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Governor of the Central Bank warns Parliament: Oil imports are threatened in the next 30 years [expanded]
Editorial date: 2018/11/21 21:29 • 517 times read
(Baghdad: Al Furat News) The House of Representatives in its fourteenth session, held under the chairmanship of Mohammed Halbusi, the Speaker of the House of Representatives on Wednesday and in the presence of 204 deputies discussed the financial and monetary situation and the work of the Central Bank and took a decision to form a fact-finding committee on the building of the bank and auction sale of currency and damaged money, While voted on a decision to suspend the work of the previous Council of Ministers issued since July 2018 until 24 October.
At the start of the session, Mahmoud Abd al-Ridha Talal was sworn in as a member of the House of Representatives after the vote to add the paragraph to the agenda.
The President of the Council to the presence of ten winners of the membership of the House of Representatives have not been sworn in so far.
The Council voted on a resolution related to the decisions of the former Council of Ministers during the period of the conduct of business submitted by the Legal Committee.
"The decision of the House of Representatives decided to consider the Prime Minister and his previous government a number of decisions contrary to the provisions of the Constitution in its articles [24,61,80} during the end of the third parliamentary session and the absence of legislative and oversight role of the House of Representatives, the House of Representatives decided to suspend the decisions since The first of July 2018 until 24 October 2018, and the Prime Minister and members of his government to review the decisions issued and take what is required in accordance with the provisions of the Constitution and the laws in force.
He pointed out that the House of Representatives has received from the Supreme Judicial Council a list of names nominated for inclusion in the agenda of the Council to vote in the coming sessions.
On the other hand, the President of the House of Representatives to host the head of the border crossings and customs to inquire about the mechanism of work adopted at some outlets, as well as hosting the Board of Directors of the Iraqi Trade Bank in the next session.
On the other hand, the Council ended the discussion of the financial and monetary situation and the work of the Central Bank in the presence of the Governor of the Central Bank and members of the Board of Directors.
The Central Bank Governor stressed on the importance of attending the parliamentary financial committee to the Central Bank on a regular basis to view the functions and details of the work of the bank,
noting the existence of several control departments within the Central Bank to submit periodic reports on the management of financial data and audit and internal control, as well as cooperation with International audit offices and preparing final accounts and published on the official website of the bank on an annual basis, in addition to the creation of two risk management and compliance departments contribute to the examination and audit of the activities of the bank and identify points of imbalance in it,
noting that the state treasury did not bear Any loss from the sinking of public funds due to the closure of their financial value of fees."
As for the repercussions of damage of seven billion dinars, the Director General of the Department of issuance and safes during the period of sinking that the entry of rain water in November 2013 led to the damage of money in the coffers of Rafidain Bank, noting that it is the duties of the Central Bank to receive the damaged currency and replace it as part of And stressed the receipt of the currency affected by drowning after confirming the authenticity and then destruction after being restricted to Rafidain Bank, pointing out that the Office of Financial Supervision in his report confirmed the occurrence of damage to the currency mentioned and the need to replace them by the Central Bank.
The deputies' interventions pointed out that the report of the Financial Control Bureau revealed that the sinking of the money was due to holes in the wall of the fortified room as a result of the failure to repair a special cable for communications and to inquire about the amount of money spent from the amount allocated to finance the initiatives, including the agricultural initiative, Which was seized under the pretext of money laundering and terrorism financing, in addition to the demand to stop building the building of the Central Bank for its large financial cost and to be located next to the river and the middle of a residential area in addition to a complaint from the owner of the land.
For his part, President Halabousi approached the Weather Department to ascertain the weather on the day that the money was deposited in Rafidain Bank.
The intervention included knowing the procedures used in the sale of the currency for the existence of suspicions of corruption in it and stressing the importance of tightening its measures to prevent waste of money and the tendency to take advantage of the flexibility of monetary policy to reduce the exchange rate, as well as praise the policy of the Central Bank impact of its transition from the black to gray area and seeking to reach The free zone and the claim to preserve the banking institutions, in addition to the inclusion of the Kurdish language beside the Arabic when printed currency.
