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* Parliament deputy accused of being behind the failures of the Iraqi Central Bank

May 14, 2012 Leave a Comment

Source: Dinar Daddy’s Tidbits
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 Baghdad / long accused the MP for the Iraqi bloc white member of the Economic Commission representative, Aziz Mayahi, the House of Representatives to stand behind the failures of the Iraqi Central Bank.

said in a statement received the long version of it, “The neglect of the House of Representatives oversight role in the follow-up to the Iraqi Central Bank to make the central bank continue in the failures that had the effect of the continuous rise of the dollar and confusion in cash transactions through the bank to follow the wrong policies in the auction currency. “

He added: “The central bank was the cause of wasting huge sums from the general budget of the fact that the budget approved in dinars and the different teams currency this will make the budget approved for the ministries and provinces are not commensurate with actual needs and this is what will sign the Government in embarrassments.” He said that “Iraq’s economy suffered blow through the establishment of some members of the state and mafias currency to ratify the transaction import fake billions of dollars and being smuggled abroad, including what came to UAE for more than four billion dollars in just four days, and the sabotage of the Iraqi economy. “

He believed that “this manipulation and confusion in the price currency make the government fall in embarrassments because of the existence of contracts with foreign companies and domestic and differing exchange rate would cost the government other amounts in addition to the increased burden on the citizen through higher prices of materials and supplies of food and commercial “

and called on the central bank to “change the way auctions and return them as they allocate funds to a number of banks and banking offices instead of putting the auction, however, as the Bank exclusively old policy kept the currency exchange rates unlike the new policy, which has caused confusion and embarrassment to the citizens and the government. “

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* Economy and investment parliamentary accused of neglecting the parliament “failures” of the Central Bank

May 14, 2012 Leave a Comment

Source: Dinar Daddy’s Tidbits
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Monday, 14 May 2012

Sumerian News / Baghdad 
accused the committee of economy and investment Parliament, on Monday, the House of Representatives of neglecting its oversight role at the “failures” Central Bank of Iraq, while regarded it as destructive to the economy of the country, he stressed that it made ​​the government an embarrassing dealing with foreign companies, especially that the budget approved in dinars.   A member of the Committee Aziz Sharif Mayahi in a statement issued today and received “Alsumaria News”, a copy of “neglect of the House of Representatives oversight role in the follow-up to…..Read More: [LINK]

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* Mayahi: House of Representatives behind the failures of the Central Bank

May 14, 2012 Leave a Comment

Source: Dinar Daddy’s Tidbits
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Accused member of the Committee of Economy and Investment parliamentary Aziz Sharif Mayahi House of Representatives of being behind the failures of the Central Bank of Iraq

He said Mayahi in a press statement on Monday that “the negligence of the House of Representatives oversight role in following up the Iraqi Central Bank to make the central bank continues to failures that had the effect of the continuous rise of the dollar and confusion in cash transactions through a bank for politicians wrong in the auction currency

“The central bank was the cause of wasting huge sums from the general budget of the fact that the budget approved dinar currency and the different teams will make the current approved budget for the ministries and provinces are not commensurate with actual needs and this is what the government will sign in embarrassments

]He added that “Iraq’s economy suffered a severe blow by having some members of the state and mafias currency to ratify the transaction import fake billions of dollars and being smuggled abroad, including what came to UAE for more than four billion dollars in four days only and this sabotage of the Iraqi economy

]He continued that “this manipulation and confusion in the price of the currency to make the government fall in embarrassments because of the existence of contracts with foreign companies and domestic and differing exchange rate would cost the government other amounts in addition to increased play on the citizen through higher prices of materials and supplies of food and trade

He called Mayahi Central Bank “to change the style of auctions and bring it back as it was to allocate money to a number of banks and banking offices instead of putting the auction, however, the bank exclusively as the old policy kept the exchange rates of currencies unlike the new policy, which has caused confusion and awkwardness of the citizen and the government

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* CBI: the Committee on Trusteeship will pay depositors Warka Bank

May 13, 2012 Leave a Comment

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Baghdad, May 13 (Rn) – The Central Bank of Iraq, Sunday, The Committee on Trusteeship, which commissioned the study and the liquidation of the assets of the Warka Bank Ahli, who suffered a severe financial crisis is seeking as a first stage to pay depositors the bank over the assets of the bank as he emphasized that the Sergeant Financial is still studying up to now assets of the bank in order to raise the final report developed by the Central Bank.

The Iraqi Central Bank has decided to early March last to develop and guardianship to the Warka Bank because of the deterioration of fiscal policy, the bank said that the imposition of guardianship and the Warka Bank came to save him.

The main tasks of the Central Bank in managing monetary policy in the country, and raise the value of Iraqi dinar and tackle inflation.

