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Central Bank supports electronic control system with the border crossing points

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Central Bank supports electronic control system with the border crossing points

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While the central bank announced a decline in sales of the currency auction to banks and adoption of the control system electronic links between him and the General Authority for Customs, called Economists Bank to expand the adoption of the treasury transfers instead of cash sales to banks and citizens to reduce the high prices of the dollar and ensure the preservation of public money wastage. 
In this regard, said a researcher at the Iraqi Institute for Economic Reform, Dr. Ahmed al-Husseini's (Babylonian): The adoption of the Central Bank of the introduction of remittances for traders ensures access the largest number of goods, but he in turn may delay the arrival or entry of those goods into the country, but in all conditions much better if combined with system control again. 
, adding that foreign banks are foreign-based and trust remittances issued by the central bank and therefore it is a good sign and gives an incentive for the central bank to reduce the cash sales and restrict the sale of foreign currency for traders and investors as it ensures the arrival of goods in the same amounts transferred to traders themselves. 
was governor of the Bank and the Agency Abdul Basit Turki said in a press statement from the central bank sells daily between 160 to 180 million dollars in cash on a daily basis to the citizens and brokerage firms. 
According to the theory of supply and demand is supposed to drop prices, the dollar through this procedure, but to do some weak people exploiting the phenomenon of cash sales direct to the dollar to the citizens to achieve a quick profit at the expense of the country's interests and damage the local economy, as the amount set by the Central Bank of the citizen for the purposes of travel or treatment at 5 thousand dollars. 
said Husseini system that remittances contribute directly in the balance of trade payments of the country and achieve stable than if it was linked to a program controlled electronic between the central bank and border crossings of the General Authority for Customs, indicating that the control systems of modern contribute significantly to the reduction of administrative corruption as it investigates the economic viability and to maintain public money. 
announced Association of private banks in Iraq for more than five banks civil will start reducing prices sell the dollar to the citizens at 1183 dinars, while the identified sales price for the purposes of the appropriations to 1178 dinars. 
said Executive Director of the Association of private banks in Iraq, Abdul Aziz Hassoun told (the Babylonian Net) : This trend comes to support measures CBI aimed to reduce the prices of the dollar and the stability in the markets, noting that the three banks, which will take the initiative to reduce the prices are Ashur International Bank and Bank of Baghdad and the Bank of Huda Islamic.
predicted Goldfinch tend the rest of the private banks to this initiative seriously which reflects the response of the private banking sector with the instructions of the Central Bank of Iraq and restore bridges of trust between them. 
Iraq has seen a recent rise in the dollar exchange rate result of market instability by Iqbal large numbers of people to buy it from the outlets and then sell it to companies to mediate in the sale of currency exchange profits small, which led to the high price of the dollar against the dinar. 
was the Iraqi Central Bank Governor agency Abdul Basit Turki announced that the Bank adopt way linking email with the General Authority for Customs for the purpose of documenting transactions for the entry of goods into the country and earned from money selling foreign currency. 
said in a press statement The move comes for the purpose of effective implementation of the link between border crossing points and window currency auction window and expense payments of Iraq so that we can know that what we are selling in the currency auction turns into goods real intervention into Iraq. 
said that the report of the Board of Supreme Audit has shown that derived from the actual materials involved Iraq to reach a rate of less than 1 percent due to the lack of fully controlled outlets and at best the proportion of goods entering into the country 20 percent of the amount sold in the auction currency, which in turn transformed into merchandise.

 
 
 

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This article seems very important (and is gaining attention in the community), I'm just wondering why it wasn't posted - or it if was posted in JUNE when it first came out?

 

Does the fact that's it's a repeat invalidate its importance?

 

 

Central Bank supports electronic control system with the border crossing points

 

