Thread: Central Bank of Iraq

ICB: Oil policy has major impact on Iraqi monetary policy
The government plans to raise oil export to one million barrels per day.

An advisor to the Iraqi Central Bank (ICB) said Monday that monetary policy is deeply affected by the oil policy, which is the backbone of the Iraqi economy.

Muzher Mohammed Saleh told that the ICB has large reserves because it believes that any imbalance in the Iraqi oil policy would cause major economic problems, especially in the monetary policy managed by the bank.

Iraq relies heavily on oil to finance its internal economy after industry and agriculture were semi-paralyzed in the country after the allied invasion in April 2003.

Since 2003, the central bank has been able to provide a secure umbrella of $50bn to meet its local and international capital needs.

"The government plans to raise oil export to one million barrels per day over the next five years after setting up three rounds of investment licenses for the country's oil fields," he said.

"Oil revenues from 85% of the income of the general budget, and 95% of the monetary reserves of the country," he continued, "the government pays in Iraqi Dinars while the ICB gives US dollars in return in order to establish a strong monetary reserve known as currency cover".

The ICB hit the headlines last month following the announcement of a Federal Court ruling that linked the bank, along with a number of other bodies, to the cabinet of ministers rather than to parliament.

Many parties warn that the Bank will lose its independence and become subjected to political pressures like the rest of the independent bodies covered by the latest court decision, but the federal court?s rulings are conclusive and cannot be contested.

http://www.kurdishglobe.net/display-...3FBA41707A59DE

Central Bank of Iraq: the integration of private banks to boost economy

The Central Bank of Iraq on Tuesday that the integration of private banks will support Iraq's efforts to provide a free market economy.

The adviser said the Central Bank of Iraq the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank is moving towards the promotion of private banks to merge with each other and the composition of capital can form a strong market economy free from the restrictions."

The advisory board of the prime minister had called earlier in private banks to merge among themselves.

Saleh added that "the CBI believes that the restructuring of private banks in line with the general structure of the Iraqi market and the nature of his relationship with other global markets is very important for the development of monetary and banking work in the country."

He pointed out that "the number of private banks arrived in Iraq to 40 banks while capital is still weak and need to be that banks more aggressive with each other to form a strong capital."

And formed a Ministry of Finance in May last an ad hoc committee to develop and organize the work of private banks in the country.

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 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.

http://www.aknews.com/ar/aknews/2/218414/

CBI sells $163m at week’s end

The Central Bank of Iraq (CBI) ended the week on Thursday with registered $163.225 million, compared to the previous session’s $231.287 million at an exchange rate of 1170 Iraqi dinars per dollar.

"The demand hit $3.100 million in cash, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $160.125 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.

http://en.aswataliraq.info/Default1....&id=141046&l=1

Across the plan to restructure the Iraqi banks to 2013

An adviser to the World Bank on Tuesday a plan to restructure the financial system of Iraq was postponed to 2013 because of delays in signing contracts and foreign officials to postpone trips to Iraq because of security concerns.

And decided to Iraq in 2006, restructuring the banking sector to allow direct investment in banks and get rid of the heavy debt burden on major banks owned by the state after decades of war and economic isolation.

The main objectives of the program is to restructure the two largest Iraqi state-owned and two Rasheed Bank and the Bank of Mesopotamia and the restructuring of the Audit Department at the Central Bank and the development of the private banking sector.

Said Majid picture unit manager project management of the Prime Minister and Advisor to the World Bank he was supposed to complete the plan by October, in October 2010 but postponed to June 2013 because of the security situation in Iraq and delayed measures the signing of contracts by the World Bank and the Iraqi government.

He said the external debt and internal Bank of Iraq $ 28 billion debt, while Rasheed Bank, one billion dollars. The government borrowed most of the foreign debt owed by the banks. He said that the picture of contracts restructuring programs and training has been delayed about six months because the experts were not ready to come to Iraq because the security situation. He added that the program crashes also because of the failure of policy makers to take decisions on the actual implementation of the plan. He said he did not oppose a restructuring, but professionalism is absent, as well as a true understanding of the problems.

He said that the picture of focus in 2011 will be the implementation of training programs for departments such as the Audit Department at the Central Bank and the unity of management of each branch of the Rafidain Bank and Rasheed Bank. He said that changing the organizational structure will be a priority and that he was also signing contracts with foreign companies for this purpose and will start work early next month. He added that the main objective of the restructuring is to reach a sound banking system because banks and sophisticated five state-owned controls about 90 percent of the entire banking sector activities.

