M / study on the economic and social disaster for monetary policy of the Central Bank of Iraq
Page 1 of 1
M / study on the economic and social disaster for monetary policy of the Central Bank of Iraq
Admin Wed Sep 26, 2012 4:37 pm
Oh, have patience this is a long piece!
Date: Wed 09/26/2012 02:21 pm
/ Mohammed Adel Hassan
Baghdad
Text book
In the name of God the Merciful
/ His Excellency the Secretary General of the Council of Ministers on the Keywords esteemed professor
Peace be upon you and God's mercy and blessings
M / economic and social disaster for monetary policy of the Central Bank of Iraq
Due to the great debate about the policy of the Iraqi Central Bank auction sale of foreign currency,
To find out the size of economic and social disaster caused by the policy of the Central Bank of the Iraqi people,
To find out the reasons for attacking some politicians of the government on the grounds that the government "intervene" in the central bank when the government wanted to reform the Bank's policy for the benefit of the Iraqi people
And to indicate the reason for the urgency and urgency central bank officials to change the currency or raise three zeroes,
We offer to Your Excellency in below "study entitled economic and social disaster for monetary policy of the Central Bank of Iraq," This study demonstrates the disastrous effects of the policy of the Central Bank of Iraq and because of not following the bank officials the legal foundations and monetary, financial and economic right in the process of selling of the dollar as the Central Bank of Iraq to conduct an unwise and illegal is speculative and forced reduction in the U.S. dollar in the foreign exchange market for the benefit of shell banks and fraudulent companies, knowing that the bank did this wrong procedure without coordinating economic and financial cooperation with the government.
As the central bank of colluding with shell banks to earn billions of dollars at the expense of the poor, and the Bank also misleading and deceiving the state where he claims the bank that is financing purchases private sector, this argument can shell banks and companies fraudulent directed and smuggle large quantities of Iraq's wealth from currency difficult ... And other irregularities cited in the study.
This policy has led cash unwise and illegal Iraqi Central Bank to big losses and consequences on the people and the Iraqi state, including the loss of the state treasury more than 10.44 billion dollars a year, or 36.5 (Thirty-six and a half billion) during 3.5 years (which equals 350 tons of gold), the increase in the smuggling of foreign currency by more than 20% of the gross national product per year and $ 36 billion during the 3.5 years, rising inflation and prices of more than 20% annually and the significant contribution to increase the proportion of poverty in Iraq to more than 20 % in addition to other extensive damage and described in this study.
Rajya Your Excellency kindly see it and submit it to the Prime Minister, Mr. Nuri al-Maliki esteemed to stop draining wealth and precautions Iraq of foreign exchange, addressing economic and social disaster caused by the Bank's policy wrong and correct and change policy CBI for the Iraqi people and a private class disadvantaged him.
May peace and God's mercy and blessings.
/ Mohammed Adel Hassan
Baghdad
09/23/2012
Attachments:
1. Study on economic and social disaster for monetary policy of the Central Bank of Iraq.
2. As sure to check out a file (PDF), entitled (CBI Foreign Exchange Auctions) and issued by the Central Bank of Iraq has auctions conducted by the Bank until 2010, which explains how the bank carried out the tender gradual rather than having to bid real and that led to this economic disaster.
Study
In the name of God the Merciful
Economic and social disaster for monetary policy of the Central Bank of Iraq
Why did not the Iraqi Central Bank to follow the legal foundations and cash in the process of selling the dollar and as being in every country in the world??, What is the wisdom and strategic economic and financial relied upon the Iraqi Central Bank when the speculation and manipulation at the dollar in the foreign exchange market for the benefit of shell banks and companies fraudulent instead of carrying out a real dollar bid for the large cash withdrawal of liquidity from the market??
Where the CBI to conduct an unwise and illegal is speculative and reduction forced the dollar in the foreign exchange market of 1470 dinars (end of 2006) to 1170 dinars (since the beginning of 2009) which means that the price of the dollar in the foreign exchange market has been reduced more than 300 dinars during two years for shell banks and companies fraudulent, and the bank that the wrong procedure without coordinating economic and financial cooperation with the government.
As the central bank of colluding with shell banks to earn billions of dollars at the expense of the poor, and the Bank also misleading and deceiving the state where he claims the bank that is financing purchases private sector, this argument can shell banks and companies fraudulent directed and smuggling the largest possible amount of Iraq's wealth of hard currency ... And other irregularities cited in the study.
This policy has led cash unwise and illegal Iraqi Central Bank to big losses and consequences on the people and the Iraqi state, including the loss of the state treasury more than 10.44 billion dollars a year, or 36.5 (Thirty-six and a half billion) during 3.5 years (which equals 350 tons of gold), the increase in the smuggling of foreign currency by more than 20% of the gross national product per year and $ 36 billion during the 3.5 years, rising inflation and prices of more than 20% annually and the significant contribution to increase the proportion of poverty in Iraq to more than 20 %, as shown below:
1. Loss of the state treasury to the dollar.
Example of operating expenses and investment:
If the expenditures (KD) = 1000000 dinars and one million dinars
The expenses of the state treasury when the dollar was equal to 1470 dinars = $ 680,
The expenses of the state treasury when the dollar became equal to 1170 dinars = 854 dollars
Additional loss to the state treasury to the dollar due to the devaluation of the dollar from 1470 dinars to 1170 dinars = 854-680 = 174 dollars.
That is, the state treasury is losing 174 dollars extra per million dinars spending, and lose the state treasury 348 dollars extra for every 2 million to spend, and lose the state treasury 522 dollars extra for every 3 million spent by the Central Bank of speculation and reduction of forced dollars of 1470 dinars to 1170 dinars .
Since the state acted about 5 trillion dinars a month on operating expenses and investment,
Additional loss to the state treasury each year from dollar 870 x 12 = 10.44 billion dollars due to the central bank speculation and the forced reduction of dollars from 1470 dinars to 1170 dinars,
So if the loss of additional state treasury since the beginning of 2009 until mid-2012 ie during 3.5 years is 36.5 (Thirty-six and a half billion) at least because of the central bank speculation and reduction of forced dollars of 1470 dinars to 1170 dinars.
In the case that the state acted about 6 trillion dinars a month on operating expenses and investment,
2. Loss of central bank reserves when it sells $ 3 billion per month.
• losses from the dinar bank reserves.
Bank revenue when selling dinar dollar 1470 KD = 4.41 trillion dinars
Bank revenue when selling dinar dollar to 1170 dinars = 3.51 trillion dinars
Bank monthly loss of the dinar (4.41 to 3.51) = 0.9 trillion dinars monthly amount inflationary and which is supposed to be the bank withdrawn from the market for the same quantity sold of the dollar.
Bank annual loss of dinar = 0.9 trillion x 12 = 10.8 trillion dinars
Bank loss during the 3.5 years of the dinar = 10.8 trillion × 5 = 37,8 trillion dinars
• additional bank reserves losses of the dollar when it sells $ 3 billion per month.
dinars.
Any losses the additional bank reserves, which are smuggled into the outside of the dollar is 20% of the amount sold.
Additional bank reserves losses dollar annual 612 x 12 = 7.3 billion dollars,
Losses additional bank reserves to the dollar during the 3.5 years is 7.3 x 3.5 = 25.5 billion dollars at least.
Any central bank reserves at the present time must be = current reserves + 25.5 billion dollars
In the case of sale of the bank monthly $ 4 billion, the additional bank losses are $ 800 million.
In the case of sale of the bank monthly $ 5 billion, bank losses are 1 and one billion dollars.
As the Bank since 2009 and until mid-2012 had sold about $ 180 billion,
Any additional hard currency that has been reformatted and smuggled out of Iraq since the beginning of 2009 until mid-2012, during the 3.5 years is $ 36 billion, at least because of the central bank speculation and the forced reduction of dollars from 1470 dinars to 1170 dinars.
Any central bank reserves at the present time likes to be $ 100 billion, at least, instead of the current reserves, which is roughly $ 65 billion.
Knowing that Bank's losses for the years 2007 and 2008 and has been in a gradual reduction in the U.S. dollar of 1470 end of 2006 to 1170 dinars the beginning of 2009 has not been calculated in this study because the amount of the loss between 1% and 20% of the amount sold by the bank and must calculated loss every single day and collected and added to the total loss in the above-mentioned.
3. Increase in the monthly and annual inflation due to the reduction of the dollar from 1470 to 1170 dinars.
Inflation = operating expenses and investment - the bank withdrew the dinar from the market
Let us assume that operating expenses and investment monthly is Q trillion dinars,
Inflation in the first case when the bank sold 3 billion dollars a month if the price of the dollar 1470 dinars = (Q trillion - 4.41 trillion)
Inflation in the second case when the bank sells $ 3 billion a month after it was forced download the dollar to 1170 dinars = (Q trillion - 3.51 trillion)
Increase in inflation due to the reduction forced the dollar from 1470 dinars to 1170 dinars = inflation in the second case - inflation in the first case
(Q trillion - 3.51 trillion) - (o trillion - 4.41) = Q trillion - 3.51 trillion - Q trillion + 4.41 trillion = 0.9 trillion dinars, or 900 billion dinars a month.
The increase in inflation or the money supply in the market increases monthly by 900 billion dinars when the bank sells $ 3 billion per month due to the central bank speculation and the forced reduction of dollars from 1470 dinars to 1170 dinars.
The increase in inflation or money supply increases annually by 900 x 12 = 10.8 trillion dinars due to the central bank speculation and the forced reduction of dollars from 1470 dinars to 1170 dinars.
The increase in inflation or the increase in liquidity in the market since the beginning of 2009 until mid-2012 by 10.8 x 3.5 = 37.8 trillion dinars due to the central bank speculation and the forced reduction of dollars from 1470 dinars to 1170 dinars.
Because of this massive increase in liquidity or the money supply of the dinar in the market caused by the Bank's policy wrong
The real price of the dinar in the market fell by 20% a year because the supply of dinars on the market increased by 20% and when supply increases less price and by well-known economic base.
As the real price of the dinar fell and that the dramatic increase in liquidity, which was supposed to be the bank to withdraw the increase of the market in the case of the survival of the dollar to 1470 dinars, or to reduce the price of the dollar from 1470 dinars to 1170 dinars,
The prices of goods and services in the market increased by 20% annually since at least the beginning of 2009 and paid for by the poor in the society because of the bank's policy wrong.
