Post From BondLadys Corner
BondLady & Tlm724 News & Comments 6-22-16 Part 1 of 3
The central bank adviser: more than $ 50 billion in bank reserves and there is an increase with heads of foreign funds
History of edits:: 6/18/2016 12:34 {Baghdad: Euphrates News} dialogue / Pan Ghraoui / central bank adviser said Walid Idi, the central bank has more than $ 50 billion in reserve as well as gold, pointing out that this reserve covers imports over the period prescribed internationally recognized ",
and while pointing that the Bank noted in 2015 that he adopted to increase operating in Iraq banks' capital, announced the feet of the bank to increase the money branches of foreign banks capital commensurate with the money of Iraqi banks heads, noting that "in the 30 of June, and you'll get the first increase {capital funds branches of foreign banks} to $ 25 million. "
And between Idi, in an extended interview with the agency {Euphrates News}, that "phase experienced by the central bank, since 2003 until now formed a transmission , the quality of the issuance of a special law to banks operating in Iraq, as it was formerly a special opening the doors of the Central Bank Law Iraq, the second change is a law of the Central Bank with the number 56 for the year 2004 , along with other law is to combat money laundering and ensures no transmission of suspect funds or unclean in order not to enter the Iraqi banking system and do not affect his reputation and his activities and duties of the bank. "
BondLady & Tlm724 News & Comments 6-22-16 Part 1 of 3
The central bank adviser: more than $ 50 billion in bank reserves and there is an increase with heads of foreign funds
History of edits:: 6/18/2016 12:34 {Baghdad: Euphrates News} dialogue / Pan Ghraoui / central bank adviser said Walid Idi, the central bank has more than $ 50 billion in reserve as well as gold, pointing out that this reserve covers imports over the period prescribed internationally recognized ",
and while pointing that the Bank noted in 2015 that he adopted to increase operating in Iraq banks' capital, announced the feet of the bank to increase the money branches of foreign banks capital commensurate with the money of Iraqi banks heads, noting that "in the 30 of June, and you'll get the first increase {capital funds branches of foreign banks} to $ 25 million. "
And between Idi, in an extended interview with the agency {Euphrates News}, that "phase experienced by the central bank, since 2003 until now formed a transmission , the quality of the issuance of a special law to banks operating in Iraq, as it was formerly a special opening the doors of the Central Bank Law Iraq, the second change is a law of the Central Bank with the number 56 for the year 2004 , along with other law is to combat money laundering and ensures no transmission of suspect funds or unclean in order not to enter the Iraqi banking system and do not affect his reputation and his activities and duties of the bank. "
he added that the " Transitional other quality that I got is to allow foreign banks establishing full banking entity owned by a foreign entity, so that the foreign bank , even if he has it 99% of the shares , there is absolutely no problem, or to allow foreign banks to participate in the money Iraqi banks heads, and here've got seven foreign posts in the capital of Iraqi banks , such as credit Bank of Iraq and the Bank of Baghdad, and Mansour Bank, and other banks. "
He explained , " we have seven posts of foreign, involved in the bank 's capital , which must be a bank metaphorically, and holds the approval of the banking authority of his {foreign bank }, and not to be a money laundering operations and provide certain documents Kmizanaat audited for the last three years and had no losses, as must be the degree of credit rating is good, and other conditions set forth in the banking Act , "noting that" participation rates ranging between 88% and a minimum of up to 25%. "
He said the central bank adviser , " as we have allowed to open a branch of a foreign bank operating in Iraq branch or operational capital office seven million dollars , a modest sum because the banking parent company operating in that country, which follows in this section is responsible for all obligations financial arising from the branch activity in Iraq, if the total of its 250 billion they are responsible for compensating all transactions involved in this activity , including commitments, deposits and letters of guarantee in the event of a defect the performance of the bank. "
he said the " number of these branches now stands at 18 branches, some of them Emirati, mostly Lebanese , Turkish and other other countries remaining, "returned the opening of " evidence that the Iraqi economy and the activity of the Iraqi banking the promising investment opportunities as each branch opens for there must be economically feasible explaining why participating and what are the positive results that might be achieved it . " .
and the central bank 's capital, a consultant Walid Idi " he said in 2015 began the Central Bank notes that he relied on the so - called {depth financial}, which increase operating in Iraq banks' capital, as well as reserves to be reasonably durability," he said .
