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The Central Bank calls on the IMF to resolve the issue of the withdrawal of global banks from the Iraqi arena


yota691
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BAGHDAD / 
The governor of the
Central Bank of Iraq called on the International Monetary Fund on Sunday to intervene in resolving the issue of the boycott of some international banks Correspondent with Iraqi banks, stressing Iraq's commitment to implement its program with the IMF.
"The central bank appreciates the work of the IMF team and the flexibility in the policy of advising, since it is important to reach the central bank," al-Alak said in a speech during a meeting with the IMF director general and central bank governors in Washington. This degree of flexibility and understanding of the exceptional Iraqi situation, where the importance of this matter when it comes to balancing the financial situation with the social considerations. " 
"Iraq is appreciating if the Middle East section of the International Monetary Fund can provide best practices and facilities and dialogue with shareholders to address this issue as soon as possible," he said.
"Despite the difficult circumstances, the Iraqi government is committed to implementing its program with the International Monetary Fund," he said. "I expect that the agreement will be reached on the third review under the program." He added that "Iraq, like other countries in the region, has a large number of refugees and displaced persons, And it is useful that the Middle East division of the International Monetary Fund provide assistance in assessing the economic impact associated with it. It is also important that this assessment be made clear in the staff reports so as to give the international community an opportunity to provide assistance. " 
"Iraq thanked the government and people of the Kuwaiti government for their valuable support for Iraq, including hosting the Iraq reconstruction conference in the coming months and thanked the IMF for the technical support it will provide to the conference itself," he said.
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3 minutes ago, yota691 said:

The governor of the Central Bank of Iraq called on the International Monetary Fund on Sunday to intervene in resolving the issue of the boycott of some international banks Correspondent with Iraqi banks, stressing Iraq's commitment to implement its program with the IMF.

 hmm ty Yota

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3 minutes ago, ChuckFinley said:

To many zeros for the system to handle and to much paper to stack on site. Hmmmmmm, a little value solves that problem.

Iraq would need to tighten their money supply and cause a deflationary spiral. If they can go international and other international banks hold the IQD, then it will raise very quickly.

 

They have to go International with their currency.

 

tenor.gif

 

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4 minutes ago, ChuckFinley said:

I am thinking the same thing. I am looking for the UN and Kuwait meeting in Nov. Then National Oil and Gas Company and HCL.

 

10 minutes ago, 10 YEARS LATER said:

They need to hurry the hell up . . . pull the damn trigger and the rest of the holdouts will be banging down the doors to get a piece of the action !

 

ALL the Important Laws

1. Law of Parties

2. Federal Court Act

3. National Guard

4. Justice and Accountability Law Council

5. Investment Law

6. Banking Law

7. Financial Deposits Protection Act

8. Amnesty Law

9. OIL & GAS (HCL)

10. Article 140

 

You remember the hell we already been through lol

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11 minutes ago, newbieDA said:

 

 

ALL the Important Laws

1. Law of Parties

2. Federal Court Act

3. National Guard

4. Justice and Accountability Law Council

5. Investment Law

6. Banking Law

7. Financial Deposits Protection Act

8. Amnesty Law

9. OIL & GAS (HCL)

10. Article 140

 

You remember the hell we already been through lol

 

Yep ! War is Hell and what these monkeys' have put us thru the last 14 years is a Hell of sorts - a different kinda Hell, but nonetheless here it is ! Mutant Mouth Breathing Knuckle Dragging Screw Heads. :rake:

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Just now, 10 YEARS LATER said:

 

Yep ! War is Hell and what these monkeys' have put us thru the last 14 years is a Hell of sorts - a different kinda Hell, but nonetheless here it is ! Mutant Mouth Breathing Knuckle Dragging Screw Heads. :rake:

 

I did research on this to help someone and was given some if I found merit to all this in anyway. Do I regret it? no

 

BUT on another note, this investment cuts like a knife and sometimes was and is very sad to witness personally and in directly (internet comments). I know you have witnessed people losing it in some real bad or odd ways too. Even I.

