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Appendix: tight monetary policy and an effective means in the stability of the exchange market

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Appendix: tight monetary policy and an effective means in the stability of the exchange market

Unread postby admin » Wed Sep 11, 2013 8:47 am

Appendix: tight monetary policy and an effective means in the stability of the exchange market

09/11/2013 12:00 AM

BAGHDAD - Hussein ثغب Tamimi
counting specialist affairs, banking and financial tight monetary policy adopted by the Central Bank of Iraq contribute to reducing the phenomenon of dollarization is peppered the real value of the Iraqi dinar and restored.
said competent Samir النصيري in an interview (morning) that the strategic objectives it seeks to achieve the central aim to achieve monetary stability and price and then achieve the economic growth target.
pointed النصيري that the launch of the freedom of foreign exchange in accordance with the foundations of the new controls contributed to the correct path of the currency auction and strengthened the external value of the Iraqi dinar.
said that the power to address the dollarization, a measure of the effectiveness of monetary policy in the provision of reference moving to make the Iraqi dinar more attractive and that is usually reflected the stability of the demand function for cash or low speed the circulation of money and stability of any induced effect اشارتي exchange and interest variables positive actor in the stability of the cash demand and strengthen the mechanical moving cash at the same time. curb inflation, and pointed out that the procedures and means of the current adopted by the monetary policy of the inflationary impact of the phenomenon now play an important role in restrain caused by aggregate demand factors. Stressing that the Iraqi Central Bank continues to adopt its current policy efforts to reduce inflation and to address the trends and causes and manner provides a stable cash wider and تعجيلا in the rates of economic growth and ensure sustained through two signals two basic adoption by the current monetary policy in a hurry from the balance and stability of the financial market and the overall stability in the country. statutory reserve He hinted النصيري that the adoption of the requirements of a market economy by the central aims to control the liquidity of the public where the percentage of legal reserve (15 percent) and total reserve requirements on government deposits (5717) billion dinars in 2012 and has a (1250) in 2011, recording an increase rate 9.9 percent either the balance of the legal reserve to private sector deposits stood at (2907) billion dinars in 2012 after it was (2614) billion dinars in 2011, ie an increase of 11 percent. praised Bmlameh monetary policies, trends and ستراتيجياتها obvious being contributed to the reduction of hyperinflation, which negatively affected in all parameters of economic life. Since the siege imposed on Iraq, and as a result suffered Iraq wars and unrest many deteriorated all the productive sectors, and the gap too big between wages and salaries and rising prices, but the CBI has founded monetary policies appropriate to reduce inflation calmly and smoothly does not affect the general economic situation. financial statements and touched النصيري to obstacles and criticism from researchers and experts bankers and the relevant authorities because the face of the banking sector and private sectors, and specifically on the episode fundamental in the field of credit and investment, particularly stated in Article 28 of the Banking Act No. 94 of 2004. noted that the Iraqi banking sector consists of Bank CBI and (50) banks which (7) state banks and 43 private banks, including 12 branches of foreign banks as there are (7) Solo Arab and foreign countries in the capital of Iraqi banks and analysis of activity of the banking sector, the government and private sectors in the light of the demonstrated financial statements as of 31/12/2012 note the following requirements and the development of the total capital of banks authorized workforce peaked at the end of 2012 (6.5) trillion dinars and relative importance (31 percent) of government banks while the ratio in banks Private (69 percent), compared with (3.95) trillion dinars for the total capital of commercial banks operating in the end of 2011. and added that this growth in the capital of banks is one of the positive indicators in promoting stability banking, for being more leverage and strengthens their ability to face risks, and ensures the safety and durability of the banks and a greater protection for depositors, so is this rise in capital of banks little in front of the requirements of economic development in Iraq, due to link the upper limits for lending a capital bank and its reserves of sound, as the development projects large need to loans and borrowings Large cash to enter strongly in the Iraqi market to contribute effectively to the development of the Iraqi economy. credit cash granted النصيري explained that the total balance of credit cash granted at the end of 2012 amounted to (28.4) trillion dinars, an increase of $ (118 percent) compared to 13 trillion dinars in the end of 2011, and reached the relative importance of the banking sector the government 82 percent of the banking sector for 18 percent. and the evolution of total deposits to 61.9 trillion dinars in 2012 by 47 percent compared with the year 2011 of $ 42 trillion dinars distributed to government banks with 53.3 trillion dinars, and the relative importance of 86 percent and private banks 8.6 trillion dinars relative importance of 14 percent for 2012.
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