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2016/06/22 (00:01 pm) - hits: 134 - number (3678)
The Central Bank Governor (range): precautions in good level
• conducted interview: Zarah Hamid
May raise with regard to modern economic and financial anxieties have many followers, is the modern day living is linked to the individual and how to move the economy faced many pitfalls impede progress, including currency, dinar, dollar and speculation the currency auction raised many doubts and questions, in addition to civil and foreign banks and money transfer companies, and how to get out of the financial crisis afflicting Iraq, IMF loan even with falling oil prices and its repercussions, being the only resource, which negatively The amount of Central Bank reserves of foreign currency, according to specialists may not cover reserve three months import to Iraq.
All these files and other open "run" in a private meeting with the Governor of the Central Bank Ismail relationship.
Conflict of foreign currency reserve figures
What plans the Central Bank if the Bank reserves continued to decline to low limits don't even cover three months Iraq's import, and how much is due to the large amount now reserve ADO about?
Foreign reserves now total $53 billion, a number that changes daily depending on what position the Ministry of finance, and this level within our accounts and accounts of recent IMF refers to the adequacy of the reserve in accordance with the international standard of foreign currency reserves to cover the size of the local currency.
We also reserve a higher level, which means that our existing foreign currency than the local currency.
To increase or decrease the reserve caused by factors beyond the control or the control of the Central Bank,
so that the reserve is influenced by two main factors dollar amount to the Central Bank, and is a source of oil and sell what you get Finance Ministry of oil dollars sold by the Central Bank to get paid on JD to cover their expenses.
The second factor is the demand for the dollar, and its origin is the basis of State expenditure which turns eventually into demand for the dollar, since the majority of imported goods and materials. Those extra factors govern the Bank determines the level of the reserve.
The pressure and impact more on reserve when the State budget deficit being covered by money or Central Bank buy bonds,
which means that the Bank will issue cash for the Government without there being a cover of foreign currency to the Government,
and this version last spent turns into demand for imports in dollars what about me reduce backup, so that the Chamber of Deputies and the Government are responsible for low reserve when issued a budget deficit.
Unfortunately, this fact is not understood by many.
It is curious that professes some House members or the Government that the Central Bank is responsible for the decline in reserve without paying attention to the reason stems from them and not from the Central Bank or its policies.
Reasons for borrowing from abroad and future implications
If well enough reserve in accordance with IAS, why borrow from abroad?
-Borrowing from the IMF is very important for Iraq and open the door for us to obtain loans and facilities and the support of international organizations and countries, as Iraq Center strengthens hand external financial transactions.
can the Rafidain and Rasheed to be two bars in the Central Bank auction to sell foreign currency? Why abstain for many years of active participation and leave private monopolists to the player base at auction?
-Central Bank dollar sales open to the public and private banks alike, not to enter the Rafidain and Rasheed on a larger scale in that process, due to fears of exposure to confiscate foreign transfers transfers due to external debt claims,
but now that you have taken action to solve this problem we hope that banks will exercise their operations without reserve or fear, and from our side we catalyze them and encourage them to expand their dealings in dollars to the principle of competition that isn't cutting it.
Why not amend the Banking Act of the CPA number 94 in 2004, the Central Bank can generate forced mergers of banks rather than moral persuasion, especially since the banking market need strong resolutions to incorporate more of a banking institution to avoid meltdowns and protect Iraq's banking financial system?.
-We work to amend the Banking Act, and is now in the final stages of his legislation, the new law also certainly take into consideration the best international practices and experiences and great developments in the banking and financial sector.
are the Central Bank was able to save Iraq's financial situation (public finance) during deteriorating oil revenues since 2014? What effective policy adopted by the Central Bank as a financial saving?
-Yes, he played a big part in the Central Bank's response to the financial crisis that hit the country's financial situation, past and current period and it was the lifeboat of the general situation and not just the financial situation of the Government's financial resources were not sufficient to cover up salaries,
and we have to imagine the situation if the State failed to pay millions of employees, so the total amount financed by the Central Bank the public Treasury would arrive at the end of this year to more than 20 trillion dinars through its purchase of Treasury transfers From the secondary market, the Central Bank also offers support and counseling in other aspects, for financial and economic challenges.
* How the Central Bank's monetary policy has faced the problem of unemployment and recession among Iraqis as the goal of the Bank according to its price stability is combating unemployment?
