Prof.Dr. Mahmoud Mohammed Dagher: * It is the exchange rate, gentlemen

21/11/2019















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Monetary policy documents

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F.






Prof.Dr. Mahmoud Mohammed Dagher: * The price of paving, gentlemen

At the moment when the exchange rate is used, Lord Erlöl Erlalm Marrm Bmarah Rl

Again, if it changes, it's God.

Tonnes (reduction), increased purchases for noble countries (elevation), the associated company

Strengthening is the rush to evil and the passage of evil.

The height is associated with the extraction level.



Weaker

Taxes are reduced



Make j



Selection



M and rent free Mtabaram Ntaraa Tabber

Exchange rate (disbursement of the case) in case of race to the disputed Lord

The Kebbi.



Ed Tyr Al-Birr at the rank of any change the cause of the disease Aakar Free Kherar Nimaral Exchange Meri Nimaral

Mard (floating peak) with a higher threshold and the exchange rate (Peg) b.

Enlarging الس Naval Cost Nblerem Ihkrrrrrrrrrrrrrrrrrrrm exchange and haste (swearing)

Facto de) Billions of dollars are short-lived and the price is fast.

All so.



Absence of cerebral justification (PNR)

 ) Annual Report on Exchange Agreements and Exchange Restrictions

The most important factor in the medical tariff is the reduction of the drainage rate.

Anchor Nominal will do the noble. The justification for the exclusion of the disease is unclear

Blacks, the bio-imposed nature of the noble Sattam, if we make the exchange.

We inherit the exchange rate of the country that has been misled.

Peg Soft Traditional Peg Soft



صوك سوك خ شطيف م

 Iraqi Linar

, Alla Yari Ta'amat what shelf is not racial



L.

Installed



I will do the noble.

Passing through a tired and delighted Moamram al-Rella al-Risrem, confined to Neferta, Narl hastily since Roiem

Do not forget



Connect with the work of William (God)

Basrah is not the main reason for the main code

Vahia).

Exclusivity management is enlightened



The liaison of Naraa, Khoraim, Tabarbirat, has benefited



Exclusively, we have selected Berlé Lerd, which has been selected



Tanner Tlrh Tlhrm the cause of the tyranny and hardness of Free Pro Evil

The most important justification for Furry is to create one or more drainage links in a spectrum.

 This price was used to provide the best price and the best speed possible.

J

Disbursement during the removal of sesame from Arad noble to Khairha for drainage.

First, the Lebanese event



He did not start



Nebrelie



As a result of the Klera Herla Nimral Bnareni since the accelerated Ereem,

 Generosity



The main constraints of the dependence are the irreversible changes in the transformation of the links of the earth, the thorns

T



Mahalar Ma'arar Ma'ar Ma'arim Ra'isar al-nabler Rum al-naser Rit al-rasr Rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

Yes

Evolution is initiated

However, the damage caused by the justification of the return of the inhabitants will not be reduced.

Raffbra Takhairi, expense of BNDT Grzrr, I give him one last time the acceptance of the donor

Al-larkar al-raal al-raal al-raal al-raal al-raal al-raal al-baladani al-ral-al-balazani

Storage of storage tanks, work efficiency



Natural Lymph Node Combustion for Thunder Drainage



We have securitized

Q.

Almost three years later

Shows the rumor of the Lord of the Rings, and the Trinite night

A

Thalitha Church



 The Constitutional Council won this urine.

QR



Rupture of the species used

Loans and loans sorting in Egypt



Make it clear

Use the active visor to increase the visibility of the skin.

The issue of the swap is the main concern of the Central Bank.



In the case of a non-reflective d



The taxpayer is the solution for Azz

General Works of Al-Banna Al-Lalamar (Al-Ra'im Al-Olaim)

Alltrrrakm (Bfrrah Allgrramrat Alsabeefram to Otrrr F Alriasrrm Allserrkm Brraoar the Krrm, the Rrzl Atsrrz

Families at risk remove sodas from sorghum.

Al-Naim Al-Ger Al-Arfim Al-Arr Mar-nadr to the Lord of the Mouth

Decision blocked

Staff from the Ministry of Foreign Affairs and the Government of the United Arab Emirates will be responsible for the rest of the year.

Achievements for irrigation of Al-Ahrz al-Ahraz in the West Bank

breeds


In the annual balance sheet, unless
To waving Elaz.

Dr.Arbtarat disbursement of Benraad Barwa Al-Kumram Akkar Perl NRF Refar and Afari Alraa
Mr. Marwan is a member of the Lebanese Ministry of Foreign Affairs.

Burst Bubble Burst Bubble
Rationalization of the electrocardiogram of the transplantation of the pyramid.

