Articles 12-9-2014

[Butifldrm]

  

Sustain the relationship with the IMF

 

 

         

9/12/2014 0:00 

BAGHDAD - morning 
conducted by the Ministry of Finance and the International Monetary Fund round of annual consultations in the Jordanian capital Amman. 
A source in the ministry said the finance minister presented a review of the economic, political and security of the current situation and the plans and programs of the government in the next phase, in particular to provide the budget in 2015 to the House of Representatives and the fight against corruption and conduct administrative reforms and Finance. 
The aim of this meeting is to identify the impact of the conflict and the war against Daash in the Iraqi economy and discuss the budget 2015 plan. 
They also reviewed the situation in the oil sector and the impact of falling oil prices and economic activity is oil and international needs and market exchange foreign, and there was an exchange of views on the role of the International Monetary Fund to help Iraq through this difficult phase of the Iraqi economy, and decides to sustain these meetings and communication to enhance cooperation between the two sides. Chaired by Finance Minister Hoshyar Zebari, the delegation and with the participation of representatives of the central bank and the Ministry of Planning and the Ministry of Oil and a number of financial and economic experts.

http://www.alsabaah.iq/ArticleShow.aspx?ID=82458

  Iraq and the International Monetary Fund are discussing the budget deficit in 2015

12/08/2014

Search Finance Minister Hoshyar Zebari, with the International Monetary Fund problem the shortfall in the Iraqi budget for 2015.

In remarks to a number of Iraqi media between Zebari said recent security developments and financial burdens resulting from the government to support the military effort to fight al “Daash” significant decline in oil prices and a negative impact on the budget.

He said Zebari, he and his accompanying delegation discussed at the meetings in the past two days in the Jordanian capital Amman with IMF experts how to overcome the crisis, and said that the views were close to each other, as it was agreed that fills happening in the budget deficit through internal sources, if there are funds in Trade Bank of Iraq, and there SDR of Iraq from the International Monetary Fund, an Iraqi funds to reduce the deficit to reasonable levels, as well as a package of reforms in the country, even to find alternative sources of oil resources, such as raising taxes and fees and to encourage investment.

Zebari pointed out that the question of borrowing from the World Bank and the International Monetary Fund on the table by the government, but they have not reached a decision yet on this subject, and this will be the last solution solutions in case you can not deficit from internal sources coverage.

The finance minister said that the Iraqi delegation rejected the request of the International Monetary Fund and the lifting of fuel subsidies and ration, noting that the Iraqi government is obliged to provide the needs of the citizen.

The Iraqi delegation included Minister of Finance and representatives from the ministries of oil, planning and the Central Bank of Iraq.

 

http://www.iraqhurr.org/content/article/26731905.html

Zebari: the dinar exchange rate remains stable

 

 

       

9/12/2014 0:00 
 

Discussed with the International Monetary Fund and falling oil prices 
Oman morning 
Mohammed Jawad Al-Abdali 
Accept Finance Minister Hoshyar Zebari, political, security and economic conditions, plans and programs of the government in the coming period, especially 2015 budget submission to the House of Representatives and the fight against corruption and an administrative and financial reforms. 
Zebari said, in the round of annual consultations with the International Monetary Fund (IMF), which took place in Amman, Jordan: It is "reviewed the situation in the oil sector and the impact of the deterioration of oil prices and economic non-oil activity and international needs and market exchange foreign," noting that it "views the exchange about the role of the International Monetary Fund to help Iraq through this difficult phase of the Iraqi economy. " 
Finance Minister explained that "consultations with the International Monetary Fund come because Iraq is an important part and a founding member of an international organization will follow up the financial and economic global situation, so our priority at this meeting to give a comprehensive picture of the economic and financial reality of Iraq and consultation as well as the challenges we face." And Zebari that "International Organization were in agreement with us in the exposure of the Iraqi economy to Sdmtin, the first confrontation with Daash on a daily basis in some provinces and drain money on military equipment and contracts for armaments, and other trauma is the decline in global oil prices", stressing Zebari, "the presence of satisfaction by the International Monetary Fund agreement between the central government and the Kurdistan region to increase oil exports, and it's a positive development on the Iraqi economy and the reserves of the Central Bank, despite their decline, "noting that the exchange rate of the Iraqi dinar remained stable and did not affected by the consequences of the decline in oil and the level of positive inflation, and brought a different expected rate by the International Monetary Fund." .

http://alsabaah.iq/ArticleShow.aspx?ID=82472

[wbuse984]

Sandfly Buti, these articles are very interesting ...

