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* Alabtan calls the central bank for a study to raise the price of the dinar against the dollar

January 30, 2012 Leave a Comment

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A member of the parliamentary Committee of Energy and Investment MP / National Alliance / Hussain Alabtan called to raise the price of the Iraqi dinar against the dollar to improve the living conditions of the individual.

Alabtan said in a statement on Thursday the central bank has to do a study to raise the proportion of the Iraqi dinar against the dollar and foreign currency in excess of (60) billion dollars.

Alabtan added that the Iraqi dinar at a standstill for four years since a cash reserve was (20) billion dollars so far.

Alabtan said that the price raise of the dinar up to (1000) dinars to the dollar at the present time is suitable for economic recovery and increase the reality of living of the individual and restore its distinguished position among nations.

This is noteworthy that the central bank stressed that raising the value of Iraqi dinar by 3.4%, which may seem at first glance a low rate, although it is in fact a large monetary value part of the financial settlement large inter-bank “that this lifting” sends a strong message confirms the strength and stability of the national currency and the promising future of the Iraqi economy “and dispel all fears of the possibility of a deterioration of the latter, as he said it.

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* Central studying the process of removing zeros

January 30, 2012 Leave a Comment

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□ Baghdad / follow-term central bank announced it had begun to study the need of the project to delete the zeros to submit a bill to the House of Representatives for the purpose of its own legislation, setting out the mechanisms and controls the process of removing three zeroes from the local currency, stressing that its law gives him the powers of a change in their local currency.’s deputy Governor of the Central Bank according to the appearance of Mohammed Saleh (Rn) that the bank submitted a working paper for the project to delete the zeros of the local currency to the Council of Ministers for the involvement of ministries and agencies

Requirements in the process of deleting the zeros to prevent harm from the process. ” Saleh added that the proposed deletion of zeros from the currency needed to raise the awareness of national popularity and status of the regulations limiting the phenomenon of currency manipulation during the period of replacement. ” He continued that “the central bank is considering a file to send a bill to the House of Representatives whether or not because the Central Bank Law gives powers implied to delete the zeros of the local currency. ” while assured the Finance Committee earlier that the Central Bank of tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, confirming simultaneously that the adoption of the law would give Iraq a chance to address inflation. And inflation is the excessive rise in the general level of prices and higher cash income, as well as high costs and create excessive cash balances. and is expected to increase inflation in the budget in 2012 because of the continuing interest in the operational aspects at the expense of the investment part of the budget. The Iraqi government says that the process of removing zeros from the local currency will increase the phenomenon of money laundering, and is working to convince the central bank need to stop work on the project. The Central Bank has four branches in Basra and Sulaymaniyah, Erbil and Mosul, which was established as a bank independent Iraqi under the law of the Central Bank of the sixth of March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector. The data of the Ministry of Oil to the production levels prior to entering into these contracts in 2009, ranging from 600. 1 million to 900.1 million barrels per day, increased during the past year 2011 to about 300. 2 million barrels, and arrived early this year to 900. 2 million barrels per day. According to the jeweler that these increases in the levels of production and export will be reflected positively on the various economic sectors, in terms of funding of the budgets of public and stimulate the investment process and the subsequent treatment process of the negative phenomena inherent in the dynamics of the economic landscape such as unemployment, inflation and imbalances price and recalcitrant toward consumption , as well as addressing the scourge of financial and administrative corruption rampant in government institutions.

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* Parliamentary Finance: Central lingered in the provision of a bill to delete the zeros

January 30, 2012 3 Comments

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Confirmed the Parliamentary Finance Committee, Sunday, to loiter in the Central Bank to introduce a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying the law was passed that would give Iraq an opportunity to address inflation.

A member of the Committee Najiba Najib told the Kurdish news agency (Rn) that “the central bank lingered in the provision of a bill to delete the zeros of the local currency to the Finance Committee to study and add some stuff it and then submitted to the House of Representatives for the purpose of voting upon approval.”

He added that the “delete the zeros of the most prominent treatment of the local currency to solve the problem of inflation with the expansion of the investment plan of the budget and reduce spending.”

