Iraq: a seminar on the central bank auction and determine the foreign exchange rate

November 6 2015

[Image: a953ed77-3aac-4054-ba25-bc29d49fb526]Iraq: a seminar on the central bank auction and determine the foreign exchange rate Iraqi Central Bank Governor Ali Mohsen Keywords announced that the nature of the Iraqi economy Reclining on oil resources, make the relationship between fiscal and monetary policy, including an interactive relationship necessitated by the nature of the revenue and expenditure of the pricing of the dollar. He pointed out that «Central» exercised important roles in this process, including the financing of the current expenditure of the public budget, with the dollar buying from the Ministry of Finance to cover the needs of the Iraqi dinar, in accordance with the allocations required in the general budget. And it contributes to «Central» also in the financing of imports and the commercial sector, while the sale process of the dollar means the withdrawal of the dinar from the local market, which will help the bank to curb money supply and reduce the resort to printing more currency.

He said at a seminar in «Institute of the progress of development policies», attended by experts and interested in the money sector of the economy, that «such activity is not essential for central banks in the world, it is very rare to have the central sales window, but because of the nature of the Iraqi economy, Central took over this task ,. While the task required to intervene when there is an imbalance in the exchange rate, as in the European Union »

He pointed to the issue of monetary reserves, which are still under discussion, and stressed that the reserve is the difference between what the central buys and sells. And over, it goes to the international reserves, and that the function of the reserve financing imports and other transfers and coverage, and the foreign currency reserve is the difference between the dollar sales of the Ministry of Finance to the Central Bank and the central bank sales to the private sector. And he confirmed the existence of the reserve adequacy criteria, such as coverage of imports for a period of 6 months and cover the local currency and foreign debt.

Keywords He pointed to the presence of important rules govern the process of selling the dollar to cover imports of personal and transfers of the private sector, including the Central Bank Law Article 28 and guidance of the International Monetary Fund economic system according to the constitution, and the law against money laundering. He pointed out the real solutions such as the purchase or sale simple unconditional, cash and futures, and to require banks to apply the principle «know your customer» and the application of anti-money laundering and terrorism financing law.

He pointed to the devaluation of the Iraqi dinar options by raising the dollar exchange rate of 10 percent to 1300 dinars to the dollar, providing the general budget of 5 trillion dinars ($ 4.2 billion), or raise the dollar exchange rate of 20 percent to 1400 dinars, providing budget 9 trillion dinars.

He said that the reduction option easy, but it does not help in the reform of the structural problems, and the local currency is good for exporting countries cut to stimulate exports. He added that «Iraq importing country, and to reduce the currency hurt the purchasing power of citizens with limited income. The «taxes can play an important role in the finance, justice and balance without compromising the low-income segments, as can achieve economic goals, social and financial.»

The head of the «Institute of the progress of development policies» former Planning Minister Mehdi al-Hafez, pointed out that the national need not require the continuation of the so-called dollar auction, organized by the «Central», but must be handled freely and without restrictions. And it calls for counter-opinion to uphold the auctions and to provide the necessary facilities for the conduct of this operation, and we must stop at the experiences of neighboring countries and operations. He asked Hafiz for the exchange rate, which raises several problematic, he said, «How can that half of the process required to determine the exchange rate, and is related to the economic and financial situation of the state»?

Turning economist Ahmed Alobreha points relating to the expected path of the Iraqi economy, pointing to the difficulty of reduced private sector demand for foreign currency in the current scope of the exchange rate and income levels. He added that the lack of the national economy to a diversified productive base that can supplement the national market alternatives to imports of goods and services, adds restrictions and weakens the effectiveness of efforts to address the problem of policies.

He pointed out that «the private sector was unable to contribute to the display of foreign currency, as well as the non-oil government sector, and the policy of foreign investment did not succeed in adding a tributary albeit in a limited form. Iraq has faced interest on the loans in the international market can not afford the prices, and as a result of crude oil remains the only source of foreign currency, and must be serious and responsible move towards real economic development to pay a danger for Iraq ».


Economic parliamentary: the benefits of the international loan for a few but it fills a part of the 2016 budget deficit

Economy and Tenders

Since 05.11.2015 at 20:00 (GMT Baghdad)

Special – scales News

He confirmed a member of the economic and investment commission parliamentary Najiba Najib, on Thursday, that the benefits that the World Bank would take them to Iraq to meet with loans to be provided by him will take into account the situation faced by the country, pointing to the existence of investment projects in need of funding.

