The Dinar Daily, Wednesday July 1, 2015
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  1. #1

    The Dinar Daily, Wednesday July 1, 2015

    CENTRAL BANK OF IRAQ

    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000


    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000
    Euro EUR 1304.637 1303.985
    British pound GBP 1832.719 1831.802
    Canadian dollar CAD -------- --------
    Swiss franc CHF 1253.494 1252.867
    Swedish krona SEK 141.524 141.453
    Norwegian krone NOK 148.406 148.332
    Danish krone DKK 174.876 174.788
    Japanese yen JPY 9.522 9.517
    Special
    Drawing Rights
    SDR 1639.851 1639.031

    Indicative rates - (as of) 01.07.2015


    http://www.cbi.iq/

    Currency Auctions

    Announcement No. (2986- most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 01/07/2015 results were as follows:

    DETAILS NOTES
    Number of banks 25
    Number of remittance companies 7
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 246,413,346
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 246,413,346
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 07-02-2015 at 11:10 AM.



  2. #2

    Re: The Dinar Daily, Wednesday July 1, 2015





    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

    Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.

    Estimate the shadow price of foreign currency:

    1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.

    The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.

    * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:


    • Export-outputs.
    • Outputs marketed locally that substitute imports.
    • Imported inputs.
    • Inputs produced locally that usually go to exports.
    • Foreign labor.


    According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.

    In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).

    In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.

    2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.

    The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:


    • The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
    • The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
    • The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
    • The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
    • This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.


    And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.

    3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.



    The Republic of Iraq – Ministry of Planning

    and

    A "flashback recap" of a Live Q and A Call from about a year ago - on THE DAILY DINAR NEWS BLOG...

    In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

    1) the SIGR report…


    2) the Gold Article…


    3) the IIER report…


    I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.


    Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.


    Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.


    I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…


    Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??


    I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the
    CBI.iq website for “real” info on rate change.

    The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.


    Referring to an Enorrste post from today on
    THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

    “…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”


    Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??


    Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s
    DINAR OBSERVER DAILY
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________

    THIS REPORT WAS SENT TO CONGRESS LAST MAY. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.

    We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 84 of the massive SIGR report.





    BGG ~
    This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
    __________________________________________________ ______________

    I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…

    1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.

    2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.

    3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.

    I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.

    4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″..

    __________________________________________________ ______________

    AND

    Coins put on the market !!



    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara "The project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find metal coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century

    waradana.com

    And

    CBI is preparing to issue a monetary metal parts

    Metal coins from the category of 25 fils were in circulation until the nineties of the last century

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara Radio Free Iraq, "said the project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century.

    http://www.iraqhurr.org/content/article/26666313.html

    and

    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

    The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided…

    …Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

    The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.

    ARTICLE LINK

    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters



    KUWAIT CITY, Kuwait — Thousands of Kuwaitis are expected to jam the country's banks today when they open for the first time since the end of the Iraqi occupation.

    Customers will be allowed to withdraw funds and to swap pre-invasion money for a new currency issued to make more than $1 billion in pre-invasion dinars stolen by the Iraqis worthless.

    "We expect a rush of people," said Issam Asousi, an executive with the Bank of Kuwait. He said it could be a chaotic first week because customers have a lot of questions about their accounts.

    Kuwaiti banks continued operating during the seven-month Iraqi occupation under managers brought in from Iraq, but they have been closed since the U.S.-led alliance ousted the Iraqi army from Kuwait a month ago.

    When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.

    Balances of customers' accounts will go back to what they were on Aug. 1, a day before the invasion.

    Clients will not be able to exchange Iraqi currency issued during the occupation, when Baghdad pegged the rates of the strong Kuwaiti dinar to the far less valuable Iraqi dinar.

    The new Kuwaiti money will be exchanged for old at a one-to-one rate.

    http://articles.latimes.com/1991-03-..._kuwaiti-banks


    BGG ~ Thanks to wmawhite for some facts on the subject.

    Hi BGG,

    Just thought I would drop you an email. I listened to the call, and was interested in what was said about Kuwait, if I may - I will add my 2 cents worth.

    You were spot on with what you said, I have a close friend who's father made a killing on the KWD. He bought from people who had fled the country and he paid pennies on the dollar (we are in Australia). He took the chance that Iraq would be kicked back out and he was right.

