Central Bank decides to re - work with branches of banks in the Kurdistan region

[blueskyline]

Happy Friday Synopsis! ...............

[Synopsis]

51 minutes ago, blueskyline said:

Happy Friday Synopsis! ...............

 

You, too, BlueSkyLine!

 

And The Best Of Your Weekend To You, too! 

 

Go Moola Nova!

[gregp]

With Maliki’s son getting caught smuggling money in Lebanon years back.

 

All the investigations into lost money, with no real outcome. 

 

I’d say they just put the puzzle together. 

 

Thanks 

[10 YEARS LATER]

Welcome to Iraq's BIG STING !

[yota691]

Central Bank withdraws a brokerage company to sell and buy currencies for violating the instructions

 

Logo of the Central Bank of Iraq

Economy News Baghdad: The Central Bank of Iraq announced on Saturday the withdrawal of the license of a brokerage company to sell and buy foreign currencies for violating the instructions. The bank said in a press statement that "in view of the violation of the company Notepad to mediate the sale and purchase of foreign currencies to the provisions of the regulation of the work of brokerage companies decided to withdraw the license to establish the company and the withdrawal of the letter of guarantee and issued in favor of this bank." The bank called on "the Ministry of Commerce to cancel the certificate of incorporation granted to him by it," calling for "write off the company's name from its records and provide the Central Bank with the letter of liquidation certified."     Views 27   Date Added 11/11/2017

[yota691]

The inclusion of 10 Lebanese banks in the Central Bank measures on suspension of work in Kurdistan

 

 Since 2017-11-11 at 13:22 (Baghdad time)

Baghdad Mawazine News

According to Lebanese sources, the decision taken by the Central Bank of Iraq on the suspension of the branches of private banks in the Kurdistan region within a week, including 10 Lebanese banks, and pointed out that the decision is vague and incomprehensible.

The Central Bank of Iraq issued orders to banks to close their branches in the Kurdistan region within a week to avoid a ban on the sale of the dollar.

"The CBI decision includes Fransabank, Bank Audi, BLOM Bank, Byblos Bank, Mediterranean Bank, Credit Libanais Bank, Beirut Bank, Arab Bank, Intercontinental Bank, Bank of the Middle East and Africa, and Lebanese Lebanese Bank."

The newspaper added that "the units of Lebanese banks in Iraq, specifically in the Kurdistan region, especially Erbil is the most numerous and widespread and active among the banks of expatriate."

The capital of Lebanese banks is 500 million dollars as a result of the decision of the Central Bank of Iraq issued in 2016, which obliged foreign banks, including the Lebanese, to increase its capital to 50 million dollars. According to the newspaper.

The representative of the Association of Lebanese Banks in Iraq, Samir Tawila, said that "the generalization of the Iraqi Central is unclear." He did not mention many details.

"We have contacted the Iraqi Central and demanded clarifications, and will issue an explanatory note to this circular on Monday, which explains more details about the parties concerned specifically decision."

He pointed out that "the circular requires banks that buy the US currency from the Iraqi Central, to close its branches or stop dealing with its branches in Erbil."

He explained that "this circular affects all banks operating in the Kurdistan region, whether foreign or local, where it is prohibited to buy the dollar from the Central Bank in the case of branches in Kurdistan, and ask them to close their branches in the region in order to continue to participate in the window of sale and purchase of foreign currency" .

He said Taweelah that "the Lebanese banks saw this circular" is unclear "because a large proportion of them do not buy the dollar from the central, and therefore wondered in this case if it affects the decision of the Central, and if it had to close its branches in Erbil.

The Lebanese businessman Jack Sarraf said that "this decision is an internal banker related to the prohibition of the sale and purchase of the dollar on the branches of banks operating in Kurdistan."

"The decision does not affect the Lebanese businessmen working in Erbil because they are doing their business normally and in foreign currency in most cases," he said.

The Iraqi parliament had voted earlier in the month to stop financial transactions with Kurdistan in response to the referendum on independence

[yota691]

A member of parliamentary finance describes the measures to stop the bleeding of the currency as "slow" and warns of disaster

 

Saturday, November 11,

 

 

 

 

 

