Iraq signed with the International Monetary memorandum of understanding to monitor the financial and economic policy

History of edits:: 2015/11/10 21:45


Iraq has signed with the International Monetary Fund memorandum of understanding conducive to monitor the financial and economic policy.

And it announced that the Iraqi Ministry of Finance said in a statement received by the agency all of Iraq [where] a copy of it, the conclusion of the "evening in the Jordanian capital Amman talks, Iraqi and consultations with the IMF two sides reached an agreement on control of IMF experts program STAFF-MONITORED POGRAM (SMP) fiscal policies and economic in the country for the remainder of fiscal year 2015 and for the year 2016 coming. "


The show, "The program aims to assist Iraq in reforms in the foreign exchange policy, public financial management and banking supervision."

It was also agreed According to the statement, "a memorandum of understanding for the technical implementation of the program in the quarterly timelines and the letter of intent, and the aim of the actions that have been agreed Ay standards to maintain the stability of the financial sector."

The statement pointed out that "During the past ten days technical talks between the Fund and of the Middle East Department representatives, Central Asia and oil experts and financial and planning ministries and the Central Bank of Iraq."

And participated in the final talks, Finance Minister Hoshyar Zebari on the Keywords Governor of the Central Bank and the appearance of Mohammed Saleh Prime Minister for Financial Affairs adviser, also participated in the consultations, representatives of the World Bank and the US government and Japanese International Development Agency [JICA].

To Aeshetml control of IMF experts program SMP to provide any funds, financial loans to Iraq, but it is an important link in the strengthening of Iraq's international status in the global financial markets and improve the status and classification of credit the country and opens the way for Iraq to obtain financial loans from international financial Almaossat countries and banks and Aahdv program to exposure to the financial obligations of government employees and retirees about the salaries and social obligations to the social protection network and Nazhan.





http://www.alliraqnews.com/modules/news/article.php?storytopic=37&storyid=20713

11/11/2015 
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BAGHDAD / Ibrahim Ibrahim

[ltr] He called on the Iraqi government economists to take the advice of the US Federal Bank to curb the smuggling of currency operations and control the flow of money, demanding to find alternatives to currency auction without affecting the stability of domestic prices to the market.


The economist said Maytham coffee in an interview (range), that "the US Federal Bank's position on the Central Bank, is the practice of two main functions, the first is the support and assistance and to express an opinion and advice, the second is an observation in terms of financial and drag-and-flow processes to the government, and also control and money coming into Iraq Fund as a result of the sale of oil. "

"The Fed is watching the money that could be smuggling operations occur in the Iraqi Central Bank usually offers advice to the Iraqi side the need to address the exchange rate towards liberalization and subjected to the forces of supply and demand than in keep it under the control of the Bank and determined by the currency auction." He said that "at the same time advised to cash in general and economic stability in order to prevent the economy suffered significant shocks, as advised to maintain foreign reserves and not depleted."

He continued, "The currency auction and the proposed suspension by the central bank, the bank could provide on the move, because of their effect on the breach of economic stability and the fear of rising dollar exchange rate and the decline of the dinar value, especially with the inability of the economy to generate production and its dependence on import, and the existence of a group dealers and traders will speculate operations that could lead to a sharp rise in the dollar exchange rate. "

He noted that "the central bank looking for alternative solutions to the auction currency, so as to ensure the achievement of the equation is not easy to include the preservation of foreign reserves and prevent drained quickly, with the continuation of the monetary and economic stability, the equation is far from easy, and that with such a situation in which the return economy the exchange rate is supported by the bank over the long years. "

Allowal Street Journal revealed that the Federal Central Bank and the US Treasury cut off the flow of American cash to the Iraqi Central Bank account this summer, because of fears of Iranian money in banks or in the hands of Daash. To resume transfers only after the approval of Iraqi officials to impose strict controls on the dollar coin distribution. For his part, economist Mustafa Mohamed Habib said in an interview (range), "The way the Central Bank's work in recent years has raised a lot of questions about the amount of money smuggled out of the country by the daily currency auction."

"The doubts and the information provided to the US Federal Bank, led to the direct warnings to the administration to the central bank on the effectiveness of local laws towards big waste of foreign currency."

The beloved "said the Iraqi economy is not in isolation from the world economic movement, and there is a global movement for the dollar supervisory institutions in different directions can determine the direction of money and different ways of being washed."

He said the "work of the US federal bank regulatory and only has the ability to provide advice to some of the international institutions for the development of internal work, including the Central Bank of Iraq."

He pointed to "the need to take the advice provided by the government and build on the work to rid the bank of the phenomena of rampant corruption within the local financial market and a private auction sale of foreign currencies, which drives the local market according to data to be mostly different from the laws and regulations currently in."

The Central Bank of Iraq denied, earlier reports that indicated to stop pumping money to him from his accounts in US Federal.

The bank said in a statement received "long" a copy of "the news reported by some newspapers and news sites about pumping money from his accounts to him by the US Federal unfounded stop."

The bank said that "the US Federal continuously conducting all events of accounts being the only one responsible for it."




http://www.almadapaper.net/
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