16/06/2013 12:00 AM

Economist: bank transfers to ensure the entry of goods the same amounts
Baghdad - Mostafa Hashemi
While the central bank announced a decline in sales of the currency auction to banks and adoption of the control system electronic links between him and the General Authority for Customs, called Economists Bank to expand the adoption of the treasury transfers instead of cash sales to banks and citizens to reduce the high prices of the dollar and ensure the preservation of public money wastage.
In this regard, said a researcher at the Iraqi Institute for Economic Reform, Dr. Ahmed al-Husseini (morning): The adoption of the Central Bank of the introduction of remittances for traders ensures access the largest number of goods, but he in turn may delay the arrival or entry of those goods into the country, but in all cases the best much if coupled with a new control system.
He added that foreign banks are foreign-based and trust remittances issued by the central bank and therefore it is a good sign and gives an incentive for the central bank to reduce the cash sales and restrict the sale of foreign currency for traders and investors as it ensures the arrival of goods in the same amounts transferred to the merchants themselves.
The governor of the Bank and Abdul Basit Turki agency announced in a press statement that the central bank sells daily between 160 to 180 million dollars in cash on a daily basis to the citizens and brokerage firms.
According to the theory of supply and demand is supposed to drop prices, the dollar through this procedure, but do some weak people exploiting the phenomenon of cash sales direct to the dollar to the citizens to achieve a quick profit at the expense of the country's interests and damage the local economy, as the amount set by the Central Bank of the citizen for the purposes of travel or treatment $ 5000.
He said al-Husseini that the system transfers contribute directly in the balance of trade payments of the country and achieve stable than if it was linked to a program controlled electronic between the central bank and border crossings of the General Authority for Customs, indicating that the control systems of modern contribute significantly to the reduction of administrative corruption as it check the economic feasibility and the maintenance of public money.
The Association announced private banks in Iraq for more than five banks will start to reduce civil dollar selling prices to citizens at 1183 dinars, while set the price for the purposes of selling credits to 1178 dinars.
The executive director of the Association of private banks in Iraq, Abdul Aziz Hassoun told (morning): that this trend comes to support measures CBI aimed to reduce the prices of the dollar and the stability in the markets, noting that the three banks, which will take the initiative to reduce the prices are the Ashur International Bank and Bank of Baghdad and Huda Islamic Bank.
Goldfinch predicted that the rest of the private banks tend to this initiative seriously and that reflects the response of the private banking sector with the instructions of the Central Bank of Iraq and restore bridges of trust between them.
Iraq has seen a recent rise in the dollar exchange rate as a result of market instability by Iqbal large numbers of people to buy it from the outlets and then sell it to companies to mediate in the sale of currency for a small profit, which led to the high price of the dollar against the dinar.
The governor of the Central Bank of Iraq and Abdul Basit Turki agency announced the Bank's adoption of electronic method of connecting with the General Authority for Customs for the purpose of documenting transactions for the entry of goods into the country and money realized from the sale of foreign currency.
He said in a press statement that this measure comes to the purpose of the effective implementation of the link between border crossing points and currency auction window and window expense of the Iraqi payments so that we can know what we are selling in the currency auction turns into real goods coming into Iraq.
He said that the report of the Board of Supreme Audit has shown that derived from the actual materials entering Iraq amounting to a rate of less than 1 percent due to the lack of outlets controlled entirely at best proportion of goods entering into the country 20 percent of the amount sold in the auction currency, which turns In contrast to the merchandise.

 

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Human Rights Commission calls for activating the controls on imported goods

FRIDAY, 09 AUGUST / AUGUST 2013 09:40

 

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Twilight News / demanded that the UN High Commissioner for Human Rights, on Friday, the Iraqi government to activate the consumer protection measures of the Iraqi poor quality of imported goods, while confirming that encroach upon the "profiteers citizen" is a war not less serious crimes of terrorism.

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A member of the Board of Commissioners Fadhil's Ghrawi "Twilight News", on the Iraqi government to issue instructions to do a standardization and quality control at border crossing points.

He added that the Iraqi consumer protection and control over the quality of products supplied to the domestic market, is one of the most important human rights issues, because it touches on the most important sources of life for the Iraqi people and of its strength and its impact on the basis of public health.

He said, "There is an urgent need to activate the legal and judicial measures to protect the consumer and take down the maximum penalties for anyone who tries to manipulate and Touch بقوت the citizens, which is the red line, overtaking him as a war on the citizen may be the hardest of the crimes of terrorism."

It demands specialists need to speed up the formation of consumer protection in accordance with the Consumer Protection Act of Iraq, headed by someone with experience and competence in matters relating to consumer protection, and holds a primary and the rank of Deputy Minister, and its members (managers عامون) and from different disciplines.

For H / K H / M t

Edited by yota691
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Yeah, Zig, that what is seems like.  Hmmmm. 

This is good news.  It also seems sometimes when Iraq states they are going to do something in stages.....means they are already doing it.  Weird.