In his response to the interventions, the governor pointed to the approach of the Central Bank of the Ministry of Finance after the damage to the currency in Rafidain Bank and the establishment of a committee of the bank identified the imbalance causing the sinking of the currency, indicating that the loans granted to the Housing and Real Estate Fund has achieved their objectives, unlike the bank loans industrial and agricultural were very few And did not achieve the desired goal, calling for attention to the local economy of Iraq and development of the fact that the dependence on oil imports to meet the cash need will be threatened in the next thirty years, explaining that the work of the Central Bank lies in the mediation between the Ministry of Finance and the local market in the conversion The currency of the dollar to the dinar and work on balancing the price of the dollar, indicating the establishment of the bank to a database of information on the fate of money that goes outside Iraq, announcing the imposition of 560 billion dinars fines on banks for violating regulations.
For his part, the President of the Council announced the holding of a joint meeting between the Governor of the Central Bank and the members of the Board of Directors and the Parliamentary Finance Committee at their request to discuss the Bank's policy, calling for legislation to allow the Central Bank to contribute to support the State institutions in the development of educational and health sectors.
On the building of the new Central Bank, the Director General of the Administrative and Engineering Department at the Central Bank said that the design of the new building was referred to the Office of Architecture Zaha Hadid, which consists of 37 floors and is located on an area of 19 thousand square meters and belongs to the Ministry of Finance, noting the nomination of 18 global companies able to implement The project was referred to an Azerbaijani company that offered less than the estimated cost of $837 million. They were ready to provide the parliamentary finance committee with all the other documents, The subject of the new central bank building.
For his part, pointed out the general manager of the window selling currency that the monopoly of the currency and the economy by the government created a problem in the price of the dollar and determine the amount of sale, praising the procedures of the Central Bank since 2016 on the sale of the currency and included auditing and follow-up assets of the money and access to the final beneficiary and matching the official price until On his arrival to the local market, noting to take the Central Bank legal action against Bank of Baghdad after the submission of its management of bank violations.
The MPs demanded that the former governments bear responsibility for the deliberate negligence that led to the waste of public funds and the opening of an investigation board to investigate all the approvals and actions taken on the project of building the central bank, since the estimated cost of constructing the building is very high.
The Chairman of the Council to form a fact-finding committee of the Finance Committee and a number of deputies of the committees of integrity, economy and investment on the building of the Central Bank to verify the cost of the project and research in the technical and design details and timing of the selection of the project and consult with specialists, that the vote on the members of the Committee at the next meeting, In the sale of the currency and the priorities of replacing the damaged currency and its real quantity.
It was decided to adjourn the meeting until next Saturday
Governor of the Central Bank warns Parliament: Oil imports are threatened in the next 30 years [expanded]
Editorial date: 2018/11/21 21:29 • 517 times read
(Baghdad: Al Furat News) The House of Representatives in its fourteenth session, held under the chairmanship of Mohammed Halbusi, the Speaker of the House of Representatives on Wednesday and in the presence of 204 deputies discussed the financial and monetary situation and the work of the Central Bank and took a decision to form a fact-finding committee on the building of the bank and auction sale of currency and damaged money, While voted on a decision to suspend the work of the previous Council of Ministers issued since July 2018 until 24 October.
At the start of the session, Mahmoud Abd al-Ridha Talal was sworn in as a member of the House of Representatives after the vote to add the paragraph to the agenda.
The President of the Council to the presence of ten winners of the membership of the House of Representatives have not been sworn in so far.
The Council voted on a resolution related to the decisions of the former Council of Ministers during the period of the conduct of business submitted by the Legal Committee.
"The decision of the House of Representatives decided to consider the Prime Minister and his previous government a number of decisions contrary to the provisions of the Constitution in its articles [24,61,80} during the end of the third parliamentary session and the absence of legislative and oversight role of the House of Representatives, the House of Representatives decided to suspend the decisions since The first of July 2018 until 24 October 2018, and the Prime Minister and members of his government to review the decisions issued and take what is required in accordance with the provisions of the Constitution and the laws in force.
He pointed out that the House of Representatives has received from the Supreme Judicial Council a list of names nominated for inclusion in the agenda of the Council to vote in the coming sessions.
On the other hand, the President of the House of Representatives to host the head of the border crossings and customs to inquire about the mechanism of work adopted at some outlets, as well as hosting the Board of Directors of the Iraqi Trade Bank in the next session.
On the other hand, the Council ended the discussion of the financial and monetary situation and the work of the Central Bank in the presence of the Governor of the Central Bank and members of the Board of Directors.
The Central Bank Governor stressed on the importance of attending the parliamentary financial committee to the Central Bank on a regular basis to view the functions and details of the work of the bank,
noting the existence of several control departments within the Central Bank to submit periodic reports on the management of financial data and audit and internal control, as well as cooperation with International audit offices and preparing final accounts and published on the official website of the bank on an annual basis, in addition to the creation of two risk management and compliance departments contribute to the examination and audit of the activities of the bank and identify points of imbalance in it,
noting that the state treasury did not bear Any loss from the sinking of public funds due to the closure of their financial value of fees."
