Governor of the Central Bank's (range): precautions at a good level

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 that has plagued 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 central bank's reserves amount of foreign currency, According to specialists may not the reserve covers three months import of 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 
 What are the central bank 's plans if the bank reserves continued to decline to the low limits do not cover even three months import to Iraq, how much is the amount of the reserve now due to the large ado about it? 
- Of foreign precautions now $ 53 billion, a figure 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 the foreign currency that we have more than the local currency. 
The high or low reserves caused by factors beyond the will or 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, a source the sale of oil and what you get and the Ministry of Finance of the petrodollars they sell to the central bank to get the dinar against which to cover its 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, as the majority of materials and goods imported expenses. 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 having to be there cover of foreign currency for the government, and this version you spend the last turn into 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. It is unfortunate that this fact is understood by a lot. 
It is strange that professes some members of the House of Representatives or the government that the central bank is in charge of the reserve reduction , without paying attention to the cause is due from them and not from the central bank or its policies. Reasons for borrowing from abroad and future implications  If the reserve is well enough according to the international standard, so why borrow from abroad if? - borrowing from the IMF is very important for Iraq and open the way for us to get the facilities, loans and support of international organizations and major states, also it strengthens the Iraq Center externally in terms of financial transactions. § the can the Rafidain and Rasheed Zbonin be two presidents in the Central Bank to sell foreign currency auction? Why refrain for many years of active participation and leave the monopolists of the private sector to be the primary actor in the auction? - The central bank opens the process of selling the dollar to public and private banks alike, and not the Rafidain entry and good governance on a wider scale in this process, due to Khchithma exposure Foreign transfers to confiscate transfers due to external claims old debts, but now having taken action to solve this problem , we hope that Atkmen two banks from exercising their operations without reservation or fear, and from our side we encourage them and Nhvzhma to expand their dealings in dollars to achieve the principle of competition Tnfna much. § the Why has 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 and financial system in Iraq ?. - 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 banking and finance. sector  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?  - Yes, the Central Bank has played a major role in the face of the financial crisis that hit the financial country 's situation, during the last period and the present, and it 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 the state failed 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 in other aspects, in order to cope with the financial and economic challenges. * How faced monetary policy of the Central Bank of the problem of unemployment and stagnation among Iraqis , especially since the bank 's target, according to law is to stabilize prices and to fight unemployment? - Central Bank contributes in lowering the unemployment rate 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, is in the heart of achieving this goal active sectors and achieve operating. program the "six trillion" goal to promote the private sector may not be achieved  if you consider the program of the "six trillion" which Sakarzha Bank to the public one of these processors. Are there other steps to achieve the stability that encourages economic growth in output or local income? - Yes, 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 the private sector and diversify the productive base to a supportive and stimulating practical plans, as 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 produce within the country to run the citizen and maintain foreign currency at the same time . § the but how do you achieve the goal of this initiative in light of the current situation, where there is no protection, control or even activate the laws? - this Note accurate and essential, and we have stated when the launch initiative that its success depends on activating protection product , consumer protection and anti - dumping policy and the application of customs duties and quality control laws , it is without all this you can not expect effective results of this initiative. § The current situation of the border ports , you can apply that already? - it is regrettable that the situation of border outlets 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 it, and there may have been attempts years ago throughout to correct the conditions of those ports, but all ended in failure, we also we stressed for years and continue to emphasize the need for the use of specialized international companies to take over the organization and management of these ports. § the Is 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 smuggling money through auction? - confirm the position of responsibility absence of interference from anyone or from any point in the issue of determining the total dollar sales , or at banks and companies level, Defining it is by the high - level committee in Central Bank, including the deputy governor and directors of two and a cadre ahead meets daily to determine this based on several objective factors. Currently we finished the development of consistent standards which is determined by a certain degree for each bank or transform 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 light of the degree of banking and corporate commitment to those standards, rules and instructions. § The can 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?  - Yes, the central bank instructions apply to all licensed banks 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 branch violator 's license. § The Will was actually pulling vacation one of these branches? - no, it did not happen during the period in which the Central Bank assumed. § The but we hear that there are irregularities and excesses of many of those banks. - this information is not accurate because the branches of the banks that we are the branches of the banks , most of them very large, and has an international classification Advanced, and that these branches subject to Rkabtna and regulated by the Central Bank in the State of the headquarters of the Bank and control headquarters and the president himself as belonging to him.  primitive and fails to performance in government banks  there is a clear failure in the banking sector as a working systems are old and mechanisms and sees specialists said that one of the reasons the investment process is the decline in the country that the foreign investor looking for a safe and advanced banking environment to facilitate its work and fast delivery and keep his money? - Yes, unfortunately 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 a commitment to the rules of anti - laundering requirements for money, and that most of the private banks , was founded a few years ago , in exceptional circumstances and in front of exceptional challenges also making it plagues 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 important to correct this situation, you will see the results during this year . § 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 drag Statistics and deposit operations take place in a complex and slow? - agreed with you in this matter Valmsrfan backward greatly across Angtallma about the world and what happened from tremendous developments in the banking business, was a plan to restructure the two banks since 2007 put , 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 banks , considering that this foundation to move to the second step in planning for the privatization of banks or the introduction of qualified partners to strengthen banks and upgrading Bodaihma.   § the 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. - Yes, central banks play an important role in upgrading 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 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 will take time to reap results. § The since 2010 announced the government has agreed to the signing of an important agreement with Chinese companies to develop the work of government banks and the mechanism of the financial exchanges between them and the rest of the banks of the world, what happened to them and why so far there is no changing the actual condition of Iraqi banks.? - I do not have any details on that convention, but after 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  when applied work company guarantee deposits and what type of deposits, as long as you mentioned the need to encourage people to save government banks and that it will contribute to resolving the financial crisis aspect the other what will or add this step to the citizen? - a project set up a company to guarantee deposits is aimed at protecting the rights of depositors, younger ones especially, when it is exposed bank what to insolvency or bankruptcy, so this measure will encourage citizens to deposit their money in banks because the phenomenon of having most of the money chunky in homes away from the banking system , hurting the economy in terms of that money if it is saved in the banks will turn into loans and facilities so as to contribute in motivating and moving 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. § the Stock Exchange the dollar in the Shorja who controls them? Is the Central Bank of the control it? - 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 anti - crime and economic Directorate, and take the right legal procedures, where this thing out of the jurisdiction of the Bank Central. § The Will actually be measures about them before the fight against economic crime? - Yes , this is done, has closed many shops and referred many of the owners to the judiciary , which in turn issued legal judgments against them. § The is there a coin forged now is whether the dollar or dinar? - according to Central Bank statistics 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 that most who deal with trying to avoid dealing with banks they are able to detect, so it is passed on dupes citizens, and the Interior Ministry to arrest once in a while some of those who are in the process counterfeiting or handled. § the project to delete the zeros Where is he now, why was not enforced , especially as it raises the value of the dinar? - project to delete zeros still exists and we have preparations of art 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 with breaches or excesses. § the Why the dollar is always high, and why do not you take a equating with the dinar, this leads to market and license the stability in the general cargo.? - making dollar equivalent of the dinar in the current situation means encouraging more imports and missed opportunities for the advancement of local production. It would also mean 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 high price of the dollar 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 the relevant state institutions subject. § the whether the reason for the rise is not selling the bank required quantities in the market, why the bank does not respond to the request? - 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 not enough dollars sold by the Ministry of Finance to the Central Bank, to meet the buyers ' demands for the dollar, the bank Central uses a part of its reserves to respond to those requests, and this is the role and function of the nature reserve. But the problem we have that many do not understand that when we sell and declining reserve a lot of talk and criticism of the bank 's happening, 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 the preservation a reasonable level of reserves in order not to get a psychological condition that may lead to anxiety and fear. § the import cars costing Iraq billions of dollars out of it. Is there an economical way to restore these funds , especially that Iraq does not need so many cars? - The subject imports and the identification of 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 imports and the development of Platform - importing annually, with a strict application of the laws we have mentioned to protect the national product and the consumer. § the Do 's central bank has other property return it imports? - No, the law of the central bank does not allow this kind of investment like real estate and other, Vaaradatna come from investments in currencies foreign bonds and gold, which earned the bank fees and charges and fines from banks licensed companies by him. § the some international banks based humanitarian projects such as building hospitals and schools, is the central bank of such projects at or in the next Strutijeth? - Central Bank Act does not allow the allocation of funds for those projects, we are seeking for an amendment it allows the Bank supported some of the social services projects, health or the necessary infrastructure by allocating a percentage of the annual profit of the Bank for these purposes. § The deposit box for every citizen , either gold or Basbaik or cash, How is it practical savings for gold? Is it gains and falls within the interest principle or whether it is within the national inventories , which helps raise the level of the Iraqi dinar? - When a citizen filed what has gone or elsewhere in the private equity funds it is leased within the banks, and here do not receive a citizen of any return on it, the goal of deposited into banks is protected, and that the bank does not know what is there but is not used or invested. § The issue of the purchase of gold bullion from the central bank. - The central bank makes alloy light went from 24 - gauge outside Iraq and sells them to the citizens and the margin of simple profit. § The Wayne those sold bullion? - the banks and the central bank as well. the  fate of the new Central Bank building after the death of the project designed  Wayne arrived to work in the new Central Bank building? It is executing the company after the death of designed architectural site Zaha Hadid? - The new building project under referral is where being an analysis of the offers submitted by the companies to choose one of them to build the project , which is expected to be initiated implemented by the end of this year. § The What about the designed project office and its role in the implementation ? - her 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, what made ​​us call on other global companies, has won a good reputation of the Australian company, which now holds the study العروض التي تقدمت بها شركات مقاولات عالمية لبناء المشروع.




[You must be registered and logged in to see this link.]-