[Butifldrm]

 

 

Zebari: Iraqi dinar exchange rate remains stable and did not affected by the oil down

• Agency eighth day
• December 9, 2014, 15:11
• No comments
• 28 Reading

 

Baghdad _ ((eighth day)) Finance Minister Hoshyar Zebari said that the exchange rate of the Iraqi dinar remained stable and did not affected by the consequences of the decline in oil and the level of positive inflation, and brought a different rate than expected by the International Monetary Fund.     Zebari said during a round of annual consultations with the International Monetary Fund (IMF), which took place in Amman, Jordan, that "there is relief by the International Monetary Fund for an agreement between the central government and the Kurdistan region to increase oil exports, and it's a positive development on the Iraqi economy and the reserves of the Central Bank."     Revealing the stability of the Iraqi dinar and maintaining the exchange rate against the dollar in spite of the recent economic problems, which represented a decline of world oil prices.   The Finance Minister Hoshyar Zebari announced yesterday that next year's budget in 2015 will be approved before the end of this year, the first budget approved before the beginning of the year.

http://8th-day.com/?p=85875

 

 

Consultant Jubouri: the political atmosphere ripe between the center and the provincial legislation oil and gas law

• Agency eighth day
• December 8, 2014, 12:19
• No comments
• 86 Reading

 

BAGHDAD - ((eighth day)) Ali Fayad, said Speaker of the House energy adviser, on Monday, that the political atmosphere between the province and the center of political and other blocs are ripe for the enactment of the oil and gas law and the formation of the Supreme Council of the oil policy.     He said Fayad, "The investment comes convergence happening between the federal government and the Kurdistan Regional Government, especially after the latter which is a win-win situation for both governments oil agreement."   Fayad said that "the oil agreement will have political and security dimension also in the next phase, especially with the country's vulnerability to the threat from al Daash," pointing out that "what happened from the large portion of them security challenges caused by the previous dispute between the federal government and the provincial government."   The agreement, which was approved by the Iraqi cabinet on Tuesday that the Iraqi oil belongs to all Iraqis and the Kurdistan region to hand over at least 250 thousand barrels of oil a day to the federal government for the purpose of export, the export of 300 thousand barrels per day by the federal government of the province of fields Kirkuk oil through the pipeline in the region of northern Iraq.

http://8th-day.com/?p=85654

Edited December 9, 2014 by Butifldrm

[blueskyline]

So is their sdr the same item as the unexpected rate from the IMF ?

[blueskyline]

So is their sdr the same item as the unexpected rate from the IMF ?

I'm going to go out on a limb and say based on the wording from the meeting with the IMF . Zebari had a good meeting .

Edited December 9, 2014 by blueskyline

[MyLadiesDaddy]

Good morning Beautiful Dream

So how many countries discuss their budgets with the I.M.F. ?

Something tells me not many. LOL

[Butifldrm]

So is their sdr the same item as the unexpected rate from the IMF ?

Blue the SDR is pegged to a basket of currencies, the Yen, the USD, the Euro and the Great Britain Pound.  It appears Iraq holds SDR's in their foreign currency reserves.  the SDR rate is about $1.50 .  So we will just have to wait and see if Iraq moves into article VIII.  It appears they are playing the imf game, what exchange rate regime they choose will tell the story on the rate.

Good morning Beautiful Dream

So how many countries discuss their budgets with the I.M.F. ?

Something tells me not many. LOL

GM LGD, yea probably only countries that are under article XIV protection, I would think, but that is a very good question.

I'm going to go out on a limb and say based on the wording from the meeting with the IMF . Zebari had a good meeting .

Yes I would agree with that summation blue and the proof being they are going to pass the budget before the end of the year.

  

Cabinet decisions Session No. 13 on 09/12/2014

 

 

         

12/09/2014 16:06 

 

Cabinet held its thirteenth normal in Baghdad (Tuesday, December 9, 2014) under the chairmanship of Prime Minister Dr. Haider al-Abadi, and issued by the Council following decisions:

1. to approve the extension of the Council of Ministers Resolution No. (535) for the year 2013 to the end of 2015, and not later than the last extension (3 years), and the General Secretariat of the Council of Ministers and the preparation of audited the names of the employees covered by the decision.

