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  1. Parliamentary Finance seeks to free banks from the pressures of the Central Bank On 2013-02-25 | Author Ali Hussein BAGHDAD / electronic integrity Started the parliamentary Finance Committee amendments to the Law (94) of the 2004 Banking Act in order Thariralanzma banking pressures CBI. A member of the Committee MP Haitham al-Jubouri in a press statement, "We are trying to edit government Karashid banks and Mesopotamia to be having financial independence," adding that "the development of the law of this period will positively affect the economic system of investment governed by the interest rates of banks." Jubouri said "the aim of the changes taking place on the Banking Act is to make it more obvious interest in investment banks private and public sectors." The amendments to the Banking Act sent by the Commission to some lawmakers to look at it and study awaiting a vote in the House of Representatives, and the central bank intends to transform banks to large financial institutions after obtaining the government's approval of amendments. -
  2. Central Iraq sold for 5 banks $ 16 billion in 2012 27-02-2013 Wednesday, February 27, 2013 The Central Bank said in a statement that it sold through auction, 16.2 billion dollars for the five banks eligibility only and that amount constitutes 33 percent of sales volume in 2012. Announcement central» in response to remarks by MP Haider Al-Mulla, which accused him of favoring a few banks to conduct foreign exchange operations and exclude the other. He was publicly identified in most treated banks with the Central Bank said it Beirut & Byblos campus and the Middle East Baghdad, Al-Mansur and credit and Ceyhan and the Tigris and Euphrates and North Bank». He criticized '' the policy of the Central Bank and the variables in the currency issue ", adding that" this policy has caused losses reaching 509 billion Iraqi dinars ($ 420 million) in three months. He said "we have an investigation on the mechanism of currency at the Central Bank, we discovered that the issue of dollar auctions were abolished, there is a predominance of banks, mostly foreign, these auctions. He said "these banks is that control of the dollar in Iraq, with the exchange rate of the dollar amount, 1160, but the price arrived to 1243 DT», «these prices led to huge losses to the country's Central Bank. The Central Bank responded to the accusations publicly, saying it carried reviews do not fall within the Bank's activity, the statement said "the names of the banks that do not fall within the list of top banks buy dollars, and top-traded banks is the Middle East, and North, Erbil, and United National Bank». The statement noted that "the size of the purchase these banks is 33 percent of the entire currency auction sales. According to the statement, the five banks had "over the full year from purchase of $ 301 million in cash by 2012 and about $ 16 billion of remittances abroad». «Central» confirmed the «further checks on the auction transactions, several banks offered to penalties including prevented her from entering the auction for a certain period in addition to bend an exceptional audit transactions, because of the large volume of transactions and evidence of strong doubt on transactions made through during the previous phase. He stressed the new Administration's belief that "the expansion of the Iraqi banking relations with the outside world and better investment opportunities in Iraq, and of allowing foreign banks to open branches and discreet on the basis of reciprocity. Description of the «central» public Exchange as fabricated, adding that "the dollar selling price for banks with 1179 dinars to the dollar, and in 2012 the exchange rate had not risen to 1,254 in July then returned to stability, attributing the rise to a wrong decision taken by the previous administration. Life House Read more: http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.sotaliraq.com%2Fmobile-news.php%3Fid%3D90084 Are 5 Banks for sale? Is this the sign that CBI or 5 banks have a cash flow problem or something? or Is The CBI going to go Bankrupt? I hope I was wrong.
