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  1. #91

    Re: The Dinar Daily, Saturday December 27, 2014

    The reality of private banks in Iraq

    Ahmed Hamid Alhmal
    To be the definition of private banks so that we stand on the main functions? Do you practice these jobs actually on the ground?
    Ahli bank, is a financial institution aims to facilitate financial transactions for customers and save the money and run.
    We find this definition contains three basic pillars: to facilitate transactions, and save money, and operation of financial aid, the banking business in Iraq is found away from those three functions a lot, because facilitate commercial transactions very worsening compared to banks in neighboring countries at least.
    And save money in private banks do not find a significant effect due to turn away customers for the provision of their money in these banks because they are characterized by a lack of transparency and clarity as well as low-interest bank rate given by the bank deposit, and other reasons may be deteriorating security situation one of the main reasons for saving money.
    The third pillar and the task is to run the money, since the most important functions of the Commercial Bank is the money deposited to run to him, because he is a mediator financially between the lender and the borrower, it is assumed that the bank invested the money and run it in a way serving the national economy, so it is through the above explanation The theoretical side of the bank and how to work in an integrated say:
    Can the private banks can play an important role in the revitalization of the national economy through multi their tools, and most important of these tools are long-term loans, and the loans are considered tributary important to invest the money, so we find that the interest rate on loans in Iraq, low foreign investor, and thus away the bank for this Position gradually depending on the preference of the foreign investor to run his money abroad, and one of the elements of the national economy is said to be the role of an integrated private banks in all respects, ie, must take its role in idle funds invest optimally, but if we look at the reality of banking in Iraq found lagging in most aspects and limited role in the adoption of the currency auction posed by the central bank a day for these banks in the hope that the National Bank sold dollars every citizen $ 5000, but these banks have moved away from this post and took sell the dollar on the black market to reap from the profits of illegitimate in the eyes of the law committed these banks!
    Also, private banks have tended to Murabaha factor, a condition contracted bank whereby the investor to buy certain goods or services based on the client's request, and the bank sells it to the customer at a price of which provide funding by the bank and the good ingredients for the investor and the market, but they do not meet ambitious national economy, for example, the sale of vehicles that are processed own companies for the bank to guarantee the payment of the amounts in the form of monthly Aqsad and specific periods.
    In conclusion, I say there must be a real control over the work of banks, which reached a population of 48 regional banks, and we have to the Iraqi Central Bank is working on a trusteeship on each bank contrary to his instructions as banks Bank, and the highest authority in the banking system, because the work of these banks very rarely in support of the national economy (and rare Kalmtm), so sought by the new administration of the Central Bank to tighten control over every action violates the CBI laws and to prevent banks that violate the bank instructions in regards to currency auction, because the money earned by these banks a day through gaps auction currency worth millions of dinars, and that these banks became the only concern is profit earned from the auction currency posed by the central bank, and moved away completely from the important factor which investment banking, so I would suggest two important points I put in the hands of the Iraqi Central Bank Management:
    First, the obscure share of private banks for foreign currency auction, and are transparent and clearly dollar selling through auction to the bank every day and every dollar wants to buy from exclusively Bank, to get rid of occurring fluctuations between the dollar and the dinar and thereby preserving their national currency.
    Second, the central bank to sell part of its currency auction the Ministry of Finance, which in turn converts this part of the dollar jointly with the Iraqi dinar to employees and retirees of the state, and thus get rid of an important factor affecting the living standards of the Iraqi people, a general level of prices rising as a result of the high value of the dollar against the dinar. https://goo.gl/4iAyyP



  2. #92
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    Re: The Dinar Daily, Saturday December 27, 2014

    Beyond the line of the frank a. "Iraq News" interaction of the Governor of the Central Bank:

    By: wab4
    Date: Saturday, 27-12-2014 08: 23 pm



    Iraq's cash reserves are reassuring and inability to balance its funding sources available by 2015

