######After changing his administration .. Specialists: the central bank's current crisis affected the country's economic activity

Did it really affect the CBI? Time will tell!!!!



Date: 27/11/2012 12:39:20 Tuesday



Baghdad (news) / report / Hussein Faleh / .. Experiencing fiscal policy in the country a severe crisis after accusing the Governor of the Central Bank and some of its employees financial corruption.

And the impact has been sacked the governor and refer some managers bank to eliminate, where he said a number of MPs and financial experts (of the Agency news): The crisis of the Central Bank of the current affected the overall economic activity in the country in terms of reluctance investment companies from entering the Iraqi environment for investment and a loss of confidence some banks and banking offices by the citizens, as well as to discredit the central bank abroad.

The Cabinet decided earlier assigned Chairman of the Board of Supreme Audit Abdul Basit Turki Department of the Central Bank of Iraq to succeed former Governor Sinan al-Shabibi.

Rapporteur of the Committee on the economy and investment MP / coalition of Kurdish blocs / Mahma Khalil, said: that the issue of the Central Bank and Financial governor accused of corruption greatly impacted on the entry of foreign companies to invest in Iraq.

Khalil said (of the Agency news (: The foreign investments are looking for an environment that contains the banking system Rezin to keep their money, noting that the issue of the Central Bank of the current reflected poorly on the financial realities in Iraq, making investors reluctant to enter the country for the purpose of investment .

He added: that the issue of central bank also reflected on banking activity through the loss of confidence by investors money Odhu heads high and even citizens because some banks accused of colluding with the Central Bank in the smuggling of hard currency abroad.

For his part, Prime Minister Nuri al-Maliki said in a statement earlier, the heads big fall issue of the Central Bank, and the Bank governor had been refusing to let us know anything, one of the places monetary policy and sells dollars and stir the market and the dinar, while the government does not have any income basis, he said.

The accused cleric Moqtada al-Sadr, the Iraqi government meddling in the work of the central bank without the right hand, which threatens the collapse of the country's economy.

Sadr said, according to a press statement: that the economy of the country is threatened and on the brink of collapse, especially after the prime minister interventions work of the Central Bank of Iraq without right or guidance or a scripture giving, calling on the House of Representatives to work to save the economy of Iraq.

Confirmed former central bank governor Sinan al-Shabibi, The problems of the central bank with the government is at the request of government reserve bank, and that the issue was fundamental in the problems of the government and the Bank since 2009.

As reported financial expert Hamid al-Musawi, that Iraq has lost a lot of money as a result of breaches of the recent work of the Central Bank specifically the sale of hard currency.

Moussawi said (of the Agency news): The recent crisis, the Central Bank of Iraq lost a lot of money as a result of poor management of fiscal policy in the country, through the hard currency smuggling and money laundering cases.

He added: that the report which was prepared by the investigative committee in the House of Representatives gave evidence and details about the existence of violations in the sale of hard currency, but was supposed to prepare this report well in advance to keep the balance of foreign currency sovereign.

And financial expert called the new administration of the Central Bank to the need to maintain to keep the exchange rate of the dinar against the dollar and the monetary reserves of hard currency.

For its part, confirmed a member of the Finance Committee MP / Kurdistan Alliance bloc / Najiba Najib, said the recent crisis, the central bank will have an impact on the level of foreign investment to the country.

Najib said (of the Agency news): The latest accusation against the central bank governor and his aides and some managers at the bank will have an impact on the country's foreign investment, especially as the security and political situations do not encourage investment at the current time.

She added: that the central bank is a financial institution with an international character and can not be touched because they are subject to control and follow-up of the World Bank and the International Monetary Fund, noting that the old management of the Bank was efficient and experienced in the financial field.

And was a member of the investigative committee on the work of the Central Bank of Haitham al-Jubouri confirmed, (14 October 2012), the issuance of arrest warrants and travel ban against Central Bank Governor Sinan al-Shabibi and officials at the bank, and what was seen that the survival of portfolios abroad will prove corruption charges.

Finance Committee has called in the Iraqi Council of Representatives, on Monday (15 October 2012), Central Bank Governor indictees providing evidence, while some expressed fear that these accusations are "politically targeted" for the bank.

The Central Bank announced in January 2012, that the high exchange rate of the dollar against the Iraqi dinar in the Iraqi market, as well as higher sales of hard currency back to the neighboring countries, trade financing by the Iraqi traders.


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