  3. Keywords looking with a delegation and U.S. Treasury reform the financial and banking situation in Iraq Author: Bian3 on: Monday 25/02/2013 07:04 pm Source: Baghdad 2 Baghdad / WAP / search of the Secretary-General of the Council of Ministers on the Keywords with a delegation from the U.S. Treasury Department, headed by Deputy Minister David Cohen reform banking and financial situation in Iraq. A statement from the Secretariat of the Council of Ministers received news agency Baghdad International / WAP / copy on Monday that "Keywords received a delegation from the U.S. Treasury Department headed by Deputy Minister David Cohen and his entourage, was discussed ways to support the financial and banking system in Iraq and review Iraq's efforts in the activity of anti- money laundering. " And between Keywords "reform steps taken by Iraq on the report FATF for the Middle East and North Africa and on the report of the detailed evaluation of the Republic of Iraq in the fight against money laundering, including the amendment of the law against money laundering and activating the role of the relevant office Drug Control in the Central Bank and other measures." For his part, Deputy Minister expressed the U.S. Treasury his country's readiness to support Iraq's efforts to strengthen its financial and banking system and the transfer of expertise related to international control measures and control the movement of funds for the fight against money laundering associated with corruption, crime or terrorism. "/ End 2 -
  4. Fears delete the zeros of the Iraqi currency 2/23/2013 4:03:00 PM 2/23/2013 4:03:00 PM Agreed politicians and economists Iraqis that the process of deleting three zeros from the Iraqi currency current risk because of conditions of the country and the lack of security and stability and the spread of corruption, where Iraq is seeking to reform the system of currency management and ease of use and reducing the number of banknotes of four billion to one billion and 800 million paper, from by deleting three zeros and the issuance of a coin . . The decision of the Finance Committee in the House of Representatives MP Ahmed electrodes of the island that Multi deletion of zeros from the local currency is still under study within the economic issues, not pending until now because of crises many experienced by the country, as well as problems that accompany the adoption of the financial budget for the current year He pointed out that this process is not possible at the present time because it will lead to a problem in the Iraqi economy . . The electrodes that the Finance Committee inquired from the Iraqi Central Bank on its preparations to change the currency without getting fraud where, and expressed its readiness to this process, but the problems that have occurred in the country in addition to the crisis the central bank, which led to changes in leadership, stopped this process . . He pointed out that Iraq can not be doing the process now, and added, "We need to stabilize the general situation of the country, in order to prevent any attempt to exploit this procedure by corrupt ". ". For its part, the MP said the Finance Committee Najiba Najib of the island that this project was in the time of former central bank governor Sinan al-Shabibi, has been studied by the parliament well, resulting in the latter to address the Council of Ministers to support this project, and there was a negotiation and dialogue with A number of international companies on the deletion of zeros, indicating that this process is a good step and help to support the country's monetary policy . . She added that this issue has no echoes currently in parliamentary community and senior in Iraq because of the dismissal former central bank governor and refer the matter to the Integrity Commission, explained that the project will succeed if given the government and the House of Representatives and all institutions supported because it will prevent fraud and removes fear if the procedures sound . . She explained that Iraq needs to restructure its currency, as there is no class more than 25 thousand dinars, as well as coins, which confirms that the current currency does not fit with the Iraqi state revenues, which have significant financial budgets . . Najiba confirmed that there is a lack for money on the market, and that change would have a currency with economic feasibility to take all legal precautions and necessary legislative and government, while making the timeframe up to one year to change the citizens their money, in addition to the increase in bank branches . . He says economic expert pilot Hashemi The process of removing zeros is a necessary step and task comes within the country's need to process administrative reform of the currency contributes to reduce transaction costs and trading cash in the economic process, and reduce the size of the money supply in the country and help facilitate the calculations and reduce the inflating numbers, if applied correctly and appropriate Baltoukitat . . He also added in his speech to the island revealed that the issuance of the small groups will facilitate pricing policy accounts, but the replacement will not affect the currency to tackle inflation significantly . . He cited countries that have applied this process such as Sudan, which delete zeros from its currency in 2007, and Turkey, which deleted six zeros from its currency in 2005, and omitted Zimbabwe in Africa ten zeros from its currency in 2008, and Bolivia deleted three zeros from its currency in 2008, and deleted all from Romania Iran and three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and inflation index remained conservative on the rise . . He pointed to two important matters in the application process of removing zeros are: first choice timely which the Iraqi economy in a state of stability, and the second is to create the economic environment is considered to apply the deletion process, and this needs to be procedures and financial decisions and banking taken financial authority in the country . . Hashimi concluded his speech by saying that the implementation of the resolution at this time is appropriate and is considered a significant risk to the unstable security situation and the country's economic (الجزيرة نت) (IRIN) ام216 M 216
  5. United Bank for Investment initiate the process of selling the dollar By: Bayyna On: Tuesday 02/26/2013 01:24 am Special / new evidence Proceeded United Bank for Investment process selling the U.S. dollar for all citizens in accordance with the instructions of the Central Bank of Iraq where he witnessed the Branch President large turnout of citizens from all segments which will lead to reduction of domestic demand for foreign currency, leading to stop the high price of the dollar against the Iraqi dinar through increased supply cash. Has been through a number of citizens expressed their happiness over this decision and their desire to increase sales outlets also expressed their admiration well organized and easy procedures distinct from the bank for the implementation of this resolution.