And inflation is the excessive rise in the general level of prices and higher cash income as well as high costs and create excessive cash balances.

It is expected to increase inflation in the budget in 2012 due to continued attention to the operational aspects at the expense of the investment part of the budget.

She noted that the deletion of zeros from the currency requires a “big job”, because this task requires the provision of economic security for the commercial market in Iraq.

The Iraqi government says that the process of deletion of zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.

And harmony of the Securities of the government’s position to delete the zeros and says that adversely affect the financial trading in the stock market.

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where the established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to the organization of the banking sector.

The main Manmam Central Bank in managing monetary policy in the country and raise the level of the values of the Iraqi dinar and tackle inflation in the country.

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* Central Bank confirms its ability to meet the high demand for the currency

January 30, 2012 Leave a Comment

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Central Bank confirms its ability to meet the high demand for the currency Central Bank of Iraq announced its ability to meet any high risk caused by the growing demand for foreign currency as it has large reserves of hard currency. And the bank said in a statement Sunday that he “has in foreign reserves large, the estimated high in the face of any potential caused by the growing phenomenon of demand for foreign currency on the basis of the means of monetary policy available to control the levels of liquidity and cash flows in order to achieve economic stability desired.” He continued that “the situation and the complexities in some regional countries surrounding Iraq and exposed to the problems in international economic relations has cast Bdilalha are other currents in the formation of additional non-directly in the demand for foreign currency through the overlapping regional trade and the various ways of funding.” The Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh, on the ninth of January 2012, that the high exchange rate of the dollar against the Iraqi dinar in the Iraqi market as well as higher sales of the Iraqi Central Bank foreign currency, due to the financing of trade in neighboring countries by the Iraqi traders.

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* Central Bank: 20 trillion dinars budget deficit in 2012

January 24, 2012 Leave a Comment

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□ Baghdad / term follow up of the Central Bank announced that the budget deficit in 2012 is 20 trillion dinars, or 10% of GDP, confirming that the budget deficit by default and can be treated through the stabilization of world oil prices remain above $ 104.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh, according to (Rn) that “the budget deficit in 2012 of 10% of the gross domestic product any $ 20 trillion dinars a deficit Default does not require any economic worries because he put on the basis of the price up to $ 85 and energy export 2.6 million per day and the economic outlook indicates that the price of a barrel of oil may fall to below $ 104. ” and added that “the stability of oil prices at this level confirms that Iraq will address the deficit planning in the budget without using any international loans or other.” The benefit of that “the central bank hopes that rising oil production and stabilize the price per barrel and that the institutions implement government investment map well and as planned without any failure and not to return the money allocated for investment, as happened in the budget of previous years. and announced that the Finance Committee in the House that Iraq will not need to borrow from the IMF, which is hoped to give him $ 4 billion. The government acknowledged in its emergency meeting in (12/05/2011) budget in 2012 by $ 100 billion (about 117 trillion dinars) and a deficit of up to $ 13.5 billion (about 17 trillion dinars). It was hoped to proceed with the House of Representatives after the discussion of budget items in preparation for approval by the emergence of political problems hit the legislative institution a kind of inertia. For his part, warned that economic peace Sumaisem of an economic problem, the so-called “stagflation” in the country in the event delayed adoption of the budget leads to lack of absorption of unemployment and delayed implementation of investment projects. The Sumaisem’s Agency (news): The late adoption of the budget and not release financial allocations their time specified will lead to economic problems, many in the country, including the so-called “stagflation” as a result of worsening unemployment and lack of absorption, in addition to their direct impact on investment plans developed by the ministries and departments through the non-release of allocations of the investment budget to it and the continued disbursement of the financial allocations of the things operational. She Sumaisem: that local markets today are rising prices materials as a result the gap between the supply and aggregate demand, asserting that the delay in adoption of the budget will affect the implementation of many investment projects needed by the country, which would make there is inflation in the markets and the recession in the economic process. and called for the need to accelerate the adoption of the financial budget for this year to launch financial allocations early to the provinces. and ministries for the implementation of investment projects and avoid a lot of economic problems in the country. This is today’s Iraq is a state of tension in the political arena, making economists worry the impact of political crisis on economic issues at a time when the country is in dire need to implement strategic projects and service it.

