IRAQI DINAR COMPETE ARAB CURRENCIES IN THE EXCHANGE RATE
by Basil Abbas Khudair
Tuesday 0.25 August 0.2015
After the application of monetary policy to maintain the exchange rate of the Iraqi dinar against the US dollar prices, which began since 2004, and so today and led by the Central Bank of Iraq, and defended by experts International Sinan Shabib (article from the post of Governor of the Bank) and the appearance of Mohammed Saleh (Economic Adviser currently the Council of Ministers), and cost Iraq more than $ 300 billion, has become the Iraqi currency (the dinar)
Currency compete in many countries, including the Lebanese pound and the Somali shilling and condoms Mauritanian lunar franc (Comoros) and the Yemeni rial, because the exchange rate against the dollar, we have the best of these currencies, the Iraqi Vdinar equivalent to $ 0.0009 while the equivalent lira in Lebanon (for example) .00066, so the US dollar equivalent of 1146 dinars in Iraq (except for commission of the Central Bank)
In Lebanon, the US dollar equivalent of 1,500 pounds, and because
Lebanon is a country in non-oil is not the right comparison between the two, it is justice that compare the Iraq oil-producing Arab countries regarding exchange rates, In Kuwait, the equivalent of the Kuwaiti dinar to $ 3.42 (Kuwaiti dinar equivalent of nearly 5,000 Iraqi dinars) as equivalent to the Bahraini dinar to $ 2.66 in the Sultanate of Oman equivalent riyal to $ 2.6, while in Jordan, the dinar equivalent of $ 1.41, and in the Libya Vdinar have the equivalent of $ 0.73.
Might ask anybody, how could Kuwait occupied by the former regime and lost everything to restore prestige to the dinar (who was in a competitive race with the Iraqi dinar so that overcomes one over the other little difference to the very beginning of the eighties of the last century), and how Jordan was able to maintain fixed exchange rates
Several years ago, a sink indebtedness and the aid-dependent and does not involve the fortunes of the oil it imports crude oil from Iraq, although it adjoins (Israel) have fought many wars and has a constant threat because of unwanted neighbor?
And how withstood the Libyan dinar after the overthrow of the Gaddafi regime and the proliferation of militias and tribal divisions? And although we have the part of the answers to these and other questions, we Snhjb our answers because they may pose views on the subject, it is needed is not a number of opinions, but a detailed and clear facts, facts and numbers and names answers, a subject must Taatkvlh neutral parties and should preferably be international in order to be referred to eliminate Iraqi when you confirm the existence of suspicions of corruption, subject of such importance should be subject to review and investigation and audit and accountability and that does not pass unnoticed, because it relates to the wealth of Iraq during more than 12 years and some are wasted and ran away without the benefit of the country and reflected on sustainable development but poorly too.
It goes from our compatriots to any country in the world impressed due to witnessing the progress and services, while we Nckoa all of the deficiencies and shortcomings in most aspects, despite the annual Mdjulatna of oil revenues alone may draw five times or more of balancing those countries, oddly enough The demonstrations, which the country is currently witnessing sometimes focus on topics very much simpler than the economic problems experienced by Iraq,
The country is on the verge of a real setbacks when the price of a barrel of oil up to $ 30 or less, because the state will be insolvent in its affairs management may be forced to enter the enormous indebtedness guaranteed Oil or national sovereignty, and can pass such topics easily as long as the salaries paid Bmeidha or after a delay for a limited number of days, and still wound is bleeding in the area of selling the dollar in the Iraqi Central Bank auction, Valambiet up to $ 250 million a day and sales of oil does not exceed 4 million barrels per day with an average price of 40 dollars per barrel, which means that daily oil revenues are less than sales, and what baffles if oil revenues up to $ 160 million a day, so how can the auction sells $ 250 million a day and where to go these sales? It's a complicated question is asked constantly convincing answer but did not get it after the citizen.
Despite the tremendous sales of the dollar (former and current), which estimated value of the current chairman of the Finance Committee in the Parliament, Dr. Ahmad Chalabi of more than $ 300 billion, the real exchange rate of the citizen is the price of 1230 dinars per dollar, which means that efforts to stabilize the exchange rate policy in order not to hurt citizen of the volatility of exchange rates is real, Valtzbzb brought the price to 1480 dinars per dollar did not fall into what it is until after the Federal Court approval to repeal the Council of Ministers of the amendments to the House of Representatives on some budget 2015 materials including setting the exchange no more than $ 75 million a day , also suggesting that the absence of any port can citizen on the dollar gets it at the price of the central bank when his desire or having to travel outside of Iraq for the purpose of (the Hajj, Umrah, treatment, tourism, etc.), and are resorting to
banking that choose Offices exchange rates outside the mainstream at the central bank prices, it was really strange to think that the Iraqi Central Bank is a tool to manage the money and the economy, even though he was on monetary policy because the economic and financial policies must be developed and managed stakeholders out, as that of unjust watching on bank sales Central without creating a convenient way for the delivery of the dollar to the citizen, because it is the legitimate right and not a share of (thieves).
