Keywords: No conditions or external to the dictates of international loans
Keywords: No conditions or external to the dictates of international loans
Revealed «morning» on the transfer of dozens of money laundering files to eliminate
BAGHDAD / Tariq al-Araji
The Governor of the Central Bank on the Keywords that the bank is preparing to launch the second meal of Treasury bills by $ billion to banks Alaalmih.obinma confirmed the absence of any “conditions” or “dictates” on Iraq by the International Monetary Fund and the World Bank on the issue of loans, explained that the reserve currency hard “comfortable and reassuring , ” according to the criteria Atah.kma stressed Iraq ‘s success in the transition to the rank of “observer member” according to the rankings of international financial dealings after he was threatened with years ago by placing it in the “black list” .sv Keywords in a dialogue with the “morning”, for referral of dozens of special cases of money laundering and the financing of the Terrorism on the judiciary, and this dialogue text:
* How is the stock of the Iraqi Central Bank of hard currency and what are the factors that help falling or rising?
In the beginning must know what these reserves and how their composition and the factors that lead to the rise and fall because it is very necessary in the evaluation of the reserve sites at any time, and to find out the role of the central bank in this process, the foreign reserves in the bank by virtue of the Iraqi economic reality is directly linked to the basis of resources dollar derived from the export of oil, and the other hand , the demand for foreign currency derived from the market demand and the government sector and the process of reserve accumulation or generated , a process that take place outside the framework of the central bank, and the specific component basis for this process is the unilateral economy in For Iraq does not issue non – oil and there are no things possible to be generated or augmented foreign currency, besides the dollar remittances go from the inside out due to migration, displacement, study, treatment and other, so the focus on the central bank in this issue lacks precision, the Bank of the fact that not It creates supply or demand because the two components are controlled with two reserves outside the framework of the Central Bank. Cash reserve As for the reserves of hard currency. The bank and despite the decline in oil resources by up to 70 percent and thus lower dollar revenues by 70 percent, it managed to maintain reserves of foreign level acceptable currency within the international standards, as the basic criterion for the adequacy of the reserve is covered by currency local; the sense of how much we have dinar and the corresponding dollar, and is now to reserve the existing amount exceeds the amount of local currency in Iraqi dinars, and it is within the standard for the admissibility of this reserve, and Iraq is still within the IMF said International that Iraq ‘s reserves “comfortable and reassuring,” the IMF by virtue of preparing the credit agreement is the process of calculating this reserve periodically, and another study of the fund presented according to his reading reserve from now to 2021, indicate that the reserve will remain acceptable and reassuring level. The reserve in the daily change and ranges between 47 billion and $ 49 billion higher than the level of the reserve for the year 2016, so the extent of the ability of this reserve that remains level acceptable depends largely on oil prices , which now undergoing a slight improvement which is better than in 2016 , so we do not feel concerned about this reserve within the existing indicators, which helps to maintain the reserve also reduce the demand for the dollar , which requires reducing consumer spending by the government, as well as reducing the deficit in the state budget, because there is an inverse relationship between the budget deficit The reserve, the more swarming G affected reserve, so we if we want to measure the level of decline in the reserve, we will see that asymptotic deficit , which was financed by the Central Bank, so we draw an invitation to the government and the House of Representatives and to all those who worry about foreign currency reserves , to say where that ( the matter in your hands and not in the hands of the bank Central) because whenever the budget were the biggest deficit there was a direct impact on the foreign currency reserves. Loans and Benefits * There are some politicians Ieibon Iraq to resort to international organizations to borrow to overcome its crisis, stressing that this matter Sakpl Iraq in the future? Iraq from contributing countries since the beginning of the International Monetary Fund and the World Bank, and repaid over all these years , annual subscriptions like other countries as a member of his rights in the IMF and the World Bank as any of the States that are exposed to financial difficulties or financial difficulty and have the right to get the facilities support, loans and other than can be submitted to the country, and therefore may be surprised sometimes by criticism directed to asylum Iraq for these organizations to obtain this support, and the fact that the right must take it in exchange for our contributions and the amounts paid to these parties, and the second issue is that the IMF is checker The international economies of the countries and indicators that are reflected in his reports on these very important countries for direct impact on the financial and economic relations with the countries of the world financial organizations, banks and international banks; therefore we must be careful harmony with what shown by these indicators or requirements, because they give the green light to the position of a proper state, thus obtaining facilities, grants and other financial transactions. Many people seem to think that there ‘s dictates and conditions of these organizations, and this is not true because the nature of the facilities and loans provided by the Bank and the Fund International , which take into account the financial situation of the country in terms of repayments, and interest rates are very low up to one and a half percent for many years, and with the decline in oil revenues and under conditions faced by the country of displaced military expenditures and many requirements linked to this side, no doubt will make Iraq needs external funding to meet the shortfall, the program is subject to finance Iraq this year and the next two years up to $ 15 billion, and even Iraq gets this funding, The International Monetary Fund is issuing reports on the commitment of the country ‘s financial, economic and monetary his plan, because it can not be the organization which is paid money from contributions by States to grant such money if there is a case of a financial breakdown of or the absence of control over expenditure and maximize revenue and is fully consistent with the reform plan presented by the government, which aims to reduce unnecessary expenses and increase other non – oil revenues. Some believe that the IMF has been pushing for affecting the expenses pertaining to the community and this is not true, but on the contrary, the IMF proves reservation if the social expenses such as health, education and social protection network and the ration card and other social and necessary expenses not spend allocated public budget State on these areas, and many aspects of the economic and financial reform of the