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Central Bank: Monetary Reform process succeeded ....
09/18/2011
Considered of prime minister, yesterday, that the monetary policy of the Central Bank of Iraq in addressing the economic situation "wrong" because it should be adapted to other policies and development programs, while counting the recent accusations of some people on the "failure" to address monetary policy in the country "talk cheap" , expressed the readiness of the Bank to manage the country's economic development if they failed to other institutions.
The adviser said the prime minister for economic affairs, Abdullah Hussein Al-Anbuge, according to the "Sumerian News", on the sidelines of a seminar hosted by the Institute of Economic Reform, yesterday, at the Sheraton Hotel, said that "the central bank used a deflationary policy in the reform of the Iraqi currency, relying on monetary reform, without economic ".
Anbuge added that "the central bank should not only address the inflation and to ensure the stability of the Iraqi currency and repair, but it means that addressing the economic recession and unemployment in Iraq because this would contribute to the development of the country economically."
He explained that "the central bank does not coordinate policies with other economic system in the country to address the situation," noting that "there is a misunderstanding of the issue of independence by the bank."
He said that "independence does not mean that decisions are never taken by the bank away from the interests of the economy, which is supposed to be ruling in that," he continued that "monetary policy should be adapted to other economic policies."
For his part, Vice Governor of Central Bank of Iraq, the appearance of Mohammed Saleh, "The claim by some people on the failure of central bank policy in dealing with the monetary situation in Iraq, not only out of envy and malice on the success of the reform process achieved by the Central Bank during the past years", describing it as "just cheap talk," according to his opinion.
"The Central Bank exercises its policy in coordination with fiscal policy and government agencies around the entire treatment indebtedness of Iraq's foreign, who arranged it signed agreements with the International Monetary Fund," explaining that "what he was talking about some on the isolation of the Central Bank and Tbaeidh for other state institutions is false evidence is that the total is still operating under the umbrella of the International Monetary Fund to deal with debts and loans obtained by Iraq. "
The World Bank has called on Iraq to conduct a number of economic reforms, including raising subsidies on oil derivatives, and the ration card against the cancellation of foreign debt, estimated at more than $ 120 billion.
Saleh said, that "the central bank has achieved its objectives through the balance sheet and build large reserves supported the Iraqi dinar and created a stable him," pointing out that "the Iraqi dinar exchange rate has witnessed stable, as well as low inflation, the level of prices to the level of one decimal place."
He continued that "the development policy of Iraq is not the responsibility of the Central Bank of Iraq, as well as with the establishment of projects, because it is the responsibility of fiscal policy," and wondered about "the ability of fiscal policy in building production plants or power stations or hospitals."
Salih stressed that "the central bank is able to manage economic development in Iraq if it failed to other institutions of that."
And have the Iraqi Central Bank has four branches in Basra, Sulaimaniya, Erbil and Mosul, as established bank independent Iraqi, under a special law (the law of the Iraqi Central Bank), issued on the sixth of March 2004, which is responsible for maintaining price stability and monetary policy implementation, including the exchange rate policies and the management of foreign reserves and the issuance of currency management, as well as the organization of the banking sector.
He accused the CBI, said in a statement issued on Monday (September 12, 2011), government agencies to "disrupt" the idea of monetary reform in Iraq and, while stressing that it will retain the right to legal defense of his being, to compel that those responsible for "putting the interests of the country's financial risk ".
It is noteworthy that this is not the first time that the attack on an adviser to the prime minister for economic affairs, Abdullah Hussein Al-Anbuge, the central bank, as it was considered in the twenty-fifth of August last, to raise zeros from the Iraqi currency is "the biggest corruption" in Iraq if it had been done in this period, pointing out that they fall under the rubric of "economic absurdity," warning "mafias currency" is preparing to rig the trillion Iraqi dinars to replace them in the light of the planned changes.
While the central bank said in its statement on 12 September now, it has already received an official letter from the Committee on Economic Affairs in the Cabinet in 2007 appealing to him the study of the draft reform of the Iraqi currency through restructuring and deleting three zeros from them.
The Iraqi Central Bank Governor Sinan Shabibi, said during a meeting of independent bodies with Prime Minister Nuri al-Maliki, on June 19, 2011, ready to create all the supplies to replace the Iraqi currency.