The reasons that led to large losses
They came great loss against the state and the Iraqi people due to failure to follow the CBI legal foundations and monetary, financial and economic right in the process of selling of the dollar, as the sales process of the dollar must be carried out to bid, or at least selling price installer from the state before 2007 and that on the basis of this price The State has put its economic and financial, and the procurement process must be conducted tender as being in the world, when low currency in these countries are banks to sell part of hard currency has against the local currency, and when the improved currency in these countries banks where to buy foreign currency from market against the local currency of any sales process is not being introduced dollar selling price less than the price fixed by the state in a way that arbitrary or dollar selling price less than the price in the market, as did the bank from the beginning of 2007, raised the price of the dinar arbitrary way is a great loss to the state treasury of the dollar and the loss of bank reserves from the dollar because the CBI is buying the dollar at a rate of more than 99.99% of the Ministry of Finance any of the state treasury and has no revenue has value from other destinations, where bodies audit and oversight of these errors strategic and corruption cash massive exercised by the Central Bank of Iraq, which led to this great loss to the state and this massive inflation in the money supply in the market and contributed to the largest money laundering and economic crime organization and smuggling of hard currency from Iraq??.
The disastrous results of this random work:
This work is wrong and corrupt monetary policy of the Central Bank have led to disastrous results the following:
1. Loss of state budget additional loss of approximately $ 10.44 billion a year (equivalent to 200 tons of gold) when operating expenses and state investment 5 trillion dinars per month, an increase of the state treasury losses of the dollar on operating expenses and investment by 20%,
2. Increase in the annual inflation rate of more than 20%, leading to an increase in prices of goods and services rose by more than 20% annually, because of the price increase is directly proportional to the increase in inflation,
3. Drain and the descent of the central bank reserves of about $ 100 billion to about $ 65 billion almost
4. Contributing to the increase in poverty in Iraq by more than 20% through:
• dramatic increase inflation and the surge in prices,
• causing a recession and losses in the national public economic sectors and the national private sector,
• restrict the capacity and capability of the state in spending on the poor and infrastructure projects,
5. Contribute substantial increase in the exit and the smuggling of hard currency out of Iraq and a rate increase of up to more than 20% of Iraq's wealth or GDP (Gross Domestic Product) per year, as the hard currency the additional out and smuggled out of Iraq since the beginning of 2009 until mid-2012, during the 3.5 years is $ 36 billion,
6. Sizing foreign investment as the lower dollar does not create an incentive for foreign investors to bring their money to invest in Iraq, where the download dollar arbitrarily of 1470 dinars to 1170 dinars by the central bank lead to the loss of value of the money difficult Sidkhalunha to Iraq by 20% in advance , resulting in a scalable external investment because the price of the dollar Forced which is less of 1170 can not be relied upon because the price of an imaginary and artificial and vacillating and not price real output of market forces (Market Forces), while Price 1470 dinars to the dollar is a fixed price and installed and supported by the State of through economic power for the export of Iraqi oil,
7. Scalable capacity and capability of the state to fulfill its obligations social state, losing more than $ 10 billion of its treasury annually to meet the difference by increasing the price of the dinar a price imaginary and unreal and this amount companies fraudulent and shell banks smuggling abroad by auction false by the Bank, can that the conduct of the State this amount to the widows, orphans, the disabled, divorced, disabled, families of martyrs and victims, the unemployed, the disadvantaged, the homeless, refugees, working and retired workers
8. Contribute to an increase of dumping Iraqi exports and foreign consumer goods and luxury and by more than 20% resulting in a weak national competition and the recession and the stagnation of the national economy and the death of the industrial and agricultural sectors and trade in addition to the destruction of the Iraqi private sector,
9. Contribute to increasing competition and the competition for public sector jobs and the creation of disguised unemployment in which where he left a lot of workers in the market and private companies and in the industrial and agricultural sectors and trade because of the huge losses that hit its inability to compete with goods and foreign goods because of the bank's policy wrong that led to encourage imports and dumping Iraqi market and made Iraq economically low exports of other countries, and has these workers to seek employment in the public sector.
10. The Bank has also facilitated and increase corporate profits monopolistic fraudulent and shell banks in hard currency by more than 20% at least (because most of these banks offices banking only and are not banks real serve the Iraqi people), reaching the capital of these banks phantom only in Iraq (as announced by officials Bank recently) more than $ 5 billion, and the question of what are the business and services provided by the Iraqi people until the cash balance or capital of these banks phantom (and the 34 banks) to these high amounts?.
Central Bank does not have an auction did not follow the legal and monetary foundations followed by the countries of the world
The auction process is the process correctly to withdraw liquidity and money supply large, but the strategic error that the central bank does not have an auction and I repeat here that the CBI does not have an auction as he did not follow the legal foundations and cash followed by the countries of the world in the process of buying and selling of the dollar, but introduced Dollar prices downward and reached less than 1170 dinars instead of 1470 dinars he carried out the tender gradual rather than bid real Bank has also introduced the dollar selling price less than the price in the market ((It is possible to see the file (PDF), entitled (CBI Foreign Exchange Auctions) issued by the Central Bank of Iraq and contains the auctions conducted by the Bank until 2010, which describes how the central bank carried out the tender gradual rather than having to bid real)), and these errors too big not worked by less staff degrees in the Iraqi state, even if their work to the world it did not sit, because it is not the law or logic that being the sale of hard currency tender or that the price of selling less of the purchase price (or market price), which led to these large losses to the state treasury, because 99.99% of purchases Bank of the dollar is from the state treasury, raised the price of the dinar in the exchange market in this way arbitrary is a great loss to the state treasury and a very large drain bank reserves from dollar
The process of maintaining the exchange rate used by the monetary authorities in the various countries of the world and based on the economic base known, when low currency you sell part of its hard currency has against the local currency, and when the improved currency you are buying foreign currency from the market against the local currency, namely, that National central banks in the world intervene in the market only when the high or low of the local currency, which means that the national banks world does not intervene in the market when the stability of the national currency and the banks in the world to sell hard currency daily quantities fictional prices downward for the dollar, as did the Central Bank Iraqi (where he sells 5 five billion dollars a month at the moment) because it leads to the depletion of foreign currency and increase inflation, which in turn leads to increased prices, was supposed to the Central Bank of Iraq in the same way economic undertaken by countries in the world for buying and selling foreign currency and was The bank maintained the price specified and installed by the state, which on the basis of established state policies of economic and financial, not to defend the price of an imaginary and artificial and unreal and false is 1170 dinars per dollar because any 1170 dinars price is enforced, not price a natural result of market forces, and the bank is unable to defend this price placebo disappearance and because the money supply or liquidity in the market about 200 trillion dinars and Reserve Bank and announced about $ 60 billion, covering about 70 trillion dinars, even if the bank's policy valid for The Bank had at least $ 100 billion, As the central bank could not be rein in inflation in Iraq through its monetary policy followed by, as inflation increased by 20% annually due to the bank's policy wrong, which led to this confusion in the exchange rates and these quantities imaginative emerging and smuggled from the dollar to the outside.
That raise the value of the national currency against foreign currencies is the policy must be carried out by the central bank and as being in every country in the world by withdrawing the largest possible amount of liquidity or the money supply of the market, ie, it must reduce the money supply large market by following the legal foundations and monetary correct, Flo was the bank's policy valid for the withdrawal from the market of more than 37.8 trillion dinars during the 3.5 years through sales auction or at least selling price installer and specified by the state is about 1470 dinars to the dollar, which on the basis of the state develop its economic, financial and them giving these salaries millions of upper layers of the staff, and when it is reduced the money supply of the dinar in the market will increase rate of the dinar, and this is something known because when least Display (for BD) is increasing its price and its value in the market, but without losing the state treasury this billions of dollars every year to pay the difference in the price of the dollar and thereby limiting the state's ability to meet its social obligations.
Acted illegally process with state funds
The state put a price checked and fixed, a 1470 dinars to the dollar process landing price and since the beginning of 2007 this way arbitrary is negative interference against the interests of the State and is accurate process acted illegally with state funds because the bank is buying the dollar at a rate of 99.99% from the Finance Ministry and has no Mention has value from others any that the bank will reduce state revenues from the dinar and the depletion of wealth state of the dollar, and in a very simplified The country is losing 300 dinars of every dollar it sells the bank rate to 1170 dinars instead of 1470 dinars because of this mistaken policy or that the state is losing dollars one extra in every five dollars you are selling to the bank and this dollar out abroad by auction phantom by the Central Bank of Iraq and which has no parallel in all countries of the world, if the state does not sell the dollar to the bank, the reserves of the dollar will be implemented during the months because all the revenues of the state, not of others, as the reduction process forced the dollar in the foreign exchange market is against the concept of free economy or market economy, which relies on the principle of competition and which should be left to the exchange of free-market forces and economic power, and we note that the world has install its currency long years ago and did not notice any change as was the Iraqi currency in recent years has been a dramatic change to the value by more than 20% and arbitrary manner, which led to huge losses for the state and the Iraqi people.
Purchasing power of the Iraqi dinar did not rise
The dinar current can not be supported in this way random a dollar supply at a low price because this money supply very large which trillions of dinars have been replaced dinars dinar after 2003 and this spending operational and consumer large, will lead to the depletion of the force and the depletion of central bank reserves and the rise of the dollar again to record levels and the proof is that the dinar down its price very much once stopped bank dollar supply in the market, as the price of gold (which is the basis adopted by states as a safe haven for their economies) rose dramatically in Iraq despite the claim that the dinar has surged against the dollar after 2007, as well as the real estate prices and construction materials rose dramatically did not fall after raising the price of the dinar in the exchange market, indicating that the purchasing power of the Iraqi dinar did not rise in the free market which did not improve economically after reducing the dollar of 1470 dinars to 1170 dinars , even though the dinar has risen more real by 20% as the dollar exchange rate has been reduced from 1470 dinars to 1170 dinars to the prices of gold and real estate has decreased by 20%.
The instability and volatility and confusion and turmoil in the exchange rate, and the quantities fantasy of the dollar coming out and smuggled out of Iraq by auction formalism and pseudo conducted by the Bank and the blame and arguments and blame by bank officials that there is no philosophy or economic system given the state is to avoid the strategic error that signed by the bank due to lack of follow legal foundations and cash in the process of selling the dollar, The World has nothing to do with philosophy economic It is the responsibility of the state and are the responsibility of the Bank for monetary policy only, which must be based on the legal system and cash correctly and coordination, coherence and complementarity and integration with the economic policy of the state
The urgency and urgency central bank officials to change the currency or raise three zeros is to escape and evade coverage on strategic error that they made that led to this economic and social disaster in the country.
