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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