Washington – Ready to build advanced banking system in Iraq and fight corruption

WASHINGTON (Reuters) – The United States is ready to help Iraq build an advanced banking system and contribute expertise to fight corruption during a meeting with House of Representatives Speaker Mohammed al-Halbousi and US Ambassador to Iraq Matthew Toller, US Treasury Undersecretary for Terrorist Financing Marshall Billingsley said Thursday.

The Information Office of the President of the House of Representatives in a statement, that Halbousi “discussed during the meeting political, economic and security developments in Iraq,” stressing “the role of the House of Representatives in the adoption of legislation guaranteeing the development and stability in the country.”

The statement added, “The Speaker stressed the importance of the United States and the international community to make more efforts to combat terrorism and dry up its sources and financing,” noting “the need to reduce the escalation in the region and the encirclement of crises and the call for dialogue and peace.”

The statement continued, “Halbousi called for encouraging American companies to invest more in Iraq in all industrial and commercial areas.”

The US Assistant Secretary of Treasury, for his part, stressed his country’s keenness on the security and sovereignty of Iraq, and the protection of democracy in Iraq and the gains achieved after the victory in the war on terrorism, pointing out that Washington is ready to provide assistance Expertise to fight corruption. ”

Glgamesh.com

The Central Bank issues a decision to cover the market need of small monetary categories

Economy News _ Baghdad – The Central Bank of Iraq, on Monday, to cancel the fine shortage of deposits of small categories of banks, attributing the decision to cover the market need of new notes for small cash groups.

“In order to cover the market need of new banknotes for small cash denominations” 250, 500 and 1000, “it was decided to cancel the shortage that may appear in bank deposits of small cash denominations for a limited period,” the bank said in a statement received by the Economy News. , Indicating that “it comes to achieve the desired goal of withdrawing the damaged cash currency in circulation.”

He added that “the counting and sorting of banknotes damaged for these categories require time and effort from the competent staff for the difficulty of counting in the counting machines.”

Economy-news.net

The Central Bank eliminates the fine shortage of deposits of small categories of banks

September 23, 2019

In its endeavor to cover the market need of new banknotes for small cash categories (250, 500, 1000), the Central Bank of Iraq decided to cancel the fine that may appear in the deposits of banks licensed by this bank of small cash categories and for a limited period, in order to achieve the desired purpose of withdrawing the currency Damaged in circulation

The bank would also like to show that the counting of banknotes damaged for these categories requires time and effort from the competent staff for the difficulty of counting in the counting machines.

Central Bank of Iraq
information Office
2019/9/23

Cbi.iq

The stock market manager suggests companies buy back their shares

(Independent) .. In order to strengthen the functions of the stock market and enhance the confidence of investors, the Executive Director of the Iraqi market for securities Taha Ahmed Abdul Salam, to start joint stock companies to buy a proportion of their shares to promote the reality of those shares in daily trading.

Abdul Salam said that “companies in the Arab and international financial markets resort from time to time to study their possibilities and investment plans and measure the value of their real shares to the value of market shares in the stock market, and in this light take decisions to buy back a percentage of its shares to achieve a number of objectives ”.

He pointed out that “the objectives of companies to buy a proportion of their shares put on the stock market is to seek to enhance the earnings per share (dividend dividend distributed to shareholders), because of the absence of growth opportunities and investment in the company and the lack of opportunities to exploit the accumulated surplus, as well as when the company finds The market value of a stock is less than its real value. ”

He stressed that “during the period 2010 – 2016 US companies resorted to buy back a proportion of their shares from the stock market amounted to (3) trillion dollars,” adding that “in the first quarter of 2017 the value of shares that were bought back from the financial markets (133 To increase earnings per share, enhance market value and capitalize on its accumulated surplus. ”

Regarding the need to approve the share buyback proposal and the reasons for this, Abdul Salam said: “ From reading the data of joint stock companies and trading indicators during the period 2015-2019 shows the importance of the proposal that companies buy back a percentage of their shares, which can be summarized by the decline in the prices of shares traded for joint stock companies. At a mixed rate of more than 50 per cent during the period, due to the absence of growth and investment opportunities, and the decline in earnings per share due to the rise of capital for a significant number of companies and the inability to make profits in other companies.

“This proposal is one of the mechanisms of the international and Arab stock markets in order to enhance the value of the stock,” he said. “It is done under the most important conditions and controls, including the Companies Law and the Financial Markets Law.

The general assembly of the joint stock company shall approve the repurchase when discussing the final statements and accounts of the company, as well as specifying the period of retention of the shares purchased by the company and often does not exceed six months, and the shares purchased should not exceed 10% of the company’s share capital.

KE with the objective of that statement, with the importance of the note that shares the company to repurchase do not have the right to vote in the General Assembly meeting and do not have the right to receive profits until resale in the stock market after achieving the goal of buying them. ”

Mustaqila.com

Draft Federal Court Law .. Controversy continues and deputies describe it as not studied

Parliamentary debate rages between the political blocs on the draft law of the Federal Court in the presence of a lot of bumps and mines within the draft, which some deputies described as not studied.