" this application came in implementation of the Basel 2 {Basel Committee to oversee banking supervision} , we committed ourselves to them in 1994 and in the beginning of the nineties of the last century , we apply the standard Basel 11,994 {Basel: is the banking and financial state organization is interested in establishing rules for the supervision of effective banking supervision, including controls and mechanisms and means identified the extent of the bank 's ability to fulfill its obligations}. "
he said the" Basel 1 plate in 1989 in Europe, and Iraq was a race after five years , Iraq has begun to apply the Committee charged with developing the standard into practice and has had the benefit because it shows dealing with the outside world to establish banking relations the facilities and loans from the financial markets to know if I have this banking system , which may pose bonds and remittances financial sobriety and good reputation and follows international properties , "adding , " if we stayed Rakdan this system do not you take full acceptance. "
He noted that" the central bank following the implementation of Basel 2 and has a three pillars include strengthening the capital where Iraqi Central Bank began to raise money Iraqi banks capital since 2009 , three years to become one of 25 billion dinars to 250 billion dinars , "noting that" most of the banks have to achieve this increase through the use of reserves that have profits is distributed, in addition to offering shares in the financial market.
he pointed Idi that" within this premise thought the central bank to increase the money branches of foreign banks capital commensurate with the money of Iraqi banks capital Verwaha than seven million dollars to 50 million dollars on the two - year level, as that most of the branches have the increases in reserves was allowed to them and provided the appropriate atmosphere and select two for the purpose of application of this increase is to take advantage of reserves and profits, as well as what they offer the company now. "
he announced that" in the 30 of June , and the first increase will get to $ 25 million, and then the last increase at June 30, 2017 with a minimum increase of $ 50 million this core capital to any foreign branch workers in Iraq, "adding that" this percentage shall be according to the bank conditions and this is a ceiling on the increase and there are requests made by some Lebanese banks are asked to wait and grant the appropriate period this subject has to study now. "
He noted the central bank adviser said , " this strengthens the Iraqi economy, there is a specific ratios in the banking Act are linked by capital and reserves, including the investment ratio of 20% of the capital and reserves and credit ratio four times the capital and called {concentrations of total credit } eightfold capital estimated property and real estate in which the Bank acquired 40% of its capital, "he said . " whenever we raised capital and reserves has become a way for banks to work in absolute and developed to provide banking services needed by the Iraqi economy. "
with regard to stocks , the central bank, and how much he owned and how much was at the moment, said adviser Idi, "we had previously small amounts of foreign currency, as well as gold previous regime and began draining through the Iran - Iraq war and the Gulf war the first Fastnzv all the Iraqi Central Bank reserves, which were estimated at up to 40 tons of gold and nearly $ 20 billion up to 2003 ".
he continued , " In 2003 , when the Central Bank of Iraq cabinets opened there was up to only $ 250 million, so as to drain all the reserves, is dedicated the necessary state of emergency of things and pushed Iraq subscriptions to international organizations which lingers for emergencies very Cairo therefore were not good reserves, began the central bank since 2003 , building reserves for two purposes ,
including issuing currency cover as she was even in the first of April 2004 up to 4 trillion Iraqi dinars have risen over the years , to reach nearly 40 trillion Iraqi dinars annual growth rate nearly 4 trillion every year and this comes in the face of the requirements of government spending and operating expenses in the budget van has not been put forward currency equivalent goods and services would lead to inflation because of lack of money or contraction thus reversing the effects on per capita income and the level of economic development in the country. "
He said " the bank is considering it always carefully the decision of the board of directors or the board of management of the currency and controlled and not the Ministry of Finance entered so Vsalahih fiscal policy from the central bank the power to manage exclusively without the intervention of third parties from any party whatsoever," he said .
"there is no pressure exerted on the central bank These policy known politicians { the independence of the Bank} international as a context practice in many central banks, the management of monetary policy from the jurisdiction of the central bank exclusively. "
and the stock of central bank now, bank adviser said that" more than $ 50 billion in addition to the well went valued inventories, this covers imports more than the period generally accepted established internationally , "noting that" this is the face cover private sector requests for import because the state imports 95% , and now do not import anything but private purpose of the Iraqi ministries , "adding , " However , imports by the private sector , there are no hand in Iraq in the process of financing other than the central bank by harnessing the reserves. "
He said the " policy adopted by the Central is the emphasis on banks to make sure the money provided sources for the purchase of the dollar that is , from the sound and true and artificial sources, as it carries out inspections and all special operations documents import kept with the bank and the Central Bank 's role is after a period conducts periodic inspections on these banks to make sure that the documents submitted were correct and conform to the law and the orders were real. "
he explained that" the other side , which emphasizes the central bank is trying to reconcile the preservation of foreign reserves requirements has reconciled with the market price to ensure the stability of the Iraqi dinar exchange rate against foreign currencies as an important function of the central bank. "
He noted that" stability is always the exchange rate is linked to two factors political stability and the stability of security, and the security situation , the state is still the crowd and popular security forces fighting Daash various what muster from strength and was able to respond 90% of the territory usurped, which requires spending and sustain the battle and accessories,
as well as internal migration many Iraqis stopped their work and Orchehem and their homes and forced into internal migration or external and managed a lot of them transfer assets into foreign currency and carry them with him within a 10,000 dollar limit the anti - money laundering law , this international standard to meet spending requirements outside Iraq or elsewhere , "noting" and this certainly increase demand for the dollar on the black market, the lack of security and political stability factors influential on the exchange and stability of price. "
