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Dinar Investor
11-29-2010, 08:32 PM
Variation about the Iraq policy, monetary






Posted 30/11/2010 12:00 AM


IRIN - Baghdad: varied remarks Iraqi government officials on the position of the IMF monetary policy in Iraq, while the announced adviser in the Iraqi government, the IMF requested changes to monetary policy in the country, denied the central bank adviser Antqaadat receive from the Fund on this policy.

A member of the advisers in the Iraqi Council of Ministers Abdul Hussein Al Jabri that the IMF mission held extensive discussions with the Iraqi government and informed the Iraqi side, it is not convinced of monetary policy in Iraq, and demanded changes.

In a press statement to Al Jabri said that the International Monetary pushing for broad changes in many joints of monetary policy in Iraq.

The introduction of changes required - according to Jabri - disbursement of funds and the reduction of inflation, and develop a plan and a vast and accurate to encourage the private sector, which suffers a lot of decline, and address the sagging career in government circles.

He did not say Jabri nature of the situation of the Iraqi demands.

However, a senior official in the Iraqi government denied this, he stressed the adviser to the CBI the appearance of Mohammed Saleh of the island had not been notified of the demands of the Bank Fund for the monetary policy pursued by the government.

He added that there are contacts and continuous meetings with officials and delegations from the IMF, which is discussed in the economic and financial Iraqi.

Denied criticism
Salih stressed that the Iraqi side did not receive criticism related to monetary policy, pointing out that the Fund's detailed knowledge of what has been achieved in this field, especially during the past years.

Saleh pointed out that the central bank - which is responsible for monetary policy in Iraq - was able during the past two years to maintain the exchange rate of the Iraqi dinar against the dollar (settled at a price of 1116 dinars to the dollar), while it rose in the years prior to high levels when it was three thousand dinars to the dollar.

With regard to inflation, he explained that he had dropped in favor of a high proportion of core inflation.

And added that it has been building large reserves of foreign currency in Iraq, and reached the limits of fifty billion dollars.

He accused critics of fiscal policy in favor of Iraq's intent that they confuse it and create a confusing picture about Iraq.

In the context of modern Saleh said that the Iraqi economy is affected by the situation in the country and in the forefront of the security issue.

The need for reform
For his part, endorsed the economic expert, Mohammed al-Samarrai the need for reforms in the monetary policy in Iraq.

And in between talk of the island revealed that Iraq, which joined the system since 2003 to capitalist countries need guidance from the IMF to put reforms on the monetary policy to promote the important joints in the economic sector.

However, the Samurai, accused Baghdad that it does not have a clear monetary policy, pointing out that the Fund wants to economic policy transparent and accurate as they are the basis for the relationship between the Fund and the States.

He pointed to the need for Iraq to re-examine the laws and procedures relating to the taxes, and encourage domestic and foreign investment and the reform of industrial infrastructure and upgrade to the advanced industrial reality in the world.

It is noteworthy that the Iraqi Constitution in its Article No. (100) count the Iraqi Central Bank official body responsible for the conduct of monetary policy in the country, and that is accountable to Parliament and not to the government.



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SallyDS
11-29-2010, 09:38 PM
The only thing I can relate this article to is Med's chat a while ago where he said (I hope I am right) that Iraq wanted to borrow money from the IMF and the IMF say no. If I am right, then this seems to be a continuation of that discussion. right?

GiGi
11-29-2010, 10:38 PM
Thanks for the post dinar investor. Sounds to me like they are pushing for an international currency to move their country forward, but someone in the gov is trying to cover or hush whats happening like everyone else is deaf and dumb to what is going on. I believe the natives are growing more restless ....

moonbeam
11-29-2010, 11:33 PM
The last line... CBI is accountable to parliament and not to the government....MALIKI get your hands out of the till!!!.....thanx DI