Complicity with shell banks to earn billions of dollars at the expense of the poor
The Bank has also facilitated and increase corporate profits monopolistic fraudulent and shell banks in hard currency by more than 20% at least (because most of these banks offices banking only and are not banks real serve the Iraqi people), reaching the capital of these banks phantom only in Iraq (as announced by officials Bank recently) more than $ 5 billion, and the question of what are the business and services provided by the Iraqi people until the cash balance or capital of these banks phantom (and the 34 banks) to these amounts high??, this indicates complicity grand central bank officials with this shell banks to convert a large part of the capital of the Central Bank of the government to these private banks by reducing the price of the dollar has not done bidding as bid should not be limited to designated banks and at a fixed price, but must be bid is open to all and the rate upward, or that the bank Central is giving these private banks large amounts of hard currency on the pretext sold at the official rate and this did not happen at any time or any place that the national bank this disastrous policies, where these banks to sell the dollar at the market price which is up to 1250 dinars to 1300 dinars to the dollar, any that these shell banks earn 60 dinars to 120 dinars at least for every dollar you re-sell it in the market, Flo was the account on the basis of 60 dinars a minimum you win for every dollar it sells in the market and since the bank does taw false and displays on these banks more than 3 three billion dollars per month, the amounts and false profits that got perhaps these shell banks is 60 x 3 = 180 billion dinars a month and equivalent to $ 150 million, or $ 1.8 billion a year a 1.8 x 3.5 = 6.3 billion dollars since the beginning of 2009 to mid-2012, during the 3.5 years, or if this shell banks are smuggling dollar abroad at the official rate is 1179 dinars instead of 1470 dinars imposed pay to the bank which is the original price of the dollar which increases profits and dollar amounts smuggled by more than 20% of the gross national product, and this is clear that officials CBI acting as if the central bank government is a bank Ahli their own act by whatever they want, where they download the dollar at random without coordinating economic, financial and monetary with the government and they give shell banks own large amounts of hard currency on the pretext sold at the official rate, where enabled financial transactions prohibited universally shell banks and companies fraudulent earn billions of dollars at the expense of the poor of the people, as the country sells dollar at 1166 dinars, but people buy the dollar between 1250 to 1300 dinars from these banks, with Knowing that the Iraqi Central Bank is State Bank's National State, like the rest of the central banks in the world and that does not take these banks any step cash without coordination with the governments of their countries, and it is not bank my family even acting by these officials as they please and are causing these large losses to the people and the state which is similar illegal acts and undisciplined and unwise to officials at Lehman Brothers U.S. civil and that led to the bankruptcy of the bank and caused by the global economic crisis known in 2008 and lost the world hundreds of billions of dollars.
Therefore note praising some of the officials of the wrong policy of the central bank and attacking the government under the pretext of "intervention" the central bank, when the government wanted to reform the Bank's policy for the benefit of the Iraqi people to link those responsible for these corrupt shell banks.
Mislead and deceive the state
The bank is misleading and deceiving the state where he claims the bank that is financing purchases private sector, and the question here if the bank refuses to grant loans to the state for the reconstruction of infrastructure, as do all banks in the world now (although that 99.99% of the funds CBI is from the state treasury), how finances private sector procurement Is that all these purchases by the private sector is necessary for the state, and is there any sane person in the world believe that the value of private sector procurement to Iraq between 4 four 5 five billion dollars a month? And why so-called private sector if the national central bank of government finances its purchases in foreign currency? Knowing that this private sector is no longer Iraqis fully but became mostly as an agent for companies and the private sector in other countries to open up Iraq, ie, that the Central Bank of Iraq is the fact it financed exports private sector other countries to Iraq, because the Iraqi private sector real product lucrative effective competitor has ended completely as a result of the Bank's policy wrong that led to support and encourage the import and flood the market and make Iraq Iraqi economically low for products and goods of other countries.
Examples of countries around the world
Conversion rate is one of the main drivers of the economy, and has an even greater impact productivity.
We did not observe in the world to any country to lift its currency in the foreign exchange market this way arbitrary by the Central Bank of Iraq, where we note that there is a conflict economic between America and China, since 1996, refuses to China requests America repeated to increase the value of its currency despite the strength of the Chinese currency economically and the tendency of the balance of trade in favor of China so that China maintains dollar amounts in banks and on the strength of their export.
On 04/02/2012, Minister of Economy of Japan urges the Japanese central bank to tackle the yen's rise and called the bank to study measures to address the strong yen, also warned the Japanese Finance Minister John Azumi investors from paying the yen to rise and vowed action firmly against moves by speculators in the foreign exchange markets foreign to raise the value of the yen.
He also warned Guido Montija finance minister of Brazil, the world is on the verge trade war because of what he described as manipulation China and the United States and other currency market, said Montija that his country is to steps to prevent a further increase in the price of its currency, saying that "this currency war turns into a trade war ".
He added that the conversion rate is one of the main drivers of economic policy, which has an impact even greater productivity, and Abizaid estimated that China's currency undervalued actual distort the image of global trade
Mantega accused some rich countries devalued their currencies deliberately to boost exports and make their economies more competitive.
The International Monetary Fund has warned in October of 2011 that some countries apparently trying to use their currencies as a "weapon", and discussed the issue of currency manipulation in the Group of Twenty summit last November of 2011.
It is therefore note that the leaders of the economy and specialists economists in the world they describe the process of increasing and raise the value of the national currency in foreign exchange markets for foreign currency manipulation or speculation because it will lead to the depletion of foreign currency in the national banks and declining exports to their countries (and this is what he did officials CBI on behalf of the foreign countries with which Iraq economically when these officials to raise the value of the dinar in the exchange market by more than 20%, which led to the disastrous results on Iraq).
Thus we note in all countries of the world it does not increase the value of its currency arbitrarily because that could lead to the depletion of its reserves of hard currencies in addition to the economic impacts of other harmful, as the countries in the world measured by its economic strength amount of foreign currency held by, China owns more than $ 3 trillion Japan has more than $ 1.3 trillion, Russia has more than $ 1 trillion and Algeria has more than $ 200 billion and India more than $ 120 billion and Kuwait more than $ 100 billion ..., also note that all banks in the world is funding infrastructure projects States and funded the construction of housing for citizens, and grant loans to enterprises, and help State budgets, especially when economic and financial crises as do European banks and U.S. now as it pours into the market billions of dollars to stimulate their economies and help them to grow and save it from bankruptcy, while Iraq, the reserves and wealth of hard currency drain for companies monopolistic fraudulent and shell banks and consumer goods and luxury because of the bank's policy wrong Had the Bank's policy correct for the bank reserves of hard currency more than $ 100 billion now, and contributed to the reconstruction of the country's infrastructure and provided soft loans to citizens and other services and facilities by the banks in the world different.
Abolition of caste discrimination in the application of social justice first:
So that the strength of the dinar and the strength of the Iraqi economy must be based first on the abolition of caste discrimination apply social justice and fairness of the poor and disadvantaged, instead of losing the state more than $ 10 billion of its treasury annually to meet the difference by increasing the price of the dinar a price imaginary and unreal and this amount companies fraudulent and shell banks smuggling abroad by auction false by the bank, can the State's conduct that amount to widows, orphans, disabled, divorced, disabled, families of martyrs and victims, the unemployed, the disadvantaged, displaced, refugees, workers working and retired and spend a portion great poverty in Iraq, a rate of 23% has also announced the Ministry of Planning, and these poor and disadvantaged want to provide their basic needs only, and removed from the humiliation and slavery and oppression in which they live, increase in price of the dinar was in favor of monopolies and shell banks and corrupt conspirators so that they could smuggle hard currency to outside Iraq, which has increased the volume of this traffic by more than 20% of the gross national product (GNP) to Iraq each year as a result of the Bank's policy wrong by reducing the price of the dollar in a random manner and facilitate the smuggling of Iraq's wealth of foreign currency on the grounds that it independently.
The State is making great efforts and begging for bringing foreign investment into the country to rebuild infrastructure, but lose from its treasury of oil revenues more than $ 10 billion a year, deficit indoor because of the crime and wrong exerted by the Central Bank on the pretext that he independently?? Politics Independent must be for the benefit of the Iraqi people and not for the benefit of monopolies fraudulent and consumer goods and luxury, Without rising oil prices dramatically over the past years have been able state of bridging this operating deficit massive internal because the bank's policy wrong (eg if oil prices were 60 dollars a barrel, not Bmstbad and the country exported 2.5 million barrels per day, the Revenue Monthly is $ 4.5 billion and this amount may not be sufficient to meet the operating expenses of the state of the salaries and maintenance, and re-damaged infrastructure due to previous wars and other requirements, the state in this case can not do), but do not enter the premiership in 2009 the loss was greater and disaster greatest where the Bank's policy requires to reduce the price of the dollar to 1000 dinars In this case the loss of additional state treasury of the dollar is 33% per month instead of 22% now .
Suggestions:
We request the Prime Minister esteemed government esteemed intervention strong to correct central bank policy and change for the benefit of the state and the people of Iraq and stop the bleeding financial wealth and precautions Iraq in hard currency, which led to this economic and social disaster in the country through the following actions:
1. Install dollar b 1350 dinars and compel the central bank not to do speculative and reduction forced the dollar as it did since 2007 until now, because it would be at the expense of the state treasury, because 99% of purchases Bank of the dollar is one of the state treasury, and bank must sell the dollar price installer and selected, with the new 1350 dinars in the same way in which all countries in the world, when low currency in these countries are banks to sell part of hard currency has against the local currency, and when the improved currency in these countries banks where to buy foreign currency from the market against the local currency no obligation central bank to work similar to the central banks of national countries in the world where interfere these banks in the market only when the high or low of the local currency which means that national banks world does not intervene in the market when the stability of the national currency and the banks in the world to sell hard currency daily quantities fictional and prices downward for the dollar as it does the CBI now (where he sells 5 five billion dollars a month at the moment) because it leads to the depletion of foreign currency and increase inflation, which in turn leads to increased prices, and in this case (ie, when you install the dollar b 1350 dinars ) reduced loss state treasury of about $ 870 million a month now (to fill teams download the dollar of 1470 dinars to 1170 dinars) to about 435 million dollars a month (to fill teams reduce the price of the dollar of 1470 dinars to 1350 dinars) and as a result there will be an amount be left in State Treasury, which is about $ 435 million a month at least, ie 5.22 billion dollars a year in addition to a reduction in inflation in the market and a very large,
2. Application of social justice and the elimination of caste discrimination through redress the poor in the community using the amount be left in the state treasury (which $ 435 million at least a month) after installing the dollar b 1350 dinars to use for the benefit of the poor, and suggested the mathematical formula the following to increase or the salaries of the layer disadvantaged community who are widows, orphans, disabled, divorced, disabled, families of martyrs and victims, the unemployed, the disadvantaged, the homeless, refugees, hard-working employees and retirees and is as follows:
3. Not switch currency or raise three zeros of the moment, and while reducing inflation to withdraw the largest amount of money supply applying the first paragraph, and fairly poor application of the second paragraph, where the switch currency or raise three zeroes them at the present time and without dragging inflation and fairly poor class, will to move inflation from the current currency to the new currency, and will give a privilege or advantage for the rich at the expense of the poor is to install the increase in the value of their money and their savings and earnings and by more than 20%, which is an additional increase is calculated borne state treasury (which at least $ 10 billion annually) and without justice between the rich and the poor because of the bank's policy wrong and this will lead to inflation and higher prices than before and will lead to expansion of disparity and the gap between rich and poor and thus creating "resentment" People of the state. The statement of excellence that will enjoy the rich at the expense of the poor in the case of the currency exchange or withdraw three zeros them without re-dollar to 1350 dinars, say if the two people, including his salary 100,000 hundred thousand dinars and other salary 1,000,000 million dinars it after raising three zeros from the currency, the salary I will be 100 dinars, while the other would be his salary 1000 dinars, in the case of installing the dollar b 1350 dinars and apply mathematical equation proposed to help the poor in paragraph 2 above, the person who salary 100,000 hundred thousand dinars will be his salary 230,000 two hundred and thirty thousand dinars, and after raising three zeros currency will be his salary 230 dinars, while the other person who salary 1,000,000 million dinars will change his salary to 950 dinars after the lifting of zeros and this process will decrease the gap between the rich and the poor significantly with the knowledge that all this process takes place without any additional loss from the state treasury and will lead to justice of the poor and create large public satisfaction over the state,
4. Non-issuance of currencies of large size, such as 100-thousand dinars or 200-thousand dinars because it will lead to inflation is another inflation due to excessive issuance of coins, as if issuing currency large will lead to a major impact when fraud and the loss of currency small value, as There is no need for these currencies big when you switch the currency in the future, and there went to the State to carry out financial transactions electronic (Electronic financial Transactions) through the establishment of banking systems and electronic version Alcardat various electronic including Card credit (Credit Card) and Card clouds (Debit Card) and other Alcardat electronic so there is no need for additional losses on currency version of the large size,
5. Bind and guide the bank to work for the state and also do banks in the world, where these banks financed infrastructure projects and the granting of soft loans and easy for citizens to build houses and establish profitable projects for the unemployed, and the granting of loans to enterprises, and help the state in investment and other business that supports development in these countries .
