Economic parliamentary: the crisis has affected the economy and very citizens began withdrawing their deposits from banks

This is not good, but not bad, for the reason it is going to speed things up in my opinion!
they are now caught between a rock and a hard spot, and they are going to have to do something quickly to get it moving again!



Thursday, December 10 2 / January 2013 06:10



[Baghdad - where]

The Economic Commission parliamentary reflection of the current political crisis in the country largely on the Iraqi economy.

He said the Commission's decision Mahma Khalil told all of Iraq [where], that "the current crisis, and in light of what Iraq is going through the political atmosphere charged and a major crisis and serious, affected in a clear and overshadowed the overall life of the citizens, and to a very large on the Iraqi economy."

He added that "the economy is currently experiencing a reluctance of investment companies, as well as citizens began pulling their financial deposits in banks, as well as the exit of foreign currency from Iraq as a result of spasms of the political situation in the country, and that the Iraqi environment has become repulsive and not attractive to the economy."

He pointed out that "the failure to approve the financial budget and disable state institutions had a significant impact and the destruction of the economy, and we believe that the majority of problems in the state by 80% are economical, so we call on finding solutions and not to delay in approving the budget and not giving more space to the obstacles."

Iraq has been political crisis due to the escalation of differences between the political blocs on matters relating to the partnership in the state administration, as well as other files, especially between the Iraqi List and a coalition of state law, and between the Kurdistan region and the federal government, has led the continuing crisis to exit popular demonstrations in a number of provinces demand the release of detainees and prisoners and issue a general amnesty law and the abolition of the Justice and Accountability Law [previously de-Baathification] article [4] terrorism, balancing, and other demands. ended 2.


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Iraqi newspaper future - 01/10/2013 - 11:44 AM


BAGHDAD / future Iraqi

Said Source Early in the Central Bank of Iraq that the Iraqi government is unable to act reservoir cash abroad, because it is lodged with the U.S. central bank.

He stressed that the latter had already agreed with the United Nations and the Department of the Central Bank of Iraq to reject the transfer any amount outside the framework of the budget.

The experts predicted the end of the crisis CBI fear exposing big names in the political center and financial, which was confirmed by sources familiar with the investigation, pointing to a judicial decision to release the deputy governor of the Bank appearance in favor and 30 employees were arrested earlier, according to the newspaper «life» London .

The Supreme Judicial Council issued on 19 October last arrest warrant against the central bank governor and a number of officials in corruption cases, and arrested 32 staff with the governor's refusal to Shabibi decision.

The leaked from sources within the central bank details of the implementation of the arrest of the deputy governor and showed that the warrant included three officials are Governor Sinan al-Shabibi and his deputy, the appearance of Saleh and General Manager of the banking sector Ali Abu Nayla.

The sources added that Shabibi and Abu Nayla not surrender themselves to the concerned authorities, but Saleh turned himself in after the security authorities arrested some members of his family.

She noted that the investigators concluded achieved with the deputy governor and is satisfied that there is no evidence incriminating, and decided to end his detention on bail pending completion of the investigation, but the security authorities represented by the Ministry of Interior refused to release him or allow the media confronted inside prison «upper» in Baghdad.

A source close to the investigation committee that «the number of staff of the Central Bank beyond 1235, distributors headquarters and four branches in Nineveh and Basra, Dohuk and Sulaymaniyah.

He explained that the number of detainees less than 30, including 22 female and four officials, explaining that the reason for their arrest was that they were members of the board committee, where four staff members are elected to serve under the authority of the Board of Directors.

He confirmed that investigators had evacuated the last for the members of the Committee and some employees because they are not really concerned.

And the latest developments in the investigation pointed out that «the art is that the central bank adopted five banks eligibility to sell the dollar, and these banks offer to auction the bank to list in exchange for any amount of purchase, then implement the conversion and here are the responsibility of the Central implied not directly».

The «has not issued any arrest warrant against officials of private banks involved while making sure of its involvement money laundering operations or smuggled out of Iraq.

He was a member of the Finance Committee parliamentary Hassan Ozmn announced told media three weeks ago, that Iraqi funds abroad are exposed to the risk of international trusteeship because of the participation of the United Nations to investigate the issue of the Iraqi Central Bank, expected to appoint UN special rapporteur to monitor the movements of Finance of Iraq, but the Iraqi Foreign Ministry denied this.

Noteworthy that the Iraqi Central Bank announced in August 2012 Iraq's reserves rise of hard currency to $ 67 billion from 63 billion. Furthermore, official denied the central bank can manipulate government these precautions, and said: «is still under the tutelage of the United Nations under paragraphs seventh item, and proceeds from the sale oil goes directly to the account itself, and even going out of the trusteeship is already present in the bank U.S. who refuses any requests issued by the Iraqi government regarding financial withdrawals outside the framework of the budget, and this is agreed with the United Nations to prevent any theft operations in Iraq, which continues to suffer instability.


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Finance Officer: Iraq has the right to withdraw part of the cash reserves in the Development Fund for Iraq.


10/01/2013 11:06:00

BAGHDAD / NINA / banks' manager in the Ministry of Finance, Hilal Taan said that Iraq could withdraw money from the cash reserves in the Iraqi Development Fund for Iraq / DFI / deposited in the Federal Bank of the U.S.

Taan said in a statement to the National Iraqi News Agency / NINA /: "Iraq has the right to withdraw part of the money provided signature of the Minister of Finance and Prime Minister only on the amount to be withdrawn."

The Development Fund for Iraq was established under UN Security Council Resolution 1483 in May 2003 to keep the Iraqi funds away from the claims of creditors, States and their companies.

The media talked about that the Iraqi government is not able to act in cash reservoir abroad because it is deposited in the Central Bank of the U.S.

The media noted that the Federal Bank of the U.S had already agreed with the United Nations and the Central Bank of Iraq to reject the transfer of any amount outside the framework of the budget. / End


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