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Governor of the Central Bank on the Keywords
Central Bank Governor "long": equality dinar dollar threatens local production and the deletion of zeros depends on stability
Author: ZJ
Editor: 22/06/2016 01:06
Long-Presse / Baghdad
Maybe it raises talk in economic and financial affairs many Hjona the followers, he is the modern-related livelihood daily per capita and how to get the economy moving, which faces many pitfalls impede progress, including currency and dinar speculation Exchange at the price of the dollar and the auction currency that turned him raised a lot of doubts and questions, in addition to work civil and foreign banks and remittance, and how to get out of the financial crisis experienced by Iraq, and even the recent international Monetary Fund loan with falling oil prices and its consequences, as the sole supplier, which had a negative impact on the amount of central bank reserves of foreign currency, According to specialists may not cover so three months import reserve for Iraq.
All these and other files open the "long" in a private meeting with the governor of the Central Bank of Ali Ismail Keywords.
Conflicts in the reserve figures of foreign currency
Q: * What are the plans for the central bank if the bank reserves continued to decline to the low limits do not even three months import cover of Iraq, and how much the amount of the reserve now due to the large ado about it?
A: - Of foreign precautions now $ 53 billion, a figure that changed daily according to what takes us back from the Ministry of Finance, and this level within our accounts and the accounts of the International Monetary Fund last refers to the adequacy of the reserve in accordance with the international standard of the existence of foreign currency reserves cover the size of the local currency. We also reserve the highest level, which means that foreign currency available to us than the local currency.
The high or low reserves caused by factors beyond the control or the control of the central bank, as the reserve is influenced by two factors basic elements, namely the amount of dollar given to the Central Bank, which is the source of the sale of oil and Mathsal by the Ministry of Finance of the petrodollars they sell to the central bank to get against which the dinars to cover expenses. The second factor is the demand for the dollar, and its source is the basis of the state that ultimately turn out to demand for the dollar expenses, since the majority of materials and goods imported. And those beyond the bank's control factors are determined by the level of reserve.
The pressure and influence is increasing on the reserve when the issue of the state budget deficit being covered by vouchers or bonds the central bank bought, which means that the bank will issue cash for the government without that there will be a cover of foreign currency for the government, and this is the version you spend the last turn the demand for imports in dollars which means reduce the reserve, so the House of Representatives and the government are responsible for the decline in reserve when the budget deficit have published. Unfortunately, this fact is not understood by many.
It is strange that professes some members of the House of Representatives or the government that the central bank is responsible for the decline in reserves without paying attention to the reason that caused them, and not by the Central Bank or his policies.
The reasons for borrowing from abroad and future implications
Q: * If the reserve is well enough and according to the international standard, why borrow from abroad if?
A: - Borrowing from the IMF is very important for Iraq and open the way for us to obtain facilities, loans and support of international organizations and major states, also strengthens the Iraq Center externally in terms of financial transactions.
Q: * Can the Rafidain and Rasheed to be Zbonin presidents of the Central Bank to sell foreign currency auction? Why refrain of many years of active participation and leave the monopolists of the private sector to be the primary actor in the auction?
A: - The central bank opens the process of selling the dollar to public and private banks alike, lack of bank entry Rafidain and Rasheed on a larger scale in the process, due to Khchithma the exposure of foreign transfers to confiscate transfers due to external claims old debts, but now that measures to solve taken We hope that this problem Atkmen two banks from exercising their operations without reservation or fear, and from our side and Nhvzhma encourage them to expand their dealings in dollars to achieve the principle of competition Tnfna much.
Q: * Why not been modified in force Banking Act to the authority of the coalition No. 94 of 2004, as the central bank can generate the forced merger of banks, rather than persuasion literary merger, especially since the banking market needs a strong decisions to integrate more than one banking institution to avoid landslides and protect the banking financial system in Iraq?
A: - We had a job and wide to amend the Banking Act referred to, and is now in the final stages of the legislation, and that the new law, and certainly taking into consideration the best international practices and experiences large and developments in the banking and financial sectors.
Q: * Is the central bank was able to rescue the financial situation of Iraq (public finances) during the years of oil revenues has worsened since 2014? What are effective policy adopted by the central bank as a savior of public finance that?
A: - Yes, the Central Bank has played a major role in the face of the financial crisis that hit the financial situation of the country, in the past and the current term, was the lifeboat of the overall situation and not just the financial situation, because the financial resources of the government were not sufficient to cover even salaries, we have to imagine the situation if it failed State to pay the salaries of millions of employees, so the total amount financed by the Central Bank of the public treasury would arrive at the end of this year to more than 20 trillion dinars through his purchase of treasury transfers from the secondary market, as the central bank provides support and counseling to aspects other, in order to cope with the financial and economic challenges.
Q: * How faced monetary policy of the Central Bank of the problem of unemployment and stagnation among Iraqis, especially as the goal of the bank, according to law is to stabilize prices and to fight unemployment?
A: - Central Bank contribute to reduce unemployment by stimulating economic activity by keeping the general level of prices and the reduction of the rate of inflation by stimulating and facilitating lending, credit and structural benefits operations, so the central bank initiative to allocate 6 trillion dinars for lending to private sector projects, pour into the mainstream to achieve this goal, which is active sectors and achieve operating.
Program the "six trillion" goal to promote the private sector may not be achieved
Q: * If you do you consider the "six trillion" program that Sakarzha Bank to the public one of these processors. Are there other steps to achieve the stability that encourages economic growth in the gross domestic income, or?
