Negotiations to form a government .. “Asron” gets the post of governor of the Central Bank

BAGHDAD / A senior political source said on Saturday that the post of governor of the Central Bank in the new government formation “resolved” a figure loyal to the leader of the Sadrist movement Moqtada al-Sadr, indicating that the agreement on the post was after talks between the coalition “Ssron” and Fatah.

The source said, “the eye of Iraq News,” that “the negotiations and recent talks between the coalition and other Fatah led to an agreement between the parties to resolve the post of governor of the Central Bank of Iraq in the new government formation in favor of a close to Muqtada al-Sadr.”

The source, who asked not to be named, said that “Sawson won the post after pressure during his dialogues with the conquest.”

Media sources had reported on Friday that Prime Minister Adel Abdul Mahdi had sacked the governor of the Central Bank of Iraq acting Ali al-Alaq, but local media outlets quoted a source close to the links of exile Naveh.

The issue of the inclusion of the Governor of the Central Bank by proxy Ali al-Alaq in the printed from the new aunt for a wide range within the political circles and specialists in this aspect as the Iraqi Council of Representatives held a session dedicated to discuss this matter.

The governor of the Central Bank of Iraq Ali Alaak said that the rains “damaged” about seven billion dinars (about six million dollars) within the Rafidain government.

Al-Alak said in an intervention during his attendance at the parliament session on Monday that the rainwater had entered the coffers of the bank and caused damage to the banknotes stored in those safes.

“In this case, Rafidain Bank requests the replacement of these securities by the Central Bank,” he said, adding that the bank keeps documents to prove the validity of the issuance of currencies that have been damaged.

Al-Alaq said that the Central Bank, in accordance with its instructions and regulations, “replaces the currency when exposed to damage due to various accidents such as drowning, burning or anything else.” Finished

Source: Aynaliraqnews.com

Parliament moves to re-independence of the Central Bank of Iraq!

Parliament moves to re-independence of the Central Bank of IraqBAGHDAD / The deputy MP of the Kurdistan Democratic Party (KDP), Pierre Taher, said on Thursday that parliament is moving to take measures to restore the independence of the Central Bank.

Tahir said, “the eye of Iraq News,” that “there is negligence and a clear negligence in the performance of the work of the Central Bank of Iraq, and his work lacks the full professional and there are several shortcomings in aspects of service provided and performance,” noting that “the Governor of the Central Bank bears waste more than 7 Billion Iraqi dinars in circumstances attributed to the floods previously flooded the province of Baghdad. ”

He added that “the parliament will take the necessary measures to restore the independence of the Central Bank and the performance of his work fully professional to contribute to the revitalization of the national economy.”

Source: Aynaliraqnews.com

Central Bank governor sacked following damaged money remarks

Prime Minister Adel Abdul-Mahdi sacked the governor of the Central Bank Ali al-Alaq after the latter announced the damage of billions of dinars due to rains in 2013, Informed political sources said on Friday.

Iraqi Central Bank Governor Ali al-Alaq’s announcement of the damage of 7 billion dinars at the Rafidain Bank because of rain has drawn sharp political and social criticism, with calls for the Baghdad government to open an investigation into the incident, which may reveal much corruption.

Over the past 15 years, Iraq has reportedly lost €194 billion of public funds.Corruption is responsible for this through methods including fake contracts and salaries for fictional employees.

Iraq is ranked 12th among the most corrupt countries in the world, while various areas, including Baghdad and Basra, witness frequent demonstrations denouncing the poor management of the country and the lack of public services.

Read More: Thebaghdadpost.com

Prime Minister Adel Abdul Mahdi, dismissed the governor of the Central Bank of Iraq​

Shaafaq News / Informed media sources said on Friday that the Prime Minister Adel Abdul Mahdi, dismissed the governor of the Central Bank of Iraq acting on the links.

The sources said today that information indicating the signing of Abdul Mahdi to dismiss the ties from his post against the backdrop of the recent confirmation of the damage of 7 billion Iraqi dinars water.

The sources added that Abdul Mahdi assigned the Iraqi businessman Ahmad Al-Sarraf to the post of governor of the Central Bank.

The relations had said on Monday during hosting the parliament that the amount of 7 billion Iraqi dinars (5 million 882 thousand dollars) was damaged by 100 percent, due to leakage of rainwater to the coffers of Rafidain Bank, reducing the importance of the matter because the amount is worth only the cost of printing .

