Thread: Central Bank of Iraq

Planning minister, CBI governor discuss boosting cooperation

Planning Minister Nassar al-Rubaie held a meeting on Wednesday with Governor of the Central Bank of Iraq Senan al-Shabibi to discuss ways of boosting bilateral cooperation, according to a ministerial statement.

"The two officials discussed Iraq's debts and mechanisms to handle them," said the statement received by Aswat al-Iraq news agency.

"The meeting dwelt on Iraq's fiscal policy and the inflation indications in the country," the statement added.

The governor praised the role played by the planning ministry, mainly the central bureau of statistics.

The meeting was attended by a number of Iraqi officials.

http://en.aswataliraq.info/Default1....&id=140716&l=1

Basra Investment: There are fake investments and aims to bring out the currency of the country

Detection head of the Basra Investment, on Wednesday, the presence of some phony investments, which aims to bring hard currency out of Iraq.

Haidar al-Ali Fadel told (Voices of Iraq) that some investment projects that are currently in Iraq is bogus investments designed to bring hard currency of the country and this kind of investments do not encourage the establishment of projects.

He explained that investment either be a real investment or investment placebo, Investment is the real, which brings money and work into the country and achieve productivity as projects of agriculture and industry, the investment placebo is that which comes out currency outside the country such as city projects games that require the purchase of all materials of major outside Iraq, so that leaks currency abroad.

"We are trying to find real investments bring foreign capital and create jobs and develop the productive sector of the economy."

http://radionawa.com/Ar/NewsDetailN....776&LinkID=155

Source of funds: $ 50 billion are threatened by corruption and the pursuit of creditors after inflicting the central government

Detect financial source for high-level Iraqi secret strings move under the sudden decision to inflict independent bodies under the chairmanship of the Iraqi government.

He criticized the decision to abolish the independence of the source of major institutions in Iraq is a guarantee to protect the structure of the state economically, politically and strategically, including the Central Bank of Iraq and the electoral commission. The newspaper quoted a financial source for decades, which is unnamed, that the issue relating to the full reserve of foreign exchange of 50 billion dollars, and the applicant pending the CBI and the subject in American and European banks. The source added: that a country full of corruption, cash reserves will be subject to waste, looting and corruption if they came out of those reserves from the powers of a fixed institution of the State that do not change a government that are subject to change.

The source said that this financial reserves in the banks, enjoying international protection because it is in the International Classification of wealth for the Iraqi people can not be prosecution of creditors, but if moved to the government would be vulnerable to creditors claim for damages and the debt of Iraq is not the possibility of dealing with it now.

http://www.uragency.net/index.php?aa=news&id22=16171

Senior Economist: Linking the Central Bank of the executive power will negatively impact on the economy

considered the Iraqi economic expert said on Wednesday that linking the Iraqi Central Bank executive power would negatively affect the Iraqi economy, is likely to result in the devaluation of the Iraqi currency and high inflation.

The peace Sumaisem of Kurdistan News Agency (Rn), it was "a matter of specialization in the work and the door of the safety of the state also were isolated conduct of monetary policy from the executive branch, and the Central Bank of Iraq run by, like a lot from the experiences of developed countries and developing democracy, in order to achieving transparency in dealing economy."

It pointed out that "over the past years has achieved the achievements of the Iraqi Central Bank, the most important of improving the situation of the Iraqi dinar exchange rate, particularly against the U.S. dollar, where the dollar was equal to about two thousand dinars, whereas now corresponds to about 1100 Iraqi dinars."

Considered Sumaisem that "linking the Central Bank of the executive power, is likely to lead to the seizure of the cash reserves of the Central Bank, as well as" a sense of others is likely to act in reserves of the bank, and this will weaken the confidence of the Iraqi economy and Iraqi currency and potential of Iraq."

The Iraqi Federal Court issued a decision in January 18 of this attachment provides independent bodies referred to in the Iraqi constitution, including the central bank, as prime minister directly, not the House. He criticized the Central Bank of the Federal Court decision, saying in a statement Monday that the decision poses a threat to the Iraqi funds. It considered that "the country needs to gain the confidence of the world, companies and investors by improving the value of the dinar, in order to encourage them to enter the Iraqi market."