Criticism:
Are rising prices in the case of fixed dollar rate b 1350 dinars?.
That prices will not rise for the following reasons:
1. Inflation in the markets will drop dramatically by increasing withdraw the money supply of the market and a very large, knowing that prices of up to a maximum level of inflation, when prices reduced inflation fall
2. Will be reduced dollar amounts that are converted or smuggled abroad by a very large and will be there a significant increase in central bank reserves from the dollar, which will lead to increased confidence in Iraqi currency, which will be based on the precautions large dollar and thus the real increase in the value of the Iraqi currency gradually and economically and as a result will to lower prices, not increase nominal Phantom of the dinar exchange market only by the central bank, which led to the depletion of its reserves of hard currency,
3. Iraqi market is open, goods and foreign goods flood local markets where significant competitive pressure will lead to lower prices,
4. State bears the basic needs of citizens, a flour, rice, sugar and other materials through the diet, and a fixed value because the state you are importing the dollar and its value is fixed and does not change abroad,
5. There will be national production and national competition for foreign goods, using the policy of devaluation in the world and widely to promote exports and economic growth in the country as we have seen in the examples of countries in the world,
6. There will be compensation for the layer poor in the community through the amount be left in the state treasury is more than $ 425 million and to lose the state a month as part of the total amount to pay the difference in the dollar, could spend the state class disadvantaged people and enough of this amount to meet the need More than 2.8 million people and $ 150 per month for each of them or that this amount be left is 5.22 billion dollars a year (when the dollar is 1350 dinars) is enough to build 100 (one hundred thousand) units per year at a cost of more than 52 (two and fifty thousand) dollars per dwelling unit to be soft loans and easy for citizens not exceed its benefits 1% (instead of benefits outrageous imposed by banks currently on the citizens is more than 22% as the lead to burdening citizens for more than 15 years in the oil country rich like Iraq), as these soft loans will create great opportunities for the unemployed and will lead to lower prices for residential real estate in Iraq are very large, a problem the second in Iraq after the electricity, rather than go state officials abroad and beg to foreign companies for the purpose of attracting investment for the construction of housing and insane prices on the citizens and the state,
7. Will not prices go up when the poor could spend to meet basic needs for them because they are not looking for luxury and luxury, and the waste and extravagance will at least have the elite any rich class in the society because they will be eager to exchange money which leads to lack of excessive demand for goods and services and therefore that prices do not rise,
8. There will be a strong response to the legitimate demands of the religious authorities noble and humanitarian organizations to do justice to the lumpen classes and achieve a part of social justice, which in turn will bring social cohesion (Social Cohesion), which is one of the principles of the four major international policy civilized modern namely democracy, human rights, rule of law and social cohesion , in addition to economic reform and without the state treasury more burdens,
9. There will be ready for any emergency for a possible descent of oil prices to dangerous levels due to various factors, including the global economic crisis or saturation global markets with oil, leading to lower revenues from foreign exchange and therefore the state's inability to meet its financial obligations to keep the dollar exchange rate to 1170 dinars.
May peace and God's mercy and blessings.
/ Mohammed Adel Hassan
Baghdad
09/23/2012
Conclusion:
The strategic errors made by the Central Bank of Iraq since 2007 are as follows:
1. Failure to follow the CBI legal foundations and monetary, financial and economic right in the process of selling of the dollar, as the sales process of the dollar must be carried out to bid, or at least selling price installer from the state before 2007 and that on the basis of this price, the state put its economic and financial, and procurement process must be conducted tender as being in the world, when low currency in these countries are banks to sell part of hard currency has against the local currency, and when the improved currency in these countries banks where to buy foreign currency from the market against the local currency, but the strategic error that Central Bank does not have an auction and I repeat here that the CBI does not have an auction as he did not follow the legal foundations and cash followed by the countries of the world in the process of buying and selling of the dollar, but introduced dollar prices downward (of 1470 dinars to 1170 dinars) any he had the bidding process gradual rather than bid any that the bank had speculation and manipulation at the dollar in the foreign exchange market for the benefit of companies and banks fraudulent instead of carrying out a bid in real dollar to withdraw cash large market, which led to disastrous results and above, with the knowledge that the national central banks in the countries of the world intervenes in the market only when the high or low of the local currency and the banks in the world to sell hard currency daily quantities fictional prices downward for the dollar, as did the Iraqi Central Bank (where he sells 5 five billion dollars a month at the moment) because it leads to the depletion of foreign currency and increase inflation, which in turn leads to increased prices,
2. Complicity grand central bank officials with shell banks to convert a large part of the capital of the Central Bank of the government to these private banks by reducing the price of the dollar has not done bidding and prior agreement between the parties as the bid should not be limited to designated banks and at a fixed price, but must be bid is open to all and the rate variable and ascending, or if the central bank does give these private banks large amounts of hard currency on the pretext sold at the official rate and this did not happen at any time or any place that the national bank this disastrous policies on the country, reaching the capital this shell banks in Iraq only (as recently announced by Bank officials) more than $ 5 billion, and the question of what are the business and services provided by the Iraqi people until the cash balance or capital of these banks phantom to such high amounts?
3. The bank is misleading and deceiving the state where he claims the bank that is financing purchases private sector, and the question here if the bank refuses to grant loans to the state for the reconstruction of infrastructure, as do all banks in the world now (with the knowledge that 99.99% of the Bank's funds are the state treasury), how finances private sector procurement Is that all these purchases by the private sector is essential to the state, and is there any sane person in the world believe that the value of private sector procurement to Iraq between 4 four 5 five billion dollars a month? And why so-called private sector if the national central bank of government finances its purchases in foreign currency? Knowing that this private sector is no longer Iraqis fully but became mostly as an agent for companies and the private sector in other countries to open up Iraq, ie, that the Central Bank of Iraq is the fact it financed exports private sector other countries to Iraq, because the Iraqi private sector real product lucrative effective competitor has ended completely as a result of the Bank's policy wrong that led to support and encourage the import and flood the market and make Iraq Iraqi economically low for products and goods of other countries.
4. The national central banks in the world intervene in the market only when the high or low of the local currency which means that national banks world does not intervene in the market when the stability of the national currency and the banks in the world to sell hard currency daily quantities fictional prices downward for the dollar, as did the Central Bank Iraq (where he sells 5 five billion dollars a month at the moment) because it leads to the depletion of foreign currency and increase inflation, which in turn leads to increased prices.
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fwww.qanon302.net%2F
Date: Wed 09/26/2012 02:21 pm
/ Mohammed Adel Hassan
Baghdad
Text book
In the name of God the Merciful
/ His Excellency the Secretary General of the Council of Ministers on the Keywords esteemed professor
Peace be upon you and God's mercy and blessings
M / economic and social disaster for monetary policy of the Central Bank of Iraq
Due to the great debate about the policy of the Iraqi Central Bank auction sale of foreign currency,
To find out the size of economic and social disaster caused by the policy of the Central Bank of the Iraqi people,
To find out the reasons for attacking some politicians of the government on the grounds that the government "intervene" in the central bank when the government wanted to reform the Bank's policy for the benefit of the Iraqi people
And to indicate the reason for the urgency and urgency central bank officials to change the currency or raise three zeroes,
We offer to Your Excellency in below "study entitled economic and social disaster for monetary policy of the Central Bank of Iraq," This study demonstrates the disastrous effects of the policy of the Central Bank of Iraq and because of not following the bank officials the legal foundations and monetary, financial and economic right in the process of selling of the dollar as the Central Bank of Iraq to conduct an unwise and illegal is speculative and forced reduction in the U.S. dollar in the foreign exchange market for the benefit of shell banks and fraudulent companies, knowing that the bank did this wrong procedure without coordinating economic and financial cooperation with the government.
As the central bank of colluding with shell banks to earn billions of dollars at the expense of the poor, and the Bank also misleading and deceiving the state where he claims the bank that is financing purchases private sector, this argument can shell banks and companies fraudulent directed and smuggle large quantities of Iraq's wealth from currency difficult ... And other irregularities cited in the study.
This policy has led cash unwise and illegal Iraqi Central Bank to big losses and consequences on the people and the Iraqi state, including the loss of the state treasury more than 10.44 billion dollars a year, or 36.5 (Thirty-six and a half billion) during 3.5 years (which equals 350 tons of gold), the increase in the smuggling of foreign currency by more than 20% of the gross national product per year and $ 36 billion during the 3.5 years, rising inflation and prices of more than 20% annually and the significant contribution to increase the proportion of poverty in Iraq to more than 20 % in addition to other extensive damage and described in this study.
Rajya Your Excellency kindly see it and submit it to the Prime Minister, Mr. Nuri al-Maliki esteemed to stop draining wealth and precautions Iraq of foreign exchange, addressing economic and social disaster caused by the Bank's policy wrong and correct and change policy CBI for the Iraqi people and a private class disadvantaged him.
May peace and God's mercy and blessings.
