Yasiri: central bank behind the postponement of the project to delete the zeros
06-07-2013 11:52 AM



Baghdad (news) ..

A member of the Finance Committee parliamentary MP / National Alliance / Abdul Hussain al-Yasiri, the Central Bank of Iraq in order to work a project to delete the zeros from the Iraqi currency, because he is not eligible to apply.

Yasiri said in a statement (of the Agency news): I am a supporter of the supporters of the project to delete the zeros, The central bank was confirmed that year (2013) is critical to the lifting of the zeroes, adding:

But the bank says we are not qualified with the present, to implement the project.

explained: to delete the zeros him Fouad on the country, which will reduce the money supply, and contributes to the Iraqi currency be like the rest of the other currencies, and accelerates from dealing in Iraqi currency, and will reduce the forging process of the Iraqi currency, because the new currency will gain Takina better than the present.

noteworthy that some economists believe that Iraq is not ready at the present time to delete the zeros from the dinar, pointing out that the deletion needs to security and political stability as well as economic stability

http://www.ikhnews.com/index.php?page=article&id=90688

Economists, intellectuals and journalists, launching an appeal to ask for acquittal

Saleh appearance: the government close the file of the bank to rescue the economy from the ‘risk’

4/7/2013


BAGHDAD – Rubaie birthday

Day is the former deputy governor of the Central Bank of the appearance of Mohammed Saleh, and 30 employees, in court for trial on charges of "corruption" and "waste of public money" and "manipulation of the price of the currency," while the face of economists and intellectuals, journalists and writers, appeal to advocate for and claim acquittal.

And accused the government last year, Central Bank Governor Sinan al-Shabibi and his assistant, the appearance of Mohammed Saleh, a large number of Modfa Bank to "deliberately wasting public money" and manipulation ERA Bank and the impact on the price of Aldnyar Iraq and announced warrants catch Shabibi and Saleh during their participation in an international conference outside the country.


And former MP of the Central Bank the appearance of Mohammed Saleh in an interview with "the world" yesterday he was "completely innocent" of the charges against him, describing it as "targeting the central bank and its symbols and its staff and try to Tmder the Iraqi economy."


"I am today not in a position to tell everything you know, so as not to be charged with another because of comments here and there, but I know very well that some political parties are behind the fierce campaign, which affected the central bank."


And added, "I do not deny the existence of corruption endures some of the people in the bank as is the case in all the institutions of the Iraqi state."


He continued, "but we deny the charges manipulation sales of the bank and say," It exceeded the need for the Iraqi economy, "which means that he needs is half the quantities sold, also deny the fluctuation of the exchange rate, which holds the bank despite the presence of external factors hit the economy and market local at the same time."


And between Saleh said that "there is political will try to change the bank officials and the use of others enjoy the loyalty of some of the political blocs at the expense of talent and personalities that have a long tradition in economic work."


He advised in favor of the government to close the file of the Central Bank as soon as possible for "the interests of Iraq and not to risk his economic future", as he put it.


And the appeals that will be presented during the trial, he said, "we will rely on the central bank law, paragraph 23, which gives immunity to the bank’s employees while performing their work, and what happened is a violation of this immunity and beyond the law."


He stressed that "the larger issue of manipulation and wasting public money, and a mistake to think that he knows the dimensions of what happened." "There are internal and external parties involved in the matter and taking advantage of targeting the CBI the reported one day in the diary."


He added that "the biggest proof of my words this is that the government experimented with many of the staff during the past few months and try to change the banking and financial policies but failed and the bank now works according to the mechanisms by which we walked through the years."


In parallel, the face of dozens of economists and Iraqi professionals and intellectuals on trial in favor of the appeal, demanding the "liberation from this legal arbitrariness."


According to the appeal, which received the "world," a copy of it, "after the campaign defamatory, which affected the central bank and the province of the article illegally nor unconstitutional, Dr. Sinan Shabibi, and his deputy, Dr. appearance of Mohammed Saleh and his arrest, and the arrest of a number of employees and staff of the Central Bank of each was responsible for the acts of executive auction of foreign currency to the Central Bank, now came the role of Deputy Governor appearance of Dr. Mohammed Saleh, after he was released, to appear before the judiciary charges are not clear, and completed this series the absence of Iraqi competencies known for contributing to the formulation of monetary policy in Iraq, which has achieved remarkable stability exchange rate of the dinar After decades of Iraqi collapse."

He said the appeal "as it is known widely, the campaign on the last economic fortresses of professional work in the Iraqi state, the Central Bank of Iraq, with the aim of access to foreign currency reserves former conservative who stood against the use of illegal lending to the government."

He added that "the appearance of Dr. Mohammed Saleh economic seasoned affairs of monetary policy and knows many people also through his meetings with the media, and has worked at the central bank since the seventies, and included in his work there, until he became vice-governor of the past few years, with contributions known in the economic literature Iraqi and others."


