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Committee recommends to the COM to challenge materials contained in the budget, "intersect" with the independence of the Central Bank

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Editor Hussein gesture - Wednesday February 4, 2015 17:26

   

 
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Alsumaria News / Baghdad
The Governor of the Central Bank of Iraq on the Keywords, Wednesday, that the Economic Committee in the Council of Ministers recommended to the Council to challenge the material contained in the budget law "intersect" with the independence of the Bank.

 

Keywords and said in a statement received "Alsumaria News", a copy of which, "The Economic Committee of the Council of Ministers recommended the cabinet to challenge the material contained in the budget law intersect with the independence of the Central Bank."

 

 

     

 

He added: "It means we have to stabilize the dinar exchange for the protection of citizens' purchasing power price," stressing "the bank continued support liquidity of the banking sector in order to contribute to the revitalization of the economy."

 

And the voice of the House of Representatives, in the (January 29, 2015), the draft federal budget for the current year worth in excess of Al119 trillion dinars and a deficit of about 25 trillion.
 

 

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stabilize 1:1!!

 

That's my choice!  I know that the Iraqi citizens understands what $1 USD is worth and how they can use $1 USD for everday life.  Just make the IQD equal to the USD and avoid mass confusion!

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Parliament stresses that the persistence of high dollar and financial expert calls for unrestricted sale

 

Author: ASJ, BS
Editor: BK, BS
2015-02-04 14: 41
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Range press/Baghdad

 

Confirmed Member of the parliamentary Finance Committee on Wednesday that the rise in the dollar "will not last long" and called for the Central Bank to use monetary tools to control the market, while the Economist can stabilize the market and the dollar's top-side, counting the financial expert that the ceiling on sales "will not be useful", stressing that the best solution is not to restrict sales of the dollar and the increase in appropriations and oversight of procurement sources.

 

Parliamentary: "will not last long and high dollar on the Central Bank to intervene to control the market" (QUOTE FROM PARLIAMENT)

She (THEY'RE REFERRING TO TAMIMI) is a member of the parliamentary Finance Committee, that the Committee expected the high exchange rate of the dollar to dinar, when you select the $ 75 million cap for auction, the Central Bank, the general budget law, and while not continuing that height long, asked the Central Bank to use monetary tools to control the market.(THEY'RE RESTATING WHAT WAS SAID A WEEK AGO)

 

MP Magda El-Tamimi, speaking to the (long press), "the parliamentary Finance Committee, predicted a rise in the dollar exchange rate dinar, when you select the $ 75 million cap for auction, the Central Bank, the general budget law", noting that "put that paragraph to the Iraqi Central Bank sales were between 200 to 250 million dollars a day, leading to the depletion of the country's foreign exchange reserves decreased from 77 to 67 billion dollars or less."

 

Tamimi said, "the sale of such large amounts that do not match the volume imported to Iraq, reinforcing suspicions of money laundering operations by specific actors, particularly the countries of the world in General and in particular neighbourhood, not like the auction, so keep the stability of exchange rates, against the dollar," predicted "continued high dollar exchange rate and the possibility of declining to normal over the next few days." SO SHE'S SAYING THEY HAVE TO PUT THIS CAP ON TEMPORARILY UNTIL THEY GET CONTROL OF THE MONEY LAUNDERING AND COUNTERFEITING

 

And demanded a parliamentary Finance Committee, Member of the Central Bank that uses the tools of monetary policy to control the market and preventing traffickers and speculators ".

 

Economist: the Central Bank is able to ensure the stability of the market and the dollar

For his part, ruled out the Economist, that the decision of the Parliament is responsible for the rise in the dollar, stressing that the Central Bank is able to ensure the stability of the market and the dollar to normal. - SO THIS ECONOMIST IS SAYING THAT THIS DECISION BY PARLIAMENT/TAMIMI IS CAUSING THE PRICE OF THE DOLLAR IN THE STREET/MARKET SALES TO GO UP - DUE TO DEMAND AND LACK OF SUPPLY VIA THE "NEW" REGULATION.