 

Thats one hellva list we have been through. Hopefully not much longer I believe. I don't know though.

 

 

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The governor of the Central Bank of Iraq on Sunday, the International Monetary Fund to intervene in resolving the issue of boycotting some of the global banks Correspondent with Iraqi banks, stressing Iraq’s commitment to implement its program with the IMF.
“The central bank appreciates the work of the International Monetary Fund team and the flexibility of the policy of advising, as it is important to reach this degree of flexibility and understanding of the exceptional Iraqi situation where it stands out,” Al-Alak said in a speech during a meeting with the Director General of the International Monetary Fund and Central Bank Governors in Washington. The importance of this matter when it comes to balancing the financial situation with social considerations. ”
“Iraq is appreciating if the Middle East section of the International Monetary Fund can provide best practices and facilities and dialogue with shareholders to address this issue as soon as possible,” he said.
“Despite the difficult circumstances, the Iraqi government is committed to implementing its program with the International Monetary Fund,” he said. “I expect that the agreement will be reached on the third review under the program.” He added that “Iraq, like other countries in the region, has a large number of refugees and displaced persons, And it is useful that the IMF’s Middle East section provides assistance in assessing the economic impact associated with it. It is also important that this assessment be made clear in staff reports so as to give the international community an opportunity to provide assistance. ”
“Iraq thanked the government and people of the Kuwaiti government for their valuable support for Iraq, including hosting the Iraq reconstruction conference in the coming months and thanked the IMF for the technical support it will provide to the conference itself,” he said.

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Yota691- Thanks again for this most encouraging post. Here we see, piblicly, that the Governor of the CBI is asking the IMF to help it with its endeavor. I see nothing but good in this article-although I don't know when the 'third review' referenced above is supposed to take place.  I like the timeliness of this article as it proves that things are being done behind the scenes.   "As soon as possible...,,," -  I am eager to see how the IMF responds. 

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CNN. Broadcasting While The CBI Makes A Collect Call To The IMF !

 

 

81C78508-CD24-435D-86C0-070273E237C3-620x330.jpeg

The Central Bank calls on the IMF to resolve the issue of the withdrawal of global banks from the Iraqi arena

In the economy of October 22, 2017 

 
BAGHDAD / The governor of the Central Bank of Iraq on Sunday, the International Monetary Fund to intervene in resolving the issue of boycotting some of the global banks Correspondent with Iraqi banks, stressing Iraq's commitment to implement its program with the IMF.

"The central bank appreciates the work of the IMF team and the flexibility in the policy of advising, as it is important to reach this degree of flexibility and understanding of the exceptional Iraqi situation where it stands out," al-Alak said in a speech at a meeting with the IMF's director general and central bankers in Washington. The importance of this matter when it comes to balancing the financial situation with social considerations. "

"Iraq is appreciating if the Middle East section of the International Monetary Fund can provide best practices and facilities and dialogue with shareholders to address this issue as soon as possible," he said.

"Despite the difficult circumstances, the Iraqi government is committed to implementing its program with the International Monetary Fund," he said. "I expect that the agreement will be reached on the third review under the program." He added that "Iraq, like other countries in the region, has a large number of refugees and displaced persons, And it is helpful that the Middle East division of the International Monetary Fund provides assistance in assessing the economic impact associated with it. It is also important that this assessment be made clear in the staff reports so as to give the international community an opportunity to provide assistance. "

"Iraq thanked the government and people of the Kuwaiti government for their valuable support to Iraq, including hosting the Iraq reconstruction conference in the coming months and thanked the IMF for its technical support to the conference,

link

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(by don961)

https://cbi.iq/news/view/445

The Governor's interview at Columbia University / New York

Lecture by the Governor at Columbia University / New YorkThe Governor 22nd October, 2017
Corresponding text by Mr. Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq at Columbia University / New York on 17-10-2017

