Allawi compares monetary policy to Dr. Shabibi and Mr. Ali Keywords
Allawi compares monetary policy to Dr. Shabibi and Mr. Ali Keywords
Monday April 4, 2016 – 12:00
By: Mohammed Tawfiq Allawi (Episode II) this topic Sadun 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 country of difficult economic conditions due to lack of resources and the large number of commitments 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 and the 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 owned Jordan and Lebanon, all of that is due to the correct economic and monetary policies of the country without waste or corruption or wasteful, and even though he found some corruption can not compare that to what is happening in Iraq. (monetary policy to Dr. Shabibi) is due great credit for many aspects of the evolution of in 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 zero to economic system free points 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 represented the monetary policy developed by Dr. Shabibi six important topics will be described below, namely: to maintain the fixed price of the currency compared to the previous stage , which was the currency in which deteriorate value day after day without the presence of selectors, it 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 raise the price of the dinar gradually until the dollar stood at less than 1200, it has 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 in this regard was his answer to me that 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 presence in Iraq for 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 in part, but it is known that monetary policy coherent economic and financial policy, and the negative impact on the sector agricultural and industrial monetary and economic policies axioms, 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 the government ‘s 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, Dr. Shabibi I’ve been able to 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 Dr. Shabibi at all, I was unfortunately wasted nearly half that amount because of the policies is examined during the previous two years. take the necessary measures for the establishment of an Iraqi civil banking system, where the Iraqi banking sector is dominated by State – owned banks in the absence of domestic banks only narrow and limited level, the problem in Iraq is not their lack of expertise in this area, but the lack of capital Iraqi sufficient to create community banks, was a political 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 banking interest rates, and raised dozens of new private banks, but do not take these steps because it is possible the emergence of Iraqi banks ownership of an Iraqi, but it was natural that the branches in Iraq to banks , non – Iraqi arise, and thanks to Dr. Shabibi, as well as it has led policy to generate confidence in 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 of the central bank with a simple commission teams calculated naturally to the bank rate 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 mid-2011 , when 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 to provide the dollar as the market need, lest utilized speculators and those who have the power of politicians and pay high bribes to get a larger percentage of the 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, bought the corrupt politicians and is calculated on them dollars at a few from the central bank, then sell it a high price in the parallel currency market, and traders are buying at a high price, credited 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 the 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 is considered a major feature and the completion of a distinct policy 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 the 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, has managed to triple Dr. Iyad Allawi as prime minister , and Dr. Adel Abdul – Mahdi as finance minister , and Dr. Shabibi as governor of the Central Bank dialogue with many countries , which was to 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 now remember grand theft, but it is not the major achievements which are equivalent to the thefts addressed in importance, 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 class and then Dr. Shabibi follower and CEO of the 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)
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