/ Mohammed Adel Hassan
Baghdad
09/23/2012
Attachments:
1. Study on economic and social disaster for monetary policy of the Central Bank of Iraq.
2. As sure to check out a file (PDF), entitled (CBI Foreign Exchange Auctions) and issued by the Central Bank of Iraq has auctions conducted by the Bank until 2010, which explains how the bank carried out the tender gradual rather than having to bid real and that led to this economic disaster.
Study
In the name of God the Merciful
Economic and social disaster for monetary policy of the Central Bank of Iraq
Why did not the Iraqi Central Bank to follow the legal foundations and cash in the process of selling the dollar and as being in every country in the world??, What is the wisdom and strategic economic and financial relied upon the Iraqi Central Bank when the speculation and manipulation at the dollar in the foreign exchange market for the benefit of shell banks and companies fraudulent instead of carrying out a real dollar bid for the large cash withdrawal of liquidity from the market??
Where the CBI to conduct an unwise and illegal is speculative and reduction forced the dollar in the foreign exchange market of 1470 dinars (end of 2006) to 1170 dinars (since the beginning of 2009) which means that the price of the dollar in the foreign exchange market has been reduced more than 300 dinars during two years for shell banks and companies fraudulent, and the bank that the wrong procedure without coordinating economic and financial cooperation with the government.
As the central bank of colluding with shell banks to earn billions of dollars at the expense of the poor, and the Bank also misleading and deceiving the state where he claims the bank that is financing purchases private sector, this argument can shell banks and companies fraudulent directed and smuggling the largest possible amount of Iraq's wealth of hard currency ... And other irregularities cited in the study.
This policy has led cash unwise and illegal Iraqi Central Bank to big losses and consequences on the people and the Iraqi state, including the loss of the state treasury more than 10.44 billion dollars a year, or 36.5 (Thirty-six and a half billion) during 3.5 years (which equals 350 tons of gold), the increase in the smuggling of foreign currency by more than 20% of the gross national product per year and $ 36 billion during the 3.5 years, rising inflation and prices of more than 20% annually and the significant contribution to increase the proportion of poverty in Iraq to more than 20 %, as shown below:
1. Loss of the state treasury to the dollar.
Example of operating expenses and investment:
If the expenditures (KD) = 1000000 dinars and one million dinars
The expenses of the state treasury when the dollar was equal to 1470 dinars = $ 680,
The expenses of the state treasury when the dollar became equal to 1170 dinars = 854 dollars
Additional loss to the state treasury to the dollar due to the devaluation of the dollar from 1470 dinars to 1170 dinars = 854-680 = 174 dollars.
That is, the state treasury is losing 174 dollars extra per million dinars spending, and lose the state treasury 348 dollars extra for every 2 million to spend, and lose the state treasury 522 dollars extra for every 3 million spent by the Central Bank of speculation and reduction of forced dollars of 1470 dinars to 1170 dinars .
Since the state acted about 5 trillion dinars a month on operating expenses and investment,
Additional loss to the state treasury each year from dollar 870 x 12 = 10.44 billion dollars due to the central bank speculation and the forced reduction of dollars from 1470 dinars to 1170 dinars,
So if the loss of additional state treasury since the beginning of 2009 until mid-2012 ie during 3.5 years is 36.5 (Thirty-six and a half billion) at least because of the central bank speculation and reduction of forced dollars of 1470 dinars to 1170 dinars.
In the case that the state acted about 6 trillion dinars a month on operating expenses and investment,
2. Loss of central bank reserves when it sells $ 3 billion per month.
• losses from the dinar bank reserves.
Bank revenue when selling dinar dollar 1470 KD = 4.41 trillion dinars
Bank revenue when selling dinar dollar to 1170 dinars = 3.51 trillion dinars
Bank monthly loss of the dinar (4.41 to 3.51) = 0.9 trillion dinars monthly amount inflationary and which is supposed to be the bank withdrawn from the market for the same quantity sold of the dollar.
Bank annual loss of dinar = 0.9 trillion x 12 = 10.8 trillion dinars
Bank loss during the 3.5 years of the dinar = 10.8 trillion × 5 = 37,8 trillion dinars
• additional bank reserves losses of the dollar when it sells $ 3 billion per month.
dinars.
Any losses the additional bank reserves, which are smuggled into the outside of the dollar is 20% of the amount sold.
Additional bank reserves losses dollar annual 612 x 12 = 7.3 billion dollars,
Losses additional bank reserves to the dollar during the 3.5 years is 7.3 x 3.5 = 25.5 billion dollars at least.
Any central bank reserves at the present time must be = current reserves + 25.5 billion dollars
In the case of sale of the bank monthly $ 4 billion, the additional bank losses are $ 800 million.
In the case of sale of the bank monthly $ 5 billion, bank losses are 1 and one billion dollars.
As the Bank since 2009 and until mid-2012 had sold about $ 180 billion,
Any additional hard currency that has been reformatted and smuggled out of Iraq since the beginning of 2009 until mid-2012, during the 3.5 years is $ 36 billion, at least because of the central bank speculation and the forced reduction of dollars from 1470 dinars to 1170 dinars.
Any central bank reserves at the present time likes to be $ 100 billion, at least, instead of the current reserves, which is roughly $ 65 billion.
Knowing that Bank's losses for the years 2007 and 2008 and has been in a gradual reduction in the U.S. dollar of 1470 end of 2006 to 1170 dinars the beginning of 2009 has not been calculated in this study because the amount of the loss between 1% and 20% of the amount sold by the bank and must calculated loss every single day and collected and added to the total loss in the above-mentioned.
3. Increase in the monthly and annual inflation due to the reduction of the dollar from 1470 to 1170 dinars.
Inflation = operating expenses and investment - the bank withdrew the dinar from the market
Let us assume that operating expenses and investment monthly is Q trillion dinars,
Inflation in the first case when the bank sold 3 billion dollars a month if the price of the dollar 1470 dinars = (Q trillion - 4.41 trillion)
Inflation in the second case when the bank sells $ 3 billion a month after it was forced download the dollar to 1170 dinars = (Q trillion - 3.51 trillion)
Increase in inflation due to the reduction forced the dollar from 1470 dinars to 1170 dinars = inflation in the second case - inflation in the first case
(Q trillion - 3.51 trillion) - (o trillion - 4.41) = Q trillion - 3.51 trillion - Q trillion + 4.41 trillion = 0.9 trillion dinars, or 900 billion dinars a month.
The increase in inflation or the money supply in the market increases monthly by 900 billion dinars when the bank sells $ 3 billion per month due to the central bank speculation and the forced reduction of dollars from 1470 dinars to 1170 dinars.
The increase in inflation or money supply increases annually by 900 x 12 = 10.8 trillion dinars due to the central bank speculation and the forced reduction of dollars from 1470 dinars to 1170 dinars.
The increase in inflation or the increase in liquidity in the market since the beginning of 2009 until mid-2012 by 10.8 x 3.5 = 37.8 trillion dinars due to the central bank speculation and the forced reduction of dollars from 1470 dinars to 1170 dinars.
Because of this massive increase in liquidity or the money supply of the dinar in the market caused by the Bank's policy wrong
The real price of the dinar in the market fell by 20% a year because the supply of dinars on the market increased by 20% and when supply increases less price and by well-known economic base.
As the real price of the dinar fell and that the dramatic increase in liquidity, which was supposed to be the bank to withdraw the increase of the market in the case of the survival of the dollar to 1470 dinars, or to reduce the price of the dollar from 1470 dinars to 1170 dinars,
The prices of goods and services in the market increased by 20% annually since at least the beginning of 2009 and paid for by the poor in the society because of the bank's policy wrong.
The reasons that led to large losses
They came great loss against the state and the Iraqi people due to failure to follow the CBI legal foundations and monetary, financial and economic right in the process of selling of the dollar, as the sales process of the dollar must be carried out to bid, or at least selling price installer from the state before 2007 and that on the basis of this price The State has put its economic and financial, and the procurement process must be conducted tender as being in the world, when low currency in these countries are banks to sell part of hard currency has against the local currency, and when the improved currency in these countries banks where to buy foreign currency from market against the local currency of any sales process is not being introduced dollar selling price less than the price fixed by the state in a way that arbitrary or dollar selling price less than the price in the market, as did the bank from the beginning of 2007, raised the price of the dinar arbitrary way is a great loss to the state treasury of the dollar and the loss of bank reserves from the dollar because the CBI is buying the dollar at a rate of more than 99.99% of the Ministry of Finance any of the state treasury and has no revenue has value from other destinations, where bodies audit and oversight of these errors strategic and corruption cash massive exercised by the Central Bank of Iraq, which led to this great loss to the state and this massive inflation in the money supply in the market and contributed to the largest money laundering and economic crime organization and smuggling of hard currency from Iraq??.
The disastrous results of this random work:
This work is wrong and corrupt monetary policy of the Central Bank have led to disastrous results the following:
1. Loss of state budget additional loss of approximately $ 10.44 billion a year (equivalent to 200 tons of gold) when operating expenses and state investment 5 trillion dinars per month, an increase of the state treasury losses of the dollar on operating expenses and investment by 20%,
2. Increase in the annual inflation rate of more than 20%, leading to an increase in prices of goods and services rose by more than 20% annually, because of the price increase is directly proportional to the increase in inflation,
3. Drain and the descent of the central bank reserves of about $ 100 billion to about $ 65 billion almost
4. Contributing to the increase in poverty in Iraq by more than 20% through:
• dramatic increase inflation and the surge in prices,
• causing a recession and losses in the national public economic sectors and the national private sector,
• restrict the capacity and capability of the state in spending on the poor and infrastructure projects,
5. Contribute substantial increase in the exit and the smuggling of hard currency out of Iraq and a rate increase of up to more than 20% of Iraq's wealth or GDP (Gross Domestic Product) per year, as the hard currency the additional out and smuggled out of Iraq since the beginning of 2009 until mid-2012, during the 3.5 years is $ 36 billion,
6. Sizing foreign investment as the lower dollar does not create an incentive for foreign investors to bring their money to invest in Iraq, where the download dollar arbitrarily of 1470 dinars to 1170 dinars by the central bank lead to the loss of value of the money difficult Sidkhalunha to Iraq by 20% in advance , resulting in a scalable external investment because the price of the dollar Forced which is less of 1170 can not be relied upon because the price of an imaginary and artificial and vacillating and not price real output of market forces (Market Forces), while Price 1470 dinars to the dollar is a fixed price and installed and supported by the State of through economic power for the export of Iraqi oil,
7. Scalable capacity and capability of the state to fulfill its obligations social state, losing more than $ 10 billion of its treasury annually to meet the difference by increasing the price of the dinar a price imaginary and unreal and this amount companies fraudulent and shell banks smuggling abroad by auction false by the Bank, can that the conduct of the State this amount to the widows, orphans, the disabled, divorced, disabled, families of martyrs and victims, the unemployed, the disadvantaged, the homeless, refugees, working and retired workers
8. Contribute to an increase of dumping Iraqi exports and foreign consumer goods and luxury and by more than 20% resulting in a weak national competition and the recession and the stagnation of the national economy and the death of the industrial and agricultural sectors and trade in addition to the destruction of the Iraqi private sector,
9. Contribute to increasing competition and the competition for public sector jobs and the creation of disguised unemployment in which where he left a lot of workers in the market and private companies and in the industrial and agricultural sectors and trade because of the huge losses that hit its inability to compete with goods and foreign goods because of the bank's policy wrong that led to encourage imports and dumping Iraqi market and made Iraq economically low exports of other countries, and has these workers to seek employment in the public sector.