A: - Yes to the 6 trillion initiative is the first of its kind and magnitude in the history of Iraq, where we found As sensors of the economic situation that the only way for the advancement of economic reality is to stimulate the production of industrial and agricultural sectors through lending and support the private sector, because we have noticed not turned slogans and national strategies to support private sector and diversify the productive base to a supportive and stimulating process plans, and the central bank notes through its coverage of the demand for the dollar for the purposes of import, dumping policy by importing the simplest materials and goods that can be produced within the country to run the citizen and maintain foreign at the same currency.
Q: * But how do you achieve the goal of this initiative in light of the current situation, where there is no protection or control of, or even activate the laws?
A: - Note this accurate and essential, and we have stated when The launch initiative that its success depends on the product to activate the protection and consumer protection and to prevent dumping policy and the application of customs duties and quality control laws, it is without all this you can not expect effective results for this initiative.
Q: * With the current state of border ports, you can apply that already?
A: - Unfortunately, the border outlets status constitutes one of the large and chronic challenges, a situation that receive its disadvantages and corruption serious risks to the country, and those risks are not only an important and substantial financial resources, but also economic, health, environmental and security risks of loss we must pay attention to her, and there were attempts for many years to correct the conditions of those ports, but they all failed, and we confirmed that we are in years and we continue to emphasize the need for the use of specialized international companies to take over the organization and management of these ports.
Q: * Are there political actors dominate invisibly on the banks requests for foreign currency, including the parliamentary forces very window? .. This is a modern trader, and as they say, these are the cause of the destruction of Iraq and the smuggling of funds through the auction?
A: - Confirm the position of responsibility absence of interference of any person or of any other party in the issue of determining the total dollar sales or on banks and companies level, Defining it is by the high-level committee of the Central Bank, including the deputy governor and directors of two advanced and staff meet daily to determine that based on several objective factors. Currently we finished the development of consistent standards which is determined by a certain degree for each bank or convert the company, including the commitment of the bank or the company's anti-money laundering and terrorism financing and the rules and regulations associated with that law, until we get in the end to the application of an electronic program implements sales automatically operations in the light of degree banking and corporate commitment to those standards, rules and instructions.
Q: * Can the closure of branches of foreign banks in violation of the law of the central bank and banking law? Is it already been done? Especially since there are, as they say, many irregularities among those banks, and how many branches of those banks and a number of private banks?
A: - Yes, the central bank instructions apply to all banks licensed by the Bank, and branches of foreign banks licensed by us as well, so they are subject to subject his local banks in terms of penalties and procedures regarding irregularities and including the withdrawal of the offending branch license.
Q: * Was really pulling vacation one of these branches?
A: - Both did not happen during the time that I took out of the Central Bank.
Q: * But we hear that there are irregularities and excesses of many of these banks?
A: - This information is not accurate because the branches of the banks that we are the branches of a very large, mostly banks, and has an international classification Advanced, and these sections are subject to Rkabtna and regulated by the Central Bank in the State of Almaqralrias of the bank and control headquarters and the president himself being affiliated.
Primitive and fails in the performance of government banks
Q: * There is a clear failure in the banking sector as a working old systems and mechanisms, and sees specialists that one of the reasons for the decline of the investment process in the country, the fact that foreign investors looking for a safe and advanced banking environment to facilitate his work and fast delivery and keep his money?
A: - Yes, it is unfortunate that the banking sector we have is still in its infancy, far from the optimum international practices, and the use of the latest and best technology into the work, and the majority of the appropriate degree of fairness and transparency and governance are not available, and far from the application of the rules of compliance and risk management and compliance requirements of the rules anti-money laundering, and most of the private banks, was founded a few years in exceptional circumstances and before exceptional challenges as well by making it a plague on marginal activities to achieve a quick profit, such as selling the dollar, has been dominated by their governing bodies are managed and harnessed to their own interests, so we have a long way whatever to correct this situation, you will see the results during the year.
Q: * But the problem is what we observe in the situation of State-owned banks private bank Rafidain and Rasheed in terms of the level of performance, organization and services is very low, even simple drag and deposit operations take place in a complex and slow?
A: - I agree with you this, Valmsrfan backward greatly across Angtallma about the world and what happened from the tremendous developments in the banking business, was developing a plan to restructure its banks since 2007, but the plan goes slowly being activated, so we are currently focused on resolving the issue of settling accounts and old assets down to the true financial position of the two banks, as this mainly to move to the second step in the plan to privatize the banks or the introduction of qualified partners to strengthen banks and upgrading Bodaihma.
Q: * Central Bank, according to specialists has the strongest role that must be exercised by the departments of banks, especially with regard to its policies relating to update the structure of these institutions and strengthen oversight?
A: - Yes, central banks play an important role in upgrading the performance of banks through the guidelines and instructions laid down by the organization of work and through the control, supervision and performance evaluation and stimulated to take the best practices. To be more outspoken this was the role of the Central Bank during the previous years is weak, and has accumulated over the years, many of the negative phenomena and practices, and under the pressure of the economic and financial crisis show the inherited imbalances in the form of serious problems and challenges. So we have to strengthen that role since taken over the task of the Central Bank and have taken several measures and steps toward the banks on the one hand, and through the strengthening of the supervisory system and supervisory On the other hand, we have with the help of the offices of international control in this regard, but it takes time to reap results.
