Center for Studies and Research / Consultant CBI d. The appearance of Mohammed Saleh Parts 1 and 2

Center for Studies and Research / Consultant CBI d. The appearance of Mohammed Saleh Part 1

اولاً

Result of foreign exchange reserves is primarily a movement of the balance of payments or the external sector of the economy of the country, and he was being an increase or decrease in the light of these persistent external movement. The exercise of this reserve and the central function and fundamental barrier is being a “major shock absorber, leading to the continued stability of the national currency at the foreign currency. Accumulation of foreign currency at the CBI, which represents its international reserves have been through the establishment of the Ministry of Finance swap of its revenue in dollars, which is caused mainly from Iraq’s oil exports to meet their access to Metrgbh of the Iraqi dinar source of the CBI, to cover the costs of local public to enter Dinar trading local source in the Iraqi market, but through the doors of exchange in the general budget of the State.

Since the task of the Iraqi Central Bank is to maintain the stability of the Iraqi dinar, which has been issued and disposed of it mainly through the general budget expenditures mentioned, according to the mechanism referred to in the above, Such that it could select the orientation of monetary policy of the Central Bank of Iraq and recorded them in how to use the dollar available to reserve a foreigner, in order to meet the expenses of the public and market transactions implications, derived mainly from government spending shift at a later stage to purchasing power, however, the public, traded and spending Kdinar Iraq in the daily dealings.

By so doing, became foreign reserves of the CBI prompt to deal directly with the market pressures and needs of foreign currencies, but in the framework of preserving the Iraqi dinar and its purchasing power over the durable cover and solid foreign currency. Such a trend in monetary policy is one of the subsequent work and fundamental to the implementation of the objectives of the CBI, especially after that phase is over, dealing directly with the fiscal policy in the first stage mentioned above (ie, the stage of the replacement needs of the general budget of the Iraqi dinar some of the assets of the government’s foreign currency And start regardless of the dinar over the expenditure of public Almoisanp) to start the second phase of this time to address the market demand for foreign currency, resulting as we have final expenditures for the government and mainly within the basic components of aggregate demand. موضحين بهذا الشأن مايأتي : Explaining this regard Mayati:

PuPursuant to Article 27 of the Code of the Iraqi Central Bank No. 56 of 2004, which provided the central bank to take over management of official reserves of foreign currencies to the country according to international best practices and targets of monetary policy. And approved the bank to invest such reserves a range of assets, provided that guarantee liquidity without the risk of remembrance and achieve something of the dividend (and maintain the concept of liquid reserves, as always). According to the Central Bank has adopted international standards in the management of reserves, this was the work of the foreign reserve investments to ensure that spare those reserves all forms of investment risk and ensure liquidity and safety and to graduate from the concept of central bank reserves in any way. Coming diversification in various currencies through the adoption of the concept of currency risk to avoid the volatility of exchange rates and the concept of credit risk to avoid failure of payment and the concept of risk of interest rates to avoid investing in any securities of the Institutions of credit rating is low unreliable at all and other risks and rates recognized by the international standards for central banks .

Often the question arises as to the effect, why Esttmr side of the central bank reserves papers or bonds Iraqi government to know the dollar.

ان الجواب ، بدون مجاملة هو The answer, without courtesy is لا ، للأسباب الأتية : No, for the following reasons:

The market for our financial and publications AA Initial stock is still unfortunately do not have an international credit rating puts its cards in circulation in the global market credit rating is required of not less than AA او مايماثله لضمان عدم خسارتها وقوة سيولتها . Or Maimathlh to ensure that no loss and the power of liquidity. mutual exclusive As ashamed of central banks so the pattern of exercises investment in reserve to be subject to so-called mutual Baltmana mutual exclusive . . And if so what has to buy securities it is through the secondary market to international investment, according to the criteria adopted at the Central Bank and not the initial version of the market provided traded on world markets in order to be truly part of the reserve.

country risk Our country is still subject to the so-called specific types of risk, called risk countries, country risk . Mkhaatrizaam which had been caused by economic and political changes of any country.. But come on top of that the subject of risk (decrease in foreign currency reserves). . And that this factor is one of the most important factors to be considered to Iraq from outside the economic entity. And any fluctuation reserve, or a change in the composition or less, or devote controls to restrict foreign exchange and foreign exchange and confusion on this subject, is the Association a sensitive indicator of the risk countries and puts the country in the lowest credit rating in terms of its worth and treat the outside world financially with a healthy and normal.

