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Abdul Mahdi emphasizes the need to remedy the situation of the economy to increase gross national
Tarikh التحریر: 2017/1/7 19:03 • 98 times its read
{Baghdad: Euphrates news} assured the Iraqi Islamic Supreme Council leader, Adel Abdul Mahdi, the need to remedy the situation of the economy to increase the national output.
Abdul Mahdi said in a speech published Saturday that "Exchange systems are divided into two basic, or a mixture of both. Fixed rate and guaranteeing the State, mobile exchange rate according to supply and demand.
Adopting the first Iraq {JD 0.333/$} before 2003 and adopted the second dimension through an auction.
"The auction is only a market of supply and demand for the currency. There is a large demand, limited view due to a decline in oil imports by about 60% {2015-2016}.
What was sold {250-300}, now {100-150} million dollars a day.
The result reduced the value of the dinar, market disorder and attendant speculation and realization of grey and black markets wrap."
"No fixed exchange rate prevents the appearance of a grey and black markets when dollar offer retreats, as was the late 1970s, and in particular after oil exports and siege. The dollar reached {2000-3000}, {6000-9000%} and with increased oil imports and provide the dollar after 2003, the value of the dinar to the dollar rose about 20% of {1500} {1180} approximately JD JD/dollars.
"With the current dollar scarcity, dropped almost 8% dinars what is sold in the auction {1190} it was not merely a question of fraud and sought to pay dividends, but mainly demand-supply failure, serious distortions in the economy generally.
The phenomenon of Exchange prices, in many countries, it appears has {2.3} rates of black and grey markets.
Significant pressures on central banks in many countries, causing declining exchange rates generally about 18% in 2016, but 70%, 110%, 136% in Nigeria, Uzbekistan and Angola respectively.
The currency is the top commodity demand globally, $3 trillion are traded almost daily.
He pointed out that "the auction interface of deep, is relying on oil to provide the dollar, weak national economy and dependence on imports. Economics and experience shows, ", stating that "when the gap between supply and demand, the administrative procedure waltshddih is not sufficient alone.
"But to exaggerate and abuse leads to further acts of circumvention and fraud and immigration.
Restoring the economy required to increase the national output, improve the balance of trade and payments resources other than oil.
The monetary system would not address the individually faulty financial and economic system. He's like a rash treatment for AIDS like disease superficially, without understanding that respect blood analyses, and weak.
It was "a difficult currency dinar when it turns easily to other hard currency price at auction. And the migration of money and exchange rate caused by the weak economy and investment environment, rising imports, and the urgent need for dollars.
The basic issue is not a valid or forged documents, these are all manifestations of the disorder. In 2015 global reports about imports were 39 billion dollars, auction sales volume approximately 44 billion dollars.
So if we add the need for non-dollar commodity import purposes, the auction reflects this overall balance.
It is basically a window to obtain foreign currency, if provided, would seek to provide the DUNS and more speculators circumvent, delivering higher Exchange."
He noted that the Central Bank's seven criteria for "good compliance" and applying contemporary systems, and applied with the beginning of 2017, whereby banks granted the right to participate and their levels, which help to improve performance, but not to repair the economic and financial realities, and relying on the dollar and imports.
He continued saying "central reserves fell to less than 50 billion, compared with $77 billion {٢٠١٤}. Internal and external debt grew.
In contrast, most banks stocks retreated to less than JD for the arrow, which is the purchase price upon incorporation, capital minimum 250 billion dinars.
Bank balance sheets reveals to walk her {when you win} than {10.15%} for years, is lower than the trade sector, food, construction, health, communications and transport.
He explains the difficulties, bankruptcy, migration of funds which you will find satisfied top profit out of the country.
And we will see more financial fallout constantly scarce and oil dependence, staying at the administrative and punitive, and the Government's inability to pay dues of contractors and companies, who in turn would fail to fulfill their obligations with banks.
Seal as saying that "courageous policy required to attract money and entered banking session, Government and private banks, equality and promote investment environment to the real sectors.
Otherwise I will continue to rely on import, and the need for a dollar, and increased the gap between the price of the auction and marketplace.