She said Najib’s / scales News /, that “we will review the Ministry of Planning in order to see the Iraqi delegation headed by the Minister of Finance with the World Bank and the International Monetary Fund for loans to cover the deficit in the state budget for the 2016 negotiations,” while stressing that “there are projects large investment needed to complete the financing for completion. ”

She said a member of the economic and investment commission in Parliament, said that “the benefits that would take them to the World Bank loans to be provided by Iraq will be few and taking into account the difficult economic conditions and the financial crisis experienced by the country in addition to the repayment period will be long.”

Mentions that “the parliamentary finance committee member Abdul Qader Mohammed confirmed L / scales News /, last Tuesday, the existence lingered by the Council of Ministers sends 2016 budget to parliament, as pointed out that delay sent because of the conference, which is going on in Jordan with the International Monetary Fund about Iraqi loans with the Iraqi Ministry of Finance and representative of the prime minister, “.anthy 29/28

Parliamentary Finance: Government of the Territory indebted} {21 billion dollars to oil companies

History of edits:: 2015/11/5 16:51125 visits readable
{Baghdad: Euphrates News} detect the parliamentary finance committee member Masood Haider about the existence of the religion of the Government of the Territory is estimated at {21} billion dollars for oil companies operating there.
He said Haider told {Euphrates News} on Thursday, that “the economic situation in the region is very bad; because of late delivery of salaries to employees, in addition to the indebtedness of Government of the Territory which is estimated at {21} billion dollars for oil companies operating there.”
The Kurdistan Region has decided to arrest pumping oil to the central government after the latter refused to pay loans in foreign oil companies operating in the region.Ended h

Zebari discuss with the resources to achieve the tax authority officials to compensate for the drop in oil revenues

History of edits:: 2015/11/5 17:2431 visits readable
Search and Finance Minister Hoshyar Zebari with the tax authority officials on Thursday, achieving the resources to compensate for the drop in oil revenues.
According to a ministry statement received by the agency all of Iraq [where] a copy of “Zebari paid a working visit to the General Authority for taxes and met with its General Manager where he listened to a detailed explanation of the Commission’s work.”
He added that “the Minister of Finance met with heads of departments and reviewed with them the financial difficulties faced by the country and caused lower oil prices big impact on the efforts being made ​​to provide basic supplies to the citizen and the homeland of Iraq’s resources.
“The statement noted” the important role of the General Authority for taxes as one of the institutions that effectively contribute to expand the resources of Iraq, praising the efforts of the Commission and its subsidiaries staff in their fields spread all over Iraq.
“heard the Minister of Finance to obstacles and problems faced by the Commission and its staff, stressing the importance of a realistic and practical solutions to overcome them .anthy

“Smile” al-Maliki in the funeral Chalabi irritate Iraqi bloggers

05/11/2015 12:12
Number of Views: 2933

BAGHDAD / tomorrow Press:

Raised a smile Iraqi Vice President Nuri al-Maliki, in a photo taken of him in the Iraqi political funeral of Ahmad Chalabi, a storm of criticism in social networking sites. It seems the former Prime Minister, and leader of the bloc of state law, Nuri al-Maliki, standing between other politicians, but the only one who was smiling along with leader of the Supreme Council Reda Jawad Taqi, and MP Sadiq al-Rikabi. He wrote some bloggers, including a book of famous, a criticism of the smile, with some described as “revenge”, while some of the harshest such as writer Ghalib Shabandar where he described as “inappropriate, does not imply melancholy, far from fitness, calculated diplomatically, and the petition, not worthy of the Prime Minister, where he could not positions, which can not small positions, how can the big situations? “. He adds Shahbandar, a brother of the deputy Izzat Shahbandar, who accompanied Chalabi on the last night before his death.” I am talking politically and diplomatically, note I did not say it was a smile Chamt, but tell it smile man does not know the art of politics is not the art of dating does not work Arts. “Headds Shabandar, who was the harshest critics that” al-Maliki naive, not fluent permit good, not good at Fitness meeting , my words about Chalabi was not a prophet or an imam, but al-Maliki talked about the approach simple and primitive, and I still say Maliki is naive and dexterous. “concludes Shabandar his words, asking,” Is this the behavior of then commander sees his people hungry Grkan flood? Islamic Awalaslamue silly, and his heart stone, do not care about anything. “Some supporters of al-Maliki and his fans played down the importance of the image, which pointed out that this” natural disposition may occur at any funeral, “and” does not have to be Chwia “, and published another picture the head of the Islamic Supreme Council Ammar al-Hakim, smiling too, but clearly the smile were not smile al-Maliki in the picture. also wrote a blogger named Mohammed Aboud criticism last it “- Iraqi Forces Union issued a statement of condolence despite the enmity of most of the deputies of Chalabi and al-Maliki has the comfort of Putin incident plane but begrudged Chalabi to issue a statement of condolence even need two lines. “It is noteworthy that al-Maliki was one of the few actors did not publish a statement of condolence for the death of Chalabi, and this raised questions before the appearance of the image and the funeral.