SoSovereign risk C – that the issue of risk is more than countries and on a large scale so the concept of sovereign risk Sovereign risk . . Stating in this regard that our country has ranked since 1982 (after the Iran-Iraq war) in the group of high risk, where Iraq is occupied score of 23% compared to a country such as Sweden, who finished score 100%, and the sequence Iraq between international groups by degree of risk has occupied the 111 sequences, the last in the International Classification of the Group of high-risk, compared to the sequence (1) On this basis, lending to foreign banks to international entities subject to the concept of risk countries it is hedging its own balances in the reserve account known as a dedicated account transfer risk reserve A factor giving rise to the external borrowing of the countries at risk when borrowing from foreign banks, the benefits and obligations of the high, ever see foreign banks that the calculation (ie, a dedicated account reserve transfer risk), although he was a watered-down about the losses from bad debts or bad loans foreign, but it is at the same time raises the degree of risk of lending to countries suffering from the subject countries, the risks cited above, which leads to unjust conditions in the charging of interest or reimbursement arrangements, and guarantees, and others.

NNot subject the investment reserve of foreign currency in essence to the concept of financial investment or non-monetary, but subject always to the concept of management of the Reserve with a total investment of a cash almost like investment banks, Iraqi surplus cash and reserves in the accounts of deposits with the Central Bank of Iraq, so called foreign assets and invested some forms of foreign government bonds high rating, foreign reserves and not investments. وعليه تصنف الاحتياطيات الاجنبية بنوعين اما هي احتياطيات مدرة للعوائد remunerations And foreign reserves are classified by two types of reserves are either generating revenues remunerations Or free of royalties and are typically placed in current accounts with international banking institutions, particularly central banks in the industrialized world or the first and by more than 90% .A departure from the incubator’s investment in foreign reserves at this early stage in the management of custodial Khater will More complex forms in formulating the relationship between returns and risk lies with the management of what is called sovereign wealth funds.

4- 4 - إن بلادنا التي، مازالت Our country, which, still تخضع لقيد مايسمى بمخاطر البلدان country risk Subject to the dangers of countries under the so-called country risk كما ذكرنا انفاً هو امر قائم على مستويين : As mentioned above is built on two levels:

Economic level: Königswinter foreign reserves at the Central Bank Ethirp to a country whose remission annual external to the private sector alone, about 26 billion dollars, a net importer of almost everything and a base of production in the weakest point in the history of Iraq’s economic and that the source of a single commodity is oil They are subject to influence of external factors at the maximum point to represent today’s energy markets and global demand as well as the general international economic situation. Accordingly, hedge foreign exchange reserves of Kaloaniattiyat current minimum economic risks to the country’s foreign which is still uncertain, and very worrying and requires intense anticipation.

At the political level: Iraq is still subject to the terms of the regrettably so-called Chapter VII of the Charter of the United Nations because our country is classified, it does not guarantee stability and is the subject of risk to ensure international peace and security, a situation detrimental to the baseless . In the ethics and realities of international law at present lacks the Code of Conduct in dealing with peace-loving nations and is aiming for, which comes in the forefront of Iraq. So Iraq is a war zone and instability within the definitions and the terms of this chapter, as it still allows the international organization to use force against him unless it is converted to a Chapter VI to the lead role within the international community in maintaining international peace and security, a task that we consider key in strategic national and working Iraqi diplomacy be given priority in the current scope of its strategy.

