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Thread: Redenomination moved to end of 2010 (or smokescreen?)

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    Arrow Redenomination moved to end of 2010 (or smokescreen?)

    Al-Zubaidi: 2010 budget did not give the security a priority for the first time after 2003 for: Central Bank began raising project zeroes cook over a low fire

    BAGHDAD - Firas Al Sadoun

    Said Baqer Jabr Al-Zubaidi, Minister of Finance said the current year budget did not give priority to security for the first time since 2003, but gave it to the person represented by the Ministries of Education and Higher Education and Scientific Research and human rights, environment, culture and the recent increased its growth rate of 40%.

    Whilst the appearance of Mohammed Salih, adviser to the central bank raising project zeroes currency promoted by the government in 2007, "Central Bank Itboukh on the backburner" and expected to see the end of 2010 or early 2011 on the development project. "

    Denied, Bayan Jabor, the Minister of Finance to be relationship between the ministry and the Central Bank tense at the moment.

    He said Zubaidi's "world" that "the tension of the right of the relationship due to some 6 months after the Central Bank Governor Sinan objection Shabibi my request and asked Prime Minister Nuri al-Maliki to issue transfers treasury stock (support reserve currency) to support projects for electricity as the Bank Act does not allow using balance.

    "Now that at that time" we go back to the House of Representatives, which is linked by the bank, but also rejected and put some text in the budget law prevents the use of the reserve. "

    He said al-Zubaidi "We went back to the House of Representatives and we take the approval of the use of money in the banks they represent deposits of the country and the citizens of more than 10 billion dollars, we used 2.5 billion U.S. dollars, including Sentviha this year as stated in the text of the budget as we will use 2.5 billion again this year to be paid back next year".

    And variation in fiscal policy after the pre-2003-Zubaidi stressed the difference between the two targets, pointing out that new ones are "activating the work of banks and development, we have developed banks Rivers, rational and real estate and agricultural sectors.

    The first two have received a report from the company brings the Global Advisory Point after I came to the ministry in 2006, suggests the liquidating because of the debt of the former regime after the commercial made them debtors to borrow for more than 13 thousand creditor has refused to liquidation for many reasons, most important of which there are 14 thousand families working in the branches of banks Miloha ".

    He says al-Zubaidi "For real estate has found it to hang him from fully Vaguetrdhana Rafidain and Rashid 200 million dinars, and retook the specialist, as we did until the farm was loaned in 80 thousand projects in 2008."

    He said the second objective of the new financial policy was "to improve fiscal policy has achieved a lot in this aspect and we would expect in 2010, tax revenues amounting to 3 times what it was in 2008.

    The third objective for a policy of the new customs, especially after the parliament's approval customs tariff law of either the fourth goal is to increase the basic state revenue. "Zubaidi promised a budget objectives of the ministry, which is renewed each year, adding that the current year budget" did not give priority to security for the first time since 2003 but gave it to the person represented by the Ministries of Education and Higher Education and Scientific Research and human rights, environment, culture and the recent increased its growth rate of 40%. "

    On the other hand the central bank will continue the policy of stabilizing the exchange rate of the dinar against the dollar.

    And about how diametrically opposed this policy with the policy of economic reform followed by Iraq since 2003, under which the installation is a departure from the principles of capitalism Judge freely exchange rate liberalization.

    Said Mohammed Salih, adviser to the appearance of the central bank said that "Iraq is in transition toward a market economy as it targets the central bank has worked to achieve the stability of the dinar exchange rate, after the fluctuation is a concern for the citizen."

    In response to the indictment of the central responsibility for the rise in inflation despite the policy followed by the installation.

    Saleh said that "the Central is not interested in lower prices in the marketplace but is responsible for the overall level of prices, and inflation declined in the country and income for the first time arranged to one decimal place, a 6% after 60% note that there is no price in the world series back to back, but it is important that be the price hikes under control."

    On the role of the current banking system and the possibility of its contribution to economic development between the benefit that the "nature of the banking system inherited and that 80% of the banking operations of the tributaries and rational government and 20% of the civil status of a province and its ability to open its contribution is limited.

    We aim to integrate in the Central considerable ability of small banks and the restructuring of Iraq and rational work on a market economy, a path is not cushy.

    The contribution of the banking sector in economic development, this work needs to be institutionalized, while a great effort that the banking system reported since 1964, when banks were nationalized and entered into the problems of war at a time when private banks were not capable of development, and now there is improvement in the banking system. "

    And on the effects of global financial crisis on the Central, Saleh added that "the crisis did not affect the bank because the reserves were deposited in overseas banks safe from any adventure."

    Regarding the fate of the project of raising the zeroes from the currency promoted by the government in 2007, Saleh pointed out that "The project Itboukh the bank to the backburner, and I expect to see the end of 2010 or early 2011 on the development project."

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    Re: Redenomination moved to end of 2010 (or smokescreen?)

    Good post, thanks.

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