Alsumaria News / Baghdad Member of the Finance Committee Representative Hossam al-Aqabi, Saturday, the measures to stop the bleeding of hard currency "slow" and without the risk, warning of a major disaster.  Al-Aqabi said in an interview with Alsumaria News that "the Parliamentary Finance Committee and since the beginning of the parliamentary session confirmed the seriousness of the error in which the Central Bank adopted the auction of currency sale of existing instruments," noting that "there are many claims by us through interviews with officials of the Central Bank And official books on the need to modify these mechanisms to stop the case of depletion of hard currency.         Al-Aqabi added that "the remedial measures to stop the bleeding of the hard currency is still slow and without the size of the risks and warns of a major disaster in the event of continuing after the decline of the Iraqi reserves of hard currency to a level not exceeding 50 billion dollars," pointing out that "the management of the National Bank in a hidden and undeclared by Influential political figures make them above the law. "  He stressed that "there are materials included in the draft law on private banks will work on the development of binding controls on the work of banks and their dominance on the currency auction and the effects of how the private banks deal with public sector institutions."  The member of the Finance Committee parliamentary Magda Tamimi confirmed, earlier, the continued bleeding of hard currency in the auction of foreign currency, describing the auction as "bid'ah."

[yota691]

Central Bank withdraws a brokerage company to sell and buy currencies for violating the instructions

 

Saturday 11 November

 

 

Baghdad  - The Central Bank of Iraq announced on Saturday the withdrawal of a license to buy and sell foreign currency for violating the instructions.  The bank said in a statement that Alsumaria News received a copy of it that "in view of the violation of Notepad to mediate the sale and purchase of foreign currencies to the provisions of the regulations regulating the work of brokerage companies decided to withdraw the license to establish the company and withdraw the letter of guarantee issued for the benefit of this bank."  The bank called on the Ministry of Commerce to cancel the certificate of establishment granted to it by the company, calling for "the cancellation of the name of the company from its records and to provide the Central Bank with the letter of liquidation certified."   The Central Bank of Iraq was established as an independent bank under its law of 6 March 2004 as an independent body responsible for maintaining price stability and implementing monetary policy. It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies.

[yota691]

11-11-2017 11:35 AM

The Central Bank withdraws a brokerage company for violating the instructions

 

 

 

The Central Bank of Iraq announced on Saturday the withdrawal of the license of a brokerage company to buy and sell foreign currencies for violating the instructions. 

The bank said in a statement that 'in view of the violation of the company Notepad to mediate the sale and purchase of foreign currencies to the provisions of the regulation of the work of brokerage companies decided to withdraw the license to establish the company and withdraw the letter of guarantee and issued for the benefit of this bank'. 

He called on the 'Ministry of Commerce to cancel the certificate of establishment granted to him by', calling for 'write off the name of the company from its records and provide the Central Bank with the letter of liquidation certified'.

 

[Wiljor]

