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Keywords: delete the zeros existing project and we have given the green light for its implementation


yota691
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But if this is the plan....it is just a formality right TBomb?

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truly a 'formality' if we need to see legislation written and introduced to parliament, it could take some time - , unless the cbi has already composed this - or has a set document of guidelines/regulations/legislation, etc that it can simply hand to the CoM, have them approve, and then introduce into a parliament session.

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Delaying the 3 zero implementation only served to transfer more wealth out of Iraq. Now we as speculators hold Iraq's currency and will profit big time on every single Dinar represented on these IQD notes. When we exchange in our country through our banks, our government will hold Iraq financially by the balls! Welcome to the New World Order Iraq!!! ....IMO

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Tue, 03 Mar 2015 12:00:35
14253840351602730545.jpg?width=400&crop=
 

 

Agency Sama Baghdad news - Baghdad 

revealed Governor of the Central Bank of Iraq on the Keywords, on Tuesday, giving a green light to direct the implementation of file deletion of zeros from the currency, and as he emphasized that the completion of administrative matters of this file will take two years, pointed out that the bank began creating new currency models.

 
Alak said during a press conference building Bank area Jadiriya central Baghdad, that "the deletion of zeros from the Iraqi currency file is put into practice," asserting that "the Bank gave the green light to implement this." He pointed relationship, that "the completion of administrative matters on this file will take two years, "noting that" the bank began creating new currency models. "The Iraqi Central Bank announced, in (November 28, 2014), subject to postpone the deletion of zeros from the currency at the present time.

CBI is independent of GOI/Parliament ..they don't need permission..its what they do..and how they function..is base by the CBI Board of Members...

 

okay here's the BING translation of the above

 

 

Tue, 03 Mar 2015 12:00:35

The Central Bank shall execute "delete zeros from the Iraqi currency

 

SAMA news agency Baghdad-Baghdad

Iraqi Central Bank Governor disclosed the relationship on Tuesday, giving the green light for the immediate implementation of the file delete zeros from the currency, with the complete management of this file will take two years, the Bank began to create models of the new currency and said the relationship at a press conference held by the Bank building in the Jadiriyah district in central Baghdad, "the file delete the zeros of the Iraqi currency was put into effect,"

 

he said, adding that "the World Bank gave the green light to implement this." the relationship, that "complete administrative matters on this file will take Two ", stating that" the World Bank began to create models of the new currency. "the Central Bank said, in (28 November 2014), defer the deletion of zeros from the current currency.

 

 

I HAVE TO SAY THAT THIS READS TO ME LIKE IT WILL TAKE TWO YEARS FROM NOV 2014 -  OF COURSE, THEY'VE JERKED OUR CHAINS RE THIS SUBJECT, MANY, MANY TIMES.

 

YOTA - I RESPECTFULLY DISAGREE WITH YOU, RE THIS ASPECT; IF I JUST GO BY THIS ARTICLE VS THE OTHER'S YOU'VE POSTED, THEN I HAVE TO SAY THAT THE CBI WANTS THE GOI'S APPROVAL RE THE PRINTING OF THE CURRENCY AND ALL THAT THAT ENTAILS (AND THE GOI'S APPROVAL RE PAYING FOR IT) - AND MOHSEN IS SAYING THAT THE WB APPROVED OF THEIR PLATES AND ARE IN PROCESS OF GOING THROUGH WITH THE PRINTING AND THAT IT WILL TAKE UP TO TWO YEARS FROM NOV 2014 - NOW, THIS IS JUST ONE ARTICLE ELUDING TO THIS...THEY COULD BE BLOWING SMOKE, WE JUST DON'T KNOW.

Edited by TBomb
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Farman that's my take on this. The nominal exchange rate is .00086. 1166:1 is the dollars exchange rate. Deleting the zeros is from the nominal exchange rate, not from the notes themselves. The notes, lower denims and existing series will coexist side by side at face value as stated in previous articles. So a trillion dinar with a value of a billion dollars (I know that's not the exact value but easier for example) becomes a billion dinar with a value of a billion dollars. This is why so many notes have been drawn out of circulation, the remaining notes will absorb their value. These articles are phenomenal for us.

 

I like your way of thinking!