Kthirma mooted proposals to move the international reserves from outside Iraq in material and deposited in the Central Bank vaults, it is striking that there was no such international practice in this regard to the relevance of those reserves to the outside world directly represent the crane to deal with the world through the external sector. كما ان نقل عدة مليارات بحجم نقدي سائل The transfer of several billion the size of a cash Question did not pledge any state, looking for reassurance and to live peacefully in the international environment which is Atakll at the same time represent state Mkhatrkd prosecutions of this money even if the home temporarily and are being transported physically to the outside for the purposes of settlement of payments and the payment of obligations. . With the offer to move the money out of cash in the country is the issue of exorbitant costs (when you move cash holdings) to be deposited in the international banking network through brokers and banks risk. Although they lead to the disintegration of the creditworthiness of the country, but it perpetuates the risk of the country Of poor transparency and ambiguity, as well as poor usability in the face of external shocks to the balance of payments in the event they occur, the difficulty of moving such material reserves through international banks due to problems at home Aktnazha Kciolp difficult to dispose of them outside immediately. Note that any cash, this figure will continue to be accountable before the international bodies involved in combating money laundering and money, crime and terrorism, which involves the cost of legal resources so when you move the liquid.

AlAllow investment in foreign reserves, central banks . In the world to enjoy the first foreign government assets managed in investment portfolios with a high degree of liquidity and safety and at the same time provide meaningful returns commensurate with the size of those investments and diversity. Thus the strategy adopted in the management of state reserves of foreign enjoyed priorities is to maintain safe, safety and reduce the risks arising from vibrations economic generated by the world economic maladjustment, while ensuring reasonable returns commensurate with the size of those reserves by diversifying careful investment portfolio, foreign national through the diversification of currency assets and higher government stability. Seeks monetary policy in general lines to provide the necessary liquidity of foreign exchange to make payments on Iraq’s international and meet obligations and enable Sacip Iraqi dinar exchange rate of achieving a sustainable level of stability of the per capita income and living standards as well as to maximize the development and economic well-being and provide an appropriate climate for Demomthma.

ثمة مسألتين لابد من تداركهما باستمرار : There are two issues to be constantly Tdarkhma:

First: in a shift towards a market economy and building foundations of a strong and stable for a free economy and as stipulated by the Constitution, the monetary policy is not in a deal mirrored in the later stage, that see the big message about the consequences of the public expenditures in the first phase, and put things be reversed out of context, by dealing again in addressing the needs and bridge the budget deficit in the subsequent funding requirements of the country’s reserves of retaining the stability and to avoid the discharge of public expenditure that causes the former to maximize the levels of domestic liquidity وتوليد قوى طلب تضخميه مهددة للاستقرار الاقتصادي. And generate strong demand inflationary threat to economic stability.

That this approach is the opposite to come back on foreign exchange resources to buy it after it has been the Iraqi Central Bank has been disbursed to offset Of local currency in the first stage through the expenditure budget will undoubtedly deducted from the market needs and its share of foreign currency and weaken the cover of the national currency, as well as being disruptive direct the policies of the Iraqi Central Bank to raise the purchasing power of the Iraqi dinar and promote its exchange rate against the dollar, which requires the availability of foreign currency resources constantly aimed at creating a strong Dinar and the development of a stable economic prosperity leads to continuous An important anchor in building economic security and national defense for the stability of Iraq’s economy against external shocks for the longest possible period.

Therefore, the availability of any opportunity to cut the foreign currency directly from the Iraqi Central Bank’s reserves to cover the expenses of direct government at the expense of the stability of the local market or restricting their needs, is the context that will not end But the exhaustion of foreign reserves of the Central Bank or to make it in a weak position to Aeetmashy with the needs and requirements of foreign reserves and its role in promoting بنيان الاستقرار الاقتصادي الكلي المرغوب Structure of macroeconomic stability desired . . . Policies which had previously exercised in Iraq to previous decades and the country is still reaping the results Alsalbpaly level of the political economy of stability and development.

