Keywords for {} morning: $ 50 billion in the country's reserves of hard currency

by **Rocky** Wed 05 Oct 2016, 4:12 am

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Keywords for {} morning: $ 50 billion in the country's reserves of hard currency

by Rocky Wed 05 Oct 2016, 4:12 am

Keywords for {} morning: $ 50 billion in the country's reserves of hard currency

5/10/2016 0:00

[rtl]Assured success in curbing inflation and keeping the economic situation of the country
BAGHDAD / Tariq al - Araji
The following is the text of the interview:
The governor of the Iraqi Central Bank on theKeywords that the reserve is currently in the bank is estimated at $ 50 billion, adding that the IMF forecast was referring to a previous review, to drop up to ten billion dollars at this time of year. And articulated in an interview with the «morning», the central bank 's success during the last term, to control the price of the dollar and curb inflation and maintain economic situation in spite of thefinancial situation is difficult the country has experienced during the last term. The

central bank transactions
* Do deals CBI with people or companies as well as banks

accredited? No CBI any dealings with individuals or companies, it deals with licensed entities such as banks and corporate conversion, banking and so on , as there is for theBank of any account to anyone, but we have one account to the government through Ministry of Finance, also have accounts to banks by virtue of its dealings with the bank or depository located in the bank, either dealing with the private sector , this is non -existent in his dealings, does not deal with anyone, the only direct petition is with thebanks, and even exchange companies are conversion to it through banks.

financial situation of Iraq
* what is your assessment of the financial situation of Iraq?

perceived financial position through the Treasury and the Ministry of Finance and not by the Iraqi Central Bank, the financial situation for the Ministry of Finance depends mainly revenues obtained from oil exports, and therefore relies heavily on oil prices and thesharp drop of prices that took place and the lack of other sources of national income, the form of great pressure too on the government.
for his part , the central bank tried to support the Treasury put through the purchase oftreasury transfers, as it has at the end of 2015 and last months of this year, discount ofabout 17 trillion dinars, and allowed the banks that have reserves in the Central Bank, the purchase of treasury transfers in addition to the bond - related contractors, farmers, processors, and so the Central Bank has provided more than 20 trillion dinars to boost liquidity in the country, and this amount is very large, but does not provide these amounts would have been financial situation is very critical , and perhaps the will to some extent the government 's inability to pay salaries, and must give serious consideration to planning expenses and revenues of the state in the light of experience and lessons that have occurred during the last term, large fluctuations of oil prices, it issupposed to do real reforms to avoid such crises.
auction currency
* Are you continuing to work with the auction sale of the currency? Especially that there are those who say that it is one of the smuggled

outlets? Must put real descriptions of the phenomenon of currency sale and convert them out of the country and the process of smuggling, because the latter means that theperson is transferred his money across the border without going through channels legal, financial and banking, which is not happening and what is happening now two cases, thesituation the first relating to the financing of foreign trade, as the Iraq imports all its needs, hence the source to cover the need for import to the dollar, is the central bank because it is unfortunately not for Iraq and other sources to the dollar, as if the investment, tourism or export of the private sector or others.
the second case relates to the transfer or movement or capital flight from within Iraq to the outside because of the political, security and economic conditions, and therefore the basis on which it is running the central bank principle is a legal and regulatory principle, legal principle asserts that the Bank Act states that the process of foreign currency sale in a simple unconditional and this is consistent with the position of Iraq through thesigning of the IMF agreement in 2008 and in line with the economic framework or a new economic philosophy of the country 's market - based economy , economic freedom, and the process is linked to the fact that the Iraqi economy and the country 's resources and financial nature general of the State.
The Ministry of Finance for its part, the receipt of funds obtained from oil exports and the dollar amounts, paid part of it to cover imports of government and foreign commitments and contributions and foreign debt currency, and the other part is the largest , which isestimated at 80 percent , which is obtained by the Ministry of Finance of the dollar and its transformation to dinars to cover general budget expenditures, and the role of thecentral bank is doing to re - sell the dollar and the withdrawal of the dinar from themarket and giving the Ministry of Finance and this is not an option for the bank or finance, it is imperative to carry out this process, and without them, the option is that the central bank to print dinars and handed over to the Ministry of Finance what causes two problems, the first flooding the market with large cash lump cause significant inflation ,as happened during the rule of the dictatorial regime of the former, and the second non - coverage of imports obtained from abroad in foreign currency , and this is also where alarge harmful, being lead to higher prices, which dictates the central bank dollar selling.