 

Majid said (THIS IS THE SAME ECONOMIST, THEY'RE MORE THAN LIKELY REFERRING TO IN THE PARAGRAPH ABOVE) the fictitious, in an interview with the (range press), "the decision of the House of representatives select the Central Bank dollar sales impact directly on the market because the rate of significant sales auction currency by 2014 years, ranged from 140 to 150 million dollars a day, returned to" natural fluctuations in the exchange rate of the dollar against the Iraqi dinar ".  HE'S SAYING / JUSTIFYING THE PREVIOUS AMOUNT OF DOLLARS SOLD PER DAY WAS DUE TO THE NEED IN THE MARKET - AND THAT NEED'S NOT GOING TO STOP JUST BECAUSE THEY PUT A CAP.

 

Mock, felt that "the measures adopted by the Central Bank to control remittances will affect the market and the dollar, leading to its decline to normal", excluding "the ceiling Parliament resolution is selling the dollar is high." - THEY'RE RESTATING HERE THAT THIS WON'T LAST LONG - AND THE MARKET RATE WILL RETURN TO WHAT IT'S BEEN - IT'S NORMAL

 

The Economist said that "many factors have influenced the dollar, including security and political situation of the country, economic instability, leading to increased use of the citizens and merchants of savings by USD, so the high price", expressing his belief that "the Central Bank is able to influence the market and contribute to stability."

 

Financial expert: the best solution is not to restrict sales of the dollar and increased provision and control of procurement sources

On a related level counting financial expert said the decision to limit Central Bank dollar sales "will not be useful", stressing that the best solution is to compensate the Iraqi dinar and the dollar sales remain unchanged with the need to increase the appropriation and control of procurement sources and conditions by force. - BASICALLY - THE UNDERTONE OF THIS IS THAT THE PEOPLE CANNOT AFFORD THIS AND HE'S TRYING TO "EDICT" THAT THIS HAS TO STOP.

 

He said Salah Abdel Rahman, speaking to the (long press), "the decline of world oil prices was responsible for the rise in the dollar exchange rate for the dinar", stating that "the Iraqi citizen is worried about the future and the impact of this decline on the national economy, the push for savings in dollars and increasing demand."

 

Promise of Abdul Rahman, "the Parliament's decision to limit the sale of dollars by the Central Bank, futile because it will restrict the country's monetary policy because it depends on supply and demand," pointing out that "resolution could not continue for long and will lead to negative effects on the market, including the buying and selling of the dollar."

 

The financial expert, "the right solution is to compensate the Iraqi dinar and sales remain unchanged through greater appropriation and control of procurement sources and conditions by force."

 

The balancing act of 2015, the times the CBI, in its paragraph 50 - (SO THEY'RE SAYING HERE THAT THIS 'CAP' WAS ASSIGNED TO ARTICLE/AMENDMENT 50 IN THE BUDGET), select sales of hard currency (the dollar) at auction the daily ceiling of no more than 75 million dinars, with fairness in the sale, and claim the Bank participating in the auction to submit documents introducing the goods and the tax accounting data and saving alkmarki within 30 days from the date of purchase for a refund, and apply the penalties provided for in law or the instructions issued by the Central Bank and other banking tools to maintain the strength of the dinar against the dollar.

 

http://www.almadapress.com/ar/news/43626/%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86%D9%8A%D8%A9-%D8%AA%D8%A4%D9%83%D8%AF-%D8%B9%D8%AF%D9%85-%D8%A7%D8%B3%D8%AA%D9%85%D8%B1%D8%A7%D8%B1-%D8%A7%D8%B1%D8%AA%D9%81%D8%A7%D8%B9-%D8%A7%D9%84

 

 

