Banks welcome amendments to the law «Central» Iraq

[blueskyline]

http://economy-news.net/content.php?id=8123........

Published "Economics News" proposed amendment to the Central Bank Law, which discussed the Finance Committee in the House of Representatives with economists. 

Included a proposed amendment to make the central bank's capital trillion dinars wholly state-owned, Antrda bank holds deals on foreign assets and the management of official reserves of foreign currency in accordance with the best international practices and the goals of monetary policy bank and invests golden cash and cash Almandah currencies.

 

 

Views 541   Date Added 06/07/2017

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[yota691]

 

Same article with pic's...

"Economy News" published a proposal to amend the law of the Central Bank

Economy News Baghdad: Published "Economy News" proposal to amend the law of the Central Bank, which is discussed by the Finance Committee in the House of Representatives with economists. The proposed amendment to make the capital of the Central Bank of one trillion dinars fully owned by the State, and the Mercantile Bank deals on foreign assets and manages the official reserve of foreign exchange in accordance with the best international practices and objectives of monetary policy and invests the bank gold and cash and cash.     Date added 06/07/2017

 

[Butifldrm]

Well, this  would be quite an achievement and would definitely take away the independence of the Central Bank of Iraq.  I'm laughing because  we have been reading for years, that the goal under the IMF guidance was to privatize the State Owned Banks.  IMO, this proposal will never Fly! They/Parliament can't even amend the articles of the Banking Law that need amended, to allow the private banks to invest in the private sector.   I see why the Finance Committee would like to take control for (more than likely nefarious reasons) or they want voting power, but the PTB will never let that happen. Plus, what good would it do for the State to own 1 Trillion Dinar/1 Billion Dollars of Capital in the CBI?  I'd like to know their reasoning, but I doubt we will see more on this subject or proposal.

[Boozer]

1 hour ago, Butifldrm said:

Well, this  would be quite an achievement and would definitely take away the independence of the Central Bank of Iraq.  I'm laughing because  we have been reading for years, that the goal under the IMF guidance was to privatize the State Owned Banks.  IMO, this proposal will never Fly! They/Parliament can't even amend the articles of the Banking Law that need amended, to allow the private banks to invest in the private sector.   I see why the Finance Committee would like to take control for (more than likely nefarious reasons) or they want voting power, but the PTB will never let that happen. Plus, what good would it do for the State to own 1 Trillion Dinar/1 Billion Dollars of Capital in the CBI?  I'd like to know their reasoning, but I doubt we will see more on this subject or proposal.

I hear ya, But stranger things have happened , if they would pass something beside Postpone, things might get done, now that Isis is gone maybe the world will take them in as Players... Hope this does not go into the elections next yr. Still have not heard what if anything the UN voted on or postponed till next month. I think that will be a key factor .

Edited July 7, 2017 by Boozer

[Butifldrm]

29 minutes ago, Boozer said:

I hear ya, But stranger things have happened , if they would pass something beside Postpone, things might get done, now that Isis is gone maybe the world will take them in as Players... Hope this does not go into the elections next yr. Still have not heard what if anything the UN voted on or postponed till next month. I think that will be a key factor .

 

Before 2003 Iraq had a State owned Central bank,  That's when the currency was worth over $3.00.  Since, it's been down hill.  I really don't think that Parliament could vote their way in to ownership.  Maybe that was the whole idea?

 

Only 3 countries left w/o ROTHSCHILD Central Bank!

 

 

The Rothschild family is slowly but surely having their Central banks established in every country of this world, giving them incredible amount of wealth and power.

 

 

 

 

In the year of 2000 there were seven countries without a Rothschild owned Central Bank:

 

Afghanistan

Iraq

Sudan

Libya

Cuba

North Korea

Iran

 

It is not a coincidence that these country, which are listed above were and are still being under attack by the western media, since one of the main reasons these countries have been under attack in the first place is because they do not have a Rothschild owned Central Bank yet. The first step in having a Central Bank establish in a country is to get them to accept an outrageous loans, which puts the country in debt of the Central Bank and under the control of the Rothschilds. If the country does not accept the loan, the leader of this particular country will be assassinated and a Rothschild aligned leader will be put into the position, and if the assassination does not work, the country will be invaded and have a Central Bank established with force all under the name of terrorism.