As for the repercussions of damage of seven billion dinars, the Director General of the Department of issuance and safes during the period of sinking that the entry of rain water in November 2013 led to the damage of money in the coffers of Rafidain Bank, noting that it is the duties of the Central Bank to receive the damaged currency and replace it as part of And stressed the receipt of the currency affected by drowning after confirming the authenticity and then destruction after being restricted to Rafidain Bank, pointing out that the Office of Financial Supervision in his report confirmed the occurrence of damage to the currency mentioned and the need to replace them by the Central Bank.
The deputies' interventions pointed out that the report of the Financial Control Bureau revealed that the sinking of the money was due to holes in the wall of the fortified room as a result of the failure to repair a special cable for communications and to inquire about the amount of money spent from the amount allocated to finance the initiatives, including the agricultural initiative, Which was seized under the pretext of money laundering and terrorism financing, in addition to the demand to stop building the building of the Central Bank for its large financial cost and to be located next to the river and the middle of a residential area in addition to a complaint from the owner of the land.
For his part, President Halabousi approached the Weather Department to ascertain the weather on the day that the money was deposited in Rafidain Bank.
The intervention included knowing the procedures used in the sale of the currency for the existence of suspicions of corruption in it and stressing the importance of tightening its measures to prevent waste of money and the tendency to take advantage of the flexibility of monetary policy to reduce the exchange rate, as well as praise the policy of the Central Bank impact of its transition from the black to gray area and seeking to reach The free zone and the claim to preserve the banking institutions, in addition to the inclusion of the Kurdish language beside the Arabic when printed currency.
In his response to the interventions, the governor pointed to the approach of the Central Bank of the Ministry of Finance after the damage to the currency in Rafidain Bank and the establishment of a committee of the bank identified the imbalance causing the sinking of the currency, indicating that the loans granted to the Housing and Real Estate Fund has achieved their objectives, unlike the bank loans industrial and agricultural were very few And did not achieve the desired goal, calling for attention to the local economy of Iraq and development of the fact that the dependence on oil imports to meet the cash need will be threatened in the next thirty years, explaining that the work of the Central Bank lies in the mediation between the Ministry of Finance and the local market in the conversion The currency of the dollar to the dinar and work on balancing the price of the dollar, indicating the establishment of the bank to a database of information on the fate of money that goes outside Iraq, announcing the imposition of 560 billion dinars fines on banks for violating regulations.
For his part, the President of the Council announced the holding of a joint meeting between the Governor of the Central Bank and the members of the Board of Directors and the Parliamentary Finance Committee at their request to discuss the Bank's policy, calling for legislation to allow the Central Bank to contribute to support the State institutions in the development of educational and health sectors.
On the building of the new Central Bank, the Director General of the Administrative and Engineering Department at the Central Bank said that the design of the new building was referred to the Office of Architecture Zaha Hadid, which consists of 37 floors and is located on an area of 19 thousand square meters and belongs to the Ministry of Finance, noting the nomination of 18 global companies able to implement The project was referred to an Azerbaijani company that offered less than the estimated cost of $837 million. They were ready to provide the parliamentary finance committee with all the other documents, The subject of the new central bank building.
For his part, pointed out the general manager of the window selling currency that the monopoly of the currency and the economy by the government created a problem in the price of the dollar and determine the amount of sale, praising the procedures of the Central Bank since 2016 on the sale of the currency and included auditing and follow-up assets of the money and access to the final beneficiary and matching the official price until On his arrival to the local market, noting to take the Central Bank legal action against Bank of Baghdad after the submission of its management of bank violations.
The MPs demanded that the former governments bear responsibility for the deliberate negligence that led to the waste of public funds and the opening of an investigation board to investigate all the approvals and actions taken on the project of building the central bank, since the estimated cost of constructing the building is very high.
The Chairman of the Council to form a fact-finding committee of the Finance Committee and a number of deputies of the committees of integrity, economy and investment on the building of the Central Bank to verify the cost of the project and research in the technical and design details and timing of the selection of the project and consult with specialists, that the vote on the members of the Committee at the next meeting, In the sale of the currency and the priorities of replacing the damaged currency and its real quantity.
It was decided to adjourn the meeting until next Saturday
