6-17-13 Electronic integrity – Baghdad: Central bank sales rose by about $ 9 million for up to 238 million and $ 650 thousand, which recorded sales of $ 229 million.
Sales were covered by the bank at an exchange rate basis was 1166 dinars to the dollar.
Rasheed Bank was more banks Hraoua for foreign currency reaching bought 49 million and 575 thousand dollars, followed by the International Development Bank and by 23 million and 378 thousand dollars.
6-17-13 Integrity electronic – Baghdad, said the decision to economic and investment commission deputy Mahma Khalil that “the central bank demands to issue monthly data are correct and ultra-precision about the size of Central Reserve and expectations for the amount exceeds more than 80 billion dollars during the month of July next, find out whereabouts in the Banks of the world” .
He said the “increased balance of hard currency sovereign will give strength and durability of the Iraqi dinar يجنبه the state of economic risks in the country.”
He pointed out that “in the event of reaching the size of the reserve to more than 80 billion dollars, it means that every dinar both inside or outside the country covered by (2.5), because the size of the money supply of the national currency of 33 trillion dinars Iraqis. ”
The governor of the Central Bank of Abdel Basset Turki has stressed that “the bank reserves of hard currency will exceed the $ 80 billion during the month of July.”
Since the change of the former regime in 2003 Iraq adopted a market economy which is reflected in international economic relations and make it focus on the role of the private sector in development, and confirmed the Constitution
The liberalization of financial flows contribute to economic growth, but it requires tighter control on the phenomenon of money laundering because of the inclusion of economic freedom financial and banking sector.
Auction currency is a foreign exchange market where demand for the currency supply and then made up the exchange rate. The exchange rate has remained stable for a long time because of our success in increasing volume of foreign currency to provide flexibility and confidence in an interview request. The process of determining the exchange rate must be held smoothly because the blocking will affect demand for the dollar and demand to be obstruction will satisfy the market saturation will be higher exchange rate so it gets confusion in the market and the introduction of multiple exchange rates, which hamper the economic decision-making and implementation.
Not all banks the task of the demand side of the BA constituent acts deposit accounts at the Central Bank used for the purposes of monetary policy and foreign exchange auction. These accounts may be checked in the same banks that have within their administrative department to check money laundering.
Although the auction is used mostly by dealers import through business conformance must stress that a monetary policy that draws Iraqi dinar from the market, which reduces the pressure of liquidity and its impact on inflation. The previous Administration has confirmed to the Central Bank in its statement issued on 22/5/2012 and can be reviewed through the Central Bank of Iraq. The use of foreign currency to import also leads to reduced inflationary pressures, but this is within policy.
The process of buying foreign currency as we are purely monetary process and under the instructions of the Executive Committee of the buying and selling of foreign currency or auction Commission. This includes checking the documents and whether the Bank has banking problems related to capital or monetary policy rate set by the Bank. And the Central Bank gives USD because it receives JD suit (we before cash process) Although the dollar might be used commercially (after coming out of the Central Bank) and the numbers of final import to the statistical authorities by the Ministry of Commerce and the customs services. Therefore, you should not blame the Bank because he did not follow the import process. In other words, not only must the Central Bank believes that public money is not wasted years there was no import.
It is likely not to control the currency market for the period you get disparity between official rate and market rate. This is due to many factors of supply and demand, some crises may occur that generate an increase in demand for the dollar as a safe and secure. It is also possible to provide banks with Central Bank dollar, but it is not possible to deliver this to the ultimate beneficiary of the dollar before banks the flexibility required. All of these things hinder the smooth flow of foreign currency and get market price rises. These phenomena impede the flow of the market and often occur in developing countries, especially including Iraq.
Fluctuation in the exchange rate began during the previous administration at the beginning of the year 2012, as a result of external circumstances characterized by severity, are those related to events in Syria and Iran, and coincided with the withdrawal of u.s. troops from Iraq. These circumstances have led to a significant increase in demand for dollars, which raised its price in the market. This has led to the former administration to restrict the offer in response to these changes, which led to heightened volatility.
In September 2012 resulting from intensive discussions apply circular issued on 1/10/2012 leading to exchange rate stability since edit procedures for the dollar. When the new administration took over the responsibility of the Bank in October 2012 the exchange rate stabilized for a limited period but started from the end of 2012 oscillation until present day.
The Central Bank has announced that it will be to use documentary credits to finance trade transactions. Although documentary credits are a good method of trade financing, this purely commercial issue. The Central Bank must finance all debtor side of balance of payments and trade balance only. Events not covered by documentary letters of credit would go to the market, it creates another price. And documentary credits also include all financial flows, for example, there is nothing to prevent Iraq from the overseas savings while waiting for improved conditions at home, returning the funds to invest in Iraq. We must look to the Central Bank as a commercial enterprise. As stated earlier, the auction currency is the monetary policy. The Central Bank stressed that the World Bank should work to stabilize domestic prices and the exchange rate, and if this goal required to achieve increased money supply, why accuse the Central Bank that he wasted public money? Why the Central Bank tried to apply its law which provides for immunity from legal proceedings (article 23)? Many central banks in the world have this immunity. Why should the Central Bank be held accountable for the business process being outside even though cash and cash currency Foundation?
The primary accomplishment of the Central Bank is the stability of prices by dragging the dinar by selling the dollar. This is part of monetary policy as part of trade policy (outside the Central Bank) is to use dollar commodity import and supply which neutralize inflation significantly. But if we leave aside the cash side and our perception that the private sector imports is purely commercial and finance such imports come from foreign currency available to the Government (Development Fund for Iraq, for example) and not from the reserves of the Central Bank, the Central Bank’s fundamental interest in reducing inflation, which can play an important role in trade policy. The basic principle by which the Central Bank operates is that demand and do not know whether the Government will work with the same standard and what is the impact on the exchange rate in this case.
The staff at currency auction committees are eager to have foreign currency flows smoothly from the demand side to ensure stability in the exchange rate and domestic prices, and that is the objective of the World Bank. That these employees did not waste public money they received TD vs dollars that gave and they fully met the demand on the dollar depending on the requirements of monetary policy, as they will be if they do not satisfy the demand of the market at a higher price and this would contravene the principle of stability of the currency and the Central Bank law. We must stress here that the objective of the Central Bank is the stability of prices including the exchange rate, the Central Bank is not the goal of trade financing. In other words, that the Central Bank could change its policy if the exchange rate but it will not change its policy of necessity if trade this installation sets with other commercial or financial policies. Currency auction committees must pass orders for the dollar because the prerequisite in the process of Exchange have been achieved and is the dinar, and obstruct the exchanges here will lead to the instability of the price or more than the rate in the money market. This economic and legal violation does not want any member of the Central Bank.
The work of the Commission on the auction currency must be characterized by speed and accuracy, the Committee scrutinizes citations from banks about lack of money laundering operations, but this audit should not amount to obstruction even unimpaired exchange rate. The Commission also makes sure that enough banks to exchange the Dinaric dollar conversion is financed from the bank account of the Central Bank. For the Central Bank gives USD for dinar, the issue is not only a cash swap.
Stages of the process of obtaining foreign currency begin to submit an individual application for import or for other purposes to commercial bank which demand detailed checks,. But not supposed to verify the Central Bank (an institution) that would give foreign currency details at the commercial banks. The Central Bank in this case is like a wholesaler. It checks the Bank irregularities, receives the citation on that bank money laundering. Most of all to give the dinar-dollar receives a uniform exchange rate. If there are lists of business with demand they should check on the level of commercial bank because it offered. In any case, the commercial bank go data copy to the money laundering unit at the Central Bank to continue.
And about the relationship of the commercial banks at the Central Bank, article 40 of the law on the Central Bank to supervise banks, which includes vacation and supervise banks and issuing instructions on its work. It is not the Central Bank’s banking operations at the level of individual lending operations. The Central Bank’s relationship with banks is through banking and credit service which tracks banking and its conformity with the requirements of monetary policy, and through the currency auction where the Bank receives a transfer request and quote about that Bank’s operations of money laundering through money laundering reporting service in the Bank for subsequent follow-up and money-laundering operations at the level of individual process.
All operations within the market or currency auction and its role in determining the exchange rate go copy them directly to the money laundering reporting service in the Bank to do more checking of suspicious operations. Follow-up is carried out within and outside Iraq and with counterparts in various countries. The service is competent to pursue money laundering and particularly suspicious operations.
Currency auction committees at the Central Bank is not concerned with issues of money-laundering, although it received citations that bank money laundering as we mentioned earlier, responsible for monitoring money laundering reporting service at the Central Bank, they receive the auction data from the outset.
To check money laundering in the banking circles of money laundering in banks and money laundering reporting Directorate Central Bank and it is not the duty of the auction committees must pass requests for foreign currency quickly and smoothly the cash market is very sensitive to any delays in the flow of information to affect the exchange rate. That money-laundering Directorate receives lists of requests for conversion at the same time that it receives these lists and auction committees have sufficient time to proceed and news. Banks must tell the Department reporting directly from the Central Bank of any suspicious transaction, in accordance with article 17 of the law on money laundering, reporting service BA news security actors.
Attempts to detect money laundering requiring banks to identify sources of TD to be deposited. It quickly converts the dinar to the dollar, and the dollar has for purchasing goods and services everywhere in the world. So the question of martyrdom on money laundering by banks are gaining importance. The judgement in the case of money-laundering derived from citations and checking the money laundering reporting unit in the Central Bank.
Department of money laundering that could raise doubts about all processes and are able to address directly the banks there is a circle of anti-money laundering in banks.
Under article 12, paragraph 4, of the anti-money laundering Act of 2004 on it (if the money laundering Office complained that the transaction reasonably made or initiated involve funds derived from illegal activities or money laundering or funds intended to be used in the financing of crime or funds owned by the criminal organization the right to dispose, or finance terrorists, or treatment intended for any other unlawful purpose, the service immediately Notify the competent investigating and prosecuting authority.) . This means that the Office of the reporting does not necessarily refer to the Governor of the Central Bank or ask permission from him or from the Bank to notify the competent investigating and prosecuting authority. The reporting service remained operational independence.
The basic properties that must be available in the money market to enter bank or auction currency is in addition to his ownership of Iraqi dinars sufficiently into account at the Central Bank, but also in the development of disease met its obligations to the Central Bank and deposit free of money laundering. And follow-up process of money laundering takes place after the end of the auction process it should not affect the process of determining the exchange rate. to check money laundering is the process of validation and security while the auction process as purely monetary policy.
The auction currency available to all banks that have not committed offenses. The belief was popularized during the campaign against the Central Bank since the end of last year that the Bank sells foreign exchange to certain banks. the auction is available for both banks and currency auction data do not indicate that the sale is for certain banks, most banks enter the currency auction and unevenly. The process of selling foreign currency are determined when the demand of commercial bank or the buyer and his response by the Central Bank or the seller. This issue will depend on market conditions and the needs of the Bank in different fields as it is possible to request certain banks foreign currency or required by all banks. It is also possible to enter the auction Bank one or both banks, but it is possible in theory but no bank auction enters. It all depends on the activities of banks and market conditions. The Central Bank does not choose the Bank that sold him. Some banks buy than others because they are more active than others and not because the Central Bank favours. Of course, as we have all gotten the banks operations in terms of banking irregularities in terms of money laundering.
The Central Bank now sells six days a week, while the previous Administration sells five days and never did not adopt the system six days a week. Financial markets (in particular financial and monetary operations of the Central Bank) not work during holidays and when there is a working day in the banks. Despite that, in many States you may find buying and selling currencies by cashier in holiday but however expanded operations are limited and do not take the form of an orderly market.
The previous administration was able to stabilize exchange rates before you leave work in mid-October of last year, at least one month. It must be emphasized here that successful monetary policy is measured by maintaining price stability, not by reducing the amount of sale, especially if a sufficient reserve.
I assumed the present leadership of the World Bank, through the Iraqi TV in March, daily currency auction sales must
not exceed $ 100 million, but the sale at present average double that amount, the new Administration said that this increase in the conversion was the smuggling of funds, washed or does it have it and what actions have been taken in this respect and what is the opinion of money laundering reporting service in the Bank Governor and talk do you follow? This and we would like to note here that the report does not raise any situation or issue where suspicion of laundering or terrorist financing to the Bank but the first Deputy Speaker of the House of representatives in the parliamentary debate on 8/11/2012 this reporting service was complaining about ((terrible)) for money laundering, the Central Bank.
That sale now started approaching the method followed by the previous administration and is moving toward satisfying the market but the market price is still higher than the bank rate and this means that the present Administration still restrict or follow restrictive measures although oust reserve concern. The price is determined by demand-supply meeting point. The principles of economics. These developments indicate that the Central Bank’s goal is to sell less not that works on exchange rate stability.