2. To approve the amendment Akiem stamp duty cut and relative contained in the table (a) facilities linking book and the Ministry of Finance / Budget Department with a number (7508), dated 07/10/2014 proposal of the Ministry of Finance whenever necessary and what is dictated by the economic changes that does not exceed the cumulative increase rates of inflation, based on the provisions of Article (37) of the Stamp Duty Law No. (71) for the year 2012.

3. Approval to authorize the Minister of Electricity power to direct contracting exception of the Implementing Regulations of government contracts (2) for the year 2014 referrals and limits of the powers of the cases in which the display it does not exceed 70% of the value of import of the subject matching the specifications required to be a national domestic manufacturing the actual rate at least 25%, and the adoption of another contract with the ministry of this article, either cases in which it offers to be more than the ratio mentioned above instructions are applied on them.

4. Approval of the draft law amending the Income Tax Act No. (113) for the year 1982, the auditor by the State Council, and forwarded to the House of Representatives, according to the provisions of Article (61 / item I) and (80 / second item) of the Constitution, with taking into consideration the opinion of the General Secretariat of the Council of Ministers.

5. Approval by the Ministry of Finance and insurance amount (1,000,000,000) dinars, only billion dinars to the Council of Nineveh province in the form of an advance, in order to repay the owed by the province earlier debts and ensure the continuity of the follow-up activities and duties required level, that is the settlement amount of the advance fundamentalist After the issuance of the federal budget for the year / 2014 law.

6. Approval by the Ministry of Finance and the release of the remaining half of the petro-dollar allocations approved by the Council of Ministers in a previous session of the province of Basra.

http://cabinet.iq/ArticleShow.aspx?ID=5541

[tankdude]

Good Morning Buti -

 

Just wanted to say thanks for all your sluething. You and the Nadita File are my must reads on this site.  Just wanted to say thanks.

[Frangipani]

 

During a meeting with the Inspector General of the Ministry of Defense Alomrakih..alris Jubouri confirms that the Imam Council of Representatives legislation will have an impact in the fight against corruptionDecember 08 .2014

Chairman of the House of Representatives, Dr. Salim al-received, on Monday, former Inspector General US Department of Defense Stewart Bwayn.
It was discussed during the meeting in public campaign taking place in the country to fight corruption in state institutions, especially those related to security institutions. 
Mr. President stressed that the House has a package of legislation that will have a direct impact in the fight against corruption and we will work on the legislation soon. 
For his part, Mr. Bwayn confirmed its readiness to cooperate with Iraq in this field.

Information Office 
of the President of the Iraqi Council of Representatives 
12.08.2014 to the media all ..  below your own textured video link to meet Mr. Speaker Dr. Salim al-Jubouri, the former Inspector General of the US Department of Defense Stewart Bwayn.Https://www.youtube.com/ channel / UCsDzol_ZwtZJ4LnQD3N2Q0w
 
http://parliament.iq/details.aspx?id=27556&AlwType=Pre
 

 

       

  Press release issued by the Information Office of the President of the House of Representatives   December 08 .2014

 

The Information Office of the President of the House of Representatives denied the news throughput of some of the media regarding the interrogation of former Prime Minister by the House of Representatives at its next meeting and the fall of the city of Mosul, however, file organization Daash.

He said the President of the Council Information Office that the issue of questioning of any official in the Iraqi state should be subject to constitutional and legal contexts adopted, noting that the issue of the investigation in this file is the prerogative of the judiciary exclusively.

The Information Office also called on the media to investigate the accuracy and credibility of the news and adoption of official sources.

***

Information Office

The President of the Iraqi Council of Representatives

 

08/12/2014

http://parliament.iq/details.aspx?id=27547&AlwType=Pre

           

Home » Political » energy parliamentary: raise zeros will not affect oil prices

Parliamentary Energy: raise zeros will not affect oil prices

 

Special / newspaper integrity / Mustafa al-Araji - The Energy Committee and member of the parliamentary oil Ugaili Aziz, said Tuesday that "raise zeros from the Iraqi dinar will not affect the low oil prices, the fact that specific prices in US dollars.

Ugaili said in a statement (newspaper integrity) that "the value of the Iraqi oil prices are in dollars, but the lifting of the zeroes will lead to an increase in commodity prices in the country.   