    When the money was reinstated, he exchanged it for AUD at a rate in the mid 3s. The interesting thing about it is, Iraq invaded in November 1990 (I think), they were kicked back out at the end of Feb 1991, the banks reopened with a brand new KWD in late March, that's not a bad time frame to get a currency designed, printed and made ready to use, also the time that the old KWD was valid was initially only for 2 months, then extended to 6, so it was valid until Sept 1991, interesting I think.

    Also the other thing that seems to be a "fact" in Dinar land is Bill Clinton used the Kuwait RV to pay off the debt. However, Clinton was not President in 91, he did not take office until 93, even I know that and I am an Aussie.

    Anyway thanks for the site and enjoy listening to your calls.

    Kind Regards,
    Kevin

  3. #3

    Re: The Dinar Daily, Wednesday July 1, 2015

    Association of Banks: Adoption of the Money Laundering Act will give the world confidence and prevents the entry of Iraq in the black list



    Long-Presse / Baghdad Confirmed the Iraqi private banks association, on Wednesday, that the adoption of the Council of Ministers of the money laundering law will give confidence to the global private banks, and as pointed out that banks will adhere to the law, pointed out that the approval in the House of Representatives would avoid entering Iraq within the black list.

    The head of the Association of private banks and the depositary of bitter melon in a statement received (long-Presse) a copy of it, that "the adoption of the Council of Ministers draft anti-money laundering and terrorism financing law of important laws and in support of the banking sector."

    Handal said that "this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities of the use of appropriate tools to combat money laundering and terrorist financing and the development of deterrent to such practices," adding that "the law will give the world confidence in foreign dealings with Iraqi banks."

    Handal said that "all the member banks of the Association is keen to abide by the law if the legislation because of the subject of the importance of a direct impact on the economy and society, especially in the current stage," stressing that "this legislation avoids Iraq entry on the blacklist if it was passed by Parliament in the near term. "

    The Governor of the Central Bank on the Keywords praised, Tuesday, (June 30, 2015), the Council of Ministers decision to vote on the draft law presented by the Central Bank, which has been developed according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations also thanked the governor Council State Consultative for his contribution to the active preparation for the duration of the project, called Keywords conservative House of Representatives to give priority to pass the law.

    The Council of Ministers announced, on Tuesday, agreeing to draft anti-money laundering law and the financing of terrorism, as also agreed to grant allowances to employees of the federal police when their participation combat missions in the event of availability of appropriations, confirmed to proceed with the completion of the field survey of the coverage of social protection, to secure the base accurate data.

    http://www.almadapress.com/ar/news/51055/%D8%B1%D8%A7%D8%A8%D8%B7%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D8%A5%D9%82%D8%B1%D8%A7%D8%B1-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%BA%D8%B3%D9%8A%D9%84-%D8%A7%D9%84%D8%A3%D9%85

  4. #4

    Re: The Dinar Daily, Wednesday July 1, 2015

    Republic of Sudan opens its representation in the Kurdistan region



    Long-Presse / Arbil Kurdistan Regional Government announced, on Wednesday, the opening of the Representation of the Republic of Sudan in the region, among Yassin Awad Setsnm tasks Consul Sudan in the region.

    A statement from the provincial government received (long-Presse) a copy of it, that "the Sudanese ambassador to Iraq, Mohammed Amr Moussa met with an official in the Department of Foreign Relations Falah Mustafa, the provincial government was made during the meeting, the diplomat name Sudanese Awad Yassin Consul representing Sudan in the provincial government."

    The statement added that "the Sudanese ambassador said his country is working to strengthen its relations with the Kurdistan region in the cultural, economic, trade and educational fields not to mention the field of investment."

    The statement noted that "the Foreign Relations Department in the provincial government official Falah Mustafa discuss with the Sudanese ambassador about the situation of the Kurdistan region in the light of the political, military and economic developments in the region," stressing that "the region is determined to fight al (Daash) terrorist and assisting displaced people coming from areas they fled. "

    The Iraqi Sudanese relations have witnessed remarkable development in recent years in terms of diplomatic, economic and trade relations, especially after the visit of a number of officials from the Republic of Sudan to Iraq.

    http://www.almadapress.com/ar/news/51066/%D8%AC%D9%85%D9%87%D9%88%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D8%AF%D8%A7%D9%86-%D8%AA%D9%81%D8%AA%D8%AA%D8%AD-%D9%85%D9%85%D8%AB%D9%84%D9%8A%D8%A9-%D9%84%D9%87%D8%A7-%D9%81%D9%8A
    Last edited by pinkadonai1; 07-01-2015 at 11:43 AM.