The economic stability as a result of exchange rate stability and reducing inflation in General is an essential process for the development and implementation of projects, especially those that need imported users.
The problem now is the problem of the Iraqi economy, policies and resources are not a problem. The country now suffers from a lack of political stability and security which impede development and decision-making, we have now also suffer from a lack of economic stability as a result of the instability of the Exchange. That would affect confidence in dinars, which started less (Please be temporally) which explains the great desire to acquire dollar now when the public as a commodity. The lack of stability of domestic and regional conditions, in turn, encourages greater demand for the dollar. There is no doubt that this is an important factor in the fluctuation of the dollar but that the Central Bank was selling dollars, we are restricted to high demand and restricted view. You must recover the stability so that policy makers make decisions especially with regard to the external sector, which is particularly important in the Iraqi economy.
Auction currency problem is really the problem of the economy, the Central Bank is not a problem.
Should the Central Bank provides an enabling environment for the development of the most important elements of this environment is exchange rate stability. But taking advantage of this environment depends on the efficiency of the real economy, particularly its susceptibility to develop exports of non-oil sector and formulate appropriate policies of the Government and its organs. If the real economy is suffering from low productivity of the private sector to import nearly everything and exchange rate dinar will decrease but the large reserves can import finance and balance of payments gap and keep the dinar from falling and this is what happens in the auction of foreign currency. Better to keep our dinar through production and create non-oil export capabilities, it is the duty of the productive sectors (governmental and private sector). Must develop the non-oil export and scalability if gradually even less reliance on oil revenues and foreign currency auction, based on oil.
Not supposed to blame the Central Bank for development has been funded, and there seems to be from the Government and some members of the House who wants to access in this way. The Central Bank must be blamed if it does not provide or participate in providing the appropriate environment for development by providing a stable financial and economic environment. The instability of the exchange rate is one of the essential features of the political instability and disrupt or delay the economic decision-making and implementation.
Have you ever asked themselves why Government depart and Iraq are humans the production elements in the country? If there is an appropriate political and economic circumstances were these items will leave Iraq? If these production elements in Iraq would be the easiest solution to the problem of the exchange rate that will remain in Iraq in an investment environment and productivity. This is the environment that must be available and this is the responsibility of the Government. That auction deals with economic conditions in which many changes, especially with regard to the financial sector. In addition, Iraq is undergoing a period of transition, there is first the transition towards market economy and has the text of the Constitution on the importance of the private sector within it. There is also a move to an economy of peace from war and siege economy (which has been with us for a long time) which is a development of great importance. There is also integration with the international community, which must settle things with him as most of Iraq’s problems with international dimensions. This includes solving the debt problem and the normalization of economic relations with the international community and international economic and financial institutions. To deal with the international community, which acquired great importance in our development requires significant administrative capacities and substantial international support, demonstrated the importance of this during our negotiations with the Paris Club and the monetary and financial negotiations with international institutions, especially the International Monetary Fund.
6-1-13 Jester: ABOUT THE NEW BANKING SYSTEM… LOTS OR CONJECTURE OUT THERE ABOUT WHAT HAPPENED… WE ARE NOT SURE IF THE WHOLE THING WAS A TEST OR IF THERE WAS A LITTLE SNEAKINESS TRIED BY SOME PEOPLE… DOESN’T REALLY MATTER WHICH… BUT THE BOTTOM LINE IS THE SYSTEM WORKED THE WAY IT WAS SUPPOSED TO.
THE SYSTEM HAS BEEN DESIGNED WITH YOUR SAFETY IN MIND… THERE ARE SAFEGUARDS PROGRAMMED IN THE SYSTEM THAT LOOK FOR ANOMALIES…
CONSIDER THIS KIND OF LIKE THE SYSTEM THE CREDIT CARD COMPANIES USE TO DETECT ABNORMAL SPENDING PATTERNS WITH YOUR CREDIT CARD…
YOU EVER GET A CALL OR AN ALERT WHEN YOU ARE DOING SOMETHING YOU DON’T USUALLY DO? THE FRAUD DETECTION DEPARTMENT MIGHT CALL AND ASK YOU IF IT WAS YOU THAT MADE A CERTTAIN PURCHASE OR SOMETHING LIKE THAT… THAT HAS HAPPENED TO ME BEFORE WHEN I WOULD BE TRAVELING…
CAUSED ME A LOT OF TROUBLE ONE TIME BECAUSE THEY SHUT MY CARD DOWN WHEN I WAS AT DISNEY WORLD WHEN I DIDN’T ANSWER THE PHONE… I LEARNED TO START LETTING THEM KNOW WHERE I WOULD BE… BUT I DIGRESS… LOL
SO ANYWAY, THIS NEW SYSTEM AT THE BANK WORKS SIMILAR TO THAT… IT DETECTS TRANSACTION ANOMALIES… THINGS OUTSIDE OF THE BANDWITH OF NORMAL OPERATION… BUT THIS SYSTEM IS LIKE THE CREDIT CARD SYSTEM ON STEROIDS… MUCH MUCH MUCH MORE SOPHISTICATED…
DEPENDING ON WHAT THE USER IS DOING THE SYSTEM ALSO HAS THE CAPABILITY OF IDENTIFYING THE USER IN CASE IT TURNS OUT THEY ARE DOING SOMETHING THEY SHOULD NOT BE DOING… TRACKING, TERMINAL ID’S, LOGINS, ISP’S ETC… SO THEY KNOW WHO IS DOING WHAT AND IF IT IS SOMETHING THEY SHOULD NOT BE DOING THEY KNOW WHO THEY ARE…
THE REALLY COOL THING IS THAT IF AN ANOMALIE IS DETECTED THE SYTEM DOES NOT ALERT THE USER… THE SYSTEM MAKES IT LOOK AS IF WHATEVER THEY ARE TRYING TO DO GOT DONE… BUT IN REALITY THE TRANSACTION IS HELD IN CLOUD AND HAS TO BE LOOKED AT BY AN ADMINISTRATOR FOR APPROVAL BEFORE IT CAN GO ON THROUGH…
AND WHEN THE ADMINISTRATOR DOES NOT APPROVE IT LIKE WHEN SOMEONE DOES SOMETHING THEY WERE NOT SUPPOSED TO… THE ADMINISTRATOR CAN ENTER A CODE AND PUT IT RIGHT BACK WHERE IS CAME FROM AND A PROBLEM IS AVERTED… AND OF COURSE BAD GUY IS IN TROUBLE…
THEN THEY GO BACK TO THE IDENTIFICATION OF THE USER TRYING TO DO SOMETHING THEY WERE NOT SUPPOSED TO AND COLLECT THEM FOR FURTHER PROCESSING… IF YOU CATCH MY DRIFT… LOL
THERE ARE TWO MAJOR REASONS I AM SHARING THIS INFORMATION WITH YOU ABOUT ALL OF THIS…
FIRST OF ALL… SO YOU WILL FEEL SAFE AT THE BANK… THERE IS NO WAY THAT PEOPLE WILL BE ABLE TO USE YOUR FUNDS IN THE FUTURE WITHOUT YOUR KNOWLEDGE… THE SYSTEM PREVENTS UNAUTHORIZED USE OF YOUR FUNDS… THIS IS VERY GOOD FOR YOU… YOUR PROTECTION…
AND SECOND… SO YOU WILL UNDERSTAND THAT THIS IS NOT THE BANKS BEING HARD TO GET ALONG WITH AND HOLDING UP THE PROCESS… THIS SHOULD NOT BE A STEREOTYPICAL REFLECTION ON WELLS FARGO OR ANY OTHER BASEL III COMPLIANT BANKS BECAUSE OF THESE TYPES OF PEOPLE…
YOU SHOULD NOT BE BLAMING THE BANK FOR HOLDING ANYTHING UP… IT IS NOT THEIR FAULT… SO LET’S TRY TO GET OFF THE ‘LET’S PAY THEM BACK BY NOT GOING THERE’ THING…
THERE WILL ALWAYS BE NEFARIOUS INDIVIDUALS THAT WILL TRY TO STEAL FROM YOU IN ALL PARTS OF YOUR LIFE… KEEP THAT IN MIND… HOPEFULLY IN THE FUTURE THIS WILL NOT INCLUDE OUR GOVERNMENT… BUT THAT IS ANOTHER STORY…
SO ANYWAY, I HOPE ALL THAT MAKES SENSE AND KEEPS YOU FROM BLAMING THE BANKS AND PUTS YOU AT EASE THAT YOUR MONEY IS SAFE FOR THE FUTURE…
NOW ON TO THE PROCESS… WE ARE STILL WATCHING THE PROCESS VERY CLOSELY… EVERYTHING IS GOING WELL… WE ARE VERY AWARE OF THINGS THAT ARE GETTING DONE… AND WE ARE AWARE THAT WITH EVERY THING THAT GETS COMPLETED WE ARE A LITTLE BIT CLOSER TO THE END…
WE ARE AWARE OF CERTAIN PEOPLE BEING ON HIGH ALERT TO GET THINGS FINISHED… I CAN’T SHARE TOO MANY DETAILS… SECURITY IS VERY IMPORTANT AND THESE PEOPLE NEED TO BE PROTECTED SO THEY CAN GET WHAT THEY NEED TO GET DONE FINISHED…
NOT GOING TO DO ANY RATE AND DATE STUFF… YOU ALREADY KNOW THAT… THOSE QUESTIONS I WILL IGNORE… BUT IF YOU HAVE A FEW QUESTIONS THAT DO NOT INFRINGE ON ANY SECURTIY TYPE INFORMATION THEN I WILL TRY TO ANSWER THEM…
AS LONG AS THE ROOM DOES NOT GET OUT OF CONTROL… KEEP IN MIND I CANNOT TYPE AND WATCH THE SCREEN AT THE SAME TIME… MS. BROOKS FROM HIGH SCHOOL TYPING CLASS WOULD NOT BE IMPRESSED… LOL
AS I STATED BEFORE WE ARE NOT POSITIVE WHETHER IS WAS NEFARIOUS INDIVUALS OR A TESTING OF THE SYSTEM…
NOTHING HAS STOPPED OR DELAYED ANYTHING… SOME THINGS ARE JUST TAKING LONGER THAN EXPECTED… I THINK THERE IS A PRE-DISPOSITION TOWARD MAKING SOME SORT OF EXCUSE FOR IT NOT HAPPENING WHEN YOU ARE OUT THERE CLAIMING RATES AND DATES AND YOU ARE WRONG.
5-31-13 Yota691: “Financial expert: new central bank measures will support the exchange rate of the dinar money transfer control clause in banks.”
He favored a financial expert Mohsen Ali, the stability of the exchange rate of the Iraqi dinar against the dollar after the application of the new measures by the central bank, provided that accompanied operations oversight of banks and banking companies.
The low exchange rate of the Iraqi dinar during the last period due to weak oversight by the central bank on the work of banks and banking companies in terms of financial transfer, as well as procedures for sale of hard currency, which missed the bank much it.
Between: the new plan, which the bank intends to implement will support the Iraqi dinar exchange rate and the return to price real, but on condition that accompanied by control procedures similar to it to reduce currency smuggling and waste of money.
Was the Finance Committee representative reported that the central bank told her that he will start next month, the application of a package of measures aimed at re-dollar exchange rate against the Iraqi dinar to normal with preventing the recurrence of volatility the exchange rate.
Decreased value Iraqi dinar gradually over the past weeks for the price of one dollar to about 1129 dinars after it had been stable for 1120, the highest rate up to the exchange rate during the past two years.
5-28-10 Al Mustakbal News / Baghdad/with: recorded sales of CBI, Tuesday, a significant decrease in more than 100 million dollars to 152 million dollars, compared with Monday, with sales $ 252 million.
The session witnessed on Tuesday, a significant decrease in sales of up to 152 million and 404 million dollars, covered by the Bank at an exchange rate basis total 1166 dinars to the dollar, compared to Monday, as sales reached 252 million Bank and 843,000 dollars.
Demand is distributed by 52 million and $ 450,000 in cash, with the rest distributed $ 99 million and 955 thousand dollars in foreign remittances have been covered by the Bank, and exchange rate were 1179 dinars to the dollar, including the 13 Bank Commission dinars to the dollar, not the 21 banks participating in the Central Bank auction of any offers to sell the dollar.
