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Optical: the need to review the fiscal policy and banking reform
18/04/2013 12:00 AM
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reasons for the high demand for the dollar
BAGHDAD - Hussein ثغب of Tamimi
Economic
expert stressed that the financial sector is suffering from weakness and
imbalances in more than one side for some time, pointing to the need to work on
activating scientific solutions to the problems of monetary policy, which is
now affecting the overall operation of economic development are the most
important ports in the country.
Economic
expert, Dr. Kamal Al-Basri said: what is happening deformation in the structure
of the Iraqi economy as a result of the reality of the economic policy which is
based on the rentier economy, is not expected to control this deformation near
extent. Pointing
out that the work requires the application of institutional governance
vocabulary of the adoption of the competencies and strategic vision and a sense
of responsibility as well as the adoption of transparency and ensuring the rule
of law and to ensure participation and acceptance unanimously and achieve the
goals of equality also can not be achieved in the near term.
He
added that the solutions in the monetary policy requires a long time to achieve
the desired results, based on the factors affecting the local currency in Iraq
find it necessary to divide solutions and procedures into two parts first is
quick solutions (short-term), which include reducing pumping hard currency
(cash sales) at auction Central
Bank and the adoption of increased foreign remittances, and increase the price
of cash sales at the central bank auction for the equivalent selling price in
the auction of foreign remittances in order to cancel the profit realized due
to the difference between the two prices, as well as the cancellation of the
sale and purchase of foreign currency by remittance companies and financial
companies to mediate and transferred through banks licensed in Iraq
in order to reduce the non-compliant transactions to the terms and procedures
adopted, forcing traders and dealers in the areas of trade exchange between
Iraq and neighboring countries to deal financial transfer and letters of credit
instead of cash purchase and commitment to information transparency auction and
cash transfers and development of an electronic information system.
The
radical solutions (long-term) they include reviewing the financial policy of
the state and reduce inflation in spending and operational speed up plans to
reform banking in order to facilitate the procedures for exchange the cash in
addition to improve the tax code and work to expand horizontally while reducing
tax evasion and activating the law of customs tariff because of its important
role in provide
incentives for producers with feature of economic leading to a reduction in the
size of imports and improve revenue labor as well as improving the business
environment of economic in order to raise the efficiency of production for
companies and institutions of local productive that will reduce imports and
increase the intake of foreign exchange through export, as well as to attract
foreign investment to Besides
using the mechanisms of modern electronic distribution of salaries and the use
of instruments, banking and encourage Aledjarbma can issue a new currency or
deletion of zeros from the current currency Alikun have positive effects
psychic dealers in local currency. continued optical saying: The past few
months have seen devaluation of the Iraqi dinar against foreign
currencies, reaching in some cases the market Parallel 1300 dinars per dollar,
after it was stable on the rate of 1185 dinars per dollar, despite the
stability of the selling price of the Central Bank's 1166 dinars with a
commission of 13 dinars of remittances any 1179 dinars and 1171 dinars to the
sale of cash, indicating that This
indicates the high demand for the dollar in the domestic market so as to
several factors, the most important external factors, where it formed the
political and economic crises in neighboring countries (Syria and Iran) and
embodied in the need for these countries to the dollar currency and foreign
currencies. Explaining
that you received is a decline in domestic currency in those countries and
reflected down the price of exports to Iraq, and create windows to attract the
dollar from Iraq to those countries through the stock attractive for the Iraqis
and the same time a source of hard currency to the Iranians and the
Syrians.
On
the other hand sees visual There is a social coherence and prisoners with those
countries may also be an outlet for the exit of the dollar but it is difficult
predict Bmekdarh. In
addition to the business environment, represented by economic factors, which
result lead to a flight of domestic capital and the decline of foreign
investors, including political instability and the absence of the rule of law
in economic transactions. He
said: There is no doubt that the time period that followed the 2008 has seen an
improvement in the security situation and then in the rate of inflation and the
exchange rate. However,
the economic environment is still repulsive acts do not encourage project
planning medium or long-term. Which
led to limited activities on some business and commercial projects yielding
profit fast, but I doubt that the percentage of it turning to other countries
suffering from scarcity of liquidity arising from the impact of the financial
crisis that began in late 2008 (reaching rank Iraq 165 of 183 countries in
2012)
He
pointed out that fiscal policy has seen over the past years high rates of
government spending at rates greater than any other country in the world
(increased public spending of 34.6 trillion dinars in 2004 to 117.1 trillion
dinars in 2012) and most images spending is consumer lead to a rise in spending
the
outside world (travel, medical services and seminars, and import of goods and
investments in real estate projects, etc.), and also led to a rise in net Iraqi
currency traded amounting to 36 trillion dinars in 2013, bringing the demand
for foreign currency, where the value of imports of Iraqi 37302.7 million
dollars
in 2010 to $ 40632.5 million in 2011 at a rate of change of 8.9 percent.