The deputy governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) “Trusteeship Committee, which was commissioned by the Department of the Central Bank of Warka Bank operates as a first stage to pay depositors the bank by the owners of capital through the liquidation of the assets of the bank.”

He also explained that “the assets of the Warka Bank there is a large lot of money awarded to investors millions of dollars and is seeking custody of the Commission through legal methods to recover the money that some people refuse to pay.”

And the Deputy Governor of the Bank that “the sergeant in charge of the financial report of the numbers from the assets of the bank is still working … requires more time out for the purpose of the report because there are many complexities.” He said.

And sought the Warka Bank, according to economic reports out of the financial crisis by entering Bembagesat with the British bank Standard Chartered to sell a share of the shares, but the talks reached a dead end.

The decision to place custody of the Warka Bank in the Central time enter the new mechanism requiring the withdrawal of foreign currency on the basis of the importance of development projects in the country, after news spread that the breadth of the phenomenon of smuggling hard currency, especially to Iran, facing international sanctions.

He says the Iraqi Central Bank Article 59 of its law allows him to put trust banks which is about the appointment of an interim administration for any bank they get financial problems.

According to Article 66 of the Bank Act to be appointed guardian after the central bank could seek through the Central Bank’s decision at the request of the Minister of Finance to save the bank in case found that there is a possibility to save him.

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* Deputy Governor of CBI: Warka Bank undecided and pending financial watchdog report

May 12, 2012 Leave a Comment

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Baghdad (newsletter) … The Deputy Governor of the Central Bank sees the appearance of Mohamed Saleh, to submit a report on the status of bank financial Sergeant alorkaa to the Central Bank within the next few days to see a bank financial assets hand and its required external financial, legal actions in the light of the report.

He said Saleh (News Agency news) on Saturday: it is still undecided about alorkaa being a large Bank and its operations are complex and require financial assets assessment for a long time, and now awaits Central Bank submitted his fiscal watchdog in the next few days to the interim administration of the Bank “guardian” and then be submitted to the Central Bank to see if the Bank could continue to “life” to help him, or needs to extend his tutelage until financial solve its problems.

And between: the report property inventory includes financial watchdogs financial and external liabilities of the Bank and see is there any significant loss of capital, and in the light of the Bank is to know the status, noting that the Central Bank would ask the Finance Ministry to grant loans long futures in the event of a sharp decline in its financial position, or resort to participation by other banks, as stipulated in the Banking Act in article (66) number (64) of the year (2004).

The Board of Governors in Iraq Stock Exchange include bank company decided to write-off alorkaa from the market, in accordance with paragraph 9 of article v of the modified directive no. three for 2011, which provides cancellation of the insertion if the company stops trading for six months without taking appropriate action to resume, banner Bank alorkaa is shut down trading since February 8, 2010.

And alorkaa Bank for investment and finance, established in 1999, (130) 130 branches and 350 ATMs throughout Iraq and the Central Bank has developed a three-stage plan to raise capital of banks to 213 million dollars by June 2013 to spur lending while recovering the Iraq sanctions and the US-led invasion in 2003.

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* Deputy Governor of Central Bank: Development Bank of Warka is undecided and waiting for the report of the Central Financial Sgt.

May 12, 2012 Leave a Comment

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On: Saturday 05/12/2012 12:04

Baghdad (news) .. Most likely the deputy governor of the Central Bank of the appearance of Mohammed Saleh, a report by Sgt financial on the status of the Warka Bank to the Central Bank during the next few days to know the status of the bank financial terms of its assets and financial liabilities of Foreign Affairs, to take legal action in the light of the report.
Saleh said (of the Agency news) today Saturday: The matter is still undecided about the Warka Bank as a major bank and its operations are complex and evaluation of assets of financial need and a long time, and the central bank is…Read More: [LINK]

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* Member of Finance Committee: Procedure for sale of foreign currency the central bank to the interests of IQD

May 12, 2012 Leave a Comment

Source: Dinar Daddy’s Tidbits
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Criticize a member of the Finance Committee in Parliament MP from / National Alliance / Amin Abbas, the measures taken by the Central Bank adopted for the sale of hard currency because it ascertains the balance between the Iraqi dinar and the U.S. dollar, through the presentation of quantities in the local market.

The central bank took measures are complex and deliberate before in the process of selling the hard currency of the auction, where the condition of submission of import license and bank account and tax accounting for companies wishing to buy hard currency.

Abbas said (to the Agency news) Friday: The complexity of procedures sale of hard currency deliberate by the Central Bank in order to reduce the demand to buy the U.S. dollar from Auction Central does not hurt the interests of the Iraqi dinar as it does not achieve the principle of balance in the process of pumping currency in the domestic market.

