Foreign Exchange Reserves At the Central Bank … Conflict Development or Stability?

February 27, 2010 · Posted in NEWS
Foreign Exchange Reserves At the Central Bank … Conflict Development or Stability?

Dr. Saad Al-Hassoun Hayali

That the principles of economic development is economic stability, political, and social development. The question of financing development should not be moving towards the use of federal cash reserve, the fact that this reserve dedicated to support the national currency, the CBI countries must be respected independent authority of the government.

Linked to the parliament for fear of manipulation and interference in its policies that aim to maintain the purchasing power of the people and by the appropriate non-interference in its policies, support of economic stability, and provide advice to the government. The refutation of the ideas put forward by a fellow brother, Dr. Abdul Hussein Al-Anbuge can be summarized as follows:

First. That the cash reserve at the Central Bank, is designed to support the Iraqi currency, either on Financing for Development must be of the proceeds of the investment budget for the Iraqi government, and fiscal revenue from taxation, and that development is not limited to the amount of money but there is a human potential Iraqi unemployed, can be used in the reconstruction process, especially the infrastructure sector.

II. That the policy of the Iraqi Central Bank to raise and support the Iraqi dinar is very important in increasing customer confidence in Iraqi dinars, which contribute to increase the volume of foreign investment and local levels in Iraq, and the axioms of the theory of money, banking, currency and prestige of the state when the currency weakens less prestige of the state.

III. That monetary policy should be supportive of government activity, but not at the expense of the rates of the local currency, the final say in the matter of economic policy of the Government, in the rationalization of consumer spending, in favor of investment spending, military spending and the media, etc. ……… .

IV. That the solution to the problem of unemployment, ought to be the establishment of Bank finance small projects in Iraq, the aim of supporting young people towards production, for example but not limited to, projects hatching eggs in the poultry industry, projects to rehabilitate the workforce unemployed, an increase in repair shops, and control of import market electrical contracts in the security and maintenance of after-sales, so there is no guarantee for one year for each device enters permanent consumption of Iraq, control and quality control and quality control for all imported goods. Are also dealing with corruption and the corrupt, impeachment and the replacement of new faces believes piety and good works (public interest).
As well as feminine protections officials and identified a certain limit, in parallel with improved security and political performance of good government.

V. Download the Central Bank of Iraq, a failure in economic policy planning and executing the economic faculties, national consumption, national saving and national investment, national income, and the flow of commodities and cash flows, all of these revolve in the orbit of the general economic policy, limited to the task of the Iraqi Central Bank in promoting this general economic indicators, or even reducing its activity. He did not give the brother Dr. Abdul Hussein any of the indicators, only a discussion of the topic in a narrow part of the Iraqi Central Bank reserves, while the reality on the ground, poor performance in the implementation of government projects related to security reasons, as well as a Mahsasp partisan and sectarian, Brake direct the work of the Prime Minister to choose and change his crew the government, over the five years we have not seen a cabinet reshuffle is necessary so as to enhance lifting of the government’s performance, which he referred to Prime Minister Nuri al-Maliki, in more than one occasion.

VI. That the responsibility of the Iraqi Central Bank lending to the government for government bonds in all countries of the world, but the Parliament’s debates with HE Minister of Electricity, and explained to people that there is a failure in the performance of a large ministry, there is no problem financing, but there are substantial financial resources, Ohdrtha his ministry, the shapes and forms different possible reference to the records of the House of Representatives.

My good brother I can not thank you for the beautiful article published in the newspaper the morning, and thank the efforts of the Central Bank of Iraq, led by colleague Dr. Shabibi, who testified to his Balalmip professionalism and crew, who runs the Central Bank of Iraq and the policy of the prestige of the Government and people of Iraq

http://www.google.com/translate?u=http%3A%2F%2Fwww.alsabaah.com%2F&langpair=ar|en&hl=en&ie=UTF8