She Sumaisem "If the Central Bank of shaken confidence, the command will affect negatively on the Iraqi economy as a whole, the most important and what will happen is the high rate of inflation, because the value of the currency will fall, which means erosion as a result of economic harvested each country over the past few years."

And continued, "and the circle of financial corruption will widen, because we know he is in Iraq and during the economic blockade inflation was open the door to enter the corruption and rampant in Iraqi society, under the name of living and Glaiha," indicating that "the Iraqi staff member he wanted only to live, and this expanded issue of dealing bribes and the sale of receivables."

And expressed surprise at Sumaisem of linking the independent bodies, including the Iraqi Central Bank executive power, adding: "I do not see any economic interest to move, but will the Iraqi economy to collapse, I do not know who will be for the benefit of such a decision."

The court's decision on the inquiry of Prime Minister Nuri al-Maliki is considered to be linked to some independent bodies with the operational nature of their work in the House of Representatives is not in conformity with the competence of the Council and contrary to the principle of separation of powers.

Indicates Chapter IV on "independent bodies" in the Article (102) that is the UN High Commissioner for Human Rights and the Electoral Commission for elections, and the Integrity Commission, independent bodies under the control of the House of Representatives, and organize their work by law.

While recalling Article (103) of the first section is the same that all of the Iraqi Central Bank, the Office of Financial Control, and Communications and Media Commission and the endowment offices, bodies, financially and administratively independent, and the law regulates the work of each of them.

As indicated in paragraph II of the same article that the Central Bank is accountable to the Iraqi Council of Representatives and the Financial Inspection Office and the Information and Communications House of Representatives, while the third point of the same article that linked Endowment Council of Ministers.

http://www.aknews.com/ar/aknews/2/213677/

The specter of judicial custody threatens $ 50 billion .. Central warns of loss of protective umbrella of funds abroad

Warned the central bank governor and financial experts from the implications of the Federal Supreme Court's decision to inflict the World Bank and the government especially with regard to the fate of foreign exchange reserves, which total more than 50 billion dollars deposited in U.S. banks and Jordan.

The central bank adviser said the appearance of Mohammed in a press statement: "The bank and because of the independence of its reserves in foreign currency does not deal as an asset or assets of government, but rather is cover currency in support of economic stability and linked to the wealth of individuals and stability, incomes, and on this basis to take over much of central banks in major countries to provide This protective umbrella of the money the central bank of any legal proceedings)."

He said: "This applies to Iraq as well, the fact that that money is the protective umbrella of state prosecutions may be raised by creditors on the former Iraqi government."

Indicating that the (bank will lose this protective umbrella in case of loss of independence, the fact that his money, government money and perhaps under his money abroad to judicial custody and this would cause the cover of currency and financial stability of the country and these caveats are essential in the topic).
In answer to a question on the extent of central bank independence and future plans, Saleh said that (this is known now, because the Bank independent in accordance with paragraph 2 of Article 2 of Law No. 56 of 2004).

He explained that (the directors of the bank alone bear the responsibility for achieving the objectives of monetary policy in the event of a decision means that the existence of parties and other partners, which prevents its accountability to the House of Representatives, while Article 103 II of the Constitution subject to the Bank's accountability to achieve its objectives, creating a conflict of validity for the implementation of this policy).

http://www.shatnews.com/index.php?sh...article&id=821

Education seized nearly 500 counterfeit and restore about 6 million dinars during the past four months

Inspector General at the Ministry of Education that the investigative committees in the office seized during the past four months 959 forged from ministry officials.

Muzaffar Yaseen said in a press statement that the Directorates of Education in Baghdad and the provinces transmitted through the past four months, 120 an administrative investigation to the Office of the Inspector, including 61 who completed an investigation, in addition to 74 investigations under way, and to bring the two investigations of the Integrity Commission.