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Actually I need to read these articles closer, there is much more to these articles than just goods.  One thing on a second read is, they are hooked up electronically now.  

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Actually I need to read these articles closer, there is much more to these articles than just goods.  One thing on a second read is, they are hooked up electronically now.  

 

Yep, it seems they are "hooked up".  

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That's what I am reading too Zig

WM13

This is big news.  So this is how CBI has put the kabosh on the money changers on the border.  Now we know what Turki meant by their past issues with money changing and money laundering is no longer an a problem.  

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After its release from the penalties. Anatolia: Iraq looks to foreign investments by $ 32 billion

Friday, August 9, 2013-4: 07

s420131594325.jpgArchival image

 

At a time when Iraq political turmoil and sharp divisions, with bombings in several regions, preparing for his exit from Chapter VII of the United Nations, which has since been more than 23 years after its invasion of Kuwait.

This has allowed the United Nations to use military force against Iraq because he acted in a manner prejudicial to international peace and security, in addition to the economic sanctions and the freezing of funds, and to prevent trade minimal, severance of diplomatic relations. 

According to the international resolutions expected to achieve that step in 2015 after payment of all reparations imposed by the United Nations and about $ 52 billion, but it seems that the improvement of relations with Kuwait, especially after the visit of Kuwaiti Prime Minister Sheikh Jaber Mubarak Al-Sabah in Baghdad last June and signed a package of agreements in political, economic, cultural and environmental, has accelerated the collapse of the black page, and move to a new stage. 

Kuwait informed the Secretary-General of the United Nations Ban Ki-moon of positive developments require a decision to move Iraq from Chapter VII to the sixth item, must continue to pay the remaining amount of compensation of $ 11 billion. 

What are the positive developments that Iraq is looking forward to the next stage after their liberation from the terms and conditions and penalties Chapter VII of the United Nations? 

According to a poll by the Merrill Lynch-Bank of America "and is one of the largest u.s. banks, show that Iraq tops the list more developed economically, it will bring in 2013 a GDP growth of 10.5%, followed by China with 7.7%.

The report noted that this growth is due mainly to the success of the Ministry of oil to raise production to 2.1 million barrels per day, and the result of rounds of licenses and contracts signed by the Iraqi Government with international oil companies to develop fields, knowing that Iraqi oil reserves hard around 112 billion barrels, the figure rises to 150 billion barrels of potential reserves, with the second largest oil reservoir in the world after Saudi Arabia.

Iraq has huge oil potential, out of seventy-four discovered fields and list, only 15 have been exploiting the fields, exploited oil fields alone need large amounts of investments and reforms before they can resume full production. 

In this context, Iraq implemented an integrated strategic plan extending from 2012 to 2030, the energy sectors from oil to natural gas, electric power, and requires the implementation of the programme of development recommended strategy providing a capital expenditure of about $ 620 billion, government revenue is estimated at six trillion dollars, oil exports constitute 85% of them, as well as provide for Iraqis, 10 million jobs in important industries. 


From here, Iraq looks forward to attract Arab and foreign investments after emerging from Chapter VII of the United Nations, and is expected to be the Chief of the Iraqi investment Sami Raouf Al-araji could turn out oil projects and huge service for the benefit of Gulf and foreign companies.

The number of companies registered with the Iraqi Ministry of trade until the end of 2012, more than 62,000, including the 1976 Arab and foreign companies, there are 740 projects valued at 32 billion dollars, and investment continue to map in two phases, each phase of five years, with a large number of oil and electrical projects under the assignment.

Al-araji said that some companies began sending its engineers and workers to Iraqi sites, operating without protection, is improved, especially since there are only a few areas the security situation permits. 

The President of the Iraqi stock exchange, Taha Ahmed Abdul Salam, Arabic and foreign participation in the trading market soared to five percent, and increased the market value of the stock of 1 710 billion dollars in 2004 to about 5 598 billion in 2012 and then to more than $ 10 billion in the first half of 2013. 

Investors benefit from exemptions from duties and taxes may not be available to them in the stable investment climates, but in this area draw experts working in the industrial development organization (UNIDO) to exempt companies from fees, but it is not enough to attract investors to operate in Iraq, so the Government has created an enabling environment through single-window activation and decrease its steps for completing transactions, adding to the political stability, security and the eradication of corruption. 