-Central Bank contributes to reducing unemployment by stimulating economic activity by keeping the General level of prices and reducing inflation by stimulating and facilitating lending and credit operations and structural benefits, so the Central Bank initiative by allocating 6 trillion dinars for lending to private sector projects, pour into achieving that goal which activates the operating sectors and achieve.
The programme "6 trillion, aim to promote the private sector have not met
If you consider the "6 trillion" that the Bank will loan her audience one of these processors. Are there other steps to achieve the stability that encourages economic growth in output or GDP?
-Yes, the 6 trillion initiative is the first of its kind and scale in the history of Iraq, where we found as sensors for the economic situation that the only way to promote the economic reality is to stimulate industrial and agricultural production sectors through lending and supporting the private sector, because we noticed that the logos walstratigiat native support for private sector and diversify the production base to the supporting process plans and stimulating,
as the Central Bank notes through its coverage of dollar demand for imports, dumping by importing the simplest materials and goods that can be produced Within the country to run a citizen and maintain foreign currency at once.
But how can we achieve the aim of this initiative in the current situation, where there is no protection or control or even activate the rules?
-Basic and accurate observation, having stated at our initiative that their success depends on the activation of the product and consumer protection laws and prevent dumping and Tehran and quality control application without all that we cannot expect effective results for this initiative.
with current status of border ports can apply?
-Unfortunately put border outlets is one of the great challenges and chronic, is putting enormous risks and disadvantages received corrupt country, and those risks are not only important financial resources and substantial losses, but economic and health risks and environmental and security we have her attention, there have been attempts over the years to remedy the situation of those ports, but all failed, as we are still years underline the need to hire international companies to organize and manage those ports.
are there politicians EEI dominate actors on requests for foreign currency banks including parliamentary forces very window?. This friendly conversation, as they say, those are the reason Iraq is ruined and smuggling money through auction?
-Guarantee of charge no interference from anyone or any party on the question of determining the total dollar sales or banking and corporate level, determined by the high level Committee, comprising Central Bank Deputy Governor two years advanced cadre managers meet daily to determine that based on several objective factors.
And we are done currently fixed criteria defined whereby a certain degree of each bank or company, including a bank or company compliance with AML/CFT law and related rules and regulations, until we get in the end to an application program is implemented automatic sales in light of the degree of commitment of the banks and companies to those standards and norms and instructions.
can close branches of foreign banks against the Central Bank law and banking law. And is it already? Especially, it is said, many irregularities in these banks, how many branches of these banks and the number of private banks?
-Yes, Central Bank instructions apply to all banks approved by the Bank, foreign bank branches approved by us as well, so they are subject to a local banks in terms of penalties and procedures regarding irregularities including the offending branch license.
was actually pulling off one of these branches?
-No, it didn't happen during the time that I took over management of the Central Bank.
but hear that there are many irregularities and abuses of those banks.
-This information is not accurate because our bank branches are branches of most banks is pretty big, and has advanced international classification, these branches are subject to our control and control of the Central Bank of the State Bank's headquarters and Headquarters oversight of the President himself as belonging to him.
Primitive and underdeveloped performance in State banks
There was a clear failure on the banking sector being the old mechanisms and systems works see specialists that one of the reasons for the declining investment process in the country that foreign investors looking for a safe and sophisticated banking environment to facilitate his work and speed of delivery and keep his money?
-Yes, it is unfortunate that our banking sector is still in its infancy, far from best international practices, and using the latest and best technology in the business, as most of them do not have the appropriate degree of fairness and transparency and governance, and far from the application of the rules of compliance, risk management and compliance with the requirements of the money laundering rules,
as most private banks was founded a few years ago in extraordinary circumstances and extraordinary challenges also make them are marginal activities to achieve quick profits selling like dollar, have dominated its Board of Directors on Managed and harnessed to their own interests, so that we have an important way to correct this situation, you will witness the results during the year.
but the problem is what we observe in good conditions of private banks and Rafidain Bank in terms of performance and management and services are very low, even simple deposit and withdrawal operations are intricately and slow?