Barzani: Region will no longer be under the control of Baghdad’s oil and are ready to understanding them

President of the Kurdistan Regional Government Nechirvan Barzani
Editor: the AT 2015/11/04 20:01 Number of Views: 1562
 Long-Presse / Arbil

The head of the Kurdistan Regional Government, Nechirvan Barzani, on Wednesday, that the return of discussions with the central government, does not mean the failure of “oil politics” of the territory, and as pointed out that the province will no longer be under the control of “Baghdad”, the President of the House of Representatives Saleem al-Jubouri, to faith dialogue but not on the “loss” the expense of the other party.

The head of the Kurdistan Regional Government, Nechirvan Barzani, during a panel discussion at the Mir Forum for Strategic Studies in Arbil on Wednesday, in the presence of the President of the House of Representatives, Saleem al-Jubouri, and attended (range Press), that “our policy of oil in the Kurdistan region did not fail, and that the region will not be back Once again under the control of Baghdad in the sale of oil. “

He said Barzani, that “our return to discussions with Baghdad does not mean we fail to oil policy,” and expressed his hope “to reach an agreement with Baghdad over the trust between the parties transplant,” pointing out that “the priorities of the provincial government, security and stability and the organization of the Kurdish house.”

For his part, head of the Iraqi Council of Representatives, Saleem al-Jubouri, commenting on the statement Nechirvan Barzani, that “Baghdad believes in dialogue but not on the basis of causing another loss and not to put pressure on the other,” pointing out that “Iraq is currently facing the organization (Daash) and defends the whole world in this war. “

The al-Jubouri, the “need to be cooperation frameworks not only on paper but effectively,” stressing “the need to know the main problem first of all and then work to resolve them as soon as possible.”

The Mir Centre for Strategic Studies held a conference in Erbil, for three days, and in the presence of a number of ministers and members of the House of Representatives and the Iraqi parliament and political leaders and academics in the fields of politics and economics.

[Kubler] third UN envoy appointed to serve in Iraq internationally responsible in the region

History of edits:: 2015/11/5 14:4067 visits readable
the Secretary-General of the United Nations declared, Ban Ki-moon, German Martin Kobler set, as his Special Representative and Head of the UN Organization Mission of Support in Libya, successor to the Spanish, Bernardino Leon.
Moon said, in a statement, it said on Wednesday that “Kobler will be in the coming days the leadership of his predecessor, the Spanish Bernardino Leon, which I would like to express his gratitude for his dedicated service and effective leadership.”
The statement pointed out, that Kobler “will add to the position more than 30 years of experience in the diplomatic corps, the United Nations, where he was in 2013 the post of President of the United Nations Stabilization Mission in the Democratic Republic of the Congo, and before that he served as the Special Representative of the Secretary-General of the United Nations Assistance Mission in Iraq [UNAMI 2011-2013, and before that was deputy Representative private in the United Nations Assistance Mission in Afghanistan [2010-2011].
“and has held Kobler several high-level positions in the German government, in particular the Director General of Culture and Communication at the Ministry of Foreign Affairs, and was ambassador to Iraq, Egypt, also served as Vice Chairman of the Working Group on the countries of the Balkans in the German Foreign Ministry.
According to a biography of Kobler [62] that speaks English, French and Arabic fluently. He holds a law degree from the University of Bonn, Germany.
The Kobler is the third UN envoy served in Iraq [2011-2013] The international responsibility in the region after his predecessor, Swede Staffan de Mistura, who served in Iraq as well as UN envoy [2007 -2009], who was named UN special Syrian crisis envoy in June 2014.
As this new appointment comes to Kubler after the appointment of his successor, the Bulgarian Nikolai Mladenov, who served as envoy UN in Iraq [2013 -2015] and then rename it as special coordinator for the peace process in the Middle East in February, after his successor, the current UN envoy in Iraq Slovakian Jan Kubi.anthy

Forensic medicine for / scales News /: body Chalabi explained Aleom..osnaln all causes of death after two weeks


Since 05/11/2015 16:43 pm (Baghdad time)

Special – scales News

Director revealed the forensic medicine department of the Ministry of Health Ali Zaid, on Thursday, of the anatomy of the body of Parliamentary Bloc MP for the citizen and the head of the parliamentary finance committee, Ahmad Chalabi in forensic medicine, as he emphasized that the test results will be announced two weeks later.

