The Financial Operations Of: Lifting All The Barriers Imposed On The Central Bank Of Iraq After Its Actions Against Money Laundering

[Boozer]

so the worst is over ? aug is the next month we could see movement ? I really don't see it happing this year.. Hope I'm wrong , did the UN vote or Postpone till Aug ?

[DinarThug]

Here's A Highlighted Version ...

 

 

(by waymakers_kid)

Keywords «morning»: our economy overcome the difficult phase

07/03/2017 0:00  It revealed that the central bank reserves exceeded the expectations of the IMF $ 10 billion   Baghdad / Tariq al - Araji The central bank confirmed that Iraq has overcome the difficult phase «pessimistic» that have passed over the past two years, which were accompanied by statements are not based on facts raised in horror Iraqi street.  Showed the bank , which is the «safety valve» for the economy and monetary policy of the country indicators, the inflation rate did not exceed 2 percent, while kept the dinar on a fixed exchange rate, in addition to the index raised interest in supporting global institutions as exceeded the central bank reserves ceiling IMF forecasts ten billion dollars , despite the extraordinary circumstance that is going through the country, but despite the relative recovery of the Iraqi economy, the central bank governor on the Keywords called on the government to rely more on revenue (non - oil), venerating and lack of dependence on oil in this large proportion in the budgets, also stressed the need to take Government planning its sound financial and economic revitalization and development of the private sector and encourage investment and to stop the dumping policy of the country and the improvement of the domestic industry and stop the chaos at the border crossing points.  Keywords and as usual , to talk clearly fully and explicitly, revealed in his interview with «morning», that an important meeting will be held with the International Monetary Fund in the month of August and will be based on the reimbursement of Iraq Fund grants and loans agreed the launch of the requirements of them after submission (supplementary budget) to pay the dues of peasants contractors and suppliers , and several sections of other expenses.  Keywords also pointed out that the central bank has made significant progress over the past two years regarding the fight against money laundering and the financing of terrorism and the smuggling of foreign currency procedures, stressing oblige the bank to banks relevant to take inter action in this regard, as well as cooperation with international institutions and financial institutions led to the conversion of many of the money - laundering and the financing of files terrorism to justice the first time.  The following is the text of the meeting: overcome the difficult stage  * What is your calendar 's financial and economic situation of Iraq and presented by the Bank in this  regard?  * If we want to measure the strength of the economic and financial country; it must be considered to economic, financial and monetary policy factors, the monetary situation is a reflection of the economic situation, and if we consider the economic situation of the country, you have to look at the real factors to the development of real Kalsnaaah, agricultural and other sectors especially the case General monetary reflection of the state and not of origin. As for the economic situation in Iraq; many of the analyzes and statements released pessimistic statements are not based on facts, as this speech at the beginning of last year , 2016 through the threat of the collapse of the dinar, to finish to overcome the difficult conditions that accompanied the decline in oil prices and the situation experienced by the country in the war against terrorism, as the cash reserve exceeded the central bank's forecast of the international Monetary Fund with ten billion dollars, and kept the exchange rate on the stability, and did not extend past the level of inflation barrier of 2 percent, and this is a very important indicators of the world understood by international institutions accredited and enjoys the status of a task in the calendar Oaudha Countries and the strength and stiffness of their economies to face conditions and shocks and risks; but - with very Alosv- many in Iraq do not see it the same degree of importance or neutral and carefully when evaluating the economic situation. The previous risk has become at present (non - existent), but I do not say that the difficulties and challenges ended, and the role of the central bank is trying to push these challenges and reduce their impact on the economic situation; however , the first line of defense remains the responsibility of the executive branch ( the government) with regard to the proper planning financial and economic revitalization and development of the private sector and encourage investment and to stop the dumping policy of the country and the improvement of the domestic industry and stop the chaos at the border crossing points, it is strange to turn attention towards the central bank , who is dealing as valve Aman- to take this role because of the weakness of all the episodes that we have quoted wa T should be corrected, it has the central bank introduced by the end of 2015 and 2016 (about twenty trillion dinars) to support the Treasury and the payment of salaries, and should not rely on it in the future, and have the central bank since the duration of the process of pushing the government towards that there will be control over their expenditures and adapt to these challenges and that a new plan of the financial situation based on reliance on revenues placed (non - oil) and not to rely on this oil ratio large. International grants and loans  * What is the extent of coordination with the IMF and the World Bank to launch grants and loans to Iraq? And the extent of Iraq 's commitment to Ptosyatema economic and monetary reform?  * The meetings with the International Monetary Fund periodically based on the agreement (credit recovery) signed by Iraq with the Fund, and are reviewed on things that have been agreed upon, as well as economic, financial and monetary framework of the country, because the support and facilities the process provided by the Fund and thus inflicted the World Bank and other countries involved in this Thread depends primarily on the reports provided by the international Monetary Fund, and the importance of those reports and audits carried out by the Fund is not only related to it; but is the way to give the green light to financial institutions and other countries to provide support and grants based on the Positive reports it provides, such reports In order to be positive must show his commitment to Iraq ( to maximize revenue and reduce unnecessary expenditures), and therefore considered the review with useful Fund for Iraq as it is a lot of style trends in spending. At the last meeting was at the International Monetary Fund, observations on compliance with assignments due in the general budget of the state and the presence of Diffraction them sometimes, and we have