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Control of the exchange rate is achieved by supporting the Central Bank's measures


yota691
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 money and business


Economy News _ Baghdad

Adviser to the Association of Iraqi Private Banks, Samir Al-Nusairi, confirmed, on Wednesday, that stability in the monetary system is the main step for moving towards economic stability.
Al-Nusairi said in an interview with "Al-Iqtisad News", that the monetary system faced, during its long march, challenges, the most prominent of which are the deficit in non-oil revenue, the deficit in the balance of payments, the deficit in public budgets, and the lack of clarity in financial policies due to the lack of regulation of the customs and tax sectors and the automation of border crossings, which requires adoption as a goal. Central to the reform of fiscal policy, in addition to the confusion of the systematic vision of macroeconomic management from the relevant authorities.
He pointed out that monetary policy was and still constitutes a fundamental theme in the economic process in the country, as it is a reflection of the general performance of the state and the extent of its seriousness in avoiding difficulties, dilemmas and crises and making it consistent with the goals set.  
He added that in light of the economic changes after 2003, the need arose for radical reform of the Central Bank, and the new law was issued, which confirmed its independence and established its primary role in protecting the country's resources. Concern for the safety of monetary operations through the foreign currency sale window is also essential in the bank’s performance and to establish the principles and rules of legitimate dealing in a sound atmosphere of control and supervision. 
Al-Nusairi explained that the process of selling foreign currency needs a deep understanding in light of the major accusations against the Central Bank without evidence proving the existence of suspicions of corruption, money laundering or currency smuggling. And the proposition that says that selling currency is a waste of public money, this description has nothing to do with economic science.
He noted that the Central Bank of Iraq exercises multi-dimensional functions, as it is concerned with financial stability, managing the payments system, managing foreign reserves, licensing and controlling banks and financial institutions, and setting up preventive controls, in addition to other tasks related to monetary issuance and dissemination of data, indicators and economic forecasts. 
And he indicated that the main tasks carried out by the Central Bank are managing monetary policy, which aims to control inflation, stimulate the economy, balance the balance of payments and achieve monetary stability.

 
 
Views 121   Date added 25/08/2021
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6 minutes ago, yota691 said:
Al-Nusairi: Monetary stability represents the starting point for economic stability
And he indicated that the main tasks carried out by the Central Bank are managing monetary policy, which aims to control inflation, stimulate the economy, balance the balance of payments and achieve monetary stability.

 

True ... headed in the right direction, now don't get side-tracked..! :cowboy2:

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4 hours ago, ronscarpa said:

 

I'm with you GD07 ... I believe he'll press hard for the people & Iraq because re-election will be a mandate. RON

So are we sure Kazemi is. Now running for the PM in the election?? Laidback said he cannot run I would think we should know for sure either way by now??

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1 hour ago, Dinarrock said:

So are we sure Kazemi is. Now running for the PM in the election?? Laidback said he cannot run I would think we should know for sure either way by now??

Kazemi said he didn’t want to run for PM but maybe he’s waiting till the last minute as a political maneuver. 
We wait and see.!

Go kazemi

Go development 

Go RV

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38 minutes ago, Laid Back said:

Kazemi said he didn’t want to run for PM but maybe he’s waiting till the last minute as a political maneuver. 
We wait and see.!

Go kazemi

Go development 

Go RV

 

Yeah that is what I was thinking also.   Politicians don't quit typically.   Hope he stays there and finishes the job! 

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On 8/25/2021 at 2:01 PM, Laid Back said:

Kazemi said he didn’t want to run for PM but maybe he’s waiting till the last minute as a political maneuver. 
We wait and see.!

Go kazemi

Go development 

Go RV

I love this theory. Let’s hope it comes true! If Kazemi was able to pull off the RV/RI before election, he would be the most popular politician on the planet—certainly the most popular amongst our Dinarvet group! 😉

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On 8/25/2021 at 4:01 PM, Laid Back said:

Kazemi said he didn’t want to run for PM but maybe he’s waiting till the last minute as a political maneuver. 
We wait and see.!