HERE'S A PREVIOUS CONVERSATION WHICH BUTI AND I HAD ON THIS - AND YOU MAY FIND AT THE LINK BELOW

The only way to fix this problem of limiting the sale of the dollar, is for the CBI to move out of article XIV and into article VIII, there by declaring the IQD a hard currency.  A currency which can be traded internationally.  the supply and demand issue and the increased price of the dollar stems from the dollar holding the hard currency status in Iraq.  The new announcement from the CBI, I'm positive will say that all banks and minors must submit a representative who will be in charge of the auctions and the dollar exchanges and that person will hold the relationship and be accountable to the CBI, to deter corruption.  Until this process is completed and these relationships are built, we will see an increase in the price of the dollar.  The more banks that register these representatives to handle the exchanges, the more dollars will be available and the price of the dollar will come down and stabilize, until the CBI decides to take the IQD to an international status. 

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#14 icon_share.pngTBomb

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Posted 02 February 2015 - 05:42 PM

REMEMBER EVERYONE - THIS WAS POSTED BY ALLIRAQ TO BE PART OF THE BUDGET LAW - REMEMBER, THE DAY THE BUDGET WAS READ - ALLIRAQ POSTED EACH AMENDMENT OF THE BUDGET RIGHT AFTER THEY WERE READ - THEY HAVE A THIRTY DAY LIMIT TO POST THIS IN THE GAZETTE

 

 

.altsoat Urgently to prevent the central bank selling more than 75 million dollars a day in the auction

Thursday, December 29 2 / January 2015 21:00

 

[baghdad where]

House of Representatives voted to prevent the central bank from the sale of more than $ 75 million a day in the auction .itba

http://translate.goo...XxNpvXzElVevFug


Edited by TBomb, 02 February 2015 - 05:43 PM.

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#15 icon_share.pngButifldrm

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Posted 02 February 2015 - 05:56 PM

TBomb, on 02 Feb 2015 - 6:42 PM, said:snapback.png

REMEMBER EVERYONE - THIS WAS POSTED BY ALLIRAQ TO BE PART OF THE BUDGET LAW - REMEMBER, THE DAY THE BUDGET WAS READ - ALLIRAQ POSTED EACH AMENDMENT OF THE BUDGET RIGHT AFTER THEY WERE READ - THEY HAVE A THIRTY DAY LIMIT TO POST THIS IN THE GAZETTE

 

 

.altsoat Urgently to prevent the central bank selling more than 75 million dollars a day in the auction

Thursday, December 29 2 / January 2015 21:00

 

[baghdad where]

House of Representatives voted to prevent the central bank from the sale of more than $ 75 million a day in the auction .itba

http://translate.goo...XxNpvXzElVevFug

 

Well, we know that the  75M Cap was voted on in the budget law.  but, the budget law will not be enacted until it is signed by the President and officially posted in the Gazette. Then it becomes law.   The Presidency has 30 days to sign and have the law posted in the Gazette.  Then the CBI can be held accountable.  Now if you go into the CBI and read The CBI  Law, the CBI law gives the CBI to make any Market adjustments at anytime  to correct the market fluctuations, as we see with the latest moves to institute OMO to improve the liquidity of the banks without parliament approval.  The CBI is totally independent of the GOI, but answers to Parliament according to Iraq's constitution, but not according to CBI law.  http://www.cbi.iq/documents/CBILAW-EN_f.pdf .


Edited by Butifldrm, 02 February 2015 - 05:57 PM.

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#16 icon_share.pngTBomb

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Posted 02 February 2015 - 06:04 PM

HERE'S MY REBUTTAL : 

 

THIS IS WHAT THE CONSTITUTION SAYS:

 

Chapter IV
[independent bodies]

Article (103):
First: The Central Bank of Iraq, and the Office of Financial Supervision, and the media and communications, and the Endowment, independent bodies, financially and administratively, and law regulates the work of each of them.
Second: The Central Bank of Iraq is responsible before the House of Representatives, and is linked to the BSA, and the media and communications House of Representatives.
Third: The Endowment linked to the Council of Ministers.
  "
(LAW REGULATES THE WORK OF    EACH OF THEM" - LAWS HAVE TO GO THROUGH THE HOR AND THE COM)

Part  IV


Terms of reference of the federal authorities

 

(Article (110:
The federal authorities have exclusive powers of the following:
First: Formulating foreign policy and diplomatic representation and negotiation of international treaties and conventions, and borrowing policies and signature and conclusion, and drawing foreign economic and trade policy sovereign.

