(Thank you George for emailing this to Dinar Recaps.)
UU6850 – “ Diversification of the Iraqi Economy ” by Mnt Goat
This period there is so much news from Iraq I can not fit it all in my news letter.
The Christmas holiday is now over and so the drama and saga for the RV continues as the news pours in.
Today’s news letter is extra long…sorry ! I wanted to cover all this news today since I needed to get this out to you today so I can use this information to build upon my next news letters coming to you soon. So print off this news letter, get into a nice cozy arm chair, rest your feet and relax. Maybe a nice cup of tea will help you to be alert and pay attention to what is being told today. It is all amazing news.
INDUSTRY IS SEEKING TO SELL THEIR PRODUCTS TO MARKETS AND CENTRAL SPECIALISTS CALL FOR THE APPLICATION OF TARIFFSo for all these so called intel “gurus” who persist on telling you or suggesting to you the RV will happen before Christmas all I have to say is “take a hike” – and I told you so weeks ago just as I have on so many other occasions – NO RV unless certain conditions are met.
The news is long today and very interesting. So let’s get started……
Today is Monday December 28nd and yes we are now fully in the final week of December and still no RV.
Some say the RV must happen prior to Jan 1st 2016 or the IMF will take it over. Really?
I can not find a shred of evidence to even suggest such a plan. If you find it please bring to forums. I am not saying this may or may not be the case but I have not heard any such news or found it on the UN site.
So if we are to study this ongoing RV saga, we must dig deeper than what some “secret” sources want us to know. We must dig deeper than what is on the bank screens. We must dig deeper than what they are saying in the mosques.
We must now pay attention to aspects of the currency auctions and the plan to diversify Iraq’s economy. So let’s look today more as these aspects and see if we can make some sense of them and gain appreciations for the pulse of Iraq, meaning what is truly happening and what their political leaders are thinking.
Update: Currency Reform
Today we are looking at these currency auctions and currency reform again. Why again?
My CBI contact suggested very strongly that we change our focus to the CBI and what they are doing with the currency reform. So this is what I have done. I also know there are still some outstanding reform laws that are needed so I am not downplaying these laws but just refocusing our attention for now.
So what is happening new with these currency reform and why so much recent publicity?
I am presenting this article below as I believe it is one of the most amazing and all telling articles yet presented to us from Iraq. It tells the entire story as to why the Iraqi dinar can not gain the needed value. Remember this is their words not mine and so there is no conjecture or guessing here.
So why can’t the dinar gain value?
I quote directly from the article – “several factors led to the decline in the dinar exchange rate against the dollar, including the IMPOSITION OF TAXES AND FEES that came in the budget of 2015 and the application of AUSTERITY MEASURES by the government and to PROMOTE HIGH PRICES IN LOCAL MARKETS
So what is the result?
I quote directly from the article below – “MAKES THE INTRODUCTION OF A FLEXIBLE EXCHANGE RATE REGIME IN CHARGE OF THE ECONOMY, INCLUDING ADDS INFLATIONARY EFFECTS AND POOR IN THE DISTRIBUTION OF ECONOMIC RESOURCES. In the end, it will result in the local currency lost its importance in terms of being units of account and stock value. “
So we see the result:
- makes it impossible to put the currency on a flexible exchange rate regime
- makes it difficult for the ISX to take off
- without customs and tariff taxes it makes it difficult to increase the markets for in-country goods such as farm products and other resources. By attempting to keep imports down and exports up brings wealth into a nation. Right now nearly 90% of all consumed goods are imported into Iraq. How can they get Iraq to turn to buying domestic products? If they buy more domestic products they will produce more too and maybe even have surplus to export. The article I present to you today shows you how they intend to do this.
So we see they want to put the currency on an exchange rate regime. They can see now why the ISX stock values can not trade with any value to entice traders.
So now that we know what they are telling us is causing the decline in the dinar exchange rate against the dollar, than what is the solution to increase the exchange rate against the dollar?
