Bankers: isolating the banking sector by the Central Bank Saeb procedure and would disrupt the work of banks in the domestic market

[yota691]

Bankers: isolating the banking sector by the Central Bank Saeb procedure and would disrupt the work of banks in the domestic market

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08-10-2013 10:07 AM

 

 

Baghdad (news) / report / Hussein Faleh / .. Despite the appeal to some members of the Finance Committee and parliamentary bodies the country's economic isolation of the banking sector by the Central Bank through the enactment of a special allow the establishment of a supreme body an independent banking sector in the country, so that the central bank full-time work to support and stabilize the exchange rate of the dinar against the dollar, but that the number of bankers have expressed their rejection of this proposal and calling it harmful to the banking sector and market activity, he would lose control over the work of banks and makes it run as you like without the presence of sergeant or Haseeb. and confirmed their talk (of the Agency news) that the body which will be subject to محاصصات partisan and sectarian and will be managed by the people, not professionals which ستربك work of banks and make the economy is moving towards the unknown. executive director of the Association of private banks Abdul Aziz Hassoun, said: You can not isolate the banking sector by the central bank in any way because banks are permitted itself by the central bank operates under the supervision and monitoring, there is no reason to move away from one another. said Hassoun (of the Agency news): that the proposal, which goes towards the establishment of a supreme body to monitor the work of banks will not solve the problems of the Iraqi banking sector, saying there are many problems afflicting the sector and need enough time to consider them.pointed to: that the Iraqi banks and civil particular they are not deficient work, but work as requested, including the central bank and according to the instructions and regulations imposed on them. explained: that local banks have evolved a lot and working according to technological modern and now has external relations, and its fully consistent with the work of the central bank there is no need to isolate this sector by the Central Bank of Iraq. either banking expert wholesome Abbou has warned: from resorting to a proposed isolating the banking sector by the Central Bank, stressing that it would disrupt the work of banks and impair the activity of the domestic market and thus harm the national economy in general. He said (of the Agency news): that this proposal does not hurt the interests of the economy, not even sector banks, that will make a floundering job banks without having control of the centralized control it, pointing out that the body that will be established, they could not resist what is going on banking and financial activities in country. added: that the work of the central bank is monitoring the performance of banks and ensure the depositors' money which, through continuous monitoring of the operation of which, in addition to policy-making and public interest and the nature of the credit and give the value of the reserves compulsory. explained: there are bodies such as the Federation of Iraqi banks and bodies civil society organizations, is working to collect opinion and supplement the common policies of the banks studies to develop their work but they are not the owner's decision banks. while Vice President of the Finance Committee MP / coalition of Kurdish blocs / Ahmed Faizullah, he believes: that it is necessary to work towards isolating the banking sector for Central Bank through the creation of a special body dealing with banks for the purpose of organizing its work and development. said Faizullah (of the Agency news): The Central Bank of Iraq did not achieve the desired objectives in the organization, control and develop the work of the Iraqi banking sector because of concern the monetary policy of the country, and how to support price stability Iraqi dinar exchange. said: that most of the developed countries, including the United States have a financial center is called the central bank Fed Federal consists of 12 center spread over a number of U.S. mission control and supervision of the work of banks in those states and regions, so as to facilitate the work of banks and financial transfers. He explained: that in the event a center or a specialized job banks be linked to the work of the central bank and directly, and that's what makes necessary urgent to isolate the Iraqi banking sector by the Central Bank after the establishment of an independent private banks interested in banks and is working to develop. , it demanded that the Finance Committee Parliamentary establishment of an independent body especially concerned with the affairs of Iraqi banks are in isolation from the Central Bank in order to support and develop the banking sector in the country. said a member of the National Alliance MP Secretary Hadi in an earlier statement (the news): The committee called on the federal government to form an independent body and is affiliated to the private banks, concentrated work to monitor and develop the work of local banks, two branches of government and private sectors. were required Hadi: that shall be composed of persons professionals and people with competence and have a long tradition in the field of banking and non-affiliated to any political party, in order to continue its work towards the development of the banking sector, pointing out that the body is supposed to be in isolation from the Central Bank in order to devote himself to the central bank to stabilize the exchange rate of the Iraqi dinar against the U.S. dollar. mentions that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by ownership between (7) state banks and (30) Bank my family, including (7) Islamic banks, in addition to (6) of foreign banks. / End / 8.'s. m /

 

 

[yota691]

Bump

[Sage449]

Yota, I had to read this three times very carefully to get the full gist of what it is trying to say - sounds like there are two factions, one that wants to develop another "committee" to better develop the banks and the CBI wanting remain status quo - that the CBI doesn't need another oar in the water regarding the RV. My paraphrases here and still not sure I've got the full understanding.

[PrettyKitty]

could you put this in words as if I was a 5th grader?  Thanks

[wc41]

Yota, I had to read this three times very carefully to get the full gist of what it is trying to say - sounds like there are two factions, one that wants to develop another "committee" to better develop the banks and the CBI wanting remain status quo - that the CBI doesn't need another oar in the water regarding the RV. My paraphrases here and still not sure I've got the full understanding.

 

 Sage that was my exact initial response as well. Then.... I considered central banking is opposite the original intent, at least in the US, of established state banking. Wouldn't it be wonderful if there are likeminded 'thinkers' in Iraq who recognize the need for Provincial (state) banking and return to the rule of law internationally, in an economic sense! These are certainly deep waters of understanding but as I read more and learn of the rule of law in these things then seeing something like this seems 'more right'.

 

Yota this is one of the best you've ever found!!  Thanks a bunch!

[magawatt]

Unfortunately stabilizing the exchange rate doesn't mean equalizing the exchange rate. I gladly be corrected on that.

[Sage449]

I concur on another great find by Yota and glad that I'm not the only one that is questioning once again what Iraq is attempting to tell the world.

 

magawatt - another good point - I just get so excited that there may be some movement, that I sometimes forget stabilizing does not equate to equalizing.

[hoosier1470]

Unfortunately stabilizing the exchange rate doesn't mean equalizing the exchange rate. I gladly be corrected on that.

But have they not stated on many occasions that the Iraqi dinar was..and has been stable?? I've read that several times just in the last few months! With that being said...seems that what they are saying here is referring to equaling to the US $. Just my 2¢. Personally, with all that has been completed so quickly since June of this year..iI believe they are preparing to have a strong, international currency on or before Jan 1, 2014. God bless!

[sandstorm]

But have they not stated on many occasions that the Iraqi dinar was..and has been stable?? I've read that several times just in the last few months! With that being said...seems that what they are saying here is referring to equaling to the US $. Just my 2¢. Personally, with all that has been completed so quickly since June of this year..iI believe they are preparing to have a strong, international currency on or before Jan 1, 2014. God bless!

thrmarketprice of the dinar changes daily. the pdf file shows changes in market rate. andyou can easily compare dates of exchange rates versus the articles coming out at the same time.

all this preparation, does not signify whether or not they replace the currency.

the last update, is the restructuring of the currency through deletion of three zeroes will happen after the parliamentary elections.

they would be doing all this anyway whether they rv the dinar or lop. they could besetting up for only the new currency.

whether iraq passes every law known to man, it does not guarantee the current iqd ever sees international status

so to look at these type of articles and say, " oh goody", is very presumptious and doesnt give any direction to wha dinar will be on par with the dollar

[sandfly]

THANKS