He pointed Idi that" carry cash in large quantities in light of the rising need for its levels it is facing the risk of the individual and society in general through theft, extortion, and if the foreign currency that can be carried easily and cashed in any place without carrying large amounts can hide it and also those of the lack of security and stability in the neighboring countries as well as Turkey and Syria factors. "
Turning adviser to the Bank 's work by saying that " the bank in the past was exercising his freedom since its inception in 1947, but after 1964 , the pressure is growing on the central bank has become in the eyes of the former as a subsidiary of the circle to the government and Ministry of Finance and he has to buy surplus treasury transfers as an agent financially government meaning even if there were not exaggerated for the bank paid on behalf of the government and makes calculated Medina,
has accumulated large sums up to 7.5 trillion Iraqi dinars have been negotiated knock it in 2006 until 2020 after making adjustments annual premium of up to 150 billion to enable the Ministry of Finance said paid by the central bank lowered the interest rate by the price and your profit the bank as a statement of account is achieved by a certain amount and the cons of the first period. "
He stressed that" the central bank is now in the light of the law , which gave him the financial and administrative autonomy and legal became linked to the House of Representatives only and this promise quarterly reports, periodically or monthly we send for discussion in parliament and sometimes hosts the governor and officials, specialists and if they have questions , answer them as well if they have directives being studied jointly , "stressing that" the Bank enjoys considerable autonomy now light management and law. "
as if the Bank what purports to implement projects, said adviser Walid Idi, "we have pilot projects, the most prominent is that for the first time in the history of the Central Bank of Iraq to develop a strategy for his work as a strategy from 2016 to 2020 and dealt with its functions and future orientations and , inter alia ,
the control of the banking system and the fight against money laundering and the development of the banking sector to use modern techniques to work and the creation of the unified banking figure and national key payments and the granting of licenses for companies issuing credit cards and control, all leading and upcoming projects will see the light soon. "
He said that" previous projects at the level of the limited activity of the bank , including currency printing but they were not the level of the current situation. "
and put the currency of categories of 50 thousand and 100 thousand, explained , " it was with the central bank 50 thousand and 100 thousand project was launched 50 thousand which is very important for portability ,
" noting that " the dollar content of the highest category issued in the former regime , the time of a class of 25 dinar was equivalent to about $ 68, and in this time it was the highest price exists in Iraqi currency list 25 000 dinars is $ 18 the content dollar currency pair if we compare earlier and now were less forcing the central bank to raise 50,000 to be a substitute for the use of the dollar in handling and portability,
and even the central bank and the banks coffers became not meet the requirements of these quantities storage of currency light of the failure of the habit of banking in the use of modern methods operations discharge of receivables and payment of dues and others because of the failure of banking awareness. "
he noted that" put the 100 class thousand is a pilot project and carefully studying the central bank will see the appropriate time and opportunity to put into circulation. "
with if the project to delete the zeros is still there, he said that " the project is the proposal presented in parliament for the Governor of the Central Bank of the former Shabibi and formed a committee for this purpose, was submitted again to the Council of Ministers and there were conditions prevailed in Iraq at the time in 2010 , political and Mnacfat and instability security, that is also the emergence of Daash led to work in this project delay , "stressing that" the central bank did not cancel the project, but is deferred until the improvement of the economic, security and political situation. "
Turning adviser Walid Idi to the World Bank loan, obtained by Iraq , saying , " a while ago we got the loan increased by 1.2 trillion is equivalent to $ 1.2 billion for the purpose of private spending requirements of the Iraqi state, and consultations were held to get through the three - year period to $ 15 billion , almost paid at intervals under the terms of which achieve economic reform for the Fund to ensure that the money allocated for this purpose may come return which Iraq can be paid in value, "he said .
" this is Iraq 's approach to economic right, and the need to look for other sources of financing , including the development of industry, agriculture, services , and held an exchange commodity and increased oil volumes and other factors that help obtain such loan agreements. "
and that" the total loan of about $ 15 billion, an interest rate of 1.5% , which is soft , with no loans exist in international markets such interest for a period of 8-10 years, and will be paid during the periods in which improved the situation in Iraq and the quantities of exported oil and other resources such as gas and agriculture there and be self - sufficient and we need to import dedicated to the import and money are at home better and if there is industrial alternatives there is no demand for the currency significantly. "
He noted Idi that" the central bank took the initiative when you see the percentage contribution of the industrial, agricultural and tourism sector in the GDP does not exceed 5% , which is a very small proportion he worked on the launch of two first microlending project devoted to domestic banks an interest rate of 5.5% while taking the bank 's 4 percent and the central bank earns 7/1000 which is a very small amount of it is dedicated to supporting and eight tenths shalt thou take the insurance company or bank guarantees and this includes industrial, agricultural and service, tourism and education sector and health. "
He said" through the analysis of these data shows that that if carried out by the banks properly will move the 100 branches of the economy of Iraq and do it , "adding that" the amount of the project ranging from five million to fifty million can be increased as a loan of 100 million per the borrower and the period of three years and there is a grace of one year to the circumstances of Cairo. "
" The other project is the big lending dedicated to industry, agriculture, housing , with them the equivalent of five trillion Iraqi dinars , distributed them proportions and put instructions to pump this money and give it to those who deserve it, ".anthy 1 http://ift.tt/28NaP2O
tlm724: Thank you BondLady ! I am still waiting for Shredd's opinion on this one but would like to point out a few interesting points.