Again I quote directly from the article – “that "the dollar prices in world markets is inversely proportional to the price of oil, which means that whenever the price of oil fell dollar price increased and vice versa." The dollar today is witnessing a rise on a global level and not only in Iraq because of the low Oil and Iraq rates is part of the world, noting that "the central bank after the drop in oil prices and the lack of financial revenues began to reduce the dollar amount sold in the auction to keep monetary reserves and this is what the impact on the local market.”
So they are telling us the need to get off the sole dependency of oil for revenues and DIVERSIFY the economy and this dependency on oil played big part in the economic crisis thus the value of the dinar. The government when talking about diversification is also talking about to diversify government revenues that can be generated from this process such as from income taxes, fees, customs and tariffs, etc...
Remember they told us that in 2012-2013 they intentionally created a gap in currency in Iraq when planning the process to ready the country for the RV. The RV did not happen and so this is how confidence in the dinar began to shrink as the US dollar began to fill this gap and thus we know the rest as it snow balled when oil prices dropped and ISIS invaded. The rest is the down turn of the dinar ever since.
So did they have customs and tariffs then? No ! Did they have all this other “stuff” implemented that I will present to you today? No! So how could they RV back in 2012-2013 and not now? Are these really issues holding them back? I believe they are not and there are other factors indirectly holding back their currency. Why?
Look at it this way – Why would you, as a citizen in Iraq, have any confidence in your own currency when the government and the CBI repeatedly keeps telling you they are going to reform the currency yet nothing ever occurs. They publish articles on money laundering, corruption in the auctions and even pass a law making it illegal to trade in US dollars yet don’t enforce it, they establish the Iraq Stock Exchange (ISX) yet very little trading is accomplished, they attempt to implement taxes yet this creates such a high disparity that is it impossible to fully implement.
With all this going on you want me to favor the dinar? Really?
Oh !!! – favor the dinar?….why should I ? Now this recent 1.37% decline in its value yet another wammie on the dinar. The value of any currency is all about having confidence and speculation that in HOLDING the currency it will provide more purchase power than any other readily available currency and so the citizens will prefer to use it instead. Has the CBI done this? The answer is a BIG FAT NO !
To help to ultimately raise the value of the dinar in the long run is first to get the economy off the US dollars. One measure the CBI claims recently taken was to lower the rate of the dinar making it more expensive for the banks to purchase US dollars in the auctions. Will this help?
My opinion is that this measure alone WILL NOT help much because as long as you have the DEMAND for the dollar the banks will pursue them. This is simply macro economics 101 – Supply and Demand rules over the value of something.
So without some major adjustment to a significant value to their currency they will continue to kick this can down the road forever. Remember their currency was shut off by intentionally downgraded it by the IMF depriving terrorists and the Iraq military from having the funds to fight the Iraq war coalition soldiers.
It was NOT a matter of not having value ! So why now all this talk about value?
Supply and Demand rules over value of an asset: (remember we are dealing with two assets dinar against US dollar)
1)US dollar SUPPLY high and DEMAND is high - value of dollar stays constant
Thus by the CBI maintaining to sell US dollars during the currency auctions they maintain the supply. They will never get off this “tit’ of the mother supplying the dollar unless - One solution is to STOP the currency auctions making the supply harder to get and create a gap in currency once again. Then pop out the lower denominations on a 1:1 value to fill this gap and at the same time make the dinar readily available while holding back the supply of US dollars. Thus reversing the gap process created in 2012-2013. The CBI then loans out the dinar to the banks instead of having all the corruption associated with the auctions. This is a normal banking practice that is practiced throughout all developed countries. The CBI must move to this practice too.
2)dinar SUPPLY is very low, DEMAND is high, at this time the dinar value should technically have increased. However over time the CBI did not provide the dinars (the lower denominations) to fill the gap and the dinar was replaced with something of more value and this was the US dollars. Thus Iraq began the cycle of #1 above in the supply and demand rules. Now they must reverse this process and I showed you in #1 what they must do.
