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Iraq removes central bank head in corruption probe.


sandstorm
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http://www.google.co...LGyZxPGSC8FR_Q? docId=ba2b7ddd6e8244a2954fae1743c5e0eb

Associated press

These charges are politically motivated. Al-Shabibi is honest and professional," said the lawyer. "The government is planning to replace him with another official who takes orders from the government."

Yep sounds about right and i truly believe it to be true

Very corrupted country

Edited by easyrider
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http://www.google.com/hostednews/ap/article/ALeqM5jxwTPrTyGOwV9MLGyZxPGSC8FR_Q? docId=ba2b7ddd6e8244a2954fae1743c5e0eb

Associated press

BAGHDAD (AP) — Iraq abruptly removed the longtime governor of the country's central bank Tuesday after he and other bank officials were targeted in an investigation into alleged financial wrongdoing.

The governor, Sinan al-Shabibi, is seen as a politically independent economist who has led the bank since shortly after the U.S.-led invasion. He has not been charged with any crime, and his lawyer insists he is innocent.

The allegations, drawn up by a special parliamentary committee established to investigate the bank, could give new ammunition to critics of Prime Minister Nouri al-Maliki that the Iraqi leader is trying to consolidate control over the country's institutions.

Iraq's Cabinet voted Tuesday to temporarily replace al-Shabibi with Abdul-Basit Turki, the head of the Board of Supreme Audit, until the investigation is complete, according to Ali al-Moussawi, a spokesman for the prime minister.

Iraq's Integrity Commission, the country's anti-corruption watchdog, is investigating the allegations.

"The committee in charge of this ... found shortcomings in the work of the central bank and these findings were sent to the Integrity Commission, which has decided to withdraw power from al-Shabibi," al-Moussawi said.

The investigation deals at least in part with alleged irregularities involving the exchange of Iraqi dinars for hard currency, according to al-Moussawi and Haitham al-Jabouri, a lawmaker involved in the probe

THIS IS VERY BAD FOR WE WHO HOLD DINAR.....THIS SOUNDS LIKE A PERFECT WAY FOR IRAQ TO NOT HAVE TO HONOR DINAR OUTSIDE THE COUNTRY. :wave: I'M SURE WE'LL SEE THE GURUS PUT A POSITIVE SPIN ON THIS.....BUT IT LOOKS VERY NEGATIVE TO ME. I HOPE I'M WRONG? :wub:

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These charges are politically motivated. Al-Shabibi is honest and professional," said the lawyer. "The government is planning to replace him with another official who takes orders from the government."

Yep sounds about right and i truly believe it to be true

Very corrupted country

I agree. a rv wouldnt surprise me right now....because theyve complained about shabs not being able to keep the value stable. iwant to think the new guy may rv. Its anyones best guess at this point.

I see either a rv or a raiding of the central bank. im taking the positive option. cuz shabs did a great job...now lets see

Edited by sandstorm
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I agree. a rv wouldnt surprise me right now....because theyve complained about shabs not being able to keep the value stable. iwant to think the new guy may rv. Its anyones best guess at this point.

I see either a rv or a raiding of the central bank. im taking the positive option. cuz shabs did a great job...now lets see

IMO i don't believe either the US or UN will stand by & let this happen :confused2:

Good way to sway the investors :confused:

I believe in the strategic plan until the end :soon:

Go RV B) :cool:

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Since everyone is saying what they see in this new development, I might as well jump in and add my 2 cents. What I see, is the final nail in the coffin of the CBI. With M's new puppet as acting head, that finally gives the GOI control of the last hold out. What I also see is many more US$ being siphoned off to Iran and an indefinate postponment of any RV. M has been throwing a monkey wrench in progress toward a RV and I personally feel he is in no hurry to change his ways, especially now that he is in almost total control of the GOI and the CBI. I know this spells gloom for all us fellow Dinar holders but all I can hope for at this point is maybe the IMF will step in or maybe a major shift of power could lead to better results.

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http://www.usnews.com/news/business/articles/2012/10/16/iraq-probes-alleged-corruption-at-central-bank

Iraq removes central bank head in corruption probe

October 16, 2012 RSS Feed Print

By ADAM SCHRECK, Associated Press

BAGHDAD (AP) — Iraq abruptly removed the longtime governor of the country's central bank Tuesday after he and other bank officials were targeted in an investigation into alleged financial wrongdoing.