Ugaili ruled that "the lifting of the zeroes from the Iraqi currency will be in the coming period specifically in the next year 2015.anthy 4

http://alestiqama.com/?p=137896

09 December 2014    [baghdad - where]

 

The head of the Committee on Labor and Social Affairs Parliamentary honest we hinted, on Tuesday, the House of Representatives to amend the amended investment law, denying the existence of a real investment in Iraq, because of the bureaucracy and laws broken.

 

 

He said we hinted told all of Iraq [where] that "the advancement of the country is linked to investment," calling to "amend the investment law as to harmonize the modern laws," pointing to the importance of "facilitating banking policy and change the cadres of the investment, because most of these cadres Off to invest." Referrals and escalated the need to develop fact investment in the country, attracting international companies to invest in Iraq, especially since it is a breeding ground for the establishment of mega projects and improve the economic side in Albulad.anthy 2

http://translate.google.com/translate?hl=en&sl=auto&tl=en&u=http%3A%2F%2Fwww.alliraqnews.com%2F

Edited December 9, 2014 by Frangipani

[Butifldrm]

 

 

 

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12/09/2014 (00:01 pm)   -   the number of readings: 223   -  number (3236)

 

 

Parliament exclude oil falling to $ 40 .. does not deny the possibility of resorting to the reserve currency

BAGHDAD / Mohammad Sabah 
 

The Commission on parliamentary power, the presence of multiple government measures to avoid any potential drop in oil prices to under $ 50. The sources did not exclude recourse cash reserves at the central bank or borrow from private banks.

As described any reduction in price to around $ 40 as a "global catastrophe", ruled this unexpected scenario return prices to rise again. 
In turn confirms the economic advisor to the prime minister in charge of the State Commission reviewed the budget in 2015 "will take all the possibilities projected in oil prices," expected to discuss Cabinet draft of the proposed budget for next week. Oil prices fell more than a dollar on Monday after being cut Morgan Stanley forecast for Brent crude, while Chinese trade, which have been mixed in the market supporting data did not contribute. 
quoted by Reuters news agency, "Morgan Stanley", which is one of the most banking institutions and the largest in the United States, she said in a recent report that "in the absence of OPEC intervention will face market risk imbalance with the possible arrival of the increase in supply to the peak in the second quarter of 2015," she told Reuters that the "worst is estimated to fall in oil to $ 43 in the second quarter of next year ".He says Ugaili Aziz, a member of the Commission on oil and energy parliamentary "long", that "the sale of Iraqi oil price is lower than advertised in the global markets with ten dollars," and acknowledged that "one of the reasons for delay in adoption of the budget due to the fluctuation of oil prices." He adds Ugaili, a member of the citizen's parliamentary bloc, that "the issue of restricting the general budget at a specified price per barrel has become difficult because of the constant changes in oil prices," he said, adding that "the Iraqi state is facing a serious challenge to the adoption of the budget on oil revenues by 95%." Commenting leader of the Supreme Council for the expected decline by saying, "In the event of oil prices below $ 50, also expects global institutions, we will be unable to pay even salaries to civil servants," But he said, "In such a scenario can be resorted to the use of central bank reserves, B77, which is estimated billion dollars allocated to emergency situations. " The world oil prices fell last November to its lowest level since May 2010 after the organization decided (OPEC) not to cut production, leaving an abundance of supply markets. And confirms a member of the parliamentary Committee on Oil and energy that "alternatives are available and we have found such as resorting to borrowing from private banks," and believed that "the government is able to skip Ayew expected to occur economic crisis in the coming months." But MP Aziz Ugaili exclude falling oil prices to $ 43 per barrel in the next year, adding that "what we see from the steady decline in international prices is normal already happened in prices in 2009." 
turn expected Kawa Mahmoud, the other member of the Oil and Energy Committee Parliament, that the price of a barrel of oil up to $ 60, but most likely higher prices in the coming period due to the needs of the winter. 
He described Kawa Mahmoud, in his speech for the "long", falling world oil prices to $ 40 as "would be a disaster for the world economy, not just the Iraqi "stressing" difficult to predict global oil prices because they are linked to oil policy. " 
In the same context, attribute the appearance of Dr. Mohammed Saleh, an economic advisor to the Prime Minister, the reasons for the drop in oil prices to a "shale oil production in the United States about a million barrels a day is offset by the lack of in demand for the purchase of the oil extracted by conventional methods. "He added Saleh, in a statement to the" long ", that" rock production began compensates part of America's oil consumption, because they are produced in quantities of about 5 million barrels a day. " 
It emphasizes economic advisor to the Prime Minister on " the need to rebuild global oil inventories in line with consumer demand for oil, which up to 93 million barrels Jeremiah ", but ruled out" fall in oil prices below $ 50 in the next year. " 
It is proposed that the appearance of Mohammed Saleh "to increase the export and production of oil to fill the shortfall down prices." , confirming the presence of governmental processors rapid declines in the price of a barrel of oil. The attention of the Iraqi economic expert that "the Committee of Five, which includes a number of current and former ministers and experts in the field of oil and finance, is working to amend the draft federal budget for 2015 Act, to take all possible eventualities in oil prices," expected to "be providing the federal budget to Cabinet next week for discussion. "

