Iraqi Center for Development and Media evaluates a seminar to discuss the economic reality of Iraq

Iraqi Center for Development and Media held a symposium monthly to discuss the economic reality in Iraq, in the presence of Governor of the Central Bank of Iraq, Dr. Ali Keywords and head of the Sunni Endowment, Sheikh Abdul Latif Alhmam and the presence of Mr. Executive Director of the Association of Banks Ali Tariq and Mr. Ahmed al-Hashemi, a professor Laos Tariq and a group of academics and political analysts.

The governor of the central bank on the Keywords During the seminar, which was attended by "Economy News" that the issue of cash reserves and the impact of some of the statements and analysis is wrong produces confusion and create a kind of confusion in the market, which had a negative impact on the work of the financial sector in Iraq.

Added Keywords, that the function of direct control over the exchange rate the bank and therefore if the central bank did not cover the demand for the currency foreign, there will be serious consequences and will lead to a rise in foreign currency rates and the collapse of the local currency existence of a window sell the currency led to control of the market.

He continued Keywords, that some people thought it would lower the reserve is an economic disaster, but the direct impact on the decline in reserves was caused by the deficit in the federal budget and therefore any budget deficit directly affects the size of the cash reserve.

He noted that the calculated Ctaaiti accurately with the World Bank being accurate references with the Iraqi Central Bank on the reserve and that this decline does not directly affect the economic situation, noting that what happened in the general budget and the deficit, which amounted to 24 trillion Dnyar impacted on the reserve if scheduled after discussions with the World Bank that the Central Bank of Iraq with funding the deficit by 7 trillion and the rest is funded by the proportion of revenues but revenues did not exceed 4 trillion and thus was supposed to be the central bank to finance the remaining deficit, but rising oil prices benefited the budget and therefore no need for to the Central Bank

He noted that the most important job of the central bank is to maintain dollar prices through control of exchange rates, and that is by selling the currency window, indicating that the process strengthen it reserves rely on imports that come from the Ministry of Finance, which amounts to nearly 90% received in foreign currency and the rest of the the local currency where the ministry takes a fraction of the needs of foreign currency and the remainder will be transferred to the Central Bank and that it contributes to the increase in the cash reserve of the country.

For his part, head of the Sunni Endowment Abdul Latif Alhmam occur, the displaced and the numbers that were expected to file be because he confirmed that the rate of displacement since the beginning of the liberalization process in the province of Nineveh were not at high rates as the United Nations forecast as it expects that more than one million citizens but figures that we are 290 000 families, and we and the Iraqi government is fully in control on this file through food aid in kind and the problem that we face today are ubiquitous within families revive the city of Mosul and the use of terrorists Aldoaash citizens as human shields provide.

He Alhmam, that the religious discourse when isms loss of vision and still in dire straits and the one that should be corrected this speech to save future generations.

At the intervention of Dr. appearance of Mohammed Saleh, said that fiscal revenue is rentier any oil is virtually zero ie it does not exceed 5% and this is defective, so the government should improve the financial performance of the state by maximizing the non-revenue oil to serve the general interest of the country.



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