He explained that the picture of the restructuring plan also aims to transform the Iraqi banks to other financial companies, such as specialized development banks and Islamic banks to encourage investment and development of the real economy.

He said that of the big problems that Iraqi law does not allow banks to invest directly in the real economy on behalf of others. He added that he expected to take years to change that one.

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Sit to employees of the Central Bank in Basra to demand higher salaries

Sit dozens of employees of the Central Bank in Basra Thursday, demanding better salaries and pay them benefits similar to their counterparts in other banks.

A source in the bank to the Agency by news Thursday that associate initially staged a demonstration, and turned to open-ended sit to demand improvements in their pension, where they suffer from the disadvantage, compared to their own work and efforts is very large.

The sources said the bank's management teamed with Their demands and promised to increase it to the competent authorities to consider the Lord, because the issue of salaries and allowances centralized procedure and not a private branch of Basra.

http://radionawa.com/ar/NewsDetailN....624&LinkID=151

Government adviser calls for banks to integrate into Baghdad for the formation of large capital

Advised adviser in the Iraqi government banks, the capital, Baghdad, integration with each other to form a strong economic capital and a large support and presence.

Salam al-Quraishi, said in a statement that the merger of private banks, among them in the capital Baghdad, will provide capital that can support a strong economy in Baghdad and the capacity to provide cash distinctive.

Acharalqrici and that the banks current intelligence found in Baghdad can not provide the infrastructure for the advancement of economic reality in the capital are still being modest working capital funds.

http://radionawa.com/Ar/NewsDetailN....855&LinkID=155

Central Bank: the right to request the Parliament of borrowing from the reserve in times of crisis

An advisor of the Central Bank Mzarmohamd Saleh, said that legislative authority is the decision maker to borrow from the cash reserve in the event of financial crises or disasters in the country.

And Saleh said in a statement to the Agency by news Sunday that according to the Iraqi constitution, the central bank is linked to the parliament, he will decide to borrow from Ctaaiti cash in the event of a crisis, referring to the bank a basic tenet of the State.

The central bank had refused to lend to the government fiscal deficit amounts of the cash reserves to address the budget in 2011 under the pretext that it would put the country in the (economic quandary) in front of the international community.

http://radionawa.com/Ar/NewsDetailN....066&LinkID=155

CBI calls on the Government to address the impediments to the implementation of the Five-Year Plan

The Central Bank of Iraq adviser said on Monday that the five-year plan adopted by the Iraqi government dominated by the nature of the theoretical and more practical to address the constraints on the government for implementation during the fastest time to advance the rate of economic development in the country.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the five-year plan adopted by the government for the advancement by the country's service plan is very special, but convincing economically difficult to apply in practice in Iraq."

The Iraqi government has launched last July the National Development Plan for the next five years, from 2010 to 2014, which is expected to include nearly 2700 projects in various sectors, worth up to $ 186 billion.

He continued that "the difficulty of the application comes because there are considerable constraints facing the Five-Year Plan highlighted the relationship between the private sector and government and the mechanism for the Advancement of sectors across the economic system and clear."

The center "Alistza" French and one of the centers responsible for monitoring the project planning in the countries of the world, especially in developing countries, issued last Friday, a report confirming that Iraq has adopted a five-year plan failed can not meet the needs of the main being the need to plan with the features and clear benchmarks to manage and address the problems of service that affecting citizens.

Confirmed that the Ministry of Planning and Development Cooperation that five-year plan is still in the first way and can not be judged.

Salih noted that "the allocation of 180 billion plan over five years means that each year the government had allocated 36 billion annually from the investment part of the budget, which will raise the level of national income to 7% and will reach 3% of gross domestic product."

The Iraqi Government has allocated $ 186 billion five-year plan to implement the $ 100 billion of public budgets of the country and the remaining $ 86 billion of investment projects, domestic and foreign.

The benefit of that "the government had to address the obstacles that stand in the actual conversion of this plan to practice in the country and raises the level of economic development in the direction of the country easier and more economic benefit to the country."

And see the entire Iraqi provinces wave of protests condemning the poor services and financial and administrative corruption in government institutions demand better living conditions for Iraqis and the provision of services and employment opportunities in accordance with the promises, which was launched before the parliamentary elections last year.

And announced the Federal Ministry of Planning that the percentage of economic growth will in accordance with the strategic plan set by the ministry to 47% after it is completed in 2014.

