

    Post by Neno Mon 30 Mar 2015, 4:30 pm

    Just briefly reading this, it seems it is stating it needs the zeros deleted to execute these projects... ;)
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    Post by Pinoy10 Mon 30 Mar 2015, 4:57 pm

    Delete the zeros first.... I like that idea.....just do it now.  banna3 banna2 Dance
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    Governor of the Central Bank on the Keywords in dialogue with the (long)  Empty Re: Governor of the Central Bank on the Keywords in dialogue with the (long)

    Post by mochasmom Mon 30 Mar 2015, 5:17 pm

    What about the change of the guards, when is the new CBI gov. Going to show himself, assuming we still need that...
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    Post by Screwball Tue 31 Mar 2015, 4:47 am

    Sounds like banking laws and Rv only way to fix this!
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    Governor of the Central Bank on the Keywords in dialogue with the (long)  Empty Re: Governor of the Central Bank on the Keywords in dialogue with the (long)

    Post by CITEX Tue 31 Mar 2015, 9:29 am

    mochasmom wrote:What about the change of the guards, when is the new CBI gov. Going to show himself, assuming we still need that...


    To my understanding we may not need a NEW Gov, but we do need the Proxy removed from the title, before the Gov. will have the authority to execute a rate change.
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    Governor of the Central Bank on the Keywords in dialogue with the (long)  Empty Re: Governor of the Central Bank on the Keywords in dialogue with the (long)

    Post by wciappetta Wed 01 Apr 2015, 8:21 am

    and there are two points of view on this subject, and that the points of view two different deletion or maintain agree on the principle that this deletion or maintain does not change the reality of the currency or the value or effect in the economic reality of financial or cash because are just like you put a sticker on the currency in or on the zeros,



    This idea needs to be understood from the perspective of an inside the country view. Iraqis not understanding the situation of revaluation who today spend a 25K note to buy minimal necessities worry about the idea that under revaluation they might need a bag of 25 id notes to buy the  same. They fail to realize the pricing adjustments that follow. This is what the CBI gov is addressing when he speaks of 


     deletion or maintain does not change the reality of the currency or the value or effect in the economic reality of financial.


    Conversely I understand this to also mean that a 25K note assumes the value of the new strong exchange rate.


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    Governor of the Central Bank on the Keywords in dialogue with the (long)  Empty Re: Governor of the Central Bank on the Keywords in dialogue with the (long)

    Post by Neno Wed 01 Apr 2015, 8:37 am

    Good explanation but many will still call it a lop... ;)
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    Post by weslin3 Wed 01 Apr 2015, 9:04 am

    yes  Thanks ward!
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    Post by wciappetta Wed 01 Apr 2015, 4:26 pm

    Neno wrote:Good explanation but many will still call it a lop... ;)

    Well funny thing is that they still hang around don't they... 

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