    * * Compulsory employees provident will turn to liquidity and investment will benefit them
    * The 500 billion dinar and $ 80 million in disaster losses, connector

    * * We completed a draft law against money laundering and terrorist financing
    Interviewer: Dr. Abdel Amir Al Faisal


    It is one of the oldest financial institutions in the history of the Iraqi State.. His name was often before 2003, then jumped and strongly to interface events when he found the Iraqis that the only guarantor of the dollar in the domestic market and what that means stability in various areas of life swing depending on the exchange rate of the dollar. .. That the CBI is. A giant financial institution through which we can know that our financial policy is moving us to safety or vice versa in. Today is a foundation in economic policy, financial, monetary and balance the 2015 all surrounding details of war on one of the central egg measured which give an advisory opinion on the features of the budget deficit did not know the previous budgets, as well as on a evoked much controversy here and there about compulsory saving for employees and what the State is heading, and how the Bank losses from the recent fall of Mosul hit every State without exception, joints and many other questions by "Baghdad news" conservative table The Central Bank on the relationship between the known information that few meetings and don't approve of a.. This was dialogue editor with Mr. relationship, which exceeded the usual frankness and a line points of absent characters equation complex situation that Iraq faces serious challenges.

    Distinctive front

    He was greeted by Mr. Ali al-allaq's "Baghdad newsletter highlighted the positive atmosphere of dialogue in every sense of the word, very well run before tripping questions initiated by saying the Central Bank is the cornerstone of fiscal and monetary economic policy for the country, because through the Central Bank achieved things that represent the Foundation of the economy when we talk about the exchange rate and inflation, control of the banking sector in General, we are talking about a fundamental aspect of the economy, which is the basis for everything the country needs development and advancement Fast.

    Budget deficit and effective treatment


    • Much talk about the budget deficit and talk of fairy figures what the Central Bank's cash reserve and do ttamn citizen cash reserve?


    The foreign exchange reserve for its Central Bank is still in excellent by international standards and the world's central banks, usually seen through the reserve money supply of local currency in circulation in the market if the local currency in circulation in the market is a good thing, some States placed 70 percent of currency in circulation, and for Iraq, the one and three-fourths of the currency reserve ratio this is reassuring, therefore, that the Iraqi dinar has maintained his power, recently Because of low oil resources and being the source of the country's dollar, when NYMEX oil sales than from the dollar and this affects the reserve if drawdowns and sale to the dollar at the same level, so we are watching this case very carefully and not unlike our equation to balance out and sold, and the State cannot Benefit from the reserves because it is governed by the law of the Central Bank, which does not allow to act up and the Government did not apply for Bank reserves, but consulted with the parties and we are going to deepen the practice as we aim to have the Central Bank as a financial advisor to the Government and coordination between fiscal and monetary policy, and if each one of them separately, it will impact on the economic situation and we are trying to create a kind of consultation and coordination so that the Government took the view on the subject and given us a certain section for ideas The retrenchment and personally participated in the preparation of the structural balance by pressing certain expenditures and at the same time as the deficit can be covered by issuing treasury bonds, or bonds in the bond is not a Central Bank, but the Central Bank helps to promote and coordinate with banks in Iraq,


    we need to create a market that doesn't exist and this time we tried Expand the bonds to be custom and culture in the stock market, we had our touches directly on budgeting and attended the Cabinet meeting which approved the budget to clarify some things and I think that the budget was designed to contain the deficit, but at the same time proved how to eliminate it, unlike previous years when the budget deficit issue and leaves a shortfall of surpluses and a subsequent bond issue this time and deficit how specific coverage as well, and the deficit limits of 23 trillion but reassuring presence of sources For funding and part of these sources is the balance of the vowel to the Finance Ministry.

    Save for what?

    • Why is the State of compulsory savings for employees?

    Our proposal was the subject of savings should not reduce staff salaries and then convert them to operational expenses, be pressed to the employee not on expenditures and has this proposal the Cabinet should not use this money to finance the budget, and so agreed, and when reading the budget will not be clear, and there are certain compulsory savings ratios will be taken from appropriations and not pay for it, it will exceed the limited income categories.

