Governor of the Central Bank directed message to Mohammed Allawi

[yota691]

Governor of the Central Bank directed by Twilight News message to Mohammed Allawi

Thursday 24-03-2016 | 3:55:41

 

 

 

M m r h-d

 

Twilight News / face of the Governor of the Central Bank and the Agency on the Keywords for clarification of the total points singled out Twilight News, former Minister of Communications Mohammed Allawi, who recently published an article on the agency's website about the mechanism of the central bank.

To view the previous article of Mohammed Allawi Click here

Twilight News published the text of the message is the same:

An open letter:

Mr. d. Mohammed Allawi Esquire.

good greeting ..

    I'd like to go into the midst of the debate and direct dialogue, and requested through one of your friends a long time ago, but did not get it, it would be a cost that does not tell you this, was my desire to do so off of my nature not to engage in give and take over private subjects specialized media , require stand on many of the backgrounds and details.

I am by virtue of my knowledge you put your views in the framework of interest and concern, and that is said to you, and excuse me in advance for stretching despite two attempts in the shortcut, but necessity requires illustrate various aspects relating to monetary policy and Mahristit out of conditions and challenges.

1. Commissioning management bank: -

It was assigned administers the central bank based on the Cabinet's decision and voted unanimously in another cabinet sessions before, after Prime Minister Ask Mr. Dr. Abdul Basit Turki assignment was to retire on reaching the legal age (which was then in charge of the management of the bank), and it was ( Dr. Abdel Basset) is the one who suggested assigned it, and tried it for more than a year with the prime minister did not have the desire to do so, as the prime minister (al-Maliki) was having trouble because there is no alternative for the management of the General Secretariat of the Council of Ministers, I tried lack of disengagement from the Secretariat, at least until the formation of the new government at the time to decide that you see fit, however, ordered the release of another commissioned Mr. d.Hamid behind the secretary general of the Council of Ministers, compelled me to disintegration and direct at the central bank, to be a temporary mandate, as stated in the origin of the Cabinet decision task entrusted me until the formation of the government.

So I'm not imposed on Mr. Abadi (as stated in the recent essay), because out of the decision allows him to take it deems after the formation of the government, and I am an independent person who does not belong to the party, it might be belonging obstacle to Mr. Abadi to change, which does not apply to my case, plus a lack of desire to continue from the beginning until now, and I assure the Prime Minister that I am ready to leave the site at any moment in which so decide, and I am not trying during the past period to promote fixative at this location or even in my former where it remained for eight years as general secretary year-old cabinet agency, without the need to take one of the government or parliament ordered fixative at the site, noting that similar instances of the cases have been voted on in parliament to adopt the political blocs to her, and you know that while you're in the cabinet.

On the other hand, the requirements of honesty oblige me to respond to suggest that there is an interest I have Mr. al-Maliki in the subject assigned, where I certify that the guy did not ask me or cost me any order in which certain special interest or the public for the duration of my mandate in the bank's board, and met him only in public events, and Hasbi you know me very well ...

Window sale of foreign currency (dollar): -

Before Abyan rules governing the sale of foreign currency operations control, I wish to refer to:

• The central bank's policies, including the exchange rate policy and sell the currency and instructions set by the Board of the Central Bank, consisting of experts and specialists administration from inside and outside the bank, and does not have the governor the power to put those policies or instructions so the criticism directed to personally conservative misses the truth.
• The sales force and sales processes, taking place for years (after 2003), so why is exposure to them now and after our mandate to the task of Directors of the Bank, despite the fact that several measures have been taken since we took the task to adjust those operations as will be!

Rules that govern the sale of foreign currency (dollar):

1. The process of selling foreign currency (dollar) through the Central Bank of Iraq is governed by the following laws and principles window:

The Central Bank Law No. 56 of 2004, which defined in Article (28) of open market operations and existing facilities, from which the provisions of paragraph (: Buy or simple sales unconditional (cash or term) of foreign currency.

( the guidelines issued by the International Monetary Fund, and approved by the Member States (including Iraq), and was among those principles do not put restrictions on the sale of operations or the purchase of foreign currency.

  © the Constitution of the Republic of Iraq, which put the Iraqi economy in the framework of a market economy, competition and freedom and to support private sector activities, and the consequent activation of the laws of the market, including supply and demand.

(D) Anti-Money Laundering Act No. 93 of 2004, which requires all financial institutions (bank and non-bank) to investigate the customer when opening an account identity or conduct financial transactions, and inform the central bank transactions suspected by the central bank monitors the extent to which these institutions so .

Based on the predecessor central bank deals with the sale and purchase of foreign currency operations on it:

A- open operations and should not be constrained by the central bank restrictions.

( banks and other financial institutions monitored to ensure their compliance with anti-money laundering law and the investigation of clients and sources of money to prevent the use of banking channels or financial to pass suspicious transactions may involve money laundering or terrorist financing offenses.

2. In addition to the laws and rules that passed mentioned _ that the sale and purchase of foreign currency operations control, the nature of revenues and financing government spending, and financing foreign trade and bridging the deficit in the balance of payments, impose a particular and specific reality of the operations of sale and purchase of foreign currency, where most of the imports of the Ministry of Finance is the currency foreign (dollar), and most of its expenses in Iraqi dinars _ as noted in the state budget _ ministry whereupon sell the dollar at the central bank, which in turn, re-sell it to the private sector, to get on the dinar, where the private sector covers its imports in dollars the buyer, as well as to cover the requests other various kinds, and thus what the central bank imposed monopolistic dollar source mainly, and which is funded by the state budget and to cover the deficit in the balance of payments, and when demand for the dollar will be lower than the central bank receives goes surplus (the difference) to foreign currency reserves , and when the demand for the dollar higher against the dollar supplier central bank uses currency reserves to cover the deficit (the difference), so Valahtaati rises and falls depending on the relationship and within this process is achieved to maintain the exchange rate, and realized the basic function of the foreign reserves. The central bank does not have the tools to reduce the demand for foreign currency but to raise the official exchange rate of the dollar against the dinar, which represents a difficult choice because the increase is reflected in prices and increased suffering and a low-income groups, as well as its impact on other aspects.

Also, reduce the foreign private sector currency sales, regardless of their legal and regulatory framework to adapt it, it means a widening gap between foreign currency supply and demand in the market, and its result to increase the difference between the official price and the price the last buyer, and rising imports prices, and thus brokers category gains, rising to levels unreasonably at the expense of the national economy and the general budget and the citizen.

Just as the central bank can not influence the demand for foreign currency, are also provided, it also can not foreign currency received from the Ministry of Finance or other entities volume control (on the meager contribution), which is why we say that the central bank has no control over the size of foreign reserves, any rise and fall to factors outside his control, and therefore be clarified which over the sale of foreign currency process is governed by the nature of the financial resources cycle and factors of demand and supply, the central bank and the leading role of the balance between the two in order to preserve the exchange rate and thus preserve the public prices and purchasing power, and this is the foundation of the Central Bank that the task stipulated by the law (to maintain the general level of prices).