 

 

 

 

Rothschild owned Central Bank:

 

Central banks are illegally created private banks that are owned by the Rothschild banking family. The family has been around for more than 230 years and has slithered its way into each country on this planet, threatened every world leader and their governments and cabinets with physical and economic death and destruction, and then emplaced their own people in these central banks to control and manage each country’s pocketbook. Worse, the Rothschilds also control the machinations of each government at the macro level, not concerning themselves with the daily vicissitudes of our individual personal lives. Except when we get too far out of line.

 

 

 

The only countries left in 2003 without a Central Bank owned by the Rothschild Family were:

 

Sudan

Libya

Cuba

North Korea

Iran

 

The Attacks of September 11th were an inside job to invade Afghanistan and Iraq to then establish a Central Bank in those countries.

 

 

 

 

The only countries left in 2011 without a Central Bank owned by the Rothschild Family are:

 

Cuba

North Korea

Iran

 

After the instigated protests and riots in the Arab countries the Rothschild finally paved their way into establishing Central Banks, and getting rid of many leaders, which put them into more power.

http://bigvalleydiscountstore.blogspot.com/2011/10/only-3-countries-left-wo-rothschild.html

[Officiallytook]

54 minutes ago, Butifldrm said:

Before 2003 Iraq had a State owned Central bank,  That's when the currency was worth over $3.00.

So I'm guessing this needs to be passed and quickly...

 

[yota691]

The House of Representatives ends the first reading of the draft second amendment to the Central Bank Law

History of edits:: 2017/7/8 13:32 • 2 times readable

[Where-Baghdad] 
House of Representatives ended the first reading of the draft second amendment to the law of the Iraqi Central Bank issued Order No. Law [56] 2004 CPA [ now defunct] .. follow

[yota691]

On 7/6/2017 at 8:40 PM, Butifldrm said:

 I'd like to know their reasoning, but I doubt we will see more on this subject or proposal.

It not taking away the Independence from the CBI , and the House is not making law for the CBI. It just the opposite...more then likely the CBI forward this to Finance committee, then it went to the House of Representative to be recognize and read for three readings for the books....

[yota691]

This is from May 2017....

9 May 2017

 

Cabinet held its regular meeting under the chairmanship of Prime Minister Dr. Haider al-Abadi

 

 

 
The cabinet held its regular meeting on Tuesday , May 9 , under the chairmanship of Prime Minister Dr. Haider al - Abadi. 

During the meeting , the second vote on the draft amendment to the law of the Iraqi Central Bank issued Order No. Law (56) for the year 2004 on the now defunct Coalition Provisional Authority forwarded to the House of 

[yota691]

