Monetary policy Syed Ali Keywords current central bank governor (third episode)

Thursday April 7, 2016 - 01:56

By: Mohammed Tawfiq Allawi

We mentioned in the six axes previous episode, which represents monetary policy to Dr. Shabibi with stated its ups and downs, my brother Mr. on the Keywords, I've read your post more than once and that contain a lot of detail, and some achievements to thank them and I will mention in the upcoming episodes, as you defended for many of the actions taken by and a lot of true your words and I will prove to each other now and in the coming episodes, God willing, but the theme of this episode is monetary policy; not Okhvak secret I tried to Find you landmarks monetary policy between the lines of your message, but I unfortunately I say and pain you have only a fraction of what is commonly by monetary policy, but that a lot of the themes that I mentioned I'm in the previous episode, which represents monetary policy to Dr. Shabibi they turn to the negative policies of the antithesis of what we achieved, Dr. Shabibi, Maintaining a constant currency ended, yes may not price It is the reason that you are not only specialized in the banking industry, but global oil prices, deterioration, while the central bank reserves were wasting nearly half a reserve during the two years of assumption of office, and without the presence of a prudent monetary policy will end its reserves during a period not exceeding two and a collapse of the Iraqi dinar and collapse Iraq's economy will suffer Iraqi citizens suffering may resemble their sufferings during the nineties in the period of the embargo on Iraq, and you lack the policy of unification of price between the central bank and the market price, but the difference has reached record levels not seen her Iraq ever seen since 2003, where he was the difference during the eight years since 2003 until mid-2011, no more than two points after calculating the Bank commission, but the difference now have over ninety points, with increase on a daily basis, which means that the thefts list in full swing with this great suffering of the citizen-Sharif in the present day, and the confidence generated in the era of Dr. Sinan eligibility banks lost in the present day, and people began Evzon deposit their money in the Iraqi private banks, but they took receive their deposits dropper of private banks, the central bank did not take any step in the defense of the rights of citizens, unfortunately, as if he is not primarily responsible for what gets in a lot of private banks, where queues of dozens of citizens as if they are not clamoring for their money and their rights, but they became the aggressors Ahli Bank is the owner of the credit for them in giving them their money !!!!!!!, the truth is this ironic and strange himself unmarked in the new Iraq, any bank in the world if one day for the payment of depositors' money declares the central bank bankrupt deficit, and this is what happened to the Intra Bank in Lebanon in 1966, where its investment in kind increased liquidity that must be provided by the account, and when the day's inability to respond to the requirements of depositors Lebanese central bank declared bankruptcy, with knowing that the bank's assets from the financial liquidity and physical assets outweigh the deposits of depositors because it is universally allowed to hesitate bank or delayed even a small amount of time to pay the deposits of depositors, because otherwise the bank loses its raison d'être parting basic function. As for the increase in prices of food and essential commodities has reflected negatively heavily on citizen because of the large difference between the price of the dollar supply by the central bank and the price of the parallel exchange market and what it means to increase the burden, particularly on the shoulders of Sharif citizen who does not accept the same with taking a bribe and corruption and corruption and enjoy the money Haram, which has become extremely prevalent for many politicians and workers in the state departments of culture Unfortunately, today, I have said that inflation fell in time to 2%, which is a distinct ratio, but I tell you, that lower inflation is not necessarily a positive sign, yes definitely low inflation as a result of monetary policy informed by the central bank in order to reduce liquidity and reduce the money supply positive sign and proof of the success of the monetary policy of the Central Bank, but if the decline in inflation due to external circumstances and compelling, as is now the case in Iraq, where the diminished resources of the country and imposed policies austerity by the state, and reduced pensions and imposed costs and other charges on the citizen, and emigrated citizens outside the country, and offered their homes for sale or rent at the cheapest prices, fell real estate prices, and decreased rents, how much you know, rents weight comes second after the weight of the food when adjusted for inflation and foremost, it was the decline of inflation due to economic contraction, this case a bad sign, and you can ask many economists who are around you at the central bank if the decline is because of the policies of non-existent at the Central Bank or due to economic contraction, Vsakhbrook truth, unfortunately you can not in this case brag about low inflation, but on the contrary evidence of this degradation and the lack of citizen and increase the suffering.