3. The speech revolves mostly about why the central bank sales of the dollar (offer), but not taken to talking about the reason for purchases of the dollar (demand), while the research and analysis on the demand side leads to correct gaps and imbalances developments in the macroeconomic and fiscal policy, and other phenomena influential, that the demand for the purchase of the dollar's strength is due to several reasons beyond the control of the central bank, including:

• Weakness or limited production base and single resources, and a lack of vision or macroeconomic model, and the consequences of any reliance on the import of goods and services are almost entirely.
• Capital flight abroad, investment or Edjara due to the absence of political stability and security, the big challenges facing the work environment.
• The weakness and corruption of tax and customs organs, which creates high incomes tend to excessive consumption, or escape to the outside and both are a direct pressure on the demand to buy the dollar.
• Limited remittances from abroad and the failure to attract investment into Iraq.
• The weakness of the banking system and its inability to mobilize resources for the purposes of activating economic sectors, high liquidity ratio has for his reluctance to make loans because of the conditions and limiting its activities and services on marginal operations and limited investment.
• Inadequate health, education and tourism services inside Iraq, prompting many to travel outside Iraq to receive those services.
• The migration of large numbers of citizens to other countries after the sale of their property and transfer it to the outside, especially after what has happened to many areas of the crimes of terrorism and military operations.
• Severe lag in the application of laws that limit the dumping of imported goods the Iraqi market and to stimulate national production policy and those laws:

- Tariff law.

- Local Product Protection Act.

- Consumer Protection Act.

In addition to the chronic imbalance in the border ports resulting in extreme weakness in the application of laws and regulations and standards for quality control management.

4. The central bank sales of the dollar analyze and convert them to the outside on the ground that it concerns exclusively Balastairadat and higher sales amount for the estimated imports placed under suspicion table, the analysis neglects the other purposes of the conversion, there is a significant share of remittances represent a migration of funds abroad in addition to a variety of other personal and even possession of foreign currency inside Iraq.
5. The common errors compared to the government's revenues from dollar sales of the dollar, as some people assume that sales should match or be less than the income of the dollar, on the basis that imports of the government are determined mainly on the sale of oil, and therefore have to think that the government does not spend more than its oil resources and thus where it comes from demand for the dollar.

Here are clear: that the demand for the dollar comes from the local currency (the dinar), and the quantity that exposure of the local currency is not only the source of the replacement of the Ministry of Finance its supplier dollar dinar, but that there is government spending covered from remittances, Treasury bills, local loans (from government banks) Foreign loans and, for example, the total amount borrowed government (from the sources mentioned) is about 26 trillion dinars to cover the shortfall by the year 2015 and this year, and this amount in the majority turns into a demand for goods and services, which are mostly imported, thus linking central bank sales vendor oil linking inaccurate because it did not take into consideration the money supply (JD) derived from the sources mentioned, in addition to loans granted by banks to the private and the public sector, we note here that the draft budget for the year 2016 Act, which included funding for the budget with loans, bonds and other more than $ 20 trillion dinars almost fill the projected deficit.

6. The drop in oil prices by more than the 70% about not accompanied by a decline in the share of foreign companies extracted oil, because those companies charge their share of the amount of production regardless of sales per barrel price, which means a direct and sharp decline in the dollar supplier to the government and thus lower set of dollar the central bank, and if we take into consideration that there is a rate of about 25% of the dollar supplier goes directly from the Ministry of Finance to pay imports government obligations foreign debt, the size of the decline in the dollar received from the Central Bank would be great, and with the continued issuance of the state budget a large deficit financed is the basis of the loans, remittances and internal bond, it means a decrease in imports from the dollar is offset by a reduction in spending to the same degree and coverage of those versions in local currency means that demand for the dollar will remain high (height spending) is not matched Ward dollarised the same level, and this phenomenon of chronic oil-producing countries, (Iraq's most prominent model in this phenomenon) covered when he spoke of using foreign currency reserves, as has happened in the year 2009, reaching central bank sales ratio of dollar to import Bank of the dollar, the percentage of 148% and be compensated in the past, which goes up oil resources.

Oversight and control over the sale of foreign currency operations: -

The role was imperative for the central bank to do is preventive censorship, mainly through control over the legality of the money involved in buying the dollar, through the application of rules and procedures for combating money laundering, and the application of the principle of (Know Your Customer), activating stated in the Central Bank Law in anti-money laundering for the year 2004 Act, which provided for the formation of the reporting of money laundering office, however, unfortunately not Directors of the Bank enabled this responsibility and this despite the passage of so many years on the enactment of the law office, but the administration is not convinced of the performance of this task, I have been since the previous years I'm trying with brother d. Shabibi persuade him of the importance of and the need for it, but these attempts have not succeeded despite the intervention of the Economic Committee, and the Board of Supreme Audit and the Integrity Commission, When the World Bank published a report in 2012 which contained more than 700 note about the situation in Iraq in terms of money laundering was submitted to the ILO financial (FATF), an international organization concerned with the issue, this report would have led to the situation in Iraq in the black list, which puts him in the likeness of the ban on foreign financial and banking dealings, which is a very serious issue, personally took the initiative to form a national team from all the relevant ministries and authorities

(Judicial and regulatory), the team headed to address the observations contained in the report, which was 70% of which needs to be new legislation to combat, we worked him hard exceptionally direct and coordinate with relevant international organizations, it has been made to complete the project and voted on in the House of Representatives, and to strengthen the supervisory role in this regard, you and since the task assigned the following procedures:

• Activating the role of the Money Laundering Reporting in the Central Bank office, it was awarded the office for the first time and financial and administrative spatial independence and we have demonstrated our willingness to respond to all the material and human and technical requirements needed by the office to strengthen and enhance its role, and DAI so appreciated by the Financial Action Organization (competent anti-money laundering measures ).
• Activating the role of the National Committee for combating money laundering and financing of terrorism and knows all concerned that I was first interested in the phenomenon of money laundering and assumed the formation and management of that committee in 2012 when the Central Bank of Iraq administration did not agree to work on this subject, the Commission has been able and engaged in intensive and exceptional preparation bill counter money laundering and the smuggling of money, which has been prepared on the according to the latest requirements of international conventions and coordinate directly with the financial action Task Force and the World Bank, was to vote on the project in the House of Representatives, will provide law regulatory framework and legally on the high score for its response to the financial criminal activity.
• Efforts with relevant international organizations to intensify in order to build an Iraqi capabilities and support expertise and information in order to deal with these serious crimes, and there is an international response and conducting training and rehabilitation operations are currently intensively to the staff of the Central Bank and the staff of the banks concerned and are being sought for the introduction of all stakeholders in the fight against (security , regulatory, and judicial authorities chock).
• Work on the application of the decisions of the Basel Committee (I, II, III), where he committed the central bank of all banks and the introduction of units of risk management and anti-money laundering, and the implementation of the decision to raise banks' capital to 250 billion dinars, in addition to a review of the functions and the rules of supervision and the requirements of discipline to improve performance in the credit market and banking.
• Contract with Ernst & Young, the auditing sell the dollar to banks and companies transfer companies and banking procedures, and identify weaknesses and ways to adjust those operations, and resulted in so controlling and monitoring new through the electronic programs of measures setting, including adjusting the movement of all paper money (dollar) and the registration number and the recipient her with a cross-check with the US Federal Reserve.
• Cooperation and coordination with neighboring countries on remittances, was recently signed a memorandum of understanding with the Central Bank of Jordan on cooperation, coordination and exchange of information, knowing that all transfers made through Jordan and the United Arab Emirates are subject to strict control in both countries.
• Requiring banks and conversion to provide detailed breakdown of the transferred amounts include all the required information, and the central bank will provide the Office of the Inspector General at the Ministry of Finance, the General Commission for Taxes and Customs Authority with copies of those statements for the purposes of tax settling accounts and follow-up, and was recently a special form filled out by the bank for each request to transfer the design all information and data and to provide the customs and tax them.
• We were able to eliminate the phenomenon of the so-called (volatile instruments) through the development of technical and other payments systems and procedures, including forcing banks to stop work after passing instruments (3) days in the case of non-confirmation system on the availability of credit, but now pass any Aaijeri

Instrument unless it gets support the availability of credit, regardless of how long it takes, and it should be noted that the central bank was able to a few months ago to stop fraud in this regard was the sum of their instruments more than 400 billion dinars, were informed BSA for some previous cases involving suspicions, the central bank is working in coordination with the Bureau to check for any previous operations may involve fraud using public money for private benefit in the banking operations of operations, with the offer that the central bank deducted the amount of remittances in Iraqi dinars from the assets of open drains has directly and before the implementation of the transfer and therefore the

If those instruments was intended (instruments without balance) coefficients for private banks and banks and government.

