Private banks will proceed to implement the instructions of the CBI

[aitshioud]

Woot, good information going on lately. This may turn out to be a really good year indeed.

[dinarbeleiver]

Private banks will proceed to implement the instructions of the Central

- FEBRUARY 17, 2014

Private banks will proceed to implement the instructions of the Central

BAGHDAD - just Kazim

The head of the governor of the Iraqi Central Bank and the Agency Abdel Basset Turki a meeting of general managers in the bank and a number of departments, private banks, as well as members of the Association of Banks in non-governmental organizations in Iraq.

A source of (time) yesterday (that the meeting discussed the instructions for the sale and purchase of foreign currencies that have been working out from last Sunday, he said (banks expressed their willingness to implement the instructions to enhance the value of the Iraqi dinar against foreign currencies and began procedures to implement those instructions in support of the national economy and the process of development).

[MyLadiesDaddy]

Thanks to everyone, but now I feel really stupid. LOL

Anybody got the truck driver version of this?

[dontlop]

.

Edited February 18, 2014 by dontlop

[coorslite21]

Thank you for the awesome comments and thought process added to this thread.  We really have an interesting group here.  Total combined IQ is over the moon!!

[ReVbo]

Thanks, Revbo....anyway, it seems like they might finally be doing something with the banking laws. We'll see

http://cbi.iq/documents/Proposals%20to%20amend%20laws.pdf  This is the Arabic version/link referenced on the cbi site.  I just want to paste it here so I can try to see if I can translate tomorrow. 

 

Carello just posted the article over at DA, so I'll bring commentary as it becomes available, but my first impression is,of course, they're just talking about getting the street rate that, for some reason, has been stuck at 1222 since January 19, back in line with the official CBI rate. That's really weird, considering it usually fluctuates at least a dinar or two a day, but I digress. Getting the street rate down in to the 1202 range would put us within 2% range that signifies compliance with IMF Article 8, which is what we want, so I like this news a whole lot. Just need to know when these new policies will be implemented, but I guess that would be asking too much, huh? The way the article is written, it sure sounds like they're doing it right now, but that may just be my dinar goggles talking.

Edited February 18, 2014 by ReVbo

[TBomb]

Agreed, Revbo and thanks for your vigilance.

 

I do like that the instructions are posted in red at the cbi and to me that indicates that it's a message of importance and potentially highlighted in order to serve as a reference (queue) for banks. And, obviously, these articles coming out again (originating, as far as I can tell, back to November) may tell us they're about to implement this.

 

Rayzur, no worries hon. I think the article I found will work. Thank you..you're a gem.  I hope the case isn't too grueling.

Edited February 18, 2014 by TBomb

[TBomb]

JUST FOUND THIS from parliament site:

 

The Commission publishes a report on the requirements of the reform of the banking system in Iraq
18 February, 2014

 

 

MP-at the beginning of the symposium held in the Hall of the Constitutional Council, in the presence of Deputy Secretary Hadi Abbas Al-yassiri, a member of the Committee, and worshiped the tangibles summary a summary of the report of the Finance Committee has been set up three years ago and had held several workshops with international experts, noting that the Committee heard on the banks of the private sector and the Government was informed of the views and proposals that contribute to the process of reform of the banking sector in Iraq.
 

Symposium participants declared their readiness to support the Committee's observations and proposals to enrich the report after reviewing dignitaries and his threshing machine.

 

http://www.parliament.iq/details.aspx?id=10391&AlwType=Pre

 

JUST FOUND THIS TOO:

 

 

Decisions of the Council of Ministers Session No. 7 in 02/18/2014

  

18/02/2014 16:37

Cabinet held its regular seventh in Baghdad (Tuesday, February 18, 2014) under the chairmanship of Prime Minister Nuri al-Maliki, issued by the Council and the following decisions:
 

1 - Council of Ministers adopted the plan proposed by the Prime Minister and Commander of the Armed Forces of Nuri al-Maliki to restore security, stability and reconstruction in Anbar province, and to compensate for damage to public property and private citizens as well as damage to the citizens, and for this purpose the Board decided Mayati:
 

First - the formation of a higher committee headed by Prime Minister Nuri al-Maliki and the membership of Minister of Construction and Housing, municipalities, financial and Displacement and Migration in addition to the governor of Anbar province and the head of the provincial council, and set the strategy and general plan for the said purpose.
 