He said the Inspector-General to continue the follow-up procedures on 273 cases of forgery with the General Directorates of Education in Baghdad and the provinces, pointing out that the magnitude of the amounts recovered as a result of the investigation and management audit amounted to 6.576 million dinars.

http://radionawa.com/ar/NewsDetailN....891&LinkID=151

Nujaifi and Shabibi: the independence of the central guarantee of Iraq's resources are not subject to seizure and confiscation proceedings

Met with House Speaker Abdul Aziz al-Najafi Usama afternoon Iraqi Central Bank Governor Dr Sinan Shabibi and economic adviser to the appearance of Dr Mohamed Saleh.

The media source that during the meeting discuss the issue of the Federal Court decision on independent bodies and the seriousness of the situation the central bank under the supervision of the government, where Shabibi said the decision would lose Iraq claimed responsibility for the protection of its assets and deposits abroad, and the independence of the Bank Central has been and remains the only guarantee for non-submission of financial resources of the Central Bank of Iraq outside of Iraq to the seizure and confiscation measures by the international creditors.

They emphasized the need to preserve the independence of the Central Bank as the only guarantee for non-submission of financial resources outside of the Central Bank of Iraq to the seizure and confiscation proceedings.


http://translate.google.co.uk/transl...n&hl=&ie=UTF-8

CBI warns of compromising its independence

Adviser warned the Iraqi Central Bank, of jeopardizing the independence of the bank, stressing that he has concerns about the decision to the Federal Court judge last link with a number of independent bodies referred to in the Constitution under the chairmanship of the government directly, inviting them to issue a clarification of its decision on the association and its independence.

Not the Federal High Court issued a decision ‬ 18 January, provides a link independent bodies referred to in the Iraqi constitution, prime minister directly, not under the chairmanship of the House of Representatives, and the decision came at the request of the Cabinet Office submitted to the Federal Court in the second of December of the year the past, to show a link bodies. He said the appearance of Mohammed Saleh, in a press statement, said that the decision of the Federal Court recently on a link a number of independent bodies, and dealt with the central bank and its association with the premiership, not the House of Representatives, ambiguous, and not enough to affirm the autonomy of the bank.

He added: It is preferable to sitting judges of the Federal Court with specialists at the Central Bank to discuss the new resolution of the Court, and affirm the autonomy of the Bank in formulating monetary policy for the country. He explained that the resolution, which was issued by the Federal Court, was vague in determining whether the law of the Central Bank of the biggest of the Law Council of Ministers on the one hand the monetary authority.

http://translate.googleusercontent.c...EpfxMDZY9p94nA

Central warns the real dangers awaiting the Iraqi money internationally

The adviser to the CBI on Sunday, repercussions of the Federal Court decision and its impact on exposing the Iraqi funds under the umbrella of an international bank to risks and fabricated claims of the pending acquisition by the application of the resolution.

He said the appearance of Mohammed Saleh told the Kurdish news agency (AKnews) announced today that "the international financial environment risky and instead of causing the Central Bank of judicial power that we diversify its needs in the management of financial reserves in foreign country for the salvation of any legal proceedings affecting the debt of the Iraqi government and that are protected under Council resolution UN Security 1483."

The court of Iraqi federalism in its recent decision to January 18 this requires linking the bodies that were received in the Iraqi constitution as an independent, an Iraqi cabinet minister, at the request of the Office of the Prime Minister, who was lifted last December to the same court.

Saleh said "since 2003, could the central bank provides the umbrella secure $ 50 billion to meet its needs in the capital of the local presence and international levels", he stressed that "the danger lies in the expiration of international protection in the June 30 next to Iraq, we must thought to protect the assets of Iraqi funds under the umbrella of the Central Bank of Iraq is not."

And Saleh stressed that "the central bank money is not money the federal government but is a cover of the national currency, the dinar and the cover of criticism of the Iraqi people," adding that "if the opposite had happened according to the latter's decision became the central bank money government then would be to risk Pthail creditors that money to say the least."