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* Commission on oil and gas: Central government and the province has reached a deal to pass the oil and gas law in the coming days

January 23, 2012 Leave a Comment

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A member of the Commission on oil and gas Furat al-Shara said “the central government and the province reached a deal to pass this law in the coming days, saying” that his committee is determined to feminine paragraphs of oil and gas law to pass in the House of Representatives.

And Shara in a statement singled out by the reporter and agency news of news (and brother): “The Commission on oil and gas, you want feminine of this law in order to have the law ready to pass the consent of all the political blocs.

Certain that the next few days will see the adoption of oil and gas law for the existence of serious steps and stressful to pass this law

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* The central bank raise the price of the Iraqi dinar against the dollar

January 21, 2012 2 Comments

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The central bank raise the price of the Iraqi dinar against the dollar
Saturday, 21 January to January, 2012 11:34 . Central Bank of Iraq, for raising the price of the Iraqi dinar against the dollar by 3.4%, confirming that the decision would affect the exchange rate of the dinar against the U.S. dollar in the Iraqi market.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh, said that “the Bank worked to raise the prices of the Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign exchange by four dinars and by 3.4% to up to 1166 dinars to the dollar,” noting that “the price of the dinar nominal is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar. “
Saleh added that “the current account of payments of Iraq, where a large surplus relative to GDP, a rate of 5-8%,” stressing that “the surplus is a sign of strength and not vice versa as well as the existence of large reserves of the Bank . ” Saleh pointed out that “the dollar exchange rate in the Iraqi markets that recently experienced a slight increase will be affected by the decision of the Central Bank of Iraq,” adding that “the Iraqi dinar will be attractive in the Iraqi market.” The Central Bank of Iraq announced, yesterday, Thursday, for his buy and sell dollar price of 1166 dinars during the auction, hosted by the daily participation of 23 banks, up from the selling and purchase price of 1170 dinars to the dollar.
and recorded sales of Central Bank of Iraq at the conclusion of its sessions for the current week slightly lower at about one million dollars to more than $ 199 million, compared to Day on Wednesday, which reported a nearly $ 200 million.
The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh (January 14, 2012), all intended to put three categories significantly after deleting three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years. As announced in favor of the (January 6, 2012) for high reserves of the Iraqi Central Bank foreign currency to the $ 60 billion for the first time in the history of Iraq, while stressing its ability to curb inflation if it came to ranking places, considered that current levels do not raise concern. And the foundations of the Iraqi Central Bank as an independent institution under the law issued on the sixth of March of 2004, as an independent body is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the system competitive financial and independent. It is noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays during which depends on those.

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* D. Saadi: the financial sector needs to support the Central Bank

January 19, 2012 Leave a Comment

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BAGHDAD – Yasser Mutawalli said a specialist in the capital market and a strong economic relations between the aspects of cash and securities markets as a result overlaps the big decisions taken by the monetary authority, including an impact on both sides of supply and demand for securities. This came in Replying a question on the (morning) on the evaluation of the World Bank and the report on the performance of the financial sector, which includes banks and the stock market and insurance.

