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Theft of legitimacy and a large drop-in currency converter
Tuesday, December 9 / December 2014 - 20:41
D. On behalf of my sword
Author and editor of the Journal of Strategic Issues
After the end of the dictatorship and the return of oil to flow naturally and increases markedly improved situation has stabilized, but the Iraqi dinar against foreign currencies, especially the dollar, where it sold oil which is the basis of Iraq's income from foreign currencies. Although the central bank dollar selling follow the policy of auctions but the price has stabilized around 1200 Dinars to the dollar for many years the central bank continued to sell it for less than a little (about 1180) to the civil and governmental institutions that deal with the sale and purchase of dollar remittances from abroad, and the difference is a reasonable commission. Remittances are very important in the economy of the country as they affect foreign trade, inflation and development balance, and are used for multiple purposes the most important purchase of imported goods, travel citizens abroad, pay salaries and retirement Iraqis who lived abroad and who has become an increasing drain on the economy of Iraq and exit of hard currency, converting corporate profits and individuals, as well as money laundering of illegal theft and bribes to gain.
Some years ago, discovered the possibility of achieving large and easy profits by booking amount, which the central bank sells dollars and sell them at a higher price than what is prevalent. During the short period of reproduction of this and some income on the line many of the powerful and the whales of the rooms of the mine where the purchase of billion dollars from the central bank at 1180 dinars to the dollar and sell those dollars for external conversion needs at a price of 1260 means a profit of 80 thousand million dinars. The scandal exploded when a boat dollar than 1,300 dinars, and felt the weight of the merchant and the citizen and the impact on the increase in commodity prices, the government intervened and healthy the House of Representatives and allow the Integrity Commission and the opening of the investigation into the topic that enriched a lot of influential wealthy! The citizen, who pay a higher price for goods and services associated with the price of the dollar account. Trillions of dinars entered into this black hole without being able to most of the beneficiaries of accounting does not recover even a small portion of the money because they are selling and buying process and were suspicious theft legitimacy. It would be nice if some investigations showed that some of the beneficiaries have paid taxes or zakat or five on their profit-Haram.
Thanks to democracy and freedom of opinion and the media enables some who are keen on the interests of Iraq and its citizens to put an end to this theft lining some legitimacy through the development of an institutional solution is to connect the dollar for anyone who wants to buy a convertible without the monopoly of the powerful mechanism and also develop better controls when the conversion returned the dollar to its former glory and near of the sale price by the central bank. It is true that selling dollars to holders of Iraqi passports policy created passports rental market but contributed to reducing the monopoly and to reduce the dollar exchange rate. But the danger of the rise of the dollar again is still standing because of foreign trade and foreign transfers institutions are still weak and there are many visually receivables willing to exploit any loophole private wealth with weak accountability and protection of compatibility and also because the next display changes from the sale of oil and demand affected expectations and speculation can be a great and imposing a large increase in the dollar price. Note that the increase in the dollar exchange rate against the dinar in the event of the rise of the dollar globally healthy for the Iraqi economy because it limits the landing imported from Asia and Europe, commodity prices have hurt the domestic production, and vice versa in the case of the falling dollar globally, which causes the rise of the prices of imported goods.
To be able to make a lot of economic and financial reforms, and on foreign trade and foreign transfers, there is an urgent need to open discussions to draw policies subject to the principle of pragmatism and the interests of Iraq and not productive new liberal beliefs in full freedom of the market and foreign remittances. This is necessary to implement the project to delete three zeros from the Iraqi dinar shall be dinar reasonable value in the deal and comparison with foreign currency, preferably if it were at the same time replace the Indian figures that we use now in Arabic numerals used by most countries of the world, and both procedures are making remarkable efficiency in the accounts and facilitate the variety of reforms in the economic sphere and the market interest rate, securities and facilitate the awareness of the numbers and value.
Most of the required reforms are in inventory and reduce the broker a commission between the central bank and the citizen / company that you want to convert and also to adjust transfers so as not to harm the national economy in terms of waste of hard currency and the reputation of the country in terms of money laundering and supporting terrorism. The biggest and the most important reform in the long run may need some time to implement it is out of the dependence of the Iraqi dinar to the dollar court also handled the Chinese yuan and the European euro and the Japanese yen in foreign trade. The Iraq can achieve significant economic gains through direct trade with China and India, two of the emerging countries on the global economic stage and export goods and a variety of projects for Iraq and Imkna provide them with what they need some of the oil and oil derivatives. Entering into joint ventures with these two countries can restore life of national industries, especially in the field of oil refining and marketing of derivatives and also petrochemical and transportation.
