Central Bank of the Supreme Judicial Council: hurt efficient, fair and cause a jolt to the economy

Central Bank of the Supreme Judicial Council: hurt efficient, fair and cause a jolt to the economy


Central Bank Governor Abdul Basit Turki

2013/05/29 Range Press / Baghdad

Showed the Iraqi Central Bank, on Wednesday, "unease" of measures adopted by the Supreme Judicial Council to "call a number of senior staff," while warning of a "shake" in the Iraqi economy as a result of this resolution, stressing that it's going to hurt, "efficient and fair" more from the abuser.

The governor of the Iraqi Central Bank and the Agency Abdul Basit Turki said in a statement addressed to the Supreme Judicial Council and received a (long-Presse) a copy of that "by virtue of our legal and professional offer you the perspective of the central bank and lack of satisfaction with the measures taken with regard to bringing in a number of heads of the Board of Directors and managers of Commissioners in the sector banking without there being a move to any complaint against them by the bank. "

Turkish and added that "the result is that we fear the fact that it leads to confusion among those papers believe and among other men proved their dedication and seriousness in support of the Iraqi economy and were keen to professional reputations in light of the volatility of the circumstances and the diversity of temptations."

He continued that "the best full was in the previous period is an attempt to repair and restoration and overcome the mistakes and try to keep for this sector of the parasites, users and owners profit regardless of its source," adding, "It was not the central bank envisaged in the lawsuit brought before the courts and that have not seen them unfortunately limit Now any suit, but that trim the sector. "

He pointed out that "the central bank continues to audit all transactions and all the banks in cases where estimated that the offense had to be presented to the judiciary will not hesitate about it."

And that "recent decisions issued by the bank like for banks to require the presentation of their documents on transactions entered window sell the currency (auction) without the presence of the issue inevitably from the Central Bank Multi wish you personally and your esteemed making the right decision to stop now and investigate the source according to the mechanisms adopted by you in particular. "

He warned the Turkish Supreme Judicial Council, that "such a decision could lead to a shake in the economy and inappropriate to attract foreign investment and encourage," Msttrd that "transforms our efforts are all in the field of rehabilitation and construction of this sector to a mere resolutions approaching revenge."

He emphasized that "this hurts business man, fair and efficient, which are filled with their corridors of Iraqi banks now more than what hurts the abuser or manipulated in order."

The Turkish concluded by addressing the Supreme Judicial Council, saying, "We and the banking sector pending of this matter."

He was a member of the Parliamentary Integrity Committee Jawad Alshahyla, 04/09/2013, that "ten tons of gold stolen from the central bank" Iraq through the end of last year, and stressed that the current presidency of the bank "involved" in that robbery, while pointing to the near detected "the largest theft "in the bank received during the past few days, accused Prime Minister Nuri al-Maliki to" remove "the former governor of the Bank Shabibi" because of the government's refusal to lend "money" outside the framework of the law. "

The fact-finding committee in matches Development Fund of Iraq revealed, on Monday, (April 8 2013), the central bank sold during the past six years in the auctions process conducted by about 207 billion dollars, equivalent to 56% of the revenues of Iraq's oil in those years, and in confirmed that those sales were many times more than you need the local market, they revealed that more than half of those sales went to specific banks poured their purchases from the bank in the Gulf and Jordan.

He accused the Congress and politicians and economists Central Bank of Iraq over the past months, burn "an average of four billion dollars a month in an auction of hard currency for the benefit of ten banks, mostly with capital Gulf, you buy a day most of the claims of the Central Bank of hard currency and make a profit overcharge up to 6% including them control of the Iraqi economy. "

Accused the General Authority for the North Bank for Finance and Investment, on the seventh of April 2013, the CBI not to meet the needs of the Iraqi market of hard currency over the past five months and refer it the responsibility of the private banks, while confirming that Iraq needs to pump nearly $ 300 million in the market daily to meet needs of the currency in the currency the central bank when he criticized the remarks they promised to attack him and "stems from ignorance and lack of knowledge of monetary policy."

The Cabinet decided to Iraqi (16 October 2012), the prime BSA Abdul Basit Turki functions of the central bank governor and the agency rather than the Governor of the Bank Previous Shabibi on charges of issues of financial and administrative corruption in the bank, especially in operations Auction dollars, but the something that did not occur to the work of the Bank and currency auction whereas the exchange rate of the Iraqi dinar a significant decline against the dollar jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar in April 2013.

The Fund said in a report issued in (21.03.2013), following the end of the consultations held in Amman between a delegation from the Fund and an Iraqi delegation headed by VMware Planning Ali Shukri, and seen (long-Presse) it "an improvement in the financial sector," but he stressed that is still "need to be greater efforts by the central bank in the revision of monetary policy tools and strengthen banking supervision, and to accelerate the restructuring of the banking system."

The International Monetary Fund (IMF) called the CBI to "take measures to gradually towards the liberalization of foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year."

The Fund stressed that the establishment of a national banking system requires the abandonment of the current model, which is controlled in which weak banks by state-owned receive preferential treatment apart from private banks, "calling on Iraq to do to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.

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