  5. #5
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    Re: The Dinar Daily, Wednesday July 1, 2015

    Monetary difficulties



    Author: Yasser incumbent

    01/07/2015 0:00

    Followed with interest the Economic Forum organized by the progress development policies titled monetary difficulties and the position of the central bank, including the presence of a gathering of experts Institute, the seminar was characterized by high transparency and that guided her questions are very important, and their answers surprised the audience and brought them to the certainty that currency auction, which filled all the official and legislative circles and popular is the way actors in the financing of the budget!

    Regardless of asked and answered van's been made ​​clear from the big challenges facing the monetary policy before and after the Central Bank, it was necessary to display the seminar details direct transfer but it is not, although many of the satellite channels have been involved to cover the symposium.

    In any case, the facts absent from the PAL many officials and popular circles about how to cash management in Iraq make some malcontent on the auction without realizing its importance in the face of economic challenges, thus portrayed this some knowledge Obdunha in free knowledge monetary policy comments How managed, that in order to discharge the errors, and the question how much impact on the primary task of the size of the auction.

    The auction an effective tool in financing the general budget how? Because Iraq's revenues received by the Ministry of Finance in dollars and put it in the guarantor bank has central Hoalpennek, when the ministry needs of the Iraqi dinar to pay Almoisnhalchgalah allocations of the central turn sells the dollar to provide liquidity to stroll affairs in local currency this first indication of the importance of the auction.

    In determining the budget through the Article 50 and placed Central in command enviable by reducing the supply of foreign exchange to $ 75 million, then you can imagine the size of the problem, this procedure was the first spark of the fluctuation of the dollar and the rise is summoned to take urgent measures cost a lot, so the dollar selling process (auction currency) is not a commercial operation but base related to monetary policy to stabilize prices and this in itself is the goal Mrkza.alammer other which revealed transparently is the lack of oversight role which was lost due to determine who is responsible, and this was the point of contention between the past and present of the central administrations and is now being activated as the basis of economic reform . Finally it recommended the seminar on the role of development in central and hauled Tbachireha sprayed trillion dinars to adopt a draft lend to small and medium-sized projects and the allocation of five trillion dinars to the specialized banks to support the development of its recommendation summoned to support the independence of the central bank programs.

    http://www.alsabaah.iq/ArticleShow.aspx?ID=95799

  6. #6
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    Re: The Dinar Daily, Wednesday July 1, 2015

    Agreement on the application of the Central Bank for Development Project



    1/7/2015 0:00

    At a meeting of the board of advisers attended {morning}

    BAGHDAD - Farah pumice
    resulted in a meeting of the advisers in the Cabinet for agreement provides for the application of the Central Bank-funded project for small and medium enterprises after placing rules and regulations implemented in the nearest time to achieve the desired goal of it in accordance with the government program and orientations aimed to shift to a market economy.

    The meeting discussed, which was held in the presence of economic advisers to the prime minister and representatives of the Central Bank of Finance and the ministries of planning, in addition to the Organizations Department at the General Secretariat of the Council of Ministers and the Association of Banks and the Forum of Baghdad, the economic and the Iraqi Council of business, as well as finance companies and guarantees private and private banks, are Detailed and extensive - the project put forward by the central bank recently.

    He said economic affairs adviser d. Abdul Hussein Al-Anbuge, who ran a session meeting in the presence of the "morning": "For the first time since the change in 2003, turning the central bank to support the development in Iraq after it was Mtnsla for this task and brief course in being a stability of the bank does not Development Bank, especially as the development capable of creating sustainable stability, and so the new orientations to respond to the need of real Iraqi economy. "

    He said Anbuge support and the support of the government for this directed the project towards the areas belonging to the real sectors, which leads the development without setting a specific percentage of lending to any sector, in order to have the opportunity for the sector which has the potential for absorbing investment is greater than other to grow and expand.

    However, the chancellor stressed the need to restrict the commercial sector increased by not more than 5 percent to ensure that no over-financing of this sector, which is a fast and attractive for investors yields, leading to more imports and promote the phenomenon of the rentier economy.