The statements made by the Governor of the Central Bank of Kuwait have been widely discussed and questioned about the quality of the currency and the place of deposit, and the measures that the Bank provides to protect local currency against damage caused by any opposition to it.

About two months ago, the governor of the Central Bank Ali al-Alaq raised a great controversy after putting his name on the Iraqi currency instead of signing, in an unprecedented precedent since the establishment of the Iraqi state in 1920.

A month before the end of the government in March 2016, Prime Minister Nuri al-Maliki appointed the Secretary-General of the Council of Ministers Ali Al-Alaq as Governor of the Central Bank.

Article Credit: http://www.shafaaq.com/

The issue of the Central Bank of Iraq interact and threaten to overthrow the figures of the budget

The issue of the destruction of seven billion Iraqi dinars from the central bank funds, as a result of poor storage, which was admitted by the governor of the bank last, the dimensions of a dangerous. While officials have begun to open an investigation and interrogate the governor and collect files condemning certain political parties , another is trying to delay the case, at a time when officials are likely to drag influential political figures and figures .

A deputy for the alliance of victory, for the “new Arab”, that “the issue of the Central Bank began, and cannot pass without account,” noting that “the deputies of the Alliance of victory and other alliances began to collect signatures to question the governor of the Central Bank in Parliament , Adults in it “.

He stressed that “parties within the bank revealed to us about serious circumstances in the incident, and the political parties benefiting from them, and we began to collect information and evidence that will reveal large corruption deals within the Central Bank, in support and coordination with certain parties,” noting that ” Political dumping the central bank files corruption for years. “

He pointed out that “the leader of the rule of law, Nuri al-Maliki, will be the first person to come on behalf of suspicious bank transactions, as well as other people working as arms to political parties,” noting that “signatures will be presented to the presidency of parliament during the next parliamentary session.”

And started certain political parties to work to delay the issue of the Central Bank, through the formation of special investigative committees to follow up the case.

The MP of the Fatah Alliance, Haneen Qado, in a press statement, “The next parliament session will be hosted by the Governor of the Central Bank, to show the fact of the loss of seven billion dinars, and the Parliament will work to detect the defaulters and the cause of dumping money, as the loss of this large amount of state funds Management failure “.

“The parliament will form a fact-finding committee, in cooperation with the Integrity Commission , to expose the defaulters and take punitive measures against them,” he said.

The leader of the Sadrist movement Moqtada al-Sadr, has called on the judiciary to arrest those involved in the damage of the seven billion, and hold them legally accountable.

Politicians confirm that efforts to form a parliamentary committee to follow up on the issue is a “suspicious” step aimed at delaying the case.

The leader of the civil coalition, Naim al-Amri, told the “new Arab”, “Parliamentary committees are not a solution, but is a delay of the solution, and we have noted over the previous three parliamentary sessions that the parliamentary committees did not come out the outcome of any issue.”

He stressed that “the formation of the Committee will not prevent the completion of our steps in the questioning of the Governor of the Central Bank, and we will do our best to reveal the truth, despite attempts to procrastinate,” highlighting that “the issue is linked to the strength of the people, can not be silent about them,

The governor of the Central Bank defended himself by saying that the incident took place in 2013, that is, before taking office, that is during the period of the government of Nuri al-Maliki, stressing that the bank’s governor was then Abdul Basit Turki, who was the head of the Office of Financial Supervision.

Article Credit: https://www.alaraby.co.uk/

Central Bank: The process of exchange of banknotes takes place daily

Economy News Baghdad: The Central Bank of Iraq revealed on Thursday the reasons that led to the replacement of damaged banknotes in 2013, stressing that all procedures related to the replacement of those securities “took place according to the law instructions and controls ,” noting that the process of exchange of banknotes is a daily process.

“The cash exchange process is a daily function, and if we assume that the central bank did not receive the banknotes (the damaged banknotes in 2013) or the last receipt, the banknotes will cause more problems,” said Ihsan al-Yasiri, director general of the central bank, in a press conference. Rot, and will constitute damage to the treasury of Rafidain Bank, and will pass the loss to the owner of the bank, which is the Ministry of Finance so the central bank received and conducted the process of replacement .