    • Is the selected reporting compulsory savings ministries?


    No Ministry but the income levels of allocations, we proposed that this amount is not used in the financing of the budget, so it is not part of the shortfall but will provide liquidity, and we have proposed to invest and the payback is in favour of the employee, and thus we have achieved two goals: first, we used economic stimulus money because if we flick the expenses of citizens and employees extensively we would influence negatively the economic cycle and therefore have a negative impact on the budget in terms of income from Other taxes and others so as 40 trillion to 2 trillion salary to be taken as they invest savings and be a payoff for the employee, there are areas for investment with high risk and we are in Iraq we have great investment opportunities and if we all narrowed opportunities can be used as bonds, traded on the market, and that the 23 trillion from section will be rounded to the Ministry of Finance within 3 trillion Section is the parcels of tpi banks who own an estimated 3 trillion surplus and bonds with the Rafidain Bank and Rasheed who have liquidity and foreign bonds are also trying to be active in this aspect, some foreign banks operating in Iraq is ready to help us in this aspect and bring buyers of these bonds.

    • Is it possible to have a compulsory savings benefit to the employee?

    Our proposal in the Cabinet was that of compulsory savings interest on employee and approved by the Cabinet and then will consult on means to achieve best value for the employee after a meeting between the Government and the Central Bank.
    Scary numbers of disaster daash


    • How much the Central Bank lost money when entering daash to Mosul?

    -Lost approximately 500 billion and 80 million dollars to banks and private banks and that there are no accurate statistics about them.
    To follow the Central Bank?



    • Is the Central Bank of the Government or Parliament?

    The Central Bank is not a Government but is an independent body but within the Constitution and the law on the Central Bank to be a coordination between monetary and fiscal policy by the Central Bank, the Government was endeavouring to implement greater exchange and possible as there was no brake because the Government cannot go without spending accounts for the economic impacts this may create inflationary effects and the Central Bank would be problematic then stem the inflation.


    • Do you charge you for political pressure?

    Through my time at the Central Bank did not touch any pressure from politicians, but the pressure through the media and through messages from politicians, so I don't find any intervention at the present time I am trying to reverse the equation, always the Government interfere with the work of the Central Bank today, trying to reverse the equation.

    Connect with money is important



    • Is it possible to link the Elimination of money to create a State strategy under this circumstance?

    No doubt that the State cannot live as scattered islands and all authorities must meet for the service of the State cannot be spaced apart for policies that depart affect each other and that the Central Bank had not coordinated with justice cannot exercise its activities for example money laundering activity and you are interested in some States if the modalities of the justice in this case, how to govern the issues to him are from us and if not effective elimination of this I need activity to a competent judge with money laundering and not leave it to another judge does not know what is the issue of money laundering being the case relating to the financial aspects and in need of background knowledge, and therefore the authorities should be integrated with each other and in some States, the Central Bank called the monetary authority of that key authority operate independently in determining policy for each country and that I came today with a decision I might change the economic and political situation and security as a whole.


    Combat money laundering


    • What are the arrangements about the phenomenon of money laundering?

    Unfortunately, in previous years the Bank's point of view about assuming responsibility for combating money laundering and does not see that this activity is through the Central Bank and personally, I disagree with the Central Bank in this matter because according to the law of the Bank and the money laundering reporting Office is linked to the Central Bank, so see the previous administration that had led to the failure of anti money laundering activity for that activation of the money laundering Act on the Central Bank was trying to convert it to others in Then you discuss with the law against money laundering, and today we are working to correct the deficiencies in existing resolutions, and we as a member of the financial action concerned primarily with money laundering and this year we chaired the Organization and aching a few gaps and report and assessment prepared by the World Bank, the Organization of follow-up observations so since direct in The Central Bank you activate Office and gave a kind of autonomy in its administration and its staff, we completed today the draft law against money laundering and terrorist financing, and this was the demand of organizations concerned with this issue and I was given this topic a priority today, the draft was sent to the State Council and will be an important act at the national level, although we are late in the preparation of this project but now we have prepared the latest developments in this area.