Q: * Since 2010 the government announced it had agreed to the signing of an important agreement with Chinese companies to develop the work of government banks and financial exchange mechanism between them and the rest of the banks of the world, what happened to them and why so far there is no real change in no Iraqi banks?
A: - I do not have any details on that convention, but after the recent visit of Prime Minister to China was agreed to activate the various aspects of economic and financial cooperation are being worked on currently, including promote the opening of branches of Chinese banks in Iraq and banks Iraqi in China and exchange of experiences in the field of banking.
Guarantee deposits and Exchange Shorja dollar
Q: * When applied work company guarantee deposits and what type of deposits, as long as you mentioned the need to encourage people to save the government and the banks that it will contribute to resolving the financial crisis, the other side will be presented or what the move adds to the citizen?
A: - A project to establish a company to guarantee deposits is aimed at protecting the rights of depositors, younger ones especially, when the bank is exposed as to the insolvency or bankruptcy, so such a move would encourage people to deposit their money in banks because the phenomenon of having most of the money chunky far from the banking system houses hurt economy in the sense that if that money has been saved in the banks will turn into loans and facilities, including contributing to motivate and move the economy and the market, as well as the risk to keep this money in the home has offered to steal, not to mention the costs of dealing with cash instead of bank accounts.
Q: * Dollar exchange in the Shorja who controls them? Is the Central Bank has control them?
A: - Who deal in dollars outside entities licensed by the Central Bank, engaged in an illegal act, and the shops and the people who are doing so they fall under the control of the fight against economic crime directorate, and take legal action against them, as this thing comes out of the jurisdiction of the central bank.
Q: Will it really be action about them by the anti-economic crime?
A: - Yes, this is done, it has closed many stores and many of the owners referred to the judiciary, which in turn issued legal judgments against them.
Q: * Is there a counterfeit coin now is whether the dollar or dinar?
A: - According to central bank statistics, which we get from a thorough examination of the coin, the fraud ratio is almost negligible, and usually we fined the banks that pass the coin forged and this easily discover in developed specialized our organs in the detection operations, and most of those who are dealing with trying to avoid dealing with banks because they are able to detect, so it is passed on dupes citizens, and the Interior Ministry to arrest the two and the other on some of those who are in the process counterfeit currency or handled.
Q: * Project to delete the zeros Wayne now, why did not apply, especially since it raises the value of the dinar?
A: - Project to delete the zeros still exists and we have a technical preparations in this area, but we are waiting for the stability of the general situation, because this is a great work when we need stability in addition to the stability in the development of institutions, in particular, what we can organize and manage the operation and supervision are not allowed Boukrouk or excesses.
Q: * Why the dollar is always high, and why do not you take action equating with the dinar, this leads to the stability of the market and cheap goods in the pan?
A: - Making the dollar equivalent of the dinar in the current situation means encouraging more imports and missed opportunities for the advancement of local production. It also means reducing the public budget revenues because the Ministry of Finance will get the lowest amounts of the dinar against the dollar, which it sells. The rise in the dollar exchange rate in the parallel market is attributable mainly on the supply and demand law, and the more the central bank responded to the demand for the dollar and covered it, the more to prevent a rise in price, and the closure of speculative opportunities in the market, and certainly there are other factors that play a role in the rise and fall of them, political stability and security and the rule of law, and the strength or weakness of relevant state institutions.
Q: * If the height is the reason for not selling the bank required quantities in the market, why the bank does not respond to the request?
A: - When oil prices are high revenue dollar is high also as it was in previous years, then the central bank can respond to those requests, and the flooding of the dollar as its inclusion Bank to its reserves, either when revenue dollar goes down because of lower oil prices, as is happening now, so do not enough dollars sold by the Ministry of Finance to the Central Bank, to meet the buyers' demands for the dollar, the central bank used part of its reserves to respond to those requests, and this is the role and function of the nature of Ctaati.lkn our problem is that many do not understand that when we sell and declining reserve a lot of talk and criticize happen the bank, and although aware of the bank that this is not practical and is not objective and intersects with the monetary policy requirements, but he was trying to find some kind of balance between the dam requests from the dollar and between maintaining a reasonable level of reserves in order not to get a psychological condition that may lead to anxiety and fear.
Q: * Import cars costing Iraq billions of dollars out of it. Is there an economical way to restore these funds, especially since Iraq does not need so many cars?
A: - The subject of imports and determine the goods and fees and the need of the jurisdiction of the government, not the central bank, Vdorena in this case, is to provide advice to the government, has repeatedly called as many have called for the need to adjust the imports and the development of curriculum Yearly Import Alert, with a strict application of the laws we have mentioned to protect the national product and the consumer.
Q: * Is the central bank has other properties return it imports?
A: - No, the Central Bank Act does not allow this kind of investment like real estate and other, Vaaradatna come from investments in foreign bonds and gold coins, and what the bank earns from fees and fines and fees from banks and companies licensed by him.
Q: * Some international banks based humanitarian projects such as building hospitals and schools, is the central bank of such projects or in the next Strutijeth?
A: - Central Bank Act does not allow the allocation of funds for these projects, we are seeking for an amendment to allow the Bank supported some of the social services or health projects or the necessary infrastructure by allocating a percentage of the annual profit of the Bank for these purposes.
Q: * Deposit box for every citizen, whether gold or Basbaik or cash, How are you saving for gold process? Does he have the profits and interest falls within the principle or he is part of the national inventories, which helps raise the level of the Iraqi dinar?