http://almadapaper.net/ar/news/476464/%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D8%B3%D8%AA%D8%A8%D8%B9%D8%AF-%D9%87%D8%A8%D9%88%D8%B7-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A7%D9%84%D9%80%D9%89-40-%D8%AF%D9%88%D9%84%D8%A7%D8%B1

[Frangipani]

Parliamentary Energy declares that the lifting of the zeroes will not affect oil prices and criticized the Central Bank

9/12/2014

Confirmed to the Committee on Energy and Oil parliamentary member Ugaili Aziz, said Tuesday that "raise zeros from the Iraqi dinar will not affect the low oil prices, the fact that specific prices in US dollars.

 

 

Ugaili said in a statement to the press, seen it (Iraq) that "the value of the Iraqi oil prices are in dollars, but the lifting of the zeroes will lead to an increase in commodity prices in the country. Ugaili ruled that "the lifting of the zeroes from the Iraqi currency will be in the coming period specifically in the next year in 2015.

 

 

He criticized a number of experts and specialists in the financial and economic affairs, the central bank's policy of issuing new editions of major categories of the coin, while warning of this procedure being will increase inflation, causing a state of economic confusion and stagflation in Mahlah.ocdoa market, according to news agency dinars on importance of moving and speed up the implementation of the project to delete three zeros from the currency and not to resort to prosthetic solutions issuing new editions, the fact that this project will overhaul the currency and increases the strength and improves performance both locally and regionally.

 

 

The central bank had earlier announced that the project to delete the zeros is still standing, but the date of its implementation is specific, as revealed its intention to issue a large categories of currencies as a group (50) thousand dinars, and (100) thousand dinars, and restore the current currency printing until the project application .alkhbayr in the financial and banking affairs Mohsen Ali, said: "The project to delete the three zeroes from the currency is one of the strategic projects and relied on by the Central Bank, he will overhaul the Iraqi currency again and reduces the money supply because it will reduce the large numbers Kaltrliunat and billions and other ". He added that "this project will serve the country in many ways, including, to create a balance in the inflation rates, and facilitate the preparation of the annual budget process for the State, ministries or provinces, and reduce errors in the big financial accounts, as well as he would the Iraqi dinar to the regional and global stature." He pointed to: that "the central bank when a promising project to delete the three zeroes from the currency His goal was to reduce the large masses of cash and create a balance in the market rates of inflation, it can not issue new editions of major categories, because it is considered prosthesis solutions are irrelevant to the country, but it would hurt the economy terms of increasing stagflation in the market.

 

" While economist Dergham Mohammed Ali, pointed out: "The subject of restructuring the currency would be useless without the implementation of the project to delete the three zeroes from the currency for the purposes of legal, administrative and regulatory at the same time." He explained Muhammad Ali in an interview that "the issuance of currency with a large class safety specifications for high discharge the need for the project to delete the zeros of the budget, which will be transferred Alterellnah box to box Alumblyaria, which are commensurate with the budgets of neighboring countries and reduce the differences between the dinar and the regional currencies, including re-consideration mathematically and value judgment of the Iraqi dinar. " He said: "The two replacement version of the new categories is a partial and incomplete restructuring of the coin and not meet all the Iraqi market needs, but the urgent need to implement the deletion of zeros, the fact that the Iraqi dinar exchange rate is witnessing relatively stable, what makes the ground, paving the issuance of new categories." He added: "The Delete three zeros from the currency has become a mature process and appropriate climate to her, calling on the central bank to "speed up the implementation of the project to delete the zeros and not to issue large categories editions because it would hurt the market."