Second, the development of national security policy and its implementation, including setting up and managing armed forces, to ensure the protection and security of Iraq's borders, and defend it.

 

Third: Drawing fiscal policy, and customs, and issuing currency, organizing trade policy among regions and provinces in Iraq, and the development of the state budget, and formulating monetary policy and the establishment of the Central Bank, and his administration.

SO WE SEE HERE THAT THE GOI HAS CONTROL OVER THE ADMINISTRATION OF THE CBI - AND WE HAVE SEEN THIS WITH THE RECENT PLACEMENTS OF THE HEAD DEPT OF THE CBI - REMEMBER THE IMF ASKED THEM TO "RE-SEAT" THE BOARD OF DIRECTORS? - THE GOVT HAS A SAY SO AS TO WHO IS CHOSEN TO SIT AT THE HEAD.  "FORMULATING MONETARY POLICY" AND "ISSUING CURRENCY" ARE PART OF WHAT THE GOVT OVER-SEES PERTAINING TO WHAT THE CBI DOES. - THESE ARE BROAD DIRECTIVES IN THE CONSTITUTION - HOW MUCH INPUT THE GOI HAS, WE TRULY DO NOT KNOW, BUT YOU CAN SEE BY THE VERBIAGE THAT THE CBI IS NOT SOLELY INDEPENDENT REGARDING MONETARY POLICY.  

 

 

ALSO WE CAN SEE BY THE POST FROM ALLIRAQ THAT THIS "AUCTION CAP" AMENDMENT - IS SAID TO BE PART OF THE BUDGET LAW - ART 59 (I GOT THE 59 FROM SEVERAL OTHER ARTICLES REFERENCING THIS) - THIS IS A CLEAR EXAMPLE OF THE GOI SETTING CBI POLICY AND THEY'RE DOING IT BY MAKING THIS AUCTION CAP A LAW - ESSENTIALLY AN OVERNIGHT LAW, BY ADDING IT INTO/AS PART OF THE BUDGET LAW.

 

(NOTE THE "NEW" UPLOAD OF THE BUDGET IS ENCRYPTED AND SO WE WON'T BE ABLE TO VERIFY IF THIS IS IN THE BUDGET UNTIL IT'S UPLOADED - BUT FROM ALL THE ARTICLE EVIDENCE STATING IT WAS READ AS PART OF THE BUDGET - I'D SAY IT'S A GOOD BET IT IS)

 

Fourth: Regulating standards and weights, and measures.
Fifth: Regulating issues of nationality and naturalization, residence and asylum rights.
Sixth: regulation of broadcast frequencies and mail.
Seventh: put public investment budget bill.
    Eighth: policies related to water resources from outside Iraq and guaranteeing levels of water flow to him and fair distribution within Iraq, according to international laws and norms planning.

Ninth: the general census of the population.

http://www.iraq-lg-l...content/الدستور

Read more: http://dinarvets.com/forums/index.php?/topic/196090-high-central-bank-sales-of-the-dollar-to-91-million-aktrmen/#ixzz3QngwkYhD

 

 

The truth is the CBI can do what ever it wants. The CBI,  is allowed to adjust to market needs without government approval. Maybe that's why the CBI law is not posted in the gazette.  Profoundly it's just like our FED. There is nothing in our Constitution that regulated the FED. Our own government has no control over the the FED and the FED dang well does what it wants.  That's the Fiat currency system as to which we are all banking on to be paid.  Right?   I will say that as to the actions of the CBI taken over the past few weeks they are listening to the government requests, for actions to address  banking liquidity and intervention in Smuggling.  Yes The S word.  We have to look at the big picture here.  1.  The CBI has to provide liquidity to the markets to prevent more depression.  2.  In order to provide that liquidity they have to ensure the market is protected from corruption.  What ever it takes including increased market value of the dollar.  These things must be addressed.  Just FYI, it make take longer than normal to get the budget into the gazette because of these CBI actions.