For his part, said the Director General of the Legal Department in the bank, Mustafa Ghaleb, “Article 33 and Article 34 of the law of the Central Bank of Iraq No. 56 of 2004 was clear on the replacement of paper currency and cash damaged and is considered one of the core duties and functions of the Central Bank of Iraq based on the law ” .

He added that “this process is carried out by the mechanism and controls and instructions issued by the issuance department and the treasury in the bank, which has implemented instructions on the subject in question,” noting that “all procedures related to the replacement of currency in a timely manner in 2013 took place in accordance with the law and instructions and controls .”

Source: Economy-news.net

Rafidain Bank on Wednesday issued a clarification on the amount of seven billion dinars

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Rafidain Bank on Wednesday issued a clarification on the amount of seven billion dinars, stressing that these banknotes were “damaged and ready for replacement.”
The director of the Rafidain Bank Khawla al-Asadi said in a statement, “Economy News”, “What happened in 2013 of the losses in the street Rashid caused by heavy rain led to the cracking of some of the walls of safes and the rise in water level Tigris River above the level of safes, Led to the entry of water from the doors of safes and walls and through the drainage networks, which represents a force majeure on the bank.

“The destruction of banknotes and replacing them with the Central Bank is a legal process according to the law and controls and instructions adopted in the management of cash between the Central Bank and banks.”

Al-Asadi pointed out that “the banknotes that were exposed to water in time are bad notes that were intended to be exchanged with the Central Bank, based on article 34, paragraph 1, of the Central Bank Law No. 56 of 2004, which states that the legal currency of non-negotiable paper and metal currencies Without prejudice to paragraph (h) of this Article, the Central Bank shall withdraw any paper or metal currencies that are in a non-negotiable condition and execute them and exchange them in paper or equivalent currencies in value.

“The replacement was at a cost and commission according to the controls of the Central Bank after due diligence was taken to prove the case and all concerned parties in the whole subject.”

The governor of the Central Bank Ali Al-Alaq made statements during his hosting before Parliament, before Monday, “12 November 2018” in which he said that the amount of 7 billion Iraqi dinars were damaged by 100 percent, due to leakage of rainwater to the coffers of Rafidain Bank.

Article Credit: http://economy-news.net/

The central bank reveals the amount of cash and gold reserves currently in Iraq

Information / special …  Revealed the Central Bank of Iraq, Thursday, total printed from the Iraqi currency in the whole country, which is estimated at 40 trillion dinars, noting that Iraq has reserves of foreign currency and gold isestimated at more than $ 60 billion.

“Iraq has plans and strategies that it is working on periodically to make adjustments to the currency and pull out the damaged from public markets and replace it with a new one,” said Central Bank spokesman Bassem Abdulhadi.

He added that “the total Iraqi currency printed in the public market, banks and coffers of the bank up to 40 trillion Iraqi dinars,” noting that “there is no intention at the present time to issue any new category and existing categories that cover the need of local Iraq.”
He said that “the total reserves of the Bank of foreign currency and gold is estimated at more than 60 billion dollars,” noting that “this figure is variable and depends on Iraqi oil exports to decline and rise.”

Source: Almaalomah.com

The CBI responds to the damage of the seven billion (Dinar)

{Baghdad: Al Furat News} The Central Bank of Iraq, the subject of sinking the amount of 7 billion dinars.

“The incident occurred in Rafidain Bank in 2013 at the time of Abdul Basit Turki as governor of the Central Bank in addition to being the head of the Financial Control Bureau at the time and took what to take in accordance with the law and instructions of the Central Bank And state regulators. ”

He added that “the functions of the Central Bank in accordance with the law is the replacement of damaged and invalid papers and this is done continuously to maintain the sustainability of dealing in local currency and stability.”

The statement pointed out that “the cost of replacing the banknotes is the cost of printing, which is different from the value of the currency much, not loss of 7 billion dinars, and some argue that the currency that was sinking would have been replaced even if it did not sink because the life is over.

He pointed out that “the Central Bank expresses its deep surprise to raise this issue after five years and at this particular time, noting that the subject is settled procedural and legal in its history.”

He called on the Central Bank of Iraq “all the media to be careful and careful in the transfer of data and deal with it because of the impact on the state of financial stability and price achieved by the Central Bank of great efforts and recognition of international organizations during the past years.”