    He suggested Anbuge some amendments the most important project: to prepare a new version of the deduction of interest after repayment of each batch of the borrower, rather than deducted in advance, and increase the amount of the loan ceiling to a hundred million dinars to encourage borrowers of medium entrepreneurs, as well as to extend the payback period to five years in the sectors of housing, industrial, Besides issuing instructions define the mechanisms of oversight committees, and determine the monthly financial allocations to them, to ensure the safety procedures oversight.

    The project aims to achieve economic and social development with the support of small and medium enterprises and operation of skilled manpower, the central bank has been allocated in the Instructions No. (7) for the year 2015 the sum of (1) trillion dinars to lend this type of project target sectors: agricultural, industrial, housing, commercial, health, educational and tourism services, rate of interest does not exceed 5.5, a comprehensive percent of all the provinces.

    For his part, supported the Economic Adviser to the Prime Minister Dr. The appearance of Mohammed Saleh, the central bank initiative, which counted as "good step", to enter a motivational program towards economic development to support and move the work of the private sector.

    The central bank in Article (5) of the resolution of the loan ceiling to 50 million dinars, provided the recovery period should not exceed for three years, and may be extended for one year with the consent of the governor of the bank if it is proved the existence of force majeure.

    As the Director-General of the issue at the central bank Ahsan Yasiri, that the selected loan ceiling of 50 million dinars very rewarding and the duration of 3 years to stimulate production, returned to the central initiative likely that funded 100 000 project, especially that aimed at small businesses and Almtosth.vi while, Chairman of the Investment Development and Reconstruction Center Iraqi Ibrahim Baghdadi stressed the development of standards and stringent controls in the granting of loans to deserving citizens slice in the sectors identified by the initiative.

    For its part, urged d. Returning Nuri Associate Director-General in the Ministry of Planning and the need to identify sectoral activities servings of loans and their compatibility with development plans, stressing at the same time put an electronic program to follow up on loan payments for a group of projects, and monitor the movement of capital by connecting all lenders Central Bank.

    As seen Managing Director of the Iraqi Company for Bank Guarantees Rula good, that guarantees and corporate guarantor is an integrated unit of the process of this initiative, especially since her company intends to submit a proposal for the work of a genuine partnership with the Central Bank in the field of this program, proposed by Baghdad forum Amer Jeweler formation of the National Development Fund to be a phenomenon Funds current initiatives, along with the involvement of the private sector in the development of standards and mechanisms to ensure the success of this important project.

    In a related context praised the Executive Director of the Association of Iraqi private banks Ali Tariq on the central bank's move in support of moving the wheel of the Iraqi economy, especially the small and medium enterprises is a gateway to the development process Economic sought by the country, noting that the special mechanism lending instructions were issued in record time, what is a "positive thing", as well as cooperation shown by the private banks involved helps greatly to the success of this experiment, especially as it is monitored by joint committees to ensure the smooth flow of funds direction right that achieves economic feasibility.

    http://www.alsabaah.iq/ArticleShow.aspx?ID=95798

  7. #7

    Re: The Dinar Daily, Wednesday July 1, 2015

    Parliament held its first meeting under the chairmanship of al-Jubouri, and the presence of 220 deputies



    Long-Presse / Baghdad The Council of Representatives, on Wednesday, the first meeting of the first legislative term of the second legislative year, while the meeting will vote on the two bills and the first and second readings of the five bills projects.

    http://www.almadapress.com/ar/news/51070/%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D8%B9%D9%82%D8%AF-%D8%AC%D9%84%D8%B3%D8%AA%D9%87-%D8%A7%D9%84%D8%A3%D9%88%D9%84%D9%89-%D8%A8%D8%B1%D8%A6%D8%A7%D8%B3%D8%A9-%D8%A7
    Last edited by pinkadonai1; 07-01-2015 at 11:51 AM.

  8. #8
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    Re: The Dinar Daily, Wednesday July 1, 2015

    A call for the introduction of the Deposit Insurance Corporation

    1/7/2015 0:00

    In order to attract money chunky in homes

    BAGHDAD - Hussein al-Tamimi Tgb
    represents the stability of supply and demand on the dollar an important goal of the private banking sector and the public of the extension of its effects on the overall economic sectors and touching the lives of the community where most of the goods and services the rise and fall of exchange rates affected in the local markets.

