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Shabibi: Monetary policy in Iraq is bad and the World Bank


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Shabibi: Monetary policy in Iraq is bad and the World Bank review

Posted: April 24, 2012

Central Bank Governor Sinan Shabibi monetary policy in Iraq as one of the worst policies, He called the World Bank to review.

Shabibi said / the Baghdadi News / On the sidelines of a seminar for businessmen also attended by his deputy, the appearance of Mohammed Saleh, Secretary General of the Council of Ministers Ali Mohsen Keywords: “We can not to this country to continue this case and can not keep the money vulnerable to looting, calling for disclosure systems of corruption to the public. “

He added that “monetary policy in Iraq, the worst of existing policies, calling for the World Bank that the review of this policy and the development of a new mechanism related to economic reform and banking sector in Iraq.

For his part, Vice Governor of the Central Bank of the appearance of Mohammed Saleh / News of the Baghdadi /: there is a conflict of interest and everyone looks at his personal benefit and harm others, and the lesson is not to speak, but to build strong markets and institutions and build a promising future.

He added: Iraq at the crossroads there are three markets in the region exposed to high vibration and should not be “dried” the country’s money because of these conflicts surrounding, revealing attempts to dry the benefits of external funding in Iraq.

As stated by the Secretary General of the Council of Ministers Ali Mohsen Keywords: long note out large amounts of dollars from Iraq under the title of foreign imports and purchases.

He said: We do not have the problem of procurement, but we have seen and discovered that the total of these amounts reached up to $ 180 billion has been converted did not really have turned to imported goods, which means it came out for other purposes.

And: We have asked some of the commercial Mlhakaatna States that ratify the lists that are buying in huge amounts and arrived in one of the countries to five billion in the offer lists of Commercial Attaché for the purpose of ratification

http://bit.ly/IBBmfG

B/A

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Well Shabibi, your in charge of Central Bank Policy. You need to do something about it. EvidentlyGOI/ parliament had no idea as to the importance of investment the laws necessary to move your country forward. As far as I am concerned your government was not properly educated. You and the central bank have had seven years to move your country into a better position. You have allowed billions to be lost thru corruption and now you figure out that the monetary policy is bad. What a joke! :angry:

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Begs the question....who really is in charge????? Doesn't sound Shabs is the man :P

Again I say....corruption, party politics, 1000 years of hatred, unstable region, and all that oil/gas......this is NOT the recipe for success by any means. The only way that country makes any progress is if the people stand up and revolt.......and even that would mean no RV for a long time afterwards. B)

Sorry folks, but the writing is on the wall....but we keep ignoring it :shakehead: I may have to revise my view and say the RV may be more than 2 years out, much more :wave: We shall see ;)

Edited by TimS
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Begs the question....who really is in charge????? Doesn't sound Shabs is the man :P

Again I say....corruption, party politics, 1000 years of hatred, unstable region, and all that oil/gas......this is NOT the recipe for success by any means. The only way that country makes any progress is if the people stand up and revolt.......and even that would mean no RV for a long time afterwards. B)

Sorry folks, but the writing is on the wall....but we keep ignoring it :shakehead: I may have to revise my view and say the RV may be more than 2 years out, much more :wave: We shall see ;)

laugh.giflaugh.giflaugh.gif

wow Tim s I guess maybe i should stop posting since the dinar wont revalue for 2+ years hahaha

Listen the dinar is losing value, inflation is rising but yet people think they wont do anything for another 2 years LOL man i guess the writing is on the wall for me and they need to do something before it collapses their whole economy this is vital dry.gif

Edited by easyrider
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I read this article as another building block by Shabibi to put pressure on Maliki's government not to stand in the way of the "raising the three zeros project" that he wants to get done now. IMO, by bringing in the World Bank, he further pressures the GOI not to stand in the way.

Edited by Captjohn
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laugh.giflaugh.giflaugh.gif

wow Tim s I guess maybe i should stop posting since the dinar wont revalue for 2+ years hahaha

Listen the dinar is losing value, inflation is rising but yet people think they wont do anything for another 2 years LOL man i guess the writing is on the wall for me and they need to do something before it collapses their whole economy this is vital dry.gif

Breathe in and breathe out. its ok easy.....i know your in shock because youve expected the rv everyday the last few years. we have to take the bad news as well as the good. it doesnt mean x or y willor will not occur. but, it certainly shines the light on the bad things going on with the monetary policy. maybe its time to change policy....possibly a rv.....possibly time to get rid of their dependence on the dollar. but if a rv was and has been the planned solution.........they forgot to tell the cbi about it.