ECONOMY: A PARLIAMENTARY CONSENSUS TO PASS THE INVESTMENT LAW NEXT MONDAY (did they pass it?)
Baghdad - where the Commission on Investment and Economy, parliamentary deputies, the Council's intention to pass a bill [amending] the draft investment law during its next Monday meeting.
The Committee member Abdul Salam al-Maliki, in a statement received by all Iraq [where], a copy of the 'experience of Iraq during the previous phase pointed clearly to the importance of the development of the investment to support Iraqi reality economic, transition to multiple funding sources rather than relying on a single source of oil imports.'
He added that the investment law amended version will represent true breakthrough in investment through the development of reality in Iraq through the provision of necessary mechanisms to support foreign investor incentive and provide facilities for him through the cancellation of red tape and restrictions that have made has also reluctant to invest in Iraq with useful work to provide ports New Iraqi youth and growth and construction in the country).
al-Maliki confirmed (there is consensus on the need to pass parliamentary investment law in parliament's session scheduled on Monday next week, As such step that made great achievement in addition to the achievements of the parliament in general and the Committee on the economy and investment, in particular, after great efforts and workshops and interviews with experts and specialists in this area to produce a draft law on free from defects and the service of the country most investment levels.'
The Committee discussed the parliamentary economy on the sixth of August, with the national investment managers and heads of ministries and institutions of the State investment in all recent amendments to the law on investment.
The deputy chairman of the Parliamentary Committee on the economy and investment, Hareth al-Harthi, confirmed on 20 March last year, the amendment to the law on investment will be in investors' service, the elimination of red tape followed in state departments dealing with investors.
IRAQI ECONOMY: PUZZLE BETWEEN CORRUPTION AND FLOAT CURRENCY
With the continued erosion of oil prices and talk about the steepest drop in the coming days, the disaster looming on the horizon for the Iraqi economy battered, Will lead to the entry of the country in economic trouble may be difficult to predict future Banekasath.
As mentioned in a previous article, that the economic crisis experienced by Iraq produced a number of crises that had an impact on the lives of Iraqi citizens, especially the crisis staff salaries delayed and disrupted thousands of vital projects on level of infrastructure, not to mention the benefits and obligations of other companies. In short, it is the stage could call it difficult labor phase.
and foreshadowing the current reality of the Iraqi economy is very difficult circumstance would pay more crises especially with rampant corruption apparently was or secret, and classified Iraq as part of the most corrupt countries in the world, according to Transparency International, which stretched budgets General of the State. Today is the fear of resorting to reduce salaries to reduce expenses, which will be held the economic and social landscape of the country.
RESORTING TO FLOAT THE DINAR
some reports indicate that the Iraqi government may resort to the liberalization of the dinar which will not solve the financial problem in the country, but would have disastrous effects on Iraqi citizen in the first place. On the other hand, the flotation is the port for speculators in the market to carry out money laundering and manipulation auction currency within the central bank.
What do we mean the currency float Floating?
First has to be to make it clear the concept of floating currency and what are the repercussions on the lives of the citizen and the country in general to understand the consequences of such a hold on life citizen.
We mean the currency float is to let the exchange rate of a currency floating rise and fall with demand and supply in the money market, and the introduction of waves Balaattabarmistoy liberation of the national economy, and the adequacy of its performance, and flexibility of its production apparatus.
In order to understand more of the process of flotation, the Central Bank of the State to leave the exchange currency in local currency rate ( Iraqi dinar and foreign) such as (the dollar) is determined dinar according to the trends of demand and supply on the dollar, if the demand for the dollar in the foreign exchange market has increased (dollar market), the dollar exchange rate tends to rise, and if the demand for the dollar has fallen, the dismissal rate tends downward.
It is the risk of this process that it opens the door to money laundering and diversion of corrupt money from the Iraqi dinar to the free currency in order to smuggle them out operations.
A study that Iraq is seeking to edit the national currency, which is considered, according to the experts that the float of the dinar in the interest of Treasury but on the other hand the tragedy of the lives of the Iraqi citizens that lack of oversight contributed to the presence of many corrupt and financial mafias, who took advantage of the situation in the country, whether political or security or economic, to achieve a very huge financial gains due to the absence of official censorship institutions.