As is well known, some financial experts and the economy due to the failure of the Iraqi investment map due to the dominance of the characters important joints in the Government Center and the provinces, not for efficiency but for belonging to a particular party dominant power, that distinctive foreign companies cannot enter Iraq because of the economic chaos, political and security, and the absence of real guarantees by the State, as in the language of blackmail in the joints. 

With the development of the investment highlights the role of the banks, despite political turmoil and security attacks, some foreign banks to open branches in Iraq after emerging from Chapter VII, "the US Bank Citigroup and Standard Chartered of Britain were among the first to open branches to the fruits of investment projects, on the basis that banking laws adopted after 2003, and an appropriate ground legislation, investment and profits, opens the way for foreign banks to open branches without fear, That could encourage investment companies to come to Iraq, despite their reluctance to invest their funds. 


Within the framework of attracting investors and assure them the value of their investments, highlights the importance of ensuring monetary stability on the basis of the exchange rate is the focus of the State monetary policy and as a criterion for the economic activity and the evolution of the business and financial sectors and of the economy, and their effectiveness at the level of foreign trade relations.

Some financial experts believe the economy should exit Iraq from Chapter VII should have a positive effect on the dinar exchange rate against other currencies, particularly after a record collapse during the past years. 

The dinar was equal to 3.26 dollars, but since 1980, was affected by the fallout from the Iran-Iraq war, then the economic blockade in the early 1990 's, the magnitude of the dinar in Exchange for pumping limited foreign exchange earnings that has led to the deterioration of the price paid to the dollar and other currencies, after the occupation of Iraq and to allow it to increase its exports of petroleum and the lifting of the ban on its funds frozen the dinar began towards the dollar improved but is still low, is currently around 1160 dinars to the dollar.

In an attempt by the Government to improve the Iraqi currency, intended to delete the three zeros is pricing exchange rate 1.16 against the dollar, the dinar would replace the State budget $ 172 billion dinars, or the equivalent of about $ 150 million, and the Government is preparing to perform this step with the adoption of the "new dinar" requesting an order from the Central Bank to raise its value gradually down to be equal to the dollar. 

You can order Government led by Nuri al-Maliki, facing opposition from more than half the Iraqi people living in "paradise" which seats and subsists in various State departments, including the Central Bank and contributed to waste billions of dollars of oil money? ...... Can the Iraqi economy despite the financial strength and solvency, social stability in light of the continuing lack of security and political stability? ... Can reassure investors and attract them to participate in development projects to promote the country and protect national currencies deteriorate and return it to its previous value days of Saddam Hussein?...

You have reached the Iraq budget 2013 to 138 trillion dinars (112 billion dollars), compared with 119 trillion dinars (about 97 billion dollars), a deficit of 20 trillion dinars (15 billion dollars). 

This large deficit despite rising oil exports and calculate the price of a barrel of 90 dollars, knowing that Iraq is dependent on oil revenues to cover 95 percent of the budget. 

Thus the deficit as inherent to the budgets, and the 2013 budget spared from such, and that the source of the real risk that, as a general rule, of the close link between the growth of the budget deficit and the growth of internal and external indebtedness. This may be the economy and subsequent budgets in a vicious circle with devastating consequences for the economy. 

This can be seen clearly in balance in 2013 that deficit in previous years was a planning deficit covered from previous budget surpluses, but the budget deficit in 2013 is the inability of the scheme is funded as follows:

-11 trillion dinars from savings achieved in the Development Fund for Iraq. 

-2 890 trillion dinars from special drawing rights. 

-6 801 trillion dinars from borrowing (Treasury remittances versions) and the expected increase in crude oil prices. 

-To continue borrowing from the World Bank and the International Monetary Fund to supplement the $ 5-6 billion dollars. 

The resort to external borrowing and external funding sources when not enough internal funding sources to provide development requirements and provide for the basic needs of the population, but it's puzzling that Iraq resorted to external borrowing and debt trap again.

 

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww1.youm7.com%2FNews.asp%3FNewsID%3D1196653%26SecID%3D24%26IssueID%3D0

 

 

Does any one have an opinion on this?

 

"requesting an order from the Central Bank to raise its value gradually down to be equal to the dollar." 

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Based on reading numerous Arabic/translated articles, I'd say yes, they mean raise the value of the iqd to then reflect that the value of the dollar compared to the iqd would be lowered (so comparison result is that iqd value higher against the value of the USD - so USD "lowered")...Geesh,  think I over-stated..lol..hope you catch my drift?

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