"We are Kaguetsadaan and professionals and intellectuals Iraqis, express strong concern, which continued to happen for a few months in targeting the central bank by targeting competencies and cadres professional, including our colleague Dr Mazhar, who stand in solidarity with him, and with Dr. Sinan Shabibi, however Messrs. Hassan Hashem al-Haidari, and Hazem star Ani who ruled unjustly for six months, in addition to the two women Fauzia Kazim Ali and Haifa Peter, of employees Bank who are still in jail for a few months without the right to their release on bail despite the conditions difficult humanitarian. and we demand their immediate release, Heroes and all prosecutions of illegal and unconstitutional against them, and returning all their rights as employees of the Central Bank. "


He Mtalego call to say, "We Kaguetsadaan and professionals and intellectuals Iraqis express once again our solidarity moral complete with a colleague Economic known appearance of Dr. Mohammed Saleh, who is suffering from chronic diseases such as high blood pressure, diabetes and other diseases difficult for those in the age, and hold state and its judicial responsibility in the event that any deterioration in health. demand respect for the Central Bank Law issued on March 6, 2004 and applied to the staff of the Central Bank of Iraq and the liberation of this legal arbitrariness, their experience in the case of a lot of the staff respected central banks globally."

http://translate.google.com/translat…%26id22%3D8688


CBI .. Central Bank reserves amounted to $ 76 billion
07/04/2013 09:03


Announced Iraqi Central Bank Governor agency Abdul Basit Turki Head Office of Financial Supervision, said the reserves the central bank has 76 billion dollars.

said while attending the opening of the Building Directorate of Financial Supervision in Karbala: "There are stocks with the Ministry of Finance out of stock of the central bank, and there are expectations raised roof of the general budget of the country in the future.

"and added:" The support of the Iraqi currency is not based on gold, as it is only 10% of the stock of the state, and Iraq will depend in treasury since 1971 hard currency.

" He said: "The Iraq and after his release from the provisions of Chapter VII, will pursue a new approach more sophisticated in the budget in the currency exchange rate in the country and will move more easily after the lifting of the restrictions, trusteeship,

which was imposed by Chapter VII, " a new approach more sophisticated in the budget in the currency exchange rate in the country and will move more easily after the lifting of the restrictions, trusteeship, which was imposed by the Chapter VII, "

the other hand, sales of the Iraqi Central Bank of the dollar at an auction sale and purchase of foreign currency on Wednesday to 269 million and 801 000 dollars, after it reached yesterday, 165 million and 982 thousand dollars, a stable exchange rate was 1166 dinars per dollar.

yesterday, 165 million and 982 thousand dollars, a stable exchange rate was 1166 dinars per dollar. explained daily bulletin issued by the Central Bank,

"The demand for the dollar distributed by 75 million and 600 thousand dollars was sold in cash, while the value of the amounts sold form of remittances 194 million and 201 thousand dollars, Select a price to 1179 dinars per dollar, and the purchase price cash of $ 1171 dinars.

" and participated in the auction currency today 23 banks waged, and ruled out the $ 31 million and 403 thousand dollars of banks participated in the auction, for the purposes of auditing and other related to combating money laundering,

as well as Other reasons are different. Iraqi central bank held six sessions a week for auction sale and purchase of foreign currencies, starting from Saturday to Thursday.

http://www.imn.iq/news/view.23099/

Iraq's Foreign Minister Zebari addresses the delegations the Conference on Disarmament at the UN in GenevaThe lifting of the United Nations’ Chapter 7 sanctions against Iraq is receiving mixed reaction among Iraqis, with some welcoming the move and others worried about its impact, given existing ethnic, sectarian and political tensions.

Minorities have been especially concerned, apprehensive that the Iraqi government — without a leash – could turn into yet another threat, paving the way to renewed dictatorship.

Labeed Abbawy, Iraq’s former deputy foreign minister, believes that the move will enhance Iraq’s diplomatic and political ties.

“Iraq can now have normal relations and sign all sorts of treaties with other countries of the world,” says Abbawy.  “We were not getting invitations from the international conferences and some countries would even deny visa to our Iraqi diplomats,” he explains.

Amir Hassan Fayaz, head of the political science department at Nahrein College, believes that the lifting of sanctions will have both negative and positive consequences.

“The positive effects will be Iraq’s ability to use the oil revenues freely, because now part of Iraq’s oil revenues goes to Kuwait as reparations for the (1990) invasion and the rest goes to Iraq’s reconstruction fund.

“Iraq will become a normal country again and will be dealt with as a sovereign state,” he adds.  Among the negative effects, he says: “Now all the countries that Iraq is indebted to can ask for payment.”

The Iraqi National Movement (al-Iraqiya), a coalition representing Sunni Arabs in Iraq, says that worries are understood, but the sanctions had to go.

“Although there are fears that lifting the restrictions will free the hands of the Iraqi government against the minorities, this is not an excuse for keeping the imposed sanctions on Iraq,” says Haydar Mulla, an al-Iraqiya MP. He says that the lifting of sanctions has been the wish of all Iraqis.