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okay here's the BING translation of the above

 

 

Tue, 03 Mar 2015 12:00:35

The Central Bank shall execute "delete zeros from the Iraqi currency

 

SAMA news agency Baghdad-Baghdad

Iraqi Central Bank Governor disclosed the relationship on Tuesday, giving the green light for the immediate implementation of the file delete zeros from the currency, with the complete management of this file will take two years, the Bank began to create models of the new currency and said the relationship at a press conference held by the Bank building in the Jadiriyah district in central Baghdad, "the file delete the zeros of the Iraqi currency was put into effect,"

 

he said, adding that "the World Bank gave the green light to implement this." the relationship, that "complete administrative matters on this file will take Two ", stating that" the World Bank began to create models of the new currency. "the Central Bank said, in (28 November 2014), defer the deletion of zeros from the current currency.

 

 

I HAVE TO SAY THAT THIS READS TO ME LIKE IT WILL TAKE TWO YEARS FROM NOV 2014 -  OF COURSE, THEY'VE JERKED OUR CHAINS RE THIS SUBJECT, MANY, MANY TIMES.

 

YOTA - I RESPECTFULLY DISAGREE WITH YOU, RE THIS ASPECT; IF I JUST GO BY THIS ARTICLE VS THE OTHER'S YOU'VE POSTED, THEN I HAVE TO SAY THAT THE CBI WANTS THE GOI'S APPROVAL RE THE PRINTING OF THE CURRENCY AND ALL THAT THAT ENTAILS (AND THE GOI'S APPROVAL RE PAYING FOR IT) - AND MOHSEN IS SAYING THAT THE WB APPROVED OF THEIR PLATES AND ARE IN PROCESS OF GOING THROUGH WITH THE PRINTING AND THAT IT WILL TAKE UP TO TWO YEARS FROM NOV 2014 - NOW, THIS IS JUST ONE ARTICLE ELUDING TO THIS...THEY COULD BE BLOWING SMOKE, WE JUST DON'T KNOW.

 

 

Paying for the New Currency comes out of the CBI's reserves, which isn't supposed to be Loaned to the GOI.  Printing currency is part of the CBI's P&L, which is part of its doing business.

 

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Paying for the New Currency comes out of the CBI's reserves, which isn't supposed to be Loaned to the GOI.  Printing currency is part of the CBI's P&L, which is part of its doing business.

 

CAN YOU PLEASE SHOW ME THAT IN EITHER OR BOTH THE IRAQI BANKING LAW/ACT OR THE CBI BANKING LAW?

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CAN YOU PLEASE SHOW ME THAT IN EITHER OR BOTH THE IRAQI BANKING LAW/ACT OR THE CBI BANKING LAW?

 

Page 7

 

Activities

 

The Central Bank of Iraq ("CBI" - also referred to in these financial statements as "the Bank") is a governmental entity that was established under the Central Bank of Iraq Law Number 43 of 1947 as amended, and carrying out its activities under the Central Bank Law of 2004 issued by the Coalition Provisional Authority Order Number 56.

 

The primary objectives of the CBI are to achieve and maintain domestic price stability and to foster and maintain a stable and competitive market-based financial system. Subject to these objectives, the CBI shall promote sustainable growth, employment and prosperity in Iraq.

 

In accordance with the Central Bank Law, the main functions of the CBI for achieving its objectives include the following:

 

a. Formulate and implement monetary policy, including exchange rate policy.

 

b. Hold and manage all official foreign reserves of Iraq, other than working balances of the Government of Iraq.

 

c. Hold gold and manage the Government of Iraq reserves of gold.

 

d. Provide liquidity services to banks.

 

e. Issue and manage Iraqi currency.

 

f. Establish, oversee and promote sound and efficient payment systems.

 

g. Issue licenses or permits to banks and to regulate and supervise banks.

 

The CBI's head office is located in Baghdad with four branches in Basrah, Mosul, Erbil and Sulaimaniyah. However, currently the CBI does not control the financial and administrative affairs of Erbil and Sulaimaniyah branches, as these branches are technically related to CBI, while for all other issues they are related to Kurdistan Regional Government (KRG) and they are financed by KRG.

 

As a result, the CBI does not have access to the accounting records of its Erbil and Sulaimaniyah branches.

Therefore, these financial statements do not include the financial statements of Sulaimaniyah and Erbil branches. The CBI does not have any information to quantify the significance of the branches financial statements and its effect on the CBI's financial statements as at 31 December 2012 and 2013. 

 

 

Page 16 from link above

 

p) Issued currency The liability of the CBI towards banknotes issued as a legal tender in Iraq under the CBI Law of year 2004 is stated at the face value. The issued banknotes that are returned to the CBI are reduced from the issued currency balance. Any un-issued and returned banknotes kept in the CBI vaults are not reflected in the financial statements. The cost of printing the banknotes is recorded in the income statement when incurred.