Edited by truthful1
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Breathe in and breathe out. its ok easy.....i know your in shock because youve expected the rv everyday the last few years. we have to take the bad news as well as the good. it doesnt mean x or y willor will not occur. but, it certainly shines the light on the bad things going on with the monetary policy. maybe its time to change policy....possibly a rv.....possibly time to get rid of their dependence on the dollar. but if a rv was and has been the planned solution.........they forgot to tell the cbi about it.

for one i dont think the RV is gonna happen everyday. Tim s is very negative about this investment or its the frustration, They have even came out and said they will raise it, you cant devalue the dinar anymore only one way up and thats to revalue before inflation takes hold in double digits, the sanctions are killing Iraq on the dinar because of Iran and syria, this could crumble their economy so yea i would say waiting 2+ years is definitely out of the question and im sure many would agree with me on that one.

i mean i understand to be grounded and yes we shouldnt take every rumor as gospel but 2 years come on now, if they waited that long i guarantee you their economy would be done. the CBI is independent and they Wont tel the GOI all the details. they wil do what is expected of them by the IMF and being compliant with the Basil 3 banking sectors, the rest is moot and void. Their is alot of misinformation that has been circulating for quite some time and i believe because the GOI has no clue what the CBi intends to do.

Edited by easyrider
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for one i dont think the RV is gonna happen everyday. Tim s is very negative about this investment or its the frustration, They have even came out and said they will raise it, you cant devalue the dinar anymore only one way up and thats to revalue before inflation takes hold in double digits, the sanctions are killing Iraq on the dinar because of Iran and syria, this could crumble their economy so yea i would say waiting 2+ years is definitely out of the question and im sure many would agree with me on that one.

i mean i understand to be grounded and yes we shouldnt take every rumor as gospel but 2 years come on now, if they waited that long i guarantee you their economy would be done. the CBI is independent and they Wont tel the GOI all the details. they wil do what is expected of them by the IMF and being compliant with the Basil 3 banking sectors, the rest is moot and void. Their is alot of misinformation that has been circulating for quite some time and i believe because the GOI has no clue what the CBi intends to do.

I agree.....but with all the news coming out lately and the prime opportunities the cbi has had to rv....the fact theyve done nothing goes a long way in my thought process. Imo, if the cbi was going to have a big rv....they wouldve done it before syria and iran drain 10 billion from there reserves.

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I agree.....but with all the news coming out lately and the prime opportunities the cbi has had to rv....the fact theyve done nothing goes a long way in my thought process. Imo, if the cbi was going to have a big rv....they wouldve done it before syria and iran drain 10 billion from there reserves.

well since they are under sanctions and i dont see them getting lifted anytime soon, how wil they exchange their dinars? black market i suppose, regardless i think this is expected for their neighbors to own a lot of their currency.

Edited by easyrider
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I think its funny how everyone has said for years what a brilliant economist Shabibi is and what a genius he was in setting Iraq's economic policy.

Hey Shabs.......Its YOUR policy!

Unbelievable.

Well, i believe what has happened is Shabbs has waited on the GOI to get their crap together, now shabs is in a tight spot because waiting for the GOI is ruining the value of the dinar. The CBI is independent but they still need to have a relationship with the GOI, Shabbs is coming to a fork in the road whether to give the green light or wait and possibly ruin all he has worked on and with the IMF for years. What will occur i dunno, but i can bet Shabbs will NOt let this destroy the economy of Iraq. So, in all and al he will be forced to raise the value again and it seems this is exactly whats going to take place to fight inflation because as of now when an Iraqi goes to buy goods they dont have change for the Iraq citizens to give them back because there are no lower denominations, this is why the dinar is losing value because the citizens have to take a loss on their dinar because their is little to no value against the dollar on the dinar.

Edited by easyrider
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I agree.....but with all the news coming out lately and the prime opportunities the cbi has had to rv....the fact theyve done nothing goes a long way in my thought process. Imo, if the cbi was going to have a big rv....they wouldve done it before syria and iran drain 10 billion from there reserves.

Again we can also say the same of an RD. I suspect initially they were looking to set it up by 2010. The reason I do think this is; as far as I know all dinar folks have gotten as of recent, the print date is 2010. One person bought dinar back in 2004 and the print date was 2010. So I have come to believe an RD was always the CBI's plan. And new currency to be printed.

So what held the CBI's plan on hold? The only explanation I can think of is Parliment, the GOI has said no. Enough of them anyway to keep it on the back burner. So the next question is, what do those who oppose want to see happen? Nothing? An RV? Put the money that would have been spent on an RD back in the budget to pay for infrastructure? Or stick the cash in their pockets? Were they waiting for Shabs to screw up so they could fire him and go about their business with someone who was on the same page as they are?

One thing I find hopeful on this, those who oppose must be influential or the RD would not have been stuck for two years. I am hoping they stay strong on this subject.

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Politics are played the same anywhere in the world. If you have a problem, find someone else to blame it on. The bottom line is if your house is not in order, it is your fault. Shabs can point fingers all he wants. He is the one in the big chair and it is his responsibility.

Roadrunner

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IMO, Shabs wants to RD, then RV and Maliki does not want that.

I think Shabs is trying to force Malikis hand.

All very good statements here, I feel that 2fast might just be right on this one.

I read this article as another building block by Shabibi to put pressure on Maliki's government not to stand in the way of the "raising the three zeros project" that he wants to get done now. IMO, by bringing in the World Bank, he further pressures the GOI not to stand in the way.

Yep, yep, & yep

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