-I agree with you that it is much farther behind banks across the world an animal farm and the tremendous developments in banking, and was developing a plan to restructure the banks since 2007 but the plan went slowly and now being activated,
so currently we focus on resolving disputes and old assets subject to a real financial center for the banks as the basis to move to the second step in the plan to privatize the banks or qualified partners to strengthen the banks and improve their performance.
as Central Bank specialists has the strongest role to be exercised by private banks departments regarding their policies related to update the structure of those institutions and strengthening oversight.
-Yes, central banks play an important role in upgrading the performance of banks through the controls and instructions to organize their work and through surveillance and performance evaluation and incentives for best practices.
To be more explicit was the role of the Central Bank during the previous years, and accumulated over those years many negative phenomena and practices, under the pressure of the economic and financial crisis show imbalances in the form of serious problems and challenges.
So our work to strengthen this role since assumed management of the Central Bank and took several actions and steps toward banks on the one hand, and by strengthening the regulatory and supervisory organ, on the other hand, we use international oversight offices but it takes time to reap results.
Since 2010 the Government announced that it agreed to sign an important agreement with Chinese companies to develop the work of State banks and financial exchange mechanism between them and the rest of the world's banks, what happened to her and why until now there is no change in Iraqi banks.?
-I don't have any details on that Convention, but after the last Prime Minister to China was agreed to activate many aspects of economic and financial cooperation currently being including encouraging Chinese banks to open branches in Iraq and Iraqi banks in China and the exchange of experience in the banking business.
Guarantee deposits and Shorja dollar exchange
When applied work deposit guarantee Corporation and what kind of deposits, as long as you need to encourage people to save the banks and that it would resolve the financial crisis on the other side what will or add this step to the citizen?
-Deposit guarantee company established project aims to protect the rights of depositors, especially younger ones, when a Bank into insolvency or bankruptcy, so that this measure will encourage citizens to deposit their money in banks because the phenomenon of having most of the money away from houses in chunky banking hurt the economy since those funds if saved in banks will turn into loans and facilities in order to motivate and move the economy and market, as well as the risks of keeping the money at home had to steal, not to mention The costs of dealing with cash rather than bank accounts.
dollar stock in Shorja who controls them? The Central Bank is censored?
-Dealing in dollars outside licensed by the Central Bank, the practice illegal, and shops and people who do that are under the control of the Directorate of combating economic crime, and to take legal action, where it exits the competence of the Central Bank.
are actually processed about them by combating economic crime?
-Yes, and many shops were closed and transferred many of their owners to the judiciary which in turn renders the legal provisions.
are there fake currency now either dollar or dinar?
-According to the Central Bank statistics we get from careful examination of the currency, the proportion of fraud is negligible, and usually we are fining banks that pass on counterfeit currency and this easily explore our advanced specialized in screening, as most who deal with trying to avoid dealing with banks because it is capable of detection, it is passed to the Ministry of the Interior, and dupes citizens arrest and on some who are counterfeiting currency or deal.
Delete project zeros where he is now, why not apply particularly as it lifts the value of the dinar?
-Draft delete zeros still exists and we have a technical preparation in this area,
but we are waiting for the general stability of this great work need stability in addition to the stability in a particular institutions, we can organize and process management and supervision violations or abuses are not allowed.
why dollar is always high, why don't you guys take action equated with dinar, this leads to market stability and cheap across goods.?
-Make the dollar equal to the dinar in current situation means encouraging more imports and miss opportunities to promote local production.
It also means lower revenue for the general budget of the Ministry of finance will get less of the dinar against the dollar which it sells.
Either the dollar on the parallel market, by the law of supply and demand, the Central Bank has responded to the demand for dollars and covered it, the prevention of a rise in price, and closing opportunities for speculation in the market,
and certainly there are other factors that play a role in the rise and fall of political and security stability, and the rule of law, the strength or weakness of the relevant State institutions.
If the altitude is not selling the Bank required quantities in the market, why doesn't the Bank to request?
-When the high oil prices are also high dollar income as it was in previous years, the Central Bank can then respond to those requests, and the overflowing of its dollar reserves, the Bank either when dollar revenues due to lower oil prices, as it gets now, so not enough dollars sold by the Ministry of finance to the Central Bank, to meet buyers' demands for dollars, the Central Bank used part of its reserves to respond to those requests, and this is the role and function of nature reserve.
