Mehdi Mohammad Reza *: Alalak

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Mehdi Mohammad Reza *: Alalak

Post  Admin on Mon Apr 09, 2018 10:57 am


by Iraqi Network of Economists
- Posted on 08/04/2018


He entered us from an unexpected door, it was a surprise. He is Ali al-Alaq, acting central bank governor. His entry was dramatic, from a side door, the scene was lacking in applause, or any other effect . Shook us all, and wiped away all the previous aura . He was witty, contemplative, hoping that his message would reach us easily, maybe he knew we were not well spent, he would say, and we have no capacity for interventions. He was sitting on his right, deputy governor Munther al-Sheikhli, and the director of the administration . I thought myself, loaded with questions, doing my best, I waited until he completed his words, about the achievements of the Central Bank, since taking office. Talked about the importance of the independence of the Central Bank, and monetary stability, and control of inflation. And the most important developments that took place in the bank, the management of foreign reserves, and investment in it, after he developed Kadra for this task, and is now overseeing the process . He also spoke about the central role of supervision and control over the public and private banking sector. His talk about government banks, represented by Rashid and Rafidain, was painful, burdened with the weight of the legacy of the past, which can not be solved, but uprooting it from its roots and liquidating it. I do not think he can do it . He also referred to the private banking sector, which has nothing to do with the fact that the country has 70 banks, which do not have the lowest banks in its work . He said he did not give a single leave to any new bank, except Islamic banks, embarrassed by the parliament, where he voted for it . He also spoke proudly about the central bank's pre-emptive control of private banks in the event of any imbalance in which personal control and technical techniques interfere . One of the worst we have heard: Iraq's bank dealers are only 11 percent of Iraqis. This suggests that the failure of citizens' trust in banks is justified by a culture of society (Iraqi society tends to put money in its hands casually), perhaps . Also referred to the bank lending industrial and agricultural projects, about $ 6 million and a half, and this was a successful achievement, it was not quite clear. How he spent this money, and what his influence actually was . Most importantly, the rise in reserves in the central bank does not depend on the bank, and probably on the finance ministry itself . He talked about how to sell the dollar at the auction of the currency, which is as follows: Finance receives oil revenues in dollars, giving it to the Central Bank, in order to sell them, because the bank is more knowledgeable in the process of selling, and the association of banks and drainage and transfer companies. This makes it easy to sell. Since it is the finance that determines the need for selling, for the purpose of paying salaries, for example, in dinars, and the budget of the ministries as well, so the story of the sale and quantity, determined by the Ministry of Finance, not the Central Bank . He explained to us recently, that there is no alternative to the currency auction, but the bank takes the dollar, and print a dinar, which means a disaster in inflation . Thus, even the question of lower reserve is not directed to the central, but to the financial. "We need more information here on the subject of reserves ." The man ended up talking and began to wait for the questions of his guests. The eldest, Adnan Hussain, began to ask questions, obviously both public and non-specialized. The others spoke as well, and it was quite clear that no one specialized in economics . Have we been summoned for this reason, being non-specialists? But what does a man do? How his message will reach the media, and then the public . The truth is not the blame, but the blame here is all of us, the owners of the newspapers. I am one of them. I do not have a single economic journalist .



When the questions came to me, I first thanked him for the kind invitation, and then told him, frankly, that we do not have a competent economic press. And the reason for us. Yes, we have academics and important experts, so I thought, before meeting the invitation, to contact some experts to ask them questions.



My question is that the questions sent to me by one of the economists were clear-cut and clearly biased to the former governor. All the questions revolve around him. And that the current governor has put great pressure on him when he was a director in the Council of Ministers, and that he was holding hearings similar to the trials of the former governor, has faded into these eternal conflicts.



I asked him one question about the former governor. I said: According to our information, your grandfather was a critic of monetary policy, especially the currency auction, during the period of Sinan al-Shabibi and Muhammad Saleh. What are the fundamental changes that you made during your work on the currency auction, To the currency window?



Another question: We also heard that during your tenure as Secretary-General of the Council of Ministers, you were in serious disagreement with the former governor, and you tried to subject the Central Bank administration under the supervision of the Council of Ministers, but Shabibi rejected it strongly and insisted on the independence of the bank.

I also asked him: Why did you stop the announcement of the demand to buy the currency, and you limited the amount of sales. This causes a shortage of analysts and observers, in the knowledge of supply and demand, study the difference, and find solutions.

I also asked him:

You are happy with the convergence between the parallel price of the dollar and the official price. Will this continue in the future? till when?

My last question was about the bank deposit guarantee company to protect citizens' deposits?

When the answer began, he was clearly distressed by the accusation that he was at odds with the former governor, and stressed that there was no such disagreement at all. But that he is still in contact with Shabibi, and that now he is helping him to complete the treatment of his retirement. And he went to integrity himself, condemning a book (did not clarify content), was directed to Shabibi .. And arrested.

While mentioning the only dispute between them, was related to the subject of money laundering, when Shabibi refused to intervene and indicates that it is the responsibility of security and not the bank, and that he was very interested in any relationship to the subject of money laundering, and was able to limit it during the period enjoyed by the management of the bank .. Enjoying this achievement.

He addressed the other questions with brief answers, and I am not clear to them, as is the case with the other guest's questions, which seemed unclear to me, and their answers are very similar.

We finished more than two hours later, received simple gifts of high moral value, and then went to a lunch at the bank cafeteria, which the central bank gave an investment for two smart girls as it appeared in the arrangement. I think the Lebanese touch was overwhelming, because the visual taste of the place was outstanding, and the best was the seafood meal .

I sat in front of the governor, who began to refuse to diversify the food, just to the plate in front of him. We talked about kitchens in the world. He had a lovely taste of choice and talk about food, and his love for him, despite his thickening.

Reminded me, once, the late Ahmed Mahanna, that he did not like eating for a decent! I do not know how true it is, but experience has shown me that.

The truth was that the humility of the relations was very striking, and there were remnants of dignity and luxury in the days of his youth, a smile above his cheeks, and consistency in the colors of his clothes, carefully studied.

After we drank tea, which he did not like being ( teabags ), he quietly went left, and we went right.

And so ended my first meeting with the ..

http://iraqieconomists.net/ar/2018/04/08/مهدي-محمد-رضا-العلاق/

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