There is controversy and debate over what is contained in the paragraphs of the draft, which requires the appointment of four Islamic jurisprudence scholars to the membership of the Federal Court, which includes 13 members, including the President of the Court and his deputy.

The Federal Court works in the separation of disputes between the federal government and the provincial government in addition to clarifying constitutional clauses when consulting and considering appeals on judgments and decisions issued by the administrative judiciary, which is the highest judicial body in Iraq established in 2005.

The draft of the new law, including the articles that may make it the Federal Court to resort to the final adjudication in the cases submitted to it, will be a forum for debates and controversial debates and religious may sometimes raise issues that reflect on the unity and national fabric, especially as these jurists will have the right according to the draft Voting, according to experts, only gave them the right to advise.

Alsumaria.tv

Barzani: Our negotiations with Baghdad continue to solve all problems

The head of the Kurdistan Regional Government Masrour Barzani, Monday, that negotiations with Baghdad continue to resolve all problems.

A statement by Barzani’s office received a copy of Alsumaria News, “The President of the Government of the Territory received in his office in Erbil, today, a US military delegation headed by General Gregory Crowder.”

He added that “the meeting discussed the latest developments on the regional scene, as well as security coordination to address the dangers of ISIS, which remains a common threat to prevent the return of displaced people to their homes.”.

Barzani said during the meeting, “Our negotiations with Baghdad continue to reach a comprehensive agreement aimed at solving all problems under the Constitution,” noting that “an agreement is in the interest of all Iraqis.”

Alsumaria.tv

Parliamentary Integrity: Parliament will discuss an important law that will make a qualitative leap in investment

Information / Baghdad …The Committee on Parliamentary Integrity, Thursday, that the House of Representatives in the process of discussing and passage of an important law would make a qualitative leap in the field of investment and boycotted the external contracts.

A member of the Committee Ahmed al-Mashhadani, in a statement to the information, that “the House of Representatives will be included in the agenda of its first session a very important law to make a qualitative leap in the field of investment and is an important aspect of fighting corruption.”

Al-Mashhadani added, “The law will regulate and involve the public and private sectors in order to cut off external contracts and foreign importation.”

It is noteworthy that the Council of Ministers approved in a previous session the draft law of partnership between the public and private sectors and submitted to Parliament for the purpose of approval. Ends / 25 m

Almaalomah.com

Breitling – Dinar Guru Why are [brokers] willing to pay a lot more than they used to to buy your dinar back? They’re selling it to these guys [large currency investors] that’s why. It’s that simple…It’s hard getting money out of Iraq. It’s not easy. It would come from Iraq to Jordan to the United States. And from the banking industry in the United States it went from the [CBI] auction floor to Bank of America to Chase Bank. And that’s where I bought my currency – Chase Bank. So that’s a couple routes on how that currency gets here. But it’s dried up. That system doesn’t work anymore. So there isn’t as much dinar in the market…

BGG ~ I beg to differ with Breitling’s synopsis as to why brokers are willing to “pay a lot more” than they used to – to buy Dinar back.

It’s because THEY HAVE TO. When we (Dinar Updates / The Dinar Exchange) first got into the “Buy – Sell” market we did two things:

1) We started paying A LOT more than everyone else as a “Buy-Back” price. We still are. We currently pay $850 per million (for uncirculated). Quick turn – no gimmicks.

2) We also started selling for A LOT less than everyone else. 

Our current sales price is $975 per million (shipping included).

The spreads these jokers were making on people were JUST RIDICULOUS. They were paying $500-600 on the buy side and then getting $1100-1300 on the sell side. CRAZY!!

It just wasn’t fair at all.

The real reason they are paying more – isn’t that they are “willing to”…

It’s that they HAVE TO.

If they don’t – they won’t get any and they won’t be able to compete.

It is just that simple – economics in action.

Government of Iraq – الحكومة العراقية

The @IraqiGovt is working with international companies as well as Iraq’s private sector, to build a sustainable, affordable and reliable electricity infrastructure that serves the needs of all Iraqis. Watch this short video to learn more: #InvestIraq

The @IraqiGovt is working with international companies as well as Iraq’s private sector, to build a sustainable, affordable and reliable electricity infrastructure that serves the needs of all Iraqis. Watch this short video to learn more: #InvestIraq pic.twitter.com/OMv9gKUMFJ

— Government of Iraq – الحكومة العراقية (@IraqiGovt) September 13, 2019

Association of Banks Holds Workshop on “Guide to ICT Governance Controls”

Economy News – Baghdad: The Association of Iraqi Private Banks, on Thursday, a special workshop “Guide to the controls of governance of information and communications technology,” which was issued by the Central Bank of Iraq.

The workshop dealt with the main paragraphs in the guide issued by the Central Bank and the requirements and stages of its implementation and the mechanism of issuing reports.

The manual is considered as binding rules and regulations for all banks and electronic payment companies operating in Iraq.

The workshop targeted IT managers and risk managers.

Economy-news.net