The CBI was established as an independent bank under its law of the 6th of March of 2004, as an independent body, is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and procedures per day to buy and sell foreign currencies, except for official holidays which stops the Bank auction./Finished
5-26-13 BAGHDAD – News Network Iraq: stressed member of the Finance Committee parliamentary Abdul Hussein al-Yasiri the need to keep the central bank on the exchange rate of the dinar against the dollar and puts controls and treatments for benign currency, noting that the purchase of speculators to the dollar by ordinary people was behind the rise in the dollar exchange rate. Yasiri said in a statement on Saturday that “the reasons for the high price of the dollar against the dinar is that the central bank was selling dollars to anyone who wants and without controls, which kept the exchange rate of the dollar in the past but what happened is that the new controls prompted buyers of dollars to buy dollar of ordinary people and speculators, which led to the high exchange rate of the dollar against the dinar. ” And refers economists that the reasons for poor fiscal policy of the country, especially monetary and fluctuating exchange rate of the dollar against the dinar, and many are focusing on the political differences that disrupted a lot of things the state and weakened, including fiscal policy or monetary as well as the conditions of the country’s current overall especially the security file and its implications for the serious general situation in the country. He Yasiri that “the new controls led to draws people and owners of capital to buy the dollar from speculators and ordinary people without controls because controls the government imposed on the buyers to provide guarantees as requested by the Security tax or passport, which led to the high exchange rate of the dollar against the dinar. Was MP for block parliamentary Abdul Hussein Abtan stressed that his bloc will not remain silent about the continuing decline in the value of the dinar and its impact on the country’s economy and the lives of citizens, especially low-income and poor people who unfortunately make up half of society. Abtan stressed in a statement that “the central bank primarily is responsible for improving the dinar exchange rate does not make sense that the country has reserves estimated at 74 billion dollars and the dinar assaulted him in front of the eyes of everybody.” He said, “on the central bank to take rapid action needed to be one dollar versus thousand Iraqi dinars and this is what our work over the past years and we have achieved stability of the dinar with the reserve did not exceed $ 30 billion at the time.” The Committee on Economy and Investment has confirmed that parliamentary disputes and political crises that hit the country and the lack of clarity of central bank policy led to the fluctuation of the exchange rate of the dinar against the dollar. The issue of central bank and its repercussions, which led to the sacking of Central Bank Governor Sinan Shabibi and the appointment of Abdul Basit Turki instead of him acting in addition to reserve a number of staff were due to the low exchange rate of the Iraqi dinar against the U.S. dollar, but that these measures did not limit this fall.
tlm724] good afternoon everyone, you all want a status update , take a look at where we stand ??
I have been digging this morning after BondLady broke out the newest article about the CBI and thought I would show you a few things
well let me show that article first
Central Bank implemented a plan in next June to raise the exchange rate of the Iraqi dinar
Post 25 May 2013
BAGHDAD / Center Brief for the Iraqi Media Network (IMN ) A member of the parliamentary Finance Committee that the central bank told us that he will implement a new plan to raise the value of the Iraqi dinar exchange either the U.S. dollar.
A member of the Committee Faleh Djiashi,’s (IMN ) That “the Central Bank told the parliamentary Finance Committee that an action plan will apply early next June, would be enough to raise the exchange rate of the Iraqi dinar against the U.S. dollar.”
He added that “the central bank works to reduce the number of companies that deal with it and put the money in the auction which will lead to a reduction in the value of the dollar and reliance on monetary policy open without complicated procedures and controls and a wide open field in front of the government banks.”
The Finance Committee has announced the formation of a small committee composed of three deputies to monitor Srvaldanar of Iraq against the dollar, stressing that the practical measures undertaken by the central bank last week led to address the problem gradually.
The parliament may week current governor of the Central Bank and the Agency Abdul Basit Turki and discussed with him the reasons for the high price of the dollar against the dinar. LINK
action plan will apply early next June, would be enough to raise the exchange rate of the Iraqi dinar against the U.S. dollar.”
This June, new plan, raise the value ! Doesn’t get clearer then that !
I think we have all seen the latest statement from the IMF but let me just show a portion of that in case you didn’t read it
IMF “Directors supported the objective of the Central Bank of Iraq (CBI) to liberalize the foreign exchange market and the recent steps to simplify market regulations”
http://www.imf.org/external/np/sec/pn/2013/pn1358.htm
Set it free baby, liberalize !!!! *hallelujah*
after all that great news I decided to look back at the most current articles / statements from the big 4 as I like to refer to them: IMF, World Bank, WTO and the UN, above is the IMF , next lets look at the World Bank
World Bank restructure the Rafidain and Rasheed in order to raise the value of the Iraqi dinar
24/3/2013
BAGHDAD / obelisk: counting and Planning Minister Ali Shukri, Sunday, announced the World Bank to start implementing his plans to restructure the government banks Rafidain and Rasheed “It’s an important step was waiting for Iraq to raise the value of the dinar.”
Said Shukri for “obelisk”, “The announcement of the World Bank to begin implementation of its plans to restructure the Rafidain Bank and Rasheed Bank government is an important step had been waiting Iraq,” noting that “financial welcomed move the World Bank in this direction because this restructuring will ensure the country make the most of these institutions big human Bakdarathma and expertise accumulated by the cadres and joint coordination to guide these estimators. ”
He added that “the Ministry of Finance confirmed that the plans will be the guarantor of restoring Iraqi dinar of his value economic between foreign currencies and this will be part of this plan,” explaining that “the banking sector is suffering in general laziness around to institutions consumer is active in the financial sector the most traffic The boom in the economy in general. ”
He pointed out that “the World Bank said the Iraqi side that lifted the value of the Iraqi dinar should be a priority as well as he needs to political stability in the country before everything.” LINK
World Bank taking care of the restructuring and “It’s an important step was waiting for Iraq to raise the value of the dinar.”
okay then ! raise the value of the dinar
next is the WTO, we are seeing almost everyday a push for Iraq’s accession so here’s the latest on that:
Iraq to be represented in WTO by Ministry of Trade
22 May 2013
Khair Allah Hassan Babekir, the minister of Trade of Iraq, will move forward with a team of delegation for representing Iraq in the world of Trade Organization. In a statement, the ministry of trade reported that Iraqi delegation team will participate in a negotiation session for associating Iraq within the World Trade Organization.
The Iraqi delegation team will be formed with representatives of the Iraqi concerned ministries and private sector commissions.
The statement has also added that Iraqi delegation will negotiate with (159) States and will discuss the files which Iraq has accomplished within its strive to join the global organization. Previously, Iraq joined two negotiation sessions and discussed over many topics.
Now it will join a third negotiation meeting and this session is dedicated for the file related to the first presentation for goods after accomplishing it by Iraq. LINK
first presentation for goods, means presenting that list of goods available for trade, its a really big step for Iraq, I would think it would be one of the last steps too
Finally the UN, is Ki-Moon happy yet ? lol
he must be getting pretty warm and fuzzy to do this
Kuwait and Iraq may Tota yesterday a outstanding issues between them, after the approval of the UN Security Council on the proposal of the Secretary-General of the United Nations Ban Ki-moon to conclude an agreement with Iraq to transfer funds Kuwaiti allocated to compensate Iraqi farmers to the Iraqi government, in turn distributed to the beneficiaries LINK
so where are we ?
restructure Rafidain and Rasheed banks, check
UN getting happy, check
Iraq doing its part to join the WTO, check
Baghdad and Erbil agreement and Article 140, check (oil and gas law and budget adjustment just waiting on the legislative changes)
CBI’s back up against the wall, check
Monetary/ currency policy crumbling forcing a change, check
New Banking Law at parliament waiting for a vote, check
settling all issues with Kuwait, check
Let me remind you that the GOI has promised to pay the citizens their 25% oil profits in June. There is a good chance these laws Banking, oil and gas could be done imo.
I am sure there are many things I am missing but the big picture is amazing !!
5-25-13 Baghdad (newsletter). The Central Bank announced that Microsoft’s willingness to engage in introducing banking technology systems in local banks.
The Director General of the Department of information technology at the Central Bank in the banking technology forum organized by Microsoft and palm leaves company sponsored and attended by Central Bank (News Agency): the Microsoft Corporation Inc. jarid unwilling in contracting with the Central Bank to develop the banking system, according to recent developments in international banks.
He noted: the Microsoft Corp. when its contract with the Bank will be able to achieve concrete development in banking.
He added that the Central Bank was proactive in introducing developments since the 1970s and became the Iraqi banking sector of most banking systems in the region, but because of the conditions of the country’s wars have left a void in the development process.
He said: since 2003, the Central Bank began to restore the global location through the introduction of modern systems and banking facilities, where he began using documentary credits and correspondent banks, as well as credit facilities in banks system./finished
5-25-13 Alsumaria news/Baghdad
Record US dollar in the local market has risen sharply over the past few days, if the price of the dollar around 1280 was IQD last month at around 1,200.
Foreign currency dealers said in Baghdad, in interviews for “alsumaria news”, the exchange rate of the US dollar, rose markedly since early this month, but this height peaked on Wednesday, after a record per dollar 1,285 dinars.
Neighbouring countries and internal reasons behind the dollar’s rise in the market
At the time of Central Bank seeks through the currency auction for years, to keep the exchange rate of the Iraqi dinar in the currency market, the exchange rate is volatile clear since late last year.
The Economist says in an interview, Majid graphic for “alsumaria news” that “the regional situation in the region, particularly the situation surrounding Iraq’s neighbors, especially Iran and Syria, one of the main reasons behind the dollar recently in the Iraqi market”, noting that “sales of Central Bank cash have risen recently over adapters due to cash in those two States treated their trade because of the economic embargo imposed on them.”
Mock said that “the Bank’s sale of $ 100 million a day it would mean the sale of $ 500 million a week and thus there is a $ 26 billion goes to outside Iraq for import”, noting that “most of these sums are smuggled out of Iraq without benefit.”
Mock notes that “the difference in the Iraqi Central Bank to sell dollars and 1189 dinars per dollar and what is in the local market of 1280 dinars per dollar encouraged speculators, traders and citizens to go to buy dollars from the Central Bank for the purpose of taking advantage of the price difference, which has increased the demand for dollars”, pointing out that “this rise cannot be reduced without regulating trade weamelbat import to Iraq.”
Central Bank sells at auction its currency US dollar per JD, 1179 by private banks and supply companies, but does not sell directly to citizens, while selling private banks authorized to sell the currency, dollar, by citizens, 1,189.
Mafias to smuggle currency
Economist alecs Antoine “demand for the dollar than before because the mafias are collecting dollars and smuggled out of Iraq on the pretext of import operations from outside Iraq”, stating that “the quantities coming out of Iraq are not commensurate with the amount of goods entering.”
Antoine says in an interview for “alsumaria news” that “Iraq has five offices for laundering these offices, however, are still below the level in the detection of smuggling hard currency outside Iraq, stressing” all parties must cooperate among themselves whether the Central Bank or border control and customs taxes and fight corruption and increase oversight and internal stakeholders. ”
And it looks like the banking offices in Baghdad about the cause of this rise, but there is agreement that there is a demand for dollars exceeds supply in the market.
The Bank says the axe in Karrada Mohamed Ibrahim in an interview for “alsumaria news” that “Although the Central Bank sold the dollar to citizens by Government and private banks, but demand for dollars is greater than before”, stating that “every dollar buys daily from citizens and limits of $ 50,000 find buy traders either through cash or in the form of remittances.
Official: stop the World Bank from selling the dollar remittances market befuddled
The Central Bank says he seeks through the currency auction for years, to keep the exchange rate of the Iraqi dinar in the currency market, but the exchange rate is volatile clear since late last year
The Bank does not provide any explanations for the discrepancy between the price and the market price, although it is responsible for monetary policy in the country, including exchange rate policies and the daily meetings of the buying and selling of foreign currency except official holidays the Bank depends on these auctions.
The Director shows a Bank of Government of the Ministry of finance in Baghdad in an interview for “alsumaria news” that “Iraq’s Central Bank stopped selling dollars in the form of transfers for the purpose of organizing anew the befuddled local market prompted traders to buy the dollar in the domestic market resulting in a higher dollar price in this market.”
The official added “prices remained high even after the Central Bank selling by foreign remittances,” he said, adding that “what we are witnessing today is rise in these prices is speculation of currency traders on a high level.”
And the Central Bank of Iraq in February 2012 all banks participating in an auction to buy and sell foreign currency must disclose its customers as a condition for obtaining foreign currency, confirming that there is an incorrect purchases but fictitious and is otherwise legal and banking rules.
I tried “alsumaria news” get permission from officials at the Central Bank, explains the reasons for the high dollar exchange rate, but the Bank’s information Office were required to have formal letter includes an explanation of the reasons for the request for permission, written questions for consideration, and might answer them. It is known that the exchange rates change rapidly, requiring explanations accompany.
Local currency traders expected, Iraqi dinar rate to continue to fall against the dollar, in what they described as “incomprehensible policy of the Central Bank of Iraq”.
The Central Bank was given some private banks in Baghdad by selling dollars directly to citizens in order to meet the growing demand. Private bank sells $ 5,000 for every person holding an Iraqi passport at a price not to exceed the 1,189 per dollar. But observers and currency traders say that this procedure did not contribute to the stability of exchange rates, having turned to the door to corruption, because most of the funds going for direct sale to customers.