The International Monetary Fund had said earlier that the economic growth of Iraq has been slower than expected during 2010 in the Economic Review of the Fund, due to expected growth in oil production.

He described the Iraqi Central Bank earlier in the rates of economic growth for the year 2010 as "shameful" compared with past years. He revealed last October that the 2011 budget will raise economic growth to 10% of what it was.

http://www.aknews.com/ar/aknews/2/219737/

CBI announces payment of more than two billion dollars to 3500 commercial creditor

The Central Bank of Iraq, on Wednesday, said Iraq's debt paid 3 thousand and five hundred creditor commercial value of $ 2.7 billion, as a means to protect his money from the manipulation of foreign trading companies.

The bank adviser said the appearance of Mohammed Saleh, told the Kurdish news agency (Rn) that "Iraq's debt paid for 3 and a half thousand commercial creditor, in order to protect his money from foreign manipulation and prevent exposure of the means of fraud carried out by some global business."

It is hoped that Iraq shall submit to the UN Security Council a detailed report in May next, looking the most important pillars of the protection of Iraqi funds.

The Central Bank of Iraq earlier, that the recent turmoil witnessed by a number of Arab countries will not increase the protection of UN funds in Iraq.

Saleh added that "the value of the payment amounted to $ 2.7 billion, and was in accordance with legal procedures provide excellent ease of Iraq to pass the obstacle in the protection of its funds abroad."

Revealed the Iraqi Finance Ministry on the seventh of last month, that the work of the Committee to Protect Iraqi funds abroad would be a secret to avoid fictitious companies which Iraq claims that it seeks funds.

The benefit of saying that "the Committee set up to protect Iraqi funds under the chairmanship of Deputy Prime Minister Nuri al-Rose Shawish, Tatkv now to develop an integrated plan to prevent manipulation of the funds after they leave Iraq in June next internationalist protection clause."

The Ministry of Finance of Iraq, the first of last month, that the Commission on technical government took over the development of mechanisms to protect Iraqi funds in foreign banks after the UN Security Council resolution mid-November last, who spent lifting protect Iraqi funds the end of June next.

The UN Security Council voted unanimously in mid-January last three resolutions concerning the lifting of the embargo imposed on Iraq on the import of nuclear material for peaceful purposes, and the elimination of oil-for-work program Food, also extended the immunity of the last stage and the compensation imposed under Chapter VII until the end of June next.

The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, with the effect that imposed sanctions on Iraq from the international community and put under Chapter VII, which makes it a country threatening world peace and security.

Included international sanctions prevented the import of chemicals and nuclear technology that could be used in a secret nuclear programs, chemical and biological weapons.

Has allowed the United Nations in 1995 for Iraq to sell oil in return for food, called "oil-for lunch."

http://www.aknews.com/ar/aknews/2/220276/

CBI: The average per capita income will reach in 2016 to 9 thousand dollars

The Central Bank of Iraq adviser said on Sunday that Iraq's per capita income will reach 2016 to 9000 U.S. dollars.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the average per capita income of Iraq would, according to the development plan adopted by the State after six years to 9 thousand dollars, after contributing to economic development activities in the lift according to the plan drawn up by the government."

Iraq was passed in 2009 the establishment of a supreme committee to combat poverty, holds the fee policy of seeking to alleviate the growing phenomenon in the country. The UN reports have indicated that more than 7 million Iraqis are living below the poverty line in the country, despite the increased size of Iraq's oil exports to 2.5 million barrels a day.

Saleh added that "the average per capita income of Iraq at the present time up to 4400 dollars," stressing that "Iraq needs to invest capital to be able to cope with problems that hinder the economic cooperation in the country."

Defined economic development as a mechanism include achieving a high growth rate of real per capita income over an extended period of time on a regular basis, and is important in increasing real income, and thus improve the lives of citizens and the provision of goods and reduce economic disparities among social circles, as well as providing employment opportunities for the members of society and the provision of food security.

The benefit that the "promotion of development will raise the production capacity and the active center of the high income of the Iraqi individual, and will enhance the ability of GDP and does the purchasing power in the market economy."

The Central Bank of Iraq said on Saturday that the formation of the Council of the Federal service will contribute to stimulating economic development as well as that it will hold the Iraqi market. The Iraqi provinces have witnessed several acts of violence coincided with the launch of the popular demonstrations to demand jobs and employment opportunities and improve the standard of living of the Iraqi people.

http://www.aknews.com/ar/aknews/2/221384/