Panic Financial (1 = $ 1800 lire)
Gingivitis:

- Mojm Ktefm not Alwaaa Alllem.
- There is a relative shortage of money in the case of Baalbala.

As a result of the decline, the El-Banaanirim retreated by 20% in the narcotic narrative.
The amount of money (1 = $ 1512) is insufficient.

I went back to the Lord of the Lame, and the Lirra of the Lord of the Kitten for the Passer of the Lord.
The Lord R.

The exchange rate shall be considered as a cost to the riyals.
The price of yer has fallen.

Dr. Lirwat Alnbnrnaa Serwa Alaarrrh Baalbtraa Alkrraa or Alarral about the Mharrhl Mabrrl, Fkrrh
The Qibri, before the end of the last year, fell under the navel of Ma'amara, with the mercy of liborot.
Overgrowth (with the fragility of the parasitic nebulizer as justified by the insufficiency of the disease)
This is a territorial area that is subject to specialization, as the worst territorial situation has been confined
The total cost of the tender is 1512 LL for the last time.

Over Imp Impجمجم ، Imp Imp Imp Imp Imp Imp Imp Imp ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، ، Imp ، Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp Imp
The Ripem the Lyme which afflicted decreased the pain of illness.

Adoption of the crisis may have arisen in a major way.
Gag hair, long sodomy, outside of the heap
In order to raise the position of the loser, the Lärderler, the right of the farthest of the farthest in the aristocratic position of the center.
To enter the outside of the school.
A: The Iranian event

second
The pyramid of the pyramidal sprays is terrible. Tetbra

The Talaatra Kaara Rm Ali Irrad Nimral exchange
IMF (2018, only)
The exchange rate is the same

 , Crawl-like Arrangements many do
Done and returned
The change of the lasertler at the exchange rate
P.

The pressure was coughing up the family, so the change in the environment that is taking place in this link is rapid.

 Adaptation of unplanned osteomyelitis is associated with the spectrum, such as tuberculosis.
The noble)
 The rate of exchange in the central bank (Restrictions) is not accelerated
.Multiple Currency Practices MCP

Floating Managed
Some people are at risk of being at risk, as the change in prices has increased.
 Once the drainage has been disrupted.

This is Ba'eel
Ra Yellen once rushed to pave the way for Rum

As a herald, this nimrul sprays the navel
If only Risks can be changed, please select a Risks perfume.

Concentrated coffee is not justified, but it is linked to the exclusive justification.
The latter is the ideology of business, which is a source of revenue.
نره وير p
In the time of Al-Kuwarat Al-Yaren, we will make the exchange and decide on it.

Surab's mites
 Seal the purchase.

Farrberrmrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
M
Ragbar Freethers cut the mainland's nurse's grave, as the navel was able to reduce
The last sign of disruption of the last price of the land
The pyramid is irreversible, and the pyramid is irreversible.

 T
Pro Evil Evil Evil Evil Evil Evil Evil (Depreciate)
Terr is the pastoral except for the same

For the noble dependence to impose Riba Rulkhol Julia
Outside of the RREPM. Declare the cause of the disease
The Lord of the Lair, although he has seen Dhriem Darleneem

The last act of torticollis
Generally, there is nothing to follow

Grounding

Oil (some other shortcomings)
Commodities of the lacrimal region of the land

Azzrm Allelerm Amram Sorour
Any Khiri:

- Choosing the best in the development of the polymer in the roll.
- The Elbeh El-Halim El-Hakeem conceals his illness with his followers once more
All the ugliness of the torticollis

The reporter of Harel is a pro-Sharمرr al-Sharرائrيمm al-Sharرائul al-Raيرlum (Ra'l al-Raيرm).
Do not see me.

However, the disease has broken down in the last period as a result of uncertainty (1).

20,000
70000
120000
170000
Figure (1) The exchange rate fluctuations of the Iranian riyal against the US dollar in the market
IRR / USD th

(*)

 The amount of capacity is 10,000 SR.

312% Pass Zerrad 2017 (1)
The amount of RO 500,152 (for the first September 2018) and the capacity of SR 500,152
Nusrbi, but we see it, remove the damage, and (120,000 riyals) in the narrative,
The price of the central bank is (Rls 42,000 per share).

The reduction in income is reflected in the reduction of income (except for the original)
A miraculous report may be used to infiltrate the daffodil through the ravine, thus relaxing the gravel to the grave leaching.
Al-Arjer, Al-Luluar Al-Raal Real Estate in 2009, 2017

We see it more for the Ali Ali
What is it?

Al-Ghurair Association
By Ma'arri Ma'aref, this is not the time for the prophet, the rest of the soul of the prophets
Benzene scabs like 25 cents / liter, while still low, reflecting the price,
Exchange rate

As soon as the price of the other rila is passed, we will continue to decrease by crippling the rivers.
The price of the luces is in the sodomy price.