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Article 32 Issuance of currency 

 

 

1. The CBI shall have the exclusive right to issue banknotes and coins intended for circulation in Iraq. Banknotes issued under this Article shall be a first charge on the assets of the CBI. The CBI shall make appropriate arrangements for the issue of its banknotes and coins as required for circulation in Iraq. Banknotes and coins issued by the CBI and intended for circulation in Iraq are not promissory notes, bills of exchange, or any other type of commercial document under the applicable commercial law, and the CBI is obligated to honor them only as provided for in this Law.

 

2. Only banknotes and coins issued by the CBI that have not been demonetized shall be legal tender in Iraq.

 

3. The CBI may, by regulation, limit the amounts of banknotes and coins that must be accepted as a legal tender in payment for an obligation and restrict the denominations of such banknotes and coins in which payment may be made to specified amounts or a range of amounts.

 

4. The CBI shall be responsible for the supply of Iraq’s banknotes and coins and shall endeavor to maintain the availability of an adequate number of banknotes and coins in all regions at all times.

 

Article 33 Printing of banknotes and minting of coins; accounting treatment of currency issued 

 

1. The CBI shall determine by regulation the denominations, measures, form, material, content, weights, designs, and other features of banknotes and coins. The plates necessary to print or mint the currency and the intellectual property rights to the designs of the currency shall be the property of the CBI. 

 

2. The CBI shall arrange for the printing of banknotes and the minting of coins, and for the security and safekeeping of banknotes and coins that have not yet been issued. 

 

3. The CBI shall be exclusively responsible for the safe and secure destruction of banknotes and coins and for the custody and destruction, as may be necessary, of plates, dies, and retired banknotes and coins. The CBI shall have the exclusive right to melt coins and to sell the metals derived thereby. 

 

4. Upon request by any individual or entity, the CBI shall exchange, free of charge or commission, banknotes and coins with other banknotes or coins in equivalent amounts. 

 

5. The aggregate amount of circulating banknotes and coins issued by the CBI shall be noted in the financial statements of the CBI as a liability; such liability shall not include banknotes and coins in the currency reserve inventory. 

 

Article 34 Withdrawal of unfit banknotes and coins

 

1. Banknotes and coins in circulation that are unfit for circulation shall cease to be legal tender. Subject to paragraph (2) of this Article, the CBI shall withdraw, destroy, and replace, with banknotes or coins of an equivalent amount, any banknotes or coins presented to it that are unfit for circulation. 

 

2. The CBI may decline to replace an unfit banknote or coin if its designs are illegible, misshaped or perforated, or if more than fifty percent of its surface has been lost; such a banknote or coin shall be withdrawn and destroyed without indemnity to the owner, unless there is evidence satisfactory to the CBI that the missing portions have been totally destroyed, in which case the CBI may, in its sole and absolute discretion, grant compensation in whole or in part.

 

3. The CBI shall not be required to provide any compensation for banknotes or coins that were lost, stolen or destroyed; it may confiscate without compensation any banknotes that have been altered in their external appearance, including in particular banknotes that have been written on, painted on, overprinted, stamped or perforated, or to which adhesive matter has been applied.

 

Article 35 Disposition of Counterfeit Currency

 

Every person who comes into possession of counterfeit banknotes or coins shall forward to the CBI all such counterfeit banknotes or coins.

 

Article 36 Redemption of currency

 

1. The CBI may decide to redeem banknotes or coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes or coins shall be presented for redemption.

 

2. At the end of the exchange period, or at any other time specified by the CBI, redeemed banknotes and coins shall be demonetized and cease to be legal tender.

 

3. The CBI shall notify the public, by publication in the Official Publication, of the banknotes and coins that are legal tender.

 

Article 37 Freedom of currency

 

Parties to a contract or any other voluntary undertaking or transaction, including a bill, note or instrument or security for money, may denominate a payment obligation in any currency agreed upon. Payment in discharge of any debt or liability arising from a contract or any other voluntary undertaking or transaction, including on a bill, note, instrument or security for money, may be made in any currency agreed upon as the currency of payment. An agreement under this Article may be express or implied from surrounding circumstances including course of dealing, usage of trade, or course of performance.


 

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Page 7

 

Activities

 

The Central Bank of Iraq ("CBI" - also referred to in these financial statements as "the Bank") is a governmental entity that was established under the Central Bank of Iraq Law Number 43 of 1947 as amended, and carrying out its activities under the Central Bank Law of 2004 issued by the Coalition Provisional Authority Order Number 56.

