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  1. His Excellency the Governor of the Central Bank of Iraq meets with his Iranian counterpart October 12, 2020
  2. https://cbi.iq/documents/banking_law_f.pdf
  3. The Accounts that Didn’t Bark: Iraq’s Hidden State Balances by Ahmed Tabaqchali A 50,000-dinar banknote, Iraq’s highest denomination (worth around £33). Source: Rudaw Iraq’s new prime minister, soon after being elected, wrote in an article to Iraqis that ‘when I assumed my duties, I found nothing but an almost empty treasury and an unenviable situation after 17 years of change.’ The PM was referring to the accounts he would have been introduced to upon taking office – the Ministry of Finance’s (MoF) accounts with the Central Bank of Iraq (CBI), which at the end of May had net balances of 2.4 trillion (trn) Iraqi Dinars (IQD), made up of deposits of IQD 4.2 trn and debt of IQD 1.8 trn (see Figure 1). Figure 1: MoF deposits & debt held with the CBI, data as of end of May 2020 (see sources). However, these are not the only government bank accounts, and neither are their balances the only ones, as the government isn’t fully cognisant of all of its cash balances. The existence of the other accounts were discussed in the Minister of Finance’s first TV interview as he explained that in order to meet the payment of salaries and pensions for May, trillions of dinars were identified as held in the accounts of a number of ministries and SOE’s, which were drawn upon while the government also borrowed from the TBI. CBI data as of February show that the aggregate accounts for ministries with banks were a net of IQD 1.3 trn, made up of deposits of IQD 22.8 trn and debts of IQD 21.5 trn, while for SOEs they were a net of IQD 12.3 trn, made up of deposits of IQD 26.0 trn and debts of IQD 13.7 trn, (Figures 2 and 3 below). It’s likely that these net balances would have declined by late May, like those of the MoF’s accounts (Figures 2 and 3). Figure 2: Ministries deposits & debt held with state banks, data as of end of February 2020 (see sources). Figure 3: SOE deposits & debt held with state banks, data as of end of February 2020 (see sources). The primary reason for the incomplete picture is that Iraq lacks what is a called a Treasury Single Account (TSA): a treasury’s consolidated account, either as a single account with sub-accounts or as a series of linked accounts, through which all the government’s revenues and payments are received and made. Instead, the government accounts’ structure is that the MoF has two bank accounts at the CBI, an IQD and a USD account (Figure 1), while ministries, State-Owned Enterprises (SOEs) each of which have a single or multiple bank accounts with state owned banks, chiefly Rafidain Bank, Rasheed Bank and the Trade Bank of Iraq (TBI) (Figures 2 and 3). Other reasons are that even though opening government accounts require the approval of the Minister of Finance or her/his authorised representatives, the MoF had no database of the number of bank accounts operational or dormant. Also, whereas the law mandates that reconciliation of all central government bank accounts be carried out regularly within set time limits, in practise these limits are regularly exceeded by ministries, and there is no reliable information about bank reconciliations for the accounts of SOEs (correct at least as of 2016–17). The creation and operation of a Treasury Single Account (TSA) was initially mandated in the Financial Management Law (FML) 2004-Section 4(9), and its implementation was continuously discussed and agreed upon in successive engagements with both the World Bank and the IMF. Since then, however, progress never moved beyond the aspirational. These discussions got a fresh impetus with the signing of the Stand-By Arrangement (SBA) with the IMF in 2016 following the ISIS conflict and the crash in oil revenues. The government implemented and committed to implement a number of steps towards establishing a TSA. Essentially these involved three broad steps: a full list of the government’s banks, compiled by the CBI and MoF; modernisation of the system to enable the operation of a TSA by end of 2016, by March 2017 develop plans for a phased development of a TSA; and a manual implementation of a TSA through implementing zero-cash balances, i.e. the regular sweeping of cash balances into the main account during 2017–18. These steps, as with past discussions, seem to have remained in the realms of aspiration. Technical challenges in implementing the TSA were, and continue to be, a significant obstacle given that state banks – especially Rafidain and Rasheed Banks – are structurally weak, operate as state bureaucratic institutions, and have outdated systems. Crucially, these banks don’t have a modern core banking system, which means that their combined 300 or so branches are not connected, and each operates as a stand-alone bank. This, combined with their weak capacity, makes reconciling the government’s accounts across these