Dear brother told me to ask, the International Monetary Fund and the World Bank, the Financial Action Task Force, the US Treasury, the Bank of the Federal Reserve, the Office of Financial Supervision, the Office of the Global Audit on your efficiency, and I really did not ask Dr. Abadi is to get out to meet recently with (Osgood ), as well as that I reported in the media that Britain's greatness and the greatness of its universities has chosen a man who is a British (Mark Carney), a Canadian man to his appointment as governor of the Central to her bank (Governer of Bank of England) to the importance of this site and the importance of the person who assumes the this place, I do not want here in this area that the questioning Bkivaitk, but I will say that you learn the right of certainty that there are Iraqis who are the most efficient you much in this area and more deserving of you on this site, as I say on your interview with (Osgood) said that my understanding, from your interview is not a detraction, but that you may not have the desire to follow economic developments and economic analyzes, and my advice to you that the committee to provide you with a form on a daily basis of the report of the most important economic developments and economic analysis mission in the world, which have repercussions on the economic situation in Iraq, and based on this report before you've made any interview universal, but will depend on the report to paint foundations It must be adopted to develop a sound and clear the country's monetary policy.



Central Bank of Iraq have visited in 1977 when I was a student within the university thesis associated with this for the command to Consider the sources of economic information to be adopted by the central bank at the time, and found a large hall adorned with two (telex) and was one of these two devices ergonomics continuously briefed on the content of the information were messages short news mostly from the agency (Reuters), I asked the official, the possibility of taking these messages image, so the official appropriation of several meters of the latest news and gave them to me, I asked him if he wants the original text where information is printed more than (Copy), he said to me that we throw away this information we do not need them for is a small part which prices of various world currencies relative to the dollar, as well as precious metals prices and the export of these prices periodical bulletin in Arabic, this situation was forty years ago, and I'm afraid that the country has not changed and put a lot now, but today all of the information and analysis available economic conditions of each who owns a computer, and there are dozens of outstanding graduates in their abilities and capabilities, and you can easily set up a team of them to provide summary of economic news, analysis and issuing a newsletter distributed to all economic institutions and the House of Representatives and the head of Ministers adopts these reports to draw the monetary and fiscal policy and sound economic save the country of the deteriorating situation we're in.



The most important thing should be that the central bank is to distinguish professional, although I can not within this urgency to ask those who put their names to their favorable consideration as your requested, and the truth, I do not need so I can be the central bank held by assessing the performance and the reflection of this performance on the economic situation of the country, but I say if there is a lack of monetary policy in a constructive, the central bank can deal with professionalism and independence; I have been told of one Iraqi newspapers pervasive (all news) after they have published my letter to the Prime Minister Dr. Haider al-Abadi, in which the signal clear to you, the central bank to stop their ads; full not be this deliberate policy, and fully that this procedure be individually and unintentional and not the decision you made, because otherwise means that the central bank lacks professionalism and independence, one of the most important characteristics, do not want to anticipate events perhaps action has been taken in the wrong and without your knowledge.



I do not, seeking detracting from you or mention Mt, but I also said in my first message to you my goal to save the country and alleviate the suffering of our dear and honorable people and educate them, they deserve our sacrifice and all altruism Balgali and cheap to rid them what awaits them from the Carpathians and the difficulties and Aptlaouat days Mdelhmat as he is coming ones; I I know that your success means success and saved the country and save his family, which can be waiting for them from an unknown fate, so I suggest you some suggestions that worked out were you success and evolution, and the country's advancement and prosperity, and citizens the good and the salvation of a large and alleviate their suffering; that these proposals are the tip of the iceberg that I took it carried out a large part of your country you have the right and the right of our honorable us, and this is what I will discuss in the next episode, God willing.