I can assure you the solution as nothing to do with implementing tariffs or customs or taxing the people. The solution is a simply supply and demand for their currency over another currency. So why all this fuss over these programs we are going to hear about today in this news letter?
I will present other issues in this regard to you today later in this news letter in what the CBI and Iraq government are going to do to try to bring back the value of the dinar.
However after all is said and done - it is still, in my opinion, the ONLY solution really to this dilemma is to REINSTATE the Iraqi dinar first to just over the value of the US dollar 1: 1 creating the incentive to exchange dollars for dinars. Pop out the lower denominations quickly (as planned in 2012-2013) thus starting the de-dollarization process. I believe it could move very quickly from that point. Then later, once inflation is under control, they would have to fully RV to pre-war values plus equity, rolling the currency back out to the global exchanges and placing it on a floating currency regime (as Iraq fully intends to do since they told us so in prior articles and again in today’s article below).
So to make a long story short (but today’s story is long) the solution will ultimately be as I described but until Iraq gets the final approval from the PTB, they will continue this dance and kicking this can down the road in their own attempts to resolve the situation that is causing the decline in the value of the currency.
Why won’t they act now?
-terrorism and fighting ISIS – don’t want the money in the hands of ISIS in Iraq or Syria, this is no longer just an Iraq issue but a middle eastern terrorist issue.
-need to get rid of Iranian influence first ) nearly 1 mill Kud forces are in Iraq. The UN and USA will not approve the revaluation until these forces are neutralized thus National Guard law is VERY important and needed.
ECONOMISTS STRESS THE NEED TO RESTORE THE REAL VALUE OF THE IRAQI DINAR
Take a wide procedures and the creation of economic ground solid
BAGHDAD - Osama success:
Experts in economic affairs confirmed that the real value of the Iraqi dinar at present require extensive procedures and these procedures are finding banks to deposit and provide a solid ground to others so as to increase confidence in Iraqi dinars and stay away from the fear to handle it and resorting to handle US dollar or the euro or other foreign currencies.
While others pointed out that there are several factors led to the decline in the dinar exchange rate against the dollar, including the IMPOSITION OF TAXES AND FEES that came in the budget of 2015 and the application of austerity measures by the government and to PROMOTE HIGH PRICES IN LOCAL MARKETS.
The economist said Abdul Hussein Al-Anbuge in his speech to the newspaper '' the morning of the new '' that "the events that passed in Iraq during the past period reflected about negative not the Iraqi dinar exchange rate and the lack of speculators.
THE IMPORTERS AS LONG AS WERE NOT SUBJECTED AT THE PRESENT TIME TO CUSTOMS TAXES AND IN PARTICULAR IN THE FIELD OF IMPORT CARS AS WELL AS THE RISE IN VEGETABLE AND FRUIT PRICES AND THE DIRECTION THAT LEADS TO LOWER REAL IRAQI DINAR VALUE.
He explained Anbuge "The high percentage of the openness of the Iraqi economy MAKES THE INTRODUCTION OF A FLEXIBLE EXCHANGE RATE REGIME IN CHARGE OF THE ECONOMY, INCLUDING ADDS INFLATIONARY EFFECTS AND POOR IN THE DISTRIBUTION OF ECONOMIC RESOURCES In the end, it will result in the local currency lost its importance in terms of being units of account and stock value.
The economic expert to " the real value of the Iraqi dinar at present require extensive procedures and these procedures are finding banks to deposit and provide a solid ground to others so as to increase confidence in Iraqi dinars and stay away for the fear of dealing with and resorting to handle US dollar or the euro or other foreign currencies.
For his part, the National Alliance MP Abdul-Hussein al-Moussawi said that "the central bank's decision to reduce the value of the dinar by 1.3% will saddle the citizens and put pressure on their standard of living and in particular the owners of low-income and poor.