branches extremely difficult. Far more daunting is the requirement for the balances in all of these accounts to be swept on a regular basis, daily or weekly, to the treasury’s main account, either manually or electronically. As a consequence, since 2003, each ministry and SOE effectively have their own financial structure with almost full autonomy over their finances, all funded by the budget. Whether by design or a happy coincidence, this financial autonomy has enhanced the value of ministerial appointments within the Mushasasa Ta’ifia structure, and within its Wikala sub-structure for the appointments of senior civil servants. These appointments, within the Muhasasa’s super-structure, enable the control of state resources by the ethno-sectarian parties in inclusive governments, in proportion to the seats won by each in parliamentary elections. Given this perspective, not only would the implementation of a full automated TSA, or even a manual facsimile, mean the loss of financial autonomy for each ministry and SOE – it would lead to the creation of a super-powerful MoF to control these finances, and potentially strengthen the role of the prime minister. All of which might be the real reasons behind the failure to implement a TSA. The upshot is that the lack of a TSA effectively hampers the financial performance of the state, in-particular its cash management operations – and makes it impossible to monitor its budget execution. This is especially problematic during crises when oil revenues fall significantly below the level required for the state’s ability to meet its domestic obligations, especially the payment of salaries and pensions, forcing it into unnecessary borrowing or curtailing essential investment spending such as the provision of electricity. While the data on these accounts are in aggregate form, without specific details, the overall patterns are revealing – especially the different behaviours of the accounts of ministries and SOEs, probably reflecting the varying autonomies enjoyed by each. During the crisis of 2014–17, the deposits of ministries declined substantially, while debt increased as the government squeezed the system to meet its obligations. In contrast, for SOEs their deposits dropped marginally and debts decreased (reflecting the drop in trade finance volumes). The government squeeze ended once the crisis was over, and the system reverted to normal as ministries’ deposits – and debts – increased significantly from mid-2018. The need to squeeze the system is now much more pressing than it was in 2014–17, as the persistence of the COVID-19 pandemic and the emerging slow and unsynchronised rebound from the global lockdown suggests the onset of rolling crises, which will mean continued pressures on government finances. While accessing these funds would not negate the need for real financial reforms, it would provide the government enough breathing space to execute some reforms, delay the need to borrow and offset any need to cut investment spending – at minimum it would delay the onset of the worst of the inevitable painful economic adjustments should the government fail to make meaningful reforms.
  4. 3/9/2018 RayRat.... Friday – The CBI announces “financial stability” for Iraq. [The establishing of a government should be all that’s left?] Iraqi president, Masoum, receives a special US envoy whose purpose was to support the “stability of Iraq” and continue to provide assistance as per previous agreement. Iraq is discontinuing the use of US dollars for trade transactions with Iran and will use the Euro, the Rial and the Dinar. The 2% compliance issues are no longer a concern. 16 political parties agreed to form a coalition of “reform and construction” which was announced as the most powerful Parliamentary block, calling themselves the “Alliance.” On Monday, the new session of Parliament opened, deputies took their oath of office, and then recessed for the day. They will resume on Tuesday to elect the presidencies and other matters. [On the surface, financial stability and a stable government seem to prevail……let’s see the CBI’s next move.]
  5. Hopefully this means something is up? http://www.iraq-businessnews.com/2018/05/18/newtechnic-wins-contract-for-new-central-bank-of-iraq/
  6. 3 April 2018 Whitelions: Is it time to delete three zeros from the currency? The central bank submitted a project to delete three zeros of the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deteriorating security and political situation in the country. The governor of the Central Bank, Ali al-Alaq, in a discussion session with the editors of a number of Iraqi media, including “Economy News”, “The subject of deleting zeros from the currency is ready, but it needs an environment suitable to apply,” noting that ” To prevent manipulation and fraud by the owners of weak souls. ”
  7. http://www.****************.com/our-blog/delta-and-ktfa-members-tuesday-pm-7-25-17 CBI releases pictures of the new lower denoms. See link above.