Secondly - the formation of a sub-committee under the supervision of the Supreme Committee task estimate the damage to citizens and public and private property of citizens, headed by the membership specialists from the following ministries for less than their degree from the director general (of Construction and Housing, financial, immigration, planning, municipalities, the Interior) in addition to the head of the Anbar province The governor of Anbar province, the plan aims to achieve the following objectives:
 

1 - deepening atmosphere of brotherhood and solidarity between the local government and the families of the inherent conservatism that arose against al-Qaeda and terrorists who wanted to destroy and humiliate the people to maintain customers.

2 - and continue packing the crowd in the province until the elimination of al-Qaeda and impose security and stability in the boundaries.

 

4 - Integrate tribal fighters who defended their families, and stood to the side of the armed forces against terrorists and Al-Qaeda and Daash and their supporters, including at least ten thousand fighters are prepared and trained and complete all the shortcomings of the police force in the province.

 

5 - Re-displaced families inside and outside the province and to provide financial support to them by 20 billion dinars initially.

 

6 - billion dinars allocated to compensate for damage to public property and private citizens.

 

7 - to extend the amnesty for fooled them for one week from the date of publication of this decision.

 

8 - Install owners honorary ranks who stood with their parents, along with the armed forces against al-Qaida and its supporters of terrorists not inconsistent with the law.

 

9 - to demand the judiciary and the relevant authorities in order to resolve the backlog of cases in the courts and to address other demands not inconsistent with the law.

 

10 - emphasis on the rejection of any party whatever its name and address cooperated with Al-Qaeda and Daash and terrorist organizations.

 

11 - call the elders of the tribes of Fallujah and scholars to expel outsiders and insurgents from their city and set aside damage a military solution.

 

12 - Adoption of the initiative to invite tribal enactment of a law to criminalize sectarian to maintain national unity in line with the spirit of the Constitution, and work to unify media discourse so as to enhance the national constants.

 

13 - The government is to achieve demand Anbar tribes to organize a conference to be held in Baghdad in the Senate includes a general in Iraq to promote national unity and rejection of sectarianism and the fight against terrorism.

 

2 - Approval by the Ministry of Finance to provide an advance of 20 billion dinars for the purpose of sheltering the refugees and aid in Anbar province, that amount is added to the operating budget and reduce the investment budget to maintain the same amount for the purpose of settlement calculations.

 

3 - Approval of Mayati:

 

A - Authorize Chairman of the National Investment Agency (Mr. Sami Raouf al-Araji) the authority to negotiate and sign the draft agreements to protect and encourage investment between the Government of the Republic of Iraq and the governments of each of (the United Arab Emirates, Oman, and the Republic of Slovakia, and the Czech Republic, the Republic of Bosnia and Herzegovina) Besagha amended by the State Council, according to the provisions of Article (80 / item VI) of the Constitution, instead of the former Finance Minister.

 

B - The Ministry of Foreign Affairs to prepare documents necessary authorization on behalf of the Government of the Republic of Iraq, Mr. President of the National Investment Agency, in accordance with the approved contexts, and submitted to the General Secretariat of the Council of Ministers in order to obtain the signature of the President of the Council of Ministers.

 

4 - Approval Mayati:

 

A - authorize the Minister of Agriculture (Mr. Ezzedine Al Hussein State) to negotiate and sign a draft agreement on cooperation in the field of animal health and veterinary medicine between the Republic of Iraq and the Islamic Republic of Iran, as amended by the State Council, according to the provisions of Article (80 / item VI) of the Constitution.

 

B - the Foreign Ministry to prepare a document on behalf of the Government of authorization required Iraq to Mr. Minister of Agriculture and approved in accordance with the contexts, and submitted to the General Secretariat of the Council of Ministers in order to obtain the signature of the President of the Council of Ministers.

 

5 - to approve the issuance of Order No. () for the year 2014, the system of nature reserves auditor by the State Council, according to the provisions of Article (80 / item iii) of the Constitution and Article (4 / items fifteenth and sixteenth century) of the Law of the Ministry of the Environment ( 37) for the year 2008, and Article 18 and Article (38 / item first) of the Act to protect and improve the environment No. (27) for the year 2009, taking into consideration the opinion of the General Secretariat of the Council of Ministers.