• In order to expand and diversify the local production base, thus alleviating the volume of imports and thus reduce the demand for the dollar, after it failed and with regret spending policies that promote and stimulate domestic production, were mostly exaggerated in consumer spending and hence more imports, in order that the Central Bank the landmark step of lending to specialized banks and private banks in the amount of 6 trillion dinars to finance industrial, agricultural, real estate and small enterprise projects, and if properly been managing those loans, it will be an important base to stimulate economic activity within the country and create a large production base.
• Central Bank developed and developing payment systems and clearing instruments electronically and adopt a substitute for clearing handicraft room for all the government and private banks in Baghdad and the provinces, as well as the launch of the infrastructure for payment systems Retail and National divider, and the unification of the security specifications of the instruments drawn on all banks for the purpose of providing greater protection for the instruments and the reduction of fraud .
• Were contracted with an international company (Ernst & Young) for the purpose of banks evaluated under the system (CAMELS), the company presented the results of evaluation of all the banks, this assessment provides the central bank and the clients of these banks stand on the conditions of those banks and thus take appropriate action to correct their status or self-determination, which is what is happening currently working on it.
• Been communicated to banks and the conversion of the new description of the profession of anti-money laundering and his assistant manager, given that these two functions of the important functions of any financial or banking institution.
• The new standards when banks meet the requests of the dollar, including the extent of the bank's commitment to the rules and procedures for combating money laundering and the application of the principle of know your customer, and the bank's commitment to provide status

The central bank disclosures movement of the external accounts of the bank to see the rightful beneficiaries of conversion processes, and other standards, but not taken to sell the bank if breached.

• In the context of deterrence measures, the Bank continues to impose sanctions and financial penalties in accordance with the reports of field and office inspection bodies through the Commission to impose sanctions, which includes a number of representatives of the formations the central bank, and point out here that the irregularities that have been diagnosed for the past years with regard to customs clearances have been given their importance and priority when our mandate and based on the

Audits and diagnose irregularities imposition of the Central Bank's management of substantial financial penalties of up to more than 15% of the capital of some banks. The central bank does not hesitate

To take deterrent measures but strict penalties and fines on an ongoing basis and did not know as much as her ever seen in the history of the bank. There are many issues before the courts for a long time also.

Iraq has been the failure of decades to keep pace with developments in the banking and financial systems and keep up with international standards to achieve financial stability, risk management and control mechanisms of the market and the use of advanced technology systems in the operations and transactions management and services, which when we need enough time to get to the control and the provisions of censorship, to the presence of challenges and obstacles for many no room for listed (We have referred to in the research publication).

We have we being in the treatment of pressure on our reserves and control of sales operations through continuous action, and it was their results lower cash sales of US dollar last year by 70%, and cash sales represent transactions the most dangerous in all respects, total sales fell 25%, while this year (2016 ) it is expected to be a decline of about 50%.

We have examined the Board of the Central Bank, as well as a range of experts and academics several options to deal with the subject of selling the currency, and they always agree that putting more restrictions and conditions creates a parallel market, far ahead of the exchange rate of the benefit of speculators, and lead to the lifting of the exchange rate and the increase in inflation and damage by force purchasing power of citizens and also palaces and the corruption of some episodes in the organs and institutions that can interrupt the central bank data with it, prevents the achievement of a full cycle of control and verification.

The central bank also provides Pena Customs and tax income of all conversion factors to provide an information base is mainly accountable for the tax as well as can be learned in the case of the Central Bank

Not to bring goods covered by the conversion process, but unfortunately, that these devices do not you turn required, on the other hand, and despite continuing our claims on the need for the Ministry of Commerce set curriculum Import Alert sets imported materials and quantities, (as was the case previously), to be a guide and mentor to the bank Central in the conversion process, but that did not happen until now.

Documentary Credits :

  Have you suggested in the framework of control on foreign exchange operations - follow the style of letters of credit, and here we show the following:

• The central bank has tried to stimulate this manner a number of ways, including the granting of preferential exchange rate, but the traders - and mostly small traders - are accustomed to the way transfers to ease and lack of costs, this style practice in many countries, but the problem we have is the loss of control and supervision at border crossing points to support Health quantities of incoming and match them with the amounts transferred.
• The transition to this method (letters of credit) requires a gradient in its application, to avoid reactions in the uncontrolled market, and fear of imbalances in the exchange rate as a result of the phenomena of exploitation and speculation.

     We are moving in this direction according to a plan in stages, and there is a committee of experts from inside and outside the central bank is currently developing applications this manner proceedings, a step in this direction, we started now distinguish between banks requests in terms of being letters of credit or remittances and priority be given to cover the credits.

 It should be noted here that this technique under the palaces and corruption rings linked Balastiradat and entry, will remain capable of penetrating and misrepresentation and fraud, and therefore unless the rise

Episodes turn and responsibilities can not be trusted with those operations, and some might exploit more of extortion and corruption, as happened in other experiments passed us.

Invoices artificial:

Referring to the reported on the bills is correct, Abyan follows:

The phenomenon of the invoices (fabricated) have unrealistic (3) reasons:

The first reason: the central bank so far - did not put money remittances from citizens abroad

(Edjara or investment abroad), have not been placed on the list of what is covered by the applications on the dollar, and with the existence of the phenomenon of output of funds abroad because of the volatile conditions and wary of the country, and the weakness of the trend towards investment and internal savings, the asylum conversion work to convert those amounts by making up lists commercial, and this requires a law to resolve it in terms of allowing transfers of capital abroad, which is still under study and discussion within the Central Bank and the international Monetary Fund.

The second reason: The trade volume with Iran reaches up to $ 10 billion, and these business processes is implemented allowed through transfers or credits in foreign currency because of the international and US embargo, so are asylum seekers conversion to make the conversion operations through other methods of passing loops convert lists of other commercial, It is real.Therefore, despite the large volume of imports from Iran, we do not find bills in reality.

The third reason: tax evasion, which pays to change the imported goods in the menus to pay less fees or exemption from such fees, and one example of that we do not find bills to import cars or maybe a number very few, despite the import cars represents a record huge and essential in import operations.

The scale of corruption and misrepresentation and fraud in commercial lists custom clearances is the key reason for the complexity of this process and the difficulty of controlling and monitoring them, who gave way to more manipulation also miss the opportunity in front of the application instructions and procedures established by the Central Bank, but transformation of those episodes to private gain through operations blackmail and bargaining.

Efficiency in the management of the bank

     In exposure to Kavaita in the bank's management of natural that I would not be a governor on it, but if you want objectivity and this covenant your, Fbalamkan inquiry about it from the staff of the Central Bank and the board of directors and the relevant authorities, including the International Monetary Fund and the World Bank, the Financial Action Task Force, the Treasury US, Bank of the Federal reserve, the Office of financial supervision and the Office of global audit verified the bank, and I invite you to read the bank's strategy 2016_2020 years which is the first strategy issued by the central bank, in terms of preparation, presentation, content and initiatives, which are prepared according best standards and methods of strategic planning and carrying targets aligned and the roles of modern central banks for the first time as the central bank control over the level of inflation and the level of historical (up 2%) for every local, regional and international conditions is a remarkable achievement by any standard, as the Bank practiced for the first time a distinct role in supporting and stimulating the economy, as well as activating his role in getting into the secondary market to buy money orders, which supports the face of the financial crisis, and if you wish to deliver to you the details of this role without which the country was in big trouble today and serious repercussions.