And Article (103) First: Each of the Central Bank of Iraq, and the Office of Financial Supervision, and the media and communications, Endowment, bodies, financially and administratively independent, and the law regulates the work of each of them.
Second: The Central Bank of Iraq responsible before the Council of Representatives and the Office of Financial Supervision Authority Media and Communications House of Representatives.

Criticized for "Dealing with the Central Bank and the rest of the independent bodies that need to be a new government program for the coming years in line with the programs of those bodies, which gives the impression that the confiscation of the objectives of the Central Bank as an independent body and undermine the goals of other independent institutions," as he put it.

The text of the Iraqi constitution, passed in 2005 that the central bank is accountable to the House of Representatives only, the fact that the goals to be achieved is to build a stable financial system, reduce prices and fight inflation as well as the creation of stable conditions serve the financial security, and in the case of abuse, he is liable to account strictly before the House of Representatives.

And warns many parts of the loss of Bank independence and subjected to political calculations like the rest of independent bodies covered by the latest court decision, but that the court decisions are conclusive and the necessity and can not be contested that the Constitution set out some of the bodies it is time to be attached to one of those.

In the opinion of several quarters, said the move reflected the desire of the Prime Minister to take control of the apparatus independent of, without paying attention to downside risks for the acquisition of greater power, at the time opposed to lists of political in which the most prominent of the Iraqi List and the Kurdistan Alliance, the idea of linking independent bodies the Council of Ministers of Iraq and prepared by the excess of the National Alliance on the Iraqi constitution being issued with the strong support of the latter.

And anticipate the Supreme Judicial Council Votes objectors to the Federal Court decision that committed all the political blocs to the decisions of that court is not permissible to object to any of them.

http://www.aknews.com/ar/aknews/2/214399/

Central: The Iraqi government can fill the deficit by borrowing from their deposits in government banks

The Central Bank of Iraq adviser, on Sunday, the Iraqi government can fill the deficit in the budget in 2011 by borrowing from their deposits in government banks.

The Iraqi government has approved the draft federal budget law for fiscal year 2011, so that the budget amounting to about 79.6 billion dollars, so when calculating the oil per barrel to U.S. $ 73, and the rate of export of 2.25 million barrels per day.

He said the appearance of Mohammed Saleh, a Kurdish news agency (Rn) that "the Iraqi Central Bank granted the right of the Iraqi government to borrow $ 10 trillion Iraqi dinars from their deposits in government banks available through the Ministry of Finance."

Saleh added that "the value of deposits for government departments and public sector banks in the $ 32 trillion dollars, but are scattered among the banks because of the difficulty of coordination."

Saleh pointed out that "the process of government loans from deposits in banks will address fully the subject of the financial deficit facing budget in 2011."

He continued by saying that "borrowing from banks will balance between monetary policy, and between the fiscal policy of the country and Aidjal any conflict between them during the next stage."

Prime Minister Nuri al-Maliki has warned of a fiscal deficit confuse the completion of projects for 2011 in case the central bank did not fill the deficit in the general budget of the country by oil reserves. In the view of the central bank lending to the government plan would disrupt cash reserves during the next phase. It is hoped that you read the second reading of the budget session in the Iraqi Council of Representatives on Tuesday. It is expected that the budget deficit to reach about $ 12 billion, in what is expected that the rate of spending about 54.7 billion dollars.

Iraq relies He is a member of the Organization of Petroleum Exporting Countries on oil revenues to finance about 95 percent of its annual budget.

"In the view of many economists that the budget was delayed more than the current time would disrupt the process of construction, age and will be followed the movement of government and ministries."

And witness the preparation of budgets, the country's financial and approval delays by the government and the House of Representatives because of the large number of objections and criticisms on some of its paragraphs highlighted aspects of exchange and the financial allocations for some government institutions and the three presidencies.

And announced that the advisers in the Iraqi prime minister that the government decided to raise the investment ratio in the slot in the current year budget to 30% at the expense of the operational aspect in order to support investment projects. The Central Bank of Iraq that the 2011 budget will raise economic growth to 10% of what it was, noting it was built according to the country's economic policy.

http://www.aknews.com/ar/aknews/2/214508/