Iraq needs a unified vision of the government and banks


9/27/2016 0:00

BAGHDAD / Suha Shaykhli
constitute one of the important pillars of the private banking sector in economic activity in all important countries varied activities, as is the main engines in a country like Iraq, especially in the critical period is going through, but the multiple reflections trends of financial distress influenced in the performance of banks and the economy both , despite the availability of human resources and advanced technology.

the attention of the banking expert , Abdul Rahman al – Sheikhli Speaking »Sabah» that the decline in global oil prices and financial pressures because of the war on «Daesh», along with the pressures of the international Monetary Fund and the World Bank and the commitments that dates back to the before 2003 have exacerbated the severity of financial distress.

he Shaykhli to that if these conditions persist , will lead to negative consequences such as the circulation of funds deficit in the banks would be reflected negatively on the funding and other economic activities, particularly in the areas of export domestic production and import, stressing that the indiscriminate import leads a waste of money in hard currency would be good to spend at home and replace them with local products.

rentier economy
and indicates Shaykhli that rentier economy requires speed up finding alternatives to diversify its budgetary resources which are reasonably increase tax rates so as not to put pressure on low – income people, as well as Note tariff customs because a lot of goods are exempt from fees and stop wastage and minimize financial and administrative corruption to develop the economy.

the difficulty of the task in front of the banking sector alone in drawing a road map to avoid the financial crisis , there is no common constants unified economic vision with the government, adding that the economy is still without identity Oomlameh, in addition to the financial and administrative corruption after the proceeds from the sale of oil cash blocs during 13 years there was no fixed budgets for the entry and exit of the money obtained was employed for the development of the productive sector , both public and private.

human resources
and between Shaykhli the role of modern technology in fact banking service and private in the areas of transportation and communications has contributed to the diversification of great services to customers , including automated banking deal in addition to the competencies and human resources has been active since 1993 as Iraq began working since then on the window of a free economy by opening banks
civil.

He continued since that time and even now expanded the scope of work in the private banks and the need arose to post significant human cadres , mostly retired personnel who have experience and competence, but they lack the correct vision of the free economy , which the world is witnessing at the moment,

noting the difficulty that develop these themselves to be part of a free economy, and these staff can be advisers and not the executives, some of whom do not understand anything in dealing with the most advanced technology, even though he has good ideas in the banking and financial matters.

He stressed the need to be experienced now for young people and to take their role in the banking business, but he also, but the majority of banks are looking for practical experience rather than academic experience has We tried pushing young people in practical courses but fared a minor still, however,

some of whom responded to gain experience and some of them are now filled sections administration with the knowledge that their experience does not exceed five years , but the number is small does not fit the actual need for it we are forced sometimes to hiring staff veterans and retirees of them stressing the need to develop human skills match the actual requirements.

Monetary hoarder
the number of private banks suffering from a fiscal deficit forcing citizens to hoard his money in his house , so it is necessary to restore confidence in the financial institution that contributes to the employment of money in projects prompted the central bank ‘s introduction of the company to ensure deposits capital of 100 billion Iraqi dinars, where some experts believe that a small amount where there are some traders owed in the
same covenant larger amounts.

He Shaykhli that hoarding money at home has become a problem, as there are 80 percent of the cash found in government banks and what remains a twenty percent of current cash outside the official government institution, and that 15 percent of the cash deposited and chunky outside the banking institution they are at the merchants, contractors and big capitalists in Iraq and what is left is five percent , which is suffering from problems have hoarded because of the loss of confidence.

he concluded Shaykhli his speech saying: The central bank is the President responsible for ensuring these deposits Bank In all banks in the world when aggregated approval of the legitimacy of their work, first job to do is the central bank approval is assumed under this agreement ensures that deposits the customer in the Middle East and North Africa , the Central Bank which ensures these deposits is , as the central bank ‘s use of a good governance policy in the
performance.

http://www.alsabaah.iq/ArticleShow.aspx?ID=123782

Iraqi economy and bets debts

9/27/2016 0:00

Ali Hassan al – Fawwaz
build a true economic base it requires a range of effective measures, and a realistic vision in dealing with the problems that Effersha- Aadh- mono – economy, and this iswhat makes the sketch plans more difficult and complex programs with outstanding deposits in the scheme of the Iraqi economic system.