Dr. Rabat Al-Surra Al-Nabeelerma Battahart Al-Khazenram Tilenerme Minimize
GS, and DMR for the fibrous level.

P head

Al-Markazi Al-Jouleh Al-Solaib Al-Sola Al-Bataa Al-Halaf
Reminder No foreign currency solvent has not yet been established.
The recent reduction in price is not limited to Iran.

 Commerem Mujerram Pleron Fawer Alarram Rirouan Alarirrrrrh Rrrrrrrrrrrrrr more than 20%
For the last two years, you will have to pay their money back and forth.

The Lord of Israel is pleased

Arrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

Lending is difficult for the latter to expect.
It is not king. Loans with a low risk of perforation with morphology.

Ni

M
Third: The Iraqi Event

The final stage of the release of the brilliant brethren in Jerusalem is the dome of the Egyptian rhinoplasty.
Hirai (Althtlh Baal Tjaamat with YT:
Ye and Zihiel Alayel did not run the rally

1. The latent concealment of the Aryans
At the least of the purchasing power of income and pay to Razed n Altagr.

2.The monetary situation of the Central African Rial Center
To the thrills of the glorious revelation in the general parliaments, it will provide me with the present
a.

A and not Ahay

Talra was and Rilil Alaz pride

3. Thalia
Arly

The hike of the Zaytar sector by hiding is not misleading
The productive structure is abundant, and has it proven that there is conflict, especially in

Its as a button
The sector of disdain, even the slightest disadvantage, and preparations of the female repatriation

Worn out and Anlji
Technical.

4.The pastor handing the conscience cables by disguise to the heirs of the lungs,
Especially when there are no alternatives to nomadic production.

5. The simplest exchange system is evident in the price of a secret exchange.

Yale Hitten's Trilateral Conclusions of Needs Events in Lebanon and Iran
In order to resolve the price of the farm, where are the needs of the greenhouses in Iraq approaching?
This will be followed by a village dating from the procedures of the noble sesame.


Arb al-Rergham Mabnari al-Arad, Nimr'al Al-Sarraf Al-T'birli Al-Tebirli Al-Tarbirli Al-Erbirli since March 2008
The price of the raffle donated to the linking link (relay) due to the
 (2) 2017
Al-Sullar: Iraqi Central Latte Coffee, Al-Lua Al-Aqa'i.

The decline in dependence on 2017 and the end of 2018
The price of the vessel is the number of the pots of the vessel.

 It will be the first time that Egypt will be exposed to the crisis of economic and social development.
And obviously two prices. "

AED $ 1,200 = $ 1,200
Mra Harmel Tabeh wins R1 (% 1190-1200)
$ 1 / g
Lakhtfm, the father of Al-Sharaa for the Iraqi people.

Since Ra'al 2004 Ra'al 2015 to throw a monument in Qomrat Qarem
The center of the balance sheet has been raised over the past year.

In spite of the fact that the budgetary conditions of the budgetary balance of the old age have not increased,
Aral is connected with the land, and the land is penetrated by the land.

Arahh Nbrow hostage brigade Alkhazanram bitter

Nobility of the elephant. (3) In the preparation of infertility, the balance of age is not sufficient
The Circassian.
Figure 3: The right to weigh the girdles and the general rumen
Al-Suller: The mud
Niyaram Al-Sarwa Viscosity of the Iraqi Economy (2015)
 Sa'arat and al-Arel (Marmara Marzad, Qomrat al-Sarr)
Some central coffee is not stored in the process of handing over a loan.

Passing the grate Define the rum Rum Elr Rabb Ezner Rum, Enler Ra The secret of their reign Banners R Larker Razer Rum Razr Rollers
For the generalized.

ARRI TRERLER
Inventory of Agerm, Arram
The discounted brokers are for 16 years

Trelude and feels the finest Tabrib 2015, 2016.

Adil Dhuler Honored from Raal 2017
In the case of gairam al-fadi, I am ordering the discharge of the irrigation waves, f
A modest amount is not the equivalent of 5.1 trillion and tends to be premium.

Therefore, the urine is concentrated in the urine with the help of the fungus, which is the secret of the urinary system.

The exchange rate has not been probed since 2017
For the gaim of the earth.

 In spite of the immunity, the noblemen will not be able to settle.
Disbursement is only due to the fact that the Cypriot elephant (El Zaram, Ranaam, El-Bebraa) will be deceased.
(I did not stop enough to insist that the construction of stereotypes with doubt.

Ed Dhirem Al-Ra'a Al-Ra'a by Rawa Al-Dilerm Al-Raal of Mechanism Transmission
Monetary Policy

They have been linked to other economic changes, and there has been
 The other rallies, tariaries, and chiles accelerated.

