shaund207308: hello all, do you think there is a reason 19k of our troops are there.. exactly.. shabibi will not be arrested and if so it will be for show and he will be found innocent.
He will be heavly guarded by special security or troops.. do you really think the IMF will let there boy go out like that.. I almost think this was all just a stall tatic till certain things were in place and our next president was elected.. People dont realize how important that is..
I talk to different people all over the world and they all say how it was all over there news and is important... do we care about other countrys elections NO cause it would never really affect us.. both our elections affect them
Timsters: -i tend to agree with you if you look at all the news coming out .the outside countries are still pouring into iraq for investments .
Read More Link On Right
Timsters Continues: if this stuff were as bad as it appears would all these countrys still be moving in and NOT one word from the powers that be yet? UN , IMF , US , WORLDBANK could this be a nother smoke screen .
i mean we wouldnt go over there and invest with all the info we are givin why are all these countries pouring into the country? do they know something we dont?just saying maybe shabbs needed a vacation before he pulled the trigger :D --tim.
BLUEYESINLEVIS: "source added that there are news spin on the arrest Shabibi after arriving, noting at the same time that the charges against Hbibi still unclear was waived after the investigation "
BLUEYESINLEVIS: The National: Shabibi criticizes Iraqi Government Posted: November 8, 2012 in Iraqi Dinar/Politics
-The former governor of Iraq’s central bank who was removed from his job amid allegations of financial impropriety has vowed to clear his name.
-Sinan Al Shabibi was suspended from his post following allegations that the central bank had manipulated the Iraqi currency against the US dollar.
-But he claims that the charges against him are cover for a political manoeuvre by the government to use the central bank’s reserves.
-“We had conflicts with the government. They wanted to use the central bank’s reserves to finance some electricity projects and part of the (public) budget, but we told them they cannot touch the reserves,” Mr Shabibi said.
-Mr Al Shabibi said the move was a “violation” of the country’s constitution, and contravened the independence of the central bank. Only parliament can make such decisions.
Anthony Skinner of the risk analyst firm Maplecroft said the move suggests that prime minister Nouri Al Maliki was trying to take control of the central bank.
-“We have seen this tactic by Maliki in the past, to remove potential opponents or awkward political figures,” Mr Skinner said.
-He cited the removal of trade minister of Falah Al Sudani, vice president Tarek Al Hashemi and more recently communications minister Mohammed Tawfiq Allawi. “This is a continuous trend of removing individuals that rub against political figures who hold the reigns of power,” the analyst said.
-Mr Shabibi was in Tokyo for IMF meetings last month when an arrest warrant was issued against him and dozens of staff at the central bank for allegedly weakening the dinar against the dollar.
-Iraqi authorities allege that there was not enough oversight of capital outflows under Mr Al Shabibi’s watch.
-Upon notification of the charges, he left Japan for Switzerland.
-He said he planned to return to Baghdad “soon” to defend himself and the central bank in court.
-The cabinet ordered a judicial inquiry into the bank after a committee including representatives from the integrity committee cited violations in procedures that led to the weakening of the dinar earlier this year.
-Iraqi authorities issued an arrest warrant for Mr Al Shabibi and 30 others, shortly before the appointment of Abdelbasset Turki, the head of the board of supreme audit, to succeed him.
-“The government shouldn’t have handled it in that way, there should have been another route of negotiations and discussions, rather than arrest warrants and making it a big public affair,” the ex-governor said.
-“We could have dealt with this in a much better way, through prolonged discussions with the finance ministry, the fiscal committee, the economic committee and realise their needs without touching the reserves,” he said.
-The cabinet recently approved a draft budget of 138 trillion Iraqi dinars (Dh435.6 trillion) for next year. However, the proposal still needs approval from parliament.
-Mr Al Shabibi claims the “root” of the dispute surrounded the use of the central bank’s reserves for this budget, which would have had a negative affect on the currency.
-Mr Al Shabibi said he has been in discussions with various government officials to resolve the dispute and added that he hopes that the judiciary will maintain its independence from government.
Demand for dollars in the central bank’s weekly currency auction doubled to US$300 million (Dh1.1 billion) from November to April, putting pressure on the nation’s foreign reserves of about $63bn.
In April, the central bank introduced new regulations to govern currency auctions after demand for US dollars ballooned amid suspicions that some of the cash was being smuggled to Iran and Syria.
In August, the US president Barack Obama banned Elaf Bank, based in Baghdad, from any dealings with the US banking system for allegedly functioning as a conduit to Iran.