5-25-13 Baghdad – Iraq News Network: Deputy Chairman of the Finance Committee for the Kurdistan blocs Coalition MP Ahmad Faizullah importance version controls by the Central Bank to regulate banks to suffer from confusion and bad behavior. Faizullah said in a speech that most private banks lost trust in their audience and impact on the size of their capital by withdrawing their deposits because of the lack of control and real control by the Central Bank. He added that the Central Bank is required to issue regulations for the work of private banks for the purpose of supporting and encouraging citizens to bid farewell to their money to contribute to the process of development through the funding of development projects in the country. The banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by property (7) and banks (30) my family including Bank (7) in addition to Islamic banks (6) foreign banks.
5-24-13 Majik: I will make this as simple as I can. Today I went to a local wells Fargo bank near where I live to open up a savings account for my 1.5 year old son.
I walked in a personal banker meant at the front and he said he would be glad to help me with that.
We went to his office area and proceeded to open up my son’s account. He asked me if I banked with Wells Fargo and I said no that I banked with my credit union in North Carolina and had been with them for 30 years, and was going to move my banking soon, that I was waiting on an investment to come in soon and that I would do everything then.
Then he asked me may I ask what that investment was and I said it was a foreign currency and that he was probably not familiar with it. Then I asked him did they have a private banker at this location and he said no.
I told him I would need one later, then he ask me again what currency was it, and I finally got the guts to tell him thinking I would be laughed out of the bank.
It’s the Iraqi dinar, I said. This is where its gets interesting. He looks at me and says I’m very familiar with it. He says I would like you to meet my branch manager do you have time? I said yes.
He takes me back to her nice big office and introduces me to her. She says I understand you will be having a currency investment coming in soon, and I said anytime. She says don’t worry about nothing we will have a private banker and foreign currency trader meet with you here and you will not have to leave this branch. I was in shock and awe.
They introduced me to the tellers and took me to where the safety deposit area was and an area where I could do my private banking when everything was done.
So that’s just the important part of this conversation; the funny thing is I did not plan this I was in there to open a simple saving account for my son. I hope this gives the members faith that his thing is real.
I walked out of the bank like a stun gun hit me.
5-23-13 Baghdad / Baghdadi news / .. declared the Iraqi Central Bank, on Thursday, continuing to support the banking activity in accordance with the stated policy and what qualifies these banks and serious contribution in building the economy of Iraq.
He said Iraqi Central Bank Governor agency Abdul Basit Turki said in a statement transfer press office and received / Baghdadi News / copy of it, and during a meeting with a number of managers of Commissioners and officials of private banks that “the sole and reference in the administration and the announcement of the monetary policy in Iraq,” calling on all parties Related avoid irresponsible statements that are not consistent with the facts that works out of the Central Bank. ”
He added that “the Bank will continue to advertise in a transparent manner all procedures declared its monetary policy to the public and stakeholders.” Finished
5-20-13 alforattv.net / Management decided the Iraqi Central Bank to open letters of credit on Monday with the agreement of the Rafidain and Rasheed.
The bank said in a statement that “it comes within the orientations to develop a plan for the development of the banking system and increasing sophistication in opening letters of credit.”
The statement added that “the central bank governor Abdul Basit Turki, held a meeting with the general managers of the Rafidain and Rasheed, and in the presence of a number of general managers of the Central Bank.”
On the other hand the bank announced that “unauthorized statements issued during the last few years about his work led to the confusion of the market resulting in losses for investors and businessmen.”
The bank said in a statement on Sunday that “there is no justification for such statements in economic terms.”
He pointed out that “since proceeded on Saturday to conduct the daily auction, after notification of all banks and the Association of Iraqi banks do so.”
The bank said in its statement that it “received all requests submitted to it has been implemented in accordance with the instructions by the relevant committee, and total sales for the day on Saturday 183 000 078 thousand dollars.”
5-20-13 Gamaray: Economic Analyst: increase the central bank balance of foreign currency will support the Iraqi dinar.
Economic analyst warned gentle Abdul Salem Okkaily, lend part of the monetary reserves of the Central Bank in the investment projects of the country, because it would hurt the economy and the national currency.
Ugaili said the increase in the central bank balance of hard currency to more than 74 billion dollars, will support the value of the Iraqi dinar and enhances the strength of the national economy.
I do not can use Bahtiat the central bank to finance any investment project in the country because it will affect the bank balance and thus hurt the economy and reduce the exchange rate of the dinar against international currencies.
This has been said a source in the central bank for central bank reserves increase to 74 billion dollars. The central bank had announced middle of last year that the size of the monetary reserves has an estimated 68 billion dollars.
Med says(7:02 AM): GOOD MORNING DS
ranjoesgirl says(7:02 AM): hi Med
Med says(7:02 AM): HI RJG
Med says(7:11 AM): THERE ARE GOING TO HAVE TO BE SOME MAJOR CHANGES WITH THE CENTRAL BANk OR THEY WILL BE ENTERING A DANGER ZONE WITH THE EXCHANGE RATE AND REVERSE ALL THE POSITIVES BY SHABIBI
Med says(7:12 AM): THEY ARE ENTERING AN ABYSS
ranjoesgirl says(7:12 AM): with all the auctions?
Med says(7:12 AM): AND IT NEEDS STRAIGHTENING OUT IN MANY AREAS NOT JUST THAT BUT IT IS ONE
ranjoesgirl says(7:13 AM): ok
Med says(7:13 AM): YOU HAVE A COUNTRY WITH A WEALTH OF ASSETS IN NATURAL RESOURCES AND A LARGE UNEMPLOYED WORKFORCE
YOU FIRST HAVE TWO MAJOR RIVERS RUNNING THROUGH IT WHICH IN NO WAY ARE BEING TAKEN ADVANTAGE OF THEY NEVER HEARD OF IRRIGATION
Med says(7:14 AM): YOU HAVE OIL NATURAL GAS NOW THEY WONT PUT EVERYONE TO WORK NOT EVEN CLOSE BUT HERE ARE THE OTHER MAJOR ISSUES
Med says(7:15 AM): PEOPLE NEED WORK BOTTOM LINE
ranjoesgirl says(7:15 AM): yep
Med says(7:15 AM): THEY HAVE NO ECONOMIC PLAN WHAT SO EVER TO PUT PEOPLE TO WORK NO PRIVATE SECTOR DEVELOPMENT THEY KNOW THEY NEED TO GET INTO A FREE MARKET ECONOMY AND FOR THE LAST 4 YRS THEY HAVE SAID OH WE KNOW WE KNOW YET NOTHING
Med says(7:16 AM): THIS IS ALSO A GREAT EXAMPLE OF WHY GOVERNMENTS SHOULD STAY OUT OF BUSINESS THEY DONT HAVE A CLUE
ranjoesgirl says(7:16 AM): good point
Med says(7:17 AM): THEY ALSO MADE FRIENDS WITH THE WRONG PEOPLE AND FOR ONE REASON ONLY TO KEEP POWER EVEN IF FOR ONLY A FEW MONTHS
Med says(7:17 AM): SYRIA AND IRAN TWO OF THE MOST REDICULOUS
ranjoesgirl says(7:17 AM): the two worst nations in the ME
Med says(7:17 AM): DECISIONS MALIKI COULD HAVE MADE BOTH WILL FALL AT ONE POINT IN TIME NEXT WE HAVE THE ALL INCLUSIVE GOVT
Med says(7:19 AM): SO HOW IS THAT WORKING OUT FOR YOU IRAQ IT NEEDS TO GO TO A MAJORITY THIS IS AS BAD AS WATCHING OBAMA AND BOEHNER MALIKI AND ALLAWI
ranjoesgirl says(7:19 AM): lol
Med says(7:19 AM): BOTH ARE DESTROYING THE COUNTRY AND SAME HERE
ranjoesgirl says(7:20 AM): yep
Med says(7:20 AM): IT IS ABOUT THE PEOPLE STUPID NOT YOU JUST AN EXAMPLE
ranjoesgirl says(7:21 AM): it’s about time they start working for the people in stead of abusing them
Med says(7:21 AM): I FEAR THOUGH WE WONT SEE A REVELATION LIKE THAT IN IRAQ OR HERE AND LAST IS THE AUCTIONS I AM NOT SURE WHERE THEY BOUGHT THEIR DIPLOMAS BUT
ranjoesgirl says(7:22 AM): lol
Med says(7:22 AM): IT CAME WITH NO EDUCATION I WOULD SAY THE FASTEST WAY TO CURE THE DECLINING RATE STOP THE AUCTIONS MAKE IT SCARCE
ranjoesgirl says(7:24 AM): I agree
Med says(7:25 AM): OH ONE MORE THING I HAVE NOT SENT OUT ANY EMAILS
Med says(7:25 AM): SO IF YOU SEE ONE FROM ME DO NOT OPEN IT
ranjoesgirl says(7:26 AM): ok
Med says(7:26 AM): OOPS DANNY IS YELLING PA PA PA PA
ranjoesgirl says(7:26 AM): awe how cute
Med says(7:26 AM): YUP HE IS AWESOME LATER OK
ranjoesgirl says(7:26 AM): go take care of him PaPa, and enjoy your day
Med says(7:26 AM): TYU ALSO TY
ranjoesgirl says(7:27 AM): thank you Med
5-17-13 (Reuters) – The United States said on Friday it had allowed an Iraqi bank to again conduct business with the U.S. financial system after the bank showed it was no longer helping Iran evade financial sanctions.
Iraq’s Elaf Islamic Bank BELF.ISX was first blacklisted by the United States last year for knowingly doing business with the Export Development Bank of Iran (EDBI), an Iranian state bank the United States accuses of being a “proliferator” of weapons of mass destruction.
Getting sanctioned by the United States forces foreign banks to make a choice: cut ties to blacklisted Iranian institutions or be cut off from the United States.
Washington has imposed a series of financial and trade sanctions against Iran to pressure it to curb its nuclear program, which the United States suspects is aimed at developing atom bombs. Iran says the program is for peaceful purposes.
The U.S. Treasury Department said the Elaf Islamic Bank had to complete several steps to regain its access to the U.S. financial system, including freezing the accounts of EDBI and reducing its business with the Iranian financial sector.
“Today we welcome Elaf Islamic Bank back into the U.S. financial system, and we urge other designated individuals and entities around the world to follow its positive example,” Treasury Undersecretary for Terrorism and Financial Intelligence David Cohen said in a statement.
“As today’s de-listing demonstrates, our sanctions are flexible and can be lifted if the conduct that led to the sanction terminates,” he said.
A 2010 act allows the United States to sanction foreign banks that do business with Iranian banks, companies or people that are banned from the U.S. financial system. This is the first time the United States has lifted sanctions under that law.
5-17-13 Range Press / Baghdad: Download bankers and economies, on Wednesday, the Ministry of Finance and Central Bank of Iraq responsible for the decline and the reality of private banks, local, while accusing the latter encouragement of Arab Banks and Iran at the expense of Iraq, and threatened to organize a sit-If you do not amend the laws to their work, he saw an economic analyst, that “the current circumstances do not allowed to go towards investment banks because the banking culture “is still lacking.”
This came during an economic seminar held in the building of the Gulf Bank of Iraq, in Baghdad, and was attended by a group of banks and other stakeholders, as well as (Presse term).
Banker: the central bank does not listen to the views of the private banks
And complaining, Chairman Gulf Bank of Iraq, “not to listen Bank Center for private banks and deal with it as a subsidiary has,” and urged the need to “amend some laws and regulations for the work of private banks.”
He says Mounir al-Jubouri, in an interview to (range Press), on the sidelines of the seminar, said that “the Ministry of Finance to prevent official circles since the decade of the deposit accounts or accept instruments certified by private banks,” noting that “the current legislation does not fit with the economic boom Iraq is going through. ”
Jubouri calls for the need to “amend some laws and regulations for the work of private banks,” noting that “the central bank does not listen to the views of private banks, but the deals like belonging to him.”
Banker: encourage Arab and Iranian banks at the expense of the Iraqi
For his part, accuses Bank Chairman of the Iraqi economy Hossam Obaid Ali, the central bank to “encourage Arab and Iranian banks at the expense of Iraq,” threatened that private banks “would seek to organize a peaceful protest if the central bank continues its current policy.”
Attribute Ali in an interview with the (long-Presse) Undo the reality of private banks to “lack of confidence in the central bank it,” accusing the central bank to “encourage Arab banks and Iran over Iraq despite the fact that the capital of foreign banks is not up to a quarter of that found in the counterpart Iraq. ”
Ali that threatens private banks “would seek to organize a peaceful protest if the central bank continues its current policy with private banks.”