This is to remove the current lack of stability in the Iraqi economy.

They feared that they were not aware of the pain that would affect their health.

M cedar cedar facing facing navel rush
Al-Qibari, the last crud of the main narrows of the exclusivity of the Nairobi.

Ra لرa to cope with the exclusivity of Ergerm Ahlem Hermes. To do so

The secret mm Alnblerm if Raaaa Naaa

R L

Lilac
Dr. Hanalar Tora Ra'at has passed the Specialized Speed ​​Offer (TRT) and the Lord.
Iraqi:

A- The exchange rate of the dinar ($ 1 = 1200) to the exchange rate is low.

(B) That such conditions constitute a pronouncement of the wealth of the dollar.
In order to prevent this approach, we:


1.Naturally, the handwriting of the hands of the Zinier can not be avoided.
True. a

2. The Dinar is denominated in dollars and is subject to the analysis of the Bank's Law No. 56 of 2004.
It confirms the simple sale of foreign allowance to its students.
 Ma'aleem, rest for free
 Erl
Al-Adar Al-Baner sees the common cold of the Qibri strain
Change the speed of the exchange rate
There is no ethnicity in the country, and there is no doubt that the Ba'ath will be able to damage it.
 Garrlar Clarkrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr Over
Low: not enough
- The equipments of Alriyarat and Alriyar and the traditional vouchers

Medical Water does not shine properly
Does this mean that Al-Dulzen and Waar will be affected?
- There are shitty and confiscated income entered the Khallh for the sake of the laps and the thrill.
The identification of the noble Berkeley Berth for the litter will be difficult.
War Rate Exchange (TRI)
The laryngeal tumor is not affected by the disease.
Ra'alar Al-Arar Al-Ruleri, Al-Ruwal Al-Rurla

As a thunder, he shall not leave
Al-Razhi is the head of the company
The air squadron, which has been squeezed out, is comfortable
The national herds have a farm of yes.
 Procedures for the implementation of the report of the Minister of Foreign Affairs of the United Arab Emirates (UAE)
Imports in Yemen have risen to 60 million dollars.
Revenues to accumulate in the first place ?! To despair of Zelnarp Nerl and God
Otherwise, the oil spills will cause.

P Honu

Identification lists


 In the last ten years, the last ration of the past was limited to pastoral pasture (Al-Fasr Ra'o, Al-Battar Rum, Al-Awwa ').

Al - Khulami (flow of the yarn).

 The name of the nobility is the following:

Z - Yiya Lidenar Athirip Thierney Sheedid
 Yiya Kyan updates the Lille Yarck Hyton needs line
Accordingly
Nudity

Synergy? Owner of students
- A outside the framework of i

She was an associate of NBP
In countries where the needs are received,

 Wasn't it happening to its owner and hiddenly harms the owners of the trout?

 The age of the lunar rhinoceros is estimated (000,600,000,000,000,1).

Any exchange rate cuts are due to the negative impact of the exchange rate.

Unbelievable purchase.

Decrease in exchange rate for non-contaminated exchange rate
Ra Erenhm. This is Erleva

The share in Barda Barda Air is selected

To determine the rate of exchange exclusively, and to provide relief to the Lord,
Pathophysiology (free of thunder)

A Free Air Ward, Marcher

Cause
Free Nrrv Hashhram Pyramid

Disbursement is perhaps the foreign currency of the disease, which is not known
The pervasive pervasiveness of the phosphate is felt by all three.

(*) An economist specializing in noble sesame

 I would like to publish the publication of the Iraqi economic network. The publication is contingent on the condition of Elbe

Allelr. October 21, 2019

http://iraqieconomists.net/



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Mahmoud Mohamed Dagher: * This is the exchange rate, gentlemen

 

While the exchange rate indicates the number of units of a currency relative to a unit of another currency, its modifications, and this is important, reflect the cash equivalents allowing to deduct part of the purchasing power. (during the reduction). The problem associated with consolidation deductions is to enter purchasing power regardless of the income bracket, that is, an additional tax on the decline (and additional income on the rise). ) without correlation with income level. Therefore, the choice of the exchange rate regime is essential to monitor the results of the exchange rate fluctuation (monetary value) as well as to determine the channel of transmission of its effect to the real macroeconomic linkages.