But our problem is that many don't understand it when we sell the reserve declines happen much talk and criticism of the Bank, although recognizing that this is impractical and unobjective and intersects with monetary policy requirements, unless he's trying to find a balance between filling requests from the dollar and maintain a reasonable level of reserve to not get psychiatric condition may lead to anxiety and fear.
import cars costing Iraq billions of dollars that come out of it. Is there an economical way to return these amounts especially if Iraq doesn't need this many cars?
-Subject imports and identify goods and fees and the need of the Government and not the Central Bank, our role is to advise the Government, and has repeatedly called as many need tuning imports and develop an annual platform for importing, with strict application of the laws that mentioned the national product and consumer protection.
are central bank other property it imports?
-No, no Central Bank law allows such kind of investment such as real estate and other, revenue comes from investments in foreign currencies, bonds and gold, than bank fees and fines from banks and businesses licensed kiss.
some international banks doing humanitarian projects such as building hospitals and schools, is the Central Bank such projects or in a future stratigith?
-Central Bank law does not allow for the allocation of funds for these projects, we seek to amend it to allow the Bank to support some social services or health projects or necessary infrastructure by allocating a proportion of annual profits for these purposes.
safe for every citizen, whether gold or bullion or cash, how is the process of saving for gold?
Is it included in earnings principle interest he took in the National Treasury, which helps in upgrading Iraqi dinar?
-When the original citizen has gone or other special funds it rented within banks, here does not receive any citizen misses, the objective of the deposit within banks is protected, and that the Bank does not know what exists and not use or invest.
the issue of buy gold bullion from the Central Bank.
-The Central Bank makes 24 light gold bullion out of Iraq and sells it to citizens and by simple profit margin.
where sold ingots?
-Banks and Central Bank.
The fate of the new Central Bank building after the death of the Project Designer.
where he arrived to work at the new Central Bank building? And executing company after the death of architectural site designer Zaha Hadid?
-New building project under the referral currently being analyzed for the offers of companies to choose one of them to create a project that is expected to start by the end of this year.
What about Office designed the project and its implementation?
-Project design completed Office with all its details and took nearly two years and we wish that the Office shall supervise the execution, but his presentation was very high, we call on other global companies, and has won an Australian company with a good reputation and is now study offers made by global contractors to build the project.
2016/06/22 (00:01 pm) - hits: 134 - number (3678)
The Central Bank Governor (range): precautions in good level
• conducted interview: Zarah Hamid
May raise with regard to modern economic and financial anxieties have many followers, is the modern day living is linked to the individual and how to move the economy faced many pitfalls impede progress, including currency, dinar, dollar and speculation the currency auction raised many doubts and questions, in addition to civil and foreign banks and money transfer companies, and how to get out of the financial crisis afflicting Iraq, IMF loan even with falling oil prices and its repercussions, being the only resource, which negatively The amount of Central Bank reserves of foreign currency, according to specialists may not cover reserve three months import to Iraq.
All these files and other open "run" in a private meeting with the Governor of the Central Bank Ismail relationship.
Conflict of foreign currency reserve figures
What plans the Central Bank if the Bank reserves continued to decline to low limits don't even cover three months Iraq's import, and how much is due to the large amount now reserve ADO about?
Foreign reserves now total $53 billion, a number that changes daily depending on what position the Ministry of finance, and this level within our accounts and accounts of recent IMF refers to the adequacy of the reserve in accordance with the international standard of foreign currency reserves to cover the size of the local currency.
We also reserve a higher level, which means that our existing foreign currency than the local currency.
To increase or decrease the reserve caused by factors beyond the control or the control of the Central Bank,
so that the reserve is influenced by two main factors dollar amount to the Central Bank, and is a source of oil and sell what you get Finance Ministry of oil dollars sold by the Central Bank to get paid on JD to cover their expenses.
The second factor is the demand for the dollar, and its origin is the basis of State expenditure which turns eventually into demand for the dollar, since the majority of imported goods and materials. Those extra factors govern the Bank determines the level of the reserve.
The pressure and impact more on reserve when the State budget deficit being covered by money or Central Bank buy bonds,
which means that the Bank will issue cash for the Government without there being a cover of foreign currency to the Government,
and this version last spent turns into demand for imports in dollars what about me reduce backup, so that the Chamber of Deputies and the Government are responsible for low reserve when issued a budget deficit.
Unfortunately, this fact is not understood by many.