I got off at evaluating others always verse (not Make Every people have their personal items), and you though it would seem that touched me a lot of negatives, but from watching the things the central bank I came across on the steps taken in fighting the high degree of corruption because of what is known as the ( volatile instruments) have found that you have achieved a major breakthrough in this area and this is what I will talk to him in detail in the coming episodes, God willing.


http://www.non14.net/70674/السياسة-النقدية-للسيد-علي-العلاق-المحافظ-الحالي-للبنك-المركزي-الحلقة-الثالثة

Monday April 4, 2016 - 12:00
Allawi compares monetary policy to Dr. Shabibi and Mr. Ali Keywords

By: Mohammed Tawfiq Allawi (Episode II)

Sadun this topic quite frankly, and I will to Anjazatkma both of you and Akhvaqatkma without courtesy, so I ask again from both of you handle a spirit of sportsmanship with what I will say in order to reach the correct foundations for planning policy of economic sound to avoid the negative effects of what will face the country's difficult economic conditions due to lack of resources and the large number of obligations at this difficult stage for the advancement of the country and save the citizens of the great suffering seemed to highlight her features, but policies that can revive the lives of citizens and make them live in Raghad live, happiness and prosperity mode, and make the country heading towards progress, development and prosperity, and that not so long ago, nations of the region, such as Jordan, Lebanon and Turkey highlight the progress and development milestones and prosperity with the knowledge that these countries do not have their governments tenth of what Iraq possessed of natural resources such as Turkey, for example, but less than one percent of the natural resources to Iraq possessed for what is owned by Jordan and Lebanon, all of that is due to the situation economic and monetary policies of the right of a country without waste or corruption or wasteful, and even though he found some corruption can be compared to what is happening in Iraq is not.

(Monetary policy to Dr. Shabibi)

Great credit is due to the many aspects of the development of the Iraqi banking system and monetary policy in the current day to Dr. Shabibi with failures must be addressed and taken up below.

The biggest accomplishment of Dr. Shabibi is to create a sophisticated banking system, I can say from scratch for the economic system is free with the field open to a group of private banks and currency exchange freely and freedom of conversion and the opening credits, clearing the electronic part of an open market compared to the regime banking Central Socialist past, I've consisted of monetary policy developed by Dr. Shabibi six axes task will be described below, namely:

Maintain a steady rate of the currency compared to the previous stage, which was the currency in which deteriorate its value day after day without the presence of selectors, has proved to currency rate by asymptotic for 1500 dinars to the dollar a year (2003) after it was nearly 3000 dinars to the dollar and remained that price steady until the year (2006), where he was raising the price of the dinar gradually until the dollar stood at less than 1200, have been to this boarding second Iraqi dinar negative effects on the industry and agriculture in Iraq, hauling agricultural and industrial products to neighboring countries cheaper than their counterparts in Iraq, I spoke with Dr. Shabibi this regard he answered me that he is responsible for monetary policy, and the consequences of the advancement of the industrial and agricultural sector kits is located within the economic policy of the country and not in the monetary policy, and economic policy of the country should be placed by the government, and there is no the presence in Iraq of the concept of economic policy of the country during the previous period, particularly the eight years of the rule of al-Maliki, and even now, even raise the value of the dinar was under the guidance of the government to the Central Bank without studying or planning or estimate of the results, you may accept this justification partially but as is well known that monetary policy coherent economic and financial policy, and the negative impact on the agricultural and industrial monetary and economic policies axioms sector, and this point is calculated on the government, which took the action, and I was part of the government objected at the time to this procedure, but (I do not know anyone who does not obey ) where I was the minister of communications and does not take my opinion on the side of monetary policy, but with this, Dr. Shabibi succeeded in maintaining the price of the Iraqi dinar, and increased local and international confidence in Iraqi dinars, and these are all positive aspects of not conducting revaluation of the exchange rate of the dinar in 2006-2007, which bear government greatest responsibility for this procedure as well as the responsibility of Dr. Shabibi, but to a lesser degree.

Take a policy to find and secure the central bank reserve cover of Iraqi currency from foreign gold coins and maintain it, we've managed to Dr. Shabibi provide payments in excess of eighty billion dollars as a reserve cover of the Iraqi dinar during the nine years of his central bank management, and this is one of the most important achievements of Dr. Shabibi on all, we've been unfortunately wasting nearly half that amount because of ill-conceived policies during the previous two years.