a) The effect of currency fluctuations or changes in the value of the currency is reflected in the exchange system option between multi-spectrum floating floating systems. Monetary authorities rarely indicate the nature of their de jure system, but it is the de facto transactions by which specialists determine the exchange system and its neutral spectrum. Following the IMF's annual report on foreign exchange agreements and exchange restrictions, the most important document is to identify the nature of a country's exchange rate regime and the nominal stabilizer of monetary policy. The fluctuation of the currency in the market, the nature of the restrictions imposed by the monetary authority, then the exchange rate system determines, for example, the Iraqi exchange rate system is placed in the group of countries that follow the exchange rate system. traditional. Deal with the dinar exchange an Iraqi promise Mthbtha nominally monetary policy. Through the follow-up of most countries open survey on the rentier economy, we find it under the aegis of an international monetary anchoring (the dollar often represents or sometimes a basket of currencies whose dollar component represents the president

b) Iraqi dinar, the honor of the Iraqi dinar being taken into account by several Asian cities of the extension policy and through the follow-up survey of most major open economy countries, we find that they are under the a link between a dollar in a high international currency or sometimes a basket of currencies such as the main component in dollars. The result of economic development and non-diversification, fearing the impact of fluctuations in the economy on the choice of a flexible alternative and after avoiding the erosion of the value of the currency and reflected in the purchasing power of the individual went into the greatest justification for the system option of the system of fixed payment) and any spectrum. This approach allows him to do whatever he wants with the various quick and sharp repercussions and the role of the exchange rate in this regard, then we evaluate the proportion of the year in Iraq in relation to its choice of fixed exchange rate system.


First: the Lebanese The Lebanese regime has not had a stable monetary system since the early 1990s, and political pressures and internal disparities have failed to change the system of tightening the Lebanese pound. This marked an important step in the stable monetary policy of the Central Bank of Lebanon and the banking system developed in relation to the countries of the region. . However, this stability in the management of monetary policy and the stability of the value of the lira (1 - 1500 pounds sterling), accompanied by the abandonment of the Bank of Lebanon, constitute a part of its independence by accepting the influence reciprocal between the list of financial values ​​and the book value. position of the Bank of Lebanon and the general budget of the executive by accepting the purchase of public debt securities, which has had the effect of increasing the volume of credit holdings in the BDL. s the financial position, securitized in turn and offered to Lebanese banks, government bonds that are also part of their list of assets and are trained to motivate them to continue to accept it. His leaves. . 

The high interest rate has been a catalyst for deposits and loans in the banking system, as strong dollar innovations have been pushed to stimulate higher interest rates compared to regional banks. This was accompanied by exchanges (exchange of securities between the Central Bank of Lebanon and banks and everyone stimulates the attractiveness of the interest rate, forgetting that the taxpayer taxpayer is the donor of the budget deficit Lebanese general and securities issued by the Treasury to cover the deficit and the debt, which are also part of their list of assets and are formed to encourage them to continue to accept it. High interest rates have been a catalyst for deposits and lending in the banking system, as strong dollar innovations have been pushed to stimulate higher interest rates compared to regional banks. 

exchanges (exchange of securities between the Central Bank of Lebanon and banks and everyone stimulates the attractiveness of the interest rate, forgetting that the taxpayer taxpayer is the donor of the general budget deficit and securities issued by the Treasury to cover the deficit and debt which government debt securities are also part of their list of assets and are trained to encourage them to continue to accept it. His leaves. .

 The high interest rate has been a catalyst for deposits and loans in the banking system, as strong dollar innovations have been pushed to stimulate higher interest rates compared to regional banks. This was accompanied by exchanges (exchange of securities between the Central Bank of Lebanon and banks and everyone stimulates the attractiveness of the interest rate, forgetting that the taxpayer taxpayer is the donor of the budget deficit Lebanese general and securities issued by the Treasury to cover the deficit and debt with significant innovations in dollars under pressure to stimulate higher interest rates compared to regional banks.

This was accompanied by exchanges (exchange of securities between the Central Bank of Lebanon and banks and everyone stimulates the attractiveness of the interest rate, forgetting that the taxpayer taxpayer is the financier of the deficit of the general budget of Lebanon and securities issued by the Treasury to cover the deficit and the debt with significant innovations in dollars under pressure to stimulate higher interest rates compared to regional banks. accompanied by exchanges (exchange of securities between the Central Bank of Lebanon and the banks and everyone stimulates the attractiveness of the interest rate, forgetting that the taxpayer taxpayer is the donor of the deficit of the general budget of Lebanon and the securities issued by the Treasury to cover the deficit and the debt


List of the financial situation of BDL and the general budget of the executive power by accepting the purchase and monetization of debt instruments of the Treasury, in consideration of the interests of Al-Munawara and the increasing volume of the wave. And his credit in the list of the financial situation of the Bank of Lebanon, which was in turn intensified (Securitic and presented to the Lebanese banks, which became state debt securities on the list of assets, while creating an incentive to continue the advent of these securities The major monetary innovations under pressure are intended to stimulate higher interest rates compared to banks in the region accompanied by exchanges of securities between the Central Bank of Lebanon and the banks and everyone stimulates the attractive interest rate, forgetting that the taxpayer is the financier of the deficit The Lebanese public has compensated the finances and securities issued by the Treasury to cover the deficit and accumulated debt by the political adventures of the main governance-oriented parties, so that Atsag's increasing tax rates on bank Lebanese citizens financing their banking operations must be to the extent that it is difficult where continuity | The mutual relationship between the BDL and the Lebanese government means that Stuck prevented debt securities from yielding or bearing a cost, that is, credit holdings reached high levels of the banking system Lebanon and the Lebanese Central Bank unless interest is increased, which corresponds to the high level of debt.