Finally .. I still wish you a direct dialogue field and see the work of the Bank and will open you all Matod he knew or see it ... Sincerely.

Ali Mohsen Ismail Keywords

Governor of the Central Bank of Iraq and the Agency

[sandfly]

THANKS

[rdoncampos]

Thanks 

[Mammaw]

Wow, now that's my kind of reply. Short and to the point.

[since0freakin9]

Allawi responded to Keywords about the central bank auction (the first episode)
By Mohammed Tawfiq Allawi

Brother Ali Keywords Esquire

Peace, mercy and blessings of God

the first episode

Thanks for your message illustrations, and this is what you are full of you over a year ago to enrich the debate in this area to provide plans by all those interested in this economic sector is important in these serious and articulated in the history of Iraq stage to protect the country from economic collapse have devastating effects not only on the economic situation of the year of the country, but on the living conditions of the Iraqi people and the Iraqi family income, in particular, its impact on the political, military, service and social conditions of the various sectors of housing, educational, health, agricultural and industrial .... etc

As you know, I did not touch on this subject because of a personal dispute with you, but Iraq is our country, the country of our fathers and grandfathers, and the country of our people and country our children and grandchildren, and to defend it and protect it and attention to his family, the responsibility of every honest person provides public interest over private interests. In this sense Tsidit for this it spoke in the media and has written several articles, has been briefed on the Inquiry that contain a lot of facts, I am in my response to what I said from the paragraphs not, seeking to respond point by point in order to defend my point tribes have your point of view, this polemics is useless, but rather, seeking from pink browning economic and monetary approach to mitigate the effects expected due to difficult circumstances we would face a natural result of the contraction of the country's resources due to the sharp decline of oil prices world dangerous for the future of the country and its implications, as I like to emphasize that saving mode does not depend on the central bank's policies, but must the country's integrated economic plan must be involved a lot of institutions to promote the reality of economic of the country and the absorption of the serious global decline in oil prices impacts and here's central bank will play a pivotal role in this plan, but not separate from the general policy and the rest of the state institutions have a special role.

The answer to your message and to discuss the clauses may take several messages and this is what I am dealing with gradually consecutive rings, because this matter would be of interest of many officials and those interested in the economic situation, and perhaps the message and discuss the vocabulary may be a platform for the intervention of the wants of economists and those concerned with economic who believe that they have the ability the enrichment of the subject and the advancement of this economic sector is particularly important and significant country and regarding his future in general, and I hope that accept cash (not a criticism) a spirit of sportsmanship in order to adulthood in the country for a beach road and the safety of the public interest of the country, yes, have had to respond to some paragraphs out economic topic which I do not want, but I may be forced to it of the need to place as will be seen could you please forgive me.

You mentioned that you Obulgtm one of my friends for dialogue, in particular, did not know who you mean and did not talk to me anyone in this regard; you said that you are not an imposed on Mr. Abadi, I did not Oot this argument of the builders of my thoughts, but addressed her brother-Abbadi, is the one who said it, and he knows those who he said, and he knows from being this argument, could you please ask him to give you the answer, and my nature not to talk otherwise has since learned that the right balance between the insured and uninsured is honesty, I do not know that I speak of something not sure of his health.

You said you are someone who does not belong to the party, as I know that you were the Dawa party, but if you leave the party based on the principle that the human factor in the state should not be partisan, I say God bless you this is what can be seen before from people who are trying to not move when Atsenmon center in the state of the premises narrow partisan but Igdoa goal devotion to their country and their homeland and not for their party.

You mentioned that the central bank auction was ongoing since 2003, why did not object, as you know, since 2003 until 2011 there was not two prices for the dollar, but a few teams is normal commission to the bank, but since mid-2011, demand increased abnormally on the dollar because of the economic blockade Iran and bloody events in Syria, and as a result of increased demand for the dollar in this way, there became two prices to the dollar and began the difference is increasing month after month, I have learned that at the time the seriousness of this situation on the country's economy talked with Dr. Shabibi in mid-2012, who shared with me his opinion, was his opinion is also taking practical steps to remove this difference, but as you know that this big difference was the reason for the richness of some of the advantage of the volatility in the currency and such a large difference between the two prices, so no suits them stay Dr. Shabibi after finding out his reform plan because it would close the door to these thefts and Mr. al-Maliki, as you know, was embarrassed by Dr. Shabibi because of his refusal to lend to the government, Vajtmat interest of both parties muggers and Maliki, Vfbrqua him false charges show his innocence later, the risk is a continuation of this difference between the two rates has since out Dr. Sinan even to this day, continuing thefts.

It has many other things you mentioned in your letter to justify to a report that calls for asking these justifications and discussed and that is what I will discuss in the coming episodes, God willing.

[yota691]

Quote

To view the previous article of Mohammed Allawi Click here

An open letter to Prime Minister Dr. Haidar al-Abbadi

Thursday 17-03-2016 | 2:52:43

 

 

 

 

Mohammed Tawfiq Allawi / I rejoiced people are good and I am of them in the press on September 21, your conference in 2015, when you said "we seek to achieve fairness and justice, and will not sit back on the reforms even if it cost me my life," and then you said, "The fight against political quota system is an essential part of the fight against corruption, because personal loyalty or partisan leads to provide close to the professionals account, "and" this is an injustice destroys society will not allow it. "

And now began to move towards a government of technocrats, and you make an approach from 105 pages; dear brother must be through the strategy to work, ministries, and it must form investigative committees to hold accountable the corrupt and this is part of the reform, but it does not have the curriculum only, because real reform is the implementation of the reform curriculum roadmap setting and two paragraphs Ttrguetm them as above is a full reformist approach, if applied rigorously much as you can for the country's leadership to the beach land of peace in this tempestuous sea Allchi of hot events and intractable problems large and daunting obstacles and tragedies.

No secret to anyone that the citizens are wondering who they are close to the adviser, Dr. Haider al-Abadi ?, Are they professionals or are they from partisan ?, Is it really has been the removal of party members who have been appointed in the time of al-Maliki in sensitive positions of deputy ministers to inspectors general to the heads of bodies to the governor the central bank to general managers were replaced by professionals, or installed partisans was replaced by professionals.

What is hoped that the government of technocrats should start from the Prime Minister, I'm not saying the Prime Minister should step down and be replaced by someone of technocrats, but to the Prime Minister prove to be President to act for Iraq and for the interest of Iraq and that his loyalty to the nation and not the party must submit his loyalty to the homeland on his loyalty to the party in a practical, nor achieved only by leaving the party or the minimum set of professionals in the office and they take as advisors and not rely on party members of his own party.

I have learned that some people within certain centers may be imposed on you, and I am of all these centers, I will address the Governor of the Central Bank of the center, not from a personal perspective, but in terms of the importance of this place in this circumstance Economic sensitive to the country, I am more than an article and PBS has shown that there are daily thefts through a central bank auction of more than four million dollars every day, as the Maaabieh central bank rate of dollars every day auction of between 150 to 200 million dollars, and the country's need to import amounting to less than half this amount, though the difference between the purchase price of 1190 dinars to the dollar and the market price, which ranges today between (1260) to (1280) dinars to the dollar means that there is a daily theft of dollar reserves of between (4) to (7) million dollars a day, a simple calculation we discover that the total annual thefts of not less than one billion and a half billion dollars, I do not think that there is any theft of any of the ministries that have been the removal of its ministers if we assume the existence of thefts exceed this amount, you would really want to fight corruption, it's under your hand and you can stop the thefts in one day and the decision of one as I will discuss below.

