Thread: Central Bank of Iraq

Iraq stated that the funds will not be affected by the decision of the Federal Court
Do not problematic to link the Central Council of Ministers

Denied an economic advisor to Prime Minister Dr. Abdul Hussein Al-Anbuge the vulnerability of Iraqi funds abroad to risk by the decision of the Federal Court decision to link independent bodies of the Cabinet, saying there is no relationship between the subject of supervision of the Central Bank either by the government or parliament, with the object affected by the Iraqi funds in the abroad, with expert called on the financial and banking, Dr. Ahmed Rehn what those whom he called Baltrrin read the provisions of the Constitution well before release of the statements that said it confused a lot of economic action in Iraq, noting that the Central Bank of Iraq and all countries other body financially independent, whether linked to the Government or parliament ..

The Federal Supreme Court issued a decision in January 18 this provides a link independent bodies referred to in the Iraqi constitution, including the Central Bank under the chairmanship of Prime Minister directly, not under the chairmanship of the House of Representatives, the absence of the text in the Constitution explicitly on the side that is bound by the CBI and the predominance of the Executive his works and activities, sparking fears of a number of observers who have warned of the possibility of exposing the assets of Iraq abroad for the seizure and confiscation .. which was denied by an economic advisor to Prime Minister Dr. Abdul Hussein Al-Anbuge through impurity (morning) and during which he stressed there is no relationship between the government's supervision of Bank Central, or parliament, and the vulnerability of Iraqi assets abroad ..

He said Anbuge that Iraqi funds it and repositioning of an edema at the Central Bank, regardless of the authority supervising it, noting that most of the money available to the central bank is a reserves protected and the other part of which are open credit to businessmen and contractors and others, said Anbuge thereon : if it was allowed to enter the creditors on the subject of appropriations for the entered before that, whether the central bank back in terms of supervision of the government or the parliament ..

He noted Anbuge that the central bank is the monetary authority in Iraq, in the sense that he represents the part of the macro-economic policy and therefore, this policy is vested in the Council of Ministers has the right to create harmony between fiscal and monetary policies in the country according to Anbuge, who stressed that this harmony can not be receiving only if there is supervision by the government on the bank ..

Central Bank, warned of linking directly to the Council of Ministers, pointing through a statement that the Federal Court decision to link the Central Council of Ministers would endanger Iraqi assets abroad for the seizure and confiscation, stressing that the independence of the Central and its association with the House of Representatives is the only guarantee to avoid the seizure of funds by creditors international .. He said the central according to the statement that the Federal Court "overlooked in its order did not address, is that the responsibility of the central front of the House of Representatives constitutionally it is only to confirm to the provisions of the law of the Iraqi Central Bank in force numbered 56 and published in 2004, days before the issuance of the Iraqi Constitution in late 2005," which stated explicitly that "the legislative authority is the authority that oversees the Central Bank on the basis of the first article of its law."

However, the banking and financial expert, Dr. Ahmed Rehn said during his speech for the (morning) that the provisions of the Constitution and Laws for the Government to oversee the central bank, saying that this oversight will not never hurts the interests of the Bank and Iraq's money abroad ..

Rehn did not move away much from the view Anbuge when he noted that the process of association of the Central Council of Ministers has nothing to do never Bank autonomy, which means the independence of monetary policy, as well as the government does not have powers to transfer funds from the bank to balance ..

And Abizaid Rehn said: that the government's supervision of whether or not the Central Bank of administrative cases should not be overstated its concerns, and those who promote false information on exposure of Iraqi funds abroad to the threat by the Federal Court decision was to make sure that the pure error and nothing to do with the decisions taken in Iraqi affairs under Chapter VII ..

