“AUCTION DOES NOT BUILD THE ECONOMY” by Khalil Ibrahim Al-Abidi, 23 JAN

 “AUCTION DOES NOT BUILD THE ECONOMY”   by Khalil Ibrahim Al-Abidi

1/21/25
“AUCTION DOES NOT BUILD THE ECONOMY”  

 by Khalil Ibrahim Al-Abidi1/21/25The mission of the world’s central banks is to control the rhythm of the economy, by controlling the interest rate, not by auction. 

It is the bank of banks, working through clearing and opening credit, and ensuring the protection of the country’s currency from damage and decline against other currencies. 

 It issues a currency whose value is evaluated in gold, not in the currency of others, upon request. The auction is an innovation of Bremer since the occupation, and we have become accustomed to the mistake and it has become a lifeline.Gentlemen… 

The Central Bank did well recently and left the auction platform, and returned to respect its currency, which is the dinar. ……What is required today, as we are at the beginning of the year, is to think carefully about what the repercussions will be, and to return with determination to the documentary cycle in imports, and to work without selling the currency by opening credit for those who want to import, by relying on our government banks after purging them of corruption and identifying correspondent banks for those who carry sobriety and integrity of correspondence, and finally determining the scale of priorities when importing and encouraging national production and exploitation of raw materials, 

and imposing exorbitant fees to protect industries and the rest of the products.Working to follow up on what is imported under the import license and ridding the country of the decline of its currency and the danger of imports, and the most important step is to zero out the dinar, and buy the 1,250 old dinars for one dinar of the new currency during the exchange after printing the one dinar denomination, and the value of one dinar will be one dollar through the documentary import cycle, and we have sufficient revenues in addition to the sovereign reserves. Making the value of one dinar equal to one dollar 

will keep the citizen, merchant, traveler, doctor, etc. away from running after the dollar. Rather, he will be reassured that his currency is valid for purchase and exchange wherever he is, and this is the point of safety.