Ali’s / scales News /, “The Circle today received the body of MP Ahmad Chalabi and completed all the legal procedures followed and Qamna autopsy,” noting, “it was now hand over the body after the autopsy to his family.”

The director of the forensic medicine department of the Ministry of Health, said that “the forensic medicine laboratory tests will be tests and the DNE and the results will be announced after two weeks to determine the causes of death.”

It is said that “a member of the citizen Bloc Habib Terminal confirmed L / scales News /, last Tuesday, the death of the National Congress leader Ahmad Chalabi after a heart attack at his home in the capital Baghdad at the age of 70 years.”

This “The prime minister Haider al-Abadi condolences to the family of the late movement National Congress leader Ahmed Chalabi, as he emphasized that Iraq was one of the main political process-polar” .anthy 29/33 h

Joint proceed to “the transfer of the displaced people and to secure Ramadi”: our operations are continuing to crush Daash


Since 05.11.2015 at 12:52 (GMT Baghdad)

-moizin News special

The spokesman of the Joint Special Operations Command Brigadier General Yahya Messenger, Thursday, to secure the displaced families from the city of Ramadi and the preservation of their lives through their transfer and get them to designated areas and provide all the necessary supplies to important the food and medicine, denying stop military operations in Anbar.

The Messenger’s / scales News /, that “the continuation of the process of the displaced families from the city of Ramadi, a continuous and non-stop after entry of several axes to control cleared of terrorist gangs after the intensification of the ferocity of the battle.”

He added, “The security forces are striving to already allocated to the families and secure them and provide food and treatment places,” pointing to “the displacement of 60 families 5-km area to the 7 kilometer area transferred by the security forces.”

And that “the remaining families in the case of raising them to the white flag can not be affected by something,” following up “The constant coordination between the military units stationed been opened for displaced families safe passage in and out safely.”

“He denied leading figure in the popular crowd forces Karim al-Nuri, Thursday, stopped Military intervention against the Islamic State of Iraq and the Levant gangs because of meteorology, stressing continuity in all the cutouts combat” .anthy 29 / W 23


Media Note

Office of the Spokesperson
Washington, DC
November 4, 2015

  1. The Small Group of the Global Coalition to counter ISIL met today in Brussels at the invitation of the Belgian Vice Prime Minister and Minister of Foreign Affairs, Didier Reynders, to take stock of recent developments on the ground, continue expanding Coalition efforts to degrade and defeat ISIL, and delineate our common understanding of ISIL’s operations in Syria and Iraq, as well as our shared approach to defend against its global ambitions.
  2. After liberating parts of Iraq and Syria from ISIL, constraining its freedom of movement, decreasing its finances, slowing its reinforcement of fighters and countering its messaging, we recognize the complexity of the task that still lies ahead, and reaffirm our commitment to work together against ISIL under a multifaceted, long-term strategy. ISIL is an uncompromising threat to the international community. Our Coalition is driven by our common desire to stop this scourge and we will bring to bear every tool available to that end, with strength, unity, and determination. We are committed to tackle ISIL globally by adapting our means and our response in light of the different needs on the ground.
  3. We recognize the dedication and steadfastness of the Iraqi Security Forces, Kurdish Peshmerga Forces, Popular Mobilization Forces, Sunni tribal forces, and Syrian moderate opposition forces, all of whom are critical to the success of this effort. We will continue our long-standing support for the Iraqi Security Forces as they reclaim areas held by ISIL. We will also support moderate Syrian forces allied with the Coalition, while seeking new opportunities to advance progress on the ground in both Syria and Iraq. We reaffirm our continuing support for the efforts of Prime Minister Haider al-Abadi’s government to address corruption, decentralize certain federal authorities, and reconcile ethnic and sectarian divisions in Iraq.
  4. In Syria, the Coalition stands with the Syrian people against ISIL and supports the discussions that have taken place in Vienna aimed at establishing a firm foundation for a political transition based on the principles of the Geneva Communiqué, with the goal of achieving a democratic, inclusive, and pluralistic government that represents the will of all Syrian people. We also appreciate the participation of the United Nations in these talks and the role they will play going forward.
  5. We have used today’s gathering of the Coalition to enhance our understanding of the likely opportunities and challenges that will arise over the coming year and to prepare for them accordingly. We have also identified priorities for coordinated actions with the military campaign and the Coalition Working Groups – foreign terrorist fighters, counter-finance, stabilization support, and counter-messaging – in the months ahead. We look forward to the next meeting of the Small Group of the Global Coalition to Counter ISIL to take place in Rome in early 2016.