Days before the Finance Committee approved in the House of Representatives on the conditions set by the international Monetary Fund on Iraq, in return for agreeing to give financial loans for the implementation of several economic projects, which require a basic guarantees on the part of that, and to a consensus with the policies that the fund performs in the field of loans.

approval of the Commission accompanied by a claim Mr. chairman of the Council of Ministers to take a process with respect to addressing issues of corruption, and the files are corrupt actions, as well as the importance of working to apply compressive programs related to the rationalization of spending is necessary, and activate the work of other sectors of the economy, which means a review of the general budget and write off a lot of assignments unrelated to economic rationalization policy that determined by the Fund.

that has patterns and policies, and has negative effects also centralized economy, and when there is a financial surplus, this Central is straining the national wealth through expenditures undisciplined, and across succumb to trends related to the policy of the central state, and the nature of the orientation of those expenditures, especially his money relationship spending armament, or the money linked to (petty cash) ministries and other institutions and Oivadat officials, which will be room for corruption and illicit enrichment, as well as the direct impact on the waste of public money and inflation phenomena slack in institutional work against the weakness in the planning, organization and rationalization, and in control of the doors exchange, and in accordance with the necessary benefits.

policy «international Monetary»
some shows fear of these trends, and under the pretext undergo Alysaasat the international Monetary Fund, and because the Iraqi economy rentier nature, these fears turn out to be the practices of the Iraqi government has put in front of rejected this some problems, and therefore disable a lot of economic promises that have been agreed upon on these loans,

and perhaps Alemradjahalojerh preparedness credit between Iraq and the international Monetary Fund agreement in Amman pointed to this risk on the part of , and to the importance of framing, all the way for approval of the Fund ‘s terms and adhered to.

referents problem debts originally linked to the existence of widespread corruption in state institutions, and the large Bagr of public money, and to the confusion of banking policies, and to other aspects related to the political with data mysterious, and the nature of the threats and challenges faced by Iraq, which has devoted an increasing spenders security side, compared to reduce the allocations pertaining to economic recovery programs Iraqi in various investment fields,

what makes the commitment to the demands of the international Monetary Fund over Napoleon represented realism, but the possibility of confrontation (forced) with corruption and the corrupt, and according to the monitoring, control and audit files mechanism.

also, this realism is also to preserve the employees and pensioners, and related activities perpetuation of public life citizens, compared Aadhalnzer many of the economic policies that lacks the realism, and exercises its authority as if the Iraqi wealth is depleted, and that limitless spending Profile, which is referred to by the MP Magda Tamimi ,

a member of the economic Committee (b spend three million and 799 thousand dollars to hire a private aircraft, during the last quarter of 2014 and over the past year in 2015, as well as the expenditure of funds and other money on Aivadat officials, in spite of the serious consequences of falling oil prices and the war against al «Daesh» terrorist.)

this information confirms the size of expenditures is necessary, and in the work contexts many of them, Maittalb face resolute, not only committed to the policies of the international Monetary Fund, but to restructure the Iraqi economy and Moisnath and Anfaqath, and to ensure the reduction of the budget deficit,

which is referred to during the discussion of the budget year 2016- member of the Finance Committee MP Hussam punitive , saying: (The 2016 budget deficit will be larger than the budget 2015 deficit », noting that,» budget in 2016 which put deficit to 29 trillion dinars , or the equivalent of $ 25 billion, representing 25 percent of the total budget).

limbering economic
Prime Minister claim to be more decisive in dealing with corruption and corrupt files, it runs from the dangerous Maewagha Iraq’s economic problems, and complications specific to those files and the multiplicity of their references, which relates to issues concerning waste, and money laundering, and the imbalance in the control procedures,

and keep track of exchange and other mechanisms, this Maittalb put decisive action , concerning the procedures for administrative and limbering Alanvaqa, and measures concerning the control and supervision, and a review of the general budget.