A: -When Filed the citizen of his gold or other in private equity funds it is leased within the banks, and here do not receive a citizen of any return on it, the aim of the deposit within the banks it is to protect them, and that the bank does not know what is there but is not used or invested.
Q: * The issue of the purchase of gold bullion from the central bank?
A: - Central bank gold bars made of lightweight 24-gauge outside Iraq and sells them to the citizens and the margin of profit is simple.
Q: * Where are sold bullion?
A: - The banks and the central bank as well.
The fate of the new Central Bank building designed after the death of the project
Q: * Where arrived to work in the new Central Bank building? It is executing the company after the death of designed architectural site Zaha Hadid?
A: - The new building project under assignment is currently being analyzed in terms of the offers submitted by the companies to choose one of them to build the project, which is expected to be implemented by the end of the beginning of this year.
Q: * What about the designed project office and its role in the implementation?
A: - Office completed the project design in all its details has it took nearly two years and we wish that the Office would oversee the implementation, but his presentation was very loud, which made us call on other global companies, has won a good reputation of the Australian company, which now holds the study offers made by international construction companies to build the project.
From: Zahra Jassim http://almadapress.com/ar/news/72220/%D9%85%D8%AD%D8%A7%D9%81%D8%B8-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%84%D9%80%D8%A7%D9%84%D9%85%D8%AF%D9%89-%D9%85%D8%B3%D8%A7%D9%88%D8%A7%D8%A9-
2
* There is a clear failure in the banking sector as a working old systems and mechanisms, and sees specialists that one of the reasons for the decline of the investment process in the country, the fact that foreign investors looking for a safe and advanced banking environment to facilitate his work and fast delivery and keep his money?
- Yes, it is unfortunate that the banking sector we have is still in its infancy, far from the optimum international practices, and the use of the latest and best technology into the work, and the majority of the appropriate degree of fairness and transparency and governance are not available, and far from the application of the rules of compliance and risk management and compliance requirements of the rules anti-money laundering, and most of the private banks, was founded a few years in exceptional circumstances and before exceptional challenges as well by making it a plague on marginal activities to achieve a quick profit, such as selling the dollar, has been dominated by their governing bodies are managed and harnessed to their own interests, so we have a long way whatever to correct this situation, you will see the results during the year.
~~~
* Project to delete the zeros Wayne now, why did not apply, especially since it raises the value of the dinar?
- Project to delete the zeros still exists and we have a technical preparations in this area, but we are waiting for the stability of the general situation, because this is a great work when we need stability in addition to the stability in the development of institutions, in particular, what we can organize and manage the operation and supervision are not allowed Boukrouk or excesses.
3
xxxx "it was good to see confirmation that the project to delete the zeros is still pending"
xxxx here is a quote from the CBI governor interview this morning
* Project to delete the zeros Wayne now, why did not apply, especially since it raises the value of the dinar? - Project to delete the zeros still exists and we have a technical preparations in this area, but we are waiting for the stability of the general situation, because this is a great work when we need stability in addition to the stability in the development of institutions, in particular, what we can organize and manage the operation and supervision are not allowed Boukrouk or excesses.
xxxx just what Shredd said " then piloting again until their is satisfaction the banking system is stable to respond to the pending currency reform"
xxxxx so you may ask when can we expect a change in the system that will further this along ?
xxxx heres what the governor said
* There is a clear failure in the banking sector as a working old systems and mechanisms, and sees specialists that one of the reasons for the decline of the investment process in the country, the fact that foreign investors looking for a safe and advanced banking environment to facilitate his work and fast delivery and keep his money?
xxxx the key here is an advanced banking environment
[Shredd] you got that right
xxxx Governor "Yes, it is unfortunate that the banking sector we have is still in its infancy, far from the optimum international practices, and the use of the latest and best technology into the work, and the majority of the appropriate degree of fairness and transparency and governance are not available, and far from the application of the rules of compliance and risk management and compliance requirements of the rules anti-money laundering, and most of the private banks, was founded a few years in exceptional circumstances and before exceptional challenges as well by making it a plague on marginal activities to achieve a quick profit, such as selling the dollar, has been dominated by their governing bodies are managed and harnessed to their own interests, so we have a long way whatever to correct this situation,
xxxxx ready ??
xxxxquote "you will see the results during the year."
xxxx *hallelujah*
[Shredd] this is their pilot phase and a pilot happens right before a go-live implementation, really good to see this all fitting together
xxxxShredd yes sir !!
[Shredd] the fraud ratio is almost negligible,
xxxx yep he referring to counterfeiting
[Shredd] love that
[Shredd] Q: Will it really be action about them by the anti-economic crime? - Yes, this is done, it has closed many stores and many of the owners referred to the judiciary, which in turn issued legal judgments against them.
[Shredd] good!
