An invitation to issue dinar-mail

7/18/2016 0:00

 BAGHDAD Hussein al – Tamimi Tgb
economist who proposed the issuance of e –dinar and entered in banking transactions, particularly in the area of government levies , as well as work hard to attract the Iraqi currency and introduced into the banking system to encourage the banking savings process, also examined the money and the economy , restructuring the State – owned banks and thebalance between them and the experts private banks came during an economic seminar organized by the progress of the policy Institute
development. economic power , Dr. Mehdi al – Hafez called for the promotion of thebanking sector , public and private , both .. returned an essential task in terms of thedesired national development, noting that the Iraqi banking sector fails to score hasbecome a major dilemma must work on them by the concerned economic reform .. explaining that the large size of government banks and the needs of the local economy beyond what led to the creation of a big obstacle to the benefit of the banks important to invest and handle critical mass of economic power .. calling for a restructuring of these banks, especially banks «Rasheed »and» Rivers ». so accept appearance of Dr. Mohammed Saleh , the financial advisor to the Prime Minister and the reality of thegovernment banking sector .. indicating that the sector is made up of seven very large banks acquires the banking arena is absolutely up to 91 percent the proportion of banking assets and up to 86 percent of the deposits of the banking system and therefore this formation in government deposits in sizes up to 65 trillion dinars until the end of 2015 ofwhich 45 trillion dinars , government deposits and 19 trillion and deposits civil including 10 trillion the bank «rational» and »Rivers» and 9 trillion to the private banks. application transparency and spoke in favor of good governance to separate management from ownership, accountability, transparency , and this can not be achieved easily because themechanism of action for improper causing it to disable boardrooms because of the large interventions by the ministries in the work of the banks. Saleh also highlighted the existence of a strong political will of the government restructuring State – owned banks have been formed a committee headed by the governor of the central bank and there isa sub – committee to follow up the issue of restructuring the Commission is working with the World Bank that has given us through the four map and began stages. for his part ,David Abdul Zayer head of the Iraqi National Business Council spoke about therestructuring of State – owned banks in the framework of a time limit Set technician takes into account the accumulated problems in these banks to the extent that the recovery of the loans lagging behind the value .. indicating that the last budget announced by theBank of Iraq amounted to 125 trillion dinars a figure astronomical exceeds the state budget, and we all know that this number does not exist and is not accurate, noting that he must not to implicate the new administrations of these problems and should stop work to be audited by a company global. quantum leap stressed Zayer said the fight against corruption starts from the introduction of local currency into the banking system, calling for the issuance of e – dinar by Rasheed Bank or Mesopotamia and government levies only, it will help us to achieve significant leap in banking policy. the general manager of theRafidain Bank Dr. Khawla al – Asadi confirmed that all restructuring restrictions havebeen completed since 2008, indicating that the bank Rafidain and Rasheed Saouhdan their work and putting the sophisticated mechanisms for the advancement of the banking work, denying that the real budget for Bank Rivers are 125 Trliuna but is 25 trillion dinarsonly .. pointing out that banking secrecy only the names of customers, account numbers and otherwise confined him Fbalamkan announcement demonstrates the transparency.


Central bank: issuing banknotes commemorate the annexation of the marshes of the World Heritage List


History of edits:: 17.07.2016 21:42298 visits readable
[Oan- Baghdad]
Central Bank of Iraq , congratulated the Iraqi people on the occasion of the inclusion of the marshes andarchaeological sites in Iraq as part of the World Heritage list.
The bank said in a statement that he “decided to issue a commemorative banknote to commemorate this important event globally.”
The UNESCO has ratified on Sunday to join the marshes and archaeological areas in Iraq on the World Heritage list.

US Ambassador to the Minister of Defense: continue to support Iraq to resolve the battles quickly


History of edits:: 17.07.2016 23:49112 visits readable
[Oan- Baghdad]
Research and Defense Minister Khaled al – Obeidi, Sunday, US Ambassador Stuart Jones , accompanied by the commander of coalition forces in Iraq , Gen. John MacFarland military operations against terrorist Daash gangs.
According to a ministry statement he said , “During the meeting , discuss the victories of the armed forces in Fallujah and follow the course of the ongoing military operations in the leadership of the Liberation ofNineveh operations and the significant progress achieved by the security forces and the support of the international coalition troops there.”
For his part , praised the US ambassador , according to the statement “victories achieved by the Iraqi army in Fallujah and the rest of the other cutouts, and emphasized the continued support of the United States to Iraq in order to expedite the resolution of the fighting and defeating the terrorist organizations and the liberation of the land of Iraq Conception cliques of satisfaction. ”