The seriousness of the propensity for loans from countries and banking authorities are in the economy put in front of data impose conditions on Iraq, which may make Iraq Amadzera to continue lending policy, distancing from taking (forced) to look for other opportunities to maximize the national wealth, and not total reliance on oil which is exposed to the fluctuation of prices,

and the deterioration under the conflict and political factors tugging, or flooding the oil market affluence, a Maigll of demand relative about a lot of offers, which are adopted by some countries , a political measure against other countries ..

http://www.alsabaah.iq/ArticleShow.aspx?ID=123781

A recent poll found that support for popular conspiracy theories is strongest among Donald Trump supporters.

But is it also true that Trump supporters are more likely to believe that the Iraqi Dinar will re-value by something of the order of 1,000 times, turning a $1,000 ‘investment’ into $1,000,000 overnight?

Please tell us your opinion in the following, entirely unscientific, reader poll:

Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll.

 

By John Lee.

The Central Bank of Iraq (CBI) has reported that 28 banks and 15 remittance companies took part in its currency auction on Sunday.

A total of $115,388,428 sold at a price of 1182 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

By John Lee.

The Central Bank of Iraq (CBI) has reported that 27 banks and 15 remittance companies took part in its currency auction on Sunday.

A total of $114,221,577 sold at a price of 1182 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

Parliament delivers its members financial differences of 40 million dinars

Since 26.09.2016 at 13:15 (Baghdad time)
Baghdad balances NewsA source parliamentarian, on Monday, that the members of parliament him 40 million dinars financial Kfroqat for deductions from their salaries, which have been working out in the earlier proceedings.

The source told / balances News /, said that "every member of the House of Representatives received 40 million dinars," noting that "those amounts are financial differences for deductions from their salaries and approved by parliament earlier after a government reforms."

He added, that "has been exaggerated differences Switch to Bank of Iraq and the House of Representatives received directly from the bank."

It is said that the parliament voted earlier, the reforms related to it and launched by the Prime Minister Haider al-Abadi on reducing the salaries of its members and the number of Hamayatem.

http://www.mawazin.net/%D8%A7%D9%84%…86%D8%A7%D8%B1

Document .. The central bank sells gold coins its anniversary

Since 09.26.2016 at 11:13 (Baghdad time)
Baghdad balances NewsCalled on the Central Bank of Iraq, all licensed banks to buy gold commemorative coins.

According to a document obtained by / balances News /, that "the central bank called on all licensed banks to buy gold coins commemorative category (250) dinars, and the weight of 22 grams, which is silent on the occasion of the eighth anniversary of the Sixty-established."

According to the document, "The bank told banks to announce to customers from those coins as part of the diversification of savings and to commemorate the occasion inception."

It included, that he "will be the sale of those coins in the Tuesday of each week.

http://www.mawazin.net/%D8%A8%D8%A7%…8A%D8%B3%D9%87

New Treasury auction of remittances next month

9/25/2016 0:00

BAGHDAD /
morning
regulated by the Central Bank on the nineteenth of next month ‘s auction of treasury transfers for the Ministry of Finance ‘s annual order within the domestic borrowing for the current year plan.

The source said the "morning" that the value of Asdarih for these bonds amounting to300 billion dinars, indicating that this auction will be the ninth of its kind this year.

the central bank, as a financial agent of the Ministry of the administration Auctions transfers based on the public debt, which authorized the Ministry of Finance issued remittances treasury guaranteed by the government for the purposes of government funding to fill part of the temporary deficit in the general budget for Iraq Act.

in context the same central bank announced the results of an auction of treasury transfers to the annual order (364 days), which was held last Wednesday at $ emissivity 400 billion dinars.

