Home
Hafiz describes the monetary policy in one of the major problems in the economic field
23/5/2015
MP for the coalition of Iraq's Mehdi al-Hafez and former Secretary of Planning, the reality of monetary policy in the country, as one of the major problems in the economic field, pointing out "it requires an objective treatment in light of the needs of the country and the development of the national economy and international monetary standards."
He said Hafiz in a press statement that "since 2003, the start of work to change the system and the policy of the Central Bank, where issued the new law of the Central Bank No. 56 of 2004 and could have had a radical overhaul of the monetary policy point of no subsequent applications that were marred by a lot of flaws and problems."
He said Hafiz said, "the central bank in principle constitutes a fundamental link in the country's monetary policy, as well as being an important tool to repair a lot of economic problems and is sometimes called the banks Bank of any basic-oriented public banks and a companion of the Ministry of Finance in the monetary and financial area."
He stressed Minister of Planning and former that "the issue of national development is essentially important guide to determine the right monetary policy any that monetary policy and national development should be complementary and this is still so far below the required level, stressing always careful to achieve this task is no excuse that economic and social dilemmas continue such as unemployment, poverty, poor infrastructure is the central bank that contributes effectively to address them. "
He pointed out that "the significant inflation in foreign exchange reserves is a positive phenomenon if it were to take advantage of them in a way serving real development, but such a large volume of cash is still semi-frozen and given powerful arguments for not using it, the existing law may be a number (56) obstacle because of his assertion on the independence of the Central Bank, so it requires a review of this law are fit current economic needs and addition there is an urgent need to correct the relationship with the private banks which about numbering (50), a figure that exceeds the capacity of the Iraqi economy growing such as economics. "
And called for a merger between banks, which is legitimate, provided that serious guarantees for the success of this phenomenon are available. In the recent period the central bank asked banks this capital increase (250 billion dinars) to Hmaagv particular and this is a new problem for the relationship with private banks.
[You must be registered and logged in to see this link.]
23/5/2015
MP for the coalition of Iraq's Mehdi al-Hafez and former Secretary of Planning, the reality of monetary policy in the country, as one of the major problems in the economic field, pointing out "it requires an objective treatment in light of the needs of the country and the development of the national economy and international monetary standards."
He said Hafiz in a press statement that "since 2003, the start of work to change the system and the policy of the Central Bank, where issued the new law of the Central Bank No. 56 of 2004 and could have had a radical overhaul of the monetary policy point of no subsequent applications that were marred by a lot of flaws and problems."
He said Hafiz said, "the central bank in principle constitutes a fundamental link in the country's monetary policy, as well as being an important tool to repair a lot of economic problems and is sometimes called the banks Bank of any basic-oriented public banks and a companion of the Ministry of Finance in the monetary and financial area."
He stressed Minister of Planning and former that "the issue of national development is essentially important guide to determine the right monetary policy any that monetary policy and national development should be complementary and this is still so far below the required level, stressing always careful to achieve this task is no excuse that economic and social dilemmas continue such as unemployment, poverty, poor infrastructure is the central bank that contributes effectively to address them. "
He pointed out that "the significant inflation in foreign exchange reserves is a positive phenomenon if it were to take advantage of them in a way serving real development, but such a large volume of cash is still semi-frozen and given powerful arguments for not using it, the existing law may be a number (56) obstacle because of his assertion on the independence of the Central Bank, so it requires a review of this law are fit current economic needs and addition there is an urgent need to correct the relationship with the private banks which about numbering (50), a figure that exceeds the capacity of the Iraqi economy growing such as economics. "
And called for a merger between banks, which is legitimate, provided that serious guarantees for the success of this phenomenon are available. In the recent period the central bank asked banks this capital increase (250 billion dinars) to Hmaagv particular and this is a new problem for the relationship with private banks.
[You must be registered and logged in to see this link.]