explained to them that Iraq -obgm is relatively stable conditions experienced Bha- can not adjust melodious it because of a lot of variables and conditions , and having understood it demanded that there be a legal cover for these emerging changes, so the basic requirements for the international Fund before the meeting to be held early next August , whichever is an important meeting for Iraq to be able to receive payments Kadmh- is a request for ( a supplementary budget ) It is fall within what the Iraq at the time of the payment of contractors, farmers, processors and other receivables do not exist within the (federal budget) and indicated IMF requirements in this area to the article says (in case it is needed to prepare the budget complementary to the implementation of the payment of dues; for the government provides a supplementary budget for the development of a legal cover for the payment of these receivables as well as make some adjustments based on the change that took place on oil prices or because of the increase in some expenses existing) and the objective of the IMF from these observations is to be retained on the ceilings specified for the expenses  and revenue . Iraq 's financial rating  * How do you evaluate coordination with the Organization (Financial Action Task Force)? What is the classification of financially Iraq according to this organization?  * The Organization (Financial Action Task Force) on measuring the extent of the obligation of States to fight money laundering and the financing of terrorism, and Iraq has cut off whatever it way, after that there were observations and a report prepared by the end of 2012 was alarming, and it was Iraq and the jurisprudence threatened to put in (blacklist) , after efforts and through the issuance of a new law to combat money laundering and activate the anti - money Laundering Office by the Central Bank and the inter measures taken by the Bank as part of a follow - up to the banks and financial Institutions and the development of many of the procedures relating to regulation and control over the financial and banking sector in particular, could not that Iraq is out of danger after it was heading from the (gray area) to (black), but we have moved from (gray) to (follow - up area) and we now expect to build on fulfill Iraq's requirements of the organization and the obligations that come out of the subject (follow - up). Anti - Money Laundering  * What are the mechanisms used by the central bank to control money laundering and currency smuggling operations difficult?  * The foreign currency movement abroad issue requires to be placed in the correct and regulatory standards enable the central bank to achieve its foundation the judge to verify the legality of the money and it is not linked to financial crimes or money laundering offenses or the financing of terrorism, and the role played by the central bank, especially in recent years , as the granting of this subject and developed great attention from the regulatory mechanisms in this direction by forcing banks to follow the rules and procedures associated with the law of anti - money laundering and the financing of terrorism committed by banks and financial institutions to take a number of due diligence measures towards the knowledge of the customer and with FH money sources and movement and, accordingly; the Central Bank - the first time - requires banks to establish special anti - money laundering units to manage compliance and risk management and the development of programs and database and information relating to all operations carried out by banks and units, and this is part of the process of anti - money laundering and the financing of terrorism. There are other parts are outside the frameworks of the Central Bank requires the concerted and other efforts of institutions in dealing with them, because financial institutions or banks is a ring of the rings may be the last, especially since the money and financial crimes laundering operations are operations precede the entry of money to the bank and operations bleaching complex processes go through several stages , and is taking the proceeds of these crimes is not deposited the bank directly understand they have various means and methods of multiple waste out of this money, and a lot of money suspicious go towards the purchase of real estate or gold , or set up fake companies or interfaces and then record the proceeds of these companies Connect this  money. Therefore; the fight against money laundering and the financing of terrorism requires the cooperation of all parties and linking all professions Steering supervised and that what the Bank is yet to arrange the banking sector house by obliging them a set of rules and procedures and formations we have to link selling the dollar process of the level of commitment to this procedures and criteria established in front of banks to enter the window to buy the dollar and leading us as a central bank to exercise a supervisory role, and now the banks a set of procedures for verifying the integrity of money and open files to customers dealers by the level of income and provide the bank with Final statements correspondent banks abroad to know the fate of the money  and where you went. Judicial files   * Is there coordination with international organizations and banks to control the movement of money and reduce the phenomenon of money laundering?  * Yes , there is cooperation now between the central bank and organizations , central banks in several countries and there are an exchange of information, because the movement of funds reflected in the result system or device on the operations of the conversion, if the conversion dollar operations read all of it passes through the US Federal Bank and through a particular system can the US Treasury to know each movement of the movements of the money, so we share the information has been a lot of transactions involving suspicions, especially with regard to the financing of terrorism and has referred to the elimination of the diagnosis, and these efforts have been activated in the last two years and there were no issues have stirred the The judiciary entitled (money) laundering in the past. The central bank needed to the role and cooperation of other institutions to activate this activity, especially the Office of the (anti - money laundering) of the Bank does not conduct inspections directly, but called to inform the Office receives communications from other parties, if there were processes of corruption must be our notice by the authorities involved in combating corruption, and if there are operations relating to the financing of terrorism must be reported movement of terrorists and the movement of money and their areas by the security services; and so on , but the central bank and through the transactions carried out by banks and the operations of the conversion can put some doubts and suspicions and begin operations t Qiq related information, but the main source of these remain outside the bank , and this is still weak.   http://www.alsabaah.iq/Article.....?ID=139934

