Mudher Saleh, the economic adviser to the prime minister Haider Al Abadi has had a turbulent career.
At the end of 2012, he was thrown in jail upon his return from IMF meetings in Tokyo. The arrest warrant accused the former deputy governor of the central bank of manipulating the Iraqi currency against the US dollar through the currency auctions with banks.
This month, he was acquitted of charges and appointed to a higher post with the premier.
Here he talks about his experiences with monetary policy in the war-torn country.
When were you appointed as deputy governor and what were you tasked with?
I was appointed deputy governor after the [2003] US-led war on Iraq. Prior to that I worked in the statistic department of the central bank. Our role was to build up its foreign reserves. They were nothing, around US$2 million in 2004. By 2012, they stood at $76 billion with a stable exchange rate, a burgeoning financial market and licensing of banks and branches according to international standards. It wasn’t easy but I don’t think our efforts were appreciated. I was also part of a four member committee tasked with the Paris Club Agreement in rescheduling $120bn of debt with creditor countries from the era of Saddam Hussein. We also had to reduce inflation, which stood at 20 per cent at the time, and reached our target of 3 per cent by 2010.
You and the former governor Sinan Al Shabibi were acquitted of charges this month. Do you think your arrest was politically motivated?
The government didn’t like [the fact that] the central bank was an independent body and strong financially, determining monetary policy in an oil state. The government was dependent on the watchdog for issuing dinars against petrodollars for their state expenditures. They questioned the demand of $48bn a year on currency auctions. In order to balance the transactions by the government on its oil revenues, we would sell foreign currency to the banks that they would use towards trade finance. They alleged that $20bn was sufficient for Iraqi trade, and that half that amount was not needed. But after my removal and the ousting of governor Shabibi in 2013, they sold $54bn. Nobody could justify it. Some people were misleading the former prime minister Nouri Al Maliki, and he acted on misinformation and exaggeration.
halsayegh@thenational
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Managing the separation process
- Choose your nursery carefully in the first place
- Relax – and hopefully your child will follow suit
- Inform the staff in advance of your child’s likes and dislikes.
- If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
- The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
- Be patient. Your child might love it one day and hate it the next
- Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
SPECS
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
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Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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