Here we highlight the speculators are manipulating currency market known as the "three whales" or so-called some of the title of "the kings of the market" illusion of senior corrupt who Aguetatwa funds Iraqis and resources of the country:
• Hassan Nasser Jafar and who stands behind a bank across Iraq, one of the defendants subject of an auction of foreign currency and buy dollars from the central bank, has the exchange of Baghdad in Amman and has suspicious activities in this regard, according to a government report released in July this year, Nasser has several transform informal offices sell money orders out of Iraq illegally and outside the scope of the Iraqi Central Bank Law , leading to negative effects resulting from money laundering operations.
• Hamad al-Moussawi Bank Huda director, a senior accused of money laundering Foreign remittances, and manipulation auction sale currency.
• Ali Ghulam, executive director of the Bank of the Middle East, and accused of fraud and accused of trespassing on public money , and the owner of lists of import counterfeit and transaction banking suspicious.
These three names, and many others are still Tlhoa money Iraqis, because of their relationships with lobbies within the government of politicians and senior civil servants, which contributed to the continuing work of these whales in spite of reports and cases detected exceeding the public money.
And here we must refer to the Iraqi authorities claim to hold accountable those people, and return the stolen money to the Treasury, it is part of its efforts to prevent the fall of the country into the quagmire of bankruptcy and economic collapse.
In conclusion, we should offer a number of comments that could contribute to stop the bleeding Iraqi economy in general and the banking system in particular, as follows:
1. Prosecution of traffickers and corrupt public money who Aguetatwa Iraqi funds and be enormous wealth for themselves.
2. Iraq today is an urgent need to reform the banking system and on the head of the Central Bank and the banking correct policies.
3. Stop interference in the bank's policy by the executive, legislative and other institutions authorities whether it be directly or indirectly.
4. for sale. Addressing the process of money laundering and economic crime and the smuggling of hard currency from Iraq, and know where the money that is dollar-buying by the source..
5. The establishment of an economic court with an independent authority concerned with the economic and criminal side, through the eyes brought before arising from the application of the laws relating to crimes of bankruptcy and supervision away from the interference of official figures and politicians suits.
6. Contribute to resolving a large part of the financial problem experienced by the country due to low oil prices, through the diversification of sources of income.
7. Compensate the poor class in society and affected by the manipulation mafias money at the price of the dollar by the influential central bank previously.
Iraq today is going through the most severe historical stages and the economy today is cracking horribly and talk about future plans is a form of wasting time, the need today is an urgent because each official and the national citizen turn to save the country from the clutches of traffickers and corrupt public money who pose a threat to the country for at least the level of terrorism that has ravaged the country.
FINANCE PARLIAMENTARY QUERY THE COMPETENT AUTHORITIES ON MONEY-LAUNDERING AND STRESSES: WE SHALL PROCEED LAW
Thursday 27 August 2015 | 12:21 evening
BAGHDAD / ... stressed the Parliamentary Finance Committee, Thursday, to discuss money laundering and query those "competent" on currency smuggling and abroad to fill the gaps Amaknyh law to prevent their diversion.
The committee member said Massoud Rostam for "Eye Iraq News," "The parliamentary Finance Committee discussed by hosting the central bank governor and director of the bank's anti-money laundering and Office of Financial Supervision and the Director of Public Prosecutions and the Director of money laundering intelligence to a money laundering law."
Rustam said, "The committee inquired of the parties the possibility of recovery of funds smuggled abroad and fight hard currency laundering," pointing out that "On inquiry was about action taken on the money that fled during the past years."
He pointed out, there are many doubts about the smuggled money and those who had smuggled, "noting," There are steps to bridge the gaps in the central bank to prevent the smuggling of money ".anthy / 3
PARLIAMENTARY INTEGRITY REVEAL A PLANNED OPERATION TO SMUGGLE HARD CURRENCY: DISMANTLE SYMBOLS!
Special scales News - Detection of the Parliamentary Integrity Committee member Mohammed fact, on Thursday, opening a new file on corruption "traders" are fleeing the hard currency "dollar" abroad by buying goods at low prices, confirming the involvement of senior officials in that case.
He said the fact that L / scales News /, that "the issue of a new corruption ensured Parliamentary Integrity Commission investigated a" hard currency drain "out of the country by" traders "are standing behind senior officials in the state."
He added that "this process is done by some traders who derail the hard currency" dollar "of the country through the purchase of goods and goods very low prices worth," stressing that "Akhbarat from private sources and arrived at the committee of parliamentary integrity on the work of these traders."