But there is the case of the most serious of these thefts is much; The state is now undergoing economic status is very difficult, it was stolen during the previous years in various amounts roads could not be valued and perhaps have exceeded three hundred billion dollars, though much of these amounts are present in Iraq, and seeks muggers to be converted into outside of Iraq, and I remind you of this incident that you must have heard at the beginning of the year (2015) where he tried three people affiliated with a particular smuggle 160 kg of gold through a plane at Baghdad international Airport, and I was in that traveling today on that same plane, which was delayed because of this incident, we have been prevented from traveling with this amount of gold, and did not know what happened after that, now because of the central bank's policy does not require such a risk and exposure ordered them, whether inside Iraq or who Christt their saddlebags where, because the central bank provides them with smuggling the money and stolen legitimately mechanism, it is needed more than a false User can buy the spoilers in every day between (75) to (100) million, and turning them to the outside, they've dealt with dozens of MPs to this reality (of brother Jawad Alshahyla issue -ald_ak_ih Almmzkh- to the late Dr. Ahmad Chalabi to Mr. Haitham al-Jubouri, a sister Magda Tamimi and others), and worse than that the central bank was a few months ago, it gives those who want to transfer money abroad pricier preferential (ie 1187) dinars to buy every dollar converts out of Iraq and not (in 1190) for those dollar wants inside Iraq, said that the annual amounts that drain from the central bank reserves in this way for thieves only non-traders may exceed $ 17 billion, and the process now under way on an equal and bounds every day, I have worked with you in the economic and investment commission in the House, and by virtue of your experience You know the numbers that remind her accuracy, though you have any doubt Vholk some specialists who can install it, but I am assured that you will not need them.

 

I am as reported do not want to accuse Mr. Ali Keywords Governor of the Central Bank of any indictment, because the principle that no aspects of indictment to anyone if I am not certain about that, you might say that Mr. on the Keywords efficiently in the office, I do not want to questioning my personal opinion, competence, but I hope to check out the interview a few days ago with (Patrick Osgood Patrick Osgood) and published on many news sites, please look carefully to his answers to the questions directed to him to learn the amount of his efficiency, and says it imposed on, and this is what I received from you, I have I said at the press above your conference (will not just sit back on the reforms even if it cost me my life), and I tell you assured, will not now one dares to threaten your life, if someone dared to it in the present day has sentenced himself to death, go ahead on the insight of your order for reform relying God.

With all that you do not need that, Mr. Ali Keywords displaces its location, but to stop the large-scale corruption and the appalling attrition reserve for the State of Iraq Resolution hand and you can take any of the steps mentioned below, or both:

 

1. to stop relying on forged to sell the dollar for the thieves and the corrupt lists, and in return assume the central bank or commercial bank (open letter of credit) (Letter of Credit-L / C), where care of the vehicle can be sure that the money will pay for the company exported until the arrival of the goods at a point Iraqi border.

2. To take action (payment upon presentation of shipping documents) (Cash Against Documents- Documentary Collection - D / C) where he pays the amount of the company exported once issued to shipping documents, this method cost less, and less complicated than (L / C) and can be followed to import simple quantities of goods, particularly from neighboring countries such as Iran, Turkey, Saudi Arabia and others.

So that if you use any of these methods is above universally recognized by the international banks rather than policy currently pursued in Iraq only the odds of all countries of the world in the adoption of counterfeit menus (the intended fraud here is not to export goods to Iraq); you have the decision with your hand to stop corruption and thefts to impose any of the methods above where sorted seventeen billion dollars per year of waste and transfer to accounts outside Iraq for these muggers and corrupt on the underdog to the people who suffer the scourge of poverty, displacement and displacement in various parts of the world account.

 

My dear brother, Dr. Haider, the problem is not in the government of technocrats, if formed of all its members government of technocrats and they were corrupt would be doomed to failure applicable, we have seen in previous governments, many of technocrats corrupt, albeit accounted for all its members a government of political parties, but they are incompetent and honest it would be doomed to success, Yes, there are positive features of technocrats, where they can not form the economic committees of the theft as do political parties now, and technocrats do not get on the same reference level of his party like a human being partisan, and technocrats may not be forced to close members of his own party on the other, this is true remaining features of the Government of technocrats, but the fundamental problem remains the major integrity and efficiency.

We're now at a crossroads, either to act as a patriot Iraqis and not Khzba, and away you partisan advisers who are working for their personal interests and the interests of the party that could be contrary to the interest of the country, will succeed then a great success; there are people incompetent nonpartisan you know well may be replaced by their party affiliation is incompetent, and there are big heads of corruption has gone too far in corruption in previous periods has contributed significantly to bring us to the dire situation we are in today, if they are addressed fatal blows and are placed with prisons as your student good reference and also prompts children of thy people of demonstrators, Vsaagaf all the people with you, and Stssondk good reference, and will succeed in saving the country from the tragic reality, I've uttered a word can perpetuate with you (will not just sit back on the reforms even if it cost me my life), then going to spend eternity your name in history and will be a great reward when Allah and your reward is immense.

If remained hesitant, and remained entourage themselves, and stayed breath partisan tyrant on the national breath, and remained the heads of corruption at large, it would apply timeless your word on this situation when I said (personal loyalty or partisan leads to provide close to the professionals account and this injustice destroys society will not allow it ) will continue then the deterioration of the country, and will continue the suffering of the people, and will destroy the community, and I'm afraid that does not remind you of the history okay.

[SnowGlobe7]

ok i tried twic to read these....i believe they are important....can someone with more time and patience read these and give us the cliff notes?

[Synopsis]

Thank You, Yota and Since, for these articles, seems to me, give insight into the CBI issues we have seen frequently in the past and the incompetence of the acting CBI Governor.

Here you go Snow (whoops, sorry, the cliff notes appear to be quite long, too).  Well, OK, let's just RV this thing already!!!

The first article states, "It was assigned administers the central bank based on the Cabinet's decision and voted unanimously in another cabinet sessions before, after Prime Minister Ask Mr. Dr. Abdul Basit Turki assignment was to retire on reaching the legal age (which was then in charge of the management of the bank), and it was ( Dr. Abdel Basset) is the one who suggested assigned it, and tried it for more than a year with the prime minister did not have the desire to do so, as the prime minister (al-Maliki) was having trouble because there is no alternative for the management of the General Secretariat of the Council of Ministers, I tried lack of disengagement from the Secretariat, at least until the formation of the new government at the time to decide that you see fit, however, ordered the release of another commissioned Mr. d.Hamid behind the secretary general of the Council of Ministers, compelled me to disintegration and direct at the central bank, to be a temporary mandate, as stated in the origin of the Cabinet decision task entrusted me until the formation of the government. "

The first article also states, "activating stated in the Central Bank Law in anti-money laundering for the year 2004 Act, which provided for the formation of the reporting of money laundering office, however, unfortunately not Directors of the Bank enabled this responsibility and this despite the passage of so many years on the enactment of the law office, but the administration is not convinced of the performance of this task, I have been since the previous years I'm trying with brother d. Shabibi persuade him of the importance of and the need for it, but these attempts have not succeeded despite the intervention of the Economic Committee, and the Board of Supreme Audit and the Integrity Commission, When the World Bank published a report in 2012 which contained more than 700 note about the situation in Iraq in terms of money laundering was submitted to the ILO financial (FATF), an international organization concerned with the issue, this report would have led to the situation in Iraq in the black list, which puts him in the likeness of the ban on foreign financial and banking dealings, which is a very serious issue, personally took the initiative to form a national team from all the relevant ministries and authorities."