central bank adviser said Walid Idi, the central bank has more than $ 50 billion in reserve as well as gold, pointing out that this reserve covers imports over the period prescribed internationally recognized "
tlm724: Geared up and ready to roll out the International carpet !! Wink
that "in the 30 of June, and you'll get the first increase {capital funds branches of foreign banks} to $ 25 million. "
CBI is allowing more foreign banks to open " number of these branches now stands at 18 branches, some of them Emirati, mostly Lebanese , Turkish and other other countries remaining, "returned the opening of " evidence that the Iraqi economy and the activity of the Iraqi banking the promising investment opportunities as each branch opens for there must be economically feasible explaining why participating and what are the positive results that might be achieved it "
He noted that" the central bank following the implementation of Basel 2 and has a three pillars include strengthening the capital where Iraqi Central Bank began to raise money Iraqi banks capital since 2009 , three years to become one of 25 billion dinars to 250 billion dinars , "noting that" most of the banks have to achieve this increase through the use of reserves that have profits is distributed, in addition to offering shares in the financial market.
he announced that" in the 30 of June , and the first increase will get to $ 25 million, and then the last increase at June 30, 2017 with a minimum increase of $ 50 million this core capital to any foreign branch workers in Iraq,
He said " the bank is considering it always carefully the decision of the board of directors or the board of management of the currency and controlled and not the Ministry of Finance entered so Vsalahih fiscal policy from the central bank the power to manage exclusively without the intervention of third parties from any party whatsoever," he said .
"there is no pressure exerted on the central bank These policy known politicians { the independence of the Bank} international as a context practice in many central banks, the management of monetary policy from the jurisdiction of the central bank exclusively. "
and the stock of central bank now, bank adviser said that" more than $ 50 billion in addition to the well went valued inventories, this covers imports more than the period generally accepted established internationally ,
"noting that" this is the face cover private sector requests for import because the state imports 95% , and now do not import anything but private purpose of the Iraqi ministries , "adding , " However , imports by the private sector , there are no hand in Iraq in the process of financing other than the central bank by harnessing the reserves. "
he explained that" the other side , which emphasizes the central bank is trying to reconcile the preservation of foreign reserves requirements has reconciled with the market price to ensure the stability of the Iraqi dinar exchange rate against foreign currencies as an important function of the central bank. "
He noted that" stability is always the exchange rate is linked to two factors political stability and the stability of security, and the security situation , the state is still the crowd and popular security forces fighting Daash various what muster from strength and was able to respond 90% of the territory usurped, which requires spending and sustain the battle and accessories,
as well as internal migration many Iraqis stopped their work and Orchehem and their homes and forced into internal migration or external and managed a lot of them transfer assets into foreign currency and carry them with him within a 10,000 dollar limit the anti - money laundering law , this international standard to meet spending requirements outside Iraq or elsewhere , "noting" and this certainly increase demand for the dollar on the black market, the lack of security and political stability factors influential on the exchange and stability of price
He pointed Idi that" carry cash in large quantities in light of the rising need for its levels it is facing the risk of the individual and society in general through theft, extortion, and if the foreign currency that can be carried easily and cashed in any place without carrying large amounts can hide it and also those of the lack of security and stability in the neighboring countries as well as Turkey and Syria factors. "
Tlm724: Only one way to fix that ^^^ make them love the dinar baby Cool
He stressed that" the central bank is now in the light of the law , which gave him the financial and administrative autonomy and legal became linked to the House of Representatives only and this promise quarterly reports, periodically or monthly we send for discussion in parliament and sometimes hosts the governor and officials, specialists and if they have questions , answer them as well if they have directives being studied jointly , "stressing that" the Bank enjoys considerable autonomy now light management and law. "
Tlm724: Jubouri , the CBI and the bank association meet on June 19th !
as if the Bank what purports to implement projects, said adviser Walid Idi, "we have pilot projects, the most prominent is that for the first time in the history of the Central Bank of Iraq to develop a strategy for his work as a strategy from 2016 to 2020 and dealt with its functions and future orientations and , inter alia , the control of the banking system and the fight against money laundering and the development of the banking sector to use modern techniques to work and the creation of the unified banking figure and national key payments and the granting of licenses for companies issuing credit cards and control, all leading and upcoming projects will see the light soon. "
He said that" previous projects at the level of the limited activity of the bank , including currency printing but they were not the level of the current situation. " and put the currency of categories of 50 thousand and 100 thousand, explained , " it was with the central bank 50 thousand and 100 thousand project was launched 50 thousand which is very important for portability ,
he noted that" put the 100 class thousand is a pilot project and carefully studying the central bank will see the appropriate time and opportunity to put into circulation. "
with if the project to delete the zeros is still there, he said that " the project is the proposal presented in parliament for the Governor of the Central Bank of the former Shabibi and formed a committee for this purpose, was submitted again to the Council of Ministers and there were conditions prevailed in Iraq at the time in 2010 , political and Mnacfat and instability security, that is also the emergence of Daash led to work in this project delay , "stressing that" the central bank did not cancel the project, but is deferred until the improvement of the economic, security and political situation. "
He explained , " we have seven posts of foreign, involved in the bank 's capital , which must be a bank metaphorically, and holds the approval of the banking authority of his {foreign bank }, and not to be a money laundering operations and provide certain documents Kmizanaat audited for the last three years and had no losses, as must be the degree of credit rating is good, and other conditions set forth in the banking Act , "noting that" participation rates ranging between 88% and a minimum of up to 25%. "
He said the central bank adviser , " as we have allowed to open a branch of a foreign bank operating in Iraq branch or operational capital office seven million dollars , a modest sum because the banking parent company operating in that country, which follows in this section is responsible for all obligations financial arising from the branch activity in Iraq, if the total of its 250 billion they are responsible for compensating all transactions involved in this activity , including commitments, deposits and letters of guarantee in the event of a defect the performance of the bank. "
he said the " number of these branches now stands at 18 branches, some of them Emirati, mostly Lebanese , Turkish and other other countries remaining, "returned the opening of " evidence that the Iraqi economy and the activity of the Iraqi banking the promising investment opportunities as each branch opens for there must be economically feasible explaining why participating and what are the positive results that might be achieved it . " .