COALITION PROVISIONAL AUTHORITY ORDER NUMBER 56 CENTRAL BANK LAW Pursuant to my authority as Administrator of the Coalition Provisional Authority (CPA) and under the laws and usages of war, and consistent with relevant U.N. Security Council resolutions, including Resolution 1483 (2003), Having worked closely with the Governing Council to ensure that economic change occurs in a manner acceptable to the people of Iraq, Acknowledging the Governing Council's desire to bring about significant change to the Iraqi economic system, Determined to stabilize domestic prices and to foster an economic climate conducive to the establishment of a stable and competitive market economy, Recognizing the problems arising from the former regime's policies regarding governance of the Central Bank of Iraq, Further recognizing the CPA's obligation to provide for the effective administration of Iraq, to ensure the well being of the Iraqi people and to enable the social functions and normal transactions of every day life, Recalling that U.N. Security Council Resolution 1483 (2003) called upon the CPA to promote economic reconstruction and the conditions for sustainable development, Acting in a manner consistent with the Report of the Secretary General to the Security Council of July 17, 2003, concerning the need for the development of Iraq and its transition from a nontransparent centrally planned economy to a market economy characterized by sustainable economic growth through the establishment of a dynamic private sector, and the need to enact institutional and legal reforms to give it effect, Having coordinated with the international financial institutions, as referenced in paragraph 8(e) of the U.N. Security Council Resolution 1483, I hereby promulgate the following: Section 1 Purpose This Order establishes a safe, sound, and independent Central Bank for the purposes of achieving and maintaining domestic price stability, fostering and maintaining a CPA/ORD/1 March 2004/56 stable and competitive market-based financial system, and promoting sustainable growth, employment, and prosperity in Iraq. Section 2 Central Bank Law The Central Bank of Iraq Law attached to this Order in Annex A shall have the full force and effect of law. Section 3 General Provisions The term "Appointing Authority" shall mean the Administrator in consultation with the Governing Council, during the period prior to the transfer of full governmental authority to the transitional Iraqi administration and the recognition of the sovereignty of that administration by the CPA. Those actions to be taken by "upon the recommendation of the Appointing Authority and confirmation by the Legislature" under the Central Bank of Iraq Law in Annex A shall be undertaken upon the recommendation of the Governing Council and confirmation by the Administrator, during the period prior to the transfer of full governmental authority to the transitional Iraqi administration and the recognition of the sovereignty of that administration by the CPA. Likewise, during the that period, those actions requiring nomination by the Appointing Authority and confirmation by the Legislature shall be undertaken by way of nomination by the Governing Council and confirmation by the Administrator. Those actions to be taken by the Legislature by itself shall be undertaken by the Governing Council with the approval of Administrator during the period prior to the transfer of full governmental authority to the transitional Iraqi administration and the recognition of the sovereignty of that administration by the CPA. Section 4 Nominations The Governing Council shall forward nominees for the Governor, the Deputy Governors and the other members of the Board of the Central Bank to the Administrator for his approval within one month of the date of the signing of this Order. Should the Governing Council fail to forward such a list of nominees to the Administrator within this time period, the Administrator shall nominate and appoint CPA/ORD/1 March 2004/56

[yota691]

More to this then just the above...Here the Link and it has 47 pages....

[yota691]

From the House of Representative meeting today!!! The Board completed the first reading of the draft revised federal budget for fiscal year 2017 submitted by the Finance Committee, which comes to approving the federal budget amended by the Republic of Iraq for the fiscal year 2017 that 
ended the Council for the first reading of the draft second amendment to the Law of the Central Bank of Iraq issued Order No. 56 of 2004 Act CPA} {dissolved and submitted by the Finance Committee for the purpose of increasing the head of the Central Bank of the Iraqi capital and to keep pace with the global economic development and the granting of powers to the Bank and increase the number of members of the board of Directors from outside the bank and the formation of a committee Accurate and issuing commemorative coins and the imposition of interest on loans granted by the bank to commercial banks and keep his money from bookings made judicial decisions of the 
Council and completed reading a report and discussion of the draft law of the State Council and submitted by the Legal Committee. 
In the interventions of the House of Representatives MP Abbas al - Bayati , said the importance of the commitment of all the articles contained in the Constitution on the Council of State and to clarify the issue of the independence of the Board.

[mr.unlikely]

GM Yota as always up early and bringin it. I haven't hung a lip on my coffee cup yet but after a quick read of what you just posted, I'm thinking that this is the Central bank moving on a very important law or set of laws that position it to make the much anticipated transition to a market economy. They have probably been waiting for the security situation to stabilize before moving forward with this and after what Jafaari said at the British economic forum a couple days ago, me thinks the train is now leaving the station. One thing that I have been looking for since April when Fitch bumped their investment outlook to B+ is another bump into the A range, making Iraq investment grade. Right now the smaller players like Bartle Bull who's appetite for risk is greater than the big institutional players have been swooping in. Given a credit rating in the A range makes Iraq investment grade (I know I said it twice) which opens the door to significant investment from hedge funds and institutions. This will also start the avalanche of foreign direct investment and capital inflows. Iraq will be the fastest growing economy for the next ten years. Their words not mine. They say getting in early is the key to a successful investment, well we all got in EARLY. The dinar hasn't even gotten started yet. We are witnessing the beginning of an investment boom in Iraq the likes of which hasn't been seen possibly ever. Untold blood sweat and tears have been let to set this up and we watched it happen day by day. This is truly historic. We are so much closer to the end of this than the beginning, and I'm getting very excited. My thanks to all who made this happen, your efforts were not in vain. Yota thank you for your tireless search for information, I would not know half the stuff I do without your help😎.

[blueskyline]

Thank You Yota . GM DV's . More than Well Said Mr. U. I'm thankful also . 