The second article states, "You mentioned that the central bank auction was ongoing since 2003, why did not object, as you know, since 2003 until 2011 there was not two prices for the dollar, but a few teams is normal commission to the bank, but since mid-2011, demand increased abnormally on the dollar because of the economic blockade Iran and bloody events in Syria, and as a result of increased demand for the dollar in this way, there became two prices to the dollar and began the difference is increasing month after month, I have learned that at the time the seriousness of this situation on the country's economy talked with Dr. Shabibi in mid-2012, who shared with me his opinion, was his opinion is also taking practical steps to remove this difference, but as you know that this big difference was the reason for the richness of some of the advantage of the volatility in the currency and such a large difference between the two prices, so no suits them stay Dr. Shabibi after finding out his reform plan because it would close the door to these thefts and Mr. al-Maliki, as you know, was embarrassed by Dr. Shabibi because of his refusal to lend to the government, Vajtmat interest of both parties muggers and Maliki, Vfbrqua him false charges show his innocence later, the risk is a continuation of this difference between the two rates has since out Dr. Sinan even to this day, continuing thefts."

Looks like al-Maliki was blackmailing Shabibi for the corruption al-Maliki was practicing and then al-Maliki installed his stool pigeon as the acting CBI Governor.  So, al-Maliki filed charges against Shabibi and instituted a multiple dinar/dollar exchange rate for work arounds in the Syria and Iran issues.  No wonder al-Maliki is on the top of the most corrupt thieving politicians.  Justice can not happen soon enough!  Maybe al-Maliki is now hiding in a hole like Saddam Hussein trying to evade prosecution.   No matter, justice will be served on al-Maliki.

The first article states, "Iraq has been the failure of decades to keep pace with developments in the banking and financial systems and keep up with international standards to achieve financial stability, risk management and control mechanisms of the market and the use of advanced technology systems in the operations and transactions management and services, which when we need enough time to get to the control and the provisions of censorship, to the presence of challenges and obstacles for many no room for listed (We have referred to in the research publication)."

The third article states, "2. To take action (payment upon presentation of shipping documents) (Cash Against Documents- Documentary Collection - D / C) where he pays the amount of the company exported once issued to shipping documents, this method cost less, and less complicated than (L / C) and can be followed to import simple quantities of goods, particularly from neighboring countries such as Iran, Turkey, Saudi Arabia and others."

I had suspected Iraq was in the financial and international banking standards stone age.  The two articles seem to support my view, at least some what.  The technology and communication infrastructure in Iraq appears to need to take a few quantum leaps into the current 21st century period for the corruption to be eliminated and the appropriate national and international financial and banking practices and protocols to be applied.  I am not sure if the technological and communication infrastructure is now currently sufficient to address and apply these necessary demands.  I suspect they are getting there at near light speed with the optic cable infrastructure they have recently announced they will implement.  I am hoping this coming weekend into early April will have the necessary people and reforms in place and the technological and communication infrastructure is sufficient to apply all these financial and banking requirements.

The third article also states, "No secret to anyone that the citizens are wondering who they are close to the adviser, Dr. Haider al-Abadi ?, Are they professionals or are they from partisan ?, Is it really has been the removal of party members who have been appointed in the time of al-Maliki in sensitive positions of deputy ministers to inspectors general to the heads of bodies to the governor the central bank to general managers were replaced by professionals, or installed partisans was replaced by professionals."

Maybe shortly we will see the bad actors removed from the Iraqi banking system, including the current acting CBI Governor, and Dr. Shabibi will be announced as acting CBI Governor as part of the Technocrat installation initiative.  Here's hoping.

[four wheel drift]

Hang the Maliki

FWD

GO RV

[boosterbglee]

Thanks Synopsis for taking the time to break it down! 

Now who knows what happens next!

[Synopsis]

1 minute ago, boosterbglee said:

Thanks Synopsis for taking the time to break it down! 

Now who knows what happens next!

Booster, glad you liked the read.

Yeah, I feel like I'm   at times.  Hopefully we'll all be off this   and   soon and at our  (happy place of choice - where ever that is!)!

[Laid Back]

After reading the letter twice.

I got the feeling we will see a new CBI Governor as part of Abadi's cabinet reshuffle.!

Just my opinion.!

[SnowGlobe7]

you are wonderful ti do this synopsis....anyone still yelling about an update from Adam....READ THIS POST!!!!!!!!

 

I still have questions, but it goes along with the article about rafidi general manager being fired as well. this are happening folks......ltos and lots of puzzle pieces!!!

[Synopsis]

Just now, Laid Back said:

After reading the letter twice.

I got the feeling we will see a new CBI Governor as part of Abadi's cabinet reshuffle.!

Just my opinion.!

I share the same opinion LB.  The third paragraph in the third article above just may suggest we will see a new CBI Governor as part of Abadi's cabinet reshuffle!  Tomorrow into early April may indicate as much.

The first article states, "So I'm not imposed on Mr. Abadi (as stated in the recent essay), because out of the decision allows him to take it deems after the formation of the government, and I am an independent person who does not belong to the party, it might be belonging obstacle to Mr. Abadi to change, which does not apply to my case, plus a lack of desire to continue from the beginning until now, and I assure the Prime Minister that I am ready to leave the site at any moment in which so decide, and I am not trying during the past period to promote fixative at this location or even in my former where it remained for eight years as general secretary year-old cabinet agency, without the need to take one of the government or parliament ordered fixative at the site, noting that similar instances of the cases have been voted on in parliament to adopt the political blocs to her, and you know that while you're in the cabinet."

Abadi may need to bring Dr. Shabibi to various forms of the newly implemented bodies of the Iraqi government so that Dr. Shabibi is confirmed and officially installed.  This may take a week or two after this coming Tuesday (apparently) when the new Iraqi Parliament is in session.

[SnowGlobe7]

tuesday could show us a lot......

[Synopsis]

22 minutes ago, SnowGlobe7 said:

you are wonderful ti do this synopsis....anyone still yelling about an update from Adam....READ THIS POST!!!!!!!!

 

I still have questions, but it goes along with the article about rafidi general manager being fired as well. this are happening folks......ltos and lots of puzzle pieces!!!

Snow, glad you enjoyed the read and Thanks for the accolade!

I would lean more toward Adam's posts, though.  I'm pretty sure he's got quite a few more direct and reliable sources and he is much more to the point of what we need to know!

 

[Laid Back]

2 minutes ago, Synopsis said:

I share the same opinion LB.  The third paragraph in the third article above just may suggest we will see a new CBI Governor as part of Abadi's cabinet reshuffle!  Tomorrow into early April may indicate as much.

The first article states, "So I'm not imposed on Mr. Abadi (as stated in the recent essay), because out of the decision allows him to take it deems after the formation of the government, and I am an independent person who does not belong to the party, it might be belonging obstacle to Mr. Abadi to change, which does not apply to my case, plus a lack of desire to continue from the beginning until now, and I assure the Prime Minister that I am ready to leave the site at any moment in which so decide, and I am not trying during the past period to promote fixative at this location or even in my former where it remained for eight years as general secretary year-old cabinet agency, without the need to take one of the government or parliament ordered fixative at the site, noting that similar instances of the cases have been voted on in parliament to adopt the political blocs to her, and you know that while you're in the cabinet."