  

[10 YEARS LATER]

I'm getting a very uncomfortable feeling about all this. What Iraq says it's going to do and what actually transpires have always been polar opposites. I think about what Abadi said about being out of Ch7 in 2 months ( 4 April announcement ).

 

What's beyond that ? We'd hoped for the RV shortly afterwards. If they're out of CH7, several articles say JULY is the month. Well that's fine if it's to be believed. Then we have articles that cast doubt on all of this. Call it Truth or BS . . . I just know anymore and I'll wait with the rest of you folks thru JULY.

 

Why would they put of the RV until 2018 ? Recall the SBA calls for 2019 ? No doubt it doesn't make any sense ( you'd think they RV double quick with so much to do ), but quite a lot of what they do and how they do it has never made sense. . . to the Western Mind. Then we have the WB & IMF ( a few months back ) demanding ALL reforms to be carried out pronto like.

It's all over the map right now . . . so I'll just Prepare to Standby.  

[Laid Back]

If they economy already overcome the difficult phase... Our wait for an increase of the dinar exchange rate could be a little longer..... Like 10YL said, maybe we have to wait till the end of SBA in 2019

 

I hope the next phase of the economy is to give more purchasing power to the people 

 

Go new monetary policy 

Go $1:1

Go purchasing power

 

 

 

 

[ChuckFinley]

That is what I wanted to start seeing, an increase in purchasing power.  This stuff is out of our hands. There is nothing we can do but hope that if an RV does take place it is in our life time.  I think at times we forget that this is a investment that might not pan out. I am more inclined to think at some point in time this will happen.  I have not lost hope for 2017. If Adam feels it is the HCL then that the next gate that we should be looking at.  

[ChuckFinley]

Thanks DWS and Thug for posting and giving us the short version.  If not anything, they are long winded.  