  6. Mullah: Qatari capital and Gulf central control ERA and its gold stock fell 3% Issue 802, Monday, 24/2/2013 Press-term Accused the Iraqi List MP Haidar al-Mulla, Sunday, the central bank to allow the Lebanese banks and other Iraqi capitalized Gulf control the Iraqi economy, said collecting signatures 140 deputies to form a committee to investigate the political central bank on these issues, while pointing out that the Commission will also in the Iraqi lack of gold stocks over the past decade. Mulla said in a press conference held at the parliament building today and attended (range Press), "we were able to collect 140 signatures to form a committee special investigative given policy the central bank and the most prominent focused its work is control of foreign banks in monetary policy in Iraq, and especially Lebanese banks" Al Mulla explained that "these banks not to exceed capital of five million dollars while buying a day from the central bank between 7 - 12 million dollars and make a profit obscene up to 6%," noting that "Lebanon does not offer the same facilities to Iraqi banks, while enjoying its banks privileges absolute in Iraq. " He accused Mullah these banks to "implement political agendas to control the political process through the funding of some agencies operating in Iraq," (without specifying these entities), pointing out that "there is foreign capital to Iraqi banks established in Iraq, and we have three examples of this which banks (Bank of Baghdad and Credit Bank and Al-Mansour Bank). He Mullah " these banks Iraqi except that capital predominant where Kuwaiti and Qatari and gave the central bank the right to a monopoly in foreign remittances and there are more than 40 Iraqi bank and capital Iraqis prevented from foreign exchange," stressing that "trade in Iraq has become money GCC". He Mulla said "the policy of the central bank in the past four months harmed the Iraqi economy dramatically," adding that "the investigative examine also the subject of inventory Iraqi gold who has been a shortage of 2 - 3% over the past ten years, according to World Bank statistics" The attack comes Mullah on the central bank, one day after the announcement independent MP in Parliament Sabah al-Saadi signed sixtieth MPs on the request made ​​to the presidency of the parliament to form an investigative committee again on burning four billion dollars a month in central bank auction for the benefit of ten banks ", threatening to reveal links these banks and backgrounds and those who stand behind them, calling and Central Bank President Abdul Basit Turki agency to preserve its history and leave your position as governor of the Central Bank. And Iraq's cabinet decided on (16 October 2012), the prime BSA Abdul Basit Turki tasks central bank governor and agency rather than former Fed governor Sinan Shabibi on charges of issues financial and administrative corruption in the bank, especially in operations Auction dollars. And received the issue of dismissal of Governor Central Bank of Iraq international reactions mixed as called for U.S. Ambassador to Iraq Stephen Beecroft in the twenty-fifth of October last year to a transparent investigation in this case as it represents the great importance of the Iraqi economy, also stressed the World Bank on the need for a transparent investigation in this case, pointing to the lack of knowledge of the chaos that prevailed the Central Bank of Iraq and that Iraqi officials talked about. The Iraqi Council of Representatives form in August 2012 to a truth commission on auction sales daily dollars at the Central Bank and the people who get hard currency and checking sales figures, and includes the heads of the two financial, economic and BSA and the number of Representatives, and the Committee submitted its report on the work of the bank early October 2012, then returned the House of Representatives and the form in the sixth month of November 2012 another committee to investigate the implications of the central bank and includes economic committee chairman Haider al-Abadi and Finance Committee Chairman Ahmed al-Alwani and Central Bank Governor agency Abdel Basset Turki, and under the direct supervision of the Presidency of the Parliament. -
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