10. The Bank has also facilitated and increase corporate profits monopolistic fraudulent and shell banks in hard currency by more than 20% at least (because most of these banks offices banking only and are not banks real serve the Iraqi people), reaching the capital of these banks phantom only in Iraq (as announced by officials Bank recently) more than $ 5 billion, and the question of what are the business and services provided by the Iraqi people until the cash balance or capital of these banks phantom (and the 34 banks) to these high amounts?.
Central Bank does not have an auction did not follow the legal and monetary foundations followed by the countries of the world
The auction process is the process correctly to withdraw liquidity and money supply large, but the strategic error that the central bank does not have an auction and I repeat here that the CBI does not have an auction as he did not follow the legal foundations and cash followed by the countries of the world in the process of buying and selling of the dollar, but introduced Dollar prices downward and reached less than 1170 dinars instead of 1470 dinars he carried out the tender gradual rather than bid real Bank has also introduced the dollar selling price less than the price in the market ((It is possible to see the file (PDF), entitled (CBI Foreign Exchange Auctions) issued by the Central Bank of Iraq and contains the auctions conducted by the Bank until 2010, which describes how the central bank carried out the tender gradual rather than having to bid real)), and these errors too big not worked by less staff degrees in the Iraqi state, even if their work to the world it did not sit, because it is not the law or logic that being the sale of hard currency tender or that the price of selling less of the purchase price (or market price), which led to these large losses to the state treasury, because 99.99% of purchases Bank of the dollar is from the state treasury, raised the price of the dinar in the exchange market in this way arbitrary is a great loss to the state treasury and a very large drain bank reserves from dollar
The process of maintaining the exchange rate used by the monetary authorities in the various countries of the world and based on the economic base known, when low currency you sell part of its hard currency has against the local currency, and when the improved currency you are buying foreign currency from the market against the local currency, namely, that National central banks in the world intervene in the market only when the high or low of the local currency, which means that the national banks world does not intervene in the market when the stability of the national currency and the banks in the world to sell hard currency daily quantities fictional prices downward for the dollar, as did the Central Bank Iraqi (where he sells 5 five billion dollars a month at the moment) because it leads to the depletion of foreign currency and increase inflation, which in turn leads to increased prices, was supposed to the Central Bank of Iraq in the same way economic undertaken by countries in the world for buying and selling foreign currency and was The bank maintained the price specified and installed by the state, which on the basis of established state policies of economic and financial, not to defend the price of an imaginary and artificial and unreal and false is 1170 dinars per dollar because any 1170 dinars price is enforced, not price a natural result of market forces, and the bank is unable to defend this price placebo disappearance and because the money supply or liquidity in the market about 200 trillion dinars and Reserve Bank and announced about $ 60 billion, covering about 70 trillion dinars, even if the bank's policy valid for The Bank had at least $ 100 billion, As the central bank could not be rein in inflation in Iraq through its monetary policy followed by, as inflation increased by 20% annually due to the bank's policy wrong, which led to this confusion in the exchange rates and these quantities imaginative emerging and smuggled from the dollar to the outside.
That raise the value of the national currency against foreign currencies is the policy must be carried out by the central bank and as being in every country in the world by withdrawing the largest possible amount of liquidity or the money supply of the market, ie, it must reduce the money supply large market by following the legal foundations and monetary correct, Flo was the bank's policy valid for the withdrawal from the market of more than 37.8 trillion dinars during the 3.5 years through sales auction or at least selling price installer and specified by the state is about 1470 dinars to the dollar, which on the basis of the state develop its economic, financial and them giving these salaries millions of upper layers of the staff, and when it is reduced the money supply of the dinar in the market will increase rate of the dinar, and this is something known because when least Display (for BD) is increasing its price and its value in the market, but without losing the state treasury this billions of dollars every year to pay the difference in the price of the dollar and thereby limiting the state's ability to meet its social obligations.
Acted illegally process with state funds
The state put a price checked and fixed, a 1470 dinars to the dollar process landing price and since the beginning of 2007 this way arbitrary is negative interference against the interests of the State and is accurate process acted illegally with state funds because the bank is buying the dollar at a rate of 99.99% from the Finance Ministry and has no Mention has value from others any that the bank will reduce state revenues from the dinar and the depletion of wealth state of the dollar, and in a very simplified The country is losing 300 dinars of every dollar it sells the bank rate to 1170 dinars instead of 1470 dinars because of this mistaken policy or that the state is losing dollars one extra in every five dollars you are selling to the bank and this dollar out abroad by auction phantom by the Central Bank of Iraq and which has no parallel in all countries of the world, if the state does not sell the dollar to the bank, the reserves of the dollar will be implemented during the months because all the revenues of the state, not of others, as the reduction process forced the dollar in the foreign exchange market is against the concept of free economy or market economy, which relies on the principle of competition and which should be left to the exchange of free-market forces and economic power, and we note that the world has install its currency long years ago and did not notice any change as was the Iraqi currency in recent years has been a dramatic change to the value by more than 20% and arbitrary manner, which led to huge losses for the state and the Iraqi people.
Purchasing power of the Iraqi dinar did not rise
The dinar current can not be supported in this way random a dollar supply at a low price because this money supply very large which trillions of dinars have been replaced dinars dinar after 2003 and this spending operational and consumer large, will lead to the depletion of the force and the depletion of central bank reserves and the rise of the dollar again to record levels and the proof is that the dinar down its price very much once stopped bank dollar supply in the market, as the price of gold (which is the basis adopted by states as a safe haven for their economies) rose dramatically in Iraq despite the claim that the dinar has surged against the dollar after 2007, as well as the real estate prices and construction materials rose dramatically did not fall after raising the price of the dinar in the exchange market, indicating that the purchasing power of the Iraqi dinar did not rise in the free market which did not improve economically after reducing the dollar of 1470 dinars to 1170 dinars , even though the dinar has risen more real by 20% as the dollar exchange rate has been reduced from 1470 dinars to 1170 dinars to the prices of gold and real estate has decreased by 20%.
The instability and volatility and confusion and turmoil in the exchange rate, and the quantities fantasy of the dollar coming out and smuggled out of Iraq by auction formalism and pseudo conducted by the Bank and the blame and arguments and blame by bank officials that there is no philosophy or economic system given the state is to avoid the strategic error that signed by the bank due to lack of follow legal foundations and cash in the process of selling the dollar, The World has nothing to do with philosophy economic It is the responsibility of the state and are the responsibility of the Bank for monetary policy only, which must be based on the legal system and cash correctly and coordination, coherence and complementarity and integration with the economic policy of the state
The urgency and urgency central bank officials to change the currency or raise three zeros is to escape and evade coverage on strategic error that they made that led to this economic and social disaster in the country.
Complicity with shell banks to earn billions of dollars at the expense of the poor
The Bank has also facilitated and increase corporate profits monopolistic fraudulent and shell banks in hard currency by more than 20% at least (because most of these banks offices banking only and are not banks real serve the Iraqi people), reaching the capital of these banks phantom only in Iraq (as announced by officials Bank recently) more than $ 5 billion, and the question of what are the business and services provided by the Iraqi people until the cash balance or capital of these banks phantom (and the 34 banks) to these amounts high??, this indicates complicity grand central bank officials with this shell banks to convert a large part of the capital of the Central Bank of the government to these private banks by reducing the price of the dollar has not done bidding as bid should not be limited to designated banks and at a fixed price, but must be bid is open to all and the rate upward, or that the bank Central is giving these private banks large amounts of hard currency on the pretext sold at the official rate and this did not happen at any time or any place that the national bank this disastrous policies, where these banks to sell the dollar at the market price which is up to 1250 dinars to 1300 dinars to the dollar, any that these shell banks earn 60 dinars to 120 dinars at least for every dollar you re-sell it in the market, Flo was the account on the basis of 60 dinars a minimum you win for every dollar it sells in the market and since the bank does taw false and displays on these banks more than 3 three billion dollars per month, the amounts and false profits that got perhaps these shell banks is 60 x 3 = 180 billion dinars a month and equivalent to $ 150 million, or $ 1.8 billion a year a 1.8 x 3.5 = 6.3 billion dollars since the beginning of 2009 to mid-2012, during the 3.5 years, or if this shell banks are smuggling dollar abroad at the official rate is 1179 dinars instead of 1470 dinars imposed pay to the bank which is the original price of the dollar which increases profits and dollar amounts smuggled by more than 20% of the gross national product, and this is clear that officials CBI acting as if the central bank government is a bank Ahli their own act by whatever they want, where they download the dollar at random without coordinating economic, financial and monetary with the government and they give shell banks own large amounts of hard currency on the pretext sold at the official rate, where enabled financial transactions prohibited universally shell banks and companies fraudulent earn billions of dollars at the expense of the poor of the people, as the country sells dollar at 1166 dinars, but people buy the dollar between 1250 to 1300 dinars from these banks, with Knowing that the Iraqi Central Bank is State Bank's National State, like the rest of the central banks in the world and that does not take these banks any step cash without coordination with the governments of their countries, and it is not bank my family even acting by these officials as they please and are causing these large losses to the people and the state which is similar illegal acts and undisciplined and unwise to officials at Lehman Brothers U.S. civil and that led to the bankruptcy of the bank and caused by the global economic crisis known in 2008 and lost the world hundreds of billions of dollars.
Therefore note praising some of the officials of the wrong policy of the central bank and attacking the government under the pretext of "intervention" the central bank, when the government wanted to reform the Bank's policy for the benefit of the Iraqi people to link those responsible for these corrupt shell banks.
Mislead and deceive the state
The bank is misleading and deceiving the state where he claims the bank that is financing purchases private sector, and the question here if the bank refuses to grant loans to the state for the reconstruction of infrastructure, as do all banks in the world now (although that 99.99% of the funds CBI is from the state treasury), how finances private sector procurement Is that all these purchases by the private sector is necessary for the state, and is there any sane person in the world believe that the value of private sector procurement to Iraq between 4 four 5 five billion dollars a month? And why so-called private sector if the national central bank of government finances its purchases in foreign currency? Knowing that this private sector is no longer Iraqis fully but became mostly as an agent for companies and the private sector in other countries to open up Iraq, ie, that the Central Bank of Iraq is the fact it financed exports private sector other countries to Iraq, because the Iraqi private sector real product lucrative effective competitor has ended completely as a result of the Bank's policy wrong that led to support and encourage the import and flood the market and make Iraq Iraqi economically low for products and goods of other countries.
