Central Bank: Some criticism of state officials to delete the strategic behavior of the zeros is not responsible

[carlablum]

Central Bank: Some criticism of state officials to delete the strategic behavior of the zeros is not responsible

12 September, 2011 08:16:00

Considered the CBI criticism from some state employees to Strutijeth efforts to delete the three zeroes from the currency's actions as irresponsible.

A source at the Iraqi Central Bank, said the charges against the bank and criticism of his efforts to delete the three zeroes from the Iraqi currency motives are unknown and are incompatible with the rules of behavior that should be adhered to by state officials in tackling the issues of different countries, particularly the sensitive ones.

The source confirmed that the central bank is these actions as a clear violation of the rules of conduct and acting career, which is intended to compensate for de jure and international central bank to the risk of moral hazard to the public in various forms, and the central bank will retain the right to legal defense of his being loaded with the bodies responsible for compensating the interests of the country to the danger of prejudice to the financial irresponsible.

The source said the Committee on Economic Affairs in the Cabinet was appealed to the bank in 2007 to study the draft reform of the Iraqi currency through restructuring and deleting three zeros of them, so as to facilitate trading cash and reduce the transaction costs bitmap in the framework of Astartejah reform the system of cash management in the country, as it has done the majority of countries in the world, particularly those that left the stages of the turmoil and economic decline, which seeks to rebuild its cash on the basis of a strong and coherent.

He added that the bank was surprised to launch some government employees who hold jobs in the centers of the various state media attack is unprecedented on the bank, accusing him of saying there was work beyond the law, distort the idea of Monetary Reform, ignoring at the same time the nobility of the institution of national monetary guardian of the public money and the garrison of stability and economic development at the time won by the Central Bank of Iraq since its inception in 1947 until the present time and the respect and confidence of the financial institution and central banks in the world.

Kausar grace

http://translate.google.com/translat...%26prmd%3Divns

[Papster]

Thanks for the post..............shabs comes out......with a left hook........lets see if the GOI has a rebuttal..........GO DINAR

[hammer911]

OMG.....Shabs is a little ticd I would say!!!!...Come on Shabs... you can do it...GO RV!!!~~~

[R.O.D.]

does shabs have any real power though?

[MrFnHappy]

does shabs have any real power though?

Technically, total power. Read the CBI laws....they have (or, are supposed to have) complete control over monetary policy. It is stated the CBI is autonomous.

Edited September 13, 2011 by MrFnHappy

[Dalite]

does shabs have any real power though?

In mid to late June, they started upping the ante by expanding their tagline that is included in their press releases to indicate they have total autonomy

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The Central Bank of Iraq, has four branches in Basra and Sulaymaniyah, Irbil and Mosul, which was established as a bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of reserves and the issuance of foreign currency management, as well as to regulate the banking sector

*********************************

Time will tell if Shabibi has to exercise it.

[zigmeister]

In mid to late June, they started upping the ante by expanding their tagline that is included in their press releases to indicate they have total autonomy

********************************

The Central Bank of Iraq, has four branches in Basra and Sulaymaniyah, Irbil and Mosul, which was established as a bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of reserves and the issuance of foreign currency management, as well as to regulate the banking sector

*********************************

Time will tell if Shabibi has to exercise it.

Interesting Dalite, good info. It is sort of "whose gonna hit" at this point. It appears the heat is on in more places than one.

[MrFnHappy]

TY Dalite.

[hablrob]

Agreed. But the guy with the most machine guns wins, always.

Technically, total power. Read the CBI laws....they have (or, are supposed to have) complete control over monetary policy. It is stated the CBI is autonomous.

[Dalite]

Agreed. But the guy with the most machine guns wins, always.

This is why we should be concerned about Maliki gathering troops and tanks to the Green Zone...

Would an RD fall under the heading of "price stability the implementation of monetary policy"? the list after that "exchange rate, policies, management of reserves and the issuance of foreign currency" might say no, but monetary policy in general would seem to include it. Hard to know. Was the presentation of the plan to delete the zeros a political move to try and get folks on board early so they don't get upset later, or is an RD something that must to be voted on by parliament?

I am not sure, but I believe it was originally the Ministry of Finance that recommended RD; somewhere between 2003 and 2006.

When Shabibi took the position in 2007, it was already on the table.

The MOF may have some duties in the education and execution of such a plan, hence the vote.

The CBI would be hard pressed to do it without their agreement; but it appears they (CBI) have the sole power to prepare for, and initiate the plan.

These are some of those things that maybe time will tell.

It would be far better in the long run to present a unified front to the citizens and the rest of the world...

posted yesterday by Mariska (apology in advance for the spelling)

My link

Article 4.4 Page 10

4. If the CBI proposes to issue a regulation pursuant to this Law, it shall publish a draft of the proposed text of the regulation in a form and in a manner determined by it to be best calculated to bring the proposed regulation to the attention of the domestic financial sector and the general public. The draft shall be accompanied by an explanation of the purpose of the proposed regulation and a request for comments within a specified time of not less than one month after the date of publication of the draft. The CBI shall have regard to any comment received and issue the final text of the regulation accompanied by an account in general terms of the comments. The procedure set out in this paragraph shall not apply if the CBI determines that the delay involved would be a serious threat to the interests of the financial system or hinder the effective conduct of monetary policy, provided that such decision by the CBI shall be explained in the preamble to the regulation.

[Dalite]

Markinsa is the proper spelling

Again, my apologies. My link