Between al-Moussawi said in a statement the newspaper '' the morning of the new '' received a copy of it, "was the first to think about alternatives to distract us from this result, which will increase the suffering of the disadvantaged classes and low-income people such as pressing the unnecessary expenses and activating regulatory mechanisms to meet the corruption and waste outlets public money and inquire about the fate of non-oil revenues that have been Asthsalha actually citizen such as fees and take the sale of public sector products and profits ministries and tax resources but absent presence in the budget items as a supporter of revenue to them.
"He added that" the investigation and audit in the fate of those revenues that carry citizen adhered to without to have a role in the consolidation of the budget is required and necessary, noting that "the cooperation of the executive and supervisory authorities in the detection of destiny will provide convenient alternatives to enrich us all make decisions increase the suffering of our people and patient."
For his part, economist Mohammed al-Hassani said that "there Several factors led to the decline in the dinar exchange rate against the dollar, including the imposition of taxes and fees that came in the budget of 2015 and the application of austerity measures by the government and to promote high prices in local markets, which traders and owners of capital paid to purchase large quantities of the dollar and keep it led to increased exchange rate US dollar against the Iraqi dinar.
He said al-Hassani in his speech to the newspaper '' the morning of the new '' that "the central bank demands to do its utmost to restore the dinar to the normal price by increasing the dollar amounts in the auction, noting that" the stability of the exchange rate required the fact that volatility will affect the overall economic situation of the country.
Among the economic expert said that "the dollar prices in world markets is inversely proportional to the price of oil, which means that whenever the price of oil fell dollar price increased and vice
versa." The dollar today is witnessing a rise on a global level and not only in Iraq because of the low Oil and Iraq rates is part of the world, noting that "the central bank after the drop in oil prices and the lack of financial revenues began to reduce the dollar amount sold in the auction to keep monetary reserves and this is what the impact on the local market.
Al-Husseini pointed out that" a strong dollar and low rate of the dinar back to determine the dollar amount sold in the daily auction at the Central Bank for $ 75 million in each auction while the quantities exceeding it very much up to more than $ 300 million called for the beneficiaries of the currency traders to increase the price to maintain their profits daily.
The central bank Iraq announced the reduced value of the dinar against the US dollar.
According to a statement of the Central Bank received the newspaper '' the morning of the new '' version of it that "raising the USD selling to banks and exchange companies rate by 16 dinars, an increase of 1.37 per cent, to 1182 dinars."
RAFIDAIN BANK REAFFIRMS ITS COMMITMENT TO INTERNATIONAL STANDARDS ON ANTI-MONEY LAUNDERING
Baghdad scales News
Rafidain Bank said on Saturday that the issue of money laundering in which the criteria set of global institutions.
The general director of the bank on behalf of Kamal al-Hassani said in a statement seen by / scales News /, that "global institutions and on the track central banks in both countries reported the instructions of banks operating with in accordance with the know your customer and form particular to identify the sources of money a person before the base to start with the exercise of banking activity and the nature of his situation and potential and activity being done. "
The statement added, that "when there are revenues be confirmed according to fixed criteria to be adopted either everyone in Iraq, it is countries that rely on direct cash deal in light of the lack of comprehensive technical institutions and banks both civil and governmental and specialized."
He continued, "The citizens rely on the Rafidain Bank in bid farewell to their money because he did not witness any position that the bank may be a breach of its obligations and its agreements towards them." Ended 29 / D
FORTHCOMING MEETING BETWEEN THE GOVERNMENT AND THE REGION TO APPLY THE LAW IN ALL BORDER CROSSING POINTS
The economic and investment commission parliamentary announced a joint meeting soon between the federal government representatives and the Kurdistan region of Iraq to apply the law of customs tariff on all border crossings
Committee member Rep. Najiba Najib said the committee in the process of holding a joint meeting of the ministries of planning and finance, industry and the interior of the central government and the provincial government to implement the collection of tariffs customs and increasing fiscal revenue of the state, noting that the year two thousand and sixteen budget approved by Parliament includes commit the government to apply the customs tariff as one of the laws in force and applicable, added Najib said the main problem encountered in the collection of customs tariffs according to the law relating to non-state control of all border crossings .
