Replies to post #23885 on Iraqi Dinar Discussion Board (IQD)

[Panhead]

Iraq government flays central bank on forex sales
Monday, 5 Apr. 2010
7.09 PM Dubai Time

Iraq government flays top bank on forex sales
By Reuters
Published Monday, April 05, 2010

Iraq government flays top bank on forex sales. (SUPPLIED)
Iraq's Finance Ministry has criticised the central bank for allegedly failing to check foreign exchange sales, but the bank rejected the charges as politically motivated following elections.

In a rare public squabble, the ministry said Central Bank of Iraq figures for daily sales of $021 million in foreign exchange to import commodities and food did not match amounts imported.

"This calls for additional efforts to know the real amounts allocated to import foodstuffs and commodities, where the Central Bank of Iraq and private banks are responsible for making such checks," the ministry said in a Thursday statement.

The ministry's customs unit made its findings after verifying data with the audit office, it said.

However, the central bank said the complaint had "suspicious motives" that clashed with the audit office's usual neutrality.

"What is going on reflects a deliberate politicisation that takes advantage of the political transition the country is going through to bring on economic upheaval," it said in a Saturday statement.

The central bank did not elaborate on alleged political interference.

Iraq is facing a lengthy period of political horse-trading to form a government after March 7 elections failed to produce a clear winner.

The central bank, Finance Ministry and audit office have separate political roots.

The ministry is controlled by the government, parliament controls the audit agency and the central bank is independent.

Iraqis had hoped that last month's vote would stabilise the country after years of war.

A cross-sectarian coalition led by former Prime Minister Iyad Allawi won two seats more than the mostly Shi'ite Muslim State of Law bloc headed by Prime Minister Nuri Al Maliki.

http://www.business24-7.ae/banking-f...04-05-1.102819

[Aerospace]

Yes No Yes No Yes No

Political first : The Central Bank denies the deletion of zeros from currency
(No deletion of zeros.)

BAGHDAD - morning


Iraq's central bank denied the rumors in some media on the intention to delete the three zeros from the dinar at the present time. (No deletion of zeros at this time.) The chancellor said the Bank the appearance of Dr. Mohamed Saleh to the editor of "Al-Sabah economic":



The Central Bank is proceeding with the development strategy for the reform of management system of currency and payment system, stressing that the current will not see a raise zeros from the national currency, (current, not raise zeros) but Bank is to examine procedures that facilitate the implementation of this mechanism does not affect the stability of the market. (wait, what, bank will examine implementation of this mechanism)

Saleh disclosed that the central bank will announce on this procedure before time to give citizens the opportunity to organize their situation before the operation, (they will announce before the operation, so it will happen??) adding that such measures will depend on the extent to which security and economic stability. and most likely that the parties embark on speculative currency and prices are behind the firing of such rumors and promoted in the media.
LOL... the rumors are coming from Saleh. He was the one quoted in the media as saying it will happen before the end of the year.