It is curious that professes some House members or the Government that the Central Bank is responsible for the decline in reserve without paying attention to the reason stems from them and not from the Central Bank or its policies.
Reasons for borrowing from abroad and future implications
If well enough reserve in accordance with IAS, why borrow from abroad?
-Borrowing from the IMF is very important for Iraq and open the door for us to obtain loans and facilities and the support of international organizations and countries, as Iraq Center strengthens hand external financial transactions.
can the Rafidain and Rasheed to be two bars in the Central Bank auction to sell foreign currency? Why abstain for many years of active participation and leave private monopolists to the player base at auction?
-Central Bank dollar sales open to the public and private banks alike, not to enter the Rafidain and Rasheed on a larger scale in that process, due to fears of exposure to confiscate foreign transfers transfers due to external debt claims,
but now that you have taken action to solve this problem we hope that banks will exercise their operations without reserve or fear, and from our side we catalyze them and encourage them to expand their dealings in dollars to the principle of competition that isn't cutting it.
Why not amend the Banking Act of the CPA number 94 in 2004, the Central Bank can generate forced mergers of banks rather than moral persuasion, especially since the banking market need strong resolutions to incorporate more of a banking institution to avoid meltdowns and protect Iraq's banking financial system?.
-We work to amend the Banking Act, and is now in the final stages of his legislation, the new law also certainly take into consideration the best international practices and experiences and great developments in the banking and financial sector.
are the Central Bank was able to save Iraq's financial situation (public finance) during deteriorating oil revenues since 2014? What effective policy adopted by the Central Bank as a financial saving?
-Yes, he played a big part in the Central Bank's response to the financial crisis that hit the country's financial situation, past and current period and it was the lifeboat of the general situation and not just the financial situation of the Government's financial resources were not sufficient to cover up salaries,
and we have to imagine the situation if the State failed to pay millions of employees, so the total amount financed by the Central Bank the public Treasury would arrive at the end of this year to more than 20 trillion dinars through its purchase of Treasury transfers From the secondary market, the Central Bank also offers support and counseling in other aspects, for financial and economic challenges.
* How the Central Bank's monetary policy has faced the problem of unemployment and recession among Iraqis as the goal of the Bank according to its price stability is combating unemployment?
-Central Bank contributes to reducing unemployment by stimulating economic activity by keeping the General level of prices and reducing inflation by stimulating and facilitating lending and credit operations and structural benefits, so the Central Bank initiative by allocating 6 trillion dinars for lending to private sector projects, pour into achieving that goal which activates the operating sectors and achieve.
The programme "6 trillion, aim to promote the private sector have not met
If you consider the "6 trillion" that the Bank will loan her audience one of these processors. Are there other steps to achieve the stability that encourages economic growth in output or GDP?
-Yes, the 6 trillion initiative is the first of its kind and scale in the history of Iraq, where we found as sensors for the economic situation that the only way to promote the economic reality is to stimulate industrial and agricultural production sectors through lending and supporting the private sector, because we noticed that the logos walstratigiat native support for private sector and diversify the production base to the supporting process plans and stimulating,
as the Central Bank notes through its coverage of dollar demand for imports, dumping by importing the simplest materials and goods that can be produced Within the country to run a citizen and maintain foreign currency at once.
But how can we achieve the aim of this initiative in the current situation, where there is no protection or control or even activate the rules?
-Basic and accurate observation, having stated at our initiative that their success depends on the activation of the product and consumer protection laws and prevent dumping and Tehran and quality control application without all that we cannot expect effective results for this initiative.
with current status of border ports can apply?
-Unfortunately put border outlets is one of the great challenges and chronic, is putting enormous risks and disadvantages received corrupt country, and those risks are not only important financial resources and substantial losses, but economic and health risks and environmental and security we have her attention, there have been attempts over the years to remedy the situation of those ports, but all failed, as we are still years underline the need to hire international companies to organize and manage those ports.
are there politicians EEI dominate actors on requests for foreign currency banks including parliamentary forces very window?. This friendly conversation, as they say, those are the reason Iraq is ruined and smuggling money through auction?
-Guarantee of charge no interference from anyone or any party on the question of determining the total dollar sales or banking and corporate level, determined by the high level Committee, comprising Central Bank Deputy Governor two years advanced cadre managers meet daily to determine that based on several objective factors.