Mr Al Shabibi became the governor of the central bank shortly after the US-led war on Iraq, and was one of the main architects of the Paris Club agreements that dealt with Saddam-era debt. Before the war, he spent time in Geneva as a senior economist at the United Nations Conference on Trade and Development. -http://bit.ly/RIaeSg
D45: Unless there is some kind of conspiracy within the current US administration, there are no US forces in Iraq. But I do like how the number keeps increasing. Trust me, you cannot hide "19000 troops".
Shabibi WILL be arrested if he does in fact return. Will he return? I doubt it. And do not underestimate Maliki. He is an shrewd and cunning player and did not get this far by the luck of the draw. Only a fool will think he is being trapped or will paint himself into a corner. He is way too smart of a man to have the tables turned on him.
MR. G: D45 -- But Maliki is not above the law and their constitution/procedures. If the GOI sticks to law and the constitution then he is painting himself into a corner and his demise. Just maybe the US, UN, IMF etc are giving Maliki as much rope as he will pull to ultimately remove him with so much evidence against him.
However, I truly believe that Maliki knows that he must increase the value of the IQD and I don't care who does it.
Carrello: Crossing the Ts and dotting the Is...and the corner Maliki is backing himself into is getting smaller.
Tripphood: Well, it sounds like things are slowly starting to move again, (whew) it was looking pretty bleak for awhile. I sure wish Malsqueaky would finally fall into that hole he's been digging for so long. I was bout ready to start selling off some of my toilet paper.
Tobyboy The only problem if they go to court this could take months to settle this. So we could be another year sitting here and waiting for RV of course this is what Maliki wants no RV until next year. IMO
U MAD BRO?: I agreee D45. People who write of Maliki as some crazy dictator are the crazy ones.. one does not get to his postion without being highly intelligent, that is a fact.
BlueyesinLevis: Maliki is not crazy.. he is old school - paranoid, fearful, heavy handed, brutal, murderous and dishonest. Deal is however.. at some point.. Iraq is going to move into the 21st century.. and leave the likes of Maliki in the dust. Until then.. we wait to see the outcome.
As Kap said.. this thing was very close in March... and I firmly beleive it will come to fruition at some point... in the not too distant future.--
FAST EDDIE: D45 You are forgetting one thing Maliki had US backing to help him stay the last time if he continues his crap of taking over these independent place like the CBI the US will not back him & I think they are seeing a new dictator trying to come into power.
Come on if I can see it I would think those bone heads in the government can see it all they have to do is open their eyes & stop looking away. They must feel they can use Maliki with dealling with Iran & they have to see this is a mistake by this point the elections are over & yes we didn't get a new president but there was still big change in the government.
So maliki's days might be # now Obama sure see what Maliki is doing & say hey either leave that alone or it will be time for you to go & bye the way it is time to pay the US back for the war so give us the rv like a good bay or we will find someone who will.
BLUEYESINLEVIS: Ex-Iraq bank chief says govt wants reserves
09 November 2012 - 12H20
-An Iraqi inspects a 25,000-dinar banknote in Baghdad. The ex-chief of Iraq's central bank has dismissed charges against him as baseless in an interview with AFP and said authorities had compromised the bank's independence to access its reserves.
The ex-chief of Iraq's central bank has dismissed charges against him as baseless in an interview with AFP. Sinan al-Shabibi, seen here in 2004, said Iraqi authorities had compromised the bank's independence to access its reserves.
AFP - The ex-chief of Iraq's central bank has dismissed charges against him as baseless in an interview with AFP and said authorities had compromised the bank's independence to access its reserves.
Sinan al-Shabibi said the government had been "spoiled" by a stable exchange rate for several years, and a warrant for his arrest for suspected mismanagement of the Central Bank of Iraq and currency manipulation had blown relatively minor foreign exchange fluctuations out of proportion.
Shabibi's remarks come weeks after he was replaced as governor while overseas and warrants were issued for his arrest and those of other bank officials in what diplomats and analysts have interpreted as a power grab by Prime Minister Nuri al-Maliki. The premier's office has insisted it was not behind the moves.
- "Since 2009, they wanted to fire me, and they wanted money from the reserves," Shabibi said in a telephone interview from Geneva.
- "I think the main problem... is basically the reserves, because they thought we have a lot of reserves, and they want to use it for financing."
-He added: "The government wanted some money from the central bank... Of course, the law does not allow that, the central bank law.