ثانيهما : لابد من حل مشكلات البلاد المالية العالقة مع الاسرة الدولية بالحوار والتواصل والتفاهم ولامحال من اهمية تطبيع العلاقات مع الاسرة الدولية والمحيط الاقليمي بالوسائل الدبلوماسية السياسية وتوفير الحماية للأرصدة العراقية الخارجية والبحث عن حلول جذرية تعد الاكثر نجاحاً في تفادي الحراك السلبي او الانغلاق عن المجتمع الدولي وتفادي العودة الى اجواء العزلة عن العالم وهو الامر الذي غادره العراق منذ شروعه في بناء دولته الجديدة . Second: You must solve the problems of the country’s financial relationship with the international community through dialogue, communication and mutual understanding and Amehal of the importance of normalizing relations with the international community and the Pacific regional diplomatic means, political and the protection of Iraqi funds in foreign and the search for radical solutions are the most successful in preventing movement of passive or isolation from the international community and avoid to return to the atmosphere of isolation from the world, which left Iraq since he started building their new nation.

Of the above, we see the need to take the monetary policy of the Central Bank of Iraq مساراتها الصحيحة دون استسهال التمويل المباشر من احتياطيات البنك الاجنبية خارج عمليات السوق وتوازناته. Correct tracks without direct funding from the growing tide of bank foreign reserves out of market operations and balances. وبخلاف ذلك، Otherwise, The black market will strongly Amehal, and will help to confuse the Iraqi economy and return it to the eras of hyper-inflation and increasing rates of poverty and low standard of living and generate a state of the direct link of the value of the Iraqi dinar prices The disbursement of the market, which may withdraw sectors of the Iraqi economy as a whole and mechanical Alasarklha to the ranks of speculators and their decisions at the expense of generating a constant state of instability, which is usually caused by that market undisciplined to make economic policy in general and monetary policy, especially just a phenomenon attached to or be part of its actions and decisions, which is already dangerous for the Iraqi economy ان خاض تجربتها في العقود السابقة That fought its experience in previous decades ، Where he was the security of the country to the worst economic risks and reap the results of the Iraqi people to the dark wrong policies practiced for over three decades of isolation and hostility and confrontation with the outside world.

Center for Studies and Research / Consultant CBI / d. The appearance of Mohammed Saleh Part 2

معدلات الصرف في العراق انموذج تشخيصي Exchange rates in Iraq, a diagnostic specimen established

Six years ago, completely set up by the CBI official central market exchange, by the sale of foreign currency purchased in accordance with market mechanism. Promised at the same time vital area and President of the intervention of monetary policy in the exchange market and impose stability in consonance with the desire for economic growth of the country. multiple regime After more than two decades the country experienced in a system of multiple exchange multiple regime ، Valued at exchange rates more than thirteen support the economic policy adopted during the period of the previous regime, ranging from an official rate of the dinar was 3.2 3.2 ن bipolar Dollars per dinar and the rate was last increased on the official 1450 dinars per dollar, which reflects there is a wide spectrum between these two poles bipolar المتطرفين من معدلات الصرف الرسمية . Extremists of the official exchange rates. مقابل ذلك كانت هنالك سوق موازية للصرف ، Contrast, there was a parallel market exchange rate, purely floating Hybrid configuration and deals at rates of exchange of the Iraqi dinar vary according to category of Iraqi currency and method of printing, but that market was the market leader in setting the rates of exchange in accordance with the rules of floating absolute or fully purely floating exchange . On this basis, the established drainage system infected with a lot of distortions by the various official pluralism in addition to the exchange market and the prices are determined by them. Where drainage systems are in support of multiple fixed exchange rates is unrealistic for goods and services supplied and denominated in foreign currency, while the commodity market affected by the waves of inflationary source of the parallel exchange market Almamomp القائدة للسعر . Lead for the price. . Punctuated by monetary policy devoid of any capacity to intervene in that market and ease the demand on foreign currency over the scarcity of near-absolute view of foreign currency.

