CBI: Reduced Sales of Foreign Currency From 150 to 50 Million Dollars a Day

Baghdad, 28 April (Rn) – An adviser to the Iraqi Central Bank, Thursday, from lower sales of hard currency of $ 150 million to $ 50 million per day because of the problems faced by clients in the private banks and government relating to disclosure of tax.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “a sharp decline in the proportion of buy hard currency at the Central Bank reached $ 150 million to $ 50 million,” attributing the cause to “strictures government to disclose the tax is an obstacle facing clients in the private and state banks “.
Saleh added that “the central bank seeks to coordinate monetary policy and fiscal policy through the provision of tax disclosure requirements of the Chambers of government tax,” noting that “most of the proceedings conducted by the international banks to balance the economic value and the achievement of the factors of development banking.”
He continued that “this sudden drop will certainly affect the purchasing power of Iraq to foreign currency, but will not last long because of the political followed by the Central Bank in the promotion of the foreign currency market and raise about the Iraqi dinar exchange rate.”
The central bank set the $ 250 billion Iraqi dinars as a minimum for the establishment of private banks in the country.
The House of Representatives its first session legislation to the Banking Act in 2007 to organize the work of private and state banks.
And the central bank of Iraq in the month of February last he will give the number of licenses to establish private banks, stressing that banks will increase the role of the country’s economic.
The total capital of Iraqi private banks one billion and 600 million dollars now, other than bank branches owned by Arab and foreign companies operating in the country.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
Allonan of Jafar, the Open: Mustafa morning
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Iraq, U.S. and UN ~ Iraq will open two accounts in the United States for the filing of its oil revenues

Snip from related article ~ The government has also asked the central bank to open accounts before May 1 to transfer funds from the U.N.-mandated Development Fund for Iraq, or DFI. The DFI, which was set up after the 2003 war to handle oil and other revenues, has been protected against claims by a U.N. resolution that expires on June 30  http://www.zawya.com/story.cfm/sidZW20110302000167

Iraq will open two accounts in the United States for the filing of its oil revenuesBaghdad, Iraq has agreed to open two accounts in the United States for the management of revenues, especially oil, after the closure of the Development Fund for Iraq in June 30, where it deposits all revenues, which had been opened after the U.S. invasion of Iraq in 2003.
And will deposit the Iraqi government in one of these accounts 95% of Iraq's revenues will be deposited in saluting the second account in 5% of revenues in order to pay the compensation awarded to Kuwait for the 1991 war, according to UN Security Council resolutions.
He said government spokesman Ali al-Dabbagh told AFP that "Iraq will be presented proposals which were adopted by the government on Monday evening to the UN Security Council in the first of the month of May next for approval."
"If what has been approved by the United Nations, the plan will come into force on the first of July next," adding that "accounts will be under the protection of the Fed U.S. to avoid imposing more compensation and Sidaran by the Central Bank of Iraq."
These two accounts and will replace the "Development Fund for Iraq," where shall be deposited all revenues from Iraqi oil exports, which opened after the U.S. invasion of Iraq in 2003 based on UN Security Council resolutions.
The Iraqi Council of Ministers requested recently by the Central Bank to open accounts immediately for the transfer of money + the Development Fund for Iraq + before the first of May and the agreement on the mechanism of "specific and transparent," to withhold five percent of compensation approved by the United Nations to Kuwait.
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Central Bank: Iraq does not remain financially to its dependence on oil

Iraqi central bank said Saturday the country will not be able to access financial stability as long as mainly dependent on oil imports, pointing out that it made him heading towards the provision of a financial reserve of up to $ 50 billion.







The central bank adviser said the appearance of Mohammed in a press statement that "the Iraqi economy can not access to the state of stability due to financial dependence on oil imports without diversify the Iraqi economy and imports correspond to oil."







He explained that "the absence of imports and economic make the central bank is moving towards the provision of a financial reserve of up to $ 50 billion to prevent any disturbance of the structure of the Iraqi economy."







Saleh added that "the Iraqi economy in its current exhibition of vibration because the external demand for oil affects positively if rose and fell as negative if the Iraqi economy is in danger if there is some countries alternatives to oil energy in the implementation of industrial projects."







The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.







The central bank warned earlier in the Iraqi government to borrow from the central bank to address the economic deficit in the budget of 2011.







The former Iraqi Cabinet approved a budget with a deficit in 2011 is estimated at $ 12 billion, he stressed that willingly borrows from the Central Bank and the World Bank in addition to the recycling of funds that are not exploited by the previous government to bridge the shortfall
http://alrayy.com/21298.htm

The central bank describes the budget in 2011 as largest in the history of Iraq and criticized the questioning the integrity of the Investment Authority

Posted: January 10, 2011

Alsumaria News / Baghdad
Description of the Central Bank of Iraq, on Monday, Iraqi state budget for the current year 2011 as the largest in the history of Iraq amid weak development activities, questioning, criticizing the integrity of administrative leaders responsible for implementing the investments, calling on the Iraqi parliament to take a legislative decision to protect them.