-"And of course, they say that there are differences in exchange rate policy. I don't think these differences require firing the central bank governor."
- Asked if the warrants for him and other officials affected the bank's independence, Shabibi replied: "I'm sure, yes."
- He declined to name any government official directly, but said: "They always have been talking about the fact that they should supervise the monetary policy, they should actually decide on many, many, many components of that policy, all these things."
- The 70-year-old economist, who worked for two decades at the UN trade and investment body UNCTAD and had been central bank governor since 2003, has been described by analysts as a capable technocrat who fought to maintain the bank's independence.
- But Iraq's cabinet decided last month to replace him with Abdelbassit Turki, the head of the Board of Supreme Audit, on an interim basis, after a parliamentary inquiry accused him and other bank officials of currency mismanagement.
- Shabibi said he intended to return to Iraq to fight the charges, but would only do so if the arrest warrant was lifted. He noted that the government could not fire him, a power which by law rests with parliament.
- e also dismissed the charges of currency manipulation or mismanagement as trumped up, comparing relatively minor fluctuations in the value of the Iraqi dinar to greater changes to the values of the US dollar or the euro.
- "I told them (the government) the central bank was not the reason for this fluctuation, that it is part of the range," he said. "Eventually we succeeded in stabilising the exchange rate, only two or three percent difference.
"I told them, look, go to Europe now and see the difference."
He continued: "They were spoiled by the stability of the exchange rate (in recent years), and they used this against the central bank. They did not find any other faults, any problems. They said this is the problem, and they branded that as a failure of the central bank."
- Shabibi said he did not know how long the proceedings against him would go on, saying only:
"Let us wait and see."
- Iraq's currency has been largely stable against the dollar for the past few years at around 1,200 dinars.
Along with the accusations over the fluctuation in the value of the dinar, concerns have been raised that currency auctions organised by the central bank have been used by neighbouring Iran and Syria to shore up foreign currency reserves, allegations the central bank has denied.
It nevertheless tightened its rules on the purchase of dollars earlier this year, requiring banks to provide the identity of individuals or organisations buying them, as well as other information.
Scalp: Man, this is gunna go on for a while, if were waiting for this to be resolved before the float/rv we got a long ass wait..........shabby aint even going back to Iraq to defend himself until the arrest warrant is lifted and can you blame him?
so frustrating being so close to the end and then being pushed back so far, so far back you cant see the finish line again :/
MIKE: -- Hang in there, Scalp. No one knows how long it's going to take, and the news is notorious for giving information that isn't 100% accurate. I feel very confident that Shabibi will return and resume the progress he's made for the past nine years, and notably to progress made in 2012.
BLUEYESINLEVIS: I can't help but think that things are different. I cant imagine the UN, IMF, UST and Obama letting this clown steal the pie off the cooling shelf and run down the street. Now that the election is over..
it is in Obama's interest to see this ... he needed to stall it to get re-elected.. but now...the US needs payback. I know the US is not in total control... but I think several 3 letter agencies do have some control. I really think this thing is gonna be worked out.Positive energy attracts positive outcomes! :)
SCALP: What shabby said not so long ago is on my mind a lot at the moment, he said the new currency has to come out at the start of a year/fiscal year...
.I was confident we were close to a rate change or float ready for new currency to come out on 1/1/13....but now, if shabby was honest with his statement has M stalled this thing for another year or is the plan still going ahead and they just arent talking about it,
last arts I seen on lift the zeros/new currency, float was them saying it was all put on hold until shabby-gate was resolved.................this with shabby saying it needs to happen at the start of a year has got me pretty troubled right now.
BLUEYESINLEVIS: We do not know what the near future will bring... I for one am not gonna dwell on and worry about 2014.. i want to just focus on my life.. and part of my life is looking to see how this investment is working out over the next few weeks... now that the election is over. Maliki made his big move on the CBI.. and STILL can't touch the Reesreves held by the FED in NYC.
I think Maliki stepped in poop. Obama is feeling mighty powerful right about now...and Maliki does NOT have a special place in Baraks heart.. IMHO. I truly think that we will see some movement "forward" .... sooner rather than later.
MR.G: Hang on now people!...this only pertains to the release of the new currency or LD's. The Dinar can float at anytime like Kap suggests or RV at anytime as well.
SCALP: How can that happen without the new currency to support the change mr.g?
This is what troubles me, shabby said new currency needs to be put out at the start of a new year/fiscal year, not during it..... its just playing on my mind these last few days, probably means nothing, i sure hope so anyway.