He expressed his Rehn regret of some opinions, which was launched for comment on the order link the central government, noting that those views can not add only confusion in a country tired of instability and needs to be more calm to achieve justice and fairness and economic progress in the words of Rehn ..

http://www.alsabaah.com/ArticleShow.aspx?ID=1855

Access Shabibi and Ugaili to Parliament for debate a resolution to link independent bodies Cabinet

Arrived in the heads of the Commission and the Commission for Information, Communications and integrity and the Governor of the Central Bank, on Tuesday, to building Iraqi Council of Representatives to participate in today's meeting and discuss the decision of the Federal Court decision to link independent bodies of the Cabinet rather than parliament.

A source in the Information Service of the Council of Representatives in an interview for "Alsumaria News", "Central Bank Governor Sinan al-Shabibi and Chairman of the Electoral Commission for elections Faraj al-Haidari and Chairman of the Integrity Commission Rahim Ugaili and the Chief of Information and Communications Burhan Al-Shawi and arrived at the parliament building."

The source, who requested anonymity, that "the heads of the Commission will discuss with members of the Parliament's decision the Federal Court decision to link independent bodies of the Cabinet rather than parliament."

The House of Representatives decided, the first on Sunday, hosting the heads of the Integrity Commission Rahim Ugaili and the Electoral Commission Faraj al-Haidari and the media and communications and Central Bank Governor Sinan Alcbyibi at its twenty-seventh, to be held on Tuesday, to discuss the issue of linking independent bodies of the Council of Ministers, rather than the House of Representatives.

http://www.alsumarianews.com/ar/1/16...-details-.html

Government adviser calls for private banks to merge to provide large amounts of capital

The government economic adviser to the merger of private banks to provide large amounts of capital can promote the banking sector in the country.

"Abdul Hussein Al-Anbuge of Kurdistan News Agency (Rn) that" private banks operating in Iraq are still banks (family) did not reach the level of cash banks Partnership actors in the Iraqi economy. "

The Ministry of Finance of Iraq to more than 90% of private banks in the country operate according to distinct monetary controls, indicating that the Iraqi Central Bank has succeeded in the development of private banks during the last period.

The Anbuge that "the advancement of the banking reality in Iraq begins through private banks to seek mergers and the formation of strong cash banks have the ability to develop the banking system in the country."

The total capital of Iraqi private banks from 30 million in 2004 to one billion and 600 million dollars now, except that owned by the branches of Arab and foreign banks operating in the country.

The Anbuge that "private banks have the means of monetary and banking sophisticated and modern, but the main obstacle faced by the poor is their capital, making it unable to cope with government banks."

The Ministry of Finance announced in May last for the formation of an ad hoc committee to develop and organize the work of private banks in the country.

Anbuge and that "there are great efforts made by private banks in the development of its banking system and upgrading the level of international banks in business dealings."

http://www.aknews.com/ar/aknews/2/215456/

Parliament Speaker vows to reverse Federal Court decision

Iraqi Parliament Speaker, Osama Nujaifi vowed on Wednesday to take series of measures to reverse the controversial Federal Court ruling that links a number of independent boards to the Cabinet, describing it as a threat to the Iraqi constitution and the political process.

Nujaifi said during a press conference attended by AKnews that the Federal Court's ruling was "ambiguous" and that linking the independent bodies to any party was "unreasonable".

"Linking them (the independent bodies) to the government would make the boards lose their independence that was granted by the constitution," Nujaifi continued, adding that he had asked the Iraqi President Jalal Talabani to intervene "to protect the constitution".

Having discussed the matter with Prime Minister Nouri al-maliki, Nujaifi said that Parliament would "demand the Federal Court for an explanation for its decision", and assuring that "parliament has several options concerning this matter" and will take a series of measures to protect the independence of the boards.

The Federal Court issued on January 18 a ruling that links a number of independent bodies to the chairmanship of the Council of Ministers and not to the chairmanship of the parliament in response to Prime Minister Nouri al-Maliki's request to interpret the constitutional article concerning independent bodies.

The bodies that the federal court ruling put under the jurisdiction of Maliki's cabinet include the Supreme Commission of Human Rights, the Independent Higher Electoral Commission (IHEC), the Integrity Commission, the Iraqi Central Bank, the Financial Inspection Office and the Media and Communications committee.