Fund in line with the government ‘s reform plan, the next term will see the launch of loans and aid to larger and in accordance with the second revision now taking place in Washington and completed the end of this month in Amman, The fund was a positive report will give the green light to new batches released soon. Treasury bills * Does Iraq will present the second meal of the treasury banks , international banks , bonds and the amount of the amount of such bonds? Bonds that were guaranteed by the US government raised and sold by $ billion, this guarantee has helped to reduce the interest rate to about 2 percent , or a little over that, Iraq has the intention of offering another billion and this was the goal from the beginning, according to the budget law that raises two billion dollars , In order not to be interest high cost guaranteed US US billion dollars to be a billion other interest – bearing market combines with other interest, so that the average of two billion up to five percent , and this helped the rate cut and now work is underway on the configuration to put these bonds to international banks. Money laundering * has embarked on since the assumption of your office to activate the Anti – Money Laundering Office and the financing of terrorism is achieved by this office to now? The fight against money laundering and the financing of terrorism , the Office granted special attention and provided the resources and independent budget and financial and administrative independence, and the office a long time needs to build its capacity to exercise its role, but within the last term he was able to accomplish many of the aspects required by the process both by issuing regulations, regulations and legislation, for the first time in the history of Iraq has been issuing regulations for each segment of the slides starting from stockbrokers and gold traders, accountants, lawyers, lawyers, insurance companies, banks and all sectors related to the subject of money laundering because it is a multi – rings must be integrated with each other to give Allant C required, and in this aspect has been completed Anti – Money Laundering Law No. 39 of 2015, the latest laws and responds to all international testing requirements have been direct coordination with these organizations and in the light of which all have been issuing regulations and regulations on this side of the legislative or legal. In the practical side; it has about the central bank anti – money laundering law to the rules of executive process within the banks, which are the cornerstone of this framework, and for the first time happens that the central bank committed banks by developing units to combat money laundering in each bank units and risk management units for the management of compliance was actually formed in all banks and with the support of the Central Bank for the training and rehabilitation of cadres concerned, for the first time is also the base principle of “know Your Customer” in the banks , which represent the cornerstone of knowledge of sources of funds and to detect any suspicious operations by comparing the company through the application of Funds that deal or deposited in banks and between real activity and the nature of its work, and will be followed up and monitor this principle carefully now by examining the forms in the banks by the Central Bank, and any suspicions regarding this matter shall be referred to the judiciary committees or relevant sanctions Bank Central. The fight against money laundering and the financing of terrorism office – in the former is the first of its kind in Iraq – it has become a producer of issues bearing suspicions of money laundering and referred to the judiciary, and there are dozens of cases have been referred last term on the judiciary and the Department of which the provisions were issued and the Department is still in the courts, and included various people, legal nature requires “confidential” work of this office, and that access issues are not published or because the nature of “very secret” in this context, and even the office has its specificity and independent place, the central bank does not have access to the details of the issues, and the success of the office indicators that monitor by an international organization concerned with this the He passed the International Labor Organization , which monitors states and the extent of its commitment to the terms of the organization and rules of anti – money laundering. Black list and when we received the responsibility of the Central Bank of Iraq was about to be placed in the “black list” This was a great danger of the country ‘s vulnerability to the international ban on financial transactions, and follow – up to the International Labor Organization of the measures that we have undertaken within the framework of the Central Bank and the Office of the Anti – Money Laundering and abide by the rules and regulations required applications, we were able to remove Iraq even from the “gray area” and we came now to “follow – up area”, if passed this stage we become a full commitment and there is no problem, and now the follow – up process taking place normally, and reports the organization points to progress Great commitment to winning Iraq ‘s requirements, rules and standards that have been developed in this framework. The theme of the fight against money laundering requires concerted multilateral efforts, central bank and banks are a ring of these rings, so was to establish “anti – money laundering and the financing of terrorism , the Council” which is stated in Law No. 39, which includes all stakeholders in this matter and its meetings are continuing to coordinate efforts in this framework between the security and intelligence, regulatory and judicial authorities and the ministries concerned, and that the Council is important and is now working on a national strategy to combat money laundering and the financing of terrorism , will be the first in the history of Iraq, and that it needs a long time to prepare all episodes related to it because the issue of gas Yale money goes through various stages, and therefore must abide by all these loops rules and regulations, and began these workshops provide documents and reports from various slides and all money transfer from stage to stage operations. Refund * What steps Iraq to recover the money smuggled the dictatorial regime and the money that fled after 2003? There are two circles responsible are the basis for the recovery of Iraq ‘s money process , whether related to the system of the former or after 2003, and specializes in the Ministry of Finance next to recover funds smuggled the former regime, while concerned with integrity money smuggled body after the 2003 corruption and others, this effort is still modest and needs a lot of work, the foundation of which must be from which this work is to provide the framework of a judicial legal cooperation between Iraq and other countries, Without an agreement for this cooperation is difficult to get information or prosecution of money, and secondly must provide complete documentation and conditions recovery files to be submitted to For other countries, as it is not just enough to simply request information or inform, because the file must be integrated, and frankly, this effort is long overdue and remains modest and needs a lot of coordination and provide the legal framework and the signing of agreements with other private countries that are suspected or which can be the money back to Iraq.