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#20 icon_share.pngTBomb

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Posted 02 February 2015 - 07:47 PM

DOES THE CBI DO WHAT IT WANTS? - WELL NOW THAT MALIKI'S GONE...I'D SAY YES...

 

MY PERSPECTIVE, AS YOU KNOW ;-), IS BASED ON THE LEGISLATION/LITERAL TERMS FOUND IN THE CONSTITUTION - SO FOR NOW, TAMIMI AND MOHSEN ARE DUKING IT OUT IN PUBLIC - AND WE ALSO SEE THE COM HAVING ALMOST DAILY MEETINGS WITH THE CBI SINCE THE BUDGET WAS PASSED - IT SEEMS THEY'RE WORKING TOGETHER - THE POT'S GETTING STIRRED, AND SO HOPEFULLY ALL THE "CRAP" WILL FLOAT TO THE TOP - AND THEY'LL GET COORDINATED RE PROCEDURES AND LAWS. 

 

MY HOPE IS THAT THIS ECONOMIC CONFERENCE COMING UP IN PARLIAMENT INVOLVING "FOREIGN INVESTORS" IS GOING TO ADDRESS THE INVESTMENT LAW LEGISLATION - WHICH IN TURN WILL CAUSE THE CBI TO HAVE TO SOON REVISE THE CBI BANKING LAWS - SO EVERYONE GETS ON THE SAME PAGE.

Read more: http://dinarvets.com/forums/index.php?/topic/196090-high-central-bank-sales-of-the-dollar-to-91-million-aktrmen/#ixzz3QngjoijX

Read more: http://dinarvets.com/forums/index.php?/topic/196090-high-central-bank-sales-of-the-dollar-to-91-million-aktrmen/#ixzz3QngZUbED


HERE'S MORE OF WHAT BUTIFLDRM HAD TO SAY ABOUT THIS

 

I just want to add that it is extremely important to get the fluctuations in the market rate under control and down to a 2% spread to protect the international investment Iraq so desperately needs in infrastructure.  It appears the market rate came down today from 1250 to 1238.  This is a positive step.  hopefully the CBI market intervention to stabilize the market rate is working.  We will just have to monitor on a daily basis.    http://www.cbi.iq/do...GE_AUCTIONS.pdf

Read more: http://dinarvets.com/forums/index.php?/topic/196090-high-central-bank-sales-of-the-dollar-to-91-million-aktrmen/page-2#ixzz3Qni9ZoF3


2-4-2015   THE GOI IS IN CHARGE OF OVERSEEING MONEY LAUNDERING - IMO, THEY'RE NOT GOING TO LET UP ON THE CBI UNTIL THEY FEEL THIS IS ADDRESSED TO THEIR SATISFACTION, REGARDLESS OF THE FACT THAT THE CBI IS "AUTONOMOUS"


HERE'S A LINK TO THE BANKING LAW (AUTHORED BY THE GOVT OF IRAQ) - NOT THE CBI LAW (AUTHORED BY THE CBI ) - THIS OUTLINES MONEY LAUNDERING LAWS/REGULATIONS

 

http://investpromo.gov.iq/wp-content/uploads/2013/04/banking-law-En.pdf

Edited by TBomb
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OKAY SO WE KNOW FROM WHAT WE'RE SEEING IN THE NEWS THE CBI AND GOI WANT TO PUT FURTHER RESTRICTIONS ON THE SALES OF THE DINAR (AS PER THE CBI PRESS RELEASE/ PDF TRANSLATION WE SAW WITHIN OTHER THREADS) - NOW I'M QUOTING SOMEONE ELSE HERE, WHOM I VERY MUCH RESPECT, BUT I AM NOT PROVIDING A LINK BECAUSE I THINK DV REG'S SAY I CAN'T - 

 