For the Kurds, the important question is how Iraq will deal with the Kurdistan Region after the lifting of sanctions. Will it use dialogue or military force in solving the issues with Kurdistan Region? 

“The lifting of sanctions will allow the Iraqi army to purchase advanced weapons, we should all work on ending those sanctions,” says Sarwar Qadir, a military expert. “The Iraqi army is the army of all the Iraqis, and purchasing heavy and advanced weapons will not threaten the Kurdistan Region,” he believes.

Dindar Zebari, special representative of the Kurdistan Regional Government (KRG) in the UN, believes that lifting the sanctions does not mean Iraq is no longer under the observation of the international community.

“Iraq will remain under observation and it has to respect the role of the United Nations Assistance Mission for Iraq (UNAMI),” says Zebari, who adds, “Iraq is still not a stable country so the UN delegation will keep its presence there.”

Contrary to current belief, Zebari thinks that lifting the sanctions on Iraq will not slow down the economic, political, and diplomatic activities in the Kurdistan Region. 

Peshraw Hamajan, political science lecturer at Sulaimani University, says that Kurdish fears over the lifting of sanctions are valid, since Erbil’s diplomatic ties are restricted by the Iraqi constitution.  He shares the widespread Kurdish distrust of the Shiite Iraqi Prime Minister Nuri al-Maliki.

“No doubt Maliki and his government will regain full sovereignty and independence,” he says.  “All the frozen Iraqi assets will be freed, with which the Iraqi government can buy heavy weapons and sign military treaties.”

Iraqi Foreign Minister Hoshyar Zebari, who is an ethnic Kurd, said that from now on Iraq is a free country, and that it will be debt-free by 2015. 

In a speech after the lifting of sanctions, Maliki said that, “Iraq has become a free country and the burden of the restrictions that were implicated by the previous dictator regime are lifted.”

Source: Rudaw

Bundesbank board member Joachim Nagel said the Chinese yuan may become an international reserve currency and that Frankfurt is trying to establish itself as the trading center in Europe.

“Although international use of renminbi does not reflect China’s economic prowess at present, with its increasing convertibility, the currency has the potential to become one of the future global reserve currencies,” Nagel said at a conference in Frankfurt today, referring to another term for the yuan. “Given China’s growing economic importance, the internationalization of the renminbi seems long overdue.”

China’s currency has increased its prominence, a report by the European Central Bank showed yesterday. Between 2010 and the end of 2012, the share of the nation’s trade in goods settled in yuan increased to nearly 10 percent from almost zero. Still, less than 1 percent of all transactions worldwide are currently settled in yuan, Nagel said.

China has promoted its currency internationally since 2009 and last month signed a three-year swap agreement for 200 billion yuan ($32.6 billion) with the Bank of England to foster trading inLondon. The European Central Bank, based in Germany’s financial capital, may obtain a deal valued at four times that amount, according to lobby group Frankfurt Main Finance. Almost 80 percent of offshore yuan trading is currently settled in Hong Kong.

Offshore Market

“The unique separation of the onshore and offshore currency market, in particular, will facilitate the transition from a currency purely intended for trade to an investment, and potentially, a reserve currency,” Nagel said. “Because of the capital controls still in place, the renminbi is currently in transition from being a pure trading currency to being an investment currency. While both inward and outward direct investment is now possible, portfolio investments will continue to be regulated.”

Nagel said the Bundesbank welcomes Chinese initiatives toward the free movement of capital. The country is Germany’s third-biggest trading partner.

“The high level of interaction between China’s and Germany’s real economies highlights the necessity for a more active renminbi trade, perhaps even using Germany as a hub,” he said.

Source: Bloomberg

Iraqi Prime Minister, Nuri al-Maliki said on Monday, that the fixed gas reserves in Iraq amounted to about 112 trillion standard cubic feet equivalent to 3.4 trillion cubic meters.

“Iraq has a potential gas reserves estimated at 170 trillion cubic feet,” Maliki said in a speech during the opening of the Second Summit of the Gas Exporting Countries Forum in Moscow briefed by “Shafaq News”.

Maliki pointed out that Iraq began the implementation of a broad program to develop the oil and gas sector that has resulted in “a significant increase in proven oil reserves of more than 150 billion barrels, accompanied by a significant increase in gas reserves”.

“We launched this year , the fifth cycle of licensing that target gas exploration in different parts of Iraq, according to the conducive conditions and arrangements for investors to enable them to develop direct commercial discoveries, as the latest studies notes the possibility of doubling the current gas reserves for it contain of potential reserves estimated at about 170 trillion cubic feet”.

“Developing the power of crude oil production capacity according to the average scenario will produce 9.0 million b / d and will be associated with gas ranging between 6-7 million standard cubic feet per day”.

“The international institutions such as the International Atomic Energy Agency predicts an annual growth of gas production in Iraq up to a minimum of 10% which is the highest growth rate among all the gas-producing countries,” Maliki said.

Source: Zawya