and the central bank 's capital, a consultant Walid Idi " he said in 2015 began the Central Bank notes that he relied on the so - called {depth financial}, which increase operating in Iraq banks' capital, as well as reserves to be reasonably durability," he said .
" this application came in implementation of the Basel 2 {Basel Committee to oversee banking supervision} , we committed ourselves to them in 1994 and in the beginning of the nineties of the last century , we apply the standard Basel 11,994 {Basel: is the banking and financial state organization is interested in establishing rules for the supervision of effective banking supervision, including controls and mechanisms and means identified the extent of the bank 's ability to fulfill its obligations}. "
he said the" Basel 1 plate in 1989 in Europe, and Iraq was a race after five years , Iraq has begun to apply the Committee charged with developing the standard into practice and has had the benefit because it shows dealing with the outside world to establish banking relations the facilities and loans from the financial markets to know if I have this banking system , which may pose bonds and remittances financial sobriety and good reputation and follows international properties , "adding , " if we stayed Rakdan this system do not you take full acceptance. "
He noted that" the central bank following the implementation of Basel 2 and has a three pillars include strengthening the capital where Iraqi Central Bank began to raise money Iraqi banks capital since 2009 , three years to become one of 25 billion dinars to 250 billion dinars , "noting that" most of the banks have to achieve this increase through the use of reserves that have profits is distributed, in addition to offering shares in the financial market.
he pointed Idi that" within this premise thought the central bank to increase the money branches of foreign banks capital commensurate with the money of Iraqi banks capital Verwaha than seven million dollars to 50 million dollars on the two - year level, as that most of the branches have the increases in reserves was allowed to them and provided the appropriate atmosphere and select two for the purpose of application of this increase is to take advantage of reserves and profits, as well as what they offer the company now. "
he announced that" in the 30 of June , and the first increase will get to $ 25 million, and then the last increase at June 30, 2017 with a minimum increase of $ 50 million this core capital to any foreign branch workers in Iraq, "adding that" this percentage shall be according to the bank conditions and this is a ceiling on the increase and there are requests made by some Lebanese banks are asked to wait and grant the appropriate period this subject has to study now. "
He noted the central bank adviser said , " this strengthens the Iraqi economy, there is a specific ratios in the banking Act are linked by capital and reserves, including the investment ratio of 20% of the capital and reserves and credit ratio four times the capital and called {concentrations of total credit } eightfold capital estimated property and real estate in which the Bank acquired 40% of its capital, "he said . " whenever we raised capital and reserves has become a way for banks to work in absolute and developed to provide banking services needed by the Iraqi economy. "
with regard to stocks , the central bank, and how much he owned and how much was at the moment, said adviser Idi, "we had previously small amounts of foreign currency, as well as gold previous regime and began draining through the Iran - Iraq war and the Gulf war the first Fastnzv all the Iraqi Central Bank reserves, which were estimated at up to 40 tons of gold and nearly $ 20 billion up to 2003 ".
he continued , " In 2003 , when the Central Bank of Iraq cabinets opened there was up to only $ 250 million, so as to drain all the reserves, is dedicated the necessary state of emergency of things and pushed Iraq subscriptions to international organizations which lingers for emergencies very Cairo therefore were not good reserves, began the central bank since 2003 , building reserves for two purposes ,
including issuing currency cover as she was even in the first of April 2004 up to 4 trillion Iraqi dinars have risen over the years , to reach nearly 40 trillion Iraqi dinars annual growth rate nearly 4 trillion every year and this comes in the face of the requirements of government spending and operating expenses in the budget van has not been put forward currency equivalent goods and services would lead to inflation because of lack of money or contraction thus reversing the effects on per capita income and the level of economic development in the country. "
He said " the bank is considering it always carefully the decision of the board of directors or the board of management of the currency and controlled and not the Ministry of Finance entered so Vsalahih fiscal policy from the central bank the power to manage exclusively without the intervention of third parties from any party whatsoever," he said .