Article Credit: http://alforatnews.com/

Parliament discusses monetary policy and amend the bill of the budget of 2019

​(Baghdad: Al Furat News) The House of Representatives discussed in its 13th session held under the chairmanship of Mr. Mohamed Halboussi, Speaker of the House of Representatives on Monday, in the presence of 234 deputies, monetary policy in the presence of the Governor of the Central Bank and the amendment of the federal budget for 2019 with the participation of the Minister of Finance and Deputy Prime Minister for Economic Affairs .

A statement by the Information Department of the House of Representatives, received the agency {Euphrates News} copy of it, at the outset of the session Jassim Mohan al-Bekhati was sworn in as a member of the House of Representatives after the vote to add this paragraph to the agenda.

President Halabousi discussed the topics of improving the ration card items and the decisions of the previous government during the period of the conduct of business and related to Najaf airport in the next session.

The Council voted on the formation of a fact-finding committee on the security events in Ninewa province, which includes deputies of the province and those who wish to ladies and gentlemen MPs.

The Board discussed the presence of Ali Mohsen Al-Alaq, Governor of the Central Bank and members of the Board of Directors and Mr. Faisal Al-Hims, Director of the Iraqi Bank for Trade, Monetary Policy.

At the beginning of the hosting, the President of the Council welcomed the attendees to discuss the financial and monetary situation and the work of the Central Bank, praising the success of the Central Bank in addressing the economic challenges and face the financial crisis, pointing out the existence of problems in need of quick fixes.

In his speech during the meeting, Mohsen Al-Alaq, Governor of the Central Bank, stressed that the bank was able to urge the pace and efforts to confront financial crises with minimal damage and better than expectations. And initiatives in the first strategy full of visions and objectives to address the vacuum and backwardness of the tremendous developments experienced by the bank and the banking sector for periods of time.

He explained that the approved plan was real and measured by a careful follow-up by a specialized department in the Central Bank to follow up all the developments that took place and included the introduction of jobs and tasks that developed within the body of the Central Bank after the introduction of several departments in it, noting the launch of a lending initiative of 6 trillion dinars for the industrial sector, And the real estate, which amounted to about 2 trillion and 500 billion dinars for the last two sectors as well as to achieve financial stability in light of the current challenges, which was reflected in the provision of salaries to employees and corporate dues during the past years, noting that inflation did not exceed 2% in a thousand Rh recent Iraq has become part of the international standards followed in this regard.

As for the building of the Central Bank of Iraq has been between the relations that the project seemed before assuming office, specifically in 2010 through the contract with the Office of Architecture Zaha Hadid directly, the new building has special specifications and advanced electronically.

In turn, Walid Aydi Abdul Nabi, a consultant at the Central Bank, pointed out that the bank studied the tenders submitted by 4 foreign companies and after a series of meetings by consultants in the bank was referred to an Azerbaijani company, pointing out that the Economic Affairs Committee decided to exclude the building of the Central Bank of the provisions of government contracts And to recommend to the General Secretariat of the Council of Ministers for the purpose of presenting the vote in the Council of Ministers being outside the competence of the Economic Committee, noting that the estimated cost of the project amounted to about 823 million dollars, while the negotiated cost was reduced to 772 million dollars, The company has a long history in executing projects in a number of countries in the world.

Al-Alak said in response to a question about the causes of corruption of 12 billion dinars, that the damage was before the ascension of the position when the coffers of the Rafidain Bank to sink because of heavy rains in 2012 and caused damage to the banknotes after the arrival of water to the stores, explaining that the Central Bank to exchange currencies at And the imposition of a certain fine on the management of Rafidain Bank has been reduced after considering what was spent and fate, especially that these securities outside the age of time, noting that the Central Bank lost the cost of printing banknotes and it represents nothing much, although the amount was up to 7 billion dinars With a much lower value than that, as well as an international certificate of cash management.

He pointed out that the reserves of the Central Bank of Iraq is different from the government reserves, noting that the government reserves result from the surplus achieved by the Ministry of Finance, which happened in the years before 2012, where the reserve reached in 2012 to about $ 20 billion decreased after the deficit to small amounts.