Appendix: If the government does not deal with the private sector, how citizen
And sees the managing director of the Iraqi Company for Bank Guarantees Amin Abdul Sattar, that “Cooperation is missing between the public and private sectors,” and wondered “If the government does not deal with the private sector, how citizens will be treated with it.”
It is noteworthy curtain, in an interview to (Presse term), “The cooperation or missing coordination between the public and private sectors in Iraq,” adding, “How can we expect citizens to deal with the private banking sector if the government itself does not deal with him.”
Abdul Sattar calls on the government to “pack version of laws and regulations to support the banking business, particularly in the private sector.”
Analyst: banking culture is still incomplete
Meanwhile, economic analyst believes, that “the current circumstances are not allowed to go towards investment banks,” he said, adding that “the banking culture in Iraq is still incomplete.”
He says Majid picture, in an interview to (range Press), “The banking culture in Iraq is incomplete, both for the government or banks or citizens,” pointing out that there is a “need for a long time to get to a culture of cooperation between the banks and the various sectors.”
This is not the first time that the attack which involved the banking sector in Iraq, where attacked politicians and bankers are Iraqis, in the first annual conference for the business, which was held at the headquarters of the Supreme Islamic Council in the capital Baghdad, in (the ninth of March 2013), fiscal policy in Iraq, and considered that the banking system in the country is the “most backward” between the countries of the region, while Benoit that the orientations of the central bank has made private banks “atypical and without a father,” they saw that the “corruption” of the administrative and bureaucratic procedures in some institutions turned into “ways to blackmail.”
The deputies, politicians and economists accused the Central Bank of Iraq over the past months to burn “an average of four billion dollars a month in an auction of hard currency for the benefit of ten banks, most of the capital of Gulf, you buy a day most of the claims of the Central Bank of hard currency and make a profit obscene up to six percent including them control of the Iraqi economy. ”
The Cabinet decided to Iraqi (the 16th of October 2012), the prime BSA Abdul Basit Turki, the functions of the central bank governor and the agency, rather than the Governor of the Bank Previous Shabibi, against the backdrop of “charged issues of financial and administrative corruption” in the bank, especially in operations Dollar Auction, but something did not occur to the work of the bank and currency auction whereas the exchange rate of the Iraqi dinar a significant decline against the dollar, skipping from 1170 dinars to the dollar in the past autumn of 2012, to 1270 dinars to the dollar in April 2013.
The International Monetary Fund said in a report issued in (the 21 of March 2013), after the end of consultations in the Jordanian capital Amman, between a delegation from the Fund and an Iraqi delegation headed by the Minister of Planning Ali Shukri, and seen by (the long-Presse), that the improvement occurred in the financial sector , but he stressed that he still needs a “greater efforts by the central bank in the revision of monetary policy tools and strengthen banking supervision, and to accelerate the restructuring of the banking system.”
The International Monetary Fund (IMF) called the CBI to “take measures to gradually towards the liberalization of foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year.”
UNFPA emphasized that “the establishment of a banking system nationalist requires abandoning the current model, which is controlled in which weak banks owned by the state, which enjoys preferential treatment apart from private banks,” calling on Iraq to do to strengthen its institutions, public finance to ensure efficiency and transparency in the use of oil revenues. ”
It is noteworthy that the private sector has deteriorated significantly after 2003 due to increase government support him and especially for the industrial sector of it, which led to the suspension of most laboratories and factories from work due to their inability to compete with imported goods are supported in the countries that come from, that are not subject of imported for large fees, as well as local problems caused by the fuel and energy crises and lawlessness, and equipment obsolescence.
The United States says it has allowed an Iraqi bank to again conduct business with the U.S. financial system “following the bank’s significant and demonstrated change in behavior,” according to a statement from the Treasury Department.
The privately owned Elaf Islamic Bank was blacklisted by the United States in July 2012 for doing business with the Export Development Bank of Iran, which Washington accuses of being a “proliferator” of weapons of mass destruction.
In a statement on May 17, the Treasury Department said that after the sanctions were issued, the Elaf Islamic Bank “immediately” engaged with treasury officials and froze the accounts of the Export Development Bank of Iran.
Treasury Undersecretary for Terrorism and Financial Intelligence David Cohen said the Iraqi bank’s de-listing demonstrates U.S. sanctions are “flexible.”
Baghdad (news) .. He favored a financial expert Abdul Sattar al-Hashemi, the continued reduction of Iraqi dinar exchange rate against the U.S. dollar unless there are serious by the central bank to develop a plan to save the national currency.
Hashemi said (of the Agency news): The Iraqi dinar exchange rate is moving downward against the U.S. dollar since it took over the new administration of the central bank and so far, and this is indicative of the failure of monetary policy and the weakness of the current administration of the bank.
added: that the central bank demands to take the necessary measures to save the national currency, because the continuing decline will pull the country into economic problems large, such as high inflation and increasing prices in the market as well its impact on the monetary reserves of the Central Bank. this and see the Iraqi dinar exchange rate dropped significantly against the U.S. dollar, which made some economists are expressing fears of a continued decline and its direct impact on the Iraqi economy
5-13-13 alforattv.net: Expressed the Presidency of the Council of Representatives their full support for the central bank to scrutinize the work of private banks and reform measures that include adjust the exchange rate of the dollar and reduce the phenomenon of money laundering.
A statement by the Information Office of the Council of Representatives today that “the Presidency of the Council of Representatives headed by Osama Abdul Aziz Najafi, Chairman of the Board and the presence of Qusay al-Suhail, First Deputy Chairman of the House of Representatives and Aref Tayfur, Vice President of the Council met on Sunday Prime Office of Financial Supervision and the Governor of Central Bank of Iraq and the Agency Abdul Basit Turki.”
He added that “the Presidency of the Council expressed during the meeting its full support for the central bank to scrutinize the work of private banks and archiving of information within the bank and reform measures that include adjust the exchange rate of the dollar and reduce the phenomenon of money laundering and strengthen the capacity of the central bank in economic development.”
The statement noted that “the meeting dealt with the role of the House of Representatives in issuing decisions in order to protect Iraq’s money for the next year and address the issue of debt and push focus of the international effort to protect Iraqi funds abroad.” Finished
announced the Presidency of the Council of Representatives, on Sunday, its full support for the action the central bank intends to take to ensure the stability of the Iraqi currency after it experienced a decline in value against the dollar to a record level in two years.
And plunged the value of the Iraqi dinar gradually over the past weeks to reach the price per dollar to about 1129 dinars after it had been stable for 1120, the highest rate up to the exchange rate during the past two years.
The Finance Committee in the House of Representatives revealed, early last month, the start of the Iraqi Central Bank to take urgent action to preserve the stability of the exchange rate of the Iraqi dinar against the dollar by increasing outlets selling hard currency, but the value of the currency has continued to decline.
A statement from the House of Representatives reportedly for “Twilight News”, the Presidency of the Council of Representatives headed by Osama Abdul Aziz Najafi, Chairman of the Board and the presence of Qusay al-Suhail, First Deputy Speaker of the House and Aref Tayfur, Vice President of the Council met with the President of the Audit Court and the Governor of Central Bank of Iraq and the Agency Abdul Basit Turki ” .
And the Presidency of the Council expressed during the meeting for “full support for the central bank to scrutinize the work of private banks and archiving of information within the bank and reform measures that include adjust the exchange rate of the dollar and reduce the phenomenon of money laundering and strengthen the capacity of the central bank in economic development.”
According to the statement, the meeting dealt with the role of the House of Representatives in issuing decisions in order to protect Iraq’s money for the next year and address the issue of debt and push focus of the international effort to protect Iraqi funds abroad.
Iraq looks forward to the United States to protect its assets and reserves of the Central Bank and the Development Fund for Iraq in the next year and vaccinated against creditors.
The U.S. President Barack Obama signed an executive order last year to extend immunity to Iraqi funds in the Development Fund for Iraq for a year, due to the situation in Iraq.
It seems that confidence in Iraqi تزعزت currency after a government decision to oust former Central Bank Governor Sinan al-Shabibi and tense security situation in an unprecedented manner during the past few weeks.
4-29-13 12thman: Received word just a few minutes ago that we’re still RED and looking great…even with the changes of who sits in the power chairs….so with that I am told to look for our friends e-mail SOON and be ready to head to your bank of choice. Keep giving all to God and allow Him to lead guide and direct you…His way is the ONLY WAY!
price of gold jumped to its highest level in more than a week on Thursday, supported by expectations that central banks to buy more of the precious metal after a huge wave of selling in the recent rise also strengthened The Euro also prices. Traders said the central bank purchases and the actual high demand helped in the recovery of gold from its lowest level in two years at 1321 dollars per ounce last week. But out of the gold-backed funds reflects a decline in investor confidence which limit the gains. Awad early losses and gold reached $ 1445.56 an ounce by 0621 GMT, up $ 14.76. The gold rose to 1447.66 dollars earlier in the session, the highest rate recorded since April 15 dollars. stepped Gold U.S. futures June delivery more than dollars to 1447.50 dollars at the highest level since 15-Apr but some traders fear that the current recovery gold sales in the cash and futures contracts will continue. Among other precious metals silver price rose 0.56 percent to 23.22 dollars an ounce as the price of platinum rose 0.75 percent to $ 1436.74 an ounce. Palladium rose $ 0.94 to $ 671.75 an ounce. (preparation Suha Gado Arab Bulletin -
Sales of the Central Bank of Iraq at the beginning of the meetings of the World Bank this week, Sunday, rose to $ 130 million, compared to last Wednesday, when the Bank recorded sales of $ 88 million.
And, today, Sunday, rise in the Bank’s sales to hit 130 million and 563 million dollars, covered by the Bank at an exchange rate basis total 1166 dinars to the dollar, compared to last Wednesday, Bank sales of 88 million, 853 k.
Application of distributed 111 million and 963 thousand dollars in transfer rates and by 86% over sales in cash which amounted to 18 million and 600 thousand dollars was covered by the World Bank, and the exchange rate reached 1179 dinars to the dollar, including the 13 Bank Commission dinars to the dollar, with the 22 banks had come forward to participate in the Iraqi Central Bank’s auction of any offers to sell the dollar.
And Ashur the rest of other banks in terms of buying the currency in cash with the Bank bought six million dollars, followed by the three banks, namely the Bank shared the Middle East Al Huda Bank United Bank for investment, and $ 4 million each.
The Central Bank decided last Wednesday continued to hold auction for sale of foreign currency from the dollar on Sunday as a normal day at work.
The CBI was established as an independent bank under its law of the 6th of March of 2004, as an independent body, is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the daily meetings of the buying and selling of foreign currency except official holidays the Bank depends on these auctions
Baghdad (newsletter).Member of the Finance Committee, said MP//abdolhossein Al-yasiri, the Rafidain Bank restructuring plan and rational by International Monetary Fund includes four main paragraphs will help to support and develop the country’s banking sector.
He said Al-yasiri (News Agency): the restructuring plan of Government banks and put in good (2007), which formed a Committee headed by the Governor of the Central Bank and Finance Minister and head of the Office of financial supervision, in cooperation with the International Monetary Fund.
He added: the committees began their work but did not yield positive results and the task on time, but then formed a Committee of general managers in banks and representatives of the Central Bank and the International Monetary Fund began their movement in earnest for the support and development of the banking sector in the country.
The plan includes four axes including operational restructuring of banks and strategic restructuring and revaluation of assets of cash to banks, as well as to the accounts of the banks and audited by the external auditor.
He noted that State banks lacking modern technology even though some act as smart card and other but requires more techniques to keep pace with the evolution of global banks
Saturday 20 April 2013 Baghdad / Mesalla: the Central Bank of Iraq, on Saturday, the opening of the auction for the sale of foreign currency from the dollar on Sunday . .
An official source at the bank for “obelisk”, “The Iraqi Central Bank decided to continue holding the auction on the sale of foreign currency from the dollar on Sunday and as a day routine in the work of the bank,” pointing out that “the Bank addressed formally all banks of the 21 that are involved in currency auction. ”
The market witnessed a sale and purchase of foreign currency from the dollar increased significantly during the two days public holiday devoted to the election.
The General Secretariat of the Council of Ministers decided, on Saturday, disable official working in the provinces that saw provincial elections on Sunday, to facilitate the transfer of ballot boxes from polling stations to the National Center for counting and sorting inside Baghdad’s Green Zone . .
It is noteworthy that the Iraqi Central Bank sales closed last Wednesday, as decreased significantly in the sales of the dollar on the sale and purchase of foreign currency up to $ 88.853 million million compared with $ 152 157 000 million recorded in Monday’s session, a stable exchange rate at 1166 dinars per dollar
LINK
BAGHDAD (Iba) .. Search the Iraqi Central Bank Governor Abdul Basit Turki Saeed with the U.S. Federal Reserve Bank Central Bank of Iraq and the protection of Iraq’s money.