"there is no pressure exerted on the central bank These policy known politicians { the independence of the Bank} international as a context practice in many central banks, the management of monetary policy from the jurisdiction of the central bank exclusively. "
and the stock of central bank now, bank adviser said that" more than $ 50 billion in addition to the well went valued inventories, this covers imports more than the period generally accepted established internationally , "noting that" this is the face cover private sector requests for import because the state imports 95% , and now do not import anything but private purpose of the Iraqi ministries , "adding , " However , imports by the private sector , there are no hand in Iraq in the process of financing other than the central bank by harnessing the reserves. "
He said the " policy adopted by the Central is the emphasis on banks to make sure the money provided sources for the purchase of the dollar that is , from the sound and true and artificial sources, as it carries out inspections and all special operations documents import kept with the bank and the Central Bank 's role is after a period conducts periodic inspections on these banks to make sure that the documents submitted were correct and conform to the law and the orders were real. "
he explained that" the other side , which emphasizes the central bank is trying to reconcile the preservation of foreign reserves requirements has reconciled with the market price to ensure the stability of the Iraqi dinar exchange rate against foreign currencies as an important function of the central bank. "
He noted that" stability is always the exchange rate is linked to two factors political stability and the stability of security, and the security situation , the state is still the crowd and popular security forces fighting Daash various what muster from strength and was able to respond 90% of the territory usurped, which requires spending and sustain the battle and accessories,
as well as internal migration many Iraqis stopped their work and Orchehem and their homes and forced into internal migration or external and managed a lot of them transfer assets into foreign currency and carry them with him within a 10,000 dollar limit the anti - money laundering law , this international standard to meet spending requirements outside Iraq or elsewhere , "noting" and this certainly increase demand for the dollar on the black market, the lack of security and political stability factors influential on the exchange and stability of price. "
He pointed Idi that" carry cash in large quantities in light of the rising need for its levels it is facing the risk of the individual and society in general through theft, extortion, and if the foreign currency that can be carried easily and cashed in any place without carrying large amounts can hide it and also those of the lack of security and stability in the neighboring countries as well as Turkey and Syria factors. "
Turning adviser to the Bank 's work by saying that " the bank in the past was exercising his freedom since its inception in 1947, but after 1964 , the pressure is growing on the central bank has become in the eyes of the former as a subsidiary of the circle to the government and Ministry of Finance and he has to buy surplus treasury transfers as an agent financially government meaning even if there were not exaggerated for the bank paid on behalf of the government and makes calculated Medina,
has accumulated large sums up to 7.5 trillion Iraqi dinars have been negotiated knock it in 2006 until 2020 after making adjustments annual premium of up to 150 billion to enable the Ministry of Finance said paid by the central bank lowered the interest rate by the price and your profit the bank as a statement of account is achieved by a certain amount and the cons of the first period. "
He stressed that" the central bank is now in the light of the law , which gave him the financial and administrative autonomy and legal became linked to the House of Representatives only and this promise quarterly reports, periodically or monthly we send for discussion in parliament and sometimes hosts the governor and officials, specialists and if they have questions , answer them as well if they have directives being studied jointly , "stressing that" the Bank enjoys considerable autonomy now light management and law. "
as if the Bank what purports to implement projects, said adviser Walid Idi, "we have pilot projects, the most prominent is that for the first time in the history of the Central Bank of Iraq to develop a strategy for his work as a strategy from 2016 to 2020 and dealt with its functions and future orientations and , inter alia ,
the control of the banking system and the fight against money laundering and the development of the banking sector to use modern techniques to work and the creation of the unified banking figure and national key payments and the granting of licenses for companies issuing credit cards and control, all leading and upcoming projects will see the light soon. "
He said that" previous projects at the level of the limited activity of the bank , including currency printing but they were not the level of the current situation. "
and put the currency of categories of 50 thousand and 100 thousand, explained , " it was with the central bank 50 thousand and 100 thousand project was launched 50 thousand which is very important for portability ,
" noting that " the dollar content of the highest category issued in the former regime , the time of a class of 25 dinar was equivalent to about $ 68, and in this time it was the highest price exists in Iraqi currency list 25 000 dinars is $ 18 the content dollar currency pair if we compare earlier and now were less forcing the central bank to raise 50,000 to be a substitute for the use of the dollar in handling and portability,
and even the central bank and the banks coffers became not meet the requirements of these quantities storage of currency light of the failure of the habit of banking in the use of modern methods operations discharge of receivables and payment of dues and others because of the failure of banking awareness. "
he noted that" put the 100 class thousand is a pilot project and carefully studying the central bank will see the appropriate time and opportunity to put into circulation. "
with if the project to delete the zeros is still there, he said that " the project is the proposal presented in parliament for the Governor of the Central Bank of the former Shabibi and formed a committee for this purpose, was submitted again to the Council of Ministers and there were conditions prevailed in Iraq at the time in 2010 , political and Mnacfat and instability security, that is also the emergence of Daash led to work in this project delay , "stressing that" the central bank did not cancel the project, but is deferred until the improvement of the economic, security and political situation. "
Turning adviser Walid Idi to the World Bank loan, obtained by Iraq , saying , " a while ago we got the loan increased by 1.2 trillion is equivalent to $ 1.2 billion for the purpose of private spending requirements of the Iraqi state, and consultations were held to get through the three - year period to $ 15 billion , almost paid at intervals under the terms of which achieve economic reform for the Fund to ensure that the money allocated for this purpose may come return which Iraq can be paid in value, "he said .