Raise funds to extend the foreign banks operating in the capital of Iraq deadline


17-07-2016 06:40 PM

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Orbit News –

The Director General of the Department of banking and credit in the central bank Ihsan Shomran Yasiri, the extension of the period under which implements the decision to raise the foreign banks operating in Iraq ‘s capital to $ 50 million, the first to raise capital to $ 25 million in two phases over a period will last until December 31 (December) of the current year. The second raise capital to $ 50 million during the period ending on December 31 of 2017.
He said al – Shammari said in a statement to «life», the Central Bank of Iraq was «announced the decision to raise the capital of foreign banks operating in Iraq to $ 50 million instead of 70 million, after the meetings of the governor« Central »on the Keywords with a delegation representing the Lebanese banks at a time former », pointing out that« the discussion touched on the possibility of facilitating the conditions to help the advancement of the duties of the Lebanese and foreign banks specifically, in contributing to the development of banking operations in the Iraqi market and to increase its ability to compete with the Iraqi banks in attracting economic activity size ». He added that « the capital increase will allow the banks concerned to double its presence in the area of Iraq, by opening new branches and expand its lending and funding base.»
The minimum capital exact money to open a foreign bank in Iraq was $ 7 million. But the central bank felt that the advancement of the sector requires the lifting of foreign banks’ capital in the form of position to work in the market, and intercepted a Lebanese banks on the decision to lift it to $ 70 million, because the Iraqi banking market is not conducive to profitability because of the security, political and economic conditions. And it has applied to the central bank falls for his decision, but he refused, until the conclusion of negotiations to agree on an amount of $ 50 million in two phases.
He pointed banking expert Abdul Aziz Hassoun, that the Banking Act No. 94 of 2004, the Council pledged to ensure the foreign bank ‘s management , which allows building on the CBI request for funds to cover the obligations they impose on the branch in Iraq to exercise its banking ».
He explained that «includes one type of branches, which carry out work on its public administration and be fully responsible for financial commitments». But it pointed out that the law «does not mention private capital branch at the time of the Iraqi Central Bank foreign banks committed to allocate the amount of seven million dollars as head of operating money for the branch.»
He announced that the Association of private banks in Iraq «discussed the decision», and warned that «capital request of section greatly weaken the strength of the commitment of its public administration responsibility to cover all the branch ‘s obligations, but the Iraqi Central Bank to raise capital to $ 75 million, and reduced again to 50 million ». He said that it «will increase the vulnerability of public administrations commitments for branches of foreign banks and deviates from what is clearly aimed at the articles of the law, and perhaps the legal loopholes created by the weakness in the performance of obligations that exceed the limits set by the law for banks licensed in Iraq.»
Despite the diversity of Arab and foreign banks, officials in the sector saw, most of them do not have much capital , so work is limited on speculation in the currency auction process, to achieve quick profits will reflect negatively on the reality of the local market. They declared that the files opened and owned by foreign and private banks, proved the existence of smuggling money out of the country, through daily deal with the central bank auction.
According to experts, the deposits in the operating banks in Iraq , whether governmental or civil amounting to 70 trillion dinars (about US $ 60 billion), while the total of Iraqi private banks’ capital increased from $ 30 million in 2004 to one billion and 600 million end of 2014, except as branches owned by Arab and foreign banks operating in Iraq. The number of private banks from 17 in 2004 also increased to 31 the end of 2014, while thenumber of its branches in Baghdad and the provinces has increased to more than 800, to compete in the number and level of services bank branches «Iraq» and «rational» government.

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Japan gives Iraq more than $ 21 million to strengthen a number of sectors

Flag of Japan

Author: BS

Editor: BK, BS 07.17.2016 17:29 Number of Views: 41

Long-Presse / Baghdad

Japan announced, on Sunday, support development programs and reform in Iraq four new grants totaling 21 million and 170 thousand dollars, administered by the World Bank, while shown that granting supports four areas related to social protection and modernization of the national payments system and promote the “safety and reliability”, and improve the performance of activities business, and support government reform, she expressed the hope that this will contribute to the development policy loan along with financial reform $ 220 million, the development of public and private sectors in the country.

According to the Japanese Embassy in Baghdad, said in a statement, received a (long-Presse) a copy of it, that “Tokyo supports the Iraqi government’s development programs and reform in four new grants totaling 21 million and 170 thousand dollars, to enhance institutional efficiency.”