Need Translation for below

Click here  

Ali Mohsen Ismail Alalak Governor of the Central Bank of Iraq Chairman of the Board Chairman of the Council against money laundering and terrorism financing
CBI © Ali Mohsen Alalak 2017

The historical stages of the Central Bank: Functions and policies (1947-1987): The first covenant
• Establishment and traditional monetary policy
• The Central Bank was established after the abolition of the Iraqi currency council, which was founded in Britain in 1931.% Foreign currency by
 was the transition from the link of the Iraqi currency Pound sterling to the dollar in 1955
 $ per dinar 2.80 US price The government of Iraq nationalized all banks and insurance companies 1964 in
(1990-2003): • The Second Covenant
• The dominance of fiscal policy and the loss of the bank
• Serious challenges and government intervention in the bank's work during the Gulf War
• Loss of independence
• Use of the Central Bank of Iraq to finance the war machine through the cash issue
• Total depletion of bank reserves Centralized
 dinars against the dollar) and the arrival of 3000 (collapse of the dinar exchange rate and the Iraqi dinar
 Rankings 3 Inflation to the Central Bank of Kuwait lost its role in achieving the general stability of prices due to hyperinflation
(2004-2014): The Third Covenant
• The Central Bank obtained independence under its new law and the achievement of general stability
• Prices: A new political system that establishes a competitive market economy
• The new law of the bank attended the government intervention in the work of the bank, including attended by the government. % And the currency auction 20 The use of the central bank interest rate (reached more than
 foreign to curb inflation.

The objectives of the Bank are to achieve stability in domestic prices and to maintain a stable financial system based on competition in the market. In line with the above objectives, the Bank is committed to promoting development and providing opportunities Working and Achieving Prosperity in Iraq: The Vision of the New Testament  The Central Bank of Iraq (CBE) focuses on macroeconomics, monetary stability, price stability, and the achievement of overall objectives by maintaining financial stability and payment system, banking system and system functioning. Mali underbody on a large scale.

• The Fourth New Covenant
  • Transition from monetary stability to financial stability and economic growth
   The central bank has started a new era with a new vision, moving from 2015 to 2015, focusing on one or more goals. Monetary stability is a multi-dimensional institution with a number of objectives and tasks in response to developments and challenges in central banking in the world. And tools of the twentieth century to the environment and tools of the twenty-first century.

"What we know is that for a good and effective economic performance inflation must be at a low and stable level maintained by the monetary authority, certainly now we know that this is a mistake, as the damage caused by the financial crises is much greater than the damage that can be caused by an outbreak Inflation

New functions: financial stability and economic growth
  . Financial stability. Protection of the Financial System. Stimulate economic growth.

Financial and Financial Sector
 
  . Containment of the financial crisis

Financial stability is the case where the financial system is capable of performing a convincing performance of the three functions. First, the financial system facilitates the efficient and smooth allocation of resources from savers to investors; second: the outlook for financial risks is well managed; If not with the fluency of containing surprises and shocks. Economic development

FO is absolutely essential to support financial development and economic growth. The existence of an improper banking sector can lead to systemic financial risks and economic collapse.
 
 225, 2007, Economic Growth of Financial Stability and the Role of Law, Douglas E. Warner, University of Cambridge 2

In the following pages you will find the achievements of the Central Bank of Iraq relating to the pillars of financial stability above during the first time 2017-2015 :

 A) Financial stability (solid financial sector and security)
Stimulation and support of private banks and opening of accounts for state institutions in private banks
 For government depository Documentary credits Upgrading the payment system through the establishment of the national division and the integrated infrastructure
 Electronic payment companies 9 for retail payment systems and licenses to establish a protection unit Customer and Deposit Guarantee Corporation
 Establish National Payments Board
 Establish Financial Stability and Risk Management Units 

Linking the financial system in the Kurdistan region with the Central Bank of Iraq (cancel the sub-
 Central Bank in Erbil and Sulaymaniyah linked to the Ministry of Finance of the region and the establishment of two new branches linked to the Central Bank of Iraq)
  Stimulate tight control, disclosure, government representative of the civil sector 