A source from within the central bank, told the independent press (Iba) said on Saturday that “the Iraqi Central Bank Governor Abdul Basit Turki organized a private visit to Enyoryuk to discuss the protection of Iraq’s money and reserves of the Central Bank and other issues, financial with the Feds.”
The source continued that “the Turkish visit to Washington came on the sidelines of the spring meetings in America which is considering the financial and banking issues and developing new plans for the develop morphological sector”. (End)
Baghdad (news) .. Warned the Vice-Chairman of the Finance Committee MP / coalition of Kurdish blocs / Ahmed Hassan Faizullah, of continuing problems within the central bank charges on his work because it will affect the stability of the exchange rate of the Iraqi dinar.
He said Faizullah (of the Agency news): that the central bank is a major financial institution and job maintaining the stability of the currency and control of financial and banking operations, Fasthdavh will decrease would in front of international banks, and lose confidence in him, and thus affect the stability of the Iraqi dinar.
He added: can not be any party to interfere with the work of the Central Bank or directing false accusations untrue to reality, as it is an independent body unrelated third party run by financial experts and economists.
He was accused member Integrity Committee Jawad Alshahyla, the current Directors of the Central Bank of stealing 10 tons of gold, as well as other operations of currency smuggling and money laundering.
And witnessed the exchange rate of the Iraqi dinar severely decrease its price against the U.S. dollar, which made economists fear the financial and monetary situation in the country of the problems that may affect it.
LINK
BAGHDAD / obelisk: threatened Iraqi Central Bank Governor Sinan al-Shabibi, Friday, in the first response since the criticism directed to his foundation, to sue entities that seek to “determine how the” bank, stressing that there was “extensive campaign” designed to damage the national economy, in what was considered that doubt Bmhnih “false allegations.”
Shabibi said for “obelisk” that “there are many of those who plunged themselves in a campaign to determine how the central bank and damage to the national economy as a whole,” noting that “the central bank will sue anyone who tries to speak to determine how our monetary policy.”
The Shabibi that “central bank policy and their moves were intended to preserve the value of the Iraqi dinar and create a balance in the Iraqi market to maintain economic stability,” stressing that “the Central Bank is going as planned, and we we have indicated our desire to cooperate with all the detection of corrupt files wherever found and hold negligent. “
Shabibi said that “everything it touches professionally Central Bank is false allegations and not unfounded and the central bank will raise issues in the competent courts to all these parties that Chen distorted this media campaign.”
And was a member of the parliamentary Finance Committee Haitham al-Jubouri accused, on the ninth of October now, five banks and general manager of civil money in the Central Bank of Iraq involved being involved in money laundering through the central bank auction.
The head of the House of Representatives Osama Najafi has confirmed, on the sixth of October now, that the Committee responsible for monitoring the work of the central bank pointed to suspicion of corruption in the sale of the dollar, pointing out that there is a lack of clarity mechanisms check money laundering operations the central bank and private banks.
The early parliamentary source revealed to the obelisk in the third of October, current, providing for a special parliamentary committee conducted an investigation activities of the Central Bank of Iraq reveals the involvement of the north bank and the Middle East in the laundering and the smuggling of money and private currency dollar to the United Arab Emirates.
The World Bank has announced it is loaning Kazakhstan more than $ 1 billion to build a road to China.
The agreement was signed by officials from the World Bank and Kazakhstan in Astana on October 11.
When completed, the highway will stretch some 300 kilometers and link Almaty to Khorgos.
The World Bank says that artery serves as a transit route not only for Kazakhstan and China but other Central Asian nations as well.
The World Bank says the project has the potential to boost regional trade.
The highway is an integral piece of the international motor corridor “Western Europe – Western China,” a big part of which transits Kazakhstan.
The estimated date of completion of the highway is 2015.
Baghdad (news) .. Attributed the economic expert Manaf Al Sayegh, the reasons for actions the central bank last raised (Kuta) Prices of Iraqi banks for the currency, to stabilize the exchange rate of the dinar against the dollar.
said Sayegh (of the Agency news): The Central Bank to establish new procedures raise quota prices for the currency in Iraqi banks and make market currency market free as a result of the stability and balance of the dinar against the U.S. dollar in the local market, noting that the quota prices imposed on the currency in banks previously when the price of the dollar against the dinar. added: that the central bank imposed restrictions on sell the currency in Iraqi banks when increased demand for the dollar and appreciated against the dinar, ماجعلها successful actions have achieved a balance in the currency.
confirmed Sayegh: that the policy of the central bank reduced the difference between the price of currencies in the money market and the price of the currency at the Central Bank, adding that the exchange rate dinar against the dollar has become parallel and the percentage difference between them is estimated (2%). continued: that reducing the difference between the market price and the price of the bank to make the Iraqi dinar strong against the dollar, stressing that the coming period will witness evenly between the dinar and the dollar.
said Sayegh: that attack the demand for Currency previously prompting the central bank to restrict the display of foreign currency ceilings pricing and selling virtual currency in the banks to achieve a balance between the dinar and the dollar
BAGHDAD – babysit – a student member of the Committee on Economy and Investment deputy Aziz al-Mayahi, a new monetary policy keep pace with advances in the field of financial and banking sector in the world and change the current policy pursued by the central bank as threatening the local currency to deteriorate.
Mayahi said in a press statement that “there are a lot of negative indicators monitored in the work of the Central Bank, particularly the recent violations that occurred in the process of buying and selling the dollar in the auction and allow brokers to manipulate the exchange rate of the Iraqi dinar against the dollar.”
He added: that the committee formed in the House of Representatives with respect to audit and monitor the work of the central bank auction will submit its report to the Council in the next few days, which initially indicate the presence of errors and significant violations occurred where the central bank.
He explained: that monetary policy in the country must cope with the evolution in the world, particularly in the financial and banking, in addition to the current policy pursued by the central bank proved its failure must be change current policy and the adoption of a new monetary policy to support the local currency and save it from degradation .. . p / i
Caution risk of recurrence of past mistakes
Baghdad-Hussein thghb Al-Tamimi
Control and inspection Director of Rafidain Bank Al-mundhiri abdolhossein from falling in with errors which occurred during the Exchange after system crash.
This talk at the time the Central Bank tends to adopt a plan to replace the current national currency after deleting three zeros.
Banking expert, said Abdel Hussein Al-mundhiri in an exclusive interview for (morning): the controversy over Exchange still chain for many reasons this action promised is not appropriate at this time because it does not help to tackle inflation.
He noted that prices in the Iraqi market is currently stable and acceptable, especially prices of imported goods from neighboring countries to take advantage of China’s philosophy of survival currency low against other currencies. He said the Iraqi market with counterfeit currency that are printed mostly in printing press outside Iraq where sneaks these currencies (fake) easily to our markets across more than a border port open, non-controlled in order to promote such currencies in markets and banks so they can be removed later by banks and money transfer companies.
He added: the Central Bank of Iraq should take the initiative to activate its role and intensify its intervention in monetary authority and begin to exercise pressure on dollar balloon again especially as capable of it whenever he wishes and that he wanted to put away corrupt currents infiltrating inside it surreptitiously on the one hand and on the other hand contribute to return to normal size or at least prevent the perpetuation of this phenomenon more taking into account that the Iraqi dinar is now covered with more than 60 billion dollars is to increaseDay after day, which ultimately will lead to the disappearance of zeros automatically one after the other and let us get back to this topic again after several years of seeing positive returns generated by wise policies and legislation.
Al-mundhiri said benefits delete zeros banking is that it reduces the size of the money supply in circulation and this helps banks reduce the number of Trustees limits (75) percent which reduces the salaries of mutation of one yen.
To delete zeros helps revaluation computationally which helps banks use ATMs through ATM cards pull the sheets would be less and less trading volume edition and dedicated money in banks vaults and damage and theft sometimes Bank also assists in the implementation of the programme of the global system of the company implemented its project is 12 digits only while our bank balances trillions with bankruptcy means 15 digits and this impedes system.
Al-mundhiri revealed that problems that accompanied the replacement process, many of the previous Central Bank reported not receiving the numbered Edition 192 class 10,000 after 15 days from start switch currency receipt section of this edition which fund officer incurred hundreds of millions of fines and some of them still suffering from weight and had been imprisoned and was fined and still pay premiums to 50 percent of the monthly salary.
As well as money stolen by banks to the Central Bank of the burn sites of Central Bank and Red inks clearance operations which I have the receipts and was pumped to banks again reported fraudulent amounts discovered loose stamps Trustees lbilat banks this madia know the name of the Bank and the name of the Treasurer unless it detects the amount of confusion caused the Central Bank to create the potential for a replacement.
Al-mundhiri said has been switching $ trillion one hundred and twenty-six billion dollars in Bank alrfedin fraudulent amounts arose within 28 billion represents 1/4 percent from counterfeit to amounts amounts and manners are few and the 28 lbilat and seals the names of Trustees and back $ 16 billion dinars and stamps does not carry the names of Trustees, represent a percent of the detected amount ratio to total replacement amounts these ratios is 5 percent if we take this rate and consistent theme with total Other banks received amounts of false detections will not represent more than 5 percent and the Central Bank had to be borne by and smother her but he refused it and get it to banks and Trustees
http://www.microsofttranslator.com/BV.aspx?ref=IE8Activity&a=http%3A%2F%2Fwww.alsabaah.com%2FArticleShow.aspx%3FID%3D35684
[BondLady] CBI to hasten to activate its role and intensify its intervention in the monetary authority is prescribed exercise pressure on the dollar balloon again and again,
[BondLady] there saying hurry up an do it
[BondLady] or the dollar will just go up an up over an over and more counterfits will come over and costing the treasury at least 5% of its profits
[BondLady] ck this line
[BondLady] taking into consideration that the Iraqi dinar is covered by more than sixty billion dollars can be increased day by day, which eventually lead to the disappearance of zeros automatically one after another
[BondLady] dinar is covered by more than sixty billion dollars can be increased day by day,
[BondLady] which eventually lead to the disappearance of zeros automatically one after another
[BondLady] see
[BondLady] i often thought thats what raising the 000 meant
[BondLady] the more they take out of circulation
[BondLady] the higher the bank reserves get an fast
[BondLady] which eventually lead to the disappearance of zeros automatically one after another
[BondLady] automatically one after another
[BondLady] is that not powerful or what
[BondLady] Warned Director of Inspection and Control in the Rafidain Bank Abdulhussain Mundhiri from falling into the same mistakes that occurred during the replacement of the currency after the fall of the regime. This talk comes at a time moving the central bank to adopt a plan to replace the current national currency after deleting three zeros. He said banking expert Abdul Hussein Mundhiri in an exclusive interview (morning): The debate about replacing the currency is still Mtuwalia for many reasons, the promise of this procedure without appropriate at this time because it does not help to tackle inflation. He noted that the prices of goods in the Iraqi market is stable and acceptable, especially the prices of imported goods from neighboring countries and called to take advantage of the philosophy of China’s efforts to keep its currency low against other currencies
[BondLady] you see this shredd
[BondLady] its an article i posted a few days ago
[Shredd] yes!
[Shredd] price stability a very good thing
[BondLady] taking into consideration that the Iraqi dinar is covered by more than sixty billion dollars can be increased day by day
[Shredd] plenty of reserves to back the value
[BondLady] which eventually lead to the disappearance of zeros automatically one after another
[BondLady] per the translation
[Shredd] i was wondering if they’d ramp it up
[BondLady] i’d often thought if that was actually what they were saying when they talked of removing the 000
[BondLady] was it actually taking the 000 off or was it taking the big 000 off the street
[BondLady] and i guess its actually both
[Shredd] right…..but where will they plateau
[Shredd] both
[Shredd] yes
[BondLady] but what it said right here just slapped me upside my head
[BondLady] which eventually lead to the disappearance of zeros automatically one after another
[Shredd] yes, peeps bringing them in
[Shredd] one
[Shredd] after
[Shredd] another
[BondLady] automatically remove the 000
[BondLady] so they are talking liquidization
[Shredd] yes
[BondLady] but
[Shredd] and you know whats exciting
[Shredd] is the dinar coming in
[Shredd] one after another
[Shredd] means something will give incentive
[BondLady] i was just re-reading some things
[Shredd] very exciting
[BondLady] and with the …which eventually lead to the disappearance of zeros automatically one after another…raises the rate
[Shredd] yes
[BondLady] this art was talking about the counterfits flooding the market too
[BondLady] and the bottom line it came out to equal 5% of the profit they gained
[BondLady] costed them
[BondLady] and said they had the money that was drawn in that was supposed to be incinerated
[BondLady] but crooks got to some
[Shredd] and the counterfeiters days are numbered
[BondLady] and he was telling what those had on it
[BondLady] what seals were there and what weren’t
[BondLady] said most are serving time
[BondLady] and still drawing their salaries
[Shredd] so corrupt
[BondLady] crazy
[Shredd] eventually lead to the disappearance of zeros automatically one after another
[Shredd] you got it
[BondLady] yeppers thats a awsome line i loved it
[BondLady] which eventually lead to the disappearance of zeros automatically one after another
[Shredd] eventually = gradual
[BondLady] which it was gradual
[BondLady] and thats what this art was talking bout
[Shredd] automatically = implies a specific process, organized
[Shredd] the deletion of zeros on the benefits of banking is that it reduces the size of the money supply
[Shredd] and replace with what?