[Shredd] The rise in the dollar exchange rate in the parallel market is attributable mainly on the supply and demand law,
[Shredd] see? we've been saying this and seeing the fluctuations in price as supply is being managed
[Shredd] other factors affect it as well, but supply/demand is our friend
our friend
xxxxI said it years ago and I stand by what I said, we won't see any substantial increase UNTIL the electronic system of oversight is in place !
xxxx if they increase the dinar now billions will go out the backdoor ! They MUST have accountability in place as the governor said of the advanced banking environment , "you will see the results during the year"
Governor of the Central Bank on the Keywords
Central Bank Governor "long": equality dinar dollar threatens local production and the deletion of zeros depends on stability
Author: ZJ
Editor: 22/06/2016 01:06
Long-Presse / Baghdad
Maybe it raises talk in economic and financial affairs many Hjona the followers, he is the modern-related livelihood daily per capita and how to get the economy moving, which faces many pitfalls impede progress, including currency and dinar speculation Exchange at the price of the dollar and the auction currency that turned him raised a lot of doubts and questions, in addition to work civil and foreign banks and remittance, and how to get out of the financial crisis experienced by Iraq, and even the recent international Monetary Fund loan with falling oil prices and its consequences, as the sole supplier, which had a negative impact on the amount of central bank reserves of foreign currency, According to specialists may not cover so three months import reserve for Iraq.
All these and other files open the "long" in a private meeting with the governor of the Central Bank of Ali Ismail Keywords.
Conflicts in the reserve figures of foreign currency
Q: * What are the plans for the central bank if the bank reserves continued to decline to the low limits do not even three months import cover of Iraq, and how much the amount of the reserve now due to the large ado about it?
A: - Of foreign precautions now $ 53 billion, a figure that changed daily according to what takes us back from the Ministry of Finance, and this level within our accounts and the accounts of the International Monetary Fund last refers to the adequacy of the reserve in accordance with the international standard of the existence of foreign currency reserves cover the size of the local currency. We also reserve the highest level, which means that foreign currency available to us than the local currency.
The high or low reserves caused by factors beyond the control or the control of the central bank, as the reserve is influenced by two factors basic elements, namely the amount of dollar given to the Central Bank, which is the source of the sale of oil and Mathsal by the Ministry of Finance of the petrodollars they sell to the central bank to get against which the dinars to cover expenses. The second factor is the demand for the dollar, and its source is the basis of the state that ultimately turn out to demand for the dollar expenses, since the majority of materials and goods imported. And those beyond the bank's control factors are determined by the level of reserve.
The pressure and influence is increasing on the reserve when the issue of the state budget deficit being covered by vouchers or bonds the central bank bought, which means that the bank will issue cash for the government without that there will be a cover of foreign currency for the government, and this is the version you spend the last turn the demand for imports in dollars which means reduce the reserve, so the House of Representatives and the government are responsible for the decline in reserve when the budget deficit have published. Unfortunately, this fact is not understood by many.
It is strange that professes some members of the House of Representatives or the government that the central bank is responsible for the decline in reserves without paying attention to the reason that caused them, and not by the Central Bank or his policies.
The reasons for borrowing from abroad and future implications
Q: * If the reserve is well enough and according to the international standard, why borrow from abroad if?
A: - Borrowing from the IMF is very important for Iraq and open the way for us to obtain facilities, loans and support of international organizations and major states, also strengthens the Iraq Center externally in terms of financial transactions.
Q: * Can the Rafidain and Rasheed to be Zbonin presidents of the Central Bank to sell foreign currency auction? Why refrain of many years of active participation and leave the monopolists of the private sector to be the primary actor in the auction?
A: - The central bank opens the process of selling the dollar to public and private banks alike, lack of bank entry Rafidain and Rasheed on a larger scale in the process, due to Khchithma the exposure of foreign transfers to confiscate transfers due to external claims old debts, but now that measures to solve taken We hope that this problem Atkmen two banks from exercising their operations without reservation or fear, and from our side and Nhvzhma encourage them to expand their dealings in dollars to achieve the principle of competition Tnfna much.
Q: * Why not been modified in force Banking Act to the authority of the coalition No. 94 of 2004, as the central bank can generate the forced merger of banks, rather than persuasion literary merger, especially since the banking market needs a strong decisions to integrate more than one banking institution to avoid landslides and protect the banking financial system in Iraq?
A: - We had a job and wide to amend the Banking Act referred to, and is now in the final stages of the legislation, and that the new law, and certainly taking into consideration the best international practices and experiences large and developments in the banking and financial sectors.
Q: * Is the central bank was able to rescue the financial situation of Iraq (public finances) during the years of oil revenues has worsened since 2014? What are effective policy adopted by the central bank as a savior of public finance that?
A: - Yes, the Central Bank has played a major role in the face of the financial crisis that hit the financial situation of the country, in the past and the current term, was the lifeboat of the overall situation and not just the financial situation, because the financial resources of the government were not sufficient to cover even salaries, we have to imagine the situation if it failed State to pay the salaries of millions of employees, so the total amount financed by the Central Bank of the public treasury would arrive at the end of this year to more than 20 trillion dinars through his purchase of treasury transfers from the secondary market, as the central bank provides support and counseling to aspects other, in order to cope with the financial and economic challenges.
Q: * How faced monetary policy of the Central Bank of the problem of unemployment and stagnation among Iraqis, especially as the goal of the bank, according to law is to stabilize prices and to fight unemployment?
A: - Central Bank contribute to reduce unemployment by stimulating economic activity by keeping the general level of prices and the reduction of the rate of inflation by stimulating and facilitating lending, credit and structural benefits operations, so the central bank initiative to allocate 6 trillion dinars for lending to private sector projects, pour into the mainstream to achieve this goal, which is active sectors and achieve operating.
Program the "six trillion" goal to promote the private sector may not be achieved
Q: * If you do you consider the "six trillion" program that Sakarzha Bank to the public one of these processors. Are there other steps to achieve the stability that encourages economic growth in the gross domestic income, or?
