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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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    Iraqi Economist Majid mock for time about the reasons for the failure of the smuggling of funds

    Rocky
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    Iraqi Economist Majid mock for time about the reasons for the failure of the smuggling of funds Empty Iraqi Economist Majid mock for time about the reasons for the failure of the smuggling of funds

    Post by Rocky Tue 07 May 2013, 6:29 am

    Iraqi Economist Majid mock for time about the reasons for the failure of the smuggling of funds



    May 5, 2013

    Hedge result in theft of 350 billion dinars from the Rafidain and 6 banks got 60 Central auction
    Interviewed by khodayyir Abbas Abdul Jabbar Baghdad
    The problem of the Iraqi Central Bank failed to halt the smuggling of funds, one of the most exciting things confusing and vague, but turned into a puzzle or Riddle, especially after the Bank management by Dr. Turki Abdel Baset acclaimed him with competence and integrity, while still a problem, but the dinar lost its value against the dollar by 8, and although the topic in a wide area in Parliament, and by politicians, the media, but until now did not specify how, or the mechanism through smuggling.
    Although the Central Bank was able to protect the dinar exchange rate, if we compare it with the neighboring countries. But with experts and economic potential of efficiency and professionalism, are still taking place in the corridors of the Bank operations of the circumvention of the law, and some banks get dollar illegally, for example, there are six banks got more than 60 percent of the dollar volume sold at auction, and other hidden gaps suck billions of dollars. To diagnose the causes through smuggling, and why all of this failure in finding solutions? Why there are no answers, clear and convincing, determine how, or the mechanism through such operations? And is the most influential political parties in resolution or the inability of the staff that manages the economic process of diagnosis, and treatments. We tried to find satisfactory answers in the darkness of the questions are unanswered, this long intractable problem where Jamel economists their colleagues in the profession, while dealing with the causes of this illness in the media, and others avoid delving into this topic, where there are files in the courts and arrest orders in this atmosphere is clean, we had this conversation with Dr. Majid mock ... The answers are as follows
    It is read, what is happening now on the sale of a currency at the Central Bank of Iraq, and the issuance of arrest warrants, and controversy regarding the smuggling of funds is like playing in fire, or in another language, it's unfortunate, it's one the behaviour of consumers and producers and confuse the control of economic variables, as they are inconsistent with the principles of currency management, how do you read it?
    The main objective of monetary policy in Iraq is to strengthen the confidence in dinars, and access to its real value against other currencies, particularly the dollar, which accounts for approximately 100 of the transactions Foreign carried out by financial institutions of Iraq, whether by oil revenues, or through imports, which are dollar basis. Monetary policy has been able to achieve this goal successfully, increasing the value of the Iraqi dinar from about 1500 dinars to the dollar in 2004 to 1166 by the end of 2011 until now. Also able to monetary policy by increasing the external value of the dinar to reduce the rate of inflation and reduced from 60 70 until 2007 and to about 3 in 2011, although the expansion of fiscal policy in consumer spending year, which is a key factor for inflation, especially in the case of stop economic development in the real sectors such as industrial, agricultural and other productive activities and services, which has led to increased demand for the dollar as a result of the expansion in imports, rising from nearly 9.6 billion U.S. dollars in 2004 to $ 58 billion in 2010 to $ 64 billion a year 2011. As a result, currency auction sales rose from $ 6.1 billion in 2004, to $ 36.2 billion in 2010 to $ 39.8 billion in 2011. I have worked in earnest monetary policy to support economic stability. This policy was also able to enhance the size of sovereign reserves, rising from zero in 2003 to nearly $ 70 billion at present. This could strengthen confidence in dinars, and at the same time the possibility of preventing risks related to lower oil revenues, with continuing coverage of the market need of imported goods and services. And contributes to the bank to sell the dollar in cash and mediated conversion to banks on the basis of documents submitted by customers after scrutiny, the central bank does not deal directly with individuals or institutions. The central bank make way way for banks, money transfer companies, and exchange companies to buy the equivalent of 46 U.S. $ 48 million per day, or about 12 $ 12.5 billion per year, as of April 15, 2013. These amounts are significantly outweigh the needs of individuals, and is difficult to control the orientation control.

