Expert in the Ministry of Finance ruled out withdrawal of government funds from the reserves of the Central Bank

by IQD4US Tue Dec 11, 2012 10:59 am

08/12/2012 11:39:00

BAGHDAD / Nina / ruled an economist at the Ministry of Finance for the Government to withdraw funds from the Central Bank reserves Iraqi foreign currency after disqualification Bank Governor Sinan al-Shabibi from office and the appointment of Supreme Audit Abdul Basit Turki conservative proxy. said Hilal Taan told the National Iraqi News / Nina / Today: "The switch's central bank governor and appoint another in his place has no effect on the withdrawal of funds from the reserve currency because the position of the governor is the position of an independent fact the central bank essentially independently linked to the Council of Representatives and not the Cabinet." and stressed: "All accounts amounts reserves currency central bank controlled and scrutiny by Parliament and regulators other. " He explained: "The policy of the central bank monetary fixed nothing to do with switching the central bank governor Governor else," stressing that the withdrawal of any amount of currency reserves will cause the collapse of the Iraqi dinar and thus lead to loss All efforts have been made in recent years to raise the value of the dinar against the dollar. was an arrest warrant issued late last October against Central Bank Governor Sinan al-Shabibi and a number of officials in the bank charges relating to corruption financial and administrative regarding auction sale of foreign currency / dollar /. has refused Shabibi the accusations against him, especially the mismanagement of funds and failure to work, noting that government authorities have threatened the independence of the Bank in order to reach its reserves. said in a press statement from Geneva published on the ninth of last month: "We were trying to عزلي since 2009, and they want money of central bank reserves. " and added: "I think the main problem basically is up, because they think that we have a lot of reserves and they want to use for the funding .. the government wants money from the central bank .. and the Central Bank Law does not allow this." prices have Iraqi dinar exchange rates roughly stable against the dollar over the past few years, and almost 1,200 dinars to the dollar. conjunction with accusations of manipulating prices dinar exchange, raised fears of exploitation auctions held by the central bank by Iran and Syria to support the reserves of foreign currencies that have been affected by international sanctions imposed on them , which was denied by the central bank. taken strong measures during 2012 imposed the banks definition for procuring entities of foreign currency. noteworthy that the Iraqi Central Bank was established under a law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of policy cash, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote a competitive financial system and independently. The independent body linked to the Ministry, but the House of Representatives and the more conservative minister.

by IQD4US Tue Dec 11, 2012 11:08 am

stressing that the withdrawal of any amount of currency reserves will cause the collapse of the Iraqi dinar and thus lead to loss All efforts have been made in recent years to raise the value of the dinar against the dollar

SOOO - apparently they cannot plan on paying investors back with the currency of the investors country- the reserves have to be kept to maintain Iraqi financial stability. How are they going to pay investors and bills if they don't get the IQD internationally tradeable? Continue to use USD? They don't like us - they don't like our involvement - which right now is continued because the Special Representative for Iraq and the SIGIR report head is from the USA. The USA reports to the UN on how / what Iraq is doing. They don't want ANY country involved in their decision making - and they don't want to answer to the USA. The final portions of the Chapter VII are being worked out - and they are not a threat to the their neighbors or the world.

Expert in the Ministry of Finance ruled out withdrawal of government funds from the reserves of the Central Bank

Expert in the Ministry of Finance ruled out withdrawal of government funds from the reserves of the Central Bank

Re: Expert in the Ministry of Finance ruled out withdrawal of government funds from the reserves of the Central Bank