• Include financial
  Preparation of the financial inclusion strategy
  Establishment of the Deposit Guarantee Company
  Depositing employees' salaries in accounts opened to them in public and private banks
  Development of payment system and payment by mobile phone
  . Establishment of the National Bureau of Credit Inquiries

Contributing to the development of the capital market
Forming a permanent coordination committee between the Central Bank and the Ministry of Finance to coordinate the financial and monetary policies.
The transition from the current accounting system to the application of international accounting standards for the preparation of financial reports and the obligation of all banks to apply them through the use of international audit offices.
  . Full membership in the Islamic Services Council

(Banks up to now 10) Facilitating the establishment of Islamic banks
 Establish an account in the name of the Central Bank of Iraq in the Depository Center in the stock market
 to facilitate the circulation of national bonds.Estimating the secondary stock market by buying the application of the trading system,
• Liquidity of banks through the application of "liquidity coverage ratio" and "net fixed financing ratio" for the first time
support and stimulate the application of business continuity management system standards and practices by issuing instructions according to standards issued by the UK Institute for Business Continuity and Basel II principles. G central depository and settlement systems and to reconcile
 system clearing and settlement of securities trading operations with payment systems.

"Bread and those who make it in constant demand, firefighters only ask in emergency situations, who make fiscal policy like bakers, keep an eye on macroeconomics and the cash situation they should always be in. Financial stability experts are firefighters, Alarms, walls and cutting equipment, and all fire controls are in place
 
 
  16. Page 1 Richard Barley, Overview of Financial Stability and Central Bank 1 *

B - Contain the fiscal deficit. % Contain the financial crisis in the last two years%% of reserves with the central bank to buy treasury transfers 50 Allow banks to use.. (4 trillion dinars) more than the proposal and develop a plan to pay the dues of contractors, processors and farmers accumulated and is being paid now under bonds organized by the Central Bank The central bank plays a key role in implementing the program of credit readiness with the International Monetary Fund for international loans and facilities. Financial Reform and Regression Plan for Maintaining Macroeconomic Stability Implementing the single treasury account system in coordination with the Ministry of Finance

Protection of the financial sector from financial crimes and money laundering. . Preparing a national strategy to combat money laundering and terrorism financing
  , Enforcement of anti-money laundering and terrorist financing rules (regulations and regulations, regulations).
To activate and strengthen the Anti-Money Laundering and Terrorism Financing Department and grant it independence and an independent budget (for the first time, cases of money laundering and terrorism financing offenses will be referred to the judiciary).
  • Strengthen cooperation, coordination and exchange of information with international partners
  Application of programs, systems, policies and procedures to control and control the movement of foreign currency (USD)

T) Lending 5 launch initiative is the largest in the history of Iraq  small and medium enterprises to stimulate the real sector.
  . Establishment of a unit to support and control microfinance
  . Review and update relevant legislation
  . Working on the establishment of an investment fund with the participation of all banks
  . Grant banks the freedom to determine interest

• Establishment of new structures 
• Financial stability unit 
• Economic forecasting unit 
Risk management unit 
• Compliance unit 
• Total quality management unit 
• Development of organizational structure of existing departments and configurations 
• Implementation of knowledge transfer program in coordination with international partners

The Central Bank continues to implement its monetary policy : 

• Continuing to achieve the objective of monetary policy to preserve the value of the Iraqi dinar
• Maintain the link of the Iraqi dinar to the US dollar in order to support economic stability and balance of payments.
• The Central Bank's success in maintaining the reserve level of the foreign currency in spite of the circumstances and the challenges of the large decline in dollar resources due to the low oil prices

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1 hour ago, DinarThug said:

The Central Bank was established after the abolition of the Iraqi currency council, which was founded in Britain in 1931.% Foreign currency by
 was the transition from the link of the Iraqi currency Pound sterling to the dollar in 1955
 $ per dinar 2.80 US price The government of Iraq nationalized all banks and insurance companies 1964 in
(1990-2003): • The Second Covenant
• The dominance of fiscal policy and the loss of the bank
• Serious challenges and government intervention in the bank's work during the Gulf War
• Loss of independence
• Use of the Central Bank of Iraq to finance the war machine through the cash issue
• Total depletion of bank reserves Centralized
 dinars against the dollar) and the arrival of 3000 (collapse of the dinar exchange rate and the Iraqi dinar

 

1 hour ago, DinarThug said:

What we know is that for a good and effective economic performance inflation must be at a low and stable level maintained by the monetary authority, certainly now we know that this is a mistake, as the damage caused by the financial crises is much greater than the damage that can be caused by an outbreak Inflation

 

1 hour ago, DinarThug said:

• Continuing to achieve the objective of monetary policy to preserve the value of the Iraqi dinar
• Maintain the link of the Iraqi dinar to the US dollar in order to support system" rel="">support economic stability and balance of payments

 

CBI need to RI to achieve all economic reform and prevent all big player withdrawing from Iraq. Before that, GOI have to complete all process to implement HCL and show to world how sincere them to their own citizen ASAP. Time will tell whether this will happened or not.

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1145.jpg
Governor of the Central Bank Ali Alalak "Economy News"

Economy News Baghdad:
The governor of the Central Bank of Iraq, Ali al-Alaq, the International Monetary Fund to the need to intervene in resolving the issue of boycotting some of the global banks Correspondent with Iraqi banks, stressing Iraq's commitment to implement its program with the IMF.
Al-Alak said in a press statement received by "Economy News" that "the Central Bank appreciates the work of the IMF team and flexibility in the policy of providing advice and understanding of the exceptional Iraqi situation," adding that "flexibility of the International Monetary Fund highlights its importance when it comes to balance the financial situation with social considerations "He said.
He pointed out that "Iraq is estimated if the Middle East section of the International Monetary Fund can provide best practices and facilities and dialogue with shareholders to address this issue as soon as possible" .
"Despite the difficult circumstances, the Iraqi government is committed to implementing its program with the International Monetary Fund," he said.


Views 8   Date Added 23/10/2017
 

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The governor of the Central Bank of Iraq on Sunday, October 22, 2017, called on the International Monetary Fund to intervene in resolving the issue of boycotting some of the correspondent banks with Iraqi banks, stressing Iraq's commitment to implement its program with the IMF .

"The central bank appreciates the work of the IMF team and the flexibility of the policy of advising, as it is important to reach this degree of flexibility and understanding of the exceptional Iraqi situation where it stands out," Al-Alak said in a speech during a meeting with the IMF's director general and central bankers in Washington. The importance of this matter when it comes to balancing the financial situation with social considerations. "

"Iraq is appreciating if the Middle East section of the International Monetary Fund can provide best practices and facilities and dialogue with shareholders to address this issue as soon as possible," he said.

"Despite the difficult circumstances, the Iraqi government is committed to implementing its program with the International Monetary Fund," he said. "I expect that the agreement will be reached on the third review under the program." He added that "Iraq, like other countries in the region, has a large number of refugees and displaced persons, And it is useful that the Middle East division of the International Monetary Fund provide assistance in assessing the economic impact associated with it. It is also important that this assessment be made clear in the staff reports so as to give the international community an opportunity to provide assistance. "

"The Iraqi government and people thanked the Kuwaiti government for their valuable support to Iraq, including hosting the Iraq reconstruction conference in the coming months and thanking the International Monetary Fund for the technical support it will provide to the conference itself," he said.
 

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8 minutes ago, Boozer said:

This is a must, Chapter 8, HCL, and then we can get paid. But I also see it more like the first of the yr.  HOPE I'm wrong and it comes sooner 

Laid Back and I have been discussing this. I was hoping for 2017 and still have not given up hope. My guess now is 1st Quarter 2018.  There is so much that  we do not know. I am only guessing on what needs to get done. Just giving it my best shot. 

Edited by ChuckFinley
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