He noted that "the prices of those goods do not compare the money that is taken out of the country under the pretext of import," explaining that "this process is to cover currency smuggling behind them senior officials process."
He stressed, "The Parliamentary Integrity initiated an investigation into the case and made reservations on their information until they reached to uncover the truth," pointing out that "the operation orchestrated by politicians, traders and dismantle their symbols."
He warned a member of the Federation of Iraqi forces and former governor of Diyala province Humairi Omar, on Thursday, of "the continuation of the local currency smuggling, stressing that the local currency continued to flow out of Iraq would lead to the collapse of the local economy."
The Commission on the economy and investment representative, that "the proportion of smuggling hard currency abroad began less thanks to the measures taken by the central bank, based on the difficulty of controlling the phenomenon of money laundering in the country because they take place in different ways." Ended / 29 / d 24
CENTRAL IS PREPARING TO LAUNCH BONDS IN LOCAL CURRENCY AND ASSERTS: WE HAVE A SURPLUS OF FOREIGN CURRENCY
Long-Presse / Baghdad
An informed source at the Central Bank of Iraq, on Wednesday, for the last willing to put up bonds for sale in the local currency, while pointing to a surplus of foreign currency in the country. The source said in an interview with the (long-Presse), that "Iraq needs funds in local currency and not in hard currency, so the central bank is preparing to launch bonds in local currency for sale in order to strengthen the local currency." The source, who asked not to be named, said "bonds that will be put forward will be available to all citizens and the various classes in order to take advantage of it will be local and national," noting that "the mechanism of sale will be announced in the near future." The source continued that "there is a surplus in foreign currency in the country and, therefore, he went to the Central Bank to sell bonds in the national local currency away from the dollar selling."
The Central Bank of Iraq announced earlier, to take the necessary measures to support liquidity in the banking system, and decided to facilitate the procedures for the sale of foreign currency "to sustain the exchange rate."
The Central Bank of Iraq, said in (the 18th of January 2015), that the financial reserves of Iraq is equivalent to one and half times the weakness of the currency bloc, returned as "best rates" in the countries of the world, and as he emphasized that Iraqi financial institutions are "unable" to cover the fiscal deficit, he stressed the need to reconsider the structure of the budget and spending and to diversify sources of income and achieve the investment more broadly to address the decline in oil prices. SOURCE
Update: Ongoing Reform Laws
Many have said that I am exaggerating the need for completion of the reforms in Iraq. Really?
Some intel “gurus” are filling your heads with the notion that all the reforms are now done. Really?
Oh - What planet do they come from? Do you know anything about what is happening in Iraq or are they still just being subservient to those telling them what to pump to you? You know who I mean.
Well below are two articles for your reading pleasure just in case any of you doubted or still doubt mnt goat’s sanity on this subject matter. Please see them below.
When I tell you about these reforms I am also following a plan given to me that Iraq is using to rebuilt Iraq from the disasterous days of the Maliki administration. I am slowly rolling out this plan to you as we see it unfold.
Yes- it is a mess and the new prime Minister Abadi is working desperately to maintain solvency and avoid a huge economic blowout that could lead to major political instability. He is doing this through the recently seen corruption reforms and the ongoing planned reforms (reform laws) he has coming out in subsequent weeks ahead.
At this point we can expect to see much more shaking up and exposure of the political leaders in this area of concern namely those involved in money laundering and corruption. Stay tuned this is going and its going to get very rough before it gets any better. I am told they hope to achieve much and at the end, (hopefully by mid September timeframe), they will begin to see the light at the end of the tunnel for coming out of this crisis.
Article #1 Begins:
PARLIAMENT POSTPONES VOTE ON THE 2ND READING OF THE NATIONAL GUARD LAW TO NEXT SATURDAY
Jubouri restore the National Guard, but the terms of the law ..?
MP for the Alliance of Iraqi strongman Mohamed Karbouli, Thursday, that the law on political parties will prevent the existence of any political party with a military wing or the use of public money, among the parliament speaker Salim al will return the National Guard to the government law if it is passed in the parliament session on Saturday.
Karbouli said, "The political forces managed to pass a law on political parties, which will save the political process and reduce the dominance of the major parties and the number of parties," explaining that "the 2014 elections saw the participation of about 530 party."
Karbouli "The highlights of the law is the lack of any political party have a military wing, and the absence of any party may use public money or money houses of worship."