Examples of countries around the world
Conversion rate is one of the main drivers of the economy, and has an even greater impact productivity.
We did not observe in the world to any country to lift its currency in the foreign exchange market this way arbitrary by the Central Bank of Iraq, where we note that there is a conflict economic between America and China, since 1996, refuses to China requests America repeated to increase the value of its currency despite the strength of the Chinese currency economically and the tendency of the balance of trade in favor of China so that China maintains dollar amounts in banks and on the strength of their export.
On 04/02/2012, Minister of Economy of Japan urges the Japanese central bank to tackle the yen's rise and called the bank to study measures to address the strong yen, also warned the Japanese Finance Minister John Azumi investors from paying the yen to rise and vowed action firmly against moves by speculators in the foreign exchange markets foreign to raise the value of the yen.
He also warned Guido Montija finance minister of Brazil, the world is on the verge trade war because of what he described as manipulation China and the United States and other currency market, said Montija that his country is to steps to prevent a further increase in the price of its currency, saying that "this currency war turns into a trade war ".
He added that the conversion rate is one of the main drivers of economic policy, which has an impact even greater productivity, and Abizaid estimated that China's currency undervalued actual distort the image of global trade
Mantega accused some rich countries devalued their currencies deliberately to boost exports and make their economies more competitive.
The International Monetary Fund has warned in October of 2011 that some countries apparently trying to use their currencies as a "weapon", and discussed the issue of currency manipulation in the Group of Twenty summit last November of 2011.
It is therefore note that the leaders of the economy and specialists economists in the world they describe the process of increasing and raise the value of the national currency in foreign exchange markets for foreign currency manipulation or speculation because it will lead to the depletion of foreign currency in the national banks and declining exports to their countries (and this is what he did officials CBI on behalf of the foreign countries with which Iraq economically when these officials to raise the value of the dinar in the exchange market by more than 20%, which led to the disastrous results on Iraq).
Thus we note in all countries of the world it does not increase the value of its currency arbitrarily because that could lead to the depletion of its reserves of hard currencies in addition to the economic impacts of other harmful, as the countries in the world measured by its economic strength amount of foreign currency held by, China owns more than $ 3 trillion Japan has more than $ 1.3 trillion, Russia has more than $ 1 trillion and Algeria has more than $ 200 billion and India more than $ 120 billion and Kuwait more than $ 100 billion ..., also note that all banks in the world is funding infrastructure projects States and funded the construction of housing for citizens, and grant loans to enterprises, and help State budgets, especially when economic and financial crises as do European banks and U.S. now as it pours into the market billions of dollars to stimulate their economies and help them to grow and save it from bankruptcy, while Iraq, the reserves and wealth of hard currency drain for companies monopolistic fraudulent and shell banks and consumer goods and luxury because of the bank's policy wrong Had the Bank's policy correct for the bank reserves of hard currency more than $ 100 billion now, and contributed to the reconstruction of the country's infrastructure and provided soft loans to citizens and other services and facilities by the banks in the world different.
Abolition of caste discrimination in the application of social justice first:
So that the strength of the dinar and the strength of the Iraqi economy must be based first on the abolition of caste discrimination apply social justice and fairness of the poor and disadvantaged, instead of losing the state more than $ 10 billion of its treasury annually to meet the difference by increasing the price of the dinar a price imaginary and unreal and this amount companies fraudulent and shell banks smuggling abroad by auction false by the bank, can the State's conduct that amount to widows, orphans, disabled, divorced, disabled, families of martyrs and victims, the unemployed, the disadvantaged, displaced, refugees, workers working and retired and spend a portion great poverty in Iraq, a rate of 23% has also announced the Ministry of Planning, and these poor and disadvantaged want to provide their basic needs only, and removed from the humiliation and slavery and oppression in which they live, increase in price of the dinar was in favor of monopolies and shell banks and corrupt conspirators so that they could smuggle hard currency to outside Iraq, which has increased the volume of this traffic by more than 20% of the gross national product (GNP) to Iraq each year as a result of the Bank's policy wrong by reducing the price of the dollar in a random manner and facilitate the smuggling of Iraq's wealth of foreign currency on the grounds that it independently.
The State is making great efforts and begging for bringing foreign investment into the country to rebuild infrastructure, but lose from its treasury of oil revenues more than $ 10 billion a year, deficit indoor because of the crime and wrong exerted by the Central Bank on the pretext that he independently?? Politics Independent must be for the benefit of the Iraqi people and not for the benefit of monopolies fraudulent and consumer goods and luxury, Without rising oil prices dramatically over the past years have been able state of bridging this operating deficit massive internal because the bank's policy wrong (eg if oil prices were 60 dollars a barrel, not Bmstbad and the country exported 2.5 million barrels per day, the Revenue Monthly is $ 4.5 billion and this amount may not be sufficient to meet the operating expenses of the state of the salaries and maintenance, and re-damaged infrastructure due to previous wars and other requirements, the state in this case can not do), but do not enter the premiership in 2009 the loss was greater and disaster greatest where the Bank's policy requires to reduce the price of the dollar to 1000 dinars In this case the loss of additional state treasury of the dollar is 33% per month instead of 22% now .
Suggestions:
We request the Prime Minister esteemed government esteemed intervention strong to correct central bank policy and change for the benefit of the state and the people of Iraq and stop the bleeding financial wealth and precautions Iraq in hard currency, which led to this economic and social disaster in the country through the following actions:
1. Install dollar b 1350 dinars and compel the central bank not to do speculative and reduction forced the dollar as it did since 2007 until now, because it would be at the expense of the state treasury, because 99% of purchases Bank of the dollar is one of the state treasury, and bank must sell the dollar price installer and selected, with the new 1350 dinars in the same way in which all countries in the world, when low currency in these countries are banks to sell part of hard currency has against the local currency, and when the improved currency in these countries banks where to buy foreign currency from the market against the local currency no obligation central bank to work similar to the central banks of national countries in the world where interfere these banks in the market only when the high or low of the local currency which means that national banks world does not intervene in the market when the stability of the national currency and the banks in the world to sell hard currency daily quantities fictional and prices downward for the dollar as it does the CBI now (where he sells 5 five billion dollars a month at the moment) because it leads to the depletion of foreign currency and increase inflation, which in turn leads to increased prices, and in this case (ie, when you install the dollar b 1350 dinars ) reduced loss state treasury of about $ 870 million a month now (to fill teams download the dollar of 1470 dinars to 1170 dinars) to about 435 million dollars a month (to fill teams reduce the price of the dollar of 1470 dinars to 1350 dinars) and as a result there will be an amount be left in State Treasury, which is about $ 435 million a month at least, ie 5.22 billion dollars a year in addition to a reduction in inflation in the market and a very large,
2. Application of social justice and the elimination of caste discrimination through redress the poor in the community using the amount be left in the state treasury (which $ 435 million at least a month) after installing the dollar b 1350 dinars to use for the benefit of the poor, and suggested the mathematical formula the following to increase or the salaries of the layer disadvantaged community who are widows, orphans, disabled, divorced, disabled, families of martyrs and victims, the unemployed, the disadvantaged, the homeless, refugees, hard-working employees and retirees and is as follows:
3. Not switch currency or raise three zeros of the moment, and while reducing inflation to withdraw the largest amount of money supply applying the first paragraph, and fairly poor application of the second paragraph, where the switch currency or raise three zeroes them at the present time and without dragging inflation and fairly poor class, will to move inflation from the current currency to the new currency, and will give a privilege or advantage for the rich at the expense of the poor is to install the increase in the value of their money and their savings and earnings and by more than 20%, which is an additional increase is calculated borne state treasury (which at least $ 10 billion annually) and without justice between the rich and the poor because of the bank's policy wrong and this will lead to inflation and higher prices than before and will lead to expansion of disparity and the gap between rich and poor and thus creating "resentment" People of the state. The statement of excellence that will enjoy the rich at the expense of the poor in the case of the currency exchange or withdraw three zeros them without re-dollar to 1350 dinars, say if the two people, including his salary 100,000 hundred thousand dinars and other salary 1,000,000 million dinars it after raising three zeros from the currency, the salary I will be 100 dinars, while the other would be his salary 1000 dinars, in the case of installing the dollar b 1350 dinars and apply mathematical equation proposed to help the poor in paragraph 2 above, the person who salary 100,000 hundred thousand dinars will be his salary 230,000 two hundred and thirty thousand dinars, and after raising three zeros currency will be his salary 230 dinars, while the other person who salary 1,000,000 million dinars will change his salary to 950 dinars after the lifting of zeros and this process will decrease the gap between the rich and the poor significantly with the knowledge that all this process takes place without any additional loss from the state treasury and will lead to justice of the poor and create large public satisfaction over the state,
4. Non-issuance of currencies of large size, such as 100-thousand dinars or 200-thousand dinars because it will lead to inflation is another inflation due to excessive issuance of coins, as if issuing currency large will lead to a major impact when fraud and the loss of currency small value, as There is no need for these currencies big when you switch the currency in the future, and there went to the State to carry out financial transactions electronic (Electronic financial Transactions) through the establishment of banking systems and electronic version Alcardat various electronic including Card credit (Credit Card) and Card clouds (Debit Card) and other Alcardat electronic so there is no need for additional losses on currency version of the large size,
5. Bind and guide the bank to work for the state and also do banks in the world, where these banks financed infrastructure projects and the granting of soft loans and easy for citizens to build houses and establish profitable projects for the unemployed, and the granting of loans to enterprises, and help the state in investment and other business that supports development in these countries .
Criticism:
Are rising prices in the case of fixed dollar rate b 1350 dinars?.