Take the necessary measures for the establishment of an Iraqi civil banks, where the Iraqi banking sector is dominated by State-owned banks in the absence of domestic banks only on a narrow and low-level system, the problem in Iraq is not their lack of expertise in this area, but the lack of capital Iraqi sufficient for the establishment of banks civil, was politically Dr. Sinan lack of demand, starting with a large capital for the establishment of the bank, and the Central bank with the help of private banks to advance and make a profit by raising bank interest rate and created dozens of new private banks, but do not take these steps because it is possible the emergence of Iraqi banks ownership of Iraqi, it was natural that the branches in Iraq to banks, non-Iraqi arise, and thanks to Dr. Shabibi, Moreover, the policy has led to the generation of the confidence of the Iraqi banks and the civil people began deposit their money where the benefits of a high and they are confident of them during his reign.

Maintaining a uniform discharge between the official rate of discharge of the Central Bank and the rate of discharge parallel currency market outside the central bank's rate with a simple commission normally calculates the Bank teams as it is in the different countries of the world, Dr. Sinan've managed to keep this fact since he took responsibility in 2003 until the mid-year in 2011, where demand is abnormally increased on the dollar because of the blockade imposed on Iran because of the bloody events in Syria, it has been required from the central bank's management that the dollar offer by market need, lest utilized speculators and those who have the power of politicians and pay high bribes to get a larger proportion of dollars to be discharged into the parallel price outside the central bank big profits, and these profits are calculated on the expense of the citizen, he bought the corrupt politicians and is calculated on them dollars at a few of the central bank, then sell it a high price in the parallel currency market, and traders are buying at a high price, is compounded the difference on various imported materials, Vistvid politicians is going on in Vllekem at the expense of the citizen, he told me Dr. Sinan there are recommendations by some decision-makers working in a bank that does not increase the offer but asked me not to mention their names, and I am committed to his application does not remind them, but Dr. Sinan had wanted to cancel this difference Viouhd price again, but grew up within a few months enriched category tremendously because of this difference, they sought to overthrow Dr. Sinan and take it out of the bank, and it was al-Maliki wants him out because he did not respond to him on the loan requested from the central bank reserves , Vajtmat the desire of the two teams and fabricated false charges against Dr. Shabibi was acquitted later, the absence of two prices to the dollar, at least during the period of eight years and is considered a major feature distinct achievement of the policy of Dr. Shabibi.

Controlling inflation (Inflation), where inflation has reached more than 33% in 2006, and managed by Dr. Sinan his policy wise decline of inflation to less than 3% in 2010.

The role of follow-up and implementation of the decisions of the Paris Club, the Paris Club has achieved the greatest economic and financial achievement for Iraq during its modern history, where Iraq was under a great burden of debt amounted to about 140 billion dollars, he has managed to triple Dr. Iyad Allawi as prime minister, and Dr. Adel Abdul-Mahdi as minister Finance and Dr. Shabibi as governor of the Central Bank interact with many of the countries that they have expensive debt against Iraq to the waiver by about 80% of that debt, which they were able to provide the amount of more than 100 billion dollars, unfortunately remember now grand theft, but do not the major achievements which are equivalent to thefts in importance addressed, but perversely, it is true that the role of Dr. Shabibi was not politically where the political role of the biggest act in the drop this amount of large debts of Iraq, represented by Dr. Iyad Allawi, the first place and Dr. Adel Abdul-Mahdi, second place is then Dr. Shabibi follower and CEO of these decisions, should the Iraqi people do not forget what we achieved this trio of very great service to the country and citizens, which is the opposite of what politicians Subsequent steal money from this underdog people.

(We will discuss in the next episode of monetary policy to Mr. Ali Keywords current governor of the Central Bank)


http://www.non14.net/70542/علاوي-يقارن-بين-السياسة-النقدية-للدكتور-سنان-الشبيبي-والسيد-علي-العلاق

Friday , 25 March 2016 - 09:07
Allawi responded to Keywords about the central bank auction ( the first episode)