Abadi may need to bring Dr. Shabibi to various forms of the newly implemented bodies of the Iraqi government so that Dr. Shabibi is confirmed and officially installed.  This may take a week or two after this coming Tuesday (apparently) when the new Iraqi Parliament is in session.

On the same page my friend Synopsis.

We are getting close to see the end of this ride. Let's see what next Saturday brings

Go reforms

Go cabinet reshuffle 

Go new CBI governor 

Go monetary reform

Go increase exchange rate 

Go $1:1

[Synopsis]

3 minutes ago, Laid Back said:

On the same page my friend Synopsis.

We are getting close to see the end of this ride. Let's see what next Saturday brings

Go reforms

Go cabinet reshuffle 

Go new CBI governor 

Go monetary reform

Go increase exchange rate 

Go $1:1

 

[Candy01]

7 hours ago, Laid Back said:

After reading the letter twice.

I got the feeling we will see a new CBI Governor as part of Abadi's cabinet reshuffle.!

Just my opinion.!

PRAYING HARD Laid Back!!

 

[mr.unlikely]

I'm actually getting excited as well. I just got off of the CBI website. On their homepage they have a new CBI strategic plan for 2016-2020. I read through it. It's a great read. It gives a mission statement and vision. It also specifically talks about a stable exchange rate achieved by removing excess cash from circulation, among other things. This means reducing the note count to bring the value of all remainging notes up. I highly recommend reading through it it is a comprehensive list of their goals and objectives. I tried to bring a link over but I'm technologically challenged. It also talks specifically about eliminating corruption and going high tech (like the rest of the civilized world), which is why I brought this up on this thread. Let me know what your thoughts are because I think this the most info they have ever disseminated and it's all what we want to see prior to a significant change in the value of the dinar. 

[TennesseeCherokee]

Thank you, Yota, for bringing all these fact filled articles & many thanks to Synopsis for providing all of us the cliff notes assessment.

I made this statement a couple times in the past..... It is my belief that the current Central Bank of Iraq governor, Ali Mohsen Ishmail, was intentionally placed there by al-Maliki to be his 'inside man', allowing Maliki the ability to pilfer the CBI. This Maliki toad, Ishmail{keywords} will be indicted too for theft of monies.

 

 

[Synopsis]

14 hours ago, TennesseeCherokee said:

Thank you, Yota, for bringing all these fact filled articles & many thanks to Synopsis for providing all of us the cliff notes assessment.

I made this statement a couple times in the past..... It is my belief that the current Central Bank of Iraq governor, Ali Mohsen Ishmail, was intentionally placed there by al-Maliki to be his 'inside man', allowing Maliki the ability to pilfer the CBI. This Maliki toad, Ishmail{keywords} will be indicted too for theft of monies.

 

 

Glad to provide the cliff notes TennesseeCherokee.  Thanks for the past heads up on the stool pigeon CBI Governor al-Maliki had installed to do al-Maliki's bidding and so pilfer the CBI.  The articles are now really bearing out your assessment.  Hopefully all the CBI pilfering people and mechanisms will be eliminated soon.

[yota691]

Governor of the Central Bank directed by "new evidence" message to the former Minister of Communications Mohammed Allawi