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Tuesday, December 9 / December 2014 - 20:41
D. On behalf of my sword
Author and editor of the Journal of Strategic Issues
After the end of the dictatorship and the return of oil to flow naturally and increases markedly improved situation has stabilized, but the Iraqi dinar against foreign currencies, especially the dollar, where it sold oil which is the basis of Iraq's income from foreign currencies. Although the central bank dollar selling follow the policy of auctions but the price has stabilized around 1200 Dinars to the dollar for many years the central bank continued to sell it for less than a little (about 1180) to the civil and governmental institutions that deal with the sale and purchase of dollar remittances from abroad, and the difference is a reasonable commission. Remittances are very important in the economy of the country as they affect foreign trade, inflation and development balance, and are used for multiple purposes the most important purchase of imported goods, travel citizens abroad, pay salaries and retirement Iraqis who lived abroad and who has become an increasing drain on the economy of Iraq and exit of hard currency, converting corporate profits and individuals, as well as money laundering of illegal theft and bribes to gain.
Some years ago, discovered the possibility of achieving large and easy profits by booking amount, which the central bank sells dollars and sell them at a higher price than what is prevalent. During the short period of reproduction of this and some income on the line many of the powerful and the whales of the rooms of the mine where the purchase of billion dollars from the central bank at 1180 dinars to the dollar and sell those dollars for external conversion needs at a price of 1260 means a profit of 80 thousand million dinars. The scandal exploded when a boat dollar than 1,300 dinars, and felt the weight of the merchant and the citizen and the impact on the increase in commodity prices, the government intervened and healthy the House of Representatives and allow the Integrity Commission and the opening of the investigation into the topic that enriched a lot of influential wealthy! The citizen, who pay a higher price for goods and services associated with the price of the dollar account. Trillions of dinars entered into this black hole without being able to most of the beneficiaries of accounting does not recover even a small portion of the money because they are selling and buying process and were suspicious theft legitimacy. It would be nice if some investigations showed that some of the beneficiaries have paid taxes or zakat or five on their profit-Haram.
Thanks to democracy and freedom of opinion and the media enables some who are keen on the interests of Iraq and its citizens to put an end to this theft lining some legitimacy through the development of an institutional solution is to connect the dollar for anyone who wants to buy a convertible without the monopoly of the powerful mechanism and also develop better controls when the conversion returned the dollar to its former glory and near of the sale price by the central bank. It is true that selling dollars to holders of Iraqi passports policy created passports rental market but contributed to reducing the monopoly and to reduce the dollar exchange rate. But the danger of the rise of the dollar again is still standing because of foreign trade and foreign transfers institutions are still weak and there are many visually receivables willing to exploit any loophole private wealth with weak accountability and protection of compatibility and also because the next display changes from the sale of oil and demand affected expectations and speculation can be a great and imposing a large increase in the dollar price. Note that the increase in the dollar exchange rate against the dinar in the event of the rise of the dollar globally healthy for the Iraqi economy because it limits the landing imported from Asia and Europe, commodity prices have hurt the domestic production, and vice versa in the case of the falling dollar globally, which causes the rise of the prices of imported goods.
To be able to make a lot of economic and financial reforms, and on foreign trade and foreign transfers, there is an urgent need to open discussions to draw policies subject to the principle of pragmatism and the interests of Iraq and not productive new liberal beliefs in full freedom of the market and foreign remittances. This is necessary to implement the project to delete three zeros from the Iraqi dinar shall be dinar reasonable value in the deal and comparison with foreign currency, preferably if it were at the same time replace the Indian figures that we use now in Arabic numerals used by most countries of the world, and both procedures are making remarkable efficiency in the accounts and facilitate the variety of reforms in the economic sphere and the market interest rate, securities and facilitate the awareness of the numbers and value.
Most of the required reforms are in inventory and reduce the broker a commission between the central bank and the citizen / company that you want to convert and also to adjust transfers so as not to harm the national economy in terms of waste of hard currency and the reputation of the country in terms of money laundering and supporting terrorism. The biggest and the most important reform in the long run may need some time to implement it is out of the dependence of the Iraqi dinar to the dollar court also handled the Chinese yuan and the European euro and the Japanese yen in foreign trade. The Iraq can achieve significant economic gains through direct trade with China and India, two of the emerging countries on the global economic stage and export goods and a variety of projects for Iraq and Imkna provide them with what they need some of the oil and oil derivatives. Entering into joint ventures with these two countries can restore life of national industries, especially in the field of oil refining and marketing of derivatives and also petrochemical and transportation.
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