 

The primary objectives of the CBI are to achieve and maintain domestic price stability and to foster and maintain a stable and competitive market-based financial system. Subject to these objectives, the CBI shall promote sustainable growth, employment and prosperity in Iraq.

 

In accordance with the Central Bank Law, the main functions of the CBI for achieving its objectives include the following:

 

a. Formulate and implement monetary policy, including exchange rate policy.

 

b. Hold and manage all official foreign reserves of Iraq, other than working balances of the Government of Iraq.

 

c. Hold gold and manage the Government of Iraq reserves of gold.

 

d. Provide liquidity services to banks.

 

e. Issue and manage Iraqi currency.

 

f. Establish, oversee and promote sound and efficient payment systems.

 

g. Issue licenses or permits to banks and to regulate and supervise banks.

 

The CBI's head office is located in Baghdad with four branches in Basrah, Mosul, Erbil and Sulaimaniyah. However, currently the CBI does not control the financial and administrative affairs of Erbil and Sulaimaniyah branches, as these branches are technically related to CBI, while for all other issues they are related to Kurdistan Regional Government (KRG) and they are financed by KRG.

 

As a result, the CBI does not have access to the accounting records of its Erbil and Sulaimaniyah branches.

Therefore, these financial statements do not include the financial statements of Sulaimaniyah and Erbil branches. The CBI does not have any information to quantify the significance of the branches financial statements and its effect on the CBI's financial statements as at 31 December 2012 and 2013. 

 

 

Page 16 from link above

 

p) Issued currency The liability of the CBI towards banknotes issued as a legal tender in Iraq under the CBI Law of year 2004 is stated at the face value. The issued banknotes that are returned to the CBI are reduced from the issued currency balance. Any un-issued and returned banknotes kept in the CBI vaults are not reflected in the financial statements. The cost of printing the banknotes is recorded in the income statement when incurred.

YES, BUT THIS NOWHERE STATES THAT THE CBI HAS SOLE PERMISSION TO PAY FOR THE ISSUANCE/PRINTING OF NEW CURRENCY

SECTION 4—RELATIONS WITH THE GOVERNMENT

Article 24 Consultation with the Government

1. The Governor and other representatives of the CBI and officials of the Government shall

hold regular meetings to exchange information and opinions on the extent to which monetary

and fiscal policies can, each within their own areas of responsibility, be coordinated, and on

other matters of mutual interest and responsibility.

2. The Governor and the Deputy Governors may, upon invitation by an official of the

Government, attend meetings with the Government at which they may provide, on behalf of

the CBI, advice and information within the CBI’s area of competence.

Article 25 Actions on behalf of Government

1. The Government may entrust the CBI with the following:

a. hold the Government’s accounts; - 18 -

b. engage in and manage, as fiscal agent, domestic and foreign borrowings by the

Government;

c. participate with other representatives of the Government or, with the Government’s

permission, represent the Government in negotiations with foreign countries as well

as with international institutions on monetary and financial issues;

d. perform financial operations, at market rates, in relation to deposits, foreign

exchange operations or other operations based on payment, clearing or economic

agreements arising out of international financial arrangements concluded by the

Government with foreign parties, provided that (i) the Government shall bear all

financial obligations and liabilities incurred by the CBI with respect to such

performance and (ii) the CBI shall not perform any financial operation which

involves bearing financial obligations or liabilities (direct or indirect) on behalf of the

Government ; and

e. perform, to the extent the Government determines, tasks derived from the State’s

membership in international, financial and monetary institutions.

2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out

the functions under this Article.

 

2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out

the functions under this Article.

 

THEY WILL HAVE TO GET APPROVAL FROM THE PARLIAMENT TO REIMBURSE THE CBI FOR THEIR COSTS - THEREFOR THE GOI HAS TO HAVE APPROVAL FROM PARLIAMENT TO ALLOCATE THE FUNDS FOR THE PRINTING TO THE CBI

Edited by TBomb
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YES, BUT THIS NOWHERE STATES THAT THE CBI HAS SOLE PERMISSION TO PAY FOR THE ISSUANCE/PRINTING OF NEW CURRENCY

SECTION 4—RELATIONS WITH THE GOVERNMENT

Article 24 Consultation with the Government

1. The Governor and other representatives of the CBI and officials of the Government shall

hold regular meetings to exchange information and opinions on the extent to which monetary

and fiscal policies can, each within their own areas of responsibility, be coordinated, and on

other matters of mutual interest and responsibility.

