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Central Bank of stabbing a paragraph in the budget law and described as "dangerous exotic"
03.07.2015
Long-Presse / Baghdad
The Governor of the Central Bank of Iraq on the Keywords, on Saturday, to submit an appeal to the Government to paragraph 50 of the financial budget for the current year 2015, and it needs to sell $ 75 million per day, and a description of this paragraph "Balgraybh and dangerous" as the central bank is subject to the trends of the government, and as he emphasized that paragraph did not make clear in the first and second readings and "squeezed" in the final moments, expected to settle this matter in favor of the central bank.
He said the relationship during a symposium annexing Institute progress of development policies and I attended, (long-Presse), "The central bank introduced an appeal to the Federal Court in paragraph 50 of the financial budget for the current year 2015, which is determined by the sale of $ 75 million a day," noting that "the central bank's hand independent and should not be determined sales of the dollar amounts. "
He described the relationship of this paragraph "Balgraybh where the government has not articulated in the first and second readings, which crammed in the budget bill at the last minute," pointing out that "It is not the prerogative of the budget policy law means that the central bank has become subject to the trends of the government which is dangerous."
He expected the central bank governor, to "resolve this matter in favor of the central bank," he said, adding that "the quantities sold within one year is estimated at $ 18 billion, which is close to 22 trillion Iraqi dinars in case of application of paragraph 50, and so we need to close the 80 Trliuna as the general budget of more than 100 trillion. "
He continued relationship, "These numbers prove that we were selling large amounts of dollar at the central bank auction to cover the import," noting that "in 2011 saw revenue from the dollar stood at $ 71 billion and sold to cover required by banks and customers and companies transfer of $ 56 billion, or 78% revenue had been taken out. "
He stressed relationship, "The year 2012 saw revenue from the dollar stood at $ 82 billion, and the import volume reached $ 69 billion, which accounted for 83.4%, whereas the year 2013, revenue from the dollar stood at $ 91 billion and the volume of imports of $ 69 billion, which accounted for 76.3%, while in the year 2014, total revenue was $ 75 billion and imports of $ 65 billion, which accounted for 87%, "stressing that" these figures show the pressure on the central bank reserves and the country. "
It is noteworthy that the current year's budget law, committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in daily auction ceiling does not exceed 75 million, with the exercise of justice in the sale, and claim the participant in the auction the bank providing the introduction of goods and data documents settling accounts and tax savings Alkmarki within 30 days from the date of purchase of the amount, and so it applies penalties stipulated in the central bank law or instructions issued by him, and the use of other banking tools to maintain the strength of the dinar against the dollar.
The Central Bank of Iraq, announced in (the first of February, the current 2015), take five resolutions for "support" the development of the Iraqi economy, stressing his agreement to cover bank accounts abroad to "US dollar" to cover imports, while the importance of "accelerating" enactment of the Deposit Insurance Law, praised the formation of a committee to reconsider the structure of interest among its "approval of the Central Bank to cover the bank accounts abroad in US dollars to cover imports of customers and for other purposes without having to go through the window of the currency sale at the Central Bank of Iraq."
The Iraqi Central Bank announced during the month of February 2015, to take the necessary measures to boost liquidity in the banking system, and decided to facilitate the sale of foreign currency "to sustain the exchange rate" procedures.
It is noteworthy that the Central Bank of Iraq, had announced in (the 18th of January 2015), that the financial reserves of Iraq is equivalent to one and half times the weakness of the currency bloc, returned it the "best rates" in the countries of the world, as he emphasized that Iraqi financial institutions are "unable" to cover the fiscal deficit, he stressed the need to reconsider the structure of the budget and spending and diversify sources of income and achieve investment more broadly to address the decline in oil prices.
The Iraqi Council of Representatives passed last Thursday (29th of January the past), the financial budget for the current 2015, an amount of 119 trillion dinars, the equivalent of $ 117 billion, and a deficit of about 25 trillion dinars, or about 23 billion dollars, and calculates the price a barrel of oil at $ 56 a barrel, while the President of the Council stressed, Saleem al-Jubouri, it is the first time that the adoption of the budget is during the first month of the year, returned to the "achievement" is calculated to parliament.
