##### Governor of the Central for "obelisk": We have stocks of gold's largest foreign currency

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03/07/2013 13:30





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[ltr]BAGHDAD / obelisk: Detect Iraqi Central Bank Governor / Agency Abdul Basit Turki, Wednesday, that the stock of Iraq's largest gold from the tally of foreign currency, confirming the assignment set of files of corruption at the central bank to the judiciary, adding that the exit from Chapter VII will allow us greater flexibility discretion, noting that the project raise zeros from the currency has been postponed for the time being.[/ltr]


[ltr]Said Turki in an exclusive interview with "Obelisk" of Karbala that "Iraq has stocks of gold is greater than the tally of foreign currency and gold reserves of Iraq is managed by the central bank and deposited at the Bank for International Settlements as an agent of the Central Bank," noting that "Iraq is the owner of the treasury now, even before getting out of Chapter VII and the gold before a proportion of 10% of stockpiling reserves of the components of the Central Bank and Reserve President consists of foreign currency and is used to determine the exchange rate of foreign currency احتياطنا until last May $ 76 billion of hard currency. "[/ltr]


[ltr]"Referred to a set of files of corruption at the central bank to eliminate was indicted for some officials for corruption some verdicts have been issued in the first case, as has been bringing in some of the issues managers of private banks to investigate."[/ltr]


[ltr]Turki denied "the existence of frozen funds outside the control of the Iraqi administration," stressing that "the frozen funds being diverted down according to the UN resolution both before and out of Chapter VII or beyond to the fund managed by the Central Bank of Iraq."[/ltr]


[ltr]The Turkish that "out of Chapter VII will allow us the freedom to act greater flexibility in addition to creating a general atmosphere to attract foreign investment," adding that "the great importance is the completion of Iraq's sovereignty because Quana under the provisions of Chapter VII offered for the intervention of international forces in some of the decisions on Iraq , "and that" the withdrawal of Iraq from Chapter VII-VI means the problems could be solved bilaterally with countries without international intervention and this is an important step on the level of Iraq. "[/ltr]


[ltr]He revealed that "the financial statements did not send to the Central Bank in spite of our demand so we asked for statements until 30/6 did we receive until now."[/ltr]


[ltr]He said that "the relationship between the value of the currency and issued on the basis of the existence of the gold content disappeared since 1971 and thus value of the currency depends on two foundations of the strength of the economy and the ability to maneuver through the presence of foreign currencies can be pumped in the market."[/ltr]


[ltr]And that "Iraq's budget going to rise," expressing his confidence in "through my follow up of the accounts of the Ministry of Finance stocks, roundish and unexpected revenue sufficient for the implementation of the budget, even if 100% exhausted."[/ltr]


[ltr]And money laundering, said Turki that "been sentenced two of the defendants laundered the money and there are still four people accused of directly we have begun to audit the transactions since we receive the task of the central bank and returned to the transactions ancient that we believe the existence of problematic where we have discovered the existence of Notes basic Fastqdinma managers commissioners and officials banks and Naakecnahm in these observations and احلنا to eliminate from not convinced Bhjajhm ".[/ltr]


[ltr]Turkish revealed "to postpone the project raise zeros from the currency and the value of the Iraqi dinar toward climb to more power because we passed the bottleneck."[/ltr]




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03/07/2013 - 11:04


Alsumaria News / Karbala


The Central Bank Governor Abdul Basit Turki, on Wednesday, that the bank has sufficient reserves to cover the state budget in the event of increased roof next year, pointing out that the Bank's gold reserves has not been affected by changes in the global market.

Said Turki said in an interview for "Alsumaria News", on the sidelines of his visit to the city of Karbala to open House Financial Supervision, said that "reserves the central bank sufficient to cover the expenses of the Iraqi state in the event of increased roof in the next year," attributing the cause to "a reserve strong and revenues going to the treasury of the bank . "

Turki added that "Raising the numbers of the coin is the project delayed due to the conditions experienced by the country," noting that "the Bank's gold reserves has not been affected by changes in the global market, and it will be a great supporter of the Iraqi currency."

The governor of the central bank and agency Abdul Basit Turki confirmed, in (June 13, 2013) that the Reserve Bank will exceed $ 80 billion at the end of next July, indicating that there is a review of the development of mechanisms to use the bank to the reserve, regardless of the existence of the current government or not for specific purposes.

And rejected the central bank, in (the fifth of May 2009), the efforts of government to borrow from the Reserve Bank funds to meet the shortfall in the budget, arguing that such a step contrary to the law and a violation of the independence of the bank, was charged in (12 September 2011), government agencies of obstructing monetary reform and vowed بمقاضاتها, blaming those actors exposing the financial interests of the country to danger.

He said an adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge, in (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of dinars Iraq to replace them in the light of the upcoming changes.

It is noteworthy that some economists believe that Iraq is not ready at the present time to delete the zeros from the Iraqi dinar, pointing out that the deletion needs to security and political stability as well as economic stability.

It is noteworthy that the Iraqi Central Bank was established as a bank independent under its law issued on the sixth of March of 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and being sessions a day for the sale and purchase of foreign currencies with the exception of public holidays which stops Bank of the auction.



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