pegged regime That the foreign currency auction in late 2003, has come to announce the end of the fixed exchange rate system pegged regime in Iraq والتحول نحو الأنظمة المرنة للصرف . And the shift towards flexible exchange rate regimes. But the question remains the Chairman that the auction of foreign currencies, which has fueled offers demand for the currency listed in the central market of foreign exchange for the past five years of its foundation and as a boat 50 billion, and could at the same time makes them the central market of exchange (auction of foreign currency) is the leader in determining the exchange rate and affecting in the exchange market, trends and tendencies, has become without doubt the vital area, which gave the monetary policy of the Central Bank of Iraq the ability to broad intervention to stabilize the external value of the Iraqi dinar and the application of a broad spectrum of policy stability and fight inflation, which brings us back to question Chairman of the nature of exchange rate system adopted, or what exchange rate system adopted by the monetary policy throughout the past period? . This is what we want to we are considering in this paper, after having become the central market area president of the exchange in the financing of foreign trade to the private sector in meeting the needs of banks and their customers in foreign currency. Given that the auction in question, has become the lungs of monetary policy in the application and means of indirect particularly the practice of open market operations to control the levels of liquidity through the use of the balance sheet of the Central Bank of Iraq as a means to achieve a balance of cash by moving and direct liabilities and assets towards stability in the money market, Cash balance as well as outside.nominal anchor And notice that the central market of exchange has become a field appropriate to pass a reference exchange rate desired by the monetary policy and adopting the names installer nominal anchor . The inflationary expectations of the public within the policy adopted by the Central Bank to intervene in the exchange market to stabilize. . Notwithstanding the foregoing, the raises ire of researchers everywhere and appropriate, is the form of drainage system and the arrangements adopted by the right. فهل هو نظام صرف ثابت regime Is it a system of fixed exchange regime pegged pegged او نظام صرف زاحف نحو الثبات crawling pegged Or drainage system towards the creepy crawling pegged consistency أم نظام معوم float Or a floating float أم هو نظام وسيط intermediate Or is the system and intermediate broker بين الحالات المذكورة . Between the cases. managed float However, the opinion makers supporter of monetary policy in the CBI, see it as a floating system orbit managed float إلى حد ما. To some extent. ا However, the various research efforts in the world is still the other in constant contact to find the actual classification لنظم الصرف لبلدان العالم المختلفة . Of the drainage systems of the countries of the world. فعلى سبيل المثال وجد الكاتبان Genberg and Swoboda 2005 For example, the authors found Genberg and Swoboda 2005 ، بان ثمة تناقض في النتائج المتحصلة لمثل تلك التصنيفات لنظم الصرف. , That there is a contradiction in the results obtained for such classifications for drainage systems. فالنتائج المستخلصة طبقاً لما يسمى بحالة ألامر الواقع defacto Results are derived in accordance with the so-called de facto situation defacto floating It can be misleading sometimes. Section shows, for example, that countries which claim to be adopting a system of floating exchange rate floating Show high rates of stability in exchange rates can not be said

تعتمد نظاماً ثابت للصرف pegged Adoption of a system of fixed exchange rate pegged ولكن بالتأكيد تعبر عن الاختيار الأمثل لسياساتها النقدية. But certainly reflect the choice of monetary policy.

An understanding of exchange rate policies, is one of the key issues in improving the capacity of monetary policy-makers and enable them to design new models have the capability to realize the behavior of exchange rates and trends, as well as improved level design of monetary policy itself and ensure its proper application. كما ان فهم سياسة سعر الصرف تعد مسألة جوهرية لمعرفة الطريقة التي يعمل فيها الاقتصاد الكلي. An understanding of the exchange rate policy is essential to know how the functioning of the overall economy.