Next please read the article below. What does it tell you? It tells us the reason why the government wants to impose the customs and tariffs and why the need to do it now.
On the surface you might say to yourself – oh boy! – they just lowered the value of the dinar by 1.37 % and now they want to impose the customs and tariffs? What are they doing to the citizens? How will the afford all this since we know prices in the markets will go up with higher duties paid to bring them into the country. But this article below is revealing in that it is telling us what the government is trying to do. They are trying to force the re-opening the selling of local products and not to import.
I quote from the article – “existence of discussions with the Ministry of Commerce to re-open the central market to support the local product and not to import”
Do you see how many articles are interconnected and they flow. You have to put them together in a story like fashion when reading them. Don’t believe me? Then read the article following this one too. It connects the two article together very nicely. So if you don’t believe that this is the reason for imposing the tariffs now I can’t help you.
PARLIAMENTARY ECONOMY: WE INTEND TO RE-OPEN SUPERMARKETS IN COORDINATION WITH TRADE
Special - scales News
It revealed a member of the economic and investment commission parliamentary Najiba Najib, Saturday, about the existence of discussions with the Ministry of Commerce to re-open the central market to support the local product and not to import.
She said Najib's / scales News / "The committee discussed the re-opening of supermarkets with stakeholders in the government and the Ministry of Commerce to support local product plan," asserting that "Product support is not supported by laboratories and companies only, but should be in the other hand, significant support for the market as an important element of the support elements. "
She added, "If we were unable to activate the market and marketing of the product will lead to the inability of the local product support," pointing out that "the Commission will continue its meetings and discussions with the Ministry of Commerce to open supermarkets and cooperatives that existed in the past."
She explained, "The product will help support the price to be appropriate to the current situation for citizens and will lead to the presence of a large turnout," indicating that "the local product marketing of important topics which the Commission would continue to discuss it with those concerned."
She said "these markets neglected after 2003 attributed the reason to the absence of clear economic visions governments", stressing the "need to reconsider the negligence of those markets and to encourage them to be in compliance with the current reality and to encourage local product." It ended 29 quarte
INDUSTRY IS SEEKING TO SELL THEIR PRODUCTS TO MARKETS AND CENTRAL SPECIALISTS CALL FOR THE APPLICATION OF TARIFF
Long-Presse / Baghdad
Revealed the Ministry of Industry and Minerals intention agreement with the Ministry of Commerce on the allocation of one of the central market in each governorate to sell their products, and called for the need to pass laws to protect the local product and the application of the tariff, while the Iraqi Federation of Industries accused some ministries to "indifference" to activate the national industry, saw Economist that the state should support the industrial sectors that contribute to improving the balance of payments during the next two years.
And suffer factories owned by the Iraqi state of many problems since 2003, is to stop most of them and increase the number of employees largely on the economic viability of these plants account, where thousands had to be during the past years, as well as the lack of a marketing program to her, and gave Mkainha and the need for their products to development, is comparable to the imported product and who invaded the Iraqi market since more than 13 years.
He said the ministry spokesman, Abdul Wahid al-Shammari, said in an interview to the (long-Presse), said that "the cabinet's approval to merge the Ministry companies have been a great incentive for affiliates to promote national production," adding that "The ministry will include 31 productive and efficient company starting in next in 2016, after it has been accessed 90 companies for domestic investment or Arab or foreign. "
Shammari said, "The ministry will ask the Ministry of Commerce and the allocation of one of the central markets in each province to sell its products," noting that "the central markets will be fixed for the sale of products and the Ministry of Industry and Minerals place."
He called the official spokesman for the Ministry of Industry and Minerals, to "make laws for the protection of the local product and activate the tariff, and the cooperation of other ministries with the Ministry of Industry and Minerals."