[Butifldrm]

The House of Representatives votes on the law and finishes reading four bills

 

 

July 8, 2017 57 views

The Chamber of Deputies voted at its third ordinary session of the first legislative year of the fourth legislature, held under the chairmanship of Dr. Salim Al-Jabouri, president the Council in the presence of 213 deputies on Saturday, 8/7/2017, the law of the emblem and seal of the Republic of Iraq and completed the first and second readings of four laws.

At the beginning of the meeting, the Presidency decided to postpone the vote on the Trade Agency regulation bill submitted by the Economics and Investment Commission at the request of the relevant committee.

The Council proceeded to vote on the draft law on the reform of inmates, depositors and sponsors of the Labour, social and legal affairs, security, defence and human rights committees.

The council voted on the draft law on the emblem and seal of the Republic of Iraq No. 85 of 1965, submitted by the Committees on Culture, information and law, in view of the political and social transformations that took place in the light the new political change in Iraq, the change in the flag of the Republic of Iraq, the identification of cases of use of the emblem and seal of the Republic of Iraq and the tightening of punitive provisions against the specific uses of the emblem of the Republic of Iraq.

The Presidency of the Council postponed the vote on the wording of a resolution submitted by the Legal Committee concerning the non-acceptance of the nomination of members of the (current) Board of Commissioners for membership of the Council of the Electoral Commission until such time as the Committee of Experts has taken action and, if it is unable to do so, the resolution will be submitted to the House of Representatives for a vote.

The board completed the first reading of the federal General revised budget bill for fiscal year 2017 submitted by the Commission which comes in order to approve the revised federal public budget for the Republic of Iraq for fiscal year 2017.

The Council completed the first reading of the draft law of the Second Amendment to the law of the Central Bank of Iraq issued by order No. 56 of 2004 on the Coalition authority of the Interim (dissolved) Financial Committee for the purpose of increasing the capital of the central Bank of Iraq and to keep pace with the economic development and to grant the bank powers and increase the membership of the Bank board from outside the bank and to form a commission to audit and issue commemorative coins and impose interest on loans granted by the bank to commercial banks and maintenance of its funds from judicial decisions

The Council completed the reading of the report and discussion of the draft law of the Council of State submitted by the Legal Committee.

In the interventions of the ladies and gentlemen, Deputy Abbas Al Bayati stressed the importance of adhering to all the articles of the Constitution on the Council of State and clarifying the issue of the independence of the Council.

Deputy Riad Gharib called for the Council of State to be linked to the prime minister rather than the President of the Republic.

He drew attention to the importance of the law in the development of the administrative work, suggesting that the Council of State should be linked to the prime Minister or that the court be linked to the Council of the Judiciary, with the Council of State Shura remaining linked to the Council of Ministers.

Deputy Gidaa Kembouch explained that the bill was considered to be an important law for the development of administrative work and the maturation of bills.

In its response to the interventions, the Committee noted that the Association of the State Council was subject to the opinion of the women and the deputies, emphasizing that the Legal Committee was taking into account the views and proposals submitted.

The Board completed the reading of the report and discussion of the proposal of the Iraqi Publishers Union Act submitted by the Committees of civil society, culture, information and legal institutions.

In the interventions of the women and the deputies, deputy Ammar said that it was important to restrict publication to the provisions of the Constitution.

The Council discussed the administration of State institutions and its agency, presented by deputy Ahlam Husseini.

Deputy Husseini explained that the agency's State administration was in contravention of the Constitution and the laws in force, as well as the reform paper submitted by the Prime Minister, which weakened the role of the Chamber of Deputies in exercising its oversight rights.

She recommended that the powers of the Chamber of Deputies be operationalized by the Constitution and that the reform paper submitted by the Prime Minister concerning to terminate the Agency's administration at official sites and to establish a committee of the House of Representatives to account for and deal with agency-managed positions.

In the interventions of the women and the deputies, deputy Gedaa Kambche stressed the need to end the agency's management dossier to curb corruption.

Deputy Abbas Al Bayati indicated that the failure to resolve the dossier was due to political differences and objections and not to legal forms.

Deputy Adnan Al-Asadi stressed the importance of a decision by the House of Representatives to install the agencies and give the prime Minister some powers to handle the agency's management profile on an efficient basis.