 

6 - to approve the transfer of edema cars listed in the tables reveal the fixed assets of the Property Claims Commission facilities linking her with a number: (5634), dated 12/08/2013, and donated to the presidency of the Court of Appeal Karkh the Federal Ministry of Communications / Office of the Inspector General, subject to approval by both sides above-mentioned transfer disclosure, according to details listed below:

 

1 - cars of (4) four cars and book value (61.791 million) and sixty-one million, seven hundred and ninety-one thousand dinars to the Presidency of the Federal Court of Appeal Karkh.

 

2 - cars of (4) four cars and book value (50.464 million) fifty million, four hundred and sixty-four thousand dinars to the Ministry of Communications / Office of the Inspector General.

 

7 - approving the recommendation of the Committee on Economic Affairs on the Ministry of Finance to pay the contribution of the Republic of Iraq to increase the capital of the Arab Investment Company in the amount of $ (18.34 million) eighteen million three hundred and forty thousand dollars spread over five years starting in 2014, to be paid within one year (3.668 million ) three million, six hundred and sixty-eight thousand dollars.

 

8 - to extinguish the debt resulting from the operating profit exclusively, and the accumulated production vehicles (transport, pregnancy year) imported after the date of 9/4/2003, according to the provisions of paragraph (11) of section (4) of the Financial Administration Act and the Public Debt (No. 95 ) of 2004, as amended, and the exemption of imported sedans after 2003 drawing of the reconstruction of Iraq for cars that did not meet her until now because of the graphic move the car to a number of recipients.

 

9 - approved a draft law of the Fourth Amendment to law paving streets No. (85) for the year 1963 the auditor by the State Council, and referred to the House of Representatives, according to the provisions of Articles (61 / item first) and (80 / item II) of the Constitution, taking into account the opinion of the Secretariat General of the Council of Ministers.

 

10 - approved a draft law to support doctors with tables contained in the memorandum of the General Secretariat of the Council of Ministers of a number (D / S / 2/2/15/695) dated 03/11/2013, the auditor by the State Council, and forwarded to the Parliament According to the provisions of Articles (61 / item first) and (80 / item II) of the Aldstorz (only emergency Doctors, family and psychological).

 

11 - approving the recommendation of the Ministry of Foreign Affairs on the opening of the Embassy of the Republic of Iraq in the Republic of Croatia.

 

12 - to approve the bill Statistics auditor by the State Council, and referred to the House of Representatives, according to the provisions of Articles (61 / item first) and (80 / item II) of the Constitution.

 

13 - approving the recommendation of the Ministry of Foreign Affairs on the open honorary consulate of the Republic of Italy in the province of Basra and the Consulate General of the Republic of Italy in the province of Arbil, according to the provisions of Article (26) of the Foreign Service Act No. (45) for the year 2008, provided that maintains Iraq the right to open two consulates, honorary and the public in the Republic of Italy in the future in accordance with the principle of reciprocity.
http://www.cabinet.iq/ArticleShow.aspx?ID=4357

[TBomb]

http://dinarvets.com/forums/index.php?/topic/172334-new-laws-in-the-gazette-2-14-2014/?hl=revolutionary - IN THE GAZETTE THERE'S THIS NEW LAW (OR AMENDMENT AND REINSTATEMENT OF OLD RE THE CPA)

[TBomb]

LATER, I NEED TO PERFORM A COMPARISON BETWEEN 65 AND 56, WHICH I WILL TRY TO GET MY ADD BRAIN TO DO. I WANT TO SEE IF ONE OF REPLACING THE OTHER. SORRY FOR CAPS.

[TBomb]