IRAQ HITS KURDISH BANKING

Iraq, November 11, 2017  Iraq’s central bank has ordered private banks to close their branches in the Kurdistan region within a week to avoid a ban on dollar sales, Iraqi banking sources said on Thursday. The central bank’s deadline expires on Nov 14 and all banks must report back with confirmation they have closed their branches to avoid penalties, the sources said. The new measures are part of financial restrictions imposed by Baghdad in retaliation for a Kurdish referendum held on Sept 25, in which the region voted overwhelmingly for independence. In Oct 16, a lightning advance by Iraqi government forces captured the Kurdish-held city of Kirkuk and many disputed territories in response to the Kurdish referendum.   Iraqi banking sources said the new measures are intended to control the fl ow of hard currency into the Kurdish region. “Central bank seeks to re-organise relations with Kurdistan regional banking industry,” said a government financial advisor who is close to central bank policy. Central bank sources said a decision in October to stop selling dollars to four leading Kurdish banks was still effective. The Baghdad government has also imposed a ban on direct international fl ights to and from the Kurdish region. The Shi’ite, Arab-led Iraqi central government has rejected an offer by the Kurdish government to discuss independence. Backed by Iran and Turkey, Baghdad has demanded that the Kurdish authorities cancel the referendum result or face continued sanctions and international isolation. Four hours after first hearing gunfire outside his home, Abu Riwar bundled his wife and six children into his car and drove to a remote village 120 kms (75 miles) away. “We left with the clothes on our back and nothing else,” said Abu Riwar, a member of the Kurdish security forces from the ethnically mixed town of Tuz Khurmato, seized last month by Iraqi troops and Iran-backed Shi’ite paramilitaries. “If the militias found out I was peshmerga, they’d have slaughtered me.” They burned his home to the ground instead, his neighbours, who captured it on camera, told him. Tuz Khurmato was part of disputed territory, outside the Kurdish region of northern Iraq but held by Kurdish forces known as peshmerga, until last month, when the central government recaptured it in a lightning advance to punish the Kurds for staging an independence referendum that Baghdad called illegal. The majority of Tuz Khurmato’s 50,000 Kurds — around half of the population of the ethnically mixed city — fled the Iraqi advance to Kurdishheld villages and towns in nearby countryside, said Mayor Shalal Abdul. The mayor himself fled to the village of Zinana, 120 kms east of Tuz Khurmato, where he spoke to Reuters. Most residents have no plans to return home, citing reports of continuing attacks. “We can’t cope if it continues like this,” said the chief of police in Zinana, adding that the government and aid groups had been too slow to respond. “Families have taken over school buildings, houses and the hospital, but we can’t turn them out on the streets.” According to the United Nations, more than 180,000 people were displaced by the Iraqi government offensive on disputed territories last month. Aid agencies say most of those displaced are Kurds, though members of other minorities, including some of Tuz Khurmato’s Sunni Arabs and Turkmen, also fled. Until Baghdad’s offensive, Tuz Khurmato had been jointly administered by Kurdish forces, local police and the Iran-backed Popular Mobilization Forces (PMF) paramilitaries, allied with the town’s Shi’ite Turkmen population. Though the Turkmen and the Kurds had worked together to push Islamic State militants out in 2014, the town’s fragile coalition soon fell apart and led to open hostilities. In the run-up to the Kurdish independence referendum, tension escalated between the communities. In Zinana, displaced Kurds told Reuters stories of abuse at the hands of the Shi’ite paramilitaries who captured Tuz. One man showed a video he had filmed depicting the crushed body of a relative. Family members said the victim had been shot in his car, dragged out alive by paramilitaries and run over by a tank. “He was crushed to death in front of me, by those monsters,” said Abu Alan, the relative who filmed the body. “He was a good man from a good family.” A video circulated on the internet, apparently of the same incident, shows a tank running over a body while uniformed paramilitaries stand by. The paramilitaries deny carrying out any abuse. “Joint patrols by the PMF and government forces are securing the town, to prevent any attacks against Kurds,” said Ali al-Hussaini, a spokesman for the PMF in northern Iraq and a commander of the largest of the armed groups, the Badr Organisation. “It’s our job to keep Tuz safe for all sects.” The mayor, who is collecting stories and evidence of abuse, said seven people were killed when the town was captured, including the man who was crushed by the tank and three other civilians. He said he also knew of three women and one man who had been raped. Reuters could not verify those accusations. More than 1,000 businesses and 2,000 homes were looted, burned down or demolished, the mayor said. He showed Reuters images of houses and shopfronts in Kurdish areas, blown up and scorched, their residents’ belongings being carted away by men in military fatigues. Other pictures showed paramilitaries sitting in the mayor’s own office, feet propped up on his desk and on his Kurdish flag. Dozens of people were detained, and some say they were tortured, like Thiaa, a 20-year-old Sunni Turkman from the countryside who had gone to Tuz Khurmato the day after the offensive to check on his sister who was married to a Kurd. arabtimesonline   http://iraqdailyjournal.com/story-z16189780

[new york kevin]

Great article. Treason is treason . I hope the Fed Iraqi Troops stop that  looting and murdering shiznit by whatever Iraqi forces are doing it.  That has to stop now.  They have to isolate all the avenues of commerce and banking that the Kurds have initiated. Known and unknown .  Then they unilaterally, or with the cooperation of what remains of the former KRG, re-establish  commerce with the Kurdish region under terms they establish. Hopefully they have terms in said package that will protect the Iraqi Kurdish people, and terms that will allow them to save face. I think the semi-autonomous aspect of the Kurdish is now over.  JMHO.

[mylilpony]

just exactly why tillerson wants the popular crowd out of iraq, but abadi cant seem to cut the iranian ties. 

[yota691]

The Central Bank directs the banks to take into account the interests of citizens at their branches in the region

Release date: 2017/11/14 15:16 • 28 times read

[Ain-Baghdad] 
The Central Bank of Iraq directed banks that have branches in the Kurdistan region all without prejudice to the interests of citizens.

The Director of the Information Office of the Central Bank of Iraq, Acer Jabbar in a press statement received by the agency all of Iraq [where] a copy of it today, "the bank confirms that in the light of the resolution of the Iraqi Council of Representatives number 58 on 12/10/2017 in paragraph V thereof, [In directing decisions to protect the interests of citizens and not to prejudice their basic needs]. " 
He added that "this bank emphasizes the importance of not prejudice the interests of citizens in the activities of all banks that have branches in the Kurdistan region, and this bank will follow up and audit the financial activities carried out by banks."