He explained that the auction landed on two fronts Mstvidtan not Asmanma amounts provided were sold $ 80 billion dinars , the highest price cut of competitive auctions 5.00 percent The average yield of 4.28
percent.

http://www.alsabaah.iq/ArticleShow.aspx?ID=123614

Economists Atdarson expand financial resources

9/25/2016 0:00

BAGHDAD /
Shokran Fatlawi
considered the elite of financiers, economists and specialists of financial and oil affairs challenges and problems facing the 2017 budget year in light of a sharp drop in oil prices , arguing that the budget is the main criterion for measuring economic performance , stressing at the same time , the need to develop a vision based on the financial realities and oil for the country.

initiated a symposium organized by the progress of policy development institute under the title «economic analysis to balance the 2017 challenges and solutions» and attended by «morning» the word of the President of the Institute , Dr. Mehdi al – Hafez, which explained through which the country is going through very harsh conditions, which impacted on the preparation of the budget and the value of
Finance.

fundamental issues

and pointed out that since 2003, and still balance the focus of controversy and discussion is useless because of the sense that the waste could leak into the budget and its implementation.

he said Hafiz said the deal is going on in economic circles on the text submitted an analysis of the budget in 2017 to be taken into account fundamental issues in dispute , particularly the exchange rate of the Iraqi dinar, then placed «final accounts« which constitute an essential element in the state accounts, which is still pending material without serious her application, and control over the
exchange rate.

the 17 percent

asked for financial accounts with the Kurdistan region and whether that 17 percent represents sound formula or should be counted the money received by the region ,whether in the form of oil sales, taxes or fees or other forms, then what about the official existing units now in the economic structure of the state and do we need to rethink the safety of these units and economic need for them.

He concluded Hafiz Talking about the service contracts in the field of oil and calls for a review and put it in the context of reduced public spending of the state as well as the question of the project on a number of institutions and the reason to
keep it.

in
turn assured the governor of the central bank and the agency , Dr. Ali Keywords in a brief statement that the work is underway to set up a budget programs and re – structure accounting system and the reduction of import phenomenon and work tariffs.

loans international

For his part , stop counselor for economic Affairs in the Council of Ministers , Dr. Abdul Hussein Al – Anbuge, when international loans and carry it from the negative effects on the national economy ,where Iraq will face difficulty in repayment and benefits years later, also addressed the value of the dollar and linked to addressing the deficit in the federal budget, as well as reducing the number of parliamentarians to 100 members and determine the ten members of the provincial council and its role in reducing expenses.

maximizing revenue

and added that to maximize revenue and as stated in the budget of 2017 is continuing to impose sales tax on Kartat mobile phone and internet networks about 20 percent ,accompanied by the imposition of airport tax as a lump sum (25 thousand dinars) per ticket in all airports, as well as the continuation of the ministries and provinces to impose fees or wages of new services and modification fees and current wages with the exception of the
sovereign. ‘

wages electricity

and stressed the importance of activating the collection of electricity, telephone, water and sewer fees, The deduction is worth 4.8 percent of the total salaries and allowances for all state employees and retirees all meet the needs of the popular crowd and relief to the displaced as well as increase the property tax rate of 10-15 percent, selling and investment Output Cree rivers and 50 percent of them to cover the Ministry of water resources expenses and 50 percent final revenue budget

rationalization of spending

either in regard to measures to rationalize spending, An buge it clear that reducing the number of cars to the heads of the three presidencies as stated in the budget of 2017 by 5 cars of the heads of the three presidencies and four cars to their deputies and three cars for ministers and rank shall be fixed and two cars to agents and rank shall be fixed for the general managers.

among Anbuge, bears employee car State uses a completely fuel and maintenance expenses with the exception of operational cars and farm productivity and ambulances and the transfer of staff, referring to reduce the number of delegates 50 percent and reducing the external deployment and reduce expenses.

the

organization of conferences

and stressed the need not to organize conferences outside Iraq and reducing diplomatic missions by 25 percent and the closure of Attaches and transferred to the embassy ,and reduce the number of its employees by 25 percent , also stressed the importance of reduce the number of state employees and to stop the appointments in companies and institutions of self – financing and trimming scores that are vacated due to transportation or retirement or death.

point Anbuge a number of observations about the budget bill consisted article 10 / III need to rewriting floating for being, as the Article 21 dispute the scientific bases for the preparation of the budget came while Article 27 remained floating well as the issuance of money orders and bonds worth $ 12 billion to cover the entitlements of the oil companies did not appear in
the
budget table

http://www.alsabaah.iq/ArticleShow.aspx?ID=123613