And we are done currently fixed criteria defined whereby a certain degree of each bank or company, including a bank or company compliance with AML/CFT law and related rules and regulations, until we get in the end to an application program is implemented automatic sales in light of the degree of commitment of the banks and companies to those standards and norms and instructions.
can close branches of foreign banks against the Central Bank law and banking law. And is it already? Especially, it is said, many irregularities in these banks, how many branches of these banks and the number of private banks?
-Yes, Central Bank instructions apply to all banks approved by the Bank, foreign bank branches approved by us as well, so they are subject to a local banks in terms of penalties and procedures regarding irregularities including the offending branch license.
was actually pulling off one of these branches?
-No, it didn't happen during the time that I took over management of the Central Bank.
but hear that there are many irregularities and abuses of those banks.
-This information is not accurate because our bank branches are branches of most banks is pretty big, and has advanced international classification, these branches are subject to our control and control of the Central Bank of the State Bank's headquarters and Headquarters oversight of the President himself as belonging to him.
Primitive and underdeveloped performance in State banks
There was a clear failure on the banking sector being the old mechanisms and systems works see specialists that one of the reasons for the declining investment process in the country that foreign investors looking for a safe and sophisticated banking environment to facilitate his work and speed of delivery and keep his money?
-Yes, it is unfortunate that our banking sector is still in its infancy, far from best international practices, and using the latest and best technology in the business, as most of them do not have the appropriate degree of fairness and transparency and governance, and far from the application of the rules of compliance, risk management and compliance with the requirements of the money laundering rules,
as most private banks was founded a few years ago in extraordinary circumstances and extraordinary challenges also make them are marginal activities to achieve quick profits selling like dollar, have dominated its Board of Directors on Managed and harnessed to their own interests, so that we have an important way to correct this situation, you will witness the results during the year.
but the problem is what we observe in good conditions of private banks and Rafidain Bank in terms of performance and management and services are very low, even simple deposit and withdrawal operations are intricately and slow?
-I agree with you that it is much farther behind banks across the world an animal farm and the tremendous developments in banking, and was developing a plan to restructure the banks since 2007 but the plan went slowly and now being activated,
so currently we focus on resolving disputes and old assets subject to a real financial center for the banks as the basis to move to the second step in the plan to privatize the banks or qualified partners to strengthen the banks and improve their performance.
as Central Bank specialists has the strongest role to be exercised by private banks departments regarding their policies related to update the structure of those institutions and strengthening oversight.
-Yes, central banks play an important role in upgrading the performance of banks through the controls and instructions to organize their work and through surveillance and performance evaluation and incentives for best practices.
To be more explicit was the role of the Central Bank during the previous years, and accumulated over those years many negative phenomena and practices, under the pressure of the economic and financial crisis show imbalances in the form of serious problems and challenges.
So our work to strengthen this role since assumed management of the Central Bank and took several actions and steps toward banks on the one hand, and by strengthening the regulatory and supervisory organ, on the other hand, we use international oversight offices but it takes time to reap results.
Since 2010 the Government announced that it agreed to sign an important agreement with Chinese companies to develop the work of State banks and financial exchange mechanism between them and the rest of the world's banks, what happened to her and why until now there is no change in Iraqi banks.?
-I don't have any details on that Convention, but after the last Prime Minister to China was agreed to activate many aspects of economic and financial cooperation currently being including encouraging Chinese banks to open branches in Iraq and Iraqi banks in China and the exchange of experience in the banking business.
Guarantee deposits and Shorja dollar exchange
When applied work deposit guarantee Corporation and what kind of deposits, as long as you need to encourage people to save the banks and that it would resolve the financial crisis on the other side what will or add this step to the citizen?
-Deposit guarantee company established project aims to protect the rights of depositors, especially younger ones, when a Bank into insolvency or bankruptcy, so that this measure will encourage citizens to deposit their money in banks because the phenomenon of having most of the money away from houses in chunky banking hurt the economy since those funds if saved in banks will turn into loans and facilities in order to motivate and move the economy and market, as well as the risks of keeping the money at home had to steal, not to mention The costs of dealing with cash rather than bank accounts.
dollar stock in Shorja who controls them? The Central Bank is censored?
