Parliamentary Finance: The government would appeal in the “central” sales restrictions

Parliamentary Finance: The government would appeal in the “central” sales restrictions

03/06/2015 17:50

Long-Presse / Baghdad
Finance Committee in the House of Representatives suggesting that the government is moving to challenge substance identified in the budget ceiling of the central bank from the sale of certain foreign currency, which is one of the main modifications within (17 articles) introduced by the Parliament during the sessions saw the adoption of the budget law in the month of January last. It also defends adjusted to that paragraph says it guarantees not to waste money, a spokeswoman for the big money has been “Bleached” over the past years.
This comes at a time criticizing an economist involving the “paragraph central bank” within the budget law, and considers it one of the reasons for the instability of (dollar) in the exchange rate in recent times, suggesting that citizens in panic due to the fluctuation of exchange rates, and the recent financial impact will continue for several years.
The Cabinet decided Tuesday to authorize boss Haider Abadi right to challenge some of the provisions and articles contained in the federal budget for the current 2015 law, and to present its provisions and materials contested the Commission crisis.
He says the Finance Committee member Massoud Rustam “long” that “Parliament has not yet received a formal letter of appeal government paragraphs budget”, but it is likely that he probably would appeal to Article own set daily sales of the Central Bank of the dollar 75 million dollars a day, based on the “objection previously issued by some parties of the government, which has refused to this article. ”
And defends all Rustam Add parliament that paragraph, saying “We have information we will ensure them, the existence of cases of corruption and money laundering of money – refused mentioned Balthdid- contributed by the central bank sales over the past ten years.”
He said Rustam said that “the information is pushed from the parliament and the Finance Committee to restrict the Central sales of the dollar for fear of wasting money.”
Parliament has been added and amended some 17 items in the budget law, notably Article 50, which states that “the central bank is committed to identifying sales of foreign currency (dollar) in daily auction ceiling not to exceed $ 75 million a day with the exercise of justice in the sales process.” And other materials related to reducing the number of cars of the three presidencies to five cars and the allocation of three cars each minister, and pressure Alaivadat Foreign Posts 50%, and compel the Ministry of Finance and ministries all under the pay and entitlements of staff in the provinces in the hot areas, install the contract-holders in the ministries who have three service years and older in the budget of 2015 and the creation of the reconstruction of areas devastated by the fund terrorism, and the allocation of two dollars for each province producing oil, and two dollars for every barrel of oil refining.
But Abdul Aziz Hassoun, an expert in the affairs of the banks and the economy criticizes Article 50 of the 2015 budget, he says, “long” that “these extraneous material on the budget and is not related to the state funds spent and the gates of administration by law.”
He adds that the Goldfinch “determine the central bank sales in its daily auction from the sale of the dollar contributed to the Tzbb currency rates.” As “The instability of the dollar was due to panic Iraqi government news from the scarcity of liquidity, prompting everyone to turn on the switch of the national currency to the dollar.”
Goldfinch says that “the government is the source of pumping money into the market, while scarce liquidity of the government, forced banks to non-fulfillment of obligations of borrowers who provide services to the government (and equipped contractors) and the delivery of other customers for their money.”
He adds Hassoun that “last year closed the banks on a wide range of obstructed loans that have not paid, and I tried this year, the allocation of funds to cover the deficit through earnings, so bogged down economic cycle, and began to banks facing mounting customer requests for money after that restricted some banks to launch money deposited with it “.
Criticizes Goldfinch Central Bank, which says that he “has the tools to decode strapped banks, through the monetization of assets, Verhn bank bonds and turn it into money,” stressing that “the central bank has a large stock of money, because Aovernmh- experiencing a crisis in Alsjulh- not have dollars to give to Central to turn him into a dinars. ”
And other solutions says banking expert that “banks achieved a surplus of money at the end of each working day, the international banks are not taken to be stored, but converted to other banks in the case of cooperation between banks to achieve liquidity to meet the demands of customers, but this does not exist in Iraq.”
On the other hand is likely to continue Goldfinch effects of the current financial crisis for years due to poor economic planning and Tdharbh, and “dispel” more than 75% of the revenue generated in an operating budget. It also says that consumer behavior during this phase change and comply with the sale and purchase transactions.

almadapress.com