    There explains isolation Sinan Al-Shabibi and Mohammad Saleh appearance as background to come across an independent body and tampering with financial and Iraq Monday of scientific and professional figures of national history is well known and does not amount to them, as the Government believes and yaidha as the reasons that contributed to-datarab exchange rate and financial corruption, one of the most important reasons for money laundering, smuggling, high inflation rates, is it reasonable to differ on the issue of economic calculation mathematics, economics, HLA explained this to us?
    That charged the Central Bank contributed to smuggling of funds, or what some politicians wrong mock money laundering money laundering is the term used instead of money laundering is charging non-based logical or physical evidence, demonstrates the poverty of clear understanding of the procedures of the Central Bank, and the mechanisms used cope with dollar, monetary policy. All actions taken by the Central Bank, is illegal and unconstitutional, which led to the abuse of the reputation of the Central Bank, globally and locally, and has led to great confusion in the work of monetary policy, not out of a desire to control the Central Bank and to influence its independence in managing monetary policy. The lack of consistency between monetary policy and fiscal policy largely the basis to insist on the absence of a comprehensive national policy for development of the national goal, although the Central Bank has put the necessary foundations to do them, but it is not yet using these possibilities as appropriate due to the absence of the right person in the job and deal with the economic problems, deepened and entrenched administrative and financial corruption, avoid the orientation towards real development linked to indicators of production, productivity and compensation, and unemployment, poverty and a high level Real per capita income and living, and solve the housing crisis, electricity, unemployment, and other crises that have become rooted in Iraqi society and economy.
    There are those who believe that monetary policy to protect the currency and inflation for the previous administration and through the sale of daily currency one of the main reasons that contributed to the stability of the currency and inflation rates and processed after receipt of new currency lost its value by 8 as your comment?
    The Central Bank in the circumstances surrounding it and the dominant on Iraq at the present time, as the political, security, economic, social, cannot reach perfection in his work, and there may be some administratively and financially corrupt, but you can charge a high international reputation and succeeded in reaching many important stations, particularly with regard to monetary policy in full and complete its work, and its reputation globally and locally, before the investigation and verification of the charges? As well as finding physical evidence needed to charge for such persons to assist in getting rid of them, and to strengthen the institution, rather than abuse them.
    The absence of banking system, electronic system that records all the transactions and real-time financial results reversed with banks and the Central Bank, with all the standards required for the management of the Bank system and the Central Bank, is the basis for the weak capacity of the Central Bank on the real-time control of the banks, not to mention the prudential oversight to prevent the hazard of any bank as a result of violating standards.
    The absence of banking system and the immediate and precautionary control in Rafidain Bank resulting in the theft of about 350 billion dinars by the Basra Bank, Rafidain Bank was unable of detected only after a long time, and did not take any serious action to retrieve it. I've closed the case without access to a particular result, put the Bank under guardianship by the Central Bank for liquidity deficit, did not take any serious action to hold accountable and punish those involved, I think it is under liquidation. As for the Warka, was trapped in a liquidity deficit, why is government deposits withdrawals, as claimed by the Bank, and put under guardianship, and is one of the biggest private banks, if not the largest, guardianship continued for more than a year, which is not in conformity with the law. The relevant reports had confirmed the Bank's audited companies, local and international, to restore the Bank to health, if financial support and solve the problem of liquidity, and the monetization of some of its assets. But the Central Bank's decision was in favor of liquidation of the Bank, and the case is still before the courts, and not care about the results could lead to liquidation, depositors, shareholders, or the banking system in General. Knowing that many depositors faced losing their CPF savings, and are subject to confusion even in their households.
    There are those who believe that monetary policy to protect the currency exchange rate, and inflation for the previous administration, via the sale of daily currency one of the main reasons that contributed to the stability of the currency and inflation rates, and processed after receipt of new administration lost the coin value by 8 as your comment?
    The Central Bank deals with all the banks on the basis of equality, the activity of these banks, and the number of customers who deal with it differs from Bank to another, nor can the Central Bank may intervene in day-to-day activities, unless contrary to the law, for example, the Central Bank could not determine the number of clients of the Bank and its clients, the number of operations undertaken, so that the active bank in its work and provide better service, have more customers and therefore more money buys from the Central Bank, and not by the work The Central Bank, some banks may have relations with some politicians who some illegal operations, such as smuggling of funds, but in all cases you must investigate and verify them before launching accusations.
    The Central Bank has tried to equate the banks sell the dollar cash and cash sold daily to the banks and money transfer companies and foreign exchange companies, depending on the size of the paid-up capital, but it wouldn't be fair for the conversion. If there is any problem with the conversion or sale of cash should the money laundering Department of the Central Bank and other institutions and in cooperation with other competent ministries to follow up, such as the Ministry of Commerce and Ministry of finance, the Ministry of the Interior, and the rest of the State institutions responsible for money-laundering.
    How do you explain the loss of 10 tons of gold from the Central Bank of Iraq and news that corrects typo how do you explain that you reasonably pass so news does not respect the awareness the recipient?
    The Central Bank shall be subject to the oversight of domestic and international scrutiny, and there can be no buying or selling of currencies or gold, without being contrary in its records, as well as reflected in the information base. It is therefore possible to say that all the operations of the Central Bank relating to the sovereign reserve, international currency, gold and other minerals, with full transparency and disclosure are locally and internationally, and we certainly cannot pass any manipulation of these balances and transactions without monitoring. Therefore, the reported theft of 10 tons of gold is not built on the basis of physical, logical, and circulation of such information, as it will damage the reputation of the Central Bank and Iraq both locally and internationally, and to obstruct the work of the Central Bank is not side issues into its work, and also demonstrates the weak overall economic culture, culture of financial, monetary, banking, for people who like these statements.
    /5/2013 Issue 4496 – Date 6 Azzaman International Newspape
    Newspaper Zaman international number 4496 date 6» 5» 13
    AZP02



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