For his part, head of the Iraqi Federation of Industries, Ali Sabih al-Saadi, said in an interview to the (long-Presse), "The decisions made by the Council of Ministers or the Ministry of Industry and Minerals, to activate the national industrial sector is still just the aspirations and wishes not been activated by about real on the ground ".
He said al-Saadi, that "the reforms announced by the government is very good and did not get 12 years ago," inferred "but should actually apply because each ministry or government agency, is a country in itself, some of which does not recognize third-party decisions."
And he saw the head of the Iraqi Federation of Industries, that "the reforms will not achieve its goals without the application of the tariff by about right," and accused "some ministries indifference to activate the Iraqi industry, and import preference for benefits and privileges."
He called al-Saadi, ministries because "working as a team and activating the laws that advance the domestic industry."
Conversely called economic expert, Ahmed Rehn, the Council of Ministers to "discrimination in economic policy between the medium and long term versus short-term, which will face the country the years 2016 -2017", and urged the financial industry and minerals, planning on "cooperation between them to draw a clear policy for the development of the private sector" ministries.
Rehn said, in an interview to the (long-Presse), said that "the promotion of the national industry requires the adoption of foreign currency standard," noting that "the industrial sectors that should be supported during the next two years 2016 and 2017, are those that can contribute to improving the balance of payments."
He attributed the economic expert, however, that "the industry that will improve the balance of payments are contributing to the increase in imports of foreign currency and reduce Iraq's payments of them, and support exports, or reduce the import of goods and services," adding, "Even these industries if it did, would not add anything Iraqi budget for the next two years, although they serve the economy. "
He said Rehn, that "to talk about serving as a budget involves a great mislead, they will not be so unless those companies began to work and made a profit and paid tax", Msttrda that "all this takes time might take years."
The Minister of Industry and Minerals, Mohammed al-Darraji, said in (the 22 of November 2015), that Iraq produces 271 material, while the existence of a campaign to hit Iraqi industry, counting the hard currency from Iraq get out and converted to consumables will lead to the collapse of the country's economy.
The Ministry of Industry and Minerals, announced in (the 25th of November 2015), for approval of the Cabinet of the forty-five minutes, to activate the decision required all ministries and government agencies to purchase public its products.
So now we see the CBI speaking out (see articles below) against her accusations (evidenced) that the CBI lowered the value of the Iraqi dinar against the dollar. However the CBI did, (indirectly) lower the value of the dinar against the dollar when they made it more expensive to purchase US dollars by charging more dinar to do so. Remember I told you that currently Iraq is almost entirely a US dollar economy since 2013 and so if the banks need more US dollars they must go to the CBI to purchase them. How do they pay for them?
What else is left? They must use the 3 zero notes and the purchasing process established is the currency auctions. So how much of the 3 zero notes are left in circulation to keep buying the US dollars? How much longer can the CBI use up their currency reserves selling US dollars to the banks?
Folks – there has to be a breaking point here somewhere ! Parliament is not going to let this cycle continue forever and we know for FACT that the IMF is now closely monitoring and working with Iraq on their financial issues and economic crisis. One of the hottest topics is Currency Reform.
Just look at all the recent articles on this topic. These are just from the last few days not weeks. As we approach 2016 the pressure builds and I have told you the ultimate solution. The bottom line solution is set in stone. Iraq knows the solution but it is not entirely up to them to implement it. They need the IMF and the USA to sign off when all agreements are completed. They still need a means for lasting security for Iraq ….hint..hint…National Guard law. Will Iraq pass this law this week? We are being told we will see it on the agenda soon. Some say it may go into 2016 sessions and I agree with them. Just my opinion from everything I am hearing.
CENTRAL BANK LOWERS THE VALUE OF THE IRAQI DINAR AGAINST THE DOLLAR
The Central Bank of Iraq, on Monday, reduced the value of the dinar against the US dollar.
According to a statement of the bank, that "lifting of US dollar selling to banks and exchange companies rate by 16 dinars any by 1.37 percent to 1182 dinars."
