...some good news of hope...seems like both a moment of reflection, as well as projection by the economists...and a reminder of their intentions...
Experts: out of Chapter VII vacated (cancelled and relinquished) the CBI of international responsibilities (obligations)
On: Sun 20/04/2014 0:31
Abdul Ghani al-Saidi / Baghdad news
The views of monitors of the economic and financial sector and banks on the withdrawal of Iraq from Chapter VII and the impact this is going out (to have) on its monetary policy.
As the economist Ibrahim al-Mashhadani said, "the measures taken by the Iraqi government after emerging from Chapter VII is the fact (evident in) their portfolio of financial and economic."
al-Mashhadani said in a statement singled out by the (Baghdad news) on Saturday, that "Iraq (being out) from Chapter VII with the Central Bank's international responsibilities (obligations) will now being able to function (and follow) thru with the restoration of Iraq's financial abilities (financial capabilities and prowess) which they enjoyed during the period before 1991."
al-Mashhadani said that "the central bank had a law passed in 2004 promising an independent institution and (having the freedom to) practice its cash well away from political influences or political sides," indicating that the process of coordination between fiscal and monetary policy needs to be a re-audit (reconsideration) of two things: first that Iraq is now out of its international obligations since exit from Chapter VII and the second thing is that the central bank is the party (entity) that draws up (delineates) monetary and fiscal policy in Iraq, whether internal or external.
He explained that "Iraq's emergence from Chapter VII has had a positive effect on the work of the central bank through many dimensions, including economic dimensions, because it will include a monetary policy that will have great weight in the economic and financial role of Iraq in the region."
Among economic expert Hatem Alboati said that "Iraq now being out from Chapter VII has carried out (fulfilled) all Olaltazamath the other international trends (changes and development towards a course of direction) of being in the international community and therefore there should not be any cause (inhibiting or preventing) the process of the CBI."
Alboati said in a statement singled out by the (Baghdad news) on Saturday, said that "the central bank's money funds are considered sovereign and cannot be compromised or manipulated Bmekdradtha whether Iraq is under Chapter VII or not, and they are under the economic protection of the World Bank."
He added that "(as it is with) all countries in the world, the money in the central bank, which is the money of the sovereign, has no right to any political party or partisan or international manipulation, so the international laws that protected the money in the central bank under the terms of Chapter VII, will continue as well as with cohesion (unity) after the withdrawal of Iraq from Chapter VII."
He pointed out that "Iraq emerging from Chapter VII is a replay of the prestige of the Iraqi state, after the right of the former regime, (which) damaged the prestige of Iraq, and Iraq has fulfilled its obligations to pay 41 billion dollars to Kuwait in compensation for the war between Iraq and Kuwait, where the Iraqi people will have to pay (up) as a result of the policy of the former regime reckless."
And that "the amount of money that returned to the Iraqi Central Bank after the withdrawal of Iraq from Chapter VII is estimated at 82 billion dollars, which will cover the dinar and contribute to lifting (elevating) the economic situation."
For its part, said economic expert d. Sumaisem peace that "Iraq being out from Chapter VII allows (gives freedom for) Iraq to use their money into investments through the Central Bank."
Sumaisem said in a statement summarized by Baghdad (news) on Saturday, that Iraq "was supposed to "activate" fiscal and monetary policies with their exit from Chapter VII, but the process of volatility (vaporization of intentions) that hit the monetary policy in Iraq, and that the changes, which included changes in the central bank recently prevented the benefit of good (things) from the process of Iraq being out from Chapter VII." (and we know who and what "hit the monetary policy in Iraq")
She Sumaisem said that "the absence of specialists (personnel and infrastructure) in the field of monetary and financial sectors has also been the main reason behind the lack of development of monetary policy in Iraq, after their exit from Chapter VII."
(But overall) It shows that Iraq (being) "out from Chapter VII will return great economic benefits (for the) country. And Iraq will also convey to the rehabilitative development, by allowing (opportunity) for major global construction companies (to come in) for the purposes of reconstruction, and therefore, Iraq will return to the incubator (situation that encourages development) from the international community after a break that lasted more than 23 years."
Last edited by goodyboy on Sun 20 Apr 2014, 22:40; edited 1 time in total (Reason for editing : Translation edits...)