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Member of the economy: the central bank attempts to replace the currency is unconstitutional

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Member of the economy: the central bank attempts to replace the currency is unconstitutional  Empty Member of the economy: the central bank attempts to replace the currency is unconstitutional

Post  dejavu Fri Jul 06, 2012 6:08 am


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Member of the economy: the central bank attempts to replace the currency is unconstitutional

Friday, July 6, 2012 12:16









{Baghdad, Euphrates News} A member of the Committee of Economy and Investment parliamentary Salman al-Moussawi said the central bank attempts to replace the currency is unconstitutional and will lead the country towards the unknown, which may not be bad consequences.

Al-Moussawi said in a press statement received by the agency {Euphrates News} a copy of it today, "no right to the central bank currency exchange because Article {110} of Dezturalaraca stipulates that the right of the federal authorities to draw financial policies and the issuance of currency in the country means the executive and legislative branches."

He continued that "the presidency of the Central Bank and more than a year raises issue of deletion of zeros from the Iraqi currency attributes the reasons to strengthen the Iraqi currency and give them a universal value, but after that the audited subject and we found not a process of deleting the zeros, but replace the currency with full merits."

And the MP for the coalition of state law that "the evidence of this is the change currency symbols present and the introduction of the Kurdish language emphasizes the process it replaced and not delete the zeros," expected to "result in the replacement process to the many problems which may enter the country's currency, forged at a time when we are working to stability of the market leads to the collapse of the Iraqi currency in full. "

He described "the central bank attempts to implement this project early next year, as a unilateral act is valid and is rejected out of hand because it is the process of replacing unknown results."

And went on "We are with the replacement of the currency if there is economic benefit to the country, but we found after the study and the possibility that many are fighting against Paschklat delete the zeros do not know what the future of Seoul him the Iraqi economy."

He explained that "the stability of the economy and the Iraqi market is through the activation of income-generating sectors, and encourage the private sector and make the country an attractive environment for investment and the economy not by the deletion of zeros."

The Central Bank announced that he intended to replace the existing currency with another, as it will remove the zeros of the new currency in a move it says will help raise the value of Iraqi dinarhttp://translate.googleusercontent.com/translate_c?hl=en&ie=UTF8&langpair=auto%7Cen&rurl=translate.google.com&tbb=1&u=http://www.alforatnews.com/index.php%3Foption%3Dcom_content%26view%3Darticle%26id%3D16948:2012-07-06-09-16-59%26catid%3D37:2011-04-08-17-25-57%26Itemid%3D57&usg=ALkJrhjFyli8IMW8IOj0doJGKpDCIqGE0g

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Member of the economy: the central bank attempts to replace the currency is unconstitutional  Empty A Good Post

Post  kcs Fri Jul 06, 2012 10:24 am

Thanks for posting Welcome aboard.

Kim S.
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Member of the economy: the central bank attempts to replace the currency is unconstitutional  Empty Here is article 110 of the Constitution

Post  Admin Sat Jul 07, 2012 7:18 am

Article 110:
The federal government shall have exclusive authorities in the following matters:

First: Formulating foreign policy and diplomatic representation; negotiating,
signing, and ratifying international treaties and agreements; negotiating, signing,
and ratifying debt policies and formulating foreign sovereign economic and trade
policy.

Second: Formulating and executing national security policy, including
establishing and managing armed forces to secure the protection and guarantee
the security of Iraq’s borders and to defend Iraq.

Third: Formulating fiscal and customs policy; issuing currency; regulating
commercial policy across regional and governorate boundaries in Iraq; drawing
up the national budget of the State; formulating monetary policy; and establishing
and administering a central bank.


Fourth: Regulating standards, weights, and measures.

Fifth: Regulating issues of citizenship, naturalization, residency, and the right to
apply for political asylum.

Sixth: Regulating the policies of broadcast frequencies and mail.

Seventh: Drawing up the general and investment budget bill.

Eighth: Planning policies relating to water sources from outside Iraq and
guaranteeing the rate of water flow to Iraq and its just distribution inside Iraq in
accordance with international laws and conventions.

Ninth: General population statistics and census.


http://www.uniraq.org/documents/iraqi_constitution.pdf

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Member of the economy: the central bank attempts to replace the currency is unconstitutional  Empty Re: Member of the economy: the central bank attempts to replace the currency is unconstitutional

Post  Admin Sat Jul 07, 2012 7:45 am

Full article



Congress: the central bank attempts to replace the currency is not working

07/06/2012 BAGHDAD - Mohammed Jabbar

A number of members of the Economic Committee in the House of Representatives for the foreign investment companies laundering money in Iraq, while the Central Bank of Iraq possesses no actual mechanisms to combat this phenomenon, and that as reported by a member of the Economic Committee in the House of Representatives Hussein Almrobei newspaper (New Morning) .

He Almrobei, the Economic Committee in the Iraqi Council of Representatives demanded that the Central Bank to prepare a list of instructions and regulations and requiring all banks to comply with these instructions and regulations initiative to send monthly reports on the volume of deposits and assets of those banks, except that the central bank and through Mkhatabath us to show that he has full control All private banks, demanding financial and economic committees in the House of Representatives to provide support in the follow-up these banks.

He explained that the process of money laundering is rampant in Iraq, not Nana figures have very much money on deposit in private banks in addition to that there is no control over the functioning of investment companies that enter their money to Iraq through government and private banks «

He noted that the process of Almrobei to delete the zeros and change the currency in which the central bank seeks to do is useless unless accompanied by real economic reforms.

On the other hand Salman al-Moussawi said the Commission itself Ahaddaeda that attempts to replace central bank currency is unconstitutional and will lead the country's economy towards the unknown, which may not be bad consequences.

He said in a statement: »no right to the central bank currency exchange because the article / 110 / of Dezturalaraca stipulates that the right of the federal authorities to draw financial policies and the issuance of currency in the country means the executive and legislative«, he said, that the Presidency of the Central Bank and more than a year raises issue of deleting the zeros of the Iraqi currency attributes the reasons to strengthen the Iraqi currency and give them a universal value, but after that the audited subject and we found is not the process of removing zeros, but replace the full merits currency.

And the MP for the coalition of state law: »that the proof of this is to change the symbols of the current currency and the introduction of the Kurdish language emphasizes the process it replaced and not deleted zeros« He explained that the replacement process will lead to problems, many of which may enter the country, fake currency, and money laundering, while who are working to stabilize the market leads to the collapse of the Iraqi currency fully «.

He described the attempts by the central bank and work hard to implement this project in particular that the work they have announced the new currency will be early next year, as a unilateral act is true and we reject out of hand because it is a deliberate process of replacing the unknown and the results «.

The Delegation »We are with the currency exchange if there is economic benefit to the country, but we found after the study and the possibility that many are fighting against Paschklat delete the zeros do not know what will happen to him the future of the Iraqi economy«.

He said «that the stability of the Iraqi economy and the market is through the activation of income-generating sectors, and encourage the private sector and make the country an attractive environment for investment and the economy not by the deletion of zeros.


http://translate.google.com/translate?hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.newsabah.com/ar/2311/24/76540/%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583%25D8%25B2%25D9%258A-%25D9%258A%25D9%2585%25D9%2586%25D8%25AD-%25D8%25A5%25D8%25AC%25D8%25A7%25D8%25B2%25D8%25A7%25D8%25AA-%25D9%2584%25D8%25A8%25D9%2586%25D9%2588%25D9%2583-%25D8%25A3%25D9%2587%25D9%2584%25D9%258A%25D8%25A9.htm%3Ftpl%3D13

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