Bank source: Tomorrow a meeting between private banks and the central bank to discuss the instructions of the currency window
A bank source said on Sunday that the regular meeting between private banks and the central bank will be held on Monday to discuss the prevention of bank balances in the Kurdistan region and the instructions of the currency window.
The source, who preferred not to disclose his name to “Economy News”, said that “the periodic meeting between private banks and the Central Bank will be held on Monday in the presence of the Governor of the Central Bank Ali Alaak.”
He added that “the meeting will discuss the joint lending fund and the agreement with the Kurdistan region on the prevention of double taxation, and the bank’s assets in the region, and activate the work of internal control departments in banks and explain the mechanisms and instructions of the currency window.”
Read more: http://www.dinarupdates.com/showthread.php?53300-Bank-source-Tomorrow-a-meeting-between-private-banks-and-the-central-bank-to-discuss
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MilitiaMan (Dinar Guru) “Iraq is entering the global financial markets with great success” Quotes: “this move gives a strong signal to investors to deal with Iraq with high confidence…” “The plans implemented by Dr. Abadi three years ago were well studied, especially with regard to capital. We succeeded in maintaining the dinar exchange rate while continuing to pay salaries and dues, maintaining the war against the enemy and achieving economic victories parallel to security.” The confidence the investors have in Iraq has arrived. An additional point to think about is the three years it has been in the making. If we recall the MOP shows that time line for the IQD as well… with two sets of books per se, one may deduce they have been doing them for a heck of a lot longer than ever thought. If true, how sweet it is!!
Read more: http://www.dinarupdates.com/observer/
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Central Bank: Conditions of the International Monetary Fund aims to reform Iraq’s economy
The governor of the Central Bank, Ali Alalak, that the economy of Iraq can not rise without the existence of a real banking sector and effective, stressing that the conditions of the International Monetary Fund aims to reform the economy.
Al-Alak said in his speech at the celebration held by the Islamic Bank of Iraq on the occasion of the anniversary of the “25” year of its founding, and attended by “Economy News”, “It can not rise the economy of Iraq without a real banking sector and actively contribute to support the productive sectors,” adding that ” Of the Iraqi banks possess human and financial capabilities and keep abreast of developments in banking systems. ”
He pointed out that “the need to strengthen confidence between banks and citizens, which reflects positively on the economy of the country and facilitate banking operations and create great competition,” noting that “the Central Bank launched the largest lending initiative in the history of Iraq through the allocation of 6 trillion dinars.”
Read more: http://www.dinarupdates.com/showthread.php?53299-Central-Bank-Conditions-of-the-IMF-aims-to-reform-Iraq-s-economy
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The Commercial Bank of Iraq announces the granting of small loans
The Commercial Bank of the region RT Bank announced the service of granting small loans, noting that the value of the loan up to 50 million dinars.
“In order to build a strong and independent economy for the citizens of the Kurdistan region, we announce the provision of banking services at the highest levels,” the bank said in a press release.
“The citizens of the Kurdistan region and its youth now through our bank can ask for small loans to finance projects or to complete them, which amounted to 50 million dinars.”
It is noteworthy that the KRG was previously granted small loans for emerging projects, before the financial crisis hit the region and affect many areas in it.
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BGG ~ While staying away from gross generalizations, it would appear they are deep within the “process” of being re-engaged with world economies… even if they aren’t being “officially recognized” just yet.
As we discussed on the last call, they reportedly had much more interest than they had actual bonds to sell during this last offering.
Obviously – we’ll see a follow-up bond offering. However, I would suspect there could be some restraint to this particular action by the IMF, etc, until they are content with Iraq’s compliance.
None of the above is saying the IMF isn’t perfectly satisfied with their progress to date, nor am I saying any of this is directly tied to potential value change. It is merely my view of things.
(The above Tweet and video was courtesy Okie Dinar)
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Shredd (Dinar Guru) Article: “The Iraqi Trade Bank: The global market has begun to trust the future of Iraq’s economy” Take a look at this part: “…a number of comprehensive offers in London, Boston and New York and received a positive attention by investors from global investment funds, and proceeds of the IPO value of what was on the market more than seven times the amount required.” This is a big deal folks. Investor confidence and then some! This strong investor response will result in more investment, that is guaranteed! The rating holding is good too. As Iraq prepares to respond economically to the lower oil prices, selling their debt like this makes sense and again, the investor appetite is awesome to see! [post 1 of 2….stay tuned]
Read more: http://www.dinarupdates.com/observer/
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Baghdad exhibition .. Gate of construction and reconstruction after the victory
With the announcement by the General Company for Exhibitions and Trade Services of Iraq in the Ministry of Commerce allocated free spaces for countries wishing to participate in the Baghdad International Exhibition in its 44th edition, an economist saw the importance of festivals and exhibitions such as this and implications for the Iraqi economy. The expert Rahim Al-Shammari said ” Baghdad International Fair and the exhibitions of Arbil, Basra, Maysan and others, have an importance in bringing the distance between Iraq and Arab and foreign companies. ”
He pointed out that “the need to invest these annual gatherings, by attracting giant companies to invest in Iraq and participate in reconstruction campaigns and construction and the implementation of development projects, as well as trade exchange, and the offer of local goods, which means opening the Iraqi market to its farmers in front of companies.