2. The Governor and the Deputy Governors may, upon invitation by an official of the

Government, attend meetings with the Government at which they may provide, on behalf of

the CBI, advice and information within the CBI’s area of competence.

Article 25 Actions on behalf of Government

1. The Government may entrust the CBI with the following:

a. hold the Government’s accounts; - 18 -

b. engage in and manage, as fiscal agent, domestic and foreign borrowings by the

Government;

c. participate with other representatives of the Government or, with the Government’s

permission, represent the Government in negotiations with foreign countries as well

as with international institutions on monetary and financial issues;

d. perform financial operations, at market rates, in relation to deposits, foreign

exchange operations or other operations based on payment, clearing or economic

agreements arising out of international financial arrangements concluded by the

Government with foreign parties, provided that (i) the Government shall bear all

financial obligations and liabilities incurred by the CBI with respect to such

performance and (ii) the CBI shall not perform any financial operation which

involves bearing financial obligations or liabilities (direct or indirect) on behalf of the

Government ; and

e. perform, to the extent the Government determines, tasks derived from the State’s

membership in international, financial and monetary institutions.

2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out

the functions under this Article.

 

2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out

the functions under this Article.

 

THEY WILL HAVE TO GET APPROVAL FROM THE PARLIAMENT TO REIMBURSE THE CBI FOR THEIR COSTS - THEREFOR THE GOI HAS TO HAVE APPROVAL FROM PARLIAMENT TO ALLOCATE THE FUNDS FOR THE PRINTING TO THE CBI

 

Remuneration ONLY applies to Article 24 Consultation with the Government. Article 25 Actions on behalf of Government It DOES NOT apply to the whole law.

 

-

Edited by Markinsa
Corrected 24 to 25.
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 SECTION 24 ADDRESSES THIS RE PRINTING CURRENCY AND WORKING WITH THE WORLD BANK IN DOING SO, IS IN RELATIONSHIP PERTAINING TO :

 

"(ii) the CBI shall not perform any financial operation which

involves bearing financial obligations or liabilities (direct or indirect) on behalf of the
Government ; and
e. perform, to the extent the Government determines, tasks derived from the State’s
membership in international, financial and monetary institutions."

"2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out

the functions under this Article."

 

THE WORLD BANK IS AN "INTERNATIONAL, FINANCIAL AND MONETARY INSTITUTION"

 

QUOTE FROM ABOVE ARTICLE YOTA POSTED"

 

"he said, adding that "the World Bank gave the green light to implement this." the relationship, that "complete administrative matters on this file will take Two ", stating that" the World Bank began to create models of the new currency. "the Central Bank said, in (28 November 2014), defer the deletion of zeros from the current currency."

 

c. participate with other representatives of the Government or, with the Government’s
permission, represent the Government in negotiations with foreign countries as well
as with international institutions on monetary and financial issues;
d. perform financial operations, at market rates, in relation to deposits, foreign
exchange operations or other operations based on payment, clearing or economic
agreements arising out of international financial arrangements concluded by the
Government with foreign parties, provided that (i) the Government shall bear all
financial obligations and liabilities incurred by the CBI with respect to such
performance and (ii) the CBI shall not perform any financial operation which
involves bearing financial obligations or liabilities (direct or indirect) on behalf of the
Government ; and
e. perform, to the extent the Government determines, tasks derived from the State’s
membership in international, financial and monetary institutions.

 

 

 

 

THIS RELATES TO THE ABOVE - AND THE ABOVE IS DIRECTLY ADDRESSING THE WORKING RELATIONSHIPS AND SUBSEQUENT TASKS BETWEEN THE CBI (THE GOI) AND THE INTERNATIONAL INSTITUTIONS
"2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out
the functions under this Article."

 

THE CBI LAW , UNDER SECTION 24, CLEARLY REQUIRES THE GOI'S PERMISSION FOR REMUNERATION OF MONIES TO THE CBI, FOR WORKING WITH INTERNATIONAL MONETARY ORGANIZATIONS, THE GOI WOULD NEED TO REMUNERATE THE CBI RE ANY COSTS TO THE INTERNATIONAL ORGANIZATIONS, AND WOULD THEREFORE NEED THE GOI'S PERMISSION TO PAY THESE INTERNATIONAL ORGS.