[BondLady] ld’s
[Shredd] for sure
[Shredd] not dollar
[Shredd] the plan has been done for a while
[Shredd] now verified to be legal, constitutional
[Shredd] just need the event
[Shredd] to trigger the incentive to remove off the streets
BondLady 9/28/2012
Preparing a draft law to combat money laundering
Ali Abdullah – 09/28/2012 – 11:23 AM
Detection office money laundering of the Central Bank of Iraq, Friday, for the preparation of a new draft law to money laundering, according to the actual need for the requirements phase and challenges, noting that the project will be submitted soon to the House of Representatives. said Director of the Office money laundering Khaled Cltag in a press statement that his office “under the guidance of the Board Joint Anti-Corruption in the General Secretariat of the Council of Ministers in 2009 prepared a draft of a new law to combat money laundering and raising to the Council of Ministers. ” and explained that “the project has been discussed and is currently subject to scrutiny in preparation for transmission to the House of Representatives,” pointing out that “the law currently in force is the law No. 93 for the year 2004. ” and added that “the Republic of Iraq joined the United Nations Convention against Corruption thus became anti-money laundering and corruption a national project and has the support of presidencies in the country, according to the need in light of the problems and challenges become a duty to prepare a new law.” and punishes the law against money laundering force fine no more than 40 million Iraqi dinars, or twice the value of money used in the deal, whichever is greater, or imprisonment for not more than 4 years, or both for each of the runs or trying to manage financial transaction employs revenues somehow illegal activity clairvoyant that money used is revenue somehow illegal activity or both transmits or sends or transmitting means cash or exaggerated revenues account for some way to illegal activity knowing that this means cash or money representing the proceeds in some way for illegal activity. also punishable by a fine of not less than 20 million Iraqi dinars, or imprisoned for not more than two years, or both for each of the offers money or conceal or gloss over the nature or place or source or ownership of the money, knowing or intending, that this money is used to create for the purpose of or implementation of a breach of the law or configuration for the purpose of or implementation to cover up the escape from the commission of any breach in the financing of crime or attempts or conspires to such activity.
http://www.burathanews.com/news_article_171016.html
[BondLady] there is a very important thing I read today
[BondLady] i’ve been waiting and watching for it
[BondLady] and finally saw something on it today
[BondLady] but its a biggie whether anyone realizes or not
[BondLady] its one of the very last things the cbi had to do before they brought out the new money
[BondLady] all the reading i do daily
[BondLady] this was the article of the day
[BondLady] without it in place, all the votes against the cbi wanting to do whatever it needed to do to bring on what we wanna see…this was and is the last big hurdle imo…
[BondLady] we shall see though
[sisterbreen] BondLady ty i like, yes probably need that law
[BondLady] it was a must sister
[BondLady] this was what the cbi has been needing and prepareing for
[BondLady] i been watchin for it for over 2 months
[BondLady] to finally see the cbi getting ready to submit it to me is the last piece
[Shredd] BondLady yes, i commented on the money laundering one
[Shredd] great article
[BondLady] don’t know if folks actually realize how big it is
[BondLady] imo ..thank you
Confirmed a member of the Committee on the economy and investment MP Nahida Daini for the Iraqi List, the advent of the Arab Bank of Jordan and open branches in Iraq will support the banking sector and will contribute to the development of the national economy through the granting of loans and advances for the projects. said Daini The ‘Economic Commission parliamentary demands by encouraging international banks sober with high level, which was correlated with the World Bank to enter the Iraqi environment for the purpose of opening branches being will strengthen the national economy and will contribute to its development. said member Economic Commission told solution (News) that ‘initiative Arab Bank of Jordan to open a branch in Iraq, a step towards the development of the Iraqi banking sector Being one of the international banks that have branches in all countries of the world and which will contribute to and effectively in the promotion of economic sectors through a grant loans and advances. indicated Daini that ‘Iraqi banks two branches of government and the private proved its inability to contribute to the development of the country’s economy due to lack of capital, stressing that ‘bank Rafidain and Rasheed stopped percent salary advances and other loans due to lack of sufficient funds for those projects. finished
Baghdad / bright Asadi
as it seeks the Ministry of Finance to establish a branch of the Rasheed Bank in Kurdistan counting deputy central bank governor appearance of Mohammed Saleh so without the consent of the bank a big mistake.
Saleh said in a statement singled out the “long” that “the opening of any branch of the Bank of Iraqi the country must first obtain the approval of the central bank, “noting that” skipping the central bank is a big mistake, “adding,” We look to the Iraqi market as a single banking market transient regions and provinces. ”
Saleh pointed out that “there is no harm in opening a branch of the Rasheed Bank or Iraq in Kurdistan or in any province of the country”, following that “there is a memorandum of understanding signed between the Minister of Finance and the Governor of the Central Bank, to oversee and follow-up banking supervision, did not get used banks pass Central Bank to open branches and that “banks have an annual plan for branches made by the central bank, and possibly in 2013 and during the presentation of a plan Rasheed Bank Annual will be germane regarding branch Kurdistan,” and that “the Rasheed Bank was not accustomed to the offense before.”
He Saleh “The opening of a branch of any bank must obtain the approval of the central bank to be granted the license to open the branch, to be under the supervision of the Bank and within his responsibility, and if exceeded, the bank is not responsible for that section, and possibly involved laundering money or something like that,” adding that ” What is happening now is the order and pave the initial overture central bank, the fact that the Ministry of Finance is the owner, and representing Iraq from Zakho to the FAO, and the central bank is supervising authority. ”
This welcomed Saleh step opening a branch of the Rasheed Bank or Mesopotamia in the province, returned this step is important to provide Banking for the largest possible number of people.
For his part, the decision to economic and investment commission in parliament, the Kurdistan Alliance MP Khalil Mahma NOC province opened a branch of any bank in Kurdistan, noting that not approached the central bank on opening a branch of the Rasheed Bank so far is the existence of consultations and formats between Federal Ministry of Finance and the Ministry of Finance in the Kurdistan region.
Khalil said in an exclusive statement to “long” that “the province does not mind opening a branch of any bank in Kurdistan, as has branches of banks Kurdistan in Baghdad,” noting that “no overture Central Bank for opening a branch of the Rasheed Bank is the presence of consultations and formats preliminary between Federal Ministry of Finance and the Ministry of Finance in the Kurdistan region. ”
Khelil said that “the Iraqi economy is free and depends on the government and private banks, and we frankly in the Kurdistan region with the private banks,” noting that “economies World of strategic dimension of economic and investment encourages private banks, and there is no in any country in the world a government bank except the central bank in each country, “explaining that” the banking sector in the country backward and not the level of ambition and the level of economic transformations and the requirements of the Iraqi economy, and not the level of ambition of investors and movement money also. ”
and increased Khalil that “the Constitution gives powers to the province to exercise its private investment and the movement of the market of its own, so find investment in the region is active, and economic movement there more transparent about what they are in the center, in addition to the Kurdistan region gives great facilities for capital money. ”
and added that “banks in the region may vary with the rest of the Iraqi banks depending on their mindset and infrastructure and freedom of movement and security conditions, and similar with the common goal which is to maintain the value of the Iraqi dinar first, and make a profit within the parameters specified by the Central Bank of Iraq II,” noting that “the Central Bank is responsible for all the banks, so it is that controls the exchange rate of the dinar and the rest of the banks to do so, and that the existing banks in Iraq, whether governmental or civil entirely dependent on the exchange rate and pumped central bank foreign currency.”
He pointed that “Iraq’s economic strategy geared towards the planning and building of the banking sector, and the state must begin the rehabilitation and building of financial institutions in order to be ready to accommodate the circumstances and economic transformations.
Central Bank of Iraq that banking conference held in London last week called to amend the Iraqi Investment Law. said Deputy Governor of the Central Bank the appearance of Mohammed Saleh in a statement told the National Iraqi News / Nina /: “The conference, which was held in London, attended by government institutions, Discuss obstacles advent investment to Iraq with companies and foreign banks. ” and added: “The conference came out with recommendations most important amendment Iraqi investment law, in relation to the allocation of land and titled and the creation of a suitable ground for the arrival of foreign companies that have expressed their desire to enter the Iraqi market.” explained “that the conference was held in the largest financial center in the world, to discuss the financial sector, investment and the convergence of views between Iraq and the countries of the world including the overcoming obstacles and discuss investment opportunities offered in all the provinces and urban centers of Iraq. ” and pointed out that “the presence of government institutions this conference reinforced the credibility and the desire of Iraq coming companies investment for the reconstruction of infrastructure, as Congress saw an international presence and a wide range of international companies differently. ” The Iraqi delegation senior attended the investment conference in the banking sector and banks in Iraq, which was held in London on 18 and 19 of this month. described financial sources in the Iraqi statements to the media earlier, this conference, as: “will make Iraq a bank to finance the economies bankrupt and saving banks Europe and the United States as is the case with the banking sector the Gulf, and show Iraqi officials investment opportunities in the financial sector will pave the sale to Iraq of the banking sector foreign, and thus lead to the enactment of laws to facilitate penetration of foreign companies to the banking sector of Iraq, and to identify key projects for the start of the project penetration financial. ” But an economist at the Ministry of Finance Hilal Taan said in an earlier statement to the National Iraqi News / Nina /: “The financial sector in Iraq is the central bank and the stock market and banks government and private, so that can not be definitely sell this sector to any third party whatever their nationality. ” and added: “The Iraqi banks need to gain experience of Arab banks and foreign, being more sophisticated ones, and that comes through the merger between banks for years to be determined by agreement between merging parties
BAGHDAD / JD / .. student expert Islamic banking Sadiq Shammari importance recognition central bank mechanisms work of Islamic banks that have provided products urged interest a large segment of Iraq and the world.
Al-Shammari said in an interview / for JD / that many obstacles confuse the work of Islamic banks in Iraq and the world are in The central banks oblige all banks need Ctfad a percentage of their deposits up to 15% in the Central, employing banks lend these funds interest rate and this is incompatible with the approach of the Islamic.
pointed out that Alqonin issued by central banks has blocked الموسسات financial banking from practicing trade, especially it have the equipment and real estate, investment and renting them at the heart of its activities.
noted that Islamic banking spread in more than 50 countries around the world, and that number can be increased in the coming years
Finished auditing firm international analysis report auditor external Warka Bank Ahli Investment which is subject to guardianship CBI half a year ago, in what is expected to provide its final report on the bank during the next two weeks. And put the CBI Warka Bank under his tutelage last March after suffering a setback and financial inability to pay its creditors. said deputy central bank governor appearance of Mohammed’s (Center Brief for the Iraqi Media Network) that «auditing firm international told us the completion of audited the report of the external auditor of the assets of the Warka Bank which is subject to guardianship CBI». said «We expect to receive the final report From auditing firm during the next couple of weeks and on the impact of the report will determine whether the Warka Bank viable or not, depending on the law of the Iraqi Central Bank ». gave Warka Bank loans and reached more than 500 billion dinars, while the value of amounts depositors about 300 billion dinars.
Iraq’s bank and financial conference in London ended in a number of recommendations to improve the country’s banking sector, said Iraq’s deputy Prime Minister’s office.
Head of the office Shwan Aziz stated it was decided in the conference for the British and Iraqi experts to design a plan to improve Iraq’s banking system.
Aziz added this is will be the first time that efforts for enhancing and improving the banking sector in Iraq are made through a roadmap.
The official continued it was also recommended that Iraqi Government must facilitate the procedures for welcoming private banks to participate in improving the country’s banking system.
It was also suggested that the routines in approving working license for private banks be eliminated in order to speed up the financial transactions in the interest of Iraq’s economy.
There were also some suggestions about tackling corruption in Iraq, according to Aziz.
The official said “corruption is another reason for obstructing and slowing down the financial transactions. Thus Iraqi government should step towards solving these problems.”
At the end of the conference Iraqi deputy Prime Minister Rojh Nouri Shawais asked the UK to assist Iraq in improving its financial affairs.
Iraq participated in the bank and financial conference in the UK in order to develop the infrastructure of Iraqi banks and its financial transactions, announced earlier Iraqi deputy Prime Minister.
