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  1. Announcing the traditional money transfer auction for the Central Bank of Iraq for a period of (14) days Monday - January 22, 2024
  2. The Governor of the Central Bank of Iraq is conducting a field visit to a number of banks Saturday - December 31, 2022 Today, Saturday, His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhaif, conducted a field visit to a number of banks that started selling foreign currency. His Excellency urged, during his meeting with bank departments, to facilitate the procedures for selling foreign currency to citizens wishing to obtain it for the purposes of travel, treatment, and others, indicating that the Central Bank of Iraq has taken a number of decisions that contribute to achieving stability in the foreign currency market. His Excellency stressed that the outlets of banks for the sale of foreign currency will be doubled to meet the needs of travelers, with the possibility of increasing the amount of the weekly quota allocated to banks. He described that the rise in the exchange rate is a temporary situation that came after internal and external effects of applying international standards, as the bank succeeded in addressing it and minimizing its effects on the Iraqi economy, stressing not to raise public concerns about the rise in dollar exchange rates, and the need to take deterrent measures against speculators, stressing The situation in Iraq is much better than other countries, and there is no way to compare it. During the tour, His Excellency met a number of citizens who wanted to buy foreign currency. It is noteworthy that the Central Bank of Iraq has taken a series of decisions to restore the foreign currency market to its normal position. Central Bank of Iraq Media Office 31 - December - 2022
  3. The Central Bank of Iraq launches a package of measures to improve the performance of transactions related to the dollar Tuesday - December 20, 2022
  4. Deposit mechanism for the purpose of subscribing to the window Thursday - December 29, 2022
  5. The Governor of the Central Bank of Iraq receives a delegation from the International Finance Corporation Wednesday - December 14, 2022
  6. The President of the Republic meets with the Governor of the Central Bank of Iraq Tuesday - December 13, 2022
  7. The Central Bank receives the remaining amount from the Kuwait Compensation Fund Monday - December 12, 2022
  8. The Governor of the Central Bank of Iraq receives the mission of the International Monetary Fund Wednesday - December 07, 2022
  9. The Governor of the Central Bank of Iraq receives a delegation from the Kurdistan Regional Government banknotes Monday - November 28, 2022
  10. The Governor of the Central Bank of Iraq receives the Ambassador of the United States of America Tuesday - November 22, 2022
  11. Governor of the Central Bank of Iraq receives the Italian ambassador Wednesday - November 16, 2022
  12. His Excellency the Governor of the Central Bank of Iraq meets with his Iranian counterpart October 12, 2020
  13. https://cbi.iq/documents/banking_law_f.pdf
  14. 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.
  15. 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.]
  16. Hopefully this means something is up? http://www.iraq-businessnews.com/2018/05/18/newtechnic-wins-contract-for-new-central-bank-of-iraq/
  17. 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. ”
  18. 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.
  19. 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.
  20. 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.
  21. 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.
  22. 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?
  23. 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.
  24. 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.
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