:peace:

Edited by TBomb
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 SECTION 24 ADDRESSES THIS RE PRINTING CURRENCY AND WORKING WITH THE WORLD BANK IN DOING SO, IS IN RELATIONSHIP PERTAINING TO :

 

"(ii) the CBI shall not perform any financial operation which

involves bearing financial obligations or liabilities (direct or indirect) on behalf of the

Government ; and

e. perform, to the extent the Government determines, tasks derived from the State’s

membership in international, financial and monetary institutions."

"2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out

the functions under this Article."

 

THE WORLD BANK IS AN "INTERNATIONAL, FINANCIAL AND MONETARY INSTITUTION"

 

QUOTE FROM ABOVE ARTICLE YOTA POSTED"

 

"he said, adding that "the World Bank gave the green light to implement this." the relationship, that "complete administrative matters on this file will take Two ", stating that" the World Bank began to create models of the new currency. "the Central Bank said, in (28 November 2014), defer the deletion of zeros from the current currency."

 

c. participate with other representatives of the Government or, with the Government’s

permission, represent the Government in negotiations with foreign countries as well

as with international institutions on monetary and financial issues;

d. perform financial operations, at market rates, in relation to deposits, foreign

exchange operations or other operations based on payment, clearing or economic

agreements arising out of international financial arrangements concluded by the

Government with foreign parties, provided that (i) the Government shall bear all

financial obligations and liabilities incurred by the CBI with respect to such

performance and (ii) the CBI shall not perform any financial operation which

involves bearing financial obligations or liabilities (direct or indirect) on behalf of the

Government ; and

e. perform, to the extent the Government determines, tasks derived from the State’s

membership in international, financial and monetary institutions.

 

 

 

 

THIS RELATES TO THE ABOVE - AND THE ABOVE IS DIRECTLY ADDRESSING THE WORKING RELATIONSHIPS AND SUBSEQUENT TASKS BETWEEN THE CBI (THE GOI) AND THE INTERNATIONAL INSTITUTIONS

"2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out

the functions under this Article."

 

THE CBI LAW , UNDER SECTION 24, CLEARLY REQUIRES THE GOI'S PERMISSION FOR REMUNERATION OF MONIES TO THE CBI, FOR WORKING WITH INTERNATIONAL MONETARY ORGANIZATIONS, THE GOI WOULD NEED TO REMUNERATE THE CBI RE ANY COSTS TO THE INTERNATIONAL ORGANIZATIONS, AND WOULD THEREFORE NEED THE GOI'S PERMISSION TO PAY THESE INTERNATIONAL ORGS.

:peace:

WHY WOULD ANYONE THINK THAT THE CBI DOES NOT HAVE TO ANSWER , IN ANY WAY, FOR ANY REASON, TO THE GOI? THE GOI IS THE UMBRELLA.

 

THE ARTICLES WHICH YOTA POSTED ARE STATING CLEARLY THAT MOHSEN IS SAYING HE NEEDS THE PARLIAMENT'S APPROVAL....

Edited by TBomb
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You are reading too much into this.  I didn't realize you had two articles in your quote, Remuneration only applies to Article 25 when the CBI performs actions on behalf of the Government, like issue Bonds, or Bills, etc...

 

2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out
the functions under this Article. <-- Article is Singular meaning one, Article 25.  It doesn't apply to Article 33 Printing of banknotes and minting of coins; accounting treatment of currency issued.

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http://www.iraqcoalition.org/regulations/20040306_CPAORD_56_Central_Bank_Law_with_Annex.pdf


SECTION 4—RELATIONS WITH THE GOVERNMENT
Article 24 Consultation with the Government
1. The Governor and other representatives of the CBI and officials of the Government shall
hold regular meetings to exchange information and opinions on the extent to which monetary
and fiscal policies can, each within their own areas of responsibility, be coordinated, and on
other matters of mutual interest and responsibility.
2. The Governor and the Deputy Governors may, upon invitation by an official of the
Government, attend meetings with the Government at which they may provide, on behalf of
the CBI, advice and information within the CBI’s area of competence.
Article 25 Actions on behalf of Government
1. The Government may entrust the CBI with the following:
a. hold the Government’s accounts; - 18 -
b. engage in and manage, as fiscal agent, domestic and foreign borrowings by the
Government;
c. participate with other representatives of the Government or, with the Government’s
permission, represent the Government in negotiations with foreign countries as well
as with international institutions on monetary and financial issues;
d. perform financial operations, at market rates, in relation to deposits, foreign
exchange operations or other operations based on payment, clearing or economic
agreements arising out of international financial arrangements concluded by the
Government with foreign parties, provided that (i) the Government shall bear all
financial obligations and liabilities incurred by the CBI with respect to such
performance and (ii) the CBI shall not perform any financial operation which
involves bearing financial obligations or liabilities (direct or indirect) on behalf of the
Government ; and
e. perform, to the extent the Government determines, tasks derived from the State’s
membership in international, financial and monetary institutions.
2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out
the functions under this Article.