BAGHDAD - Alsumaria News:
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09/18/2011
Considered of prime minister, yesterday, that the monetary policy of the Central Bank of Iraq in addressing the economic situation "wrong" because it should be adapted to other policies and development programs, while counting the recent accusations of some people on the "failure" to address monetary policy in the country "talk cheap" , expressed the readiness of the Bank to manage the country's economic development if they failed to other institutions.
The adviser said the prime minister for economic affairs, Abdullah Hussein Al-Anbuge, according to the "Sumerian News", on the sidelines of a seminar hosted by the Institute of Economic Reform, yesterday, at the Sheraton Hotel, said that "the central bank used a deflationary policy in the reform of the Iraqi currency, relying on monetary reform, without economic ".
Anbuge added that "the central bank should not only address the inflation and to ensure the stability of the Iraqi currency and repair, but it means that addressing the economic recession and unemployment in Iraq because this would contribute to the development of the country economically."
He explained that "the central bank does not coordinate policies with other economic system in the country to address the situation," noting that "there is a misunderstanding of the issue of independence by the bank."
He said that "independence does not mean that decisions are never taken by the bank away from the interests of the economy, which is supposed to be ruling in that," he continued that "monetary policy should be adapted to other economic policies."
For his part, Vice Governor of Central Bank of Iraq, the appearance of Mohammed Saleh, "The claim by some people on the failure of central bank policy in dealing with the monetary situation in Iraq, not only out of envy and malice on the success of the reform process achieved by the Central Bank during the past years", describing it as "just cheap talk," according to his opinion.
"The Central Bank exercises its policy in coordination with fiscal policy and government agencies around the entire treatment indebtedness of Iraq's foreign, who arranged it signed agreements with the International Monetary Fund," explaining that "what he was talking about some on the isolation of the Central Bank and Tbaeidh for other state institutions is false evidence is that the total is still operating under the umbrella of the International Monetary Fund to deal with debts and loans obtained by Iraq. "
The World Bank has called on Iraq to conduct a number of economic reforms, including raising subsidies on oil derivatives, and the ration card against the cancellation of foreign debt, estimated at more than $ 120 billion.
Saleh said, that "the central bank has achieved its objectives through the balance sheet and build large reserves supported the Iraqi dinar and created a stable him," pointing out that "the Iraqi dinar exchange rate has witnessed stable, as well as low inflation, the level of prices to the level of one decimal place."
He continued that "the development policy of Iraq is not the responsibility of the Central Bank of Iraq, as well as with the establishment of projects, because it is the responsibility of fiscal policy," and wondered about "the ability of fiscal policy in building production plants or power stations or hospitals."
Salih stressed that "the central bank is able to manage economic development in Iraq if it failed to other institutions of that."
And have the Iraqi Central Bank has four branches in Basra, Sulaimaniya, Erbil and Mosul, as established bank independent Iraqi, under a special law (the law of the Iraqi Central Bank), issued on the sixth of March 2004, which is responsible for maintaining price stability and monetary policy implementation, including the exchange rate policies and the management of foreign reserves and the issuance of currency management, as well as the organization of the banking sector.
He accused the CBI, said in a statement issued on Monday (September 12, 2011), government agencies to "disrupt" the idea of monetary reform in Iraq and, while stressing that it will retain the right to legal defense of his being, to compel that those responsible for "putting the interests of the country's financial risk ".
It is noteworthy that this is not the first time that the attack on an adviser to the prime minister for economic affairs, Abdullah Hussein Al-Anbuge, the central bank, as it was considered in the twenty-fifth of August last, to raise zeros from the Iraqi currency is "the biggest corruption" in Iraq if it had been done in this period, pointing out that they fall under the rubric of "economic absurdity," warning "mafias currency" is preparing to rig the trillion Iraqi dinars to replace them in the light of the planned changes.
While the central bank said in its statement on 12 September now, it has already received an official letter from the Committee on Economic Affairs in the Cabinet in 2007 appealing to him the study of the draft reform of the Iraqi currency through restructuring and deleting three zeros from them.
The Iraqi Central Bank Governor Sinan Shabibi, said during a meeting of independent bodies with Prime Minister Nuri al-Maliki, on June 19, 2011, ready to create all the supplies to replace the Iraqi currency.
BAGHDAD - Alsumaria News:
[You must be registered and logged in to see this link.]