A: - Yes to the 6 trillion initiative is the first of its kind and magnitude in the history of Iraq, where we found As sensors of the economic situation that the only way for the advancement of economic reality is to stimulate the production of industrial and agricultural sectors through lending and support the private sector, because we have noticed not turned slogans and national strategies to support private sector and diversify the productive base to a supportive and stimulating process plans, and the central bank notes through its coverage of the demand for the dollar for the purposes of import, dumping policy by importing the simplest materials and goods that can be produced within the country to run the citizen and maintain foreign at the same currency.
Q: * But how do you achieve the goal of this initiative in light of the current situation, where there is no protection or control of, or even activate the laws?
A: - Note this accurate and essential, and we have stated when The launch initiative that its success depends on the product to activate the protection and consumer protection and to prevent dumping policy and the application of customs duties and quality control laws, it is without all this you can not expect effective results for this initiative.
Q: * With the current state of border ports, you can apply that already?
A: - Unfortunately, the border outlets status constitutes one of the large and chronic challenges, a situation that receive its disadvantages and corruption serious risks to the country, and those risks are not only an important and substantial financial resources, but also economic, health, environmental and security risks of loss we must pay attention to her, and there were attempts for many years to correct the conditions of those ports, but they all failed, and we confirmed that we are in years and we continue to emphasize the need for the use of specialized international companies to take over the organization and management of these ports.
Q: * Are there political actors dominate invisibly on the banks requests for foreign currency, including the parliamentary forces very window? .. This is a modern trader, and as they say, these are the cause of the destruction of Iraq and the smuggling of funds through the auction?
A: - Confirm the position of responsibility absence of interference of any person or of any other party in the issue of determining the total dollar sales or on banks and companies level, Defining it is by the high-level committee of the Central Bank, including the deputy governor and directors of two advanced and staff meet daily to determine that based on several objective factors. Currently we finished the development of consistent standards which is determined by a certain degree for each bank or convert the company, including the commitment of the bank or the company's anti-money laundering and terrorism financing and the rules and regulations associated with that law, until we get in the end to the application of an electronic program implements sales automatically operations in the light of degree banking and corporate commitment to those standards, rules and instructions.
Q: * Can the closure of branches of foreign banks in violation of the law of the central bank and banking law? Is it already been done? Especially since there are, as they say, many irregularities among those banks, and how many branches of those banks and a number of private banks?
A: - Yes, the central bank instructions apply to all banks licensed by the Bank, and branches of foreign banks licensed by us as well, so they are subject to subject his local banks in terms of penalties and procedures regarding irregularities and including the withdrawal of the offending branch license.
Q: * Was really pulling vacation one of these branches?
A: - Both did not happen during the time that I took out of the Central Bank.
Q: * But we hear that there are irregularities and excesses of many of these banks?
A: - This information is not accurate because the branches of the banks that we are the branches of a very large, mostly banks, and has an international classification Advanced, and these sections are subject to Rkabtna and regulated by the Central Bank in the State of Almaqralrias of the bank and control headquarters and the president himself being affiliated.
Primitive and fails in the performance of government banks
Q: * There is a clear failure in the banking sector as a working old systems and mechanisms, and sees specialists that one of the reasons for the decline of the investment process in the country, the fact that foreign investors looking for a safe and advanced banking environment to facilitate his work and fast delivery and keep his money?
A: - Yes, it is unfortunate that the banking sector we have is still in its infancy, far from the optimum international practices, and the use of the latest and best technology into the work, and the majority of the appropriate degree of fairness and transparency and governance are not available, and far from the application of the rules of compliance and risk management and compliance requirements of the rules anti-money laundering, and most of the private banks, was founded a few years in exceptional circumstances and before exceptional challenges as well by making it a plague on marginal activities to achieve a quick profit, such as selling the dollar, has been dominated by their governing bodies are managed and harnessed to their own interests, so we have a long way whatever to correct this situation, you will see the results during the year.
Q: * But the problem is what we observe in the situation of State-owned banks private bank Rafidain and Rasheed in terms of the level of performance, organization and services is very low, even simple drag and deposit operations take place in a complex and slow?
A: - I agree with you this, Valmsrfan backward greatly across Angtallma about the world and what happened from the tremendous developments in the banking business, was developing a plan to restructure its banks since 2007, but the plan goes slowly being activated, so we are currently focused on resolving the issue of settling accounts and old assets down to the true financial position of the two banks, as this mainly to move to the second step in the plan to privatize the banks or the introduction of qualified partners to strengthen banks and upgrading Bodaihma.
Q: * Central Bank, according to specialists has the strongest role that must be exercised by the departments of banks, especially with regard to its policies relating to update the structure of these institutions and strengthen oversight?
A: - Yes, central banks play an important role in upgrading the performance of banks through the guidelines and instructions laid down by the organization of work and through the control, supervision and performance evaluation and stimulated to take the best practices. To be more outspoken this was the role of the Central Bank during the previous years is weak, and has accumulated over the years, many of the negative phenomena and practices, and under the pressure of the economic and financial crisis show the inherited imbalances in the form of serious problems and challenges. So we have to strengthen that role since taken over the task of the Central Bank and have taken several measures and steps toward the banks on the one hand, and through the strengthening of the supervisory system and supervisory On the other hand, we have with the help of the offices of international control in this regard, but it takes time to reap results.
Q: * Since 2010 the government announced it had agreed to the signing of an important agreement with Chinese companies to develop the work of government banks and financial exchange mechanism between them and the rest of the banks of the world, what happened to them and why so far there is no real change in no Iraqi banks?