Abdul Mahdi emphasizes the need to remedy the situation of the economy to increase gross national
Tarikh التحریر: 2017/1/7 19:03 • 98 times its read
{Baghdad: Euphrates news} assured the Iraqi Islamic Supreme Council leader, Adel Abdul Mahdi, the need to remedy the situation of the economy to increase the national output.
Abdul Mahdi said in a speech published Saturday that "Exchange systems are divided into two basic, or a mixture of both. Fixed rate and guaranteeing the State, mobile exchange rate according to supply and demand.
Adopting the first Iraq {JD 0.333/$} before 2003 and adopted the second dimension through an auction.
"The auction is only a market of supply and demand for the currency. There is a large demand, limited view due to a decline in oil imports by about 60% {2015-2016}.
What was sold {250-300}, now {100-150} million dollars a day.
The result reduced the value of the dinar, market disorder and attendant speculation and realization of grey and black markets wrap."
"No fixed exchange rate prevents the appearance of a grey and black markets when dollar offer retreats, as was the late 1970s, and in particular after oil exports and siege. The dollar reached {2000-3000}, {6000-9000%} and with increased oil imports and provide the dollar after 2003, the value of the dinar to the dollar rose about 20% of {1500} {1180} approximately JD JD/dollars.
"With the current dollar scarcity, dropped almost 8% dinars what is sold in the auction {1190} it was not merely a question of fraud and sought to pay dividends, but mainly demand-supply failure, serious distortions in the economy generally.
The phenomenon of Exchange prices, in many countries, it appears has {2.3} rates of black and grey markets.
Significant pressures on central banks in many countries, causing declining exchange rates generally about 18% in 2016, but 70%, 110%, 136% in Nigeria, Uzbekistan and Angola respectively.
The currency is the top commodity demand globally, $3 trillion are traded almost daily.
He pointed out that "the auction interface of deep, is relying on oil to provide the dollar, weak national economy and dependence on imports. Economics and experience shows, ", stating that "when the gap between supply and demand, the administrative procedure waltshddih is not sufficient alone.
"But to exaggerate and abuse leads to further acts of circumvention and fraud and immigration.
Restoring the economy required to increase the national output, improve the balance of trade and payments resources other than oil.
The monetary system would not address the individually faulty financial and economic system. He's like a rash treatment for AIDS like disease superficially, without understanding that respect blood analyses, and weak.
It was "a difficult currency dinar when it turns easily to other hard currency price at auction. And the migration of money and exchange rate caused by the weak economy and investment environment, rising imports, and the urgent need for dollars.
The basic issue is not a valid or forged documents, these are all manifestations of the disorder. In 2015 global reports about imports were 39 billion dollars, auction sales volume approximately 44 billion dollars.
So if we add the need for non-dollar commodity import purposes, the auction reflects this overall balance.
It is basically a window to obtain foreign currency, if provided, would seek to provide the DUNS and more speculators circumvent, delivering higher Exchange."
He noted that the Central Bank's seven criteria for "good compliance" and applying contemporary systems, and applied with the beginning of 2017, whereby banks granted the right to participate and their levels, which help to improve performance, but not to repair the economic and financial realities, and relying on the dollar and imports.
He continued saying "central reserves fell to less than 50 billion, compared with $77 billion {٢٠١٤}. Internal and external debt grew.
In contrast, most banks stocks retreated to less than JD for the arrow, which is the purchase price upon incorporation, capital minimum 250 billion dinars.
Bank balance sheets reveals to walk her {when you win} than {10.15%} for years, is lower than the trade sector, food, construction, health, communications and transport.
He explains the difficulties, bankruptcy, migration of funds which you will find satisfied top profit out of the country.
And we will see more financial fallout constantly scarce and oil dependence, staying at the administrative and punitive, and the Government's inability to pay dues of contractors and companies, who in turn would fail to fulfill their obligations with banks.
Seal as saying that "courageous policy required to attract money and entered banking session, Government and private banks, equality and promote investment environment to the real sectors.
Otherwise I will continue to rely on import, and the need for a dollar, and increased the gap between the price of the auction and marketplace.