[yota691]

Central Bank decides to re - work with branches of banks in the Kurdistan region

 

 Since 2017-11-14 at 11:12 (Baghdad time)

Baghdad Mawazine News

An official source at the Central Bank of Iraq, on Tuesday, the trend to restore work with branches of banks operating in the Kurdistan region.

The source told the media, including / Mawazin News /, "The Central Bank of Iraq listened to the views of banks that have branches within the provinces of the Kurdistan region during a meeting gathered, on Monday, at the headquarters of the Central Bank, which included the problems and risks that will face them if the The implementation of the decision of the bank, which came in implementation of a resolution previously voted by the Iraqi Council of Representatives at the request of the parliamentary Finance Committee.

He added that "the Central Bank is aware of the seriousness that will be followed by the application of that resolution if it is applied fully," noting that "the Finance Committee and during the drafting of the decision not to convert foreign currency to branches of banks operating in the Kurdistan region, in addition to suspending work with it was a paragraph Adding that in the resolution confirms that this decision must be continued not to prejudice the need of the citizen and harm them, and that some of the work of suspending work with the branches of those banks will harm the simple citizen, so the bank decided to suspend work some paragraphs of the decision of the House of Representatives.

He pointed out that "the banks will be responsible for financial transactions that will be conducted with its branches in the province of Karasdtan, who will decide the size of the citizen's need for these financial operations, and to meet the services required by the citizen legally according to the mechanisms and controls set by the Central Bank in the past and currently in place "He said.

The central bank decided last week to oblige banks not to sell foreign currency to their branches in Kurdistan, as well as to close them, in accordance with the decision of the Iraqi Council of Representatives.

 

[yota691]

The Central Bank directs banks to take into account the interests of citizens at their branches in the Kurdistan region

 

 

Number of readings: 134 14-11-2017 02:46 PM

 

 

14-11-2017 02:46 PM 

 

The Central Bank of Iraq directed banks that have branches in the Kurdistan region of Iraq all without prejudice to the interests of citizens.

The Director of the Information Office of the Central Bank of Iraq, Acer Jabar that this bank confirms that in the light of the resolution of the Iraqi Council of Representatives number 58 on 12/10/2017 in paragraph V thereof, which separated 'in the direction of decisions to protect the interests of citizens and not to prejudice their basic needs' , This bank emphasizes the importance of non-prejudice to the interests of citizens in the activities of all banks that have branches in the Kurdistan region of Iraq, and this bank will follow up and audit the financial activities carried out by the banks in the above.

[yota691]

 

The Central Bank directs the banks to take into account the interests of citizens in their branches in the region

economy

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Baghdad / Al-Ghad Press: 
The Central Bank of Iraq banks that have branches in the Kurdistan region of Iraq all without prejudice to the interests of citizens. 
"The Central Bank of Iraq directed banks that have branches in the Kurdistan region not to prejudice the interests of citizens," said the director of the Information Office of the Central Bank of Azerbaijan, "The Central Bank in the light of the resolution of the Iraqi Council of Representatives number 58 on 12 / 10/2017 in the fifth paragraph, which separated "in the direction of decisions in order to preserve the interests of citizens and not to prejudice their basic needs."
Jabbar added that "the bank stresses the importance of not prejudice the interests of citizens in the activities of all banks that have branches in the Kurdistan region of Iraq, and will carry out the tasks of follow-up and scrutiny of the financial activities carried out by banks as stated above."

[Butifldrm]

The Central Bank is directed to take into account the interests of citizens with branches in the Kurdistan region

 

7 minutes ago

Views 1

 

Baghdad / NRT

The Central Bank of Iraq, on Tuesday, all banks operating in the Kurdistan region taking into account the interests of citizens in the region.

"The bank confirms that in the light of the decision of the House of Representatives, the bank stresses the importance of not prejudice the interests of citizens in the activities of all banks that have branches," said the director of the Information Office of the Central Bank of Iraq, Acer Jabbar, in a statement today (14 November 2017) In the Kurdistan region. "

The statement said that "the central bank will carry out the functions of follow-up and scrutiny of financial activities carried out by banks."

It is worth mentioning that the Central Bank of Iraq stopped all transfers in foreign currency to the Kurdistan region in response to the referendum of 25 September 2017.

H

 

http://www.nrttv.com/AR/Detail.aspx?Jimare=63710

[yota691]

First Published: 2017-11-14

Baghdad eases restrictions on banks in Kurdistan

The Central Bank of Iraq informs the banks of the region to keep their branches open, only a week after issuing orders to close them.