The statement noted banks and the conversion of financial, investment and banking offices that "the exchange rate by international standards is still under study and will report results if completed, knowing that he has changed the base rate of the US dollar against the Iraqi dinar by the Bank to the (1182) dinars per dollar. "
The bank was selling dollars at 1166 dinars, it reported statistically the bank sold more than $ 42 billion in the auction of the currency since the beginning of this year until last Wednesday
CBI BOARD DECISION, THE OFFICIAL FX RATE (AUCTION PRICE) WAS ADJUSTED
According to the CBI Board decision #329 of 2015, the official FX rate (auction price) was adjusted as the following: 1) The USD selling price became IQD1182 and the USD buying price became IQD1180 starting from December 1, 2015. 2) The USD selling price and the price used for paying correspondent banks will be unified starting from January 1, 2016 at 1190 (=1182+IQD8.0 (commission)).
CENTRAL BANK DENIES DOING TO REDUCE THE VALUE OF THE DINAR AGAINST THE DOLLAR
2015-12-21|(Voice of Iraq)
Baghdad denied the Iraqi Central Bank, on Monday, news that talk about doing to reduce the value of the dinar against the dollar. The bank said in a statement that "news stories about the bank to reduce the value of the dinar against the dollar baseless," denying "the news ".He added that the bank" sale price of the dollar has not changed."
A number of media have picked up earlier, the news that the central bank reduced the value of the dinar against the dollar
PROBLEMATIC EXCHANGE RATE!
Author: Yasser incumbent
Experts are concerned expected that Sarsrv exposed dinar to the disorder against the dollar Aazin reason to the suffering of the banking sector of the charges, and regardless of the validity of the allegations or not, this actually poses a serious stand to assess the matter and hedge and undermine the real causes behind this expectation.
I have followed completely Basghae Proceedings of the Annual Banking Conference, which was held last week, where fired a citizen is a first Hoalkhasr from the effects of the attack, which goes on the banking sector as a whole this phrase and hesitated Awamufrdh for more than ten times, and the fact it has an eye catching what does not accept doubt that something will happen without doubt.
and that has raised controversy that Union of Arab Banks delegation and in the words of head of delegation and Sam Fattouh that Lebanon went through the same circumstances experienced by Iraq from civil wars and political bickering, but the Lebanese economy has not seen a collapse until the moment remained the Lebanese pound over more than three conservative decades its stability, the fact that Lebanon's economy was left out of the political pressure and statements media.
The message is clear and everyone to be careful and keep the economy from the differences in order to stabilize the country because there is no stability without economic stability, and that requires the identification of the offending bank Aatalaq reckless accusations on the sector as a whole.
raised banks problem on the judiciary and said: The a portion of these violations have been resolved with fines double and remained prosecution going on, it is true that the irregularities of prejudice to economic security has to be the sequence, but the inclusion of all banks and collective punishment is not fair, especially since their impact on the large economy, it is the door of experts confirms that Atnmah without banks while accusing each banks irregularities.
Therefore, the case threatens the possibility Dinar mojadda exchange rates of disorder if it continued without radical solutions, the required coordination of efforts to contain the crisis in order to not be a citizen Hoalkhasr first actually.
CENTRAL BANK REFUSED TO INFORM THE COMMISSION ON THE DETAILS AND FIGURES OF THE IRAQI RESERVES
BAGHDAD / JD / .. the parliamentary Economic Committee revealed, for the central bank refused to inform the Commission on the details and figures of the Iraqi reserves, as confirmed also refused to set a cash reserve within the investment.
Said committee member Rep. Nora Albjara in an interview with "JD" "There is cooperation between the Commission economic and central bank, but some of the information does not give the bank or tells us about, "adding" such as the Reserve figures of the Bank, and considers the secret of secrets.
She noted "the existence of murmurs on the reserve Iraq and there is talk of the former Federal Government to withdraw funds from this reserve," noting There is a precedent to the call to invest the money, but the bank did not accept it, considering that the political and security situation of the country is stable. "
Link to PART 2