He added: Finance Committee, the parliamentary person case at its meeting with the Governor of the Central Bank, where we asked him to increase the number of companies licensed to buy the currency, noting that the governor promised that reduces the complicated procedures and taken in the sale of hard currency “dollar” of the Central Bank auction because there is high demand by traders and foreign remittances for students abroad or expatriate Iraqis. this and see the U.S. dollar during the recent big increase value to Iraqi dinar as a result of internal and external factors, where the price of the dollar (1300) dinars after it had been stable on the price of (1166) dinars.

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Filed Under Dinar Daddy Tidbits Tagged With Bank, Central, Committee, currency, Finance, Foreign, interests, member, Procedure, Sale

* Central Bank: The rising foreign reserves enhances confidence in local currency

May 11, 2012 5 Comments

Source: Dinar Daddy’s Tidbits
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 Baghdad / range announced the Central Bank Governor Sinan Shabibi for high reserve bank cash of $ 50 billion to 60 billion dollars, indicating that the process of deleting the zeros will begin early next year. Shabibi said (Rn): The reserves of Iraq cash rose to $ 60 billion after it was last year’s $ 50 billion.

He added that the central bank seeks through cash reserves to shore up confidence in local currency and increases the stability and regulates financial dealings in Iraq.

Regarding the project to delete the zeros Shabibi said that the project to delete the zeros will be launched in January next, which would address the problems of inflation and the budget and commodity exchange on the the grounds that Iraq is moving towards a free economy.

Authority announced the Iraq Stock Exchange earlier that the deletion of three zeros from the local currency will not affect the level of equity investment of external and internal.

The Finance Committee representative had warned earlier in the Secretariat of the Council of Ministers of trying to dominate politics cash to the Central Bank of Iraq and curb the powers of the province, noting that this was a violation of the constitution with the consequences of dangerous for the Iraqi economy.

at the same time acknowledged the Central Bank of the existence of an imbalance in the exchange rate of the dinar, stressing his quest to unify the exchange rate between him and the local markets, denying at the same time, any deterioration of the value of Iraqi dinar.

The central bank was accused last week of four states to “conspiracy” to hit the financial economy of Iraq to empty its market of its financial strength, indicating that the corridors of free trade in Iraq is becoming the means adopted to hit the economy.

saw the price of the dollar relative to local currency increased during the last few days, a What attributed Officials companies banking on local central bank from making further action in the auction sale of hard currency.

and picked up local media reports about the widening phenomenon of smuggling hard currency from Iraq to Syria and Iran on the border crossings which has not been confirmed by the Central Bank of Iraq.

and subject Iran due to its nuclear program and Syria as a result of public protest to international sanctions harsh and exposed markets of both countries to collapse economically because of poor cash flow of hard currency.

Deputy Governor of Bank of the appearance of Mohammed, according to (Rn) does not exist in the current phase of any deterioration of the value of Iraqi dinar and this is important, “but returned and acknowledged “the existence of an imbalance in the exchange rate of the dinar.”

Saleh explained that the central bank seeks to unify the exchange rate of the dollar against the dinar between the central bank and domestic markets (corporate banking) and uniformity depends on the volume of sales of the bank. ”

He pointed out that the volume of central bank sales of the dollar approaching $ 200 million a day which is close to last year’s sales. ”

The main task of the central bank in maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

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* Calls for strengthening the independence of the Central Bank

May 11, 2012 Leave a Comment

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On: Friday 5/11/2012 6:00

of new House Speaker Osama al call for the need for the independence of the Central Bank, as stipulated in the provisions of the Constitution and the law of the Central Bank, stressing at the same time, the Council rejected any kind of interference in the work of this institution.

And the transfer of a press release for the Presidency of the Council of Representatives received from Najafi as saying during a meeting of the Central Bank Governor Sinan Mohammed Rida Shabibi called to the need for continuous coordination between the Central Bank and the parliamentary committees relevant in order to find solutions to the problems that plagued Iraq in the areas of monetary policy and banking.

He said the two sides consider the exchange rates of currencies and how to stabilize the national currency in order to revive the economic situation of the country. “

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* Member of Finance Committee: Procedure for sale of foreign currency the central bank to the interests of the Iraqi dinar Atsb

May 11, 2012 Leave a Comment

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On: Friday 05/11/2012 11:13

Baghdad (news) .. Criticize a member of the Finance Committee in Parliament MP from / National Alliance / Amin Abbas, the measures taken by the Central Bank adopted for the sale of hard currency because it ascertains the balance between the Iraqi dinar and the U.S. dollar, through the presentation of quantities in the local market.
The central bank took measures are complex and deliberate before in the process of selling the hard currency of the auction, where the condition of submission of import license and bank account and tax accounting forcompanies wishing to buy hard currency. Abbas said (to the Agency news) Friday:…Read More: [LINK]

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Filed Under Dinar Daddy Tidbits Tagged With Atsb, Bank, Central, Committee, currency, dinar, Finance, Foreign, interests, Iraqi, member, Procedure, Sale
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