The head of the Securities Commission d. Abdul Razzaq al-Sa’di is known that the securities in any country is the way investment competition for the means of investment banking, therefore, any cajole or pressure on the means of investment banking will be reflected more or less on supply and demand for securities and their prices. He said Saadi that the relationship between monetary policy decisions and securities financial impact is reflected first in interest rates since any change which will increase or decrease profit shares in the economy, pointing out that the setting of interest rates of the monetary policy tools task used for the purpose of economic recovery or fight inflation. and that when a decision cut interest rates, the This makes the securities investment more profitable than low interest rates, and thus turn the investor to convert his savings in the form of securities rather than bank deposits either in the event of raising the interest rate it is moving towards bank deposits through the sale of shares of marginal and whose return is below the price of interest. It is noted Saadi said the credit policy is the other defining the relationship between the central and the Stock Exchange, where central banks as economic conditions to encourage or reduce the credit, in the case of inflation often turn central to the adoption of credit policy conservative. He added, in such a case, it means there is a lack liquidity and thereby reducing the demand for securities and increase the display, and thus exposed their prices to decline and vice versa so When his followers credit policy encouraging the demand for the securities, leading to an improvement in prices. The third factor that determines the relationship goes Saadi to speak, saying: it is the management of banks It is well known that the central bank sets the general framework of the policy of the banks in their countries. and stresses that the adoption of the Central Bank of the vision of open will allow the banks a positive impact on economic activity by allowing them to management and operation of investment funds as well as coordination among themselves for the management of syndicated loans which facilitates orientation towards management a holding company. promised Saadi, these measures help to revitalize the stock market, pointing out that interference in the activities of banks, of which act with money deposits will make the role of negative and deflationary in the economy of the country. He concluded by saying so find the performance of banks vulnerable to criticism by economists and non-cached and the reason is to the narrow view of these and strangle it by the tough decisions issued against them. and the president of the Securities Commission d. Abdul Razzaq Saadi to benefit from the recommendations of the report of the International Monetary and observations on the financial sector. and that the central bank to take these observations together when you feet on any decision in order to reduce the negative effects on the national economy, stressing the success of the central in many of the decisions and policies, but urges that relief interventions that hinder the performance of banks. The IMF has expressed in his annual report for the year 2011 many observations on the performance of the financial sector and urged the monetary and fiscal authorities to review its procedures to achieve the required reforms.

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* Central Bank of Iraq: Iraq’s new currency will be in three languages, including Kurdish groups, including the metal

January 17, 2012 15 Comments

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Explain the details of the Central Bank of Iraq Iraq’s new currency which will be issued within three or four years to come, which will be in three languages, including Kurdish, including categories of mineral dinars.

The bank adviser said the appearance of Mohammed Saleh told the site (Khandan): The idea of ​​changing the Iraqi currency began to mature gradually, although referral to the Economic Committee in the Federal Council of Ministers since (2007), indicating that the existing currency will go through two stages; first: Delete the zeros. The second restructuring, and launches the new currency for trading in the markets during the three or four years. And the benefit of: The new currency will be in three languages ​​(Arabic, Kurdish, English), as well as there are groups of small metal, indicating that the experience of changing the currency took place in many countries and have been successful, as in Turkey, Germany and Russia. And delete the zeros, said the central bank adviser: The category Iraqi monetary deleted, including three zeros, ie, (1.000) “A thousand dinars,” become “one dinar” only, as well as to the others, and we will exchange large and small k (50) “Fifty dinars “or (100)” a hundred dinars, “equivalent to (50,000)” Fifty thousand “or (100,000)” a hundred thousand dinars, “at the present time, emphasizing change the currency does not affect the obligations with the States, or deal with it internally. The committees and civic organizations and government figures and economists, have expressed their fear of change the currency, because of expectations that it will see a wide range of corruption after the introduction of the altered and forged new.

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* After endorsement of the decision to delete the zeros .. Central set two years to replace the currency

January 15, 2012 10 Comments

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After the Board of Directors approved a resolution to delete the zeros after the completion of the new currency designs, the central bank announced Saturday that the process of replacing the currency will take two years.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh, “said the bank’s board had approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and the process of replacing the currency will take two years.

It quoted “Alsumaria News” for the benefit, that “the bank will present three categories significantly after deleting three zeros from the dinar in addition to mineral groups,” noting that “the process of switching would reform the system of currency management and ease of use.”

Saleh added that “the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and the category of 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham “.

He pointed out that “the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only,” asserting that “the currency exchange will not affect the per capita income or wealth or its contractual obligations. “

Saleh pointed out that “the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers,” noting that “the Bank pending the Board’s approval to begin the replacement of the new currency and which must be with the new financial year and proposed by the Bank with the beginning of the year 2013. “

Salih stressed that “the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt,” explaining that “the banks will continue to receive the old currency for ten years as rights and not negotiable.”

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