A: - I do not have any details on that convention, but after the recent visit of Prime Minister to China was agreed to activate the various aspects of economic and financial cooperation are being worked on currently, including promote the opening of branches of Chinese banks in Iraq and banks Iraqi in China and exchange of experiences in the field of banking.
Guarantee deposits and Exchange Shorja dollar
Q: * When applied work company guarantee deposits and what type of deposits, as long as you mentioned the need to encourage people to save the government and the banks that it will contribute to resolving the financial crisis, the other side will be presented or what the move adds to the citizen?
A: - A project to establish a company to guarantee deposits is aimed at protecting the rights of depositors, younger ones especially, when the bank is exposed as to the insolvency or bankruptcy, so such a move would encourage people to deposit their money in banks because the phenomenon of having most of the money chunky far from the banking system houses hurt economy in the sense that if that money has been saved in the banks will turn into loans and facilities, including contributing to motivate and move the economy and the market, as well as the risk to keep this money in the home has offered to steal, not to mention the costs of dealing with cash instead of bank accounts.
Q: * Dollar exchange in the Shorja who controls them? Is the Central Bank has control them?
A: - Who deal in dollars outside entities licensed by the Central Bank, engaged in an illegal act, and the shops and the people who are doing so they fall under the control of the fight against economic crime directorate, and take legal action against them, as this thing comes out of the jurisdiction of the central bank.
Q: Will it really be action about them by the anti-economic crime?
A: - Yes, this is done, it has closed many stores and many of the owners referred to the judiciary, which in turn issued legal judgments against them.
Q: * Is there a counterfeit coin now is whether the dollar or dinar?
A: - According to central bank statistics, which we get from a thorough examination of the coin, the fraud ratio is almost negligible, and usually we fined the banks that pass the coin forged and this easily discover in developed specialized our organs in the detection operations, and most of those who are dealing with trying to avoid dealing with banks because they are able to detect, so it is passed on dupes citizens, and the Interior Ministry to arrest the two and the other on some of those who are in the process counterfeit currency or handled.
Q: * Project to delete the zeros Wayne now, why did not apply, especially since it raises the value of the dinar?
A: - Project to delete the zeros still exists and we have a technical preparations in this area, but we are waiting for the stability of the general situation, because this is a great work when we need stability in addition to the stability in the development of institutions, in particular, what we can organize and manage the operation and supervision are not allowed Boukrouk or excesses.
Q: * Why the dollar is always high, and why do not you take action equating with the dinar, this leads to the stability of the market and cheap goods in the pan?
A: - Making the dollar equivalent of the dinar in the current situation means encouraging more imports and missed opportunities for the advancement of local production. It also means reducing the public budget revenues because the Ministry of Finance will get the lowest amounts of the dinar against the dollar, which it sells. The rise in the dollar exchange rate in the parallel market is attributable mainly on the supply and demand law, and the more the central bank responded to the demand for the dollar and covered it, the more to prevent a rise in price, and the closure of speculative opportunities in the market, and certainly there are other factors that play a role in the rise and fall of them, political stability and security and the rule of law, and the strength or weakness of relevant state institutions.
Q: * If the height is the reason for not selling the bank required quantities in the market, why the bank does not respond to the request?
A: - When oil prices are high revenue dollar is high also as it was in previous years, then the central bank can respond to those requests, and the flooding of the dollar as its inclusion Bank to its reserves, either when revenue dollar goes down because of lower oil prices, as is happening now, so do not enough dollars sold by the Ministry of Finance to the Central Bank, to meet the buyers' demands for the dollar, the central bank used part of its reserves to respond to those requests, and this is the role and function of the nature of Ctaati.lkn our problem is that many do not understand that when we sell and declining reserve a lot of talk and criticize happen the bank, and although aware of the bank that this is not practical and is not objective and intersects with the monetary policy requirements, but he was trying to find some kind of balance between the dam requests from the dollar and between maintaining a reasonable level of reserves in order not to get a psychological condition that may lead to anxiety and fear.
Q: * Import cars costing Iraq billions of dollars out of it. Is there an economical way to restore these funds, especially since Iraq does not need so many cars?
A: - The subject of imports and determine the goods and fees and the need of the jurisdiction of the government, not the central bank, Vdorena in this case, is to provide advice to the government, has repeatedly called as many have called for the need to adjust the imports and the development of curriculum Yearly Import Alert, with a strict application of the laws we have mentioned to protect the national product and the consumer.
Q: * Is the central bank has other properties return it imports?
A: - No, the Central Bank Act does not allow this kind of investment like real estate and other, Vaaradatna come from investments in foreign bonds and gold coins, and what the bank earns from fees and fines and fees from banks and companies licensed by him.
Q: * Some international banks based humanitarian projects such as building hospitals and schools, is the central bank of such projects or in the next Strutijeth?
A: - Central Bank Act does not allow the allocation of funds for these projects, we are seeking for an amendment to allow the Bank supported some of the social services or health projects or the necessary infrastructure by allocating a percentage of the annual profit of the Bank for these purposes.
Q: * Deposit box for every citizen, whether gold or Basbaik or cash, How are you saving for gold process? Does he have the profits and interest falls within the principle or he is part of the national inventories, which helps raise the level of the Iraqi dinar?
A: -When Filed the citizen of his gold or other in private equity funds it is leased within the banks, and here do not receive a citizen of any return on it, the aim of the deposit within the banks it is to protect them, and that the bank does not know what is there but is not used or invested.