 

The decision of the Commission of Economy in the previous parliamentary session, former deputy Mahma Khalil, see "reason not to implement the project to delete the zeros by the Central Bank that the previous government stood against Tnfiel decision of this project on the grounds of fear of currency counterfeiting," calling it "is not justified." especially that the regional climate is ripe after Iraq out of Chapter VII and raced global investment companies to invest in Iraq, as well as the stability of the dinar exchange rate.

 

 

He criticized Khalil in an interview, "the central bank for the issuance of new editions and new paper with large groups of measures, because it would hurt the Iraqi market in terms of increasing inflation, as well as hamper the process of implementing a project to restructure the Iraqi currency after deleting three zeros from." Referred to the General Secretariat of the Council of Ministers announced (April 12, 2012), wait for the application of the process of removing zeros from the national currency, which had to stop all actions related to the transaction mentioned until further notice.

 

 

The Central Bank of Iraq, previously revealed his intention to issue coins small categories, indicating that those currencies will be written in Arabic and Kurdish, confirming the existence of a proposal to issue Banknotes great worth fifty thousand Danar.okan former central bank governor Abdul Basit Turki had said, Earlier: The Central Bank currently operates in accordance with the tables and under the supervision of specialized committees to issue new coins with large groups. And between Turkish that the largest category of coins now available is the 25 thousand Iraqi dinars and the purchasing power it does not exceed $ 23, so there is more of a proposal to the Central Bank, to put more of the existing currencies, such as issuing currency up to 50 thousand dinars. He said the Turkish Central Bank is also working on a version of small coins, the absence of these categories that facilitate the process of buying and dealing between the citizen and the Iraqi market, which was dealt with by the central bank.

 

http://translate.google.com/translate?hl=en&sl=ar&u=http://www.alrafidayn.net/index.php/responsive/3877-2014-12-09-13-14-44&prev=search

Edited December 9, 2014 by Frangipani

[Frangipani]

Statement at the End of an IMF Mission on Iraq
Press Release No. 14/560
December 9, 2014
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.

 

A staff team from the International Monetary Fund (IMF) led by Carlo Sdralevich visited Amman, Jordan from December 2−7, 2014 to conduct discussions with Iraqi Minister of Finance Hoshyar Zebari, Central Bank of Iraq (CBI) Deputy Governor Zuhair Ali Akbair, and other officials from the ministries of finance and planning and the CBI to assess the country’s recent economic developments. Discussions focused in particular on the impact of the double shock of the Islamic State of Iraq and Syria (ISIS) insurgencyand the decline in oil prices. At the conclusion of the visit Mr. Sdralevich issued the following statement:

 

“Iraq’s GDP is expected to contract by about 0.5 percent this year largely because of the economic effects of the ISIS insurgency. We estimate non-oil growth to have deteriorated since the start of the conflict due to the destruction of infrastructure, impeded access to fuel and electricity, low business confidence, and disruption in trade. In contrast, as most of the oil infrastructure is in the south of the country and beyond the reach of ISIS, and taking into account the output of Kurdistan Regional Government (KRG), oil production should reach 3.3 million barrel per day (mbpd) in 2014, up from 3.1 mbpd in 2013, with exports remaining at 2013 levels of 2.5 mbpd. Next year, growth is projected to rebound to about 2 percent as oil production and exports increase further, helped by the recent agreement between the central government and the KRG on oil exports from KRG and the Kirkuk oil fields. End-October year-on-year inflation was 0.9 percent outside the conflict-affected provinces.

 

“The central bank has maintained the peg with the U.S. dollar. The spread between the official and parallel exchange rates narrowed to 2.6 percent in September, thanks to steps taken by the CBI towards the liberalization of the foreign exchange market. Nevertheless, high imports, combined with declining oil revenues and lower government sales of foreign exchanges to the CBI to finance government spending, contributed to a decline in international reserves from over $77 billion at end-2013 to about $67 billion at end-November. The government also tapped the Development Fund for Iraq (DFI), the balances of which have now been transferred to the CBI; the DFI declined from $6.5 billion at end-2013 to about $4 billion in November.

 

“The government expressed its commitment to present a draft 2015 budget to parliament soon. Lack of parliamentary approval of the draft 2014 budget has triggered a fiscal rule that has partly limited spending this year. However, off-budget spending, particularly on security, has boosted the deficit, which will likely reach about 5 percent of GDP. The staff team discussed with the ministry of finance the challenges related to formulating the draft 2015 budget, which is intended to address the ongoing exceptional spending pressures and the strong decline in oil prices. As projected financing in 2015 will be limited, we expect the government deficit to decline to less than 2 percent of GDP.