[NoviceInvestor]

Could all this be Smoke & Mirrors?.. To be honest for me personally I have had an uneasy feeling about the IQD becoming  viable currency in the near future for quite awhile now.. I want to hope and pray I am wrong .. 

Edited July 3, 2017 by NoviceInvestor

[Shedagal]

"We are working to liberalize the currency and not float."  Wow!!

[Officiallytook]

And it begins...soon these will stop at the central bank, and brought to all other banks to handle the sale, educate the masses...but keep that smoke nice and thick...just lift the veil already

[salt-life]

I think this is an older article.....do you have a link

 

[adhoc10]

3 hours ago, Botzwana said:

He noted that the solution in Iraq lies in reducing the demand for the dollar through the structure of the Iraqi economy correction, rather than through a reluctance to sell

 

An RV would meet both criteria. Restructure the Iraqi economy AND reduce the demand for the dollar. 

[Half Crazy Runner]

24 minutes ago, salt-life said:

I think this is an older article.....do you have a link

 

 

I think so too. It all sounds very familiar...

[yota691]

03-07-2017 01:57 PM

Central: Meeting of "important" with the International Monetary Fund during the month of August

 

 

 

Revealed the central bank governor, on Monday, for a meeting 'important' with the International Monetary Fund during the month of August next, pointing out that the basis of the reimbursement of Iraq Fund grants and loans agreed upon launch requirements. 

Keywords and said, that ' an important meeting will be held with the International Monetary Fund in the month of August and will be based on the reimbursement of Iraq Fund grants and loans agreed the launch of the requirements of them after submission (supplementary budget) to pay dues the farmers, contractors, suppliers and several sections of the other expenses'. 

He said the Keywords, the 'IMF requirements in this area indicated to the article says (in case it is needed to prepare the budget complementary to the implementation of the payment of dues, the government should submit a supplementary budget for the development of a legal cover for the payment of these receivables as well as make some adjustments based on the change that happened on oil prices or due to an increase in some expenses) and the objective of the IMF from these observations is to be retained on the ceilings specified for the expenses'. 

He noted Keywords that 'at the last meeting was at the International Monetary Fund , there were observations on the commitment to assignments planned in the general budget of the state and the presence of Diffraction them sometimes, and I have explained to them that Iraq -obgm is relatively stable conditions experienced Bha- can not adjust melodious because of the many variables and circumstances, and having understood they demanded that there be a legal cover for these emerging changes. '

[yota691]

03-07-2017 02:00 PM

Keywords: Iraq overcome the danger and moved from gray to follow-up

 

 

 

The Governor of the Central Bank on the Keywords, Monday, Iraq is out of danger after it was heading from the "gray zone" to "black", pointing out that Iraq now go to 'follow - up' area. 

Keywords and he said, that 'Iraq cut off whatever it way in the fight against money laundering and the financing of terrorism cases . After that there were observations and a report prepared by the Financial Action Task Organization on the measurement of the extent of the obligation of States to combat money laundering and the financing of terrorism , the end of the year 2012 was alarming and Iraq and jurisprudence threatened to put in the (black list). ' 

He added Keywords, that 'after efforts and through the issuance of a new law to combat money laundering and activate the Anti - Money Laundering Office by the Central Bank and the inter measures taken by the Bank as part of a follow - up to the banks and financial Institutions and the development of many of the procedures relating to regulation and control over financial and banking sector in particular that, Iraq was able to overcome the danger after he was heading from the (gray area) to (black), but we have moved from (gray) to (follow - up area) '. 

He predicted the governor of the central bank agency, 'Iraq out of the subject of follow - up based on Iraq fulfill the requirements and obligations of the organization'.

[DWS112]

10 hours ago, DWS112 said:

Showed the bank , which is the «safety valve» for the economy and monetary policy of the country indicators, the inflation rate did not exceed 2 percent,

 

CBI Website    Chart of the rate of inflation and inflation basis  July 3, 2017

 

 

 

 

[DWS112]

1 hour ago, yota691 said:

we have moved from (gray) to (follow - up area)

'Iraq out of the subject of follow - up based on Iraq fulfill the requirements and obligations of the organization'.