The embassy said that “the World Bank runs four grants that focus on laying the groundwork for the integration of social protection systems and promote efficiency and help the government develop a comprehensive development of systems of national payments plan”, usually that “the four grants also contribute to improving the business environment and encourage private sector growth, especially small and medium-sized enterprises; and provide economic advisory support to continue economic reform efforts in Iraq. ”

Quoted the Japanese embassy for the Resident Representative of the World Bank in Iraq, Robert Bo quality, saying, “The existence of a strong and effective social protection and modern systems of payments was crucial to the reform efforts undertaken by the Government of Iraq,” noting that “The World Bank is committed to helping the Government of Japan, to provide support for the Iraqi people. ”

She explained the embassy, ​​that those “projects will provide significant support in four areas, the first implementation of the Strategic Action Programme Iraqi social protection, which includes the construction of the National Unified Registry of Iraq and the development of the skills of social workers to target poverty, and the application of legislative reforms to the pension system,” pointing out that “the field the second focuses on updating the national payments system to enhance the safety and reliability of payments in Iraq and contribute to the stability and efficiency of the financial system and increase the circulation of financial services. ”

According to the Japanese Embassy, ​​said: “The third area which is supported by the improvement of the performance of Iraq in the areas covered by Doing Business Report issued by the World Bank, and support the operation of government public service centers,” and added that “fourth area the strengthening of resources to support the agenda and the efforts of the government reform by providing specialized advice and consultation on the ground operations. ”

For his part, Ambassador of Japan to Iraq, Fumio Iwai, according to the statement, that “Japan is still committed to supporting the reform efforts of the Government of Iraq, including financial and economic reforms,” ​​and expressed the hope that “the help of the four new grants, as well as loan policy development and financial reform $ 220 million, in the promotion of these reforms and the development of public and private sector in Iraq. ”

The embassy also said, “The World Bank portfolio in Iraq, made up of three operations with a net commitment of a total of one billion and 905 million dollars,” saying it “includes transportation project is being implemented in the country’s south, and the process of emergency Development resume infrastructure and public services in the municipal areas liberated by the government, and the process of financing for development policies, one billion and 200 million dollars to help Iraq to overcome the fiscal crisis and push ahead with reforms. ”

The United Nations, revealed in (the 14th of July present in 2016), to provide the Japanese government seven million dollars as a grant “urgent” to provide services and the creation of schools for displaced children in Iraq, while likely worsen the situation in the country before his recovery, stressed the need for about 170 million dollars to be able to continue emergency relief and other assistance program during the current year 2016.

The Central Bank relies on companies “guarantee” to compensate depositors of banks “losers”


Baghdad/economy news.

The CBI said the possibility of compensation to depositors of citizens in banks ‘ “If losers worked deposit guarantee corporation”, while bankers attributed the reluctance of private banks to “lean” liquidity as a result of the inability of contractors and importers to pay what they owed.
Bank Board Member said, Ahmed barihy, deposit guarantee corporation or intended deposit guarantee unit, need time to work after collecting the necessary capital, “adding that” the task of this unit is to compensate depositors in banks “.
Added barihy, to the company in case of work will compensate depositors at banks after losing several financial operations to do so “, stating that” deposit guarantee Corporation will care very much to small depositors so that all deposits will be paid, most are paid medium deposits, but the subject of other procedures require senior depositors compensation. “
The Director said the Union Bank Commissioner, Akil a trouble maker, that generally private banks face liquidity scarcity, because borrowers from contractors, importers did not receive benefits from the Government what made them late in returning money from their disposal of banks, adding that some branches of the Central Bank did not return to private banks deposits.
A trouble maker, said that it “born great problems for private banks with the applicants in their work,” returned to “the Government should support private banks through dues contractors and suppliers to increase liquidity in the domestic market and enabling them to pay off their debts and consistent banking.”
In turn the parliamentary Finance Committee decision, said Ahmed parenchyma Rashid, banks are obliged to give deposits to clients “, indicating that” some administrative problems banks forcing the Commission to file a complaint to the Ministry of finance.
Rashid stressed that “private banks control by the Iraqi Central, where his monthly budget, pointing out that the Central Bank might use his powers to stop working any bank acting his money outside contexts, liquidity has less than deposits, and declare bankruptcy.”
The parliamentary Finance Committee’s decision, predicted that “crisis in failed banks when a deposit guarantee corporation”, stressing that “many such experiences in other countries.”
On a related level, the Iraqi National Business Council Member, Uli Habib, the problem facing temporary banks, because they suffer from the crisis of deposits and cash flow, not for being a loser “, calling on the Central Bank to tighten its supervision and follow it to banks in particular eligibility and ensure liquidity continued to avoid problems.”
He saw Habib, the “deposit guarantee Corporation Act will force the Banking Act in terms of control and keep the depositor and rapid response to any problem and restore confidence quickly by officially sanctioned, especially if management”.
The National Business Council Member said that banks work to recover its money, especially high amounts of loans to provide liquidity and kinks and grant amounts that depositors seek it at anytime, “indicating that” the Central Bank some banks put under custody until the correct work and guarantee the rights of citizens. “
Habib stressed that “some banks Disclaimer of the full amounts requested by the applicant on the pretext of lack of liquidity in violation of laws and calls the Iraqi Central Bank intervention, returned to” circle of banking supervision and the Central Bank responsible for monitoring the safety and flow of financial banks liquidity and consider complaints and to accelerate verification measures by not pushing banks and amounts requested by the owner of the funds in the custody of those banks at any time. “
The Central Bank announced, in (7th of June 2016), about the Cabinet’s approval to establish a company to insure deposits in State banks for a capital of 100 billion dinars, while the company aims to stimulate citizens to deposit their money in banks rather than her firmness, assured money stashed away for citizens outside the banks of more than 30 trillion dinars.
The Association of Iraqi banks, announced (October 2015) the ratio of deposits banks ranging from 65 to 68 trillion dinars, including 22 trillion private bank deposits.
Iraq’s banking system consists of (54) a Bank as well as the Central Bank and distributed by seven governmental ownership and 23 private commercial, including nine in addition to Muslim (15) branches of foreign banks.