He
optic to the weakness of tax policy of not applying the law of customs tariff
and of course the consequent flooding the market with goods and services
payable in dollars often also twice as efficient collection of dues tax ensures
achieved additional profits may find their way because of poor credit Iraqi
banking abroad Authority dollars. Indicating
that Iraq is a country described as undergoing transition and political
instability, economic, and this led to the proportion of individuals maintain
accounts in foreign banks abroad, and getting these conversions directly
proportional to the height of the oil revenues.
He
said the improvement in Iraq's per capita income of 1670 dollars to 5400
dollars makes looking for more consumption in terms of quantity and quality.
This
factor is reflected in the market through external spending on the import of
machinery and new materials or by increasing spending on foreign consumer
goods. As
the weak governance and the rule of law embodied Bagr public money and
corruption, and an example of the determination of speculation for projects
with more than its real value, this situation leads naturally to raise the
frequency conversion of the Iraqi dinar dollar and went on saying either
remittances family from abroad In previous years there have been a
significant proportion of family remittances from abroad are to the inside and
on the impact of improvement in the rate of income individual Iraqi far these
remittances have fallen to large ranges. He
pointed out that the presence of remittance companies and financial brokerage
firms (parallel market) led to the promotion of practicing foreign remittances
of cash put pressure on asset of the dollar and was the first adoption of
transfers of credit, and pointed to the low incomes of foreign currency non-oil
due to lower grants and international aid for reconstruction and reverse
In the U.S. presence
in Iraq in particular. As
for the areas of trade at border crossing points, the presence of these areas
encouraged to pay cash in dollars directly at the border points of contact,
which thus lead to a direct increase in demand for the dollar.
[You must be registered and logged in to see this link.]
18/04/2013 12:00 AM
Select the
reasons for the high demand for the dollar
BAGHDAD - Hussein ثغب of Tamimi
Economic
expert stressed that the financial sector is suffering from weakness and
imbalances in more than one side for some time, pointing to the need to work on
activating scientific solutions to the problems of monetary policy, which is
now affecting the overall operation of economic development are the most
important ports in the country.
Economic
expert, Dr. Kamal Al-Basri said: what is happening deformation in the structure
of the Iraqi economy as a result of the reality of the economic policy which is
based on the rentier economy, is not expected to control this deformation near
extent. Pointing
out that the work requires the application of institutional governance
vocabulary of the adoption of the competencies and strategic vision and a sense
of responsibility as well as the adoption of transparency and ensuring the rule
of law and to ensure participation and acceptance unanimously and achieve the
goals of equality also can not be achieved in the near term.
He
added that the solutions in the monetary policy requires a long time to achieve
the desired results, based on the factors affecting the local currency in Iraq
find it necessary to divide solutions and procedures into two parts first is
quick solutions (short-term), which include reducing pumping hard currency
(cash sales) at auction Central
Bank and the adoption of increased foreign remittances, and increase the price
of cash sales at the central bank auction for the equivalent selling price in
the auction of foreign remittances in order to cancel the profit realized due
to the difference between the two prices, as well as the cancellation of the
sale and purchase of foreign currency by remittance companies and financial
companies to mediate and transferred through banks licensed in Iraq
in order to reduce the non-compliant transactions to the terms and procedures
adopted, forcing traders and dealers in the areas of trade exchange between
Iraq and neighboring countries to deal financial transfer and letters of credit
instead of cash purchase and commitment to information transparency auction and
cash transfers and development of an electronic information system.
