Sunday, December 16, 2012

Iraq: the Central Governor authorization validity lift «» dinar, 16 DEC

Iraq: the Central Governor authorization validity lift «» dinar

Baghdad-Naseer goldfinch Sunday 16 December 2012 Authorized the Board of Directors of the Central Bank of Iraq Governor Abdel Basset Turki new powers to raise the value of the Iraqi dinar against other currencies early next year, after the former Governor Sinan Al-Shabibi judicial supplements these powers and mechanisms against the law and harmful to the economy of Iraq.

The «Central» mid-year announced its intention to increase the value of the dinar against the dollar from 1120 DT dollars to 1,000 dinars, the currency exchange project is new after deleting three zeros. The judiciary issued on 19 October last year an arrest warrant against Al-Shabibi and senior bank staff in corruption.

Al-Shabibi said in a media statement that "these powers are not given to one person to decide what he wants, but should examine issues relating to monetary policy, including reducing the dollar, as well as prices and inflation, and taking into account the price and exchange rate developments in local markets. He said the Bank's Board of Directors decides the policy after examining carefully as the top of the Bank and not the Governor.

Prime Minister Nuri al-Maliki confirmed on 5 November last the big warheads will fall in the Central Bank issue, pointing out that he is not acting Iraqi funds and no information on their size or places of deposit. Turkish replied exclusives Al-Shabibi said the Bank Act permits the Governor in Council as the Chief Executive Officer shall conduct the day-to-day operations».

He Economist Imad Al Aboud told Al Hayat that "most observers of the central issue of corruption have a presentiment of the results of investigations by the Parliamentary Committee, fearing procrastination as its predecessors. He added: "the investigation leaked to the media revealed some very important facts, including the dominance of 10 civil banks only on selling and buying dollars in the Bank to auction their drawns during the past eight months to about $ 30 billion, pointing to «other no less important breaches included within the investigations, including fake transfers approximately $ 56 million for specific companies, but without identifying who was behind these companies or banks.

Asked about raising the value of the dinar, he stressed that "everyone knows that the value of a country's currency is determined by global markets the central controlling Commander talmserf on hard currency coming into the market and prices».

Al Aboud said the Central Bank and Government officials in their efforts to enhance the value of the dinar, stressing the need to have real value, not just numbers has no effect, what is the point of raising the value of the dinar while the purchasing power per capita will remain unchanged or will be.

And invited the parliamentary Economic Committee member Nora Al Salem to include lifting the value of the dinar currency replacement project to be started next year, confirmed for «life» to «no central action is a storm of objections and turn things to exchange accusations politically exploited, and thus can be referred to Parliament for feedback and approval».

And effectively raise the value of the dinar, stressed that ''the Iraqi citizen is looking for numbers rise and fall, but what is the use of what most important to restore the purchasing power of the dinar, against inflation of the economy during the past few years. The «very expensive rates spiked and consumer response is difficult, and negatively affected the food basket, any increase in salary rates plunging prices, thus moving the proceeds only to secure a living».

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