View Full Version : Central reserves rise .. and the country remains influenced by oil prices

05-18-2015, 07:14 AM
Central reserves rise .. and the country remains influenced by oil prices

CBI stressed his quest for the application of international accounting standards for integration with the global economy and the application of international requirements, and between the current month reserve is higher than its predecessor, and with invited to take a number of measures for the success of the application of accounting standards, pointed out that Iraq if they remained dependent on oil resources as a source It will remain the basis of "adversely affected and positively" with the rise and fall of oil prices.

The governor of the Central Bank on the Keywords in a speech during the seminar the application of international accounting standards were held in Baghdad and attended (range Press), said that "given the importance of the banking sector great role in the development of the economy and the process of growth and addressing the imbalance of inflation and unemployment, has taken the initiative of the Iraqi state after the change and the coalition authority to the laws governing the issuance of this sector through the issuance of the Iraqi Central Bank Law No. 56 of 2004 and the Banking Law No. 94 of 2004 and the Anti-Money Laundering Act No. 93 of 2004 ".

He pointed Keywords, that "these laws are confirmed in their implications on the application of international accounting standards, for the purpose of integration with the global economy and the application of international requirements imposed by the organizations and institutions that govern the banking and economic action in the world, Kalsndouk and the World Bank and others," noting that "Iraq has profiles The bodies and organizations making it the developed countries and in support of the growth and stability of the financial sector, which must be linked to global accounting standards. "

And between Keywords, that "more crises that occur in the world be linked to global accounting standards", pointing out that "international organizations identify these gaps, risks and find the proper channels to address them."

He added Keywords, that "there is an ongoing effort by the central bank for the application of these standards by the trend towards request financial data from banks, therefore, by virtue of his youth and the challenges faced by the banking sector in Iraq is today in need of a high degree of financial disclosure and transparency which reflected the all the financial aspects of its work. "

The Keywords, that "there are a number of remote banks from the application of this global accounting standards," warning of "the risks and damage caused by the non-application of accounting standards, which is reflected in the work of these banks and the banking sector as a whole, so it has to be cooperation and concerted efforts to reach a good threshold of these criteria. "
He pointed Keywords, a number of proposals to the success of the application of international accounting standards the most important "work with the Council of career control accounts and the accounting standards and audit and others to accelerate the development of local accounting standards and make it on a par with international standards," noting the need to "set up workshops in cooperation with the relevant authorities in the training of Iraqi Chartered Accountants and auditors to get out a unified model is similar lines to the financial statements. "
Keywords emphasized, the need to "generalize the banks by requiring a certificate proving the existence of passing a course in the preparation of financial statements in accordance with international accounting standards within the terms of appointment of the Director of the bank accounts, and the introduction of international accounting standards in universities and technical institutes, primary and graduate studies curriculum."

He pointed Keywords, to the importance of "the unification of opinion with the government and private banks in setting a date for the application of these standards as soon as possible, and to allow foreign companies to control the accounts and audit Login to work in the Iraqi environment through Iraqi partners and the preparation of legal formula for this purpose."
He also said that "the Central Bank reserves is changing on a daily basis based on the central bank's foreign purchases coverage or foreign trade and building on imports of Iraq in the oil sector and imports of the dollar," noting that "the reserve has not been touched and will not affect in any way in this month's central bank reserves is higher than the previous month, reserves and this is a good sign. "

Keywords He continues, "The monetary policy is trying to balance the need for Iraq in the various pieces of foreign currency in the exchange rate which is very important in order to keep the balance of the reserve force coverage of the currency being the cover of the local currency."

He added, "we hope that the Iraqi economy strength is the real power of the Iraqi dinar and not just buying and selling currency operations, and therefore needs to be fixed big economic plans and operations in order to have the Iraqi dinar strongly in the markets," adding that "Iraq if it remained dependent on oil resources basis will remain as a source of negatively and positively influenced by the rise and fall with oil prices. "

For his part, Director General of the Financial Supervision and a member of the financial standards of the Iraqi Council Salah Nouri al-Khalaf in an interview with the (long-Presse), to "adopt International Accounting Standards Board, Accounting Standards and the rest of the countries should adopt in order to unite," pointing out that "Iraq adopts standards through the adaptation of international accountant as it deems necessary and therefore Iraq has 14 accounting rule. "

Between and behind, that "the unified accounting system is a tool for easy accountant and a heuristic for the application of the standards and if they have been updated with the international system will be much the Iraqi accountant easy."

For his part, President of the Society of Chartered Accountants Adel Hassoun, in a speech during the symposium, "The study of the subject from a legal point shows that this issue should have been resolved 20 years ago for several reasons, including that the system used in 1982 put a specific system within certain hypotheses of banking activity, and it relied on central planning concepts in relation to national accounts and statements, "pointing out that" the standards issued in Iraq since the system used application is only 14 standard while 42 exceeded the international standards in addition to the 36 standard explanation. "

Hassoun pointed out, that "international standards has exceeded four thousand page and become large and complex," stressing that "there is a big problem and there is no action closer to Iraq with him completely different global ocean."

He said Hassoun, that "banks in Iraq has relationships with 80 to 90 banks correspondent, and the language of understanding with correspondent banks are through the final accounts showing the financial position of the bank and its activities," noting that "standards of measurement and disclosure standards is a common language and its international character."
It includes international standards of accounting and financial data, inventory and financial flow and accounting policies, changes in accounting estimates Offers and errors and construction contracts and income taxes and others.

It is noteworthy that the central bank confirmed, during the month of January 2015, that the reserves will exceed $ 80 billion during the first half of the same year, but will not reach $ 100 billion due to weak retail Iraqi oil revenues through which to get the dollar to strengthen reserves.