The Central Bank "regretted" the intervention of the Ministry of Finance in its policy "to achieve economic stability"
3/4/2010 - 23:02
BAGHDAD / Aswat al-Iraq: The Central Bank said in a statement on Saturday, expressed regret for "the intervention of the Ministry of Finance in his efforts to achieve economic stability and strengthen the market economy", noting that the report of the Audit Court, which relied upon the ministry involves the "motives biased" and reflects "politicized deliberately to stir up economic storms hit the economic stability achieved by the monetary policy of the bank.
A statement from the bank, which received the agency (Voices of Iraq) a copy of the Central Bank of Iraq, "regretted the intervention of the mystery of the policies to achieve economic stability and accelerate development and improve the chances of a market economy and that he finds in the report of the Audit Court, which referred to the statement of the Ministry of Finance motivated biased neutral control we have come from the Office of the said since its inception and reflects the politicized deliberately taking advantage of the transition period with the current political for the country to make waves economic purposes unknown lead to beat the economic stability achieved by monetary policy and the successes attendant over the past years and the introduction of the country in economic chaos, ominous. "
The statement said that his strategy to build a path of stability in this transitional phase and difficult over the Iraq "sought to provide a stable environment to attract growth from Baktall cash becomes today a strong and solid at every fair-minded people of our people", stressing in this regard that the auction of foreign currency organized by "one of the policy instruments of indirect monetary impact on cash basis for the country in order to control the application or the total expenditure generated by current expenditures, especially the public budget and the face of inflationary pressures by as they lead the auction three goals," indicating that the first is that "tool intervention of the Bank Central in the exchange market to stabilize the value of the Iraqi dinar by defending the exchange rate equilibrium, which reflected positively on the general level of prices, especially for goods produced and imported production inputs and strengthen the export base, and this is what has already been achieved after the country entered in the price levels stable is by inflation, the foundation does not only 6% at the present time has increased the annual rates of 34%. "
And second, according to the statement is to "as a means for the application of indirect tools of monetary policy in the management of liquidity, the economy and control Mnasebha, is a case of the application of open market operations required a continuous basis to achieve balance in the money market and strengthen the opportunities for financial stability."
The third statement also quoted, "It is an important source of financing private sector trade of goods and services needed by the Iraqi market, a key financier for it."
The statement also stated that although the sales of foreign currency in the auction in question "is not confined to finance the import of goods and proceed as well as to import paragraph wide range of services that can not be records of customs show plus domestic demand for foreign currency and investment banks in that currency by 20 % of their capital within the regulations, regulatory approved, the Iraqi Central Bank confirms that the Monetary Policy adopted in the conduct of an auction of foreign currency is not directly responsible for the activities of the import trade of all goods and services outside the scope of financing, "and that the functions of the central bank oversight in the management of an auction of foreign currency "confined in the fight against economic crimes is strictly related to combating money laundering and funding crime and terrorism, not the Central Bank is another important to create an environment hostile to economic freedom, including freedom to convert the outside environment, generating economic stability guaranteed by the Constitution and that it was denied the country over more than forty years and the legacy of catastrophic consequences on the lives of Iraqi society and the individual and encouraged the flight of capital across national channels mysterious repressive. "
The Central Bank of Iraq in its statement that, to the extent that monitors the movement of financial flows coming into the country and out of it "finds the economic phenomena of natural help maintain the financial system fixed on the basis of competition in the market and generates at the same time integration is desirable in the financial market International, open and wide in banking with the world and in spite of, those funds and flows should not be exempt from the deepening of surveillance and detection that the movements of such funds are legitimate legal and does not contravene the law against money laundering, money, crime and terrorism, or even evasion of other commitments to government authorities Kalojhzp tax, financial or contravention of instructions and regulations issued by the regulatory Central Bank of Iraq, which is also determined, for example, amounts of investment banks to foreign assets, which represent another form of the flow of domestic capital outside the country. "
The central bank said in the statement that any restriction of these outflows, "not only helps to generate a black market suspicious encouraged at the same time the phenomenon of capital flight abroad, but through illegal channels and other channels of the mysterious non-bank, which is reduced in all cases the ability direct control over at the same time the cost of operations and the burden of indirect control. As well as generating financial environment weakens the negative climate for foreign investment in Iraq to encourage the flow of foreign capital inflows and integration with the international financial system and intersect at least with the principles enshrined in the Investment Law No. 13 of 2006. "
The media were handled recently issued a press release issued by the Ministry of Finance based on the information of Supreme Audit shows that the numbers of import of commodities and goods entering the country through the customs, do not match with the sales of auction of foreign currency at the Central Bank of Iraq, has carried the statement the central bank and commercial banks all banks, including the government itself and of the Ministry of Finance, is responsible for it.
http://ar.aswataliraq.info/?p=214135
3/4/2010 - 23:02
BAGHDAD / Aswat al-Iraq: The Central Bank said in a statement on Saturday, expressed regret for "the intervention of the Ministry of Finance in his efforts to achieve economic stability and strengthen the market economy", noting that the report of the Audit Court, which relied upon the ministry involves the "motives biased" and reflects "politicized deliberately to stir up economic storms hit the economic stability achieved by the monetary policy of the bank.