  8. In another news article stated that Iraq ranks 5th in the world with the most gold reserves. Iraq can back most of it's currency with gold before & after RV. 20 July 2017 Enorrste... We have an actual CBI spokesman claiming that their reserves are 3x the amount of cash inncirculation. Their cash in circulation is IQD 57 Trillion or about $50 Billion. Sounds to me like they may have 100% coverage of their currency Which is good by any standard but how he comes uo with 3x, I don't understand.
  9. From the throat of the goat...another extravaganza just for you. 18 July 2017 MntGoat... So what did the CBI have to say? CBI confirms the robustness of the Iraqi reserves according to international indicators reassuring. CBI: Our control of the dollar price confirms our foreign independence. CBI seek to balance between two goals. Al Alak is trying to paint a rosy optimistic picture in the areas of the economy that it has been responcible for. Reserves are up, revenue flowing, inflation under control & stabilizing the currency. The bank seek to balance the sale of the dollar. It is exactly what the IMF, WB, WTO & any other three letter organization needs to see happen. Folks it is all coming together.
  10. Luigi says... Delta believes celebrations In Iraq is very huge. 15 July 2017 Delta... Family...from the new building of the CBI. CBI celebration...WOW very huge. They are saying they are now open for business internationally. A celebration of the newest central bank of present, as I see it is in fact huge. Those gathered celebrate freedom.
  11. 15 July 2017 MilitiaMan... CBI is celebrating , as have the citizens been now for days while enjoying purchasing power. They have been put first, investors are next. They are saying they are now open for business internationally. She is set to be on stage now to show the world her FORMER GLORY?
  12. I really thought (should be read here as "hoped") that we would see $3.22 by March (3) 22, 2016 [which is today, by the way]. Alas, we do not see this rate on this date. Maybe we'll see it someday soon. Haha. Soon... So yeah, with that being said. Who wants to go over to Iraq and tell those lazy camel-hoarders to step up their game and get on with revaluing the IQD to its rightful exchange rate against the US dollar so we can all get our early retirements? All in, say "aye"! TQ out.
  13. Not sure if anyone has been to CBI and noticed in the upper right corner the Economic and Statistic data link. If you click on it then click on Monetary Sector>Currency>Currency Issued by CBI it will pull up a chart that many will find interesting here. Go ahead and explore a little.
  14. Currency Auctions Announcement No. (3130) The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 4/2/2016 and the results were as follows: DETAILS NOTES Number of banks 24 Number of remittance companies 20 Auction price selling dinar / US$ 1182 Auction price buying dinar / US$ ----- Amount sold at auction price (US$) 138,559,667 Amount purchased at Auction price (US$) ----- Total offers for buying (US$) 138,559,667 Total offers for selling (US$) ----- Market rate: 1,236 Auction rate: 1,182 Total sales: 138,559,667 Cash sales: 17,370,000 Electronic: 121,189,667
  15. I noticed there is no listed auction for Dec. 23, 2015. Not trying to read into it too much, but I don't know of any holidays or any CBI closures and it's not their "sunday" or normal day of the week where they aren't open and doing auctions. Anyone think something is up? CBI page still just shows the results for the 22nd's auction.
  16. Luigi says... Unable to varify the article. Take it as a rumor. Your opine. 21 Dec 2015 KTFA:... DELTA: HELLO FAMILY: FROM CBI ARTICLE : The exchange rate by International standards are still under study and will report results if completed. CBI Board Resolution No. (329) for the year 2015 ...Needs Translation (the exchange rate) I think http://www.cbi.iq/documents/Announcem18-12-2015.pdf I WILL JOIN FRANKIE TONIGHT ON CC I WILL TALK ABOUT THIS ARTICLE !!! DELTA CSHessman: THANKS BROTHER DELTA!! DO YOU THINK THIS MEANS THEY ARE GETTING READY TO PULL THE LEVER ?? SURE SEEMS LIKE IT TO ME... Dnari131: The exchange rate by International standards ..hmm not BY Iraqi Standards lol ....
