Central Bank agrees to cover bank accounts outside of Iraq to the dollar

[MyLadiesDaddy]

Wow , as I read this I almost can't believe my eyes.

 

Is this the CBI saying that the dinar is now an international currency?

[new york kevin]

So this article is saying (or not saying) that the CBI will cover all exchanges of moneys from foreign investors, investing into Iraq. IE: they can invest into Iraq with their country's currency directly and then it will seamlessly be converted into IQD and otherwise invested or deposited into accounts. Removing at least one step in the conversion process. Correct? If so, by removing a step in the process it will ease investing into Iraq a bit easier. Cha ching for Iraq.

 

Plus this

The Rafidain Bank, announced on Saturday (31st of January 2015), about to start issuing card "MasterCard" to its customers in its branches inside Iraq and outside, indicating that the card gives the holder the possibility of withdrawing money from his own account in any province or state exists where, for hardly need to carry around cash.

The banking system consists in Iraq from 43 banks, as well as the Central Bank, and distributed according to government ownership between seven and 30 waged, including the Islamic seven, as well as six foreign bank

Read more: http://dinarvets.com/forums/index.php?/topic/196001-central-bank-agrees-to-cover-bank-accounts-outside-of-iraq-to-the-dollar/page-2#ixzz3QVboy31F

Plus t

[captl1]

Mas tequila! Buenos Dias Wiljor!

[WheresmyRV?]

We are sooo close to this happening!   

[Butifldrm]

Wow , as I read this I almost can't believe my eyes.

 

Is this the CBI saying that the dinar is now an international currency?

I wish that were true LGD.  You notice most of these articles state that Iraq/CBI will cover accounts outside Iraq in the dollar.  Accounts inside Iraq will be covered with the IQD.  Iraq can still remain  under article XIV and carry on international business in this manner.  What, the CBI is trying to do here is add liquidity into the banking system.  It's very simple,  to use a Mastercard or Visa, Iraqis must maintain an account balance within the bank that issues the line of credit.  Only about 20% of the people keep deposits in the bank.  The governments  push to pay salaries and retirement via smart card should boost the banks liquidity.  Now, I still believe they are going to have to pass quickly the deposit insurance law to maintain any sort of momentum on this move.

[saradise]

Thanks Yota! It's coming soon....and not the Iraqi "soon"!

[dog53]

Baby steps always baby steps.

I want them to put on their big boy pants and learn to run dammit.

[Laid Back]

CBI is moving in the right direction .!!

Go CBI

Go loans

Go credit cards

Go dinar

Go strong $1.13:1

[Shelley]

Baby steps always baby steps.

I want them to put on their big boy pants and learn to run dammit.

At least their not crawling anymore .... I think Abadi's got the government and all of Iraq in running mode.

I wish that were true LGD.  You notice most of these articles state that Iraq/CBI will cover accounts outside Iraq in the dollar.  Accounts inside Iraq will be covered with the IQD.  Iraq can still remain  under article XIV and carry on international business in this manner.  What, the CBI is trying to do here is add liquidity into the banking system.  It's very simple,  to use a Mastercard or Visa, Iraqis must maintain an account balance within the bank that issues the line of credit.  