Q: * The issue of the purchase of gold bullion from the central bank?
A: - Central bank gold bars made of lightweight 24-gauge outside Iraq and sells them to the citizens and the margin of profit is simple.
Q: * Where are sold bullion?
A: - The banks and the central bank as well.
The fate of the new Central Bank building designed after the death of the project
Q: * Where arrived to work in the new Central Bank building? It is executing the company after the death of designed architectural site Zaha Hadid?
A: - The new building project under assignment is currently being analyzed in terms of the offers submitted by the companies to choose one of them to build the project, which is expected to be implemented by the end of the beginning of this year.
Q: * What about the designed project office and its role in the implementation?
A: - Office completed the project design in all its details has it took nearly two years and we wish that the Office would oversee the implementation, but his presentation was very loud, which made us call on other global companies, has won a good reputation of the Australian company, which now holds the study offers made by international construction companies to build the project.
From: Zahra Jassim http://almadapress.com/ar/news/72220/%D9%85%D8%AD%D8%A7%D9%81%D8%B8-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%84%D9%80%D8%A7%D9%84%D9%85%D8%AF%D9%89-%D9%85%D8%B3%D8%A7%D9%88%D8%A7%D8%A9-
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Re: Central Bank Governor "long": equality dinar dollar threatens local production and the deletion of zeros depends on stability;)long but good read Today at 8:03 am
* There is a clear failure in the banking sector as a working old systems and mechanisms, and sees specialists that one of the reasons for the decline of the investment process in the country, the fact that foreign investors looking for a safe and advanced banking environment to facilitate his work and fast delivery and keep his money?
- Yes, it is unfortunate that the banking sector we have is still in its infancy, far from the optimum international practices, and the use of the latest and best technology into the work, and the majority of the appropriate degree of fairness and transparency and governance are not available, and far from the application of the rules of compliance and risk management and compliance requirements of the rules anti-money laundering, and most of the private banks, was founded a few years in exceptional circumstances and before exceptional challenges as well by making it a plague on marginal activities to achieve a quick profit, such as selling the dollar, has been dominated by their governing bodies are managed and harnessed to their own interests, so we have a long way whatever to correct this situation, you will see the results during the year.
~~~
* Project to delete the zeros Wayne now, why did not apply, especially since it raises the value of the dinar?
- Project to delete the zeros still exists and we have a technical preparations in this area, but we are waiting for the stability of the general situation, because this is a great work when we need stability in addition to the stability in the development of institutions, in particular, what we can organize and manage the operation and supervision are not allowed Boukrouk or excesses.
3 Re: Central Bank Governor "long": equality dinar dollar threatens local production and the deletion of zeros depends on stability;)long but good read Today at 8:23 am
xxxx "it was good to see confirmation that the project to delete the zeros is still pending"
xxxx here is a quote from the CBI governor interview this morning
* Project to delete the zeros Wayne now, why did not apply, especially since it raises the value of the dinar? - Project to delete the zeros still exists and we have a technical preparations in this area, but we are waiting for the stability of the general situation, because this is a great work when we need stability in addition to the stability in the development of institutions, in particular, what we can organize and manage the operation and supervision are not allowed Boukrouk or excesses.
xxxx just what Shredd said " then piloting again until their is satisfaction the banking system is stable to respond to the pending currency reform"
xxxxx so you may ask when can we expect a change in the system that will further this along ?
xxxx heres what the governor said
* There is a clear failure in the banking sector as a working old systems and mechanisms, and sees specialists that one of the reasons for the decline of the investment process in the country, the fact that foreign investors looking for a safe and advanced banking environment to facilitate his work and fast delivery and keep his money?
xxxx the key here is an advanced banking environment
[Shredd] you got that right
xxxx Governor "Yes, it is unfortunate that the banking sector we have is still in its infancy, far from the optimum international practices, and the use of the latest and best technology into the work, and the majority of the appropriate degree of fairness and transparency and governance are not available, and far from the application of the rules of compliance and risk management and compliance requirements of the rules anti-money laundering, and most of the private banks, was founded a few years in exceptional circumstances and before exceptional challenges as well by making it a plague on marginal activities to achieve a quick profit, such as selling the dollar, has been dominated by their governing bodies are managed and harnessed to their own interests, so we have a long way whatever to correct this situation,
xxxxx ready ??
xxxxquote "you will see the results during the year."
xxxx *hallelujah*
[Shredd] this is their pilot phase and a pilot happens right before a go-live implementation, really good to see this all fitting together
xxxxShredd yes sir !!
[Shredd] the fraud ratio is almost negligible,
xxxx yep he referring to counterfeiting
[Shredd] love that
[Shredd] Q: Will it really be action about them by the anti-economic crime? - Yes, this is done, it has closed many stores and many of the owners referred to the judiciary, which in turn issued legal judgments against them.
[Shredd] good!
[Shredd] The rise in the dollar exchange rate in the parallel market is attributable mainly on the supply and demand law,
[Shredd] see? we've been saying this and seeing the fluctuations in price as supply is being managed
[Shredd] other factors affect it as well, but supply/demand is our friend
our friend
xxxxI said it years ago and I stand by what I said, we won't see any substantial increase UNTIL the electronic system of oversight is in place !
xxxx if they increase the dinar now billions will go out the backdoor ! They MUST have accountability in place as the governor said of the advanced banking environment , "you will see the results during the year"
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