The Governor of the Central Bank that the reserves of the bank currently higher than the previous, which reached in 2014 about 66 billion dollars, while the reserve currently about 61 billion dollars, as well as the existence of $ 15 billion debt to the Central Bank of the government to finance the budget deficit, To buy Treasury remittances and financial bonds from the market, especially that the oil revenues did not exceed the net about $ 2.5 billion per month while salaries 4 billion per month, which could lead to the collapse of the economic situation, which imposed the intervention of the Central Bank, noting that the adequacy of the reserve in Iraq according to international standards Currently 169% of the Expected to arrive after two months to about 180% and the size of the Iraqi currency traded in the market amounted to 43 trillion dinars.

The interventions and inquiries of the ladies and gentlemen during the discussion focused on the importance of good management of financial reserves and clarification of how to act in foreign currency from the oil resource and the amount of remittances abroad and the expected savings from foreign currency at the end of the year in addition to knowing the disbursement of $ 21 billion of the financial reserve, which was $ 81 billion And to go to 60 billion dollars later as well as the reasons for resorting to the purchase of commercial papers with the feasibility statement of opening foreign banks without providing any economic benefits.

In his reply, the central bank governor pointed out that the relationship between deficit and monetary policy will be present in the debate of the House of Representatives on the budget, calling for the participation of the Central Bank in the meetings of the House of Representatives on the federal budget.

Then the Presidency of the Council decided to postpone the completion of the discussion of the subject of the Central Bank until after the hosting of the State Budget Committee.
The Council hosted the Governmental Committee on the Draft Federal Budget Law of the Republic of Iraq for the fiscal year 2019, headed by Finance Minister Fuad Hussein, Deputy Prime Minister for Economic Affairs and his accompanying delegation.

The First Deputy Speaker of the House of Representatives Hassan Karim al-Kaabi, during his presiding over part of the session, welcomed the government delegation to discuss the budget.

In his speech during the hosting, the Minister of Finance stressed that the budget was prepared by the previous government in accordance with different visions of the current government views on construction and investment, noting the importance of time by the government and the House of Representatives to resolve the budget, adding that the government is about to introduce a new philosophy of the economic situation is Private sector investment and investment.

The Minister of Finance and Deputy Prime Minister for Financial and Economic Affairs to the readiness of the Committee to deal positively with the proposals of the deputies for the purpose of maturing the budget, and expressed his willingness to cooperate with the House of Representatives and the Finance Committee in the Council through holding joint meetings to gather ideas to benefit from them after being put to the Council of Ministers and discuss the possibility The amendment of the budget, noting the existence of a proposal to assign a staff member the task of coordinating between the ministry and the House of Representatives.

Finance Minister Fuad Hussein said that the draft budget is still a project that requires continuous discussion by ministers, which requires its end within two weeks, pointing out that the government is prepared not to change the budget within the available means and in harmony with the vision of the House of Representatives.

For his part, Maher Hammad, Undersecretary of the Ministry of Finance to the adoption of the price of oil $ 56 and exports of 3 million and 880 thousand barrels, as well as the presence of 7 trillion dinars, current expenditures increased from last year in addition to increasing investment expenditures and allocate 4 trillion dinars in the area of ​​support in various areas such as ration card and farmers And an increase in regional development allocations and petrodollar projects.

The interventions of Ladies and Gentlemen focused on the affirmation that the budget prepared the mind of the previous government and adopted on the austerity and demands of the Council represents the needs of the Iraqi street, asking about the objectives of the budget prepared and mechanisms to adopt the price of a barrel of oil $ 56 despite the increase in oil prices and rebuilding the budget again Consistent with the vision of construction.

The interventions included knowledge of the reasons for the recalculation of the Kurdistan region’s proportion of approximately 12%, while the existence of estimates from the Ministry of Planning indicate that the proportion of the region up to about 14%, pointing out that the budget of 2019 does not build the economy of the country and differ from the curriculum of the government, put forward by Mr. Prime Minister, demanding By allowing the private sector to manage the state and manage the economy.

The interventions dealt with the reasons for not allocating a logical budget to the affected governorates and not taking into account the suffering of the people of those provinces with the need to treat Halabja governorate as an independent province, encouraging investment and private sector, providing loans and developing non-oil revenues, and increasing regional development projects as the best solution to eliminate unemployment, Of the value of barrels of oil to support the ration card, and the quest to install all contracts and wages daily, especially in the Ministry of Electricity and work to grant the Kurdistan region share according to the benefits and pay the dues of farmers.

Article Credit: http://alforatnews.com/