  17. So I thought I would check to CBI this morning and much to my surprise I noticed that there was a major change on the site. I am NOT referring to the new site that has its server in Texas. I am referring to the old site and the fact that the formatting is different. I'm on my smartphone and don't know how to bring over the link if somebody can do it for me to make it easier that would be much appreciated.
  18. Thank You Kap! Exclusive America controls the Central Bank of Iraq September 11 2015 - 13:03 Books - Hassan Shammari US forces in control of the Central Bank of Iraq in Rashid Street and prevent access to the Central Bank and the spread of heavy inside the perimeter of the Central Bank of Iraq and they asserted sources said US forces entered to audit the bank transfers from 2003 to 2015, without exception, and according to the information available to it of money laundering http://www.elbyan.com/%D8%AD%D8%B5%D8%B1%D9%89-%D8%A7%D9%85%D8%B1%D9%8A%D9%83%D8%A7-%D8%AA%D8%B3%D9%8A%D8%B7%D8%B1-%D8%B9%D9%84%D9%8A-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A7%D9%84/ Urgent / Iraq "special forces stormed the Central Bank of Iraq a little while ago and has custody of the documents and all the documents from 2003 to the present day International Event Agency Iraq - Baghdad urgent / Iraq "special forces stormed the Central Bank of Iraq a little while ago and has custody of the documents and all the documents from 2003 to the present day http://alhadathpcnews.net/new/?p=20114
  19. Central freezes balances million citizens and Reason: subordination of their areas of control DaashEconomy and Tenders Since 07.09.2015 at 09:09 (GMT Baghdad) Special - scales News Revealed a high-ranking source in the Iraqi Central Bank, on Monday, to take precautionary measures by the Central Bank is to freeze the assets and funds of citizens areas controlled by the terrorist organization Daash. The source, who holds a senior position in the central L / scales News / "The central bank has to freeze the assets and funds about one million citizen" depositors' money branches of government banks in areas that fall under the control of the organization Daash terrorist despite transfer their headquarters to other cities, "noting that "69 bank branches Iraqis has frozen its customers accounts in Mosul and Sharqat and the island and urban and Baaj and Baiji and Tikrit and Hawija and Riyadh and Zab and Amiriyat al-Fallujah, Karma and Ramadi, Hit, curse and Rawa and Qaim as well as other cities and towns." The source, who spoke on condition of anonymity that "the decision is part of anti-terrorism measures after lengthy meetings of the National Security Agency and the National Security and security leaders and the military," adding that "according to the Anti-Terrorism Act, which prevents dealing with banks in controlled Daash terrorist areas to avoid of access to these funds by the terrorist organization. " It is said that "the CBI said, earlier, that he stopped all banking activities and payment systems for banks deployed in the city of Mosul events since June of last year, and denied any news otherwise". This "is one Daash terrorist financing sources, the money is deposited in the branches of Iraqi banks which control it 78 branches and travel to take over the more than five billion dollars," .anthy 29/9 P http://translate.google.com/translate?js=n&prev=_t&ie=UTF-8&tl=en&u=http%3A%2F%2Fwww.mawazin.net%2F%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583%25D8%25B2%25D9%258A-%25D9%258A%25D8%25AC%25D9%2585%25D8%25AF-%25D8%25A3%25D8%25B1%25D8%25B5%25D8%25AF%25D8%25A9-%25D9%2585%25D9%2584%25D9%258A%25D9%2588%25D9%2586-%25D9%2585%25D9%2588%25D8%25A7%25D8%25B7%25D9%2586-%25D9%2588%25D8%25A7%25D9%2584%25D8%25B3%25D8%25A8%25D8%25A8%25D8%25AE%25D8%25B6%25D9%2588%25D8%25B9-%25D9%2585%25D9%2586%25D8%25A7%25D8%25B7%25D9%2582%25D9%2587%25D9%2585-%25D9%2584%25D8%25B3%25D9%258A%25D8%25B7%25D8%25B1%25D8%25A9-%25D8%25AF%25D8%25A7%25D8%25B9%25D8%25B4%2F%25D8%25A7%25D9%2582%25D8%25AA%25D8%25B5%25D8%25A7%25D8%25AF%25D9%258A%25D8%25A9