The adviser said the Central Bank of Iraq the appearance of Mohammed in an interview with “Alsumaria News”, “The current year budget is the largest budget in the history of Iraq,” noting that “the roof Alinvaki some $ 73 trillion and the share of the investment budget by 32% a big number for the international levels “.
Saleh pointed out that “the problem lies in the end of the fiscal year for the implementation of the material that the budget does not exceed 20 or 25%,” asserting that “The fact that these achievements in the development activity could be weaker than in the history of Iraq.”
The minister was planning a former Mahdi al-Hafez criticized in an interview earlier “Alsumaria News”, on Sunday, the financial budget of the Iraqi state for the current year 2011 to non-reliance on scientific facts and realistic, calling for a reconsideration of what can provide justification for these numbers and financial allocations.
The “Alsumaria News” I got a copy of the draft general budget of the Federal Republic of Iraq for the Financial Year 2011, as amended, the final preparation for submission to the Parliament for a vote.
The bill provides that the estimated revenues of the federal budget for fiscal 2011 amount (according to the 78.705.237.500.000 main accounts, as stipulated in the calculation of income resulting from export of crude oil based on the average price of $ (73) dollars per barrel and the rate of export of (2.250. 000) barrels per day from (150.000) barrels per day from the revenues from export of crude oil through the territory of Kurdistan.
He said the central bank adviser that “this resulted in problems and causes of transition experienced by Iraq,” noting that “disabled person who is witnessing the largest country in the present time is to create administrative leaders rely on themselves without fear.”
He pointed out that the benefit of “the leaders responsible for the implementation of existing investments currently lives in a state of terror and fear and is ready to bring to the charges of corruption,” revealing “the existence of unnamed projects have been stalled for three years for administrative reasons.”
He called on the central bank adviser of the Iraqi Parliament to “take legislative decision to protect the administrative leaders of the implementation of investment projects without doubts, and be accountable to later,” criticizing the “put doubts in front of these leaders before the implementation of the project, because it is a bit of a panic and does not conform with the construction investment.”
The Iraqi parliament earlier passed, in October 2006, the investment law, but he did not give investors the right to ownership of the property the project, also equated the Iraqi investors and foreign investment in each concession, with the exception of real estate ownership, while giving foreign investors the right to lease the land for 50 years, of renewal.
The Council amended the House of Representatives on 13 October 2009, the Investment Law so that gave the right of the investor Iraqi and foreign ownership of land and property belonging to the State allowance determined in accordance with special regulations, as well as give him the right to own land and property belonging to the mixed and private sectors to establish housing projects exclusively.
The cabinet approved, earlier this month, the general budget for 2011 a deficit of $ 12 billion will be covered by the amounts retained from the previous year’s budget and borrow internally and externally, noting in a statement that the projected income is estimated at 66.7 billion dollars, while expenditures amounted to 78.7 billion dollars, a shortfall of $ 12 billion, and pointed out that the calculation of income resulting from export of crude oil at a rate of $ 73 a barrel at a rate of 2.00025 million bpd, of which 150 thousand barrels of crude oil exported from the territory of Kurdistan.
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Central Bank of Iraq announced the introduction of electronic clearing

Posted: January 10, 2011 by CURRENCY NEWSHOUND – Just Hopin in Iraqi Dinar/Politics 10.01.2011
Mohammad Karim
Knew bankers clearing as the discount part of religion and higher-value between two people, both creditor and debtor at the same time, in other words, “truncated the religion of another religion, the highest value of it,” It is one of types of transactions recognized between banks through instruments of paper, which is still in force in the largest number of Iraqi banks through manual adjustment of the books of account.

The consultant said the Iraqi Central Bank the appearance of Mohammed in his interview with Radio Free Iraq, this changed dramatically at the present time, after the bank announced the start of work-based electronic clearing based on the use of instruments, magnetic read special equipment associated with the “information network for the banking system of Iraq,” to provide to the banks concerned and the Central Bank within seconds of each of the financial position as editor of the instrument as the holder of the debtor and creditor alike, to take place during the process of clearing after a few seconds after that was to last for days, weeks, even months in some cases.
Shows the benefit of the clearing system of the new participation of two government banks and four of their counterparts civil as well as government ministries, will provide safety, speed and accuracy in completing the financial settlements, as well as promote a culture of dealing DRAMS money, which means instruments and the like for payment processing and payment.
Some banks, Iraqi civil confirmed its part, willingness and readiness of full hand available on the systems, technologies and human resources to enter the clearing system is electronic, “says a member of the Association of private banks, the banking Abdul Aziz Hassoun that” private banks invested a large portion of their funds to upgrade the Bbnaha infrastructure to cope with what is universally applicable, and is eager to use these structures in their work. “
However, the economics professor Mustansiriya University Dr. Abd al-Rahman al-Mashhadani is believed that private banks are not ready as it should for the application of the clearing system electronic in its operations during the six-month period set by the central bank, because they are still experiencing weakness in their human resources to qualify along with other problems related to the availability of electric power .
http://www.iraqhurr.org/content/article/2271731.html

CBI ~ "The forces of the window," The central bank to fight the rebellion against the government

January 9, 2011
"The forces of the window," The central bank to fight the rebellion against the government
Baghdad / Orr News

The central bank of Iraq for the presence of attempts by some political parties to keep him for the committees to protect Iraqi funds abroad.

A source familiar with the Central Bank to the existence of attempts by some political parties did not identify for removal from the committees that will shape the implementation of Resolution No. 1956 to 2010, pointing out that these bodies operate is intended to give the media leaks fabricated and untrue, for lack of jurisdiction of the bank in this command.

The source said that the central bank is a fundamental pillar in this topic because it runs the government's accounts, and the device is entrusted with the public money, as well as all the external accounts registered in his name.

This is confirmed by Judge Wael Abdul Latif, who pointed out that some political actors trying to keep the bank as a revolt against the claims of the Ministry of Finance on the control and influence, stressing the need for a central bank in this Committee being responsible for the stability of the Iraqi currency.

The Central Bank of Iraq was a follower of the Ministry of Finance, but, according to Abdul Latif, was dismissed by decision of the U.S. civil administrator Paul Braimer (Bremer) in 2003 in consultation with the Governing Council for the wider distribution of competences.

http://www.uragency.net/index.php?aa=news&id22=15633