In turn, the President of the Council, Mr. Husseini, drew up a formulation of the recommendations for presentation to and vote on the council.

The meeting then decided to adjourn until Monday, 10/7/2017.

Information Service

Iraqi House of Representatives

8/7/2017

 

http://ar.parliament.iq/2017/07/08/مجلس-النواب-يصوت-على-قانون-وينهي-قراءة-5/

 

[edithjimmy]

COALITION PROVISIONAL AUTHORITY ORDER NUMBER 56 CENTRAL BANK LAW Pursuant to my authority as Administrator of the Coalition Provisional Authority (CPA) and under the laws and usages of war, and consistent with relevant U.N. Security Council resolutions, including Resolution 1483 (2003),

 

 

 

 

Quote

 

Article 3 Objectives

 

The primary objectives of the CBI shall be 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 also promote sustainable growth, employment, and prosperity in Iraq.

 

Article 4 Functions

 

1. The functions of the CBI in achieving the objectives set forth in Article 3 and as further described in this Law, shall be to: a. formulate and implement monetary policy, including exchange rate policy, for Iraq in accordance with Section 6; b. hold and manage all official foreign reserves of Iraq, other than working balances of the government, in accordance with Article 27; c. hold gold and manage the State reserves of gold; d. provide services as advisor and fiscal agent to the Government in accordance with Section 4; e. provide liquidity services to banks in accordance with Articles 28 and 30; f. issue and manage Iraqi currency in accordance with Section 7; g. compile and publish data on the banking and financial system and the economy in accordance with Article 41; h. establish, oversee and promote sound and efficient payment systems in accordance with Article 39; i. issue licenses or permits to banks and to regulate and supervise banks as further specified in this Law and in the Banking Law; j. open and maintain accounts on the books of foreign central banks and international financial organizations; k. open and maintain on its own books accounts for foreign central banks, foreign governments and international organizations; and l. carry out any ancillary tasks or transactions incidental to the exercise of its functions under this Law. 1 In addition, the CBI may take whatever action it deems necessary to: (i) counter money laundering and terrorist financing, and (ii) regulate and supervise lending companies, microfinance companies, and any other non-bank financial institutions not otherwise regulated under Iraqi law.

 

2 The CBI shall have the power to issue regulations for the purpose of implementing this Law and carrying out its functions under this Law. Regulations issued under this Law, and any subsequent amendments thereto, shall be published in the Official Publication. 3 If the CBI proposes to issue a regulation pursuant to this Law, it shall publish a draft of the proposed text of the regulation in a form and in a manner determined by it to be best calculated to bring the proposed regulation to the attention of the domestic financial sector and the general public. The draft shall be accompanied by an explanation of the purpose of the proposed regulation and a request for comments within a specified time of not less than one month after the date of publication of the draft. The CBI shall have regard to any comment received and issue the final text of the regulation accompanied by an account in general terms of the comments. The procedure set out in this paragraph shall not apply if the CBI determines that the delay involved would be a serious threat to the interests of the financial system or hinder the effective conduct of monetary policy, provided that such decision by the CBI shall be explained in the preamble to the regulation. 4 In carrying out its functions in accordance with the provisions of this Law, the CBI shall have the power to issue legally-binding orders addressed to specified individuals or entities and directing such persons or entities to undertake specific actions which are in accordance with this Law. 5 The CBI shall have the power to issue internal rules or guidelines on the organization and administration of the CBI.

 

SECTION 2-CAPITAL, RESERVES AND NET PROFITS Article 5 Capital and reserves 1 The authorized capital of the CBI shall be 100 billion dinars and shall be fully paid in by the State in exchange for one hundred percent of the CBI's capital stock. 2 The authorized capital stock of the CBI shall held solely by the State, shall not pay a dividend, and shall not be transferable or subject to encumbrance. 3 The authorized capital may be increased by such amounts as the Minister of Finance may approve upon the recommendation and approval of the Board. 4 The CBI shall hold a general reserve account, an unrealized profits reserve account and such other reserve accounts as may be appropriate under international accounting standards. Article 6 Computation of profits and losses; allocation of net operating loss 1 Within three months after the end of each financial year, the CBI shall determine in accordance with the rules set out in Articles 7 and 45 its net profits available for distribution or its net losses. 2 If the CBI incurs a net operating loss for any financial year, that loss shall first be charged to the general reserve and subsequently to capital.