The bill's opponents say that it reflects the desire of the Prime Minister to control the independent bodies, thus increasing his own power to the detriment of the principles of national partnership upon which Iraq's foundling government is meant to be founded.

The ruling, they say contravenes both articles 103 and 104 of the Iraqi constitution's chapter IV which clearly state that these bodies are financially and administratively independent and subject to the supervision of parliament which regulates their work according to the law.

The Iraqi parliament held a session yesterday in the presence of the heads a number of the independent boards affected by the ruling to discuss the Federal Court's decision.

Several political blocs, most notably al-Iraqiya and the Kurdistan Bloc's Coalition (KBC) openly opposed the idea of linking the independent boards to the Iraqi Council of Ministers, describing the move as "excessive" on the part of the ruling National Coalition (NC).

http://www.zawya.com/Story.cfm/sidZA...urt%20decision

Finance Committee reveals a project proposal within the dinar, the national budget 2011 for poor provinces

Announced that the Finance Committee in the Iraqi Council of Representatives that the Iraqi government will launch a 288 thousand degrees and careers as soon as the ratification of the federal budget for the current year 2011, approval expected mid-February after reading the current second reading in parliament next week.

He said Haider Abadi, Chairman of the Committee at a press conference, on Thursday, the parliament building that the important topics addressed by the Committee during its meetings is the launch of grades frozen since last year 2010.

He continued that the Commission proposed to increase allocations of development regions, a balanced investment, pointing to the existence of the provinces have not benefited much from the draft petro dollars.

Abadi revealed in this regard the existence of a proposal called the National dinar and placed in the Fund is given to the provinces most affected by or are in dire need of a lot of customizations.

http://radionawa.com/Ar/NewsDetailN....892&LinkID=155

Central Bank: delay the budget adversely affect the realities of economic development in the country

Central bank warned Iraqi political blocs of the delay in approving the budget in 2011 because it would negatively affect the reality of economic development in the country.

The adviser said the Central Bank of Iraq in favor of the appearance of Mohammed in a press statement today that "the delay in the budget in 2011 more than this time will weaken the country's economic development is a large and particularly affect the rates of growth."

The Iraqi government confirmed earlier that the existing gaps in the budget of 2011 is an old legacy of the mechanism for restructuring of the budget in previous years. Saleh added that "the delay does not affect the budget for the monetary policy of the country they are part of the fiscal policy management and paid for by the Ministry of Finance and not the Central Bank of Iraq." Batch of projects and up to 77% of the total value of the public budget remains as part of the investment up to 28%.

The benefit of that "the economic impact of Nokia on the part of the operational budget in 2011, which is up 1 / 12 of the operating budget for the previous year, but affect the investment part of the budget." The Iraqi government has approved the draft federal budget law for fiscal year 2011, with $ 79.6 billion to the budget dollars, so when calculating the oil per barrel to U.S. $ 73, and the rate of export of 2.25 million barrels per day.

Saleh pointed out that "the major projects sponsored by the state oil projects and others to delay the budget is not affected, but affected by the service projects of direct contact with the lives of citizens." It is expected that the budget deficit to reach about $ 5 billion, in what is expected that the rate of spending about 54.7 billion dollars.

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

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 opinion of a number of deputies that the delay in the budget more than the current time would disrupt the process of construction, age and impede 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. The CBI had earlier on the 2011 budget that will raise economic growth to 10% of what it was, noting it was built according to the country's economic policy.

http://www.khabaar.com/news.php?action=view&id=13267

Iraq: Federal Court decision regarding the independent bodies is illegal

Confirmed the MP for the Iraqi bloc in parliament and the unit Jumaili that the Federal Court has proved through its recent decision to link independent bodies as the Council of Ministers and the Court is not neutral, third-party window.

Jumaili said told a special independent news agency that the court's decision came following a request by Prime Minister Nuri al-Maliki personally, pointing out that everyone knows that "the court was set up by presidential decree rather than parliamentary, rather than the court's right to make decisions unconstitutional, because the Constitution devoted chapter IV of Part III under ad hoc bodies of independent label has seven legal materials, although the materials are not free of impurities and intersections, contradictions and clear."