Claim the legislation supports the investment law     
 

06/2/2014 12: 00 am

Baghdad-Chartreuse, Chen
Secretary of the Federation of Chambers of Commerce to change the package of economic laws chock to investment laws as corporate law and tax law and labor law.
The Secretary of the Union, said Abdul Hussein blessed that placed the private sector discussed many times in the economic committees of the General Secretariat of the Council of Ministers and the Ministry of planning and the relevant ministries to develop the private sector and employment legislation and appropriate private sector trends. He noted that the law gives full freedom of banking transactions as it deems appropriate boards pointing out that this freedom is missing in banking law. He noted that blessed banks to be like the rest of its surrounding countries with experience of the Jordanian Kingdom and how the banks there to engage in import and export operations, adding to» morning that private banks are not commercial operations while its commercial pointing out that their work restricted to deposit and withdraw funds without providing services Other banking for customers as well as the Central Bank sold the dollar Iraqi assets auctioned by private banks, saying that this work did not achieve economic feasibility.
Of the parliamentary Finance Committee said that there were "a series of measures adopted by the Commission to improve the economic stability of the Iraqi currency against other currencies." a source on the Committee said the Central Bank is trying to maintain the stability of banks in particular through checks and instructions issued by the host that the Finance Committee '' had not only the stability of the banks but also seeks to develop and ensure their participation in the building of the Iraqi economy to genuinely increase the capital through deposits that often comes from Ministries of State and its various institutions as well as citizens ' deposits. Pointing out that these deposits were probably afraid of resorting to public and private banks in particular that the Commission considered that legislation ensures that deposits and protects. '' said the parliamentary Finance Committee that the Central Bank would be obliged to protect bank deposits through the law that Parliament will legislate him later.

Read more: http://dinarvets.com/forums/index.php?/topic/171775-claim-the-legislation-supports-the-investment-law/#ixzz2thMTGgqa

related thread

 

http://dinarvets.com/forums/index.php?/topic/172535-new-cbi-announcement-02172014/

Edited February 18, 2014 by TBomb

[Carrello]

TBomb, thanks!

Edited February 18, 2014 by Carrello

[429]

Thanks to everyone, but now I feel really stupid. LOL

Anybody got the truck driver version of this?

LGD, when you get it, dumb it down so the fireman can understand.

[siberian_shaddow]

Thanx Tbomb, ÷1 for your devotion to spend all your time to bring us articles, Thanks for everything you really truly do your home work. Go Rv

[EagleEye]

Thanks to everyone, but now I feel really stupid. LOL

Anybody got the truck driver version of this?

I agree LGD !!! We need some Cliff Notes here   

[RAGARCIA62]

[TBomb]

Claims enactment of a law to protect bank deposits
19/02/2014
Claims enactment of a law to protect bank deposits
BAGHDAD / JD / .. demanded that the parliamentary finance committee of the Prime Minister to send the law to protect bank deposits to parliament for discussion and approval, to encourage owners of capital to bid farewell to the big money in the banks.
A member of the Committee Deputy Secretary Hadi told / JD /: "There are claims by economists, investors and owners of capital large and even banks to the enactment of the bank deposits, being one of the important laws that encourage the process of filing financial banks and increase the confidence of investors, local banks."
He added that the government is required to speed up the sending bank deposits Protection Act to the House of Representatives for the purpose of discussion and approval during the remaining period of the current parliamentary session, calling on the central bank by requiring local banks to increase the interest rate on the money deposited in them.
The project aims to protect the deposits of citizens, in addition to a set of controls that are still working on the central bank, under this law, including the possibility of increasing the capital of private banks through deposits and government ministries.
The Finance Committee had announced earlier that it will soon hold a workshop with experts and bankers, for taking their proposals on this law.
Among the controls set by the central bank earlier in the domestic banks that are not less than the bank's capital from 250 billion Iraqi dinars.
The total capital of private banks of the 30 banks in the whole of Iraq more than seven trillion dinars. / End / 8 /

 

 

Guys, this is one of the things we've been waiting for and I have to ask, is it connected to this announcement re implementation of exchange regulations?

 

http://www.dananernews.com/News_Details.php?ID=4484

I'd love to give you guys some cliff notes, but I can't find Law 65 in order to perform a cross check against law 56 of 2004 - and law 56 in the gazette is in Arabic only. no copy nor paste..we'll have to use what we have here. I'll come back later to see if I can find copies of 65 here.  After scouring 200 pages in the gazette, uhhhhhh I's needs me a break.

Economic Affairs approves the recommendations of the Committee for the exchange of information on the movement of the currency sold

Rose Nuri Shaways

0 impress
Font size:

Author: Editor: br Reporter: ar Hits: 143
2014/02/19 11: 00
Tomorrow/Baghdad: the Committee on Economic Affairs, chaired by Deputy Prime Minister Nouri shawis, Wednesday, to approve the recommendations of the Committee for the exchange of information on the movement of the currency sold by the Central Bank of Iraq.

The Chairman said Nuri Shaways following the 10th meeting of the Committee for "tomorrow", "the meeting included discussion of actions taken by the Central Bank of Iraq to help sell foreign currency in Basra", stressing that "the Commission supported these actions as appropriate to maintain currency market and control prices.
 