 

Article 7 Treatment of unrealized gains

 

1. Where unrealized gains for a financial year on assets or liabilities of the CBI that are recorded at fair value or are denominated in foreign currency are included in the net income of the CBI for that year, the net profits of the CBI available for distribution under Article 8 shall be determined as follows: a. by deducting from the net income the total amount of any unrealized gains included in the net income, and by allocating an equivalent amount to the unrealized profits reserve account; and b. by deducting from the unrealized profits reserve account and adding to the net profits available for distribution as determined in sub-paragraph (a) the amount of any unrealized gain that was deducted from the net income for one or more previous years and was realized during the financial year. 2. No other deductions shall be made from the unrealized profits reserve except those permitted under this Article. Article 8 Distribution of net profits 1. Within three months after the end of each financial year, the Board shall distribute the net profits available for distribution as follows: a. 80 percent of any net profits available for distribution shall be transferred to the general reserve account until such time as the general reserve account of the CBI reaches a sum equal to 10 percent of the total assets of the CBI; b. any remaining net profits available for distribution shall be transferred to any other reserve account that may be established by the CBI pursuant to paragraph (4) of Article 5. 1 No distribution shall be made out of retained or current income of the CBI, except as permitted by paragraph (1). No distribution of net profits shall include any portion of unrealized gains. 2 No distribution shall be made under paragraph (1) if, as a result thereof, the assets of the CBI would be less than the sum of its liabilities and unimpaired capital and reserves.

Edited July 8, 2017 by edithjimmy

[10 YEARS LATER]

3 hours ago, bostonangler said:

 

Why don't people get this? The worst terrorist attack on America was an inside job. And what about all the gold that was stored in the basement of the twin towers. Who stole that?

 

 

 

Thanx BA for this - I'll have to look at this tonight . . . No doubt you've seen Zeitgeist  - It's no surprise people are indignant when they see this. It flies in the face of everything they've been successfully brainwashed into believing. 

[Floridian]

Thanks, BostonAngler, I just watched the film.  Seems to be plenty of proof in that film.  I remember reading, years ago, that a few days before 9/11 there were a lot of Brinks trucks lined up outside of Building 7, moving the gold out of the basement.  Don't know where it went.

 

I have some questions.   If, as they say, no crashed plane debris was found in Shanksville, PA, what made that hole in the ground and what happened to the plane that was supposed to have crashed (and all the people on it)?

 

Also, if such little plane debris was found at the Pentagon, what happened to THAT plane and all the people on it?

 

Anyone know?

Edited July 8, 2017 by Floridian

[sandfly]

Thanks 

[Butifldrm]

The first reading of the law of the Second Amendment to the law of the Iraqi Central Bank issued Order No. 56 of 2004 for the Coalition Provisional Authority (dissolved)

 July 8, 2017 39 Views

Supervisory Committee: Finance Committee

 

 

Law of the Second Amendment to the law of the Iraqi Central Bank issued Order No. 56 of 2004 for the Coalition Provisional Authority (dissolved)

•  First reading
•  Rating
•  Publishing

In the name of the people Presidency Based on what was approved by the House of Representatives and approved by the President of the Republic on the basis of the provisions of item (i) of Article (61) and item (iii) of Article 73 of the Constitution Issued the following law: - No. () for the year 2017 Law of the Second Amendment to the law of the Iraqi Central Bank issued Order No. 56 of 2004 for the Coalition Provisional Authority (dissolved) Article 1 The text of paragraph (1) of Article (5) of the Central Bank of Iraq issued Order Law No. (56) for the year 2004 on the Coalition Provisional Authority (dissolved) and replaced by the following:

 

1 is the head of the Iraqi Central Bank capital (1 trillion) and one trillion dinars wholly state-owned.