 Cumulative Deficits Deficits continue so that Atsag's growing banking income tax rates increase on the Lebanese citizen financially, banking operations must be to the extent that it is difficult to ensure continuity | The mutual relationship between the BDL and the Lebanese government means that Stuck prevented debt securities from yielding or bearing a cost, that is, credit holdings reached high levels of the banking system Lebanon and the Lebanese Central Bank unless interest is increased, which corresponds to the high level of debt.

 Cumulative Deficits Deficits continue so that Atsag's growing banking income tax rates increase on the Lebanese citizen financially, banking operations must be to the extent that it is difficult to ensure continuity | The mutual relationship between the BDL and the Lebanese government means that Stuck prevented debt securities from yielding or bearing a cost, that is, credit holdings reached high levels of the banking system Lebanon and the Lebanese Central Bank unless interest is increased, which corresponds to the high level of debt. Cumulative Deficits Continuing deficits credit holdings have reached high levels of the Lebanese banking system and the Lebanese central bank unless interest rates are increased, which corresponds to the high level of debt. Cumulative Deficits Continuing deficits credit holdings have reached high levels of the Lebanese banking system and the Lebanese central bank unless interest rates are increased, which corresponds to the high level of debt. Cumulative deficits Deficits continue


2009 - 2010 The monetary policy of the annual budget is refined, unless the tax bears on the cost of issuing a deficit in debt financing! The link between the performance of the BDL and that of the government was clearly reflected when Lebanese taxpayers rejected the proposed tax increase proposed by the Lebanese government. Lit at level ($ 1 = 1800 lire) Financial panic Financial panic started secretly in the banking system, and panic included two aspects: | - Dense wave of withdrawal of dollar deposits. D Relative paralysis of goods and services imported in dollars and sold to read. So we are faced with a scene in which the Lebanese pound fell by 20% on the parallel market,

- Dense wave of withdrawal of dollar deposits. - Relative paralysis of goods and services imported in dollars and sold in lire. . So we are facing a scene in which the Lebanese pound fell by 20% in the parallel market, while the Bank of Lebanon insisted that the price of the lira (LBP 151251) with the refusal of banks to transfer the reality of business abroad, and the tendency of everyone to break the dollar lira did not cause the governor's exchange rate to fluctuate. The Lebanese citizen, whether working in the private or public sector, is in sharp decline as long as most goods and services are imported in dollars, and the accumulated inflation has revealed the balance that the BDL has achieved. That's what the weak currency is the Shah scholars,

The potential solution after the crisis is mainly the ability of the executive to build the street and reassure the citizen, as well as the exit of the government expected because of the budget deficit, while the Central Bank of Lebanon must disengage the list of places financial resources. current budget deficit, as well as controlling the inflow and outflow of goods and services:

The Iranian event, the second major event whose repercussions still exist:

Iran follows the exchange rate system with a number of composite currencies according to the IMF (2018) classification, but its spectrum is far from Iraq's traditional fixed exchange rate, as it is called Cawlike Arrangements. • Capital and capital pressures, so that countries that follow this pattern change their classification quickly

It should be noted that Iran practically binds its currency to the polar currency in accordance with the above spectrum, and that the monetary authority (KFHI) applies currency restrictions as well as multiple currency practices. Managed Floating Managed as Tried Some people mistakenly call it because directed changes are realized from the TIA exchange rate to the last TPA, and thus move away from the exchange flexibility model. This system adopted by the labor authority can give it flexible annual economic flexibility, but it is accompanied by high risks. Risk associated with the rise of the Australian Central Bank and the acquisition of the bank's financial authority (treasury) and the economic decision. , as the latter is an ideological scheme and rigid targets, what is happening in Iran. Although the drainage system helps to boost exports, it has an impact on the lives of different segments of society.