"The process of buying and selling the dollar at an auction the Bank is subject to audit and inspection by the General Directorate of banking and credit control and money laundering".  (**So Turki, also the Supreme Auditor is gonna do this too????  OMG)

The Committee meeting was held in the presence of Minister of Finance Agency SAFA al-Din Muhammad and Minister of planning Ali Yousef El shukrijumah and oil Minister Abdul Kareem luaibi and Khairallah Hassan Babiker, Minister of Commerce and Chairman of the national investment Commission Sami Raouf Al-araji and the Governor of the Central Bank and Chairman of the Board of Supreme Audit and the Deputy Secretary General of the Council of Ministers.

 

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.alghadpress.com%2Far%2FNewsDetails.aspx%3FNewsID%3D9784

 

Thanks Yota

http://dinarvets.com/forums/index.php?/topic/172706-economic-affairs-approve-the-recommendations-of-the-committee-to-exchange-information-on-the-movement-of-the-currency-sold/

[eburt]

Ok thanks - But what does this means - just trying to get a better understanding.....

[TBomb]

Economic Affairs approves the recommendations of the Committee for the exchange of information on the movement of the currency sold

Rose Nuri Shaways

0 impress

Font size:

Author: Editor: br Reporter: ar Hits: 143

2014/02/19 11: 00

Tomorrow/Baghdad: the Committee on Economic Affairs, chaired by Deputy Prime Minister Nouri shawis, Wednesday, to approve the recommendations of the Committee for the exchange of information on the movement of the currency sold by the Central Bank of Iraq.

The Chairman said Nuri Shaways following the 10th meeting of the Committee for "tomorrow", "the meeting included discussion of actions taken by the Central Bank of Iraq to help sell foreign currency in Basra", stressing that "the Commission supported these actions as appropriate to maintain currency market and control prices.

 

"The process of buying and selling the dollar at an auction the Bank is subject to audit and inspection by the General Directorate of banking and credit control and money laundering".  (**So Turki, also the Supreme Auditor is gonna do this too????  OMG)

The Committee meeting was held in the presence of Minister of Finance Agency SAFA al-Din Muhammad and Minister of planning Ali Yousef El shukrijumah and oil Minister Abdul Kareem luaibi and Khairallah Hassan Babiker, Minister of Commerce and Chairman of the national investment Commission Sami Raouf Al-araji and the Governor of the Central Bank and Chairman of the Board of Supreme Audit and the Deputy Secretary General of the Council of Ministers.

 

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.alghadpress.com%2Far%2FNewsDetails.aspx%3FNewsID%3D9784

 

Thanks Yota

http://dinarvets.com/forums/index.php?/topic/172706-economic-affairs-approve-the-recommendations-of-the-committee-to-exchange-information-on-the-movement-of-the-currency-sold/

 

Well, eburt, at this point in time they're talking about enhancing, regulating and promoting communications/information re the sales of foreign currency between the fed govt and Basra, as far as I can tell.  This is but one aspect of the need for them to implement more "modern/sophisticated" communications and a sign that all of the articles we've seen regarding Iraq's inability to implement/install/use modern technology are actually now happening. (it seems).  If anyone else has a diff take, I'd be grateful. TY

[eburt]

Thanks TBomb for the GREAT breakdown and feedback....GO RV

[SnowGlobe7]

i agree....... thanks so much for all your effort and time

[gregp]

Ditto. Thanks!

[chris2028]

I feel like the guy that walked into a room with people speaking some other language and they are all smiling and in good spirits. I know something must be either funny or some great news but I can't understand anything their saying.. Yup that's the feeling I have reading through all these comments in this post. So yup I have that confused face on right about now with that weird IDK what your talking about but I better smile along with you smirk.

Edited February 19, 2014 by chris2028

[genx4me]

I feel like the guy that walked into a room with people speaking some other language and they are all smiling and in good spirits. I know something must be either funny or some great news but I can't understand anything their saying.. Yup that's the feeling I have reading through all these comments in this post. So yup I have that confused face on right about now with that weird IDK what your talking about but I better smile along with you smirk.

Welcome to my world!

   

[MyLadiesDaddy]

LGD, when you get it, dumb it down so the fireman can understand.

No doubt my friend. LOL

After reading the rest of the thread,. ....... Well at least I'm in great company.