  20. from another source... 06-01-2015-Gurus S3A-Wilson Ben Wilson February 6, 2015 at 9:16pm Latest INTEL: It's 06:10 PM (Pacific Time) 5:10 AM Iraq Time. HOT HOT HOT I got this INTEL from Another source from Iraq. CBI expect an announcement to make approximately at 8 AM Iraq Time Today!!. Private Source literally said to me this: " Ben Irak can't no longer wait for more days to RV. And GOI Knows it" Quote. Dave > Ben Wilson February 6, 2015 at 9:46pm Thanks Ben. Nice to share isn't it. Springs > Ben Wilson February 6, 2015 at 9:45pm It will be very interesting in 2 hrs and 15 minutes. Dee Grose > Ben Wilson February 6, 2015 at 9:42pm Thank you
  21. from other sources... 1-27-2015 Newshound Guru sczin11 RE: CBI, MAJOR DETAILS COMING IN MANY VERSIONS, OF THE RELEASE TODAY ON THEIR WEBSITE, WHICH IS BASICALLY THE FINALIZATION OF THE UNANNOUNCED MEETING THEY HAD ON SUNDAY...THEY ARE TAKING CHARGE, AND MY MAJOR QUESTION IS, WHO IS RUNNING THE SHOW? I FIND IT VERY UNLIKELY, KEYWORDS (LOL), ALI MOSHIN ISHMAEL IS MAKING THIS HAPPEN. RV IMMINENT ANY SECOND...JMHO Are we really seconds away? Your comments.
  22. from other sources... Poppy3 TODAY THE CBI AND GOI FOR THE FIRST TIME IN MY 11YEARS OF RESEARCH HAVE ACTUALLY ANNOUNCED THEY ARE IN UNISON AND FULL AGREEMENT TO MOVE TO A MARKET ECONOMY. THIS MEANS A NEW RATE. Sqwatchy :LOL.....BANK STORY JUST RECEIVED FROM A FRIEND THAT I PERSONALLY INTRODUCED TO DINARLAND AND THE CURRENCIES..... WHEN IM DONE LAUGHING...I WILL SHARE..... TIER 2/3 BANKS ARE STARTING TO GET AGGRESSIVE, AND TIRED OF WAITING IT SEEMS!! Will the banks feeling our frustration go it alone & force a GCR?
  23. Promote development 1/22/2015 0:00 BAGHDAD Mustafa al-Hashemi, at a time when the country began preparations to face the economic challenges, confirmed the government agencies, including the Central Bank of Iraq readiness to take measures that will improve the economic reality. A source at the central bank's "morning" that the bank is considering initiatives and measures mission to promote the development and availability employment opportunities in line with the law and in the light of the financial challenges. Iraq faces represented a decline in world oil prices, financial challenges as well as the field challenges Kaaduan "Daash" and administrative corruption, unemployment and others. He said the central bank's role in Iraq is important economy where he was considering inflation indicators and maintains the stability of the price Currency Exchange, adding that the bank's shares a lot in raising the value of the dinar and modify its exchange rate to foreign currency and access to good rates, especially after that contributed to reducing the rate of inflation, which was present from the two places to rank one decimal place. The central bank uses the tools direct and indirect of monetary policy tools to maintain stability in the market.
  24. Currency Auctions Announcement No. (2789) The latest daily currency auction was held in the Central Bank of Iraq on Tuesday, the 13-10-2014. The results were as follows: DETAILS ................&............... NOTES Number of banks 16 Auction price selling dinar / US$ 1166 Auction price buying dinar / US$ ----- Amount sold at auction price (US$) 197,614,000 Amount purchased at Auction price (US$) ----- Total offers for buying (US$) 197,614,000 Total offers for selling (US$) -----
  25. Currency Auctions Announcement No. (2760) The latest daily currency auction was held in the Central Bank of Iraq on Tuesday, the 02-09-2014. The results were as follows: Details ------------------- & ------------------- Notes Number of banks 15 Auction price selling dinar / US$ 1166 Auction price buying dinar / US$ ----- Amount sold at auction price (US$) 180,206,000 Amount purchased at Auction price (US$) ----- Total offers for buying (US$) 180,206,000 Total offers for selling (US$) -----
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