That prices will not rise for the following reasons:
1. Inflation in the markets will drop dramatically by increasing withdraw the money supply of the market and a very large, knowing that prices of up to a maximum level of inflation, when prices reduced inflation fall
2. Will be reduced dollar amounts that are converted or smuggled abroad by a very large and will be there a significant increase in central bank reserves from the dollar, which will lead to increased confidence in Iraqi currency, which will be based on the precautions large dollar and thus the real increase in the value of the Iraqi currency gradually and economically and as a result will to lower prices, not increase nominal Phantom of the dinar exchange market only by the central bank, which led to the depletion of its reserves of hard currency,
3. Iraqi market is open, goods and foreign goods flood local markets where significant competitive pressure will lead to lower prices,
4. State bears the basic needs of citizens, a flour, rice, sugar and other materials through the diet, and a fixed value because the state you are importing the dollar and its value is fixed and does not change abroad,
5. There will be national production and national competition for foreign goods, using the policy of devaluation in the world and widely to promote exports and economic growth in the country as we have seen in the examples of countries in the world,
6. There will be compensation for the layer poor in the community through the amount be left in the state treasury is more than $ 425 million and to lose the state a month as part of the total amount to pay the difference in the dollar, could spend the state class disadvantaged people and enough of this amount to meet the need More than 2.8 million people and $ 150 per month for each of them or that this amount be left is 5.22 billion dollars a year (when the dollar is 1350 dinars) is enough to build 100 (one hundred thousand) units per year at a cost of more than 52 (two and fifty thousand) dollars per dwelling unit to be soft loans and easy for citizens not exceed its benefits 1% (instead of benefits outrageous imposed by banks currently on the citizens is more than 22% as the lead to burdening citizens for more than 15 years in the oil country rich like Iraq), as these soft loans will create great opportunities for the unemployed and will lead to lower prices for residential real estate in Iraq are very large, a problem the second in Iraq after the electricity, rather than go state officials abroad and beg to foreign companies for the purpose of attracting investment for the construction of housing and insane prices on the citizens and the state,
7. Will not prices go up when the poor could spend to meet basic needs for them because they are not looking for luxury and luxury, and the waste and extravagance will at least have the elite any rich class in the society because they will be eager to exchange money which leads to lack of excessive demand for goods and services and therefore that prices do not rise,
8. There will be a strong response to the legitimate demands of the religious authorities noble and humanitarian organizations to do justice to the lumpen classes and achieve a part of social justice, which in turn will bring social cohesion (Social Cohesion), which is one of the principles of the four major international policy civilized modern namely democracy, human rights, rule of law and social cohesion , in addition to economic reform and without the state treasury more burdens,
9. There will be ready for any emergency for a possible descent of oil prices to dangerous levels due to various factors, including the global economic crisis or saturation global markets with oil, leading to lower revenues from foreign exchange and therefore the state's inability to meet its financial obligations to keep the dollar exchange rate to 1170 dinars.
May peace and God's mercy and blessings.
/ Mohammed Adel Hassan
Baghdad
09/23/2012
Conclusion:
The strategic errors made by the Central Bank of Iraq since 2007 are as follows:
1. Failure to follow the CBI legal foundations and monetary, financial and economic right in the process of selling of the dollar, as the sales process of the dollar must be carried out to bid, or at least selling price installer from the state before 2007 and that on the basis of this price, the state put its economic and financial, and procurement process must be conducted tender as being in the world, when low currency in these countries are banks to sell part of hard currency has against the local currency, and when the improved currency in these countries banks where to buy foreign currency from the market against the local currency, but the strategic error that Central Bank does not have an auction and I repeat here that the CBI does not have an auction as he did not follow the legal foundations and cash followed by the countries of the world in the process of buying and selling of the dollar, but introduced dollar prices downward (of 1470 dinars to 1170 dinars) any he had the bidding process gradual rather than bid any that the bank had speculation and manipulation at the dollar in the foreign exchange market for the benefit of companies and banks fraudulent instead of carrying out a bid in real dollar to withdraw cash large market, which led to disastrous results and above, with the knowledge that the national central banks in the countries of the world intervenes in the market only when the high or low of the local currency and the banks in the world to sell hard currency daily quantities fictional prices downward for the dollar, as did the Iraqi Central Bank (where he sells 5 five billion dollars a month at the moment) because it leads to the depletion of foreign currency and increase inflation, which in turn leads to increased prices,
2. Complicity grand central bank officials with shell banks to convert a large part of the capital of the Central Bank of the government to these private banks by reducing the price of the dollar has not done bidding and prior agreement between the parties as the bid should not be limited to designated banks and at a fixed price, but must be bid is open to all and the rate variable and ascending, or if the central bank does give these private banks large amounts of hard currency on the pretext sold at the official rate and this did not happen at any time or any place that the national bank this disastrous policies on the country, reaching the capital this shell banks in Iraq only (as recently announced by Bank officials) more than $ 5 billion, and the question of what are the business and services provided by the Iraqi people until the cash balance or capital of these banks phantom to such high amounts?
3. The bank is misleading and deceiving the state where he claims the bank that is financing purchases private sector, and the question here if the bank refuses to grant loans to the state for the reconstruction of infrastructure, as do all banks in the world now (with the knowledge that 99.99% of the Bank's funds are the state treasury), how finances private sector procurement Is that all these purchases by the private sector is essential to the state, and is there any sane person in the world believe that the value of private sector procurement to Iraq between 4 four 5 five billion dollars a month? And why so-called private sector if the national central bank of government finances its purchases in foreign currency? Knowing that this private sector is no longer Iraqis fully but became mostly as an agent for companies and the private sector in other countries to open up Iraq, ie, that the Central Bank of Iraq is the fact it financed exports private sector other countries to Iraq, because the Iraqi private sector real product lucrative effective competitor has ended completely as a result of the Bank's policy wrong that led to support and encourage the import and flood the market and make Iraq Iraqi economically low for products and goods of other countries.
4. The national central banks in the world intervene in the market only when the high or low of the local currency which means that national banks world does not intervene in the market when the stability of the national currency and the banks in the world to sell hard currency daily quantities fictional prices downward for the dollar, as did the Central Bank Iraq (where he sells 5 five billion dollars a month at the moment) because it leads to the depletion of foreign currency and increase inflation, which in turn leads to increased prices.
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fwww.qanon302.net%2F
Admin- Admin
- Posts : 29357
Join date : 2012-04-30
Location : Arizona -
Re: M / study on the economic and social disaster for monetary policy of the Central Bank of Iraq
Admin Wed Sep 26, 2012 4:52 pm
Parliament: Iraq lost $ 600 billion since Bremer and so far!
The time on Wednesday, September 26 / September 2012 08:02 | Print | E-mail
Baghdad / Orr News
A member of the House of Representatives that he keeps files show levels of public spending in the country and the size of the corruption that nation affected. He stressed that "nearly $ 600 billion spent by successive Iraqi governments since Bremer and Governing Council so far polyvinylchloride general of the country," adding that "the amount equivalent to the money spent on updating the countries of Europe and developed since 1960 and until 2006."
He explained that "the total spent by Europe to the development of their state's 27 during the 46 years spent Iraq alone during the 9 years, but did not achieve even zero%, which achieved the smaller European countries during those years." And noted a member of the House of Representatives to that seen daily on the "sums of public money wasted in Iraq," stressing that "grow up in front of the disaster when he did not see anything achieved on the ground in a country that is supposed to be among the enriched three countries in the world."
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fwww.uragency.net%2F
The time on Wednesday, September 26 / September 2012 08:02 | Print | E-mail
Baghdad / Orr News
A member of the House of Representatives that he keeps files show levels of public spending in the country and the size of the corruption that nation affected. He stressed that "nearly $ 600 billion spent by successive Iraqi governments since Bremer and Governing Council so far polyvinylchloride general of the country," adding that "the amount equivalent to the money spent on updating the countries of Europe and developed since 1960 and until 2006."
He explained that "the total spent by Europe to the development of their state's 27 during the 46 years spent Iraq alone during the 9 years, but did not achieve even zero%, which achieved the smaller European countries during those years." And noted a member of the House of Representatives to that seen daily on the "sums of public money wasted in Iraq," stressing that "grow up in front of the disaster when he did not see anything achieved on the ground in a country that is supposed to be among the enriched three countries in the world."
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fwww.uragency.net%2F
Last edited by Admin on Wed Sep 26, 2012 5:08 pm; edited 1 time in total
Admin- Admin
- Posts : 29357
Join date : 2012-04-30
Location : Arizona -
Re: M / study on the economic and social disaster for monetary policy of the Central Bank of Iraq
Admin Wed Sep 26, 2012 5:06 pm
Investigative committee to discuss CBI policy on auction, exchange rate mechanism
Wednesday, 26 September, 2012
Baghdad (newsletter) … Search House speaker Osama Tehran with financial oversight Chief Abdel Basset Turki Central Bank policy and current currency mechanism.
The statement said Iraq received (News Agency news) on Wednesday discussed the findings of investigative committee composed of the Finance Committee and the parliamentary Economic Committee and Chairman of the audit about daily auction organized by the Central Bank to sell dollars.
It added: the Iraqi stressed the importance of the independence of the Central Bank, adding that the pursuit of daily auction of foreign currency a priority being placed in the control of the Iraqi dinar exchange rate.
http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http://www.ikhnews.com/news.php%3Faction%3Dview%26id%3D57537
Admin- Admin
- Posts : 29357
Join date : 2012-04-30
Location : Arizona -
Re: M / study on the economic and social disaster for monetary policy of the Central Bank of Iraq
Admin Sat Sep 29, 2012 2:15 pm
Saturday, September 29, 2012
Economic demands parliamentary changing central bank policy to save the national currency from degradation
BAGHDAD - babysit - a student member of the Committee on Economy and Investment deputy Aziz al-Mayahi, a new monetary policy keep pace with advances in the field of financial and banking sector in the world and change the current policy pursued by the central bank as threatening the local currency to deteriorate.
Mayahi said in a press statement that "there are a lot of negative indicators monitored in the work of the Central Bank, particularly the recent violations that occurred in the process of buying and selling the dollar in the auction and allow brokers to manipulate the exchange rate of the Iraqi dinar against the dollar."
He added: that the committee formed in the House of Representatives with respect to audit and monitor the work of the central bank auction will submit its report to the Council in the next few days, which initially indicate the presence of errors and significant violations occurred where the central bank.
He explained: that monetary policy in the country must cope with the evolution in the world, particularly in the financial and banking, in addition to the current policy pursued by the central bank proved its failure must be change current policy and the adoption of a new monetary policy to support the local currency and save it from degradation .. . p / i
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Falrayy.com
Admin- Admin
- Posts : 29357
Join date : 2012-04-30
Location : Arizona -
Re: M / study on the economic and social disaster for monetary policy of the Central Bank of Iraq
Sponsored content
Sponsored content
Similar topics» Text of the study presented to the President and members of the House of Representatives on Braaracaan assessment of monetary policy of the Central Bank
» The Central Bank of Iraq and the objectives of monetary policy
» Samir al-Nusairi: Rational management of the central bank and the sound application of monetary policy achieved economic resilience
» Planning: Iraq's inflation stable at 2.5%, thanks to the performance of the central bank and monetary policy
» The fourth annual conference of the Central Bank of Iraq discusses the developmental dimension of monetary policy and the role of banks in development
» The Central Bank of Iraq and the objectives of monetary policy
» Samir al-Nusairi: Rational management of the central bank and the sound application of monetary policy achieved economic resilience
» Planning: Iraq's inflation stable at 2.5%, thanks to the performance of the central bank and monetary policy
» The fourth annual conference of the Central Bank of Iraq discusses the developmental dimension of monetary policy and the role of banks in development
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|