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This is what he said about the central bank set the dollar sales ceiling
07-07-2015 02:43 PM
Iraq today
Governor of the Central Bank of Iraq on the Keywords yesterday stressed that the identification of the dollar sales ceiling will make a big shortfall in the amount required to cover the financial budget expenses dinar where between Keywords that 'sales of foreign currency' dollar 'is not an option and is not a commercial operation or coverage of the activities of business it is in The Iraqi situation is also in the countries that control the export and monopoly of foreign currency by the nature of its oil resources such as States is the process of replacing the Iraqi dinar found in circulation in dollars in order to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which does not need even need the Iraqi dinar to finance the budget Public '. Keywords and added that 'set the dollar sales ceiling means the result determine the amount of the taxpayer dinar general budget', explaining that 'in the case of specifically taking, as stated in the General Budget Law, means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar, if The central bank sold $ 75 million a day as set out in the budget law, it means that the central bank will sell annually the equivalent of 22 trillion dinars, almost, while operating expenses (JD) about 70 trillion dinars. " He said the central bank governor that 'this fact It is clear to many who call invitations determine the dollar sales ceiling, as well as a lack of understanding the role of the central bank and its mission to stabilize the exchange rate and public prices, which require high and persistent in the quantities sold by the bank flexibility 'pointing out that' there is a big difference in the exchange rate between the price the official and parallel market price is paid by the citizen and the economy, investment and hurt huge profits in the pockets of greedy and malicious, and can not curb all this only to control the quantities beyond a shadow of those dangerous phenomena. " Keywords and added that 'the Federal Supreme Court's decision to accept the appeal submitted by the Central Bank in materials which included limitations and orders to the bank, came accordance with the Constitution and the law of the central bank ', saying the court's decision as "a big importance because of its impact in promoting and supporting the independence of the Central Bank and remove him from influencing the policies and decisions, and this independence is not a matter of form but is a prerequisite to enable the central bank to achieve its tasks, particularly in monetary policy that are inherently the diversity of tools and flexibility orientations'. Keywords and stressed that 'the general budget law governing fiscal policy in spending and annual revenue which is they have to be specific to the items contained in it by virtue of the nature of the resource and expenditure management, and the monetary policy is totally different from the fiscal policy as the nature of movement, flexibility, dealing with changes in the economic situation and market conditions ', adding that he' did not get in the states that follow the market system to be budget specific, directed and constrained by the policy of the central bank law, or even in the others because the central bank loses its role and took away his tools, which uses them to create a balance and get to achieve the goals that move the market movement and the economic situation and cases of inflation and recession and others'. Keywords and stressed that 'these movements occur on an ongoing basis and sometimes daily basis, and the law of the budget law applies for the year, making the restrictions it real limits and tied for monetary policy and this reverse their role and nature '.
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07-07-2015 02:43 PM
Iraq today
Governor of the Central Bank of Iraq on the Keywords yesterday stressed that the identification of the dollar sales ceiling will make a big shortfall in the amount required to cover the financial budget expenses dinar where between Keywords that 'sales of foreign currency' dollar 'is not an option and is not a commercial operation or coverage of the activities of business it is in The Iraqi situation is also in the countries that control the export and monopoly of foreign currency by the nature of its oil resources such as States is the process of replacing the Iraqi dinar found in circulation in dollars in order to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which does not need even need the Iraqi dinar to finance the budget Public '. Keywords and added that 'set the dollar sales ceiling means the result determine the amount of the taxpayer dinar general budget', explaining that 'in the case of specifically taking, as stated in the General Budget Law, means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar, if The central bank sold $ 75 million a day as set out in the budget law, it means that the central bank will sell annually the equivalent of 22 trillion dinars, almost, while operating expenses (JD) about 70 trillion dinars. " He said the central bank governor that 'this fact It is clear to many who call invitations determine the dollar sales ceiling, as well as a lack of understanding the role of the central bank and its mission to stabilize the exchange rate and public prices, which require high and persistent in the quantities sold by the bank flexibility 'pointing out that' there is a big difference in the exchange rate between the price the official and parallel market price is paid by the citizen and the economy, investment and hurt huge profits in the pockets of greedy and malicious, and can not curb all this only to control the quantities beyond a shadow of those dangerous phenomena. " Keywords and added that 'the Federal Supreme Court's decision to accept the appeal submitted by the Central Bank in materials which included limitations and orders to the bank, came accordance with the Constitution and the law of the central bank ', saying the court's decision as "a big importance because of its impact in promoting and supporting the independence of the Central Bank and remove him from influencing the policies and decisions, and this independence is not a matter of form but is a prerequisite to enable the central bank to achieve its tasks, particularly in monetary policy that are inherently the diversity of tools and flexibility orientations'. Keywords and stressed that 'the general budget law governing fiscal policy in spending and annual revenue which is they have to be specific to the items contained in it by virtue of the nature of the resource and expenditure management, and the monetary policy is totally different from the fiscal policy as the nature of movement, flexibility, dealing with changes in the economic situation and market conditions ', adding that he' did not get in the states that follow the market system to be budget specific, directed and constrained by the policy of the central bank law, or even in the others because the central bank loses its role and took away his tools, which uses them to create a balance and get to achieve the goals that move the market movement and the economic situation and cases of inflation and recession and others'. Keywords and stressed that 'these movements occur on an ongoing basis and sometimes daily basis, and the law of the budget law applies for the year, making the restrictions it real limits and tied for monetary policy and this reverse their role and nature '.
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