The governor, Sinan al-Shabibi, is seen as a politically independent economist who has led the bank since shortly after the U.S.-led invasion. He has not been charged with any crime, and his lawyer insists he is innocent.

The allegations, drawn up by a special parliamentary committee established to investigate the bank, could give new ammunition to critics of Prime Minister Nouri al-Maliki that the Iraqi leader is trying to consolidate control over the country's institutions.

Iraq's Cabinet voted Tuesday to temporarily replace al-Shabibi with Abdul-Basit Turki, the head of the Board of Supreme Audit, until the investigation is complete, according to Ali al-Moussawi, a spokesman for the prime minister.

Iraq's Integrity Commission, the country's anti-corruption watchdog, is investigating the allegations.

"The committee in charge of this ... found shortcomings in the work of the central bank and these findings were sent to the Integrity Commission, which has decided to withdraw power from al-Shabibi," al-Moussawi said.

The investigation deals at least in part with alleged irregularities involving the exchange of Iraqi dinars for hard currency, according to al-Moussawi and Haitham al-Jabouri, a lawmaker involved in the probe.

About 16 bank employees are targeted in the investigation, al-Jabouri said. He said he expects arrest warrants against some could be issued soon.

Before becoming bank governor in 2003, al-Shabibi worked for more than two decades for the United Nations Conference on Trade and Development.

One of his lawyers, Waleed Mohammed al-Shabibi, defended the governor's innocence. The lawyer described himself as a relative of the governor.

"These charges are politically motivated. Al-Shabibi is honest and professional," said the lawyer. "The government is planning to replace him with another official who takes orders from the government."

Al-Moussawi, the prime minister's spokesman, denied the charge, saying there was no political motivation behind the move.

The bank governor himself could not immediately be reached for comment. His lawyer said al-Shabibi is out of the country. He declined to say where.

Spokespeople for the central bank said they are not authorized to discuss the allegations.

Iraq has rapidly increased its oil output following years of war and neglect, and that has translated into a sharp rise in hard currency reserves. The country earlier this year surpassed next-door Iran as OPEC's second-largest oil producer, and its currency reserves recently topped $60 billion.

But the bank's efforts to keep the dinar stable through its sales of dollars to local banks have come under pressure, particularly over the past year.

Mudhhir Mohammed Salih, the bank's deputy governor, said in January that he believed the civil war in neighboring Syria and international sanctions against Iran had caused a jump in demand for dollars sold by Baghdad.

He said opportunistic businessmen were buying up dollars and then reselling them on the black market to customers across the border, sucking greenbacks out of the country and making it harder for the bank to keep Iraq's dinar stable. The bank aims to keep the local currency set at close to 1,200 dinars per dollar.

Salih separately confirmed he is among those being investigated, but said he has no further details.

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These charges are politically motivated. Al-Shabibi is honest and professional," said the lawyer. "The government is planning to replace him with another official who takes orders from the government."

Yep sounds about right and i truly believe it to be true

Very corrupted country

Already has. Abdul Basit Turki

http://www.ipairaq.com/index.php?name=inner&t=politics&id=61655

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These charges are politically motivated. Al-Shabibi is honest and professional," said the lawyer. "The government is planning to replace him with another official who takes orders from the government."

Yep sounds about right and i truly believe it to be true

Very corrupted country

It's more than politics IMO. Maliki and his cronies have been trying to get their hands on the CBI's USD reserves under the auspices of using those reserves to make up for budget deficits. Shabibi basically told them to go scratch, as he rightly should have since that is not what the reserves are for. Of course, I'm sure Maliki et al, want to line their pockets.

Bottom line, if Maliki gets hold of those reserves, you can kiss goodbye the value of the dinar.

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It's more than politics IMO. Maliki and his cronies have been trying to get their hands on the CBI's USD reserves under the auspices of using those reserves to make up for budget deficits. Shabibi basically told them to go scratch, as he rightly should have since that is not what the reserves are for. Of course, I'm sure Maliki et al, want to line their pockets.

Bottom line, if Maliki gets hold of those reserves, you can kiss goodbye the value of the dinar.

