Kaperoni Moderator: Attempts to undermine the regional economy and the Reserve Bank A second major Arab today Thursday 10 August 2013 09: 51: 11GMT
The Head Office of control of the money and the Iraqi Central Bank Governor Abdel Basset Turki said that regional States seek in one form or another to destroy the Iraqi economy through financial and banking war.
He noted that Iraq today largely reassured after the reserve amounted to approximately $ 80 million of hard currency. Abdel Basset Turki said in an interview with "today" that large irregularities identified by the Office of financial supervision for years in the work of the Central Bank of Iraq as the Cabinet is responsible to follow the work of the World Bank and the Government of Iraq decided to end that costs me to notice undefined management the World Bank agency to reduce and eliminate these irregularities gradually to ensure the safety of the backbone in the Iraqi economy.
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Turkish and regretted it when his bank did not find a real Foundation, "even though I charge directly on the work of the World Bank as Director of the Office of financial supervision in Iraq and to the details but didn't expect it to be this bad for poor oversight of banks and auction sell nor database of private banks in the Bank documents letters of guarantee for banks when borrowing from the Bank to cover cash transactions and there are plans to build specialized cadres or real restart as there is no policy Specific cash discussing buying and selling foreign currency exchange value is determined not to fall into the trap of treating others thoughtfully to the difficult process that is difficult to offset "
The Turkish "rate of sell the currency before we receive your task as Governor of the Bank amounted to $ 280 million a day today the Bank is selling at a rate of between 160 million to 180 million a day, six days a week so we can control the rising value of the dollar against the Iraqi dinar through window selling,
particularly in the Bank for direct sale however I see that $ 100 million is sufficient to control the transactions of sale and purchase, so that we can control the transactions of sale and avoid money laundering and financial corruption."
Turki said that the Bank still did not reach the full 100 percent control over the validity of transactions of sale in auction, indicating that the Bank has a problem now and is in control, there is not enough control to continue selling dollars because the Bank only has 3 staff to monitor sales and documented 33 private banks and hundreds of millions of dollars in addition to a specialized Committee on accounts to audit only and there is no documentary proof,
pointing out that he began work on the documentation now via three Windows validation document sales process including a third bank from which the transfer is to ensure that documentation in three places.
Turki said that in previous years were found after investigation that the sale of hard currency, there was no corresponding goods to Iraq for lack of polyglot customs system monitors the entry of goods so that we can control our foreign exchange liquidity and must achieve the target entry of goods into the country in order to avoid money laundering or smuggled abroad.
Turki said that some politicians drawn into the Central Bank in the political game and aspired the post Bank just across the window direct sales for hard currency, and this in itself is a big mistake that the World Bank could play a major role in establishing the Iraqi economy but some sought an opportunity to wash his money to attack the Bank in various ways.
Turkish revealed a regional intervention to destroy the Iraqi economy by trying to jar the regional conflicts in the region through private banks owned by this or that State,
without mentioning their names. He explained that these interventions attempt by some States to persuade the Iraqi Government to put pressure on the Bank to lend to certain banks more than $ 5 billion without real guarantees and rejected the Bank at the time the Iraqi Government has also shown willingness to deposit some in reserve banks for the purpose of strengthening its economy
but also rejected the Bank making some politicians accuse the Bank various accusations to discredit him. Turkish revealed that reserves of hard currency in Iraq now exceeds $ 80 billion, including 30 tons of gold and Bank's disposal is deposited in banks,
including the International Monetary Fund and the bank guarantees at the global level, we monitor the level of dealings and while we feel that one dropped their dealings we transfer the deposit to the Bank safer so that we are assured that Iraq is capable of economic stability and that is what we seek.
Turki also said on Thursday that the Bank is considering a new policy to invest the money away from the Government and the political groundwork for the Government to change the political map and that we were looking for a stable economy of Iraq must work to isolate the Government and economy to make sure that the economy is not affected by the change of Government.
And between Turkish, there are more than 20 cases before the Iraqi judiciary on corruption charges by Bank staff in previous years to facilitate Bank loans for some private banks,
noting that the Bank's new management has continued since the assumption of responsibility by 8 months in pursuing corrupt files and no longer wait for the integrity Commission to look at the files THX integrity but Bank specialist is doing so and closely monitor all financial transactions and surveillance led to the detection of several corruption cases have been referred Their leaves to the competent courts.