Go kazemi

Go development 

Go RV

Totally agree brother Laid Back, I believe Kazemi is the chosen one by the international community to bring Iraq back to the world’s stage. And what a way to assure his position then bringing strength to the currency.  We are not there yet, but, things sure look pretty darn good 👍 

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  • 1 month later...
 
29242.jpg
The new Central Bank of Iraq building
  

 Articles
 

Samir Al-Nusairi*

 Central banks in the countries of the world mainly aim to achieve economic stability by achieving stability in the monetary system and the financial system through their programs and strategies that aim to maintain stability in the exchange of their local currencies against other foreign currencies and to build sufficient foreign cash reserves to cover their local currency in circulation.

 In accordance with special international standards issued by the International Monetary Fund, banks are also evaluated based on other criteria related to facing crises, challenges, economic, political and security shocks, natural and epidemic disasters in their countries, controlling stable rates of inflation and interest rates, and applying internationally established regulations and rules for combating money laundering and terrorist financing.

Therefore, the Central Bank of Iraq issued last week new instructions to banks and exchange companies and mediation in the sale and purchase of licensed foreign currencies. And externally, which leads to controlling and maintaining the stability of the exchange rate and compliance with the requirements of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2021.

The Governor discussed what was mentioned in the instructions with the heads of the boards of directors and the authorized managers in a specialized workshop in which he explained the objectives of issuing the instructions and the procedures required of banks to implement them as of 10/17/2021, with an emphasis on the need for banks to practice their real work as established in their Law No. 94 of the year 20034 and focus on banking finance and the many banking products that contribute to the transition of banking work from banking to contributing to development.

The economic conditions and crises, the financial deficit and the decline in the financial position of the public finances, which led to a change in the exchange rate of the Iraqi dinar for the purpose of overcoming the above crises with the Central Bank taking many measures and initiatives to stimulate the economy and revitalize the economic cycle, which contributed to the passage of nine months after the exchange rate change that the rate of control is controlled Exchange in the trading market for about a month at the target rate of 1470 dinars against the US dollar. Therefore, the new instructions regulate the process of selling foreign currency in the currency window, through which it will be implemented to maintain the stability of the exchange rate, control the movement of foreign currency locally and internationally, and abide by international standards for compliance rules and combating money laundering and terrorist financing. 

We do not forget here how the dollar devoured the local currencies of neighboring and regional countries, which suffered from a circumstance similar to that of Iraq, such as Iran, Turkey, Lebanon and Syria, where their local currency collapsed in very large proportions. While the Iraqi dinar exchange rate stabilized within the target rate of the Central Bank, despite the speculation in the market.

In order for the economic analyzes to be accurate and not extreme of the reality of monetary stability in Iraq and the effects of the expected economic, epidemiological and expected shocks on the exchange rate of the Iraqi dinar.

In order not to take the expectations of media intimidation and create a state of fear in the public and in the banking sector. I assert through an insightful economic and analytical view of the state of the monetary trading market and from a neutral and transparent point of view, we note that the steps, procedures and balanced financing initiatives of the Central Bank and the availability of foreign cash reserves at the rate and at the rate that Its sufficiency is determined to cover the monetary mass in circulation and to cover imports, as the foreign cash reserve is fully secured and Iraq ranks fourth in the Arab world. The Central Bank will make exceptional efforts in accordance with the monetary policy applications and to maintain the stability of the target rates of exchange rates.

 


   

*Economic and banking consultant

 
Views 137   Date Added 09/30/2021
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On 9/30/2021 at 8:46 AM, yota691 said:

the Central Bank of Iraq issued last week new instructions to banks and exchange companies and mediation in the sale and purchase of licensed foreign currencies. And externally, which leads to controlling and maintaining the stability of the exchange rate

 

On 9/30/2021 at 8:46 AM, yota691 said:

the procedures required of banks to implement them as of 10/17/2021, with an emphasis on the need for banks to practice their real work as established in their Law No. 94

practice their real work externally as of 10/17/2021 ?

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15 minutes ago, DWS112 said:

 

practice their real work externally as of 10/17/2021 ?

I thought it was odd that they have the date written month/day/year rather than their usual day/month/year. 
 

Also, “their Law No. 94 of the year 20034” …?  I’m going to guess they meant 2034?

 

Anyway, I’ll be watching October 17! 

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