A statement from the bank, which received the agency (Voices of Iraq) a copy of the Central Bank of Iraq, "regretted the intervention of the mystery of the policies to achieve economic stability and accelerate development and improve the chances of a market economy and that he finds in the report of the Audit Court, which referred to the statement of the Ministry of Finance motivated biased neutral control we have come from the Office of the said since its inception and reflects the politicized deliberately taking advantage of the transition period with the current political for the country to make waves economic purposes unknown lead to beat the economic stability achieved by monetary policy and the successes attendant over the past years and the introduction of the country in economic chaos, ominous. "
The statement said that his strategy to build a path of stability in this transitional phase and difficult over the Iraq "sought to provide a stable environment to attract growth from Baktall cash becomes today a strong and solid at every fair-minded people of our people", stressing in this regard that the auction of foreign currency organized by "one of the policy instruments of indirect monetary impact on cash basis for the country in order to control the application or the total expenditure generated by current expenditures, especially the public budget and the face of inflationary pressures by as they lead the auction three goals," indicating that the first is that "tool intervention of the Bank Central in the exchange market to stabilize the value of the Iraqi dinar by defending the exchange rate equilibrium, which reflected positively on the general level of prices, especially for goods produced and imported production inputs and strengthen the export base, and this is what has already been achieved after the country entered in the price levels stable is by inflation, the foundation does not only 6% at the present time has increased the annual rates of 34%. "
And second, according to the statement is to "as a means for the application of indirect tools of monetary policy in the management of liquidity, the economy and control Mnasebha, is a case of the application of open market operations required a continuous basis to achieve balance in the money market and strengthen the opportunities for financial stability."
The third statement also quoted, "It is an important source of financing private sector trade of goods and services needed by the Iraqi market, a key financier for it."
The statement also stated that although the sales of foreign currency in the auction in question "is not confined to finance the import of goods and proceed as well as to import paragraph wide range of services that can not be records of customs show plus domestic demand for foreign currency and investment banks in that currency by 20 % of their capital within the regulations, regulatory approved, the Iraqi Central Bank confirms that the Monetary Policy adopted in the conduct of an auction of foreign currency is not directly responsible for the activities of the import trade of all goods and services outside the scope of financing, "and that the functions of the central bank oversight in the management of an auction of foreign currency "confined in the fight against economic crimes is strictly related to combating money laundering and funding crime and terrorism, not the Central Bank is another important to create an environment hostile to economic freedom, including freedom to convert the outside environment, generating economic stability guaranteed by the Constitution and that it was denied the country over more than forty years and the legacy of catastrophic consequences on the lives of Iraqi society and the individual and encouraged the flight of capital across national channels mysterious repressive. "
The Central Bank of Iraq in its statement that, to the extent that monitors the movement of financial flows coming into the country and out of it "finds the economic phenomena of natural help maintain the financial system fixed on the basis of competition in the market and generates at the same time integration is desirable in the financial market International, open and wide in banking with the world and in spite of, those funds and flows should not be exempt from the deepening of surveillance and detection that the movements of such funds are legitimate legal and does not contravene the law against money laundering, money, crime and terrorism, or even evasion of other commitments to government authorities Kalojhzp tax, financial or contravention of instructions and regulations issued by the regulatory Central Bank of Iraq, which is also determined, for example, amounts of investment banks to foreign assets, which represent another form of the flow of domestic capital outside the country. "
The central bank said in the statement that any restriction of these outflows, "not only helps to generate a black market suspicious encouraged at the same time the phenomenon of capital flight abroad, but through illegal channels and other channels of the mysterious non-bank, which is reduced in all cases the ability direct control over at the same time the cost of operations and the burden of indirect control. As well as generating financial environment weakens the negative climate for foreign investment in Iraq to encourage the flow of foreign capital inflows and integration with the international financial system and intersect at least with the principles enshrined in the Investment Law No. 13 of 2006. "
The media were handled recently issued a press release issued by the Ministry of Finance based on the information of Supreme Audit shows that the numbers of import of commodities and goods entering the country through the customs, do not match with the sales of auction of foreign currency at the Central Bank of Iraq, has carried the statement the central bank and commercial banks all banks, including the government itself and of the Ministry of Finance, is responsible for it.
http://ar.aswataliraq.info/?p=214135