The Chief of the Iraqi money control by changing the management of the Bank is the largest face corruption and attempts to reform and we do not target any of the banks but are looking for transparency, a difficult task and there is a clear and deliberate operations to foil the new administration in its work that is challenging in itself.
kaperoni Moderator: This is a very telling statement if true...
"there is not enough control to continue selling dollars"
If they plan to stop selling hard currency (dollars) the dinar must be internationally convertable and tradable to replace the dollar in the purchase. If this statement is accurate, Turki apparently, is going to make that happen very, very soon.
Punisher: That statement stood out to me too as well :) "there is not enough control to continue selling dollars" The last sentence of the article shows Maliki is still not on board...still up to no good (shaking my head).
ZenMav Moderator: Punisher, if Turki makes the IQD tradeable, then Maliki gets steamrolled by progress
Punisher: Zen, I am hoping that is what happens...crossing fingers and praying. I wish the man would just go away while he has it half decent. He will get his in the future of that I am sure!
Tobyboy: This is a powerful statement in itself if he does this, Turki you best watch your back you might end up like Shabibi if you implement this Quote" Turki also said on Thursday that the Bank is considering a new policy to invest the money away from the Government and the political groundwork for the Government to change the political map and that we were looking for a stable economy of Iraq must work to isolate the Government and economy to make sure that the economy is not affected by the change of Government. " end quote
this could be second best thing he could do first would be stopping the auction sales, indicating that the Bank has a problem now and is in control. " there is not enough control to continue selling dollars because the Bank only has 3 staff to monitor sales
Carrello: It doesn't sound like Mr. Turki is concerned about the violence and security in Iraq.
Thanks Kap, and thanks Bob....I got my TV newscast too...nice job.
shaund207308: he is stating just what shabs did, this is amazing!! So after all that fabracited shiite to get shabs out turki is still talking his orders from the IMF, world bank like he is suppose to and clearing points out just what shabs was saying!
these politicians and maliki im sure are trying to ruin the economy for the benefit of a few of course and some other states not to be names (syria, IRAN) so they are basically willing to distroy iraq for there shitte aliances.. cause they dont care about the sunni or kurds..
this area is so jacked up... they call a jihad on christians and jews but they cant stop fighting each other!! what a bunch of unevolved animals!! -- the fiat currency will fall as asset back currency will take its place
Tlar: Turki hit his target of 80 billion in reserves by the end of July. 80 billion plus 30 tons of gold, plus 3 billion found, plus 82 billion coming plus, plus, plus.
It would be fun to know just how many dollars are circulating in the Iraqi economy at present that will also end up in their reserves at some point. Certainly Iraq can support an 86 cent dinar especially if we throw in some or all of its natural resources.
If as Turki says that they may discontinue selling the dollar, without an international currency with value, they have no way to defend the dinar exchange rate or inflation.
Of the three possible tools used to support the dinar and control inflation, the exchange rate, tariffs and taxes and the auctions, the auctions is the only tool that they have yet been able to use since 2003.
This also goes against a complete dollarization of Iraq as Saleh suggested in yesterdays article. If they do stop selling dollars, whatever dollars are out in circulation in Iraq will be the total out.
We know Iraq is not 100% dollarized and if Turki feels that it is in the best interest to stop selling dollars, it never will be. So Turki appears to have paid little attention to Saleh's press release.
I think where they sit at this time with leaving some dinars out, is better for Iraq. Although there is no telling how many dinars are out there, it is to the CBI's advantage and to the Association of Independent Banks of Iraq, to not pull all dinars in. The reason is simple.
If lets say there is one trillion dinars out still in Iraq, if they change the value of the dinar following the original plan, that would ultimately juice the banks one trillion x's 86 cents as Iraqi's came in to swap the old dinars for the smalls. This is a benefit not a deficit. If there is 2 trillion dinar left, even better.
To remove all dinar from circulation and then just swap one dollar for one dinar does not offer the banks any opportunity to re-capitalize while switching out the currency.
Yes the banks will make a spread maybe, but the main benefit envisioned by Shabibi of Iraqi's opening accounts and depositing large sums of money will largely be non existent.
This I see as one of two carrots that Turki probably bated the independent banks with to sacrifice their profit.
As far as Turki having to fear Maliki at this time. I don't see that as much of an issue anymore. Maliki is to busy fighting for his life. Turki is making forward statements in this article that insinuate that the present government is finished.
Pastor Mike: Not to mention, leaving some dinar on the streets is good for the economy because the people who have it are going to do something with it. Invest in a business, buy from a business, ect. ...it gets things moving.