    Banking culture Alkhbayralamsrvi Muhammad Ali Jaber pointed out in an interview (morning) to the need to disseminate banking culture that have an impact on the exchange rates in any form, pointing out the importance of being there banking culture urges the public to deal with the banks and not follow the compactness culture in the home of capital owned by the citizen in houses.

    He pointed out that the existence of foreign currency (dollar) in banks reduces the demand for it, citizen who deposited money in the banks has to be confident that it is investing in the right direction and there are guarantees for it, pointing to the importance that initiate the appropriate laws of this trend.

    He Jaber to the necessary establishment Deposit Insurance company being established under the umbrella of a law guaranteeing the right of depositors, pointing to the importance that the Board of Directors consists of the participating banks operate according to guarantees mechanisms submitted to the deposits that mean private banks. strengthen the economy and pointed out that this institution enhance the confidence of depositors in banks also contribute to the development the reality of banks, indicating the importance of working to create a banking culture among of public opinion here has to be concerted banking sector efforts with the media in this task, which aims to strengthen the country's economy.

    International experts Jaber between the importance of working on the development of human resources to operate in the banking and brought into the sector in the development courses under the supervision of international experts, noting that workers in the financial sector must be Atsvo high professionalism to enable advanced banking products offered by international banks to their customers of the companies and the citizens.

    He stressed the importance of enabling the banking sector and make it able to handle large numbers huge financial blocs required by the process economic future. Jaber concluded to the importance of work to build bridges of trust with the citizens and the lure of the money supply in chunky homes to banks and employ them in the service of the local economy by investing in various productive and service projects, pointing out that they estimated at billions of dollars.

    http://www.alsabaah.iq/ArticleShow.aspx?ID=95797

  9. #9
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    Re: The Dinar Daily, Wednesday July 1, 2015

    Association of Banks: Money Laundering Act would give private banks a global confidence



    Wednesday, July 1, 2015 11:08

    BAGHDAD / Baghdadi News / .. confirmed Iraqi private banks association, on Wednesday, that the adoption of Money Laundering Act will give confidence to the global private banks.

    The head of the Association of private banks and the depositary of bitter melon in a statement received / Baghdadi News / copy of it, that "the approval of the Council of Ministers the draft Anti-Money Laundering Act and the financing of terrorism of important laws and support for the banking sector," noting that "this law will provide frameworks, concepts and provisions that enable the Central Bank The judiciary and the relevant authorities of the use of appropriate tools to combat money laundering and terrorist financing and the development of a deterrent for such practices. "

    He said Handal said, "This law will give the world confidence in foreign dealings with Iraqi banks," pointing out that "all the member banks of the Association is keen to abide by the law if the legislation because of the subject of the importance of a direct impact on the economy and society, especially in the current stage."

    He explained that the "Hama law legislation avoids entering Iraq including black list, if it was passed by Parliament in the near future" .anthy 21 / T

    http://www.albaghdadianews.com/economy

  10. #10
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    Re: The Dinar Daily, Wednesday July 1, 2015

    Association of Banks: legislation money laundering law will give the world the confidence of the Iraqi private banks



    Wednesday 01-07-2015 | 10:15:53

    Twilight News / saw Iraqi private banks association that the adoption of the Council of Ministers on the money laundering law will give confidence to the private international banks, among the banks Stzltzm him.

    The head of the Association of private banks and the depositary of bitter melon in an interview with Lord of Twilight News, that the adoption of the Council of Ministers draft anti-money laundering law and terrorism financing of important laws and support for the banking sector, pointing out that this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities of the use of the right tools to combat money laundering and terrorist financing and the development of a deterrent for such practices as this law would give "confidence in the global foreign dealings with Iraqi banks."

    He said Handal said all banks ASEAN member eager to abide by the law if the legislation to the subject of the importance of direct impact on the economy and society, especially at the current stage as the Hama legislation law avoids Iraq enter from the blacklist if it was passed by Parliament in the near future .

    It is said that Governor of the Central Bank on the Keywords had praised on Tuesday the Cabinet's decision to vote on the draft law presented by the Central Bank, which has been developed according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations

    http://www.ara.shafaaq.com/16984

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