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BGG (Dinar Guru) – …The correct terminology you’d look to hear from them [Iraq] would be monetary reform [Instead of RV] or you’d look to hear something along the line of deleting the zeros project or something along those lines might be what’s you’d be looking at…it’s going to have a bunch of good news particularly financial good news. However, if you’re looking for some actionable information forecasting this event, I guarantee you will be disappointed. It will just happen. They are not going to telegraph it…I think the cat was out of the bag a long time ago…By the way, it’s kind of interesting that we are seeing this slew of articles lately that are talking about, in big terms, all the success that is coming to Iraq soon.
Read more: http://www.dinarupdates.com/observer/
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Central Bank: Procedures for the rehabilitation of banks in liberated areas
He confirmed that the “Da’ash” seized more than two trillion dinars.*The Central Bank of Iraq has taken measures by the Central Bank departments to rehabilitate and open branches of banks in the liberated areas of the control of “Daash”, while he confirmed that the organization “Daash” seized 856 billion dinars and about 101 million dollars after the events of June 2014.
*The bank said in a report published on its website: “The Banking Department has prepared a list of branches of banks previously located in areas of conflict with Dahesh, and the work of branches in each province, classified according to the bank and according to its symbolic figures, for the purpose of establishing the appropriate mechanism for the reconstruction and operation To serve its customers in the light of the department’s book.
In addition, the Banking Supervision Department directed its letter to the financial transfer companies and exchange companies and to implement the directives of the General Secretariat of the Council of Ministers to address the issue of disbursing deposits to their customers and salaries of their branches and employees working in institutions located in hot spots through their branches located in the most secure areas and according to the mechanism prepared for this purpose.
*He pointed out that “the banking department in the preparation of uncles of the banks in the city of Ramadi to practice its work and inform the Department of the history of its inception and the Ministry of Finance to clarify from the government banks on the possibility of achieving this book, and suggested the Banking Department to wait until the security and logistical security sufficient before the Ministry of Interior (Al-Fallujah, Hit, Rutba), the rehabilitation of its buildings has not been completed, and the governorates of Diyala and Salah al-Din have not been completed. The liberated areas of terrorist organization Daesh safe and stable bank branches have been opened in Diyala, it will open bank branches in Salah al-Din.
The bank pointed out that “the Iraqi banking system has been exposed after the events of June 15, 2014, to a major setback because of the control of gangs calling on three provinces are Nineveh, Anbar and Salahuddin, in addition to important parts of the province of Diyala,” noting that ” 121 branches of government and private banks, including the branch of the Central Bank of Iraq.
He added that “the estimates in light of the latest financial situation of the branches of the banks controlled by a subsidy, estimated at 856 billion dinars, in addition to that about 101 million dollars, and most of these deposits belong to government departments and provincial projects within the budget in 2014, including the assets of the Ministries of Defense And the assets belonging to minority members of Christians, Yazidis, Shabak, Turkomans and all other Islamic sects and sects, in addition to the assets of some small local companies whose owners left these cities because of the war and the occupation of Da’ashi.
The bank added that “the pressure worsened on the banking system after the acquisition of the Kurdistan Regional Government deposits in the branches of the Central Bank belonging to the Ministry of Finance of the region, which is estimated at 5 trillion dinars, about 50 percent to the Iraqi Trade Bank, and the other half to more than 80 branches affiliated Private banks, including branches of foreign banks operating in Iraq. ”
He pointed out that “the organization has taken large sums of money since the imposition of control over large areas of Nineveh in June 2014, as the income of the organization of two billion dollars a year, making it one of the richest organizations at the time,” explaining that “Daash became rich through the sale The oil it gets from Iraq and Syria, while it is not disclosed who buys the oil he steals and urges and smuggles to different countries. “
The bank said that “the daily proceeds of the organization” Dahed “of the sale of illegal oil is about two million dollars for the sale of 30 thousand barrels per day, the price of a barrel of black gold in the organization between 25 – 50 dollars before the decline in oil prices in the period
Past “.
The bank said it had taken precautionary measures to protect the banking and financial sector during the period of control over banks and companies, including stopping branches of banks and non-bank financial companies in the governorates of Mosul, Salah al-Din and Diyala, Anbar and preventing the transfer or supply in foreign currency through the window and stop the subscription Branches of banks and non-bank financial companies in the system of electronic clearing and payment system in general and located in these provinces, in addition to other measures taken by the bank.
Read more: http://www.dinarupdates.com/showthread.php?53118-Central-Bank-Procedures-for-the-rehabilitation-of-banks-in-liberated-areas
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Enorrste (Dinar Guru) – Article: “Governor of the Central Bank of Iraq: expect economic movement in the next stage” …this is opening the door to foreign investment. Quote: “noting that “Iraq will be able to attract foreign investment because of the stability of the security situation and increase the number of investment opportunities.” Therefore…we should expect the dinar to be opened to the world market very soon. There will be no foreign investment without an internationally tradable currency.
Read more: http://www.dinarupdates.com/observer/
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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