The Authority's desire to boost exports and reduce imports in response to the imposed blockade or two positions aimed at stimulating growth sectors attracting foreign exchange, the monetary authority constantly devaluing the currency until recently, after the recent seat, which has become risk-free for the economy The most important thing is that we are concerned about the impact on the purchasing power of most income brackets as long as the trend is to reduce (depreciate), so that Yere is the cash equivalent of the income tax, all without exception and by the same force, unlike the tax that takes into account the income bracket. As a result, the reduction of the aunt does not take into account the internal slice 0, although it is an implicit tax (Iranian tax,

"The effect is the monetary equivalent of the taxation of all income without exception and of the same force, unlike the tax that takes into account the income bracket." As a result, the depreciation of the currency does not hold the scientific segment, although implicitly The search for a way out of the public finance crisis was made with a few options to abandon government programs of spending on weapons and capacity building in the region. The Iranian currency has collapsed to recent heights, as shown in Chart 1. (1) Exchange rate fluctuations of the Iranian rial against the US dollar on the IRR / USD parallel market

Mahmoud - rebellions edited / 2/2019/11 / omists. net / en / wp - content / uploads / sites = At ​​the source: WWW. BONBAST. Note that (1 toman equals 10 000 riyals), the rate of decline is estimated at 312% from June 2017 (1 dollar equals 37.00 riyals) until September 2018 (1 dollar equals 152 500 riyals) . Despite the improvement, remains in the range of 120,000 riyals to one dollar (on the parallel market, while the Iranian central bank declares the price of 12,000 riyals per dollar). Its negative impact on world life following the occurrence of inflation and erosion of real income is likely, which is the birth of the demonstrations that limited the demonstrations in 2009, 2017, but higher than what happens currently.

The strange link between the Iranian news and the decision to increase the price of hydrocarbons (gasoline)

It is strange to link the Iranian news with the decision to raise the price of gas (AU0) after a certain amount of subsidized fuel. The price exceeds the incomes and not the prices of the other countries and, as the very low exchange rate has exhausted the real income earned, the increase in the price of fuel has a strong influence on the citizen's income. Without taking into account the level of poverty, one must think that the objective of obtaining foreign currency did not leave the manufacturer of Al-Safati before the siege and the recent significant devaluation of the currency. The deposit of their money is coordinated by girls under banking intermediation

 Auto | Loans, which are difficult to obtain because they depend on the profitability of investments in the Iranian economy, were therefore not possible, so that the dollar depositors suffered significant losses and lost confidence in the economy. banking system.


THIRD: THE IRAQI EVENT

We conclude from the simplified analysis of the two existing Lebanese and Iranian events and before them the Egyptian event (two months ago, represented by the popular demonstrations are the following: -

1.The dependence of the persistent monetary authority represented by the balance sheet (balance sheet) on the effects of the persistent deficit in the public budget will inevitably lead to exposure to exchange rate risk, as long as the financing of the deficit is continuous and not atheist. .

2. The reliance of the persistent monetary authority, represented in the balance sheet (balance sheet) against the effects of the persistent fiscal deficit, will inevitably entail exchange risks as long as deficit financing is supported rather than individual.

3. Over-stimulation of the export sector by reduction is not feasible until the structure of production is diversified, as has been demonstrated by many experiences, particularly when the export sector is in a state of disrepair. and is preferably a strong aid currency for imports. technical equipment. Limit imports by reducing the standard of living, Negative misleading the purchasing power of income and pay for more poverty.

4. An excessive reduction of imports by the reduction leads to a deterioration of the subsistence level, in particular when there is no alternative to national production, or none at all.

5. The worst that affects any exchange rate system is the existence of an official and parallel exchange rate. Given these modest findings of the protests in Lebanon and Iran as part of the exchange rate analysis, where are the recent protests in Iraq that are approaching the two experiences? This response calls for a return to a recent date in which we will clarify the procedures of monetary policy.

Despite the adoption of the traditional fixed exchange rate system since the end of 2008, the dinar plateau has remained around the dollar peg for the 2017s, as shown in Figure (2) iiiii. Iraqi dinar in US dollar for the year 2010 - 2019 CEF 1. 120 110 1220 August 2019 February, 2019 2018 Feb 2018 2017 To Feb 2017 2017 ALL AUGUST 2016 1. 270 1320 Matter 2016 2015 March 2015 2011, February 2014 13 dec. 2013 and »F For 2012 Feb 2012 and 10 TOP 2011 m 2010 Fire Fly, 2010 Source: Iraq Central Bank, Statistical website.

Source: Iraq Central Bank, Auto Statistical Website | It should be noted that volatility decreased in 2017 and ended in 2018 and is still one of the objectives of monetary policy to ensure the performance of the dinar in controlling purchasing power and preventing the existence of two prices in the economy, a statement adopted by the author, "no worse than the existence of a high or low exchange rate, except the existence of two prices. '' The stability of the dinar at (1 $ = 1,200) with a volatility margin below 1% (1190 - 1,200 bar / $ 1) eliminated the impact of the implicit tax resulting from the depreciation of the currency on the different revenue segments, and maintained the Iraqi dinar's purchasing power at the target. From 2004 to 2015, the relationship between the financial position of the Bank and the balance sheet has not been established. The Central Bank has maintained an acceptable degree of legal and administrative independence, although the objective nature of the spring structure of the public budget in which we receive government revenue is expressed in dollars. Spend in dinars, make the money supply hostage and the padda treasurer of your neighborhood

 By indicating the dollar in the dinar. Figure (3) helps to illustrate the relationship between the general budget and the bank's budget.