-Dealing in dollars outside licensed by the Central Bank, the practice illegal, and shops and people who do that are under the control of the Directorate of combating economic crime, and to take legal action, where it exits the competence of the Central Bank.
are actually processed about them by combating economic crime?
-Yes, and many shops were closed and transferred many of their owners to the judiciary which in turn renders the legal provisions.
are there fake currency now either dollar or dinar?
-According to the Central Bank statistics we get from careful examination of the currency, the proportion of fraud is negligible, and usually we are fining banks that pass on counterfeit currency and this easily explore our advanced specialized in screening, as most who deal with trying to avoid dealing with banks because it is capable of detection, it is passed to the Ministry of the Interior, and dupes citizens arrest and on some who are counterfeiting currency or deal.
Delete project zeros where he is now, why not apply particularly as it lifts the value of the dinar?
-Draft delete zeros still exists and we have a technical preparation in this area,
but we are waiting for the general stability of this great work need stability in addition to the stability in a particular institutions, we can organize and process management and supervision violations or abuses are not allowed.
why dollar is always high, why don't you guys take action equated with dinar, this leads to market stability and cheap across goods.?
-Make the dollar equal to the dinar in current situation means encouraging more imports and miss opportunities to promote local production.
It also means lower revenue for the general budget of the Ministry of finance will get less of the dinar against the dollar which it sells.
Either the dollar on the parallel market, by the law of supply and demand, the Central Bank has responded to the demand for dollars and covered it, the prevention of a rise in price, and closing opportunities for speculation in the market,
and certainly there are other factors that play a role in the rise and fall of political and security stability, and the rule of law, the strength or weakness of the relevant State institutions.
If the altitude is not selling the Bank required quantities in the market, why doesn't the Bank to request?
-When the high oil prices are also high dollar income as it was in previous years, the Central Bank can then respond to those requests, and the overflowing of its dollar reserves, the Bank either when dollar revenues due to lower oil prices, as it gets now, so not enough dollars sold by the Ministry of finance to the Central Bank, to meet buyers' demands for dollars, the Central Bank used part of its reserves to respond to those requests, and this is the role and function of nature reserve.
But our problem is that many don't understand it when we sell the reserve declines happen much talk and criticism of the Bank, although recognizing that this is impractical and unobjective and intersects with monetary policy requirements, unless he's trying to find a balance between filling requests from the dollar and maintain a reasonable level of reserve to not get psychiatric condition may lead to anxiety and fear.
import cars costing Iraq billions of dollars that come out of it. Is there an economical way to return these amounts especially if Iraq doesn't need this many cars?
-Subject imports and identify goods and fees and the need of the Government and not the Central Bank, our role is to advise the Government, and has repeatedly called as many need tuning imports and develop an annual platform for importing, with strict application of the laws that mentioned the national product and consumer protection.
are central bank other property it imports?
-No, no Central Bank law allows such kind of investment such as real estate and other, revenue comes from investments in foreign currencies, bonds and gold, than bank fees and fines from banks and businesses licensed kiss.
some international banks doing humanitarian projects such as building hospitals and schools, is the Central Bank such projects or in a future stratigith?
-Central Bank law does not allow for the allocation of funds for these projects, we seek to amend it to allow the Bank to support some social services or health projects or necessary infrastructure by allocating a proportion of annual profits for these purposes.
safe for every citizen, whether gold or bullion or cash, how is the process of saving for gold?
Is it included in earnings principle interest he took in the National Treasury, which helps in upgrading Iraqi dinar?
-When the original citizen has gone or other special funds it rented within banks, here does not receive any citizen misses, the objective of the deposit within banks is protected, and that the Bank does not know what exists and not use or invest.
the issue of buy gold bullion from the Central Bank.
-The Central Bank makes 24 light gold bullion out of Iraq and sells it to citizens and by simple profit margin.
where sold ingots?
-Banks and Central Bank.
The fate of the new Central Bank building after the death of the Project Designer.
where he arrived to work at the new Central Bank building? And executing company after the death of architectural site designer Zaha Hadid?
-New building project under the referral currently being analyzed for the offers of companies to choose one of them to create a project that is expected to start by the end of this year.
What about Office designed the project and its implementation?
-Project design completed Office with all its details and took nearly two years and we wish that the Office shall supervise the execution, but his presentation was very high, we call on other global companies, and has won an Australian company with a good reputation and is now study offers made by global contractors to build the project.