    Banks funded terrorism


    • What are the procedures for the Central Bank to the right bank sponsors of terrorism?

    The fact that this is possible for not only in Iraq, but also in some neighbouring countries and thus we practice today might be troublesome regulatory role for banks and remittance companies but this happens due to the gravity of what is happening in the banking and remittance companies at present and there is a large movement observation remittances, deposits, etc. and there are no specific figures, but the focus of our attention and put it most of our focus.


    • Have you been raising ceilings to exchange offices?


    We put a lot of restrictions and controls and inspection committees are continuing on a daily basis and the requirements for conversion companies obviously heavy but wanted it don't have an option but to control in fact measures we have taken in the past few days to review the cash dollar sales for the all-cash be compromised and that the use of "cash" in Iraq is not with what happens in the rest of the world as there are today aircraft movement amounts from New York to the Rashid Street in order to sell the dollar for citizens and the The issue became controversial from States and international organizations, we want to make everything within the banking system for movement control and direction and I can see where he went and to any use as well as the other States supplement you turn it also monitors and standards used in most States agreed surely will be mutually complementary roles and on the principle of know Your customer any know what do and where his source of funds so we can detect the latest attempt in the Rafidain Bank and when you see a striking amount of attention it must know the client and where it came from and when the amount received instruments of large amounts of people newly in bank accounts that drew was contacted directly, although fundamentalist add complicity treatment by the employee upon contact with the responsible authorities and their knowledge to pass a number of billions we could detect the network and weaved, today we seek to move away from Cash trading and the culture we seek to strengthen the Central Bank's recent slight increase occurred in the dollar because we end of cash sales and left the money orders to traders and importers of such responsibility in covering foreign trade activities, but when someone requests withdrawal of a large quantity of dollar, this is difficult and eye-catching for the dollar is used by travellers and low rates.


    • Are private banks control?

    All banks are subject to oversight and monitoring of violations and fines them if spotted bankruptcy of a bank we revitalize and impose guardianship but some understand it wrong but the right thing is to restore and rehabilitate and revitalize the Bank from bankruptcy in order not to damage the depositors, and for example we run only the economy and bank transactions which constitute the Bank's resources as a currency auction and buy USD we manage as well as loans granted by the Bank to get into collectible, another option is to allow a bank to bankruptcy.

    • What is the percentage of deposits banks eligibility?

    Proportion of collateral and I reported to the Cabinet that we give employees the salaries of around 40 trillion and 90% of them to intervene in the banking system, and I suggested that a machine in each Ministry by which payroll staff to avoid theft and congestion that might get banks so that it provides liquidity.
    Zeros out the currency to where?


    • Does the process eliminated currency ?

    That project still exists and such steps needed to organize the process and stability for not creating any breaches and to ensure the success of the process and what we think now is a replacement paper and this is where violations occur and risk need to manage complex and we're in the situation we fear of violations so that our plan is the introduction of the new currency without dragging the old currency and when maraina situation stabilizes, we will implement the project, after arranging with all stakeholders, in order to avoid problems that may occur in records and numbers And others, we educational procedures on the subject before you start the project will be implemented, but the regulatory framework, we will enlarge the currency as we finished issuing the 50,000 and this currency will not increase inflation.


    • What is your relationship with the World Bank?


    Our close relationship with the World Bank and on several levels as Iraq part of international organizations and their shareholders and thus take advantage of the facilities and the expertise provided by the World Bank in many areas to develop existing resources through the World Bank, as well as studies and recommendations offered by us, and many of the recommendations by the World Bank but the present-day context of current does not allow the application and sometimes find their interest, reaffirming the Bank to restructure the banking sector particularly in the Rafidain Bank and Rasheed Bank had a great role in Recommendations and advice.