Read more: http://dinarvets.com/forums/index.php?/topic/198263-keywords-delete-the-zeros-existing-project-and-we-have-given-the-green-light-for-its-implementation/page-7#ixzz3TMGbu2Az

 

I DO NOT AGREE - WHERE, ABOVE, IN SECTION 25 DOES IS SPECIFY IN THE LANGUAGE, IN SECTION 25 THAT THEY ARE ONLY SPEAKING TO THE ISSUANCE OF BONDS OR BILLS, PLEASE?

 

 "I didn't realize you had two articles in your quote, Remuneration only applies to Article 25 when the CBI performs actions on behalf of the Government, like issue Bonds, or Bills, etc..."

 

SECTION 25 IS (ALSO) ADDRESSING THE RELATIONSHIP BETWEEN THE CBI AND INTERNATIONAL ORGANIZATIONS AND ARRANGEMENTS BETWEEN THEM AND IS ALSO STATING THAT THE CBI DOES NOT HAVE SOLE PERMISSION TO ISSUE PAYMENTS TO SAID ORGS - THE GOI MUST APPROVE THE PAYMENTS.

 

ALSO SECTION AMEN/33 DOES NOT SAY, ADDRESS ANYWHERE WHO'S PAYING FOR THE PRINTING OF THE CURRENCY - IT DOESN'T SAY THAT THE CBI HAS PERMISSION TO ALLOCATE MONIES FOR PRINTING OF CURRENCY - THE GOI HAS TO APPROVE THIS

Edited by TBomb
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You are reading too much into this.  I didn't realize you had two articles in your quote, Remuneration only applies to Article 25 when the CBI performs actions on behalf of the Government, like issue Bonds, or Bills, etc...

 

2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out

the functions under this Article. <-- Article is Singular meaning one, Article 25.  It doesn't apply to Article 33 Printing of banknotes and minting of coins; accounting treatment of currency issued.

I  have to agree this is two different Functions in which Section 24 as TBomb provided is accountability and oversight...with Functions outside the Frame work of the Duties of the CBI... Respectfully... :peace: 

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http://www.iraqcoalition.org/regulations/20040306_CPAORD_56_Central_Bank_Law_with_Annex.pdf

SECTION 4—RELATIONS WITH THE GOVERNMENT

Article 24 Consultation with the Government

1. The Governor and other representatives of the CBI and officials of the Government shall

hold regular meetings to exchange information and opinions on the extent to which monetary

and fiscal policies can, each within their own areas of responsibility, be coordinated, and on

other matters of mutual interest and responsibility.

2. The Governor and the Deputy Governors may, upon invitation by an official of the

Government, attend meetings with the Government at which they may provide, on behalf of

the CBI, advice and information within the CBI’s area of competence.

Article 25 Actions on behalf of Government

1. The Government may entrust the CBI with the following:

a. hold the Government’s accounts; - 18 -

b. engage in and manage, as fiscal agent, domestic and foreign borrowings by the

Government;

c. participate with other representatives of the Government or, with the Government’s

permission, represent the Government in negotiations with foreign countries as well

as with international institutions on monetary and financial issues;

d. perform financial operations, at market rates, in relation to deposits, foreign

exchange operations or other operations based on payment, clearing or economic

agreements arising out of international financial arrangements concluded by the

Government with foreign parties, provided that (i) the Government shall bear all

financial obligations and liabilities incurred by the CBI with respect to such

performance and (ii) the CBI shall not perform any financial operation which

involves bearing financial obligations or liabilities (direct or indirect) on behalf of the

Government ; and

e. perform, to the extent the Government determines, tasks derived from the State’s

membership in international, financial and monetary institutions.

2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying out

the functions under this Article.

Read more: http://dinarvets.com/forums/index.php?/topic/198263-keywords-delete-the-zeros-existing-project-and-we-have-given-the-green-light-for-its-implementation/page-7#ixzz3TMGbu2Az

 

I DO NOT AGREE - WHERE, ABOVE, IN SECTION 25 DOES IS SPECIFY IN THE LANGUAGE, IN SECTION 25 THAT THEY ARE ONLY SPEAKING TO THE ISSUANCE OF BONDS OR BILLS, PLEASE?