The
radical solutions (long-term) they include reviewing the financial policy of
the state and reduce inflation in spending and operational speed up plans to
reform banking in order to facilitate the procedures for exchange the cash in
addition to improve the tax code and work to expand horizontally while reducing
tax evasion and activating the law of customs tariff because of its important
role in provide
incentives for producers with feature of economic leading to a reduction in the
size of imports and improve revenue labor as well as improving the business
environment of economic in order to raise the efficiency of production for
companies and institutions of local productive that will reduce imports and
increase the intake of foreign exchange through export, as well as to attract
foreign investment to Besides
using the mechanisms of modern electronic distribution of salaries and the use
of instruments, banking and encourage Aledjarbma can issue a new currency or
deletion of zeros from the current currency Alikun have positive effects
psychic dealers in local currency. continued optical saying: The past few
months have seen devaluation of the Iraqi dinar against foreign
currencies, reaching in some cases the market Parallel 1300 dinars per dollar,
after it was stable on the rate of 1185 dinars per dollar, despite the
stability of the selling price of the Central Bank's 1166 dinars with a
commission of 13 dinars of remittances any 1179 dinars and 1171 dinars to the
sale of cash, indicating that This
indicates the high demand for the dollar in the domestic market so as to
several factors, the most important external factors, where it formed the
political and economic crises in neighboring countries (Syria and Iran) and
embodied in the need for these countries to the dollar currency and foreign
currencies. Explaining
that you received is a decline in domestic currency in those countries and
reflected down the price of exports to Iraq, and create windows to attract the
dollar from Iraq to those countries through the stock attractive for the Iraqis
and the same time a source of hard currency to the Iranians and the
Syrians.
On
the other hand sees visual There is a social coherence and prisoners with those
countries may also be an outlet for the exit of the dollar but it is difficult
predict Bmekdarh. In
addition to the business environment, represented by economic factors, which
result lead to a flight of domestic capital and the decline of foreign
investors, including political instability and the absence of the rule of law
in economic transactions. He
said: There is no doubt that the time period that followed the 2008 has seen an
improvement in the security situation and then in the rate of inflation and the
exchange rate. However,
the economic environment is still repulsive acts do not encourage project
planning medium or long-term. Which
led to limited activities on some business and commercial projects yielding
profit fast, but I doubt that the percentage of it turning to other countries
suffering from scarcity of liquidity arising from the impact of the financial
crisis that began in late 2008 (reaching rank Iraq 165 of 183 countries in
2012)
He
pointed out that fiscal policy has seen over the past years high rates of
government spending at rates greater than any other country in the world
(increased public spending of 34.6 trillion dinars in 2004 to 117.1 trillion
dinars in 2012) and most images spending is consumer lead to a rise in spending
the
outside world (travel, medical services and seminars, and import of goods and
investments in real estate projects, etc.), and also led to a rise in net Iraqi
currency traded amounting to 36 trillion dinars in 2013, bringing the demand
for foreign currency, where the value of imports of Iraqi 37302.7 million
dollars
in 2010 to $ 40632.5 million in 2011 at a rate of change of 8.9 percent.
He
optic to the weakness of tax policy of not applying the law of customs tariff
and of course the consequent flooding the market with goods and services
payable in dollars often also twice as efficient collection of dues tax ensures
achieved additional profits may find their way because of poor credit Iraqi
banking abroad Authority dollars. Indicating
that Iraq is a country described as undergoing transition and political
instability, economic, and this led to the proportion of individuals maintain
accounts in foreign banks abroad, and getting these conversions directly
proportional to the height of the oil revenues.
He
said the improvement in Iraq's per capita income of 1670 dollars to 5400
dollars makes looking for more consumption in terms of quantity and quality.
This
factor is reflected in the market through external spending on the import of
machinery and new materials or by increasing spending on foreign consumer
goods. As
the weak governance and the rule of law embodied Bagr public money and
corruption, and an example of the determination of speculation for projects
with more than its real value, this situation leads naturally to raise the
frequency conversion of the Iraqi dinar dollar and went on saying either
remittances family from abroad In previous years there have been a
significant proportion of family remittances from abroad are to the inside and
on the impact of improvement in the rate of income individual Iraqi far these
remittances have fallen to large ranges. He
pointed out that the presence of remittance companies and financial brokerage
firms (parallel market) led to the promotion of practicing foreign remittances
of cash put pressure on asset of the dollar and was the first adoption of
transfers of credit, and pointed to the low incomes of foreign currency non-oil
due to lower grants and international aid for reconstruction and reverse
In the U.S. presence
in Iraq in particular. As
for the areas of trade at border crossing points, the presence of these areas
encouraged to pay cash in dollars directly at the border points of contact,
which thus lead to a direct increase in demand for the dollar.
[You must be registered and logged in to see this link.]
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