 

Article 2, add the following to Article 10 of the Law and Paragraph (3) have: 3 The Board constitutes the Audit Committee are linked directly consisting of three (3) members of the non-bank staff who have scientific qualifications and practical experience in the areas of finance, accounting, law, economics, management and regulate its functions and the mechanism of its work instructions prepared by the Council in accordance with international standards and best practices of central banks and issued by the Governor. Article 3 shall be repealed items (c) and (d) of Article (11) of the Act and replace them with the following: C One general managers in the bank. D five members from outside the Central Bank of Iraq with experience and competence in finance or banking or legal.

 

Article 4 The text of Article 27 of the law and replaced by the following: Article 27

1. The Central Bank of Iraq will hold deals on foreign assets and manages the official foreign exchange reserves of the state according to international best practices and the objectives of monetary policy and the Council may invest such a reserve in any of the following or assets in all of them: - A golden cash found in the Iraqi Central Bank coffers. B foreign cash and coins which are usually used in the performance of international accounts maintained by the Central Bank of Iraq or for his account. C credit balances payable on demand or payable after the short-term foreign currency, which is usually used in the performance of international accounts maintained by the Central Bank of Iraq has or those that invest through the repurchase and re contrast purchase fixed deposits for various maturities agreements accounts. D special drawing rights available to Iraq at the expense of the International Monetary Fund. Iraq put its reserves at the International Monetary Fund. And any securities for debt negotiable issued by or which are full of confidence and the adoption of foreign governments or central banks or international financial institutions and the authorities of foreign and local agencies that are paid in foreign currencies, which are usually used in the performance of international accounts maintained by the Central Bank of Iraq or for his account.

2 Bank use of financial derivatives in investment portfolios as a tool to hedge.

 

Article 5 is added as follows to the Article (30) of the Act shall be (c) have: C The loan was granted to the bank in return for interest determined by the Bank in accordance with the requirements of the market.

 

Article 6 is added as follows to Article 33 of the Law and Paragraph (6) have: 6 Central Bank of Iraq issued commemorative coins for non-negotiable.

 

Article 7 The text of paragraph (2) of Article 48 of the law and replaced by the following: 2 chooses the Central Bank of Iraq with the approval of the Minister of Finance is an international company external audit and financial audit for a period of five (5) years, and may not be repeated selected for consecutive periods of more than (10) ten years.

 

Article 8 The text of Article 72 of the law and replaced by the following: Article 72 may not be the rhythm of seizure of the Iraqi Central Bank funds, including gold or special drawing rights or cash or credits or deposits, securities or any revenues of the Central Bank of Iraq.

 

Article 9 replaces the term (bonds and treasury bills), wherever mentioned in the law is a (securities solved).

 

Article 10 of this law shall be from the date of its publication in the Official Gazette. Reasons For the purpose of the head of the Iraqi Central Bank capital increase and to keep pace with the global economic development and the granting of powers to the Bank and increase the number of members of the board of directors from outside the bank and the formation of an audit committee and the issuance of commemorative coins and the imposition of interest on loans granted by the bank to commercial banks and keep money from bookings of judicial decisions. Initiated this law

 

http://ar.parliament.iq/2017/07/08/قانــون-التعديل-الثاني-لقانون-البنك-ا/

[malia]

Does this mean that the CPA will be dissolved and the CBI will be independent?

[Butifldrm]

They have been working to dissolve the CPA for years now. Iraq is such a victim of debt, so the CBI will remain under the control of the PTB it seems

[Butifldrm]

I re-translated this amendment to the CBI law 2004 in Bing and this is what it said, and I would like to know where are they coming up with the money to increase the Capital of the CBI.  In 2004, the CBI was started with a Capital of 100B Dinar.  https://en.wikipedia.org/wiki/Central_Bank_of_Iraq

 

 

First reading of the Second Amendment to the law of the Central Bank of Iraq issued by order No. 56 of 2004 on the Coalition Provisional Authority (dissolved)

July 8, 2017 62 views

Supervisory Committee: Finance Committee

 

Law of the Second Amendment to the Central Bank of Iraq Ordinance No. 56 of 2004 concerning the Coalition Provisional Authority (dissolved)

 

First reading

Vote

Deployment

 

In the name of the people

Presidency of the Republic

Based on the approval of the Chamber of Deputies and ratified by the President of the Republic on the basis of the provisions of article 61 (i) and (iii) of article 73 of the Constitution

The following law was promulgated:

No. () of 2017

Act of the Second Amendment to the Central Bank of Iraq Ordinance No. 56 of 2004 concerning the Coalition Provisional Authority (dissolved)

Article 1 abolishes the text of article 5, paragraph (1), of the Central Bank of Iraq Act No. 56 of 2004, concerning the Coalition Provisional Authority (dissolved), which is replaced by:

1. The capital of the Central Bank of Iraq (1000000000000) shall be one trillion dinars wholly owned by the state.

Article 2 Add the following to article 10 of the Act and paragraph (3) shall:

3 The board is directly linked to the Audit and Inspection Committee and consists of (3) three non-bank members who possess the scientific qualifications and practical experience in the areas of financial management, accounting, Law and economics and organizes its functions and work mechanisms with instructions prepared by the Council in accordance with international standards and best practices of central banks and issued by the governor.

Article 3 removes and replaces sections (c) and (d) of article 11 of the Act as follows:

C One of the bank's directors general.

(d) Five members from outside the central Bank of Iraq with expertise and competence in finance, banking or legal matters.

Article 4 abolishes the text of article 27 of the Act and replaces the following:

Article 27 1 The Central Bank of Iraq shall hold transactions on foreign assets and administer the official reserve of foreign funds to the State in accordance with the best international practices and monetary policy objectives The board may invest such a reserve in any or all of the following assets:-

(a) gold coins located in the coffers of the central Bank of Iraq;

(b) Foreign currency and coins that are usually used in the performance of international accounts held by the Central Bank of Iraq or for its account.

C. credits payable upon request or payable after a short-term payment in respect of foreign currency normally used in the performance of international accounts maintained by the Central Bank of Iraq in its accounts or those that are invested through repurchase and repurchase agreements and multiple fixed-term deposits.

(d) Special Drawing Rights (SDRs) available for the Iraq account with the International Monetary Fund (IMF).

(e) Status of Iraq's reserve with the International Monetary Fund.

and any securities for tradeable debts issued or fully trusted and accredited by foreign governments, central banks or international financial institutions and authorities foreign domestic agencies, which are paid in foreign currencies, are usually used to perform international accounts held by or for the central Bank of Iraq.

2 The bank uses financial derivatives in the investment portfolios as a tool for hedging.

Article 5 Add the following to article 30 of the Act and (c) shall:

(c) The loan granted to the bank in exchange for interest determined by the banks in accordance with the requirements of the market.

Article 6 Add the following to article (33) of the Act and paragraph (6) shall have:

6-The central Bank of Iraq to issue non-negotiable commemorative coins.

Article 7 repeals paragraph (2) of article 48 of the Act and replaces the following:

2. The Central Bank of Iraq shall, with the approval of the Minister of Finance, select an international company to perform the functions of external review and financial audit for five years and shall not be repeated for a period of more than 10 years.

Article 8 abolishes the text of article 72 of the Act and replaces the following:

Article 72 no seizure shall be made of the funds of the Central Bank of Iraq, including gold, special drawing rights, cash, credit, deposits, securities or any revenues of the central Bank of Iraq.

Article 9 (securities) replaces the words (bonds and treasury bills), wherever they are contained in the law.

Article 10 implements this act from the date of its publication in the Official Gazette.

Positive reasons

For the purpose of increasing the capital of the central Bank of Iraq to keep pace with the world economic development, to grant bank powers, to increase the number of members of the bank's board from outside the bank and to set up an audit committee and issuing commemorative coins and charging interest on bank loans to commercial banks and maintaining its funds from judicial decisions.

This law is sponsored by

 

 

[nannab]

Thanks much Butifldrm. 

[mylilpony]

The cbi is no longer under cpa order 56. They are just including it in the amendment for some odd reason. The minute the cbi law for 2004 went into affect it dissolved the cpa order. If there is a cpa order for a particular law, once parliament passes said law they include in the new law that the cpa order that was in place is automatically dissolved. The one we want to watch is cpa law number 43 or 45 i believe it is. That is the cpa law that when dissolved gives iraq the full freedom to its currency. In all my research i have never found if that cpa law was ever really dissolved. Another thing lets not forget and that is that the un sanctions will also have an affect on their currency. If you read through the cpa's you will see many un resolutions were also attached. They all go hand in hand.