A high Iraqi delegation of ministers and officials including ministers of trade, finance and industry, Governor of the Central Bank of Iraq and a number of Iraqi financial organizations participated in the conference.
The conference ran Sept. 18-19.
Iraqi central bank decided to diversify its financial policies in 2013 through the sale of gold and government bonds and foreign citizens.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh told all of Iraq [where], “The Central Bank has decided to not only his financial selling foreign currency from the dollar to the banks, but will have a monetary policy variety in 2013, through the sale of gold and government bonds and foreign directly to the citizen. ”
He added that “the sale of bonds and gold to home will not be a substitute for foreign currency, but falls within the new monetary policy, which could be sold by the citizen or the bank to liquidate financial value and benefit.”
He explained that “the Central Bank is granting called / leave, investment funds /, a company issued its instructions, and function to promote financial transactions of gold bullion and bonds to the citizen, and this company is non-banking financial institution.”
The Finance Committee in the Iraqi Council of Representatives, called for the central bank to cut the foreign currency exchange rate, to reduce the high prices of goods in the Iraqi market.
BAGHDAD / JD / .. Confirmed the Arab Bank that he is studying the presence in Iraq within his future plans, Mtdarka: But it needs to be assessed and thus to time.
said Chairman of Arab Bank Sabih Masri said in an interview with the magazine (Economics and Business) English: that the Council will rapidly in collaboration with the executive management a plan to activate the bank guarantee his return to competition and to achieve growth and profitability, and the plan includes assessing presence geographical and operations of the Bank in order to bridge the gaps existing and strengthening branches or subsidiary banks and restructure some with a focus on strengthening cooperation between the units and branches of the group, and keep the Palestinian identity of Jordan to the bank.
stressed the importance of to remain Board homogeneous and work in solidarity with the executive management represented by President Executive Officer Nemeh Sabbagh.
said the magazine in a thorough investigation that plan activation Bank concentrated in the switch current culture of the Arab Bank that need rehabilitation process, so that the new leadership is looking to evaluate opportunities The Bank in order to activate and will no doubt trading in assessing presence geographical and operations of the Bank in order to bridge the gaps existing or strengthen the presence of branches or subsidiary banks and restructure some with a focus on some topics, such as the Bank intends to activate key markets such as Tunisia, where he works as a bank Tunisia has 120 branches across the country.
There is also a special attention in Egypt, where he owns a network of 26 branches as well as in Algeria, where enjoys a prime location in the financing of exports and business processes oriented, and there is also a re-evaluation of the contribution of the Bank at the Bank of Libyan Wahda with branches the 71 across Libya, note that the Arab Bank the right to raise its stake in Libyan bank to 51 percent before the passage of a particular order.
It is expected to examine Bank Multi presence in Iraq as an Iraqi bank, but it needs to be assessed and thus to time.
Baghdad / term economist said Hussein star that the World Bank began its first steps to support the industrial movement in Iraq through the establishment of courses in occupational safety and training and industrial development in Iraq., said the star that the World Bank who has worked in Iraq since 2006 on the development aspects of education in the ministries competent in Iraq felt to provide its services from now on to the industrial sector,
Pointing to the existence of a huge project with the bank in product support through the establishment of the Iraqi courses and micro-enterprise development and raise the efficiency of small creative enterprises and usher in a new industrial era in the country. He noted that the Iraqi government tried to move the industrial sector by opening the doors lending for industrial projects by the Industrial Development Fund as well as the development package launched by the Industrial Bank in addition to moving the industrial sector by restarting 193 government projects a giant of state factories stalled in order to move the stalemate since throughout the decades. He added the star that the industrial sector needs a lot to rise again, so what initiated by the government and it has not been addressed to him after such as providing manpower with skilled and provide conditions Occupational Safety bad in Iraq and provide the requirements of promoting the right of the commodity Iraqi as well as packaging good of the national product and provide modern equipment and raise taxes for raw materials entering Iraq.
Baghdad / term economist said Hussein star that the World Bank began its first steps to support the industrial movement in Iraq through the establishment of courses in occupational safety and training and industrial development in Iraq., said the star that the World Bank who has worked in Iraq since 2006 on the development aspects of education in the ministries competent in Iraq felt to provide its services from now on to the industrial sector,
Pointing to the existence of a huge project with the bank in product support through the establishment of the Iraqi courses and micro-enterprise development and raise the efficiency of small creative enterprises and usher in a new industrial era in the country. He noted that the Iraqi government tried to move the industrial sector by opening the doors lending for industrial projects by the Industrial Development Fund as well as the development package launched by the Industrial Bank in addition to moving the industrial sector by restarting 193 government projects a giant of state factories stalled in order to move the stalemate since throughout the decades. He added the star that the industrial sector needs a lot to rise again, so what initiated by the government and it has not been addressed to him after such as providing manpower with skilled and provide conditions Occupational Safety bad in Iraq and provide the requirements of promoting the right of the commodity Iraqi as well as packaging good of the national product and provide modern equipment and raise taxes for raw materials entering Iraq.
Baghdad / term economist said Hussein star that the World Bank began its first steps to support the industrial movement in Iraq through the establishment of courses in occupational safety and training and industrial development in Iraq., said the star that the World Bank who has worked in Iraq since 2006 on the development aspects of education in the ministries competent in Iraq felt to provide its services from now on to the industrial sector,
Pointing to the existence of a huge project with the bank in product support through the establishment of the Iraqi courses and micro-enterprise development and raise the efficiency of small creative enterprises and usher in a new industrial era in the country. He noted that the Iraqi government tried to move the industrial sector by opening the doors lending for industrial projects by the Industrial Development Fund as well as the development package launched by the Industrial Bank in addition to moving the industrial sector by restarting 193 government projects a giant of state factories stalled in order to move the stalemate since throughout the decades. He added the star that the industrial sector needs a lot to rise again, so what initiated by the government and it has not been addressed to him after such as providing manpower with skilled and provide conditions Occupational Safety bad in Iraq and provide the requirements of promoting the right of the commodity Iraqi as well as packaging good of the national product and provide modern equipment and raise taxes for raw materials entering Iraq.
BAGHDAD / JD / the World Bank has started to take serious steps to support industrial development in Iraq. The economist said Hussein star / JD / World Bank began its first steps to support the industrial movement in Iraq through the establishment of courses in occupational safety and industrial training and development in Iraq.
He explained the star that the World Bank who has worked in Iraq since 2006 on the development aspects of education in the relevant ministries in Iraq felt to provide its services from now on to the industrial sector, pointing to the existence of a huge project with the bank in product support of Iraq through the establishment of courses and Tnmacaih small and raise the efficiency of projects Small creative and usher in a new industrial era in the country. He noted that the Iraqi government tried to move the industrial sector by opening the doors lending for industrial projects by the Fund Alaltnumeih industrial as well as development package launched by the Industrial Bank in addition to moving the industrial sector by restarting 193 government projects a giant of state factories stalled in order to move the stalemate since decades.
He added the star that the industrial sector needs a lot to rise again, it is initiated by the government and it unless addressed to him after such as providing hands skilled workforce trained and provide conditions Occupational Safety bad in Iraq and provide the requirements of promoting the right of the commodity Iraqi as well as packaging good of the national product and provide modern equipment and raise taxes on raw materials entering Iraq and continued: Iraq needs to impose taxes on imported goods to keep the distribution of goods and prices and support the private sectors, as well as providing the basic elements of the industry and the most important free electricity.
Baghdad (News) … Banking expert confirmed that accession, Majid mock Iraq market for securities to the world market will support the national economy and develop it, noting that he joined global stock markets requires the rehabilitation of the Iraqi market and support sophisticated modern equipment to attract foreign shareholders.
He mock (News Agency news): the work of the Iraq market for securities is still not encouraging and reflects the economic chaos in the country because the shareholders of the companies a little later than their number (40), while other contributors are mostly banks, industrial and agricultural projects are slow movement in the market.
He added: that the Iraqi market needs a major effort to organize and develop in order to be eligible to the world market llanzmam securities either in this situation would be anzomamh by slow, because not any degree of preparedness Summit that can attract global contributors.
DIYALA, Sept. 11 (AKnews) – A member of the Economy and Investment Committee in the Iraqi council of Representatives urged the government to establish an international Iraqi bank, saying the bank will be a success in granting loans.
The bank should grant loans in all currencies and be associated with the World Bank to resolve the problem of irregular mechanism of loans, said Nahida al-Daini, from the Iraqiya List.
Daini said there is a slowdown in the granting of loans by the Ministry of Finance because the relevant ministries have not paid the monthly dues cut from the salaries of the employees who have taken governmental loans.
She added “the Ministry of Finance has large debts owed by the ministries and cannot continue in granting loans without resolving the previous financial benefits despite the large interest rates imposed on granting the loans …”
Daini demanded the Ministry of Finance fulfill its obligations to the citizens and continue with giving loans due to the citizen’s urgent need for the construction of residential houses which depend on government loans.
Employees across the country complain about the process of issuing governmental loans and the financial irregularity due to the absence of a mechanism that allow everyone to get government loans.
Head of the House of Osama in Tehran Monday, the need to adopt the current policy adopted by the Central Bank of Iraq under the turbulent regional situation politically, economically and socially as well as having convinced that dollar is leaking out of the country illegally, called for the need to expedite the procedures for citizens ‘ access to the currency of the Bank in critical situations.
Iraq said in a statement released today, on the sidelines of a meeting of the library Fund of the World Bank delegation, and received “alsumaria news”, a copy of which was discussion of economic policy and the World Bank to support the Central Bank of Iraq “, stating that” the head of the delegation commended the role of the House of representatives to improve the country’s economy through the preservation of the independence and impartiality of the Central Bank and the adoption by Parliament of observations on the 2012 budget. “
He added that Iraq “policy adopted by the Central Bank of Iraq was considered by some conservative policy, but under the turbulent regional situation politically, economically and socially to be adopting this method, especially in the presence of conviction that the dollar is leaking out of the country illegally.”
“He was talking about differences in exchange rates between the sales of Central Bank dollar trades in the Iraqi market,” to “the need to facilitate procedures for citizens ‘ access to the currency from the Central Bank, in particular in critical situations such as treatment, study and scholarship”.
The Central Bank of Iraq was announced, (August 11), foreign exchange reserves rise to 67 billion dollars, adding that these reserves are the largest in the history of Iraq, noting that these reserves is one monetary policy to reduce inflation in Iraq.
The Central Bank announced on 27 January last, high foreign currency reserves to $ 63 billion, having recorded on the 6th of January 2012 $ 60 billion Bank reserves, 50 billion dollars at the end of the year 2010.
The Iraqi Central Bank holds daily meetings for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of holidays which the Bank stops on these auctions, sales are either critically or in the form of money orders sold to abroad for work
The International Monetary Fund is a specialized agency of the Bretton Woods system established under an international treaty in 1945 to work on enhancing the safety of the world economy, the Fund is based in the US capital Washington, and managed by its members who include almost all the countries of the world their number of 185 countries.
The IMF over during 2009 appreciated the economic reforms in Iraq, included strengthening of the Central Bank and the restructuring of the two major public sector and reducing inflation which stood at more than 50% in 2006, it was also considered that the payment of receivables that had Iraq scheduled in 2009 reflects success in reforming financial policy Baghdad, significant financial resources derived from higher oil prices.
Economists Association called in Basra government to establish a bank for generations in the province, to fund the construction of the residential complexes and small businesses, depending on the part of the allocations (petro) in order to reduce poverty and the advancement of the industrial reality.
The Secretary General Association of Iraqi economists in Basra on Alaill for “Alsumaria News”: “Some members of the Assembly held an economic seminar demanded which creates Bank popular development for generations in the province to reduce the phenomenon of poverty and reducing unemployment and addressing the housing crisis,” noting that “the bank is supposed be financed from allocations (petro) Private Basra, and managed by the local government to be subject to control popular through civil society organizations. ” and called Alaill House of Representatives and the government to “the enactment of the founding of the bank because of its great importance in the reform of the economic situation,” adding that “the most important duties of the bank according to the vision members of the Assembly is to provide loans without collateral kind to small entrepreneurs, and build housing complexes and distribution units on the poor people of the province.”
He Alaill that “banks developmental popular is the experience achieved great success in the face of poverty in some developing countries, “explaining that” Malaysia was able in 1956 to reduce poverty through the establishment of banks of this kind. ” In turn, said a member of the Assembly on behalf Bader on the sidelines of the seminar, which was held at the headquarters of the General said that “the bank proposed could play a role investment, is expected to be established in the future for a cash reserve extra,” adding that “the absence of strategic plans to address the problems of development in Iraq since 1980 led to a lack of thinking successive governments development projects of this kind.