2. التطورات التطبيقية ونماذج نظم الصرف : 2. Applied developments and models of drainage systems:

It has become difficult for the countries, to estimate accurately, any of the drainage system is more beneficial for economic growth, drainage systems, whether flexible or fixed. لذلك فان إجراء أية تصنيف على هذا الاساس المذكور آنفاً Therefore, to make any classification on this basis the above-mentioned يعد شيئاً يشوبه الكثير من الغموض. Is something tainted by a lot of ambiguity. Although, it has tried a lot of economists to establish classifications of drainage systems, including applications that used the International Monetary Fund to adopt and publish in its annual reports on the arrangements and limitations of systems of exchange and foreign exchange. bipolar Regardless of this and that, it was found these economists the idea that the countries selected for the drainage system, whether that was flexible or fixed, is the question leaves no other option because of the great difficulties Taatari identification systems and intermediate exchange rate lies between the two polar or extremists bipolar As mentioned in the above, because it comes the ability to disclosure or transparency about restrictions on drainage systems in different countries.

حيث وجد الكاتبان Reinhart and Rogoff (2004) Where the authors found Reinhart and Rogoff (2004) 1983 وحتى العام In Bgesehma which dealt with 153 countries in the world and for the period from 1946 to 2001 found that 45% of those countries that claim consistency in dispensing systems had a parallel exchange markets is the case of Iraq during the period 1983 and until 2003 . dejure The authors also found themselves, that many of the countries that were formally adopt dejure نظماً ثابتة للصرف pegged regimes Fixed exchange rate regimes pegged regimes او نظماً للصرف الثابت الزاحف crawling pegs Or systems of exchange hard creeping crawling pegs ، فانها اعتمدت ، كواقع حال defacto , It adopted a reality if the defacto نظماً مرنة للصرف. Flexible exchange rate systems. كما في بلدان اخرى ، كانت تعتمد رسمياً نظم مرنة للصرف floating regimes As in other countries, was formally adopted flexible systems of exchange floating regimes باتت كواقع حال defacto Become a reality if the defacto تعتمد نظم صرف ثابتة او ثابتة زاحفة. Adopt a fixed exchange systems or fixed-runners. This collection is about 53% of the group of countries surveyed by the authors mentioned above, as it has had such البلدان ان تعلن بنفسها انها تعتمد انظمة صرف معومة مدارة managed float regimes Countries to announce their own systems, they rely managed floating exchange managed float regimes . .

3. دراسة نموذج Levy – Yegati and Sturzengger (2005) 3. Model Study of Levy – Yegati and Sturzengger (2005) ومحاولة تطبيقه على واقع نظام الصرف العراقي And try to apply to the reality of the Iraqi banking system

The authors contributed in the above case to deepen understanding of other arrangements to see drainage systems and rules, yet use the broader sample of countries promised until the present time, which included 183 countries that provide the IMF with information regularly since 1974 and until 2000. The researchers also rated drainage systems and arrangements depending on the behavior of three variables are:

- التغير change - Change change In the nominal exchange rates.

- التقلب volatility - Volatility of volatility . Changes in nominal exchange rates.- Fluctuations in international reserves (reserve of foreign assets).

Off premise upon which the search of the idea that, that the systems of fixed exchange fluctuations associated with high foreign reserves in order to maintain exchange rate stability. In contrast, the floating exchange rate systems lead to the level of volatility is at least in foreign reserves, to meet a high volatility in exchange rates. قدم الكاتبان Levy-Yegati and Sturzenegger The authors presented Levy-Yegati and Sturzenegger انوذجهما على مرحلتين : Anozjhma in two phases:

: The first phase, the definition of the net foreign reserves:

… … (1) (1)

حيث تمثل: Which represent: اForeign assets in the period t

t Foreign liabilities in the period t

موجودات الحكومة المركزية من العملة في المدة t Assets of the central government of the currency in period t

سعر صرف العملة للبلد موضوع الدراسة في المدة t Currency exchange rate of the country in question in the period t

وتضمنت المرحلة الثانية قياس التدخل الشهري monthly intervention The second phase included the measurement of interference monthly monthly intervention من جانب السياسة النقدية في سوق الصرف الاجنبي باستخدام الصيغة الآتية: By monetary policy in the foreign exchange market using the following formula:

… … (2) (2)

حيث تمثل As they represent النقد الأساس Monetary base Monetary base Monetary base In the previous period which represents the liabilities of the Central Bank, which has the ability to create or generate money. وان And تمثل الاحتياطي الاجنبي Represents the foreign reserves للبنك المركزي. The Central Bank.