BAGHDAD / new evidence 
I am an independent person who does not belong to a party , it may be belonging impediment to Mr. Abadi in the change which does not apply to my case 
   against the governor of the central bank and the agency , Mr. Ali Keywords for clarification of the phrase points to the Minister of Communications Former Mohammed Allawi , who recently published an article on the agency 's website about the work of the central bank mechanism. And publish "new evidence" the text of the message as it is open to Mr. Messag .. d. Mohammed Allawi esteemed .thih good .. 
    I'd like to go into the midst of the debate and direct dialogue, and requested through one of your friends a long time ago, but did not get it, it would be a cost that does not tell you this, was my desire to do so off of my nature not to delve into taking and to respond through the media, especially in subjects specialized, requiring stand on many of the backgrounds and details .anna virtue of knowing you put your views in the framework of interest and concern, and that is said to you, and excuse me in advance for stretching despite two attempts in the shortcut, but necessity requires clarify various aspects related to monetary policy and Mahristit out of conditions and challenges. 
                 commissioning the management of the bank    
was assigned the management of the Central Bank based on the cabinet 's decision and voted unanimously in another former cabinet sessions, after the presentation the Prime Minister asked Mr. Dr. Abdul Basit Turki referral to the retirement age of legal consent (and was at the time in charge of the management of the bank), and he (Dr. Abdel Basset) is the one who suggested assigned it, and tried it for more than a year with the prime minister did not have the desire to do so, as the prime minister (al - Maliki) was having trouble due to lack of there is no alternative for the management of the General Secretariat of the Council of Ministers, I tried not to disengagement from the Secretariat, at least until the formation of the new government at the time to decide that you see fit, however , ordered the release of another commissioned Mr. d. Hamid behind the secretary general of the Council of Ministers, compelled me to disintegration and direct at the central bank, to be a temporary mandate , as stated in the origin of the Cabinet decision entrusted me the job until the formation of the government . So I'm not imposed on Mr. Abadi (as stated in the recent essay) because continued decision allows him to take it deems after the formation of the government, and I am an independent person who does not belong to the party, it might be belonging obstacle to Mr. Abadi to change, which does not apply to my case, as well as a lack of desire to continue from the beginning to now, I assure Mr. chairman Minister that I am ready to leave the site at any moment in which so decide, and I am not trying in the last term to promote a fixative in this site or even in my former where it remained for eight years as secretary-general of the Council of Ministers and the agency, without the need to take one of the government or parliament ordered fixative at the site, noting that similar instances of the cases have been voted on in parliament to adopt the political blocs to her, and you know that while you're in the cabinet. on 
the other hand, the requirements of honesty oblige me to respond to suggest that there is an interest I have Mr. al - Maliki in the subject assigned, where I bear witness that the man did not ask me or cost me any order in which certain special interest or the public for the duration of my mandate in the bank 's board, and met him only in public events, and Hasbi you know me well. 
          window sale of foreign currency (dollar)  
before Lappin rules that sell- off control foreign currency, I would note that the central bank 's policies, including the exchange rate policy and sell the currency and instructions set by the board of the Central Bank , consisting of experts and specialists administration from inside and outside the bank, and does not have the governor the power to put those policies or instructions so the criticism directed to personally conservative misses the truth. 
The sales force and sales processes, taking place for years (after 2003), so why is exposure to them now and after our mandate to the task of Directors of the Bank, despite the fact that several measures have been taken since we took the task to adjust those operations as will be! 
rules governing the sale of foreign currency control (dollar)  
that sale of foreign currency operation ( the dollar) through the Central Bank of Iraq is governed by laws and principles of the following window  
the Central Bank Law No. 56 of 2004, which defined in Article (28) of open market operations and existing facilities, from which the provisions of paragraph ( purchase or a simple sale is conditional (cash or term) of foreign currency. ( 
b ) the guidelines issued by the international Monetary Fund, and approved by the Member States (including Iraq), and was among those principles do not put restrictions on the sale of operations or the purchase of foreign currency. 
  c - Constitution of the Republic of Iraq , which the Iraqi economy status in the framework of a market economy and competition and freedom and to support private sector activities, and the consequent activation of laws of the market, including supply and demand. ( 
d ) anti - money laundering Act No. 93 of 2004, which requires all financial institutions (bank and non banking) to investigate the customer 's identity when opening an account or conduct financial transactions, and inform the central bank transactions suspected by the central bank monitors the compliance of those institutions to do so. 
based on the predecessor central bank deals with the sale and purchase of foreign currency as operations  
a- operations open and must be on the central bank not to restrict restrictions. ( 
b ) banks and other financial institutions monitored to ensure their compliance with anti - money laundering law and the investigation of clients and sources of money to prevent the use of banking channels or financial to pass suspicious transactions may involve money laundering crimes or terrorist financing. , 
as well as laws and rules over the mentioned _ that the sale and purchase of foreign currency operations control, the nature of the revenue and finance government spending, and financing foreign trade and bridging the deficit in the balance of payments, impose a particular and specific reality of the operations of sale and purchase of foreign currency, where most of the imports of the Ministry of Finance is in foreign currency ( dollar), and most of its expenses in Iraqi dinars _ as noted in the state budget _ ministry where upon sell the dollar at the central bank, which in turn , re - sell it to the private sector, to get the dinar covering its imports in dollars purchased the private sector, as well as covering other various applications types, and thus what the central bank imposed monopolistic dollar source is the basis, and through the funding of the state budget and to cover the deficit in the balance of payments, and when demand for the dollar will be lower than the central bank receives goes surplus ( the difference) to foreign currency reserves, and when the demand for the dollar higher against the dollar supplier central bank uses currency reserves to cover the deficit ( the difference), so Valahtaati rises and falls depending on the relationship and within this process is achieved to maintain the exchange rate, and realized the basic function of the foreign reserves. And not with the Central Bank of tools to reduce the demand for foreign currency but to raise the official exchange rate of the dollar against the dinar, which represents a difficult choice because the increase is reflected in the price and increase the suffering of the categories and a low -income, as well as its impact on other aspects . Also to reduce the foreign private sector currency sales , apart from the legal and regulatory adapt, means a widening gap between foreign and demand for currency is displayed in the market, and its result to increase the difference between the official price and the price the last buyer, and rising imports prices, and thus brokers category gains rise to unreasonable levels at the expense of the national economy and the general budget and the citizen. Just as the central bank can not influence the demand for foreign currency, are also provided, it also can not foreign currency received from the Ministry of Finance or other entities volume control (on the meager contribution), which is why we say that the central bank has no control over the size of foreign reserves, any rise and fall to factors outside his control, and therefore be clarified which over the sale of foreign currency process is governed by the nature of the financial resources cycle and factors of demand and supply, the central bank and the leading role of the balance between the two in order to preserve the exchange rate and thus preserve the public prices and purchasing power, and this is the foundation of the Central Bank that the task stipulated by the law ( to maintain the general level of prices). 
the talk revolves mostly about why the central bank sales of the dollar (offer), but not taken to talking about the reason for purchases of the dollar (demand), while the research and analysis on the demand side leads to correct gaps imbalances and developments in the macroeconomic and fiscal policy, and other phenomena that affect, that the demand for the purchase of the dollar 's strength is due to several reasons beyond the control of the central bank, including weak or limited production base and single resources, and a lack of vision or a specimen macroeconomic, and the consequences of any reliance on Import of goods and services is almost entirely .ahrob capital abroad, investment or Edjara due to the absence of political stability and security, the big challenges facing the work environment .daf, corruption and tax customs organs, creating high incomes tend to excessive consumption , or escape to the outside, both constitute a direct pressure on the demand to buy the dollar. 
limited remittances from abroad and the failure to attract investment into Iraq. 
weakness of the banking system and its inability to mobilize resources for the purposes of activating economic sectors, high liquidity ratio has for his reluctance to make loans because of the conditions and limiting its activities and services on marginal operations and investments limited. 
insufficiency of health services, educational and tourist inside Iraq, what drives a lot of travel outside Iraq to receive those services .ahjrh large numbers of citizens to other countries after the sale of their property and transfer it to the outside, especially after what has happened many areas to crimes of terrorism and military operations . 
severe lag in the application of laws that limit the dumping of the Iraqi market of imported goods and stimulate national production policy and those laws  
- law of customs tariff. 
- local product Protection Act. 
- consumer Protection Act. 
as well as a chronic imbalance in the border ports resulting in extreme vulnerability management in the application of laws and instructions and standards of quality control. the central bank sales of the dollar analyze and convert them to the outside on the ground that it concerns exclusively Balastairadat and higher sales amount for the estimated imports placed under suspicion table, the analysis neglects the other purposes of the conversion, there is a significant proportion of remittances represent migration money abroad , as well as a variety of other personal and even foreign currency possession inside Iraq . from the common errors compared to the government 's revenues from dollar sales of the dollar, as some people assume that sales should match or be less than the income of the dollar, on the basis that imports the government determined in the basis of the sale of oil, and therefore have to think that the government does not spend more than its oil resources, and thus where it comes from demand for the dollar. 
and here make it clear that the demand for the dollar comes from the local currency ( the dinar), and the quantity that exposure of the local currency is not only the source of the replacement of the Ministry of finance its supplier dollar dinar, but that there is government spending covered from remittances, Treasury bills , local loans (from government banks) Foreign loans, for example, the total amount borrowed government (from the sources mentioned) is about 26 trillion dinars to cover the shortfall in the year 2015 and this year, and this amount in the majority turns into a demand for goods and services , which are mostly imported, and thus the linking central bank sales of the vendor 's oil connecting inaccurate because it did not take into consideration the money supply (JD) derived from the sources mentioned, as well as loans granted by banks to the private and the public sector, we note here that the draft budget bill for 2016, which included the financing of the budget with loans, bonds and other more than $ 20 trillion dinars almost fill the projected deficit. 
the drop in oil prices by more than the 70% about not accompanied by a decline in the share of foreign companies extracted oil , because those companies charge their share of the amount of production apart from selling a barrel price, which means a direct and sharp decline in the dollar supplier to the government and thus lower received from the dollar to the Central Bank, and if we take into consideration that there is a rate of about 25% of the dollar supplier goes directly the Ministry of Finance to pay imports government obligations foreign debt, the size of the decline in the dollar received from the Central Bank would be great, and with the continued issuance of the state budget a large deficit is financed is the basis of the loans, remittances and internal bond, it means a decrease in imports from the dollar is accompanied by a decrease spending the same extent and coverage of those versions in local currency means that demand for the dollar will remain high (height spending) is not matched Ward dollarised at the same level, and this chronic phenomenon in the oil -producing countries, (Iraq specimen most prominent in this phenomenon) covered when he spoke of using foreign currency reserves, as it has happened in the year 2009, reaching central bank sales ratio of dollar to import Bank of the dollar, the percentage of 148% and be compensated in the past with high Alnaftyh.alrkabh resources and control over the sale of foreign currency operations.The role was imperative for the central bank to do is preventive censorship basis via the controls on the legality of money involved in buying the dollar, by applying the rules and procedures for combating money laundering, and the application of the principle of (Know Your Customer), activating stated in the central bank law and the law anti - money laundering for the year 2004, which provided for the formation of the reporting of money laundering office, however , unfortunately not Directors of the Bank enabled this responsibility and this despite the passage of so many years on the enactment of the law office, but the administration is not convinced of the performance of this task, I have been since the previous years trying to with brother d. Shabibi persuade him of the importance of and the need for it, but these attempts have not succeeded despite the intervention of the Economic Committee, and the Board of Supreme Audit and the Integrity Commission, When the World Bank published a report in 2012 which contained more than 700 note about the situation in Iraq in terms of money laundering was submitted to the ILO financial (FATF), an international organization concerned with the issue, this report would have led to the situation in Iraq in the black list, which puts him in the likeness of the ban on foreign financial and banking dealings.

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[Big_J]

[BJinMontreal]

A long read and somewhat confounding at times - but hopefully things are turning around at the CBI and al-Maliki's "friends" will all soon be out of office and replaced by persons whom know the subject matter of the department they are heading.