CBI News 12/24/2017

[yota691]

Dialogue with the "Arab African" with Dr. Ali Alalak Governor of the Central Bank of Iraq

 

 December 24, 2017

 

Dr. Ali Al-Alaq, Governor of the Central Bank of Iraq for "Arab African": We succeeded in obligating banks to implement the AML / CFT law ... To download click here

[Butifldrm]

English

 

 

Al-Arabi Newspaper/December 22, 2017

The dialogue was held in Baghdad-Hatem Abdel Qader

> > We achieved financial and fiscal stability despite difficult circumstances

< < Oil States resorting to a decision to float their currency against the criminal

The decision to float the Egyptian pound was correct and it came late.

On the sidelines of the third Conference of the Central Bank of Iraq, which was held on 9-10 November,

Held under the title "The role of the Central Bank of Iraq in the realization of financial and economic stability", I had

This dialogue with the Governor of the bank, Dr. Ali Mohsen Ismail, who unveiled an Iraqi epic

In the cooperation between the Central Bank and the Government of the Ministry of Finance, without the authority of a party to

Other; The purpose of the Iraqi interest, and how this epic was at the time when ISIS gangs took control of

On large areas of Iraq, where the Iraqi authorities remained consistent, and maintained

Monetary policy on the stability of the national currency versus the gender, which has been borne by the Government

The Iraqi destiny, so as to ease the burden on the Iraqi citizen.

Although the oil countries have resorted to floating their currency against the criminal, the "lingering"

In his dialogue, he confirmed his support for the Egyptian decision to float the pound against the Dalmatian, and even confirmed that it was a decision

Late.

The "lingering" has also revealed the continuation of negotiations between the Egyptian and Iraqi sides to return the work of a branch

Rafidain Bank in Egypt to serve Egyptian economics and the interest of Egyptian retirees who were

Working in Iraq.

To the text of the dialogue:

• Beginning, How did the central bank of Iraq manage the monetary policy of bald the best period that accompanied

The war on ISIS, which has seen no conflict?

The truth has been done by a number of the laws and regulations of the Central Bank of Iraq, in coordination

Direct with the Ministry of Finance in two directions: the reconstruction and the general budget of the State and its adaptation

responds, albeit to a certain extent, to the large amount of oil prices.

and effective the ministry in direct coordination between the Prime Minister has been able to reduce government hypocrisy and increase some

Local alides, which contributed to the reduction of the deficit gap.

II: Purchase of Treasury bonds, totalling $16 trillion in 2015 and 2016

Iraq, which provided considerable liquidity to the country's financial and economic situation.

What is the policy of the Central Bank of Iraq for the management of its resources from the Al-Janbiya, as well as towards

Exchange rate versus local currency?

Certainly, Iraq relies on the basis of its resources for its oil exports,

And the papules depend on it as a result up and down; therefore in the years before the decline

Oil prices (before 2015) the existing from the pleural currency covers the demand, and even more than

What is required, and this increase naturally led to an increase in the bank's currency.

The central Iraqi.

In the two years, the Al-Doriya, which comes from oil exports, declined by about

50%; This has put considerable pressure on monetary policy, as government expenditures have not decreased by the same

Ratio, which has generated pressure on the pleural currency to cover this difference, and because of accumulated precautions

The central bank has for years prior been able to absorb this shock, and within the process of balancing the price

Drainage, papules and inflation he was able to get out of this shock after the oil prices improved, Alan.

The reserves of the central bank have begun to rise gradually.

Why didn't the central Bank of Iraq make a decision to float its local currency?

Usually the oil states depend on a fixed exchange rate, or fixed with flexibility, and the resort to the float method,

If their precautions are set to an inadequate level, which has not happened either in Iraq or in states

Oil.

These countries have experienced the oil price cycle (rising and decreasing) as they have concerns about the exchange rate

For its work.

Also, the float is difficult to apply in Iraq, since the government has a de facto monopoly on the display

Mayors.

• What do you think of Egypt's experience and its float for the pound versus the Dalmatian?

I support the decision to float for the pound in Egypt, and the travel is late.

• How much is the cash reserve for Iraq now?

48 billion Dunus.