The findings of the authors mentioned in their search wide, has confirmed that the fluctuations in foreign reserves ، Reflects the absolute level of intervention or free monthly by the Monetary Authority وبهذا فان Thus, the هي دالة لـ Is a function for And the results reached by other authors in the above are as follows:

purely float First: it was noted that the systems fully floating exchange purely float Results were consistent with the achievement of very low volatility in foreign reserves as expected.

dejure Second: The increasing number of countries adopting floating exchange systems formally dejure قد تطورت بالمسار نفسه الالخوف من التعويم fear of floating Have evolved the same path of floating Alalkhov fear of floating ، وهي مجموعة البلدان التي اعتمدت التعويم غير النظيف dirty floating , A group of countries that have adopted floating is Clean dirty floating كواقع حال defacto Reality if the defacto بسبب سياسات التدخل المفرط في سوق الصرف . Policies because of excessive interference in the exchange market. As the authors mentioned a study showed that the emergence of the phenomenon of fear of floating has already started since the beginning of the seventies of the last century.

4. نتائج التطبيق على الواقع العراقي: 4. The results of the application on the Iraqi situation:

حسب بيانات العام 2008 According to data from the year 2008

Was used monthly data available in the balance sheet of the Central Bank of Iraq during the period December 2003 to July 2008 on international reserves and other data Whether data within the budget or outside, in addition to data on the exchange rates used in the central bank auction of foreign currency and according to the monthly averages or recorded at the end of each month. وبعد الأخذ بالاعتبار جانب الاستخدامات في القاعدة النقدية Monetary base After taking into account the use in the monetary base Monetary base وإجراء التطبيقات على حسب المعادلتين And make applications according to equations (1) (1) ، , (2) (2) التي اعتمدها الكاتبان Levy-Yagati & Sturzenegger Adopted by the authors Levy-Yagati & Sturzenegger semi managed floating Turned on according to the calculations shown in the tables accompanying this study and graphs, the exchange rate system adopted by the monetary policy of the Central Bank of Iraq is the average of the drainage system is approaching the status of the system can be described as semi-floating orbit semi managed floating حيث بلغ متوسط قيمة As the average value of Any level of intervention in the exchange market by the monetary authority indicator value amounted to about (0.050) (0.050) مما يتطلب بهذا الشأن توضيح ما يأتي: Which require clarification in this regard as follows:

اذا كان متوسط القيمة العليا لمستوى التدخل هو If the average value of the upper level of intervention is معنى ذلك ان نظام الصرف هو اقرب الى الثبات pegged This means that the system of exchange is pegged closer to the stability . .

واذا كان متوسط القيمة الدنيا لمستوى التدخل هو If the average value of the minimum level of intervention is Or even close to zero means that the drainage system is a system full flotation, ie, that:Thus, the level of involvement by the monetary policy practiced by the Central Bank of Iraq in the exchange market Is reasonable in the intervention and not very heavy which is higher than zero but less than one much, because it means that the market exchange rate is determined automatically according to the forces of supply and demand and the level inflows and outflows of foreign currency.

5. الاستنتاجات : 5. Conclusions:

لما تقدم ، فان تشخيص نظام الصرف بالعراق على انه نظام معوم مدار managed float Of the above, the diagnosis of drainage system in Iraq as a system floating over the managed float ، Reflects the apparent level of involvement by the Iraqi Central Bank in the exchange market to represent the optimum level in the implementation of measures of monetary policy of the CBI, which leads to lower inflation and raise the external value of the Iraqi dinar at a rate rose by the Iraqi dinar exchange rate during the study period, including over 41%