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03.07.2015
Long-Presse / Baghdad
The Governor of the Central Bank of Iraq on the Keywords, on Saturday, to submit an appeal to the Government to paragraph 50 of the financial budget for the current year 2015, and it needs to sell $ 75 million per day, and a description of this paragraph "Balgraybh and dangerous" as the central bank is subject to the trends of the government, and as he emphasized that paragraph did not make clear in the first and second readings and "squeezed" in the final moments, expected to settle this matter in favor of the central bank.
He said the relationship during a symposium annexing Institute progress of development policies and I attended, (long-Presse), "The central bank introduced an appeal to the Federal Court in paragraph 50 of the financial budget for the current year 2015, which is determined by the sale of $ 75 million a day," noting that "the central bank's hand independent and should not be determined sales of the dollar amounts. "
He described the relationship of this paragraph "Balgraybh where the government has not articulated in the first and second readings, which crammed in the budget bill at the last minute," pointing out that "It is not the prerogative of the budget policy law means that the central bank has become subject to the trends of the government which is dangerous."
He expected the central bank governor, to "resolve this matter in favor of the central bank," he said, adding that "the quantities sold within one year is estimated at $ 18 billion, which is close to 22 trillion Iraqi dinars in case of application of paragraph 50, and so we need to close the 80 Trliuna as the general budget of more than 100 trillion. "
He continued relationship, "These numbers prove that we were selling large amounts of dollar at the central bank auction to cover the import," noting that "in 2011 saw revenue from the dollar stood at $ 71 billion and sold to cover required by banks and customers and companies transfer of $ 56 billion, or 78% revenue had been taken out. "
He stressed relationship, "The year 2012 saw revenue from the dollar stood at $ 82 billion, and the import volume reached $ 69 billion, which accounted for 83.4%, whereas the year 2013, revenue from the dollar stood at $ 91 billion and the volume of imports of $ 69 billion, which accounted for 76.3%, while in the year 2014, total revenue was $ 75 billion and imports of $ 65 billion, which accounted for 87%, "stressing that" these figures show the pressure on the central bank reserves and the country. "
It is noteworthy that the current year's budget law, committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in daily auction ceiling does not exceed 75 million, with the exercise of justice in the sale, and claim the participant in the auction the bank providing the introduction of goods and data documents settling accounts and tax savings Alkmarki within 30 days from the date of purchase of the amount, and so it applies penalties stipulated in the central bank law or instructions issued by him, and the use of other banking tools to maintain the strength of the dinar against the dollar.
The Central Bank of Iraq, announced in (the first of February, the current 2015), take five resolutions for "support" the development of the Iraqi economy, stressing his agreement to cover bank accounts abroad to "US dollar" to cover imports, while the importance of "accelerating" enactment of the Deposit Insurance Law, praised the formation of a committee to reconsider the structure of interest among its "approval of the Central Bank to cover the bank accounts abroad in US dollars to cover imports of customers and for other purposes without having to go through the window of the currency sale at the Central Bank of Iraq."
The Iraqi Central Bank announced during the month of February 2015, to take the necessary measures to boost liquidity in the banking system, and decided to facilitate the sale of foreign currency "to sustain the exchange rate" procedures.
It is noteworthy that the Central Bank of Iraq, had announced in (the 18th of January 2015), that the financial reserves of Iraq is equivalent to one and half times the weakness of the currency bloc, returned it the "best rates" in the countries of the world, as he emphasized that Iraqi financial institutions are "unable" to cover the fiscal deficit, he stressed the need to reconsider the structure of the budget and spending and diversify sources of income and achieve investment more broadly to address the decline in oil prices.
The Iraqi Council of Representatives passed last Thursday (29th of January the past), the financial budget for the current 2015, an amount of 119 trillion dinars, the equivalent of $ 117 billion, and a deficit of about 25 trillion dinars, or about 23 billion dollars, and calculates the price a barrel of oil at $ 56 a barrel, while the President of the Council stressed, Saleem al-Jubouri, it is the first time that the adoption of the budget is during the first month of the year, returned to the "achievement" is calculated to parliament.
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