 

 "I didn't realize you had two articles in your quote, Remuneration only applies to Article 25 when the CBI performs actions on behalf of the Government, like issue Bonds, or Bills, etc..."

 

SECTION 25 IS (ALSO) ADDRESSING THE RELATIONSHIP BETWEEN THE CBI AND INTERNATIONAL ORGANIZATIONS AND ARRANGEMENTS BETWEEN THEM AND IS ALSO STATING THAT THE CBI DOES NOT HAVE SOLE PERMISSION TO ISSUE PAYMENTS TO SAID ORGS - THE GOI MUST APPROVE THE PAYMENTS.

 

ALSO SECTION AMEN/33 DOES NOT SAY, ADDRESS ANYWHERE WHO'S PAYING FOR THE PRINTING OF THE CURRENCY - IT DOESN'T SAY THAT THE CBI HAS PERMISSION TO ALLOCATE MONIES FOR PRINTING OF CURRENCY - THE GOI HAS TO APPROVE THIS

HERE'S ARTICLE 33

 

 

Article 33 Printing of banknotes and minting of coins; accounting treatment of

currency issued

1. The CBI shall determine by regulation the denominations, measures, form, material,

content, weights, designs, and other features of banknotes and coins. The plates necessary to

print or mint the currency and the intellectual property rights to the designs of the currency

shall be the property of the CBI.

2. The CBI shall arrange for the printing of banknotes and the minting of coins, and for the

security and safekeeping of banknotes and coins that have not yet been issued.

3. The CBI shall be exclusively responsible for the safe and secure destruction of banknotes

and coins and for the custody and destruction, as may be necessary, of plates, dies, and

retired banknotes and coins. The CBI shall have the exclusive right to melt coins and to sell

the metals derived thereby.

4. Upon request by any individual or entity, the CBI shall exchange, free of charge or

commission, banknotes and coins with other banknotes or coins in equivalent amounts.

5. The aggregate amount of circulating banknotes and coins issued by the CBI shall be noted

in the financial statements of the CBI as a liability; such liability shall not include banknotes

and coins in the currency reserve inventory.

 

THE ABOVE IS THE ENTIRETY OF ARTICLE 33 -NOWHERE IN HERE DOES IT SAY THAT THE CBI IS SOLELY ALLOWED TO ALLOCATE MONIES FOR THE PRINTING OF THE CURRENCY - THAT'S ONLY ALLOCATED TO THE CBI VIA PERMISSION OF THE GOI - THE GOI IS TO ISSUE FUNDS TO THE CBI FOR THE PRINTING AND WORKING WITH INTERNATIONAL ORGS IN THEIR EXECUTION AND ABILITY TO PRINT THE CURRENCY

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I DO NOT AGREE - WHERE, ABOVE, IN SECTION 25 DOES IS SPECIFY IN THE LANGUAGE, IN SECTION 25 THAT THEY ARE ONLY SPEAKING TO THE ISSUANCE OF BONDS OR BILLS, PLEASE?

 

 "I didn't realize you had two articles in your quote, Remuneration only applies to Article 25 when the CBI performs actions on behalf of the Government, like issue Bonds, or Bills, etc..."

 

That was a "for instance", not saying that is the only thing they do, but Renumeration ONLY applies to what is defined in Article 25 and that is it.

 

Article 2

 

2. In the pursuit of its objectives and the performance of its tasks, the CBI shall be autonomous and accountable as provided for in this Law. Except as otherwise specified in this Law, the CBI shall not take instructions from any other person or entity, including government entities. The autonomy of the CBI shall be respected and no person or entity shall seek improperly to influence any member of a decision-making body of the CBI in the discharge of his duties towards the CBI or to interfere in the activities of the CBI.

 

Now, with the above said, and because what Maliki did to Shabibi, there are some members in the GOI that don't agree with this portion of Article 2.  The above is HOW IT SHOULD BE according to the CBI Law.

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MARKINSA, YOUR ABOVE QUOTE DOES NOT IN ANY WAY ADDRESS THE CBI'S POWER TO SOLELY ISSUE PAYMENTS FOR SERVICES - INCL THE PRINTING OF MONEY AND THE ASSOCIATED COSTS - AGAIN, I'VE ADDRESSED THIS TO DEATH - THE GOI IS RESPONSIBLE FOR PAYING THE BILL, INCURRED BY THE CBI  PERIOD

Edited by TBomb
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