Don961: Specialists: The name of the Governor of the Central Bank of the monetary edition of the legal procedure and applied internationally
aljournal October 8, 2018
BAGHDAD – The publication of the name of the governor of the Central Bank Ali al-Alaq on the new edition caused a wide controversy in the political circles despite its legality and was after taking official approvals from the Council of Ministers and the Economic Committee, giving the right to the bank to put the name of the governor on the new banknotes, Is practiced in most countries of the world, according to specialists in the legal and economic affairs.
According to specialists, the big fuss that some politicians have, who do not have knowledge and know-how in the economic and monetary affairs, are trying to fabricate crises and raise charges with the aim of politicization, especially after the governor of the central bank has succeeded in maintaining the stability of the Iraqi dinar against the US dollar for many years.
Observers expressed fears that the new parliament would adopt the same opportunistic tactics as former parliamentarians who used cheap methods and various methods of blackmail.
Economist Bassem Antoine says that “the process does not need this uproar. There are economic problems surrounding the country. The name of the governor can not be a basic problem, especially since the central bank has a special law and complete independence in making the appropriate decisions.”
Antoine said in a statement to the «Journal News» that “the Council of Ministers and the Economic Committee have given this power to the Governor of the Central Bank,” pointing out that “many Arab and foreign countries have in their currency the name of the governor.”
“When we talk about the governor of the Central Bank of Lebanon (Riad) Salama, it is an internationally recognized name, and this gives value to the bank he manages,” said Abdel Rahman al-Mashhadani, an expert on financial affairs.
“The fuss we saw about the new edition and the existence of the governor’s name gives value and weight to the country’s currency.
For his part, the legal expert Tariq Harb said that the name of the governor on the second edition of the banknotes issued to some groups not in which there is no violation of the law, “but an administrative procedure in force in most of the world.
On Monday, the Central Bank of Iraq issued a clarification on the new currencies, stating that it is entitled to determine the categories of coins and metals and their measurements, forms, material, content, weight and design.
The bank said in a statement that “one of the basic functions of the work of the Central Bank and provided for in Article IV of its law No. 56 of 2004 amending the issuance of the Iraqi currency and management as stated in Articles 32 and 33 of the same law where the Central Bank of Iraq alone without the right to issue currency currency Paper and metal for circulation in Iraq. ”
The bank said that “the banknotes in various countries contain the signature of the issuing authority, which is the governor of the Central Bank,” pointing out that “the central banks have always put the signatures of their governors on these securities in different formats, including the signature of the governor in relation to his name, The name of the governor is placed in the handwriting of the governor in a form that combines the name with a signature with special significance for the banknotes.
Many central banks use this combination (name of the governor by hand) without signing to document the stage of issuance of the banknote.
The Central Bank of Iraq announced Sunday the issuance of its second edition of the banknotes of the categories (25000, 10000, 1000, 500 and 250) dinars, stressing that it will continue circulation of banknotes currently traded from the above categories with the new categories without any intention to withdraw from circulation. link
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Chinese currency set to explode internationally as IMF formally places it in the SDR’s basket of currencies
On Oct. 8 the International Monetary Fund (IMF) formally introduced the Chinese Yuan into their basket of currencies making the RMB ripe for expansion as a viable trade currency.
The IMF had already announced the acceptance of the Yuan into their monetary reserves more than two years ago, but this week the currency became fully adopted and on equal par with the dollar, euro, pound, and yen.
The International Monetary Fund (IMF) this week officially gave green-lighted the acceptance of China’s currency – the Yuan – into the IMF’s foreign exchange basket.
According to Reuters, this move paves the way for the IMF to place the yuan on a par with the US dollar. This is the latest in a series of global developments that threatens to eliminate the US dollar as the world’s reserve currency.
Experts predict this announcement will trigger one of the most profound transfers of wealth in our lifetime.
And now, the IMF has made the first move. As reported by The Wall Street Journal, the IMF officially green-lighted the acceptance of China’s currency – the Yuan – into the IMF’s foreign exchange basket.
This marks the first time in history the IMF has expanded the number of currencies in the foreign exchange basket. This means that the Chinese currency will now become a viable global alternative to the US dollar.
According to Juan Zarate, who helped implement financial sanctions while serving in George W. Bush’s Treasury department, “Once the [other currency] becomes an alternative to the dollar, rules of the game begin to change.” – Maravi Post
In addition to being added to the IMF’s basket of currencies, China has also been given sole authority to sell IMF (SDR) bonds, which when coupled with the fact that they are already the world’s largest banking entity means that transitioning the RMB into an international settlement currency is now just a mouse click away for Beijing.