Source: According to the researcher's work following the double shock suffered by the Iraqi economy in 2015 (low price of oil + ISIS gangs), the Iraqi government faced a dilemma: government banks and even some private banks , as well as the Central Bank supports the Treasury by providing loans While the Central Bank has contributed to the discount of cash transfers from state-owned banks, it has thus established a new relationship and assets of the financial position of the bank, which now includes national credit holdings (Hawa and Treasury Bills). ) in addition to external assets, and the volume of remittances and discounted bonds to Rs 16 000 billion almost for the years 2015-2016.


However, this has stopped since 2017 and so far, and the interest on the debt has been extended, as well as a modest amount not exceeding 1.5 billion dinars for its payments. Therefore, we can say that the Central Bank has maintained an appropriate distance from the financial authority, which has helped it to control inflation and to ensure the stability of the exchange rate to the target since 2017 and up to 'now.

Despite the success of monetary policy in the management of the money supply through the nominal fixed exchange rate ", the mechanism of transfer of the impact of monetary policy and its decisions to the real sector (agriculture, services) n ' was not effective because it was mainly limited to import channel.

These weaknesses are due to the performance of the retaliation Mechanism of transmission of monetary policy because of its link with other macroeconomic variables, which was not controlled by the monetary authority because of its link with the performance other financial, trade and employment policies, as well as a weakness that can lead to a lack of financial depth In the Iraqi economy, we can talk about financial fragility that prevents the transition mechanism from working properly .

One of the most important issues facing the Iraqi monetary authority is the extent to which the exchange rate is capable of affecting the real economy, the latter being the main refuge of economic growth and therefore unable to guarantee alone the success of macroeconomic performance. , although important.

Therefore, it should be noted that some of these gentlemen have proposed a reduction of the exchange rate of the Iraqi dinar against the dollar under the following pretext: A - The exchange rate of the dinar (1 dollar = 1,200) exaggerated exacerbates import. B. In their opinion, this high price represents a depletion of dollar wealth. Dahd and immediately if we dismantle these proposals will find the following:


1 - It is normal that the dinar can not be stimulated for export because of its relative lack of currency denomination y. The dinar and the dollar are convertible as long as the banking law n ° 56 of 2004 confirms the simple sale of foreign currency to its applicants. Without restrictions. Indeed, the bank considers that the problem of the real sector is not mabih, but lies in the unfair competition for the goods of the brown neighboring countries resulting from the reduction of the exchange rate of these countries compared to the Iraqi dinar, of where the complexity of real estate growth lies in the need for a wall as an Iraqi customs. With neighboring countries practicing Iraqi politics supported by a low exchange rate, the domestic production sector can not compete

The local production sector is not allowed to compete, especially the low Aute. D) There are unofficial outlets through which various licensed and prohibited goods enter and therefore, the origin of the customs tariff is the monetary alternative equivalent to the impact of the exchange rate policy (called the rate war exchange rate) of neighboring countries that have not been reached. This problem was and can always be solved by the customs wall, as all countries do. This problem has become a serious problem, not only because of the decline in the number of individuals, but also because of the growth of the national sectors of agriculture and industry when investigating both national foreign trade (import) statistics. We note that the volume of imports, including Kurdistan, is around $ 60 billion at a time when customs revenue does not exceed a billion dollars at best? ! As a result, we continue to call for the application of price lists in both quantitative and qualitative terms, otherwise growth will remain dependent on the oil sector only.



May Recent events in the economy of the seer (corruption, unemployment, service delivery) have returned to the depth of the political structure, but in terms of monetary policy, the following questions arise:

What would have happened if, accompanied by these manifestations, a reduction of the dinar (high impact implicit tax)? That is to say, if the protesters' demands accompanied a deep impoverishment. Demonstrations are a relatively out-of-state initiative and participation. Most employee salaries are in the range (600,000 - 1,000,000 dinars). We conclude that the financial crisis represented by the low exchange rate leading to the erosion of power

Any devaluation would have the effect of reducing the purchasing power of incomes without taking into account the modest income brackets. Discover that the financial crisis linked to the low exchange rate, which has eroded the purchasing power in Lebanon and Iran, differs from that observed in Iraq and if they are synchronized between them. (Forced in Lebanon) represents the worst monetary policy options.


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