Maybe but maybe not. We do know if Shabibi followed his plan we would be looking at re domination. In recent weeks we have read of a possible program change as in "float", now it may be as simple as different philosophies on how to handle the currency. It seems Maliki is more intent to get his infrastructure plan going, maybe he see's a float will take him there faster. Or he wants to leave town in style. Who knows, but the way I see it right now we really are clueless.

I will say this, I find it strange US troops are back in town. I spoke with a woman today whose son was called back into Iraq, he thought he was going to have some days off. She said, he was told something big was going on, they called him back pronto. He did not know what it was.

Iraq she is so full of surprises don't you think? I always think she is doing nothing but going on holidays, and then she reels in a drama that makes my head spin.

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These charges are politically motivated. Al-Shabibi is honest and professional," said the lawyer. "The government is planning to replace him with another official who takes orders from the government."

Yep sounds about right and i truly believe it to be true

Very corrupted country

Don't sell. biggrin.gif

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Maybe but maybe not. We do know if Shabibi followed his plan we would be looking at re domination. In recent weeks we have read of a possible program change as in "float", now it may be as simple as different philosophies on how to handle the currency. It seems Maliki is more intent to get his infrastructure plan going, maybe he see's a float will take him there faster. Or he wants to leave town in style. Who knows, but the way I see it right now we really are clueless.

I will say this, I find it strange US troops are back in town. I spoke with a woman today whose son was called back into Iraq, he thought he was going to have some days off. She said, he was told something big was going on, they called him back pronto. He did not know what it was.

Iraq she is so full of surprises don't you think? I always think she is doing nothing but going on holidays, and then she reels in a drama that makes my head spin.

This is what I was talking about zig, and even if Maliki were to use the reserves to legitimately cover a budget deficit, it would still be detrimental to the value of the dinar.

The beginning of the dispute

After this dialogue up with Dr. Shabibi, we deem it necessary to return to the beginning of the dispute between the government and the central bank about eight months ago, and against the backdrop of the government's budget deficit, under popular pressure to provide services, especially electricity.

The government asked the central bank to withdraw part of the U.S. dollar currency reserves amounting to 60 billion dollars, but the bank rejected the request, saying that the financial reserves are the property of the Iraqi people, and can not be manipulated, but when most of the necessities such as war or blockade. And then I thought about the government appending central bank them, the sense of being under the sway, especially if the constitution was vague about the subordinate bank to the government or the parliament, increasing the dispute between the government and the central, until it was to go to court, Vhsmt Federal Court order in favor of the parliament, and not linked to the bank the government.

Read more:

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Why is it halarious?

he hasnt even been charged with any crime .. thats what was so halarious about it .. he hasnt done anything wrong ..or they would of charged him .. all those postings about shabibbi was going to be aressted when he came back to iraq .. and how he was avoiding returning to iraq because he would be arrested ..to many silly strorys coming out of iraq .. we were all warned when this thing gets close all kinds of kaotic things will be taking place .. this whole shabibbi thing was a joke .. they do this in the stock market too its referred to as a shakedown ... people putting out bad news trying to get people to sell their shares .. only so they could buy them at a discount .. then a few days later the stock soars ..especially in small bio tech stocks

it seems they want us to sell off our dinars because it appears like things are going south when in reality shabbs most likely needed a vacation .. propagan... i mean ya cant believe everything you hear in a situation like this ..

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he hasnt even been charged with any crime .. thats what was so halarious about it .. he hasnt done anything wrong ..or they would of charged him .. all those postings about shabibbi was going to be aressted when he came back to iraq .. and how he was avoiding returning to iraq because he would be arrested ..to many silly strorys coming out of iraq .. we were all warned when this thing gets close all kinds of kaotic things will be taking place .. this whole shabibbi thing was a joke .. they do this in the stock market too its referred to as a shakedown ... people putting out bad news trying to get people to sell their shares .. only so they could buy them at a discount .. then a few days later the stock soars ..especially in small bio tech stocks

it seems they want us to sell off our dinars because it appears like things are going south when in reality shabbs most likely needed a vacation .. propagan... i mean ya cant believe everything you hear in a situation like this ..

It would be interesting to know if its working if this is the case.

This is what I was talking about zig, and even if Maliki were to use the reserves to legitimately cover a budget deficit, it would still be detrimental to the value of the dinar.

I do know Maliki wants his infrastructure plan to happen. This may be his second attempt to use the reserves for it. He may not be interested in an RV at all.

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