 

Maybe the continuation of the deletion of the zeros soon.

Edited July 3, 2017 by DWS112

[yota691]

Euphrates Center discusses the exchange rate stability in Iraq, a pillar or a waste of dollars 

Published on Jun 30, 2017

 

 

in light of the Iraqi monetary policy is balanced and the size of the economic challenges created by low oil prices and the level of security threats and reform of the premise of Iraqi cities and towns destroyed, deliberately Euphrates Center for Development and Strategic Studies, to set up a circle monthly discussion under the title: management of the exchange rate in Iraq: pillar of stability or a waste of dollars, in the hall of affection and prosperity Association and the presence of a group of academics and researchers in research and studies centers, economists and those interested in Iraqi affairs and a number of journalists and media professionals.

[DWS112]

6 hours ago, Botzwana said:

Governor of the Bank: Cancel sell currencies window will lead to the collapse of Iraq's entire financial situation

5 minutes ago

BAGHDAD - The Journal News , 
The governor of the Iraqi Central Bank on the Keywords that stopped selling the dollar by selling currency in the bank window will lead to the collapse of the Iraqi dinar and financial situation in Iraq in general.

Keywords and said in a statement on the sidelines of the annual conference of the Union of Arab Banks, which was held in Beirut, "said the central bank is obliged to do the job, though declined to perform this role for the collapsed financial situation in the whole of Iraq."

He said the bank's governor "to Waglguena sell the dollar has become a window to the dollar price per between 3 and 4000 dinars, and maybe more.

The governor pointed out that "in the event of cancellation of the current window of the currency will have to print trillions of Aldnaniralaracah annually to cover the local need of the dinar, which will lead to Iraqi Anhiaralamlh due to inflation, or what is known as excessive cash."

And about the prospects float Aldenarabraghi, similar to other countries in the region, Keywords "This is not on the table, said at present, we are working to liberalize the currency and not float, a large difference between the two."

Keywords denied the existence of coin auction at the Central Bank, but the sale of foreign currency window, stressing that the central mediator between the Ministry of Finance and the public is not only.

He noted that the solution in Iraq lies in reducing the demand for the dollar through the structure of the Iraqi economy correction, rather than through a reluctance to sell Atar.anthy

 

This article sounds like old info from last year.

[WheresmyRV?]

I wonder why they recycle old articles like this.

[10 YEARS LATER]

10 hours ago, Laid Back said:

If they economy already overcome the difficult phase... Our wait for an increase of the dinar exchange rate could be a little longer..... Like 10YL said, maybe we have to wait till the end of SBA in 2019

 

I hope the next phase of the economy is to give more purchasing power to the people 

 

Go new monetary policy 

Go $1:1

Go purchasing power

 

 

 

 

 

Morning LB --- a couple of head scratching items I forgot to mention. Abadi stated not so long ago - Iraq is open for business. Also, with SO much talk of going international , how could either one of these be achieved if they're to WAIT and RV in ' 18 or ' 19.  ???

 

Hard to follow what's smoke and what isn't-I just don't know where Iraq stands. WB & IMF WANT Iraq to push on reforms. Is there a line in the sand as to where reforms stop ? What is to be gained by waiting until possibly 2019. Even that conflicts with what the IMF DEMANDS from Iraq now. Also, what do we take away from the articles about an upcoming Caretaker Govt? Makes your head spin.

 

all the best

Edited July 3, 2017 by 10 YEARS LATER

[WaitIsOver]

Sure does sound like IT IS FINISHED to me.! Sing Alak SING!!!

Edited July 3, 2017 by WaitIsOver

[steveh12]

Let Me check in My book

Iraq RV For Dummies! 

[csd9013]

3 hours ago, WheresmyRV? said:

I wonder why they recycle old articles like this.

 

To make us think they are working.

[DWS112]

4 hours ago, DWS112 said:

This article sounds like old info from last year.

 

Yes, from 2016:

 http://www.aljournal.com/myapp-7326/

[bkeiller]

Good Poker players ain't goanna tip their hand, because they are too busy counting cards and psyching the other players out ...

Edited July 3, 2017 by bkeiller