By Mohammed Tawfiq Allawi



Brother Ali Keywords Esquire

Peace, mercy and blessings of God



the first episode



Thanks for your message illustrations, and this is what you are full of you over a year ago to enrich the debate in this area to provide plans by all those interested in this economic sector is important in these serious and articulated in the history of Iraq stage to protect the country from economic collapse have devastating effects not only on the economic situation of the year of the country, but on the living conditions of the Iraqi people and the Iraqi family income, in particular, its impact on the political, military, service and social conditions of the various sectors of housing, educational, health, agricultural and industrial .... etc



As you know, I did not touch on this subject because of a personal dispute with you, but Iraq is our country, the country of our fathers and grandfathers, and the country of our people and country our children and grandchildren, and to defend it and protect it and attention to his family, the responsibility of every honest person provides public interest over private interests. In this sense Tsidit for this it spoke in the media and has written several articles, has been briefed on the Inquiry that contain a lot of facts, I am in my response to what I said from the paragraphs not, seeking to respond point by point in order to defend my point tribes have your point of view, this polemics is useless, but rather, seeking from pink browning economic and monetary approach to mitigate the effects expected due to difficult circumstances we would face a natural result of the contraction of the country's resources due to the sharp decline of oil prices world dangerous for the future of the country and its implications, as I like to emphasize that saving mode does not depend on the central bank's policies, but must the country's integrated economic plan must be involved a lot of institutions to promote the reality of economic of the country and the absorption of the serious global decline in oil prices impacts and here's central bank will play a pivotal role in this plan, but not separate from the general policy and the rest of the state institutions have a special role.



The answer to your message and to discuss the clauses may take several messages and this is what I am dealing with gradually consecutive rings, because this matter would be of interest of many officials and those interested in the economic situation, and perhaps the message and discuss the vocabulary may be a platform for the intervention of the wants of economists and those concerned with economic who believe that they have the ability the enrichment of the subject and the advancement of this economic sector is particularly important and significant country and regarding his future in general, and I hope that accept cash (not a criticism) a spirit of sportsmanship in order to adulthood in the country for a beach road and the safety of the public interest of the country, yes, have had to respond to some paragraphs out economic topic which I do not want, but I may be forced to it of the need to place as will be seen could you please forgive me.



You mentioned that you Obulgtm one of my friends for dialogue, in particular, did not know who you mean and did not talk to me anyone in this regard; you said that you are not an imposed on Mr. Abadi, I did not Oot this argument of the builders of my thoughts, but addressed her brother-Abbadi, is the one who said it, and he knows those who he said, and he knows from being this argument, could you please ask him to give you the answer, and my nature not to talk otherwise has since learned that the right balance between the insured and uninsured is honesty, I do not know that I speak of something not sure of his health.



You said you are someone who does not belong to the party, as I know that you were the Dawa party, but if you leave the party based on the principle that the human factor in the state should not be partisan, I say God bless you this is what can be seen before from people who are trying to not move when Atsenmon center in the state of the premises narrow partisan but Igdoa goal devotion to their country and their homeland and not for their party.



You mentioned that the central bank auction was ongoing since 2003, why did not object, as you know, since 2003 until 2011 there was not two prices for the dollar, but a few teams is normal commission to the bank, but since mid-2011, demand increased abnormally on the dollar because of the economic blockade Iran and bloody events in Syria, and as a result of increased demand for the dollar in this way, there became two prices to the dollar and began the difference is increasing month after month, I have learned that at the time the seriousness of this situation on the country's economy talked with Dr. Shabibi in mid-2012, who shared with me his opinion, was his opinion is also taking practical steps to remove this difference, but as you know that this big difference was the reason for the richness of some of the advantage of the volatility in the currency and such a large difference between the two prices, so no suits them stay Dr. Shabibi after finding out his reform plan because it would close the door to these thefts and Mr. al-Maliki, as you know, was embarrassed by Dr. Shabibi because of his refusal to lend to the government, Vajtmat interest of both parties muggers and Maliki, Vfbrqua ​​him false charges show his innocence later, the risk is a continuation of this difference between the two rates has since out Dr. Sinan even to this day, continuing thefts.



It has many other things you mentioned in your letter to justify to a report that calls for asking these justifications and discussed and that is what I will discuss in the coming episodes, God willing.

http://www.non14.net/70252/علاوي-يرد-على-العلاق-بخصوص-مزاد-البنك-المركزي-الحلقة-الأولى