• Let me take the title of your good conference question, "the central Bank of Iraq in achieving

The fiscal and financial "?

If we go from the core, financial sustainability, which is based on the capacity of the financial sector and

Shocks and risks as well as changing conditions, with this concept of financial stability the central bank has taken

Several actions, including:

– Financial sector dimensions of risk and prevention, including: promulgation of the Anti-Money Laundering Act

The financing of phobia, issued in 2015, and the obligation of banks to apply regulations and rules on

By this law; the risks of financial crimes and the washing of the livestock.

– Strengthening of Prudential control.

– Strengthen payment systems by creating a national exchange and payment systems, where they are conducted

Process of clearing and settlements through this system to achieve regulation, control and control of operations

Banking.

• Outstanding between the central bank and the government. To what extent is cooperation and integration of the Duar and how far

It's the collision?

There is understanding and coordination between the central bank and the Government of the Ministry of Finance, and in this regard it has

A senior Coordinating committee between the Ministry and the central bank has been formed; so we work together to get the census program

The trust with the International Monetary Fund (IMF), as this programme includes the issues and procedures related to the form

Essential in the financial, fiscal and monetary structure.

• We would like to highlight the experience of the Central Bank of Iraq in achieving financial inclusion.

At this stage, the central Bank of Iraq is focusing on achieving the concept of "financial inclusion" and its applications, where

The circumstances of the previous years have not been helpful.

 

https://cbi.iq/static/uploads/up/file-15141003404352.pdf

[juliebug]

Thanks Buti...I couldn't get the page to translate. More good stuff!

[Reez]

The trust with the International Monetary Fund (IMF), as this programme includes the issues and procedures related to the form.

 

Monetary policy on the stability of the national currency versus the gender, which has been borne by the Government

The Iraqi destiny, so as to ease the burden on the Iraqi citizen.

 

Strengthen payment systems by creating a national exchange and payment systems, where they are conducted

Process of clearing and settlements through this system to achieve regulation, control and control of operations

Banking.

• Outstanding between the central bank and the government. To what extent is cooperation and integration of the Duar and how far

It's the collision?

There is understanding and coordination between the central bank and the Government of the Ministry of Finance, and in this regard it has

A senior Coordinating committee between the Ministry and the central bank has been formed; so we work together to get the census program

The trust with the International Monetary Fund (IMF), as this programme includes the issues and procedures related to the form

Essential in the financial, fiscal and monetary structure.

• We would like to highlight the experience of the Central Bank of Iraq in achieving financial inclusion.

At this stage, the central Bank of Iraq is focusing on achieving the concept of "financial inclusion" and its applications.

 

The circumstances of the previous years have not been helpful.

 

☺

 

Well maybe now they can start to apply what they have not been able to do in previous year when they are promoting security & stability in their agenda to open free market as to draw investors attention in the upcoming stages especially to prepare with the February 2018 Kuwait International Reconstruction Conference as well as accepting full responsibility under Article 8 IMF after Paul Bremer cpa Coalition Provisional Authority been dissolved through the Cbi amended Law no.56 has been verified by Fuad Masum recently. Back to the glory days when Cbi runs the show independently far from political interference with IMF & World Bank as always mentored guiding them in the right direction.

 

Go new monetary policy

Go new real value😎💪

 

 

 

 

 

[ChuckFinley]

Thank you for the translation and updates.  

[skeetdog]

Thanks Yota....

7 hours ago, Reez said:

Well maybe now they can start to apply what they have not been able to do in previous year when they are promoting security & stability in their agenda to open free market as to draw investors attention in the upcoming stages especially to prepare with the February 2018 Kuwait International Reconstruction Conference as well as accepting full responsibility under Article 8 IMF after Paul Bremer cpa Coalition Provisional Authority been dissolved through the Cbi amended Law no.56 has been verified by Fuad Masum recently. Back to the glory days when Cbi runs the show independently far from political interference with IMF & World Bank as always mentored guiding them in the right direction.

.....The plot thickens...first was the release of Chapter VII...now the CBI is a separate entity from the GOI...preparing to sign the Chapter 8 agreement with not only this Kuwaiti International Reconstruction Conferences mentioned here...but also a Saudi Arabia International Conference was rescheduled for early February....