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"Bill of the Budget of 2019" - Mon. PM KTFA Thoughts, News w/ DELTA 11/12/18

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"Bill of the Budget of 2019" - Mon. PM KTFA Thoughts, News w/ DELTA 11/12/18

Post  Ssmith on Tue Nov 13, 2018 9:25 am

KTFA

DELTA » November 12th, 2018


Parliament discusses monetary policy and amend the bill of the budget of 2019

2Cents » November 12th, 2018

And before completing discussions, agreed to postpone to the next session on Tuesday of the next week which I believe happens to be Muhammad's Birthday ...........planning a session on a Holiday and the CBI Governor returns......

Now, that will make you go Hmmmm.....

Don961 » November 12th, 2018

Parliament discusses monetary policy and amend the bill of the budget of 2019 {expanded}


Date of release: 2018/11/12 21:42

(Baghdad: Al Furat News) The House of Representatives discussed in its 13th session held under the chairmanship of Mr. Mohamed Halboussi, Speaker of the House of Representatives on Monday, in the presence of 234 deputies, monetary policy in the presence of the Governor of the Central Bank and the amendment of the federal budget for 2019 with the participation of the Minister of Finance and Deputy Prime Minister for Economic Affairs .

In his speech during the meeting, Mohsen Al-Alaq, Governor of the Central Bank, stressed that the bank was able to urge the pace and efforts to confront financial crises with minimal damage and better than expectations. And initiatives in the first strategy full of visions and objectives to address the vacuum and backwardness of the tremendous developments experienced by the bank and the banking sector for periods of time.

He explained that the approved plan was real and measured by a careful follow-up by a specialized department in the Central Bank to follow up all the developments that took place and included the introduction of jobs and tasks that developed within the body of the Central Bank after the introduction of several departments in it, noting the launch of a lending initiative of 6 trillion dinars for the industrial sector, '

And the real estate, which amounted to about 2 trillion and 500 billion dinars for the last two sectors as well as to achieve financial stability in light of the current challenges, which was reflected in the provision of salaries to employees and corporate dues during the past years, noting that inflation did not exceed 2% in a thousand Rh recent Iraq has become part of the international standards followed in this regard.

As for the building of the Central Bank of Iraq has been between the relations that the project seemed before assuming office, specifically in 2010 through the contract with the Office of Architecture Zaha Hadid directly, the new building has special specifications and advanced electronically.

In turn, Walid Aydi Abdul Nabi, a consultant at the Central Bank, pointed out that the bank studied the tenders submitted by 4 foreign companies and after a series of meetings by consultants in the bank was referred to an Azerbaijani company, pointing out that the Economic Affairs Committee decided to exclude the building of the Central Bank of the provisions of government contracts And to recommend to the General Secretariat of the Council of Ministers for the purpose of presenting the vote in the Council of Ministers being outside the competence of the Economic Committee, noting that the estimated cost of the project amounted to about 823 million dollars, while the negotiated cost was reduced to 772 million dollars, The company has a long history in executing projects in a number of countries in the world.

Al-Alak said in response to a question about the causes of corruption of 12 billion dinars, that the damage was before the ascension of the position when the coffers of the Rafidain Bank to sink because of heavy rains in 2012 and caused damage to the banknotes after the arrival of water to the stores, explaining that the Central Bank to exchange currencies at And the imposition of a certain fine on the management of Rafidain Bank has been reduced after considering what was spent and fate, especially that these securities outside the age of time, noting that the Central Bank lost the cost of printing banknotes and it represents nothing much, although the amount was up to 7 billion dinars With a much lower value than that, as well as an international certificate of cash management.

He pointed out that the reserves of the Central Bank of Iraq is different from the government reserves, noting that the government reserves result from the surplus achieved by the Ministry of Finance, which happened in the years before 2012, where the reserve reached in 2012 to about $ 20 billion decreased after the deficit to small amounts.

The Governor of the Central Bank that the reserves of the bank currently higher than the previous, which reached in 2014 about 66 billion dollars, while the reserve currently about 61 billion dollars, as well as the existence of $ 15 billion debt to the Central Bank of the government to finance the budget deficit, To buy Treasury remittances and financial bonds from the market, especially that the oil revenues did not exceed the net about $ 2.5 billion per month while salaries 4 billion per month, which could lead to the collapse of the economic situation, which imposed the intervention of the Central Bank, noting that the adequacy of the reserve in Iraq according to international standards Currently 169% of the Expected to arrive after two months to about 180% and the size of the Iraqi currency traded in the market amounted to 43 trillion dinars.

The interventions and inquiries of the ladies and gentlemen during the discussion focused on the importance of good management of financial reserves and clarification of how to act in foreign currency from the oil resource and the amount of remittances abroad and the expected savings from foreign currency at the end of the year in addition to knowing the disbursement of $ 21 billion of the financial reserve, which was $ 81 billion And to go to 60 billion dollars later as well as the reasons for resorting to the purchase of commercial papers with the feasibility statement of opening foreign banks without providing any economic benefits.

On another matter, the Chairman of the Council decided to complete the discussion of monetary policy, thanking Mr. Ali Al-Alaq, Governor of the Central Bank for his presence in the Council, to provide the Council with the priorities and statements on the monetary policy of the bank and the questions presented to him and to be presented at the next session.

It was then decided to adjourn the meeting until next Tuesday, 20/11/2018 link
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