Jumaili and demanded constitutional amendments to be made to expedite the legal problems to resolve contentious addition to the restructuring of the Federal Court in accordance with the Constitution.

http://www.khasnews.org.iq/news/00048.htm

CBI dollar sales up on Tuesday

The Central Bank of Iraq (CBI) dollar sales on Tuesday registered $171.647 million, up from the previous session’s $145.879 million at an exchange rate of 1170 Iraqi dinars per dollar.

"The demand hit $600.000 in cash, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $171.047 million in foreign transfers outside the country, covered at an exchange rate of 1,183 Iraqi dinars per dollar," according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 18 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/Default1....&id=140885&l=1

Iraqi Banks Urged to Merge

Abdul Hussein Al-Anbuge, an Iraqi government economic adviser, has urged the country’s private lenders to merge in order to strengthen their capital and provide stronger support to the banking sector, AK News has reported.

The total capital of Iraqi private banks rose from $30m in 2004 to $1.6bn now, not including what is owned by branches of foreign banks operating in the country.

http://www.iraq-businessnews.com/201...rged-to-merge/

Economists: Iraq is suffering from inflation and the policy of "central" led him to

He is interested in economic affairs of Iraq, said Tuesday that Iraq is suffering from inflation in its domestic market, certain that this inflation comes because of the lack of accurate statistics to the problems plaguing the economy in the country. The adviser said the Iraqi Central Bank The bank is working to preserve the rank of one decimal place in order to achieve economic stability.

Majid said the picture of the Kurdistan News Agency (Rn) that "until now does not have accurate census of the problems suffered by the Iraqi economy and, inter alia, inflation rates in Iraq." Noting that "there is a decrease in the rates of inflation to 3%, but the citizen feels another way, especially for items required for daily consumption by low-income and economically may be suited to this statistics with the rates issued. "

He explained that the picture of "the trend towards increasing prices and activate the new customs law will lead to an increased burden on the Iraqi citizen, given that the decision was not within a comprehensive package to develop the Iraqi economy to accelerate development."

He added that "there is a problem facing the decision is that it does not compete with the local production of imports and inflation exists and any State may have given up on inflation."

And that "no doubt that the increase in the factors causing the cost of production in the high inflation and tight monetary policy by the Central Bank led to the curb inflation to a large degree, but fiscal policy is moving towards increased consumption, whether public or private, Re-distribution of income would lead to rising prices and inflation large in the Iraqi economy. "

In turn, the appearance of the central bank adviser Saleh (Rn) that "Iraq is witnessing today after the annual inflation fell to control levels of liquidity and reduce inflationary expectations." Pointing at the same time said that "Iraq needs today imported from Turkey in Euro, for example."

And the appearance that "low inflation, monetary policy, the central bank is successful in gaining control of the levels of liquidity and reduce inflationary expectations." Noting that "Iraq is an important importer of Turkey and strong euro, which will cause the dollar to decline against the cheap and low prices of products entering Iraq."

He pointed out that "the signs are good for low inflation, which fell to the level of one decimal after it was tied." Adding that "the central bank works to keep the rank of one decimal place in order to achieve stability in the introduction to this development and this makes investors comfortable situation to the lack of price fluctuations in the exchange rate and the general level of prices."

The Iraqi Council of Representatives approved last year a law that would impose customs duties on imported goods does not exceed 20 percent of its value. And began the Iraqi Trade Ministry a few days ago to grant import licenses to companies and investors, including all goods and goods in a move aimed at reducing the phenomenon of dumping the commodity. And allowed the ministry to enter the goods at border crossing points accumulated, until the middle of February next, also allowed the entry of goods that importers do not have a formal import licenses. The Customs Authority will apply the law to increase tariffs in the sixth month of March next.

http://www.aknews.com/ar/aknews/2/216805/