    The region can benefit from the Central

    • How do you deal with fiscal policy in the region?

    The Central Bank has two branches in Erbil and Sulaymaniyah, but the fact of the matter is not our direct management therein; working independently of the Central Bank and this thing serves the territory because the Central Bank is a third party between the banks and the public, the Government, and it organizes the tunes to avoid risk in the banks and I believe that there is disagreement in the process of overseeing the territory as a result of the territorial Government is overseeing it, we did not agree and now there is a change of attitude and that's probably a territory that Banks there must be managed by the Central Bank because this relationship territory benefits from having an independent party capable of governing the operation of the absence of Central Bank got problems seemed they float on the surface of reality and expect changes.

    • Are you satisfied with the Government's programme to Dr Abadi?

    I am satisfied with his work if applied vision and program schedule.



    • How is the currency switch bad?

    Many citizens stand to switch currency damaged by new ones we've worked on switch we have wages that were imposed on citizens who have damaged the new.

    https://www.baghdadnp.com/news.php?action=view&id=27191
    Last edited by OOTW; 12-28-2014 at 01:28 AM.

  3. #93

    Re: The Dinar Daily, Saturday December 27, 2014

    Abadi looking dues Basra and expand the powers of its board

    .. Tomorrow at a meeting of the supreme body of the provincial councils
    BAGHDAD - Alaa al-Tai
    Supreme coordinating body for provincial councils held a meeting in the province of Basra to discuss dues to maintain and expand the powers of the board.
    He said government spokesman Saad al-Hadithi "morning": Prime Minister Haider al-Abadi will chair the meeting on Monday, as part of government's efforts to develop a common vision and access to the contexts of consensus on the provincial claims, noting that the meeting will talk about the benefits the province of the petro-dollar exchange rate and the release of part of the the amounts allocated in this regard, will also be investing file trading and opened the doors for investors, according to the government's steps in the activation of economic resources.
    Extensive details
    Due to the coordinating body for senior provincial councils held under the chairmanship of Prime Minister Haider al-Abadi met in the province of Basra on Monday, to discuss the dues to maintain and expand the powers of the board and come up with a common vision.
    He said government spokesman Saad al-Hadithi »Sabah», said the government is seeking to develop a common vision and access to the contexts of consensus on the provincial claims that on top of the expansion of the powers of local governments, noting that the Supreme Coordinating Committee meeting scheduled tomorrow to take place in Basra would be to talk about the dues to maintain the exchange of petrodollars and release part of the funds allocated in this regard.
    He stressed that the federal government has made progress in dealing with the demands made by Basra Provincial Council was actually provide some of the paragraphs in the other postponed and according to the economic and financial situation of the country, will also be investing file trading and opened the doors for investors, according to the steps of the Federal Government in the activation of economic resources and find the facilities to enter the file companies where there are 14 provinces stable and open to investment, according to the Prime Minister announced in his tours to neighboring Gulf states.
    He Sabri said the government is trying to overcome the obstacles and hurdles that would disrupt investment and entry of firms and the private sector through legislation of laws and take a range of measures to eliminate bureaucracy and corruption, noting that this matter will be the focus of discussion at the meeting between the federal and local government to discuss the role of companies in the reconstruction of Basra represents the economic lung Iraq.
    A government spokesman said the prime minister instructed to form a body to ensure the regions and governorates not organized province of rights, a guide on the willingness of the federal government by firing powers and expansion is part of the government's program, which includes the provinces to take over the powers of the management boards of education and health services and municipalities.
    And on the petro-dollar allocations, Sabri pointed to the government's pledge to fulfill its obligations and dues towards the provinces of petrodollars when the economic conditions of the country ends and expand its powers down to the contexts promote federalism.
    And about what has been traded from the modern establishment of provinces, the spokesman said the government could not object to the constitutionality of the demands is that the country is now in a state of war and the struggle against terrorism, and to talk about the establishment of the province is mixed securities at a time when the government does not want any port can be exploited by the enemy it which requires solidarity to confront security and economic challenges.
    Newborn and pointed out that the measures did not reach the level of the referendum, where it must be that there will be 10 percent within the local government supports the province, then the Independent High Electoral Commission to take steps to hold a referendum, if desired more than half of the number of voters to establish the province, across Asefta first and then wider.
    https://goo.gl/mW60T9