Middle East Online

Continue monitoring transactions in foreign currency BAGHDAD - The bank has eased restrictions on private banks in the Kurdistan region by telling them they can keep their branches open, a week after issuing orders to close them, sources said on Tuesday. Recalling these restrictions is a step toward easing the escalation in a conflict between Baghdad and the Kurdish region that erupted after the Kurds held a referendum on independence in September. When the bank closures order was issued last week, the measure was aimed at controlling the flow of foreign currency into the Kurdistan region, banking sources said. Central bank sources said on Tuesday the bank would closely monitor foreign exchange transactions. The Baghdad government responded to the Kurdish independence referendum by quickly taking over the city of Kirkuk, which was under Kurdish control and other disputed areas between the Kurds and the central government. It also banned direct flights to Kurdistan and demanded control of the border crossings. Because of the conflict, Kurdistan Regional President Massoud Barzani has stepped down from his long-term post, and the government, led by his nephew, Prime Minister Nechirvan Barzani, is trying to derail an end to the standoff. Authorities in Iraq's Kurdistan said earlier it would accept a federal court ruling barring the region from secession, signaling a new phase in efforts to resume stalled negotiations over the fate of the province.

[SocalDinar]

Iraq’s Central Bank reverses decision to close banks in Kurdish region

 

November 15, 2017 at 12:52 pm | Published in: Iraq, Middle East, News

Iraqi Central Bank [Wikipedia]

 

November 15, 2017 at 12:52 pm

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Iraq’s Central Bank yesterday cancelled its previous decision to close branches of private banks in the Kurdish region of the country, the Anadolu Agency reported.

The Central Bank had ordered the branches of private banks in the northern Kurdish region to close down within a week. It threatened to ban dollar sales if they did not abide by the decision.

The deadline for compliance was set as 14 November; after it passed the Central Bank reversed its decision saying it did not want to harm “citizens’ interests” in the region.

It said that it had cancelled the decision based on the Parliament resolution issued on 12 October which banned harming the interests of people’s basic needs in regard to the punishing measures taken against the region.

Baghdad imposed a number of measures against the region in response to the independence referendum held on 25 September.

Read: Iraq readies to take control of Kurdish-Syria border

Around 3.3 million residents of the Iraqi Kurdish region turned to the ballot boxes to vote for separation from Iraq. News reports said that the turnout rate was 72 per cent.

Final results showed nearly 93 per cent in favour of independence, and 7.3 per cent against.

The referendum stirred fears of a new regional conflict, with Baghdad putting pressure on Kurds to cancel their overwhelming vote for independence. Kurdistan Regional Government President Masoud Barzani stepped down as a result of the increased tensions and the region’s representatives have recently declared their support for a “united Iraq”.

https://www.middleeastmonitor.com/20171115-iraqs-central-bank-reverses-decision-to-close-banks-in-kurdish-region/

[3n1]

thanks SD , i knew it was to good to be true ... stopping the dollar/mcp in kurdistan there is to much money to be made selling the usd ( i know they will state other reasons though) and they seem to not be ready to give true value to their own currency so .. cheers dv , we wait 

[jcfrag]

On 11/11/2017 at 9:18 PM, mylilpony said:

just exactly why tillerson wants the popular crowd out of iraq, but abadi cant seem to cut the iranian ties. 

I'm not so sure Abadi wants the Iranians out of their business. He seems to be relying on them more then I care to think about....   imho

[new york kevin]

On 11/7/2017 at 2:05 AM, yota691 said:

He stressed that "banks can eliminate the volatile instruments that are carried out through the accounts in the two banks (Rafidain and Rasheed) through the establishment of a sophisticated banking system Core Bank System."

 

So these banks and or its branches can voluntarily choose to not participate in money laundering, if they use the sophisticated Core Bank System? Such a choice is ok with the CBI ? This Core Banking System what exactly is it ? Is this different from the new anti-money laundering, anti-corruption, anti-terrorist funding that was announced by the CBI recently? Does it include deposit insurance and other FDIC benefits ? Are any other or all anti-corruption, anti-terrorist banking legislation voluntary? How are you going to end corruption if the laws aren't mandatory with real harsh penalties for its violators?

[ChuckFinley]

13 hours ago, new york kevin said:

 

So these banks and or its branches can voluntarily choose to not participate in money laundering, if they use the sophisticated Core Bank System? Such a choice is ok with the CBI ? This Core Banking System what exactly is it ? Is this different from the new anti-money laundering, anti-corruption, anti-terrorist funding that was announced by the CBI recently? Does it include deposit insurance and other FDIC benefits ? Are any other or all anti-corruption, anti-terrorist banking legislation voluntary? How are you going to end corruption if the laws aren't mandatory with real harsh penalties for its violators?

Good question NYK.