* Where the problem lies in the processes auction

currency? the problem is not selling the dollar because they process are inevitable being maintained to achieve the goals of many and balances, some of which is wrong on thecentral bank operation and described descriptions illogical and inaccurate he did not know that the salary received by it from Almsthsal dinar from the auction of the currency, it is the source of public money and not , as some say waste of public money, but on thecontrary is a source for public money to cover Ath.almhklh expenses in the verification of the money involved operations in the process of buying the currency, and whether this funds are legitimate, clear and transparent sources, and not falling out of money laundering, and is it the result of crime or financing of terrorism, this is a large gap that existed in the past, and the administration earlier in the central bank was believed that this is not the bank 's job, but it is an important security points, we disagree with theviews because the legal Bank and the anti - money laundering for the year 2004, stipulate that the central bank is doing the process so you do not build a money laundering in which office as required, but marginalized and almost froze, simple and anumber of employees have worked issues has not been for their onion . After Tsenma responsibility, we have been working on activating the performance of money laundering office, as it has been given the powers of the administrative and fiscal conservative and independence of administrative and financial, and the allocation of its own owners, one of the appointment and independence of spatial order is granted complete independence, is currently under rehabilitation process and building the capacity of workers in the office We created since we started, and now provides us with substantial international support to build these capabilities and there is a direct coordination with the international organizations in this regard.

$ 50 billion
* what amount of central bank reserves? Is it reassuring for the Iraqi
situation? Central bank primary mission within the law, it is to maintain the general level of prices and curb inflation, and the fact that some people think that the reserve islocated in the bank is surplus to the state treasury and maintains the Central Bank, this concept is not true, as the real surplus is the one who is in the Ministry of Finance, even if the ministry spends the dollar less than what you are converting to JD the section held by be the real surplus used by countries as establishing sovereign fund used in thebudget deficit conditions, either reservists currently in the Central Bank is estimated at $ 50 billion, and the expectations of the international Monetary Fund was in this review at this time of the year, proving that the central reserve is supposed to be lower by about ten billion dollars is expected.

attitudes toward bank reforms
* what international organizations attitude toward reforms followed in the Central Bank

?. the central bank action and performance - money laundering office, it is expected that Iraq moved to the white box in international financial transactions, and money laundering office is an office receives reports on suspicious transactions from banks , financial companies and other parties, the central bank is the entity responsible for monitoring to make sure adherence and compliance with the rules of the fight against money laundering because the office is not verified nor builds capacity within the banks.
the work of the central bank is done through banking and credit control directorate, which has worked on a broad program for the application of the provisions of anti - money laundering in banks and financial companies and other law, and proven set of measures that are being implemented now in banks such as the creation of the unit for combating money Laundering in the banks, and the development of a unit for risk management in all banks, and requiring all banks to abide by the principle of (know Your customer) this principle requires each bank, to take the information forms prepared in advance internationally agreed to see the client and the sources of his money and his work all that it involves to have clarity for the funds that go into Kaadaat in banks are buying foreign currency of .
there is a package of measures will be issued a large Bkras, and I explained at thebeginning assigned the job in the Finance Committee , the House of Representatives, the issue of selling the currency window and showed all the things related and gaps in them, as also shown that the role of the Central Bank of the foundation in accordance with both the data and the law and regulations and international practice, is to monitor the legality of the funds that go into the process of buying foreign currency, and told them that this role will need time to build such capacity within the central bank and in banks
and companies Other.
I would like to point out that the fight against money laundering is not the responsibility of the banking and financial system only, now under the new law all segments of the business sector on the subject of the gold dealer and (auctioneers) real estate offices, insurance companies, lawyers, accountants, legal and many other slices, for example, that someone he may have a capital resulting from certain crimes and go to buy aproperty in . It then sells the property and when attending to the bank and his desire todeposit amounts, comes the testimony of sale of property deemed to be a capital project. If not pursue all ties on the subject of money laundering , we can not control this issue, and this is what we him, since a new topic on the country and on both these segments, we have set up regulations for each category of the business and we started trained by and educate in this direction and we started Nlzmanm exercise of certain procedures.

No interventions work of the central bank
* there are those who question the existence of interventions work of the central bank and the lack of control it

?. central bank is more institutions in the Iraqi state bowing to internal and external oversight, there is internal control and there is a committee independent audit from outside the central bank of people , professionals , accountants and lawyers, and there isan international audit office is one of four offices to scrutinize the world, in addition to theBoard of Supreme Audit, either external oversight is being conducted by the international Monetary Fund, the World Bank and the financial action Task Force, and the US Treasury, as well as the US Federal Bank.[/rtl]

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