  4. #94

    Re: The Dinar Daily, Saturday December 27, 2014

    Jubouri: we will face a law abridging freedom of the press

    أضغط هنا لعرض الصوره بحجمها الطبيعي BAGHDAD / Baghdad news
    honored the Iraqi Journalists Syndicate festivities organized to honor a group of
    reporters and photographers fighter in recognition of their outstanding efforts in the coverage of victories the security forces and the popular crowd with militants clans against terrorist Daash gangs.
    The President of the House of Representatives, Salim al speech on the occasion, which was attended by a number of MPs, ministers and ambassadors number of the states in which he stressed "the pursuit of Parliament to provide social guarantees for journalists and the families of the martyrs of the press, the wounded and the creators and pioneers of the Iraqi press."
    He called al-Jubouri, "the government and executive bodies to work on the launch of the martyrs of the press approved by the journalists' rights law No. 21 for the year 2011 salaries," adding that "the public freedoms guaranteed by the the constitution, including freedom of opinion and expression represent the biggest guarantee of democratic state and Mdnitha. "
    He said the "House of Representatives will stand generally approve any law that restricts these freedoms in order to provide climates safe journalist and media to work in Iraq."
    He Jubouri that "the House of Representatives will seek to engage the Iraqi Journalists Syndicate and her family Press to discuss everything that serves journalistic work and issues of freedoms in the country, "stressing" the importance of the independence of the media organizations and press institutions and the need to involve reporters professionals in leadership positions to those bodies, "adding that" Parliament will work to support all press activities in international conferences, trade unions and organizations and press unions held in the world that poses of supporting the Iraq journalist and family. "
    For his part, Walid al-Hilli confirmed with a speech on behalf of the Prime Minister Haider al-Abadi, "The support given by the highest religious authority Ali al-Sistani and the rest of the references in Najaf important to unify the Iraqi people and their strength in the face of the darkness of the forces organized Daash terrorist. "
    For his part, announced captain journalists pro-Lami word to him that "the union decided to convert a recipe belonging to them from reporters and photographers fighter to workers who do not carry membership in recognition of their outstanding efforts and participation of actors along with the armed forces in cleansing the land of Iraq members gangs Daash criminal. "
    Al-Lami said, "This award is a tribute to first, as the union decided to sent an official delegation of tourism and set up shop outside of Iraq," pointing out that "there will be another meal to honor reporters and photographers fighter, early next year, for those who were not able to incorporate named in honor today or not nominated by their channels since the early, or who deserve recognition and are now on the battlefield. " https://goo.gl/1Y79hK

  5. #95

    Re: The Dinar Daily, Saturday December 27, 2014

    Planning: the expansion of the investment sector

    BAGHDAD - morning
    The Ministry of Planning stressed the need to diversify the sources of the country's economy and not rely only on oil, pointing to the granting of the investment sector an estimated area of ​​21 percent of the volume of public investment in Albuld.ozkr official ministry spokesman Abdul Zahra al-Hindawi told a news briefing, said that «serious problem faced by the Iraq today because of the economy's dependence on oil only created a major disruption and led to reducing its expenses in the budget », pointing to the need to diversify the sources of the country's economy and find other sources such as agriculture, industry, tourism and the private sector to the fact that these sectors are very important and must Tnumeitha.ofatt that the agriculture sector was Previously contribute contribution a good source of income, the opposite of what it is today, as well as the tourism sector Alkhas.oadav that the five-year development plan given the investment sector an estimated area of ​​21 percent of the public investment in the country's size and gave the plan for two tourism and agricultural good space.
    https://goo.gl/MY8T1h

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