And between Karbouli that "there is a dispute and one visions between the political blocs and the lack of trust between them concerning the interpretation of are the sons of Iraq and are the sons of the provinces has led to the postponement of the National Guard Law", stressing that "the law will be passed in the Saturday session because the speaker of parliament in the absence of a pass will be forced returned to the government to act and how to create it by Abadi reforms. "
The House of Representatives voted, during its 16th, which was held on Thursday under the chairmanship of Salim al-Jubouri, and the presence of 220 deputies, a majority of votes on the draft law on political parties.
The President of the House of Representatives Saleem al-Jubouri revealed, in (June 15, 2015), about the presence of three held hinder the adoption of the Law of the National Guard, as he emphasized that the law reached the stage of voting.
Article #1 Ends
Article #2 Begins:
ELECTORAL COMMISSION WELCOMES THE APPROVAL OF THE LAW OF PARTIES AND PREPARED A VICTORY FOR DEMOCRACY
BAGHDAD - scales News - Independent High Electoral Commission welcomed Thursday, legislation Political Parties and Organizations Act by the House of Representatives.
A member of the Board of Commissioners and spokesman of the Commission on behalf of Mekdad Sharifi said in a statement the UNHCR received / scales News /, a copy of it, that "the Electoral Commission welcomes the enactment of the law of parties, which is a win-win situation no matter how the democratic process gains in Iraq and a victory her it represents a real breakthrough for the organization of parties point Political in the country and thus contribute to the support of UNHCR's work during the elections. "
The statement added, "The Commission has cooperated significantly with the Legal Committee in the House of Representatives and held several meetings resulted in a set of important notes, which represents recording mode parties and its work on the right track process, which is a good omen for political action," he underlined that "the observations that have been sent to House of Representatives has been studied in detail of the legal and practical aspects after trials and experience gained by the Commission. "
He said Sharifi that the "law of parties is a cornerstone of the pillars of the democratic process and in line with the achievement of the goals by the looks of the Iraqi people and that the notes sent by the Commission formed a light point in the discussions that took place to come out of law form that meets the ambitions after previously been approved registration authority of law defunct Coalition Provisional No. 97 of 2004 and private bodies, political parties and the law. "
"The Commission has worked to set up a number of seminars and open discussions as well as a number of important articles to some members of the Board of Commissioners were published in newspapers and websites to inform citizens and officials to the observations that are discussed and which were the pillars of the law" .anthy 29/9 P
Article #2 Ends
Article #3 Begins:
MP of parliament confirms intention to pass Investment law on Monday! 8/31/15
Article #3 Ends
Many have emailed me about the article below and asked me if Maliki will get immunity back and prevent his prosecution (since they are about to hold his trial).
First let me say Maliki knows if he stands trial he will be convicted and his sentence will be death by hanging.
He will suffer the same fate as Saddam. So his intentions now are to delay the inevitable in the hope of gaining time to figure a way out of this mess he has gotten himself into.
All I can say is that this (article below) is a strategic political move by Maliki and will backfire on him. I can already see the next move by Abadi but I will not spoil the ending or the fun for you.
I do not know how Abadi or Jubouri will work it out but I do know if they will able to formally charge Maliki for his crimes in time since he can not sit as a parliament members due to this nature of his criminal status, if he is formally charged.
So will they rush his case to the courts and get the formal indictment on time as needed? Is there some other trick in the game of chess that Abadi will play out? Remember there is also the international INTERPOL right on his heals who would luv to get him too. So who will get him first?
Is this interesting or what?
We all know the end to this game of chess. Maliki will get destroyed (checkmate) in the end since it is just a matter of time and how the game finally ends. Let’s watch and see how the pawns, rooks and nights are moved around the board…lol….
I luv the game of chess and no one in my family or my close friends can beat me…. I also luv this kind of drama…..
VICE SUBMIT HIS RESIGNATION AS A PRELUDE TO THE RETURN OF AL-MALIKI TO PARLIAMENT
By mostafa emed
25/08/2015 02:31 |
Brother - Baghdad
Ft MP for the coalition of state law Hassan Sinead, his resignation from the membership of the House of Representatives.
According to a parliamentary source said, "Sinead submitted his resignation to the Presidency of the Council of Representatives to display for a vote."
It is said that Sinead, who has not won in the last parliamentary elections in 2014 has served as a substitute for the parliamentary seat of former Prime Minister Nuri al-Maliki, who was named as Vice President of the Republic in the current government.
It is likely that the resignation of Sinead be a prelude to re-seat parliament to al-Maliki after limbering included government office in addition to the pursuit of obtaining the legal immunity as deputy charged after him in the fall of the city of Mosul, according to the report of the special parliamentary committee to investigate the events and transmit the report to the judiciary.
Peace and Luv To Ya All,