" The Dinar Daily ", Saturday, 27 July 2013
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    " The Dinar Daily ", Saturday, 27 July 2013

    07/27/2013

    CBI in a strong position and can maintain the value of the dinar

    Head of Mission of the International Monetary Fund (morning):

    BAGHDAD - Hussein ثغب Tamimi

    stressed the IMF on the need to adopt the process of economic reform and broad, as Usher strengths and imbalances in the joints Economic came in a report the Fund's Article IV of 2013 on Iraq, which is the assessment annual appreciation on the part of the International Monetary Fund (IMF) to the economies of the Member States in the Fund, and issue a report accompanied by my assessment of the latest economic developments in those countries, and the expectations of experts Fund for growth in the overall economy as a whole three to five years following the date of issuance of the report. The section on Iraq, the report is based on the consultative meetings held with the Iraqi side, and the Iraqi private sector and members of the Iraqi civil society, in March of 2013.

    economic reform, structural and widespread

    head of the IMF mission to Iraq Carlo Sdrallweg in an interview ( morning): Iraq needs to formulate structural economic reform agenda and widespread, and even more importantly, it needs to follow up the implementation of that agenda with all its contents. There is still a lot of work to be done in the area of public finance, not only in improving the management of the budget, but more important than that to be in the area of improving growth and poverty reduction as well, and pointed to the importance of raising the quality of spending, and this can be achieved, In the first place, by eliminating waste, and direct expenses to the poor even more. Indicating the need for Iraq to focus on increasing the level of provision of electric power, and the restructuring of state-owned companies owned by the state, and streamline regulations to help ensure its focus on helping the private sector rather than the imposition of restrictions upon, and pointed out that Iraq needs as well as to revive agriculture, including reform of the system PDS has contributed to the decline in domestic agricultural production through large food imports. We recognize and are aware that all these measures are difficult to perform, and will require time. Therefore, the need for requiring the adoption of a realistic approach and settled to achieve all that.

    in question (morning) on exposure of the private banking sector in recent times to attack by the pretext of money laundering and illegal transfer of funds. Do you see that building?

    said in answering We are not aware of any specific cases of money laundering particular, but we recommend that the Central Bank of Iraq to redouble its efforts in promoting a stable financial sector and safe.

    In this regard, the commitment of the Iraqi Central Bank Governor on behalf of, and to strengthen the work of the Banking Control encourages us to push for the implementation of this recommendation.

    In our view, a lot of work still to be done to improve control over the banks, and examples, supplying banking supervision cadres better, and training courses better, and outsourcing joint (with other government agencies) "co-sourcing" of the functions of the Department of Control banks to the Central Bank of Iraq, to improve the framework for the addition to expand the reach of the regulatory business to include government-owned banks to the state.

    Moreover, the improvement of the framework for combating money laundering and the financing of terrorism, in line with the recommendations of the Financial Action Task Force for the Middle East and North Africa (MENA FATF), along with the continuous efforts in strengthening errands control carried out by the Central Bank of Iraq on combating money laundering and the financing of terrorism, it would be that would help in addressing the concerns of money laundering and financing of terrorism and processed. It must also develop financial infrastructure, such as reporting on the historical background of credits and recordings collateral (assets guarantor), and ways of banking technology, in order to support the performance of the banking sector.

    and the Iraqi dinar exchange rate and on the role of the Iraqi Central Bank in the currency auctions. In your opinion, what should the central do about it?

    Sdrallweg clarified the matter, saying that we need to believe that the Central Bank releases foreign exchange system at the earliest opportunity where this editorial is possible technically.

    We expect that the relaxation of regulations of foreign exchange would provide the funds needed by the Iraqi citizens in U.S. dollars, and to help the Iraqi economy, and reduces the difference in question, which fell fell sharply in fact, after the measures newly taken by the Central Bank of Iraq, which simplified market transactions, and opened it in front of customers.

    This means, the minimum, the opportunity to get any Iraqi citizen on foreign exchange, if it wishes to make any transaction ongoing international legitimate, for example, for the purposes of importing goods, as well as for interest payments, or transfers for expenses family.

    power bank Central

    and he said we understand there همين Co يبعثان the concern on the liberalization of the foreign exchange system. First, some have argued saying that the opening of the auction probably works on the Iraqi depletion of reserves of foreign exchange to levels dangerously low, thereby undermining the value of the Iraqi dinar.

    It also does not believe that this decline in the value of the dinar will happen on the ground because the Central Bank of Iraq in a strong position with him can maintain the value of the dinar, and because foreign exchange inflows from oil revenues are too high. The CBI has the amount and plenty of reserves amounting to the level of more than 70 billion U.S. dollars, a large sum to a degree sufficient to cover more than the value of nine months of imports, or to cover more than 104 percent of the money before the broad sense; sense that it is equal to all of Iraqi dinars in circulation in addition to deposits.

    misuse of foreign exchange

    and The second Alhmin is the ability of the central bank to prevent the misuse of foreign exchange in illegal activities. We do not believe that the currency auctions are the right tool to prevent misuse mentioned. As is the case at the level of international best practices, the IMF recommends that address the concerns of money laundering through the due diligence (or conduct of the study precluding doubt) to customers, and transaction reporting doubtful the Investigation Unit (intelligence) financial, rather than restrict free access to the auction. Accordingly, the liberalization of auction foreign exchange needs, in parallel with the editing, to be accompanied by a strengthening of errands regulatory carried out by the CBI and other government agencies on combating money laundering and terrorist financing.

    Asked about the possibility of moving to a free economy in line with the Constitution Iraq?

    drew Sdrallweg that Iraq did not adopt clear economic policy (economic model and clear) and live in a state troubled between a planned economy to him (router) and the free market economy.

    and pointed out that the model of the current economic growth, which play a government the dominant role in the Iraqi economy, taking a its limits. In order for any free economy to develop on a sustainable basis, the government needs to implement a combination of macroeconomic policies, good governance, and to enhance the delivery of services, and the rebuilding of infrastructure, particularly in the electric power sector, in addition to strengthening the business environment, these measures will support the growth of the private sector, but last but not least, it is imperative for the government to know the limits of the maximum capacity, in order to leave space..

    https://www.alsabaah.iq/ArticleShow.aspx?ID=50872
    Last edited by magnetlady; 07-27-2013 at 09:44 PM.

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