THIS IS PARAPHRASED:

 

"CBI IS GUARANTEEING AN EXCHANGE RATE IN THE BANKS - WITH A SPREAD OF THREE DINARS - THEIR AIM IS TO PUT THE MONEY CHANGERS OUT OF BUSINESS - SO THE CBI IS RESPONSIBLE FOR REPORTING ON ANY IRREGULARITIES ON THEIR REPORTS - WHICH HOLDS THE CBI SOLELY RESPONSIBLE FOR IRREGULARITIES  - SO THE CBI HAS TO STAND BEHIND THE DINAR AND OTHER FOREIGN CURRENCIES WHICH COME INTO THE COUNTRY - AND THEY'LL GUARANTEE THE EXCHANGE RATES ACROSS THE COUNTRY FOR ANY LEGAL CURRENCY - AND WILL DO THIS AS OTHER COUNTRIES DO - SO THEY 'RE SETTING UP STANDARDS AS OTHER COUNTRIES DO/HAVE - AND THIS "UNDERVALUE" IS TEMPORARY - THEY'LL (IQD) BE WORTH MORE IN THE FUTURE BECAUSE OF THE NEW OVERSIGHTS AND REGULATIONS PLACED ON THE BANKING PROCEDURES AND CURRENCY/IES"

 

AND THAT "IRAQ CAN support A MUCH LARGER VALUE TO THE DINAR BUT DUE TO THE SECURITY ISSUES - THIS IS BEING CONSTRAINED"

Edited by TBomb

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HERE'S MORE - SO SOMEONE JUST SENT ME THIS - NOTE - THIS LINK USED TO CONTAIN TURKI'S PICTURE AND LISTING AS THE CBI GOV., UNTIL THE LAST 24 HOURS - 

http://www.cbi.iq/index.php?pid=TheCbi

The CBI

The primary objectives of the Central Bank of Iraq (CBI) is to ensure domestic price stability and foster a stable competitive market based financial system. The CBI shall also promote sustainable growth, employment and prosperity in Iraq.

The functions of the CBI in addition to achieving its primary objectives are:

  • Implement the monetary policy and the exchange rate policy of Iraq.
  • Hold gold and manage the state reserves of gold.
  • Issue and manage the Iraqi currency.
  • Establish, oversee, promote a sound and efficient payment system.
  • Issue licenses or permits in addition to regulating and supervising the banking sector as specified by the Banking Law.
  • Carry out any ancillary tasks or transactions within the framework of Iraqi law.

Organizational Structure Members of the Board of Directors

 

Governor Agency (Mr.Ali Mohsen Ismail )

  governor-ali.jpg

 Governor Agency : Mr. Ali Mohsen Ismail                                                                                                                                   

                                                               

 

Deputy Governor (Mr. Zuhair Ali Akbar)

  Zuhair.jpg

Deputy Governor :Mr. Zuhair Ali Akbar                                                                                                                                                     

                                                    

Holidays in (2015)in addition to Friday and Saturday Jan. 1 New Year's Day   *4 Prophet's Birthday   6 Army Day/1921 Mar. 21 Spring Day May 1 Labour Day July 14 14th Revolution /1958   *19 Id Al-Fitr (3Days) Sep. *25 Id Al-Adha (4Days) Oct. *15 Islamic New Year   *24 Ashoura Day
 

 

 

 

THIS LINK GOES TO A PDF AT THE CBI SITE LISTING MOHSEN AS 'ACTING GOVERNOR' BUT THIS IS DATED 12-7-2014 - THIS LINK HAS BEEN UPDATED IN THE LAST COUPLE OF DAYS, SO IT DOES LOOK LIKE HE'S NOW THE OFFICIAL GOVERNOR - I'LL LOOK TO SEE IF THEY CHANGE OUT THIS PDF (LISTING HIM AS ACTING GOV) - BUT IT'S STILL THERE - 

http://www.cbi.iq/documents/Members%20of%20the%20Board%20of%20Directors.pdf

Edited by TBomb

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