" this is Iraq 's approach to economic right, and the need to look for other sources of financing , including the development of industry, agriculture, services , and held an exchange commodity and increased oil volumes and other factors that help obtain such loan agreements. "
and that" the total loan of about $ 15 billion, an interest rate of 1.5% , which is soft , with no loans exist in international markets such interest for a period of 8-10 years, and will be paid during the periods in which improved the situation in Iraq and the quantities of exported oil and other resources such as gas and agriculture there and be self - sufficient and we need to import dedicated to the import and money are at home better and if there is industrial alternatives there is no demand for the currency significantly. "
He noted Idi that" the central bank took the initiative when you see the percentage contribution of the industrial, agricultural and tourism sector in the GDP does not exceed 5% , which is a very small proportion he worked on the launch of two first microlending project devoted to domestic banks an interest rate of 5.5% while taking the bank 's 4 percent and the central bank earns 7/1000 which is a very small amount of it is dedicated to supporting and eight tenths shalt thou take the insurance company or bank guarantees and this includes industrial, agricultural and service, tourism and education sector and health. "
He said" through the analysis of these data shows that that if carried out by the banks properly will move the 100 branches of the economy of Iraq and do it , "adding that" the amount of the project ranging from five million to fifty million can be increased as a loan of 100 million per the borrower and the period of three years and there is a grace of one year to the circumstances of Cairo. "
" The other project is the big lending dedicated to industry, agriculture, housing , with them the equivalent of five trillion Iraqi dinars , distributed them proportions and put instructions to pump this money and give it to those who deserve it, ".anthy 1 http://ift.tt/28NaP2O
tlm724: Thank you BondLady ! I am still waiting for Shredd's opinion on this one but would like to point out a few interesting points.
central bank adviser said Walid Idi, the central bank has more than $ 50 billion in reserve as well as gold, pointing out that this reserve covers imports over the period prescribed internationally recognized "
tlm724: Geared up and ready to roll out the International carpet !! Wink
that "in the 30 of June, and you'll get the first increase {capital funds branches of foreign banks} to $ 25 million. "
CBI is allowing more foreign banks to open " number of these branches now stands at 18 branches, some of them Emirati, mostly Lebanese , Turkish and other other countries remaining, "returned the opening of " evidence that the Iraqi economy and the activity of the Iraqi banking the promising investment opportunities as each branch opens for there must be economically feasible explaining why participating and what are the positive results that might be achieved it "
He noted that" the central bank following the implementation of Basel 2 and has a three pillars include strengthening the capital where Iraqi Central Bank began to raise money Iraqi banks capital since 2009 , three years to become one of 25 billion dinars to 250 billion dinars , "noting that" most of the banks have to achieve this increase through the use of reserves that have profits is distributed, in addition to offering shares in the financial market.
he announced that" in the 30 of June , and the first increase will get to $ 25 million, and then the last increase at June 30, 2017 with a minimum increase of $ 50 million this core capital to any foreign branch workers in Iraq,
He said " the bank is considering it always carefully the decision of the board of directors or the board of management of the currency and controlled and not the Ministry of Finance entered so Vsalahih fiscal policy from the central bank the power to manage exclusively without the intervention of third parties from any party whatsoever," he said .
"there is no pressure exerted on the central bank These policy known politicians { the independence of the Bank} international as a context practice in many central banks, the management of monetary policy from the jurisdiction of the central bank exclusively. "
and the stock of central bank now, bank adviser said that" more than $ 50 billion in addition to the well went valued inventories, this covers imports more than the period generally accepted established internationally ,
"noting that" this is the face cover private sector requests for import because the state imports 95% , and now do not import anything but private purpose of the Iraqi ministries , "adding , " However , imports by the private sector , there are no hand in Iraq in the process of financing other than the central bank by harnessing the reserves. "
he explained that" the other side , which emphasizes the central bank is trying to reconcile the preservation of foreign reserves requirements has reconciled with the market price to ensure the stability of the Iraqi dinar exchange rate against foreign currencies as an important function of the central bank. "
He noted that" stability is always the exchange rate is linked to two factors political stability and the stability of security, and the security situation , the state is still the crowd and popular security forces fighting Daash various what muster from strength and was able to respond 90% of the territory usurped, which requires spending and sustain the battle and accessories,
as well as internal migration many Iraqis stopped their work and Orchehem and their homes and forced into internal migration or external and managed a lot of them transfer assets into foreign currency and carry them with him within a 10,000 dollar limit the anti - money laundering law , this international standard to meet spending requirements outside Iraq or elsewhere , "noting" and this certainly increase demand for the dollar on the black market, the lack of security and political stability factors influential on the exchange and stability of price
He pointed Idi that" carry cash in large quantities in light of the rising need for its levels it is facing the risk of the individual and society in general through theft, extortion, and if the foreign currency that can be carried easily and cashed in any place without carrying large amounts can hide it and also those of the lack of security and stability in the neighboring countries as well as Turkey and Syria factors. "
Tlm724: Only one way to fix that ^^^ make them love the dinar baby Cool
He stressed that" the central bank is now in the light of the law , which gave him the financial and administrative autonomy and legal became linked to the House of Representatives only and this promise quarterly reports, periodically or monthly we send for discussion in parliament and sometimes hosts the governor and officials, specialists and if they have questions , answer them as well if they have directives being studied jointly , "stressing that" the Bank enjoys considerable autonomy now light management and law. "
Tlm724: Jubouri , the CBI and the bank association meet on June 19th !
as if the Bank what purports to implement projects, said adviser Walid Idi, "we have pilot projects, the most prominent is that for the first time in the history of the Central Bank of Iraq to develop a strategy for his work as a strategy from 2016 to 2020 and dealt with its functions and future orientations and , inter alia , the control of the banking system and the fight against money laundering and the development of the banking sector to use modern techniques to work and the creation of the unified banking figure and national key payments and the granting of licenses for companies issuing credit cards and control, all leading and upcoming projects will see the light soon. "
He said that" previous projects at the level of the limited activity of the bank , including currency printing but they were not the level of the current situation. " and put the currency of categories of 50 thousand and 100 thousand, explained , " it was with the central bank 50 thousand and 100 thousand project was launched 50 thousand which is very important for portability ,
he noted that" put the 100 class thousand is a pilot project and carefully studying the central bank will see the appropriate time and opportunity to put into circulation. "
with if the project to delete the zeros is still there, he said that " the project is the proposal presented in parliament for the Governor of the Central Bank of the former Shabibi and formed a committee for this purpose, was submitted again to the Council of Ministers and there were conditions prevailed in Iraq at the time in 2010 , political and Mnacfat and instability security, that is also the emergence of Daash led to work in this project delay , "stressing that" the central bank did not cancel the project, but is deferred until the improvement of the economic, security and political situation. "
tlm724: Well they certainly have made strides in stability on all fronts, pretty exciting stuff !
Herb62 You Got That Right !!! Smile
Shredd Although long, this is a good article. It is basically saying that foreign banks operating in Iraq need to increase their capital reserves from 7 million to 25 million by the end of this month and then to a minimum of 50 million at June 30, 2017. This plan will bring these banks on par with the sovereign banks.
Looking at the big picture, as I like to do, we can see the banking act continuing to be implemented and changes like this prove to us that Iraq is heading in the positive direction of a more economically stable country. The wealth is there, they continue to mature from a political and security standpoint and the rebuilding of Iraq continues (e.g., the marshes and resulting returning growth in agriculture).
Furthermore, think of when Iraq begins moving into a singe currency regime. All banks, both foreign and sovereign, will need the operating capital to exchange, hold and transact for the people. This stable structure needs to be in place ahead of a large change...the change in the value of the dinar and the resulting exchanges of USD and safe deposit of currency to thwart thieves.
For me, the pilots refer to the gradual process to bring value back to the dinar. Small steps, testing the processes, correcting and adjusting, then piloting again until their is satisfaction the banking system is stable to respond to the pending currency reform we all are looking for. The 50k and 100k are part of this and it was good to see confirmation that the project to delete the zeros is still pending. Reduce the note count, thereby reducing transaction volume and reducing corruption.
[tlm724] please see here
http://ift.tt/28QznvI
http://ift.tt/28Nb269
Herb62 You Got That Right !!! Smile
Shredd Although long, this is a good article. It is basically saying that foreign banks operating in Iraq need to increase their capital reserves from 7 million to 25 million by the end of this month and then to a minimum of 50 million at June 30, 2017. This plan will bring these banks on par with the sovereign banks.
Looking at the big picture, as I like to do, we can see the banking act continuing to be implemented and changes like this prove to us that Iraq is heading in the positive direction of a more economically stable country. The wealth is there, they continue to mature from a political and security standpoint and the rebuilding of Iraq continues (e.g., the marshes and resulting returning growth in agriculture).
Furthermore, think of when Iraq begins moving into a singe currency regime. All banks, both foreign and sovereign, will need the operating capital to exchange, hold and transact for the people. This stable structure needs to be in place ahead of a large change...the change in the value of the dinar and the resulting exchanges of USD and safe deposit of currency to thwart thieves.
For me, the pilots refer to the gradual process to bring value back to the dinar. Small steps, testing the processes, correcting and adjusting, then piloting again until their is satisfaction the banking system is stable to respond to the pending currency reform we all are looking for. The 50k and 100k are part of this and it was good to see confirmation that the project to delete the zeros is still pending. Reduce the note count, thereby reducing transaction volume and reducing corruption.
[tlm724] please see here
http://ift.tt/28QznvI
http://ift.tt/28Nb269
via Dinar Recaps - Our Blog http://ift.tt/28Qzx69
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