Saleh: the agreement with the IMF «financial protection for Iraq}


7/17/2016 0:00

 Baghdad , Alaa al – Taie
Economic Adviser to the Prime Minister, the appearance of Mohammed Saleh, about the deal with the International Monetary Fund as a «financial protection for Iraq» andexpressed optimism about the improvement in the credit and financial viability of Iraq by the surge in Iraq ‘s international value of the bonds that created until 2028, amounting to$ 2.7 billion revealed , particularly after the IMF approved a loan worth $ 5.3 billion.
Saleh said in an interview for «morning»: the Iraqi government agreement with the IMF was born financial protection from multilateral international financial institution of thecountry, pointing to the existence created bonds in 2028 worth 2.7 billion dollar rises credit rating her, and trading of Sindh in global markets with rising among gets theopposite in the case of low value.
He stressed the benefit of , at the height of the international value of the bonds to Iraq indicator of the capabilities of the national economy and positive on the possibility offulfilling the debts of the country and earned creditworthy.
downplayed economic adviser, fears the introduction of Iraq ‘s debt in the future, stemming from the agreement with the IMF, he said , «it soft loan does not carry veryhigh interest rates as it fears does not deny is that the country is in a fierce war will determine the future of Iraq and its people , which is going through financial hardship and the thesis came to the rescue situation in the country because we are facing a social dilemma, and the poverty rate of 23 percent, as well as nearly four million displaced, inaddition to cities smashed and put social, economic, military and security requires international support to get out of the ordeal ».
Saleh said, that among the terms of the agreement with the Fund, is control of Iraq ‘sability to pay its indebtedness and help him in this matter, stressing that the country ‘sstanding in the «honest point of debt» there are exaggerations about the large number ofindebtedness, noting that the exact calculations and recognized by the government do not include debt that was granted to Iraq under the former regime and the so- called debt Albgazh for it resulting from the aid provided to the former regime of the Iran – Iraq war and is still stuck and there are discussions about them.
Saleh revealed, for the whole of the current Iraq ‘s debt according to the agreement of the Paris Club in 2004 and recognized by the government of ($ 17 billion) begin repayment as of the year 2020 and up 2028 , adding that 17 billion dollars is out of $ 125 billion, confirming determine how Iraq more than $ 100 billion of that debt any reduced by 80 percent , according to the agreement of the Paris Club in 2004 «.
He added that the debt rescheduled in accordance with the Convention on the above, followed by Iraq has begun to pay the annual interest but repaid starts from 2020 to 2028 in the form of successive payments that are mostly sovereign debt government return some of the countries of the Paris Club of around $ 9 billion, and the debt of a sovereign government about $ 6 billion and 2.7 billion in bonds back to the private sector collectively worth 17 billion dollars and represent 20 percent of the Paris Club debt , which reduced to 80 percent of Iraq ».