 

“The IMF will continue to support Iraq through policy advice, technical assistance, and training. The 2015 Article IV consultation discussions with the authorities will take place in the coming months.

 

“The IMF mission would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”

 

http://www.imf.org/external/np/sec/pr/2014/pr14560.htm

[Frangipani]

Iraq applied banking security strategy

08/12/2014 13:42:00
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Iraq applied banking security strategy
The Central Bank announced the formation of cell crisis with the Rafidain Bank, against the backdrop of employee embezzlement in the bank and with the help of people and banks eligibility, the amount of 500 billion dinars ($ 415 million).

 

 

The bank said in a statement, said that «employee at the Rafidain Bank committed a number of irregularities on the bank accounts in collusion with some of his customers, taking advantage of the opportunity to accomplish more than a step in the work, which led to the conversion of large sums of money from bank accounts to accomplices client accounts in a number of banks ».

 

 

Once aware of «Central» incident, cell shape with crisis management «Rafidain Bank», and directed the banks that have been the transfer of funds to its customers to return them immediately to the «Rafidain Bank». And returned all amounts except for part of the natives at the two banks currently being dealt with in accordance with legal frameworks and procedures for the monetary authority.

 

 

In turn, the economic adviser to the Iraqi government said the appearance of Mohammed Saleh's «life» that «embezzlement and manipulation repeated incidents began in Iraq, finally, and get such crimes in the banking organization to more sedate states in its banking system». He added that «the government decided to start implementing a plan for banking reform in terms of security, which is found within the reform strategy as advertised.»

 

 

He explained that «the new plan aims to strengthen security measures in the banking transactions across all employees subject to a series of courses for the modern definition of the offenses and the mainstreaming of what happens crimes to raise awareness, in addition to the renovation and conversion of checks clearing and exchange mechanisms».

 

 

A source in the «Central» «life» the formation of a commission of inquiry with the Integrity Commission and the Ministry of Finance, which belong to it the ownership of the bank, and the Department of Economic Crime in the Ministry of Interior to investigate the circumstances of the incident revealed and those involved and ensure there is no repeat.

Inspector General of the Ministry of Finance revealed that the «Three people opened accounts in the Rafidain Bank and received a check books, issued to each checks worth 500 billion dinars 0.140 billion of which pulls across the Muslim country's bank, and 350 billion over the North Bank, two of the private banks».

 

 

He pointed out that «the number of staff responsible for the refusal or withdrawal of checks and ensure compliance and provide balance in the Rafidain Bank's three employees». He explained that «a staff officials on leave, and the second donation was arrested by the police based on a complaint from a woman who claimed that he had stolen in the road, leaving only one employee and approved the withdrawals were converted 500 billion dinars for the accounts of three people.» He added: «After the remittance process disappeared employee who turned the amount, and stopped the director of Rafidain Bank branch, which was the conversion of it, and fled all other employees who have a relationship issue».

For his part, director of «Rafidain Bank» spokesman Kamal al-Hassani confirmed that «the bank was able to book the money stolen by the employee within 48 hours», attributing this rags to «the adoption of the bank on the new electronic system staff was not accustomed to use it after».

 

 

A source in the Iraqi police finally pointed to the disappearance of an employee at a bank after embezzling 40 billion dinars out of a billion natives turned to banks, confirming the presence of security alert to look for it after the issuance of an arrest warrant right. »

 

He was chief executive officer of the company «My Ablan» British Circo Abid told «life» that his company completed the so-called comprehensive electronic banking system in favor of «Rafidain Bank» in 2010, but the bank's management has refused to run for unknown reasons. He added that this system would eliminate the crime was in the bank, which has more than 250 branches in Iraq and accounts for 47 percent of the total money in circulation in Iraq. »

 

 

And expose the Bank to violent tremors related Balachtlasat, the biggest news of the Fallujah branch for someone able to use exchange orders rigged in favor of the investment firm and managed to pull two billion dinars, as well as crime attempts phantom between «Basra Bank» and «Rafidain Bank» White Palace branch $ 120 billion dinars, and the crime Bhakiqih replace the fake money in Buratha branch.

 

 

http://www.pukmedia.com/AR_Direje.aspx?Jimare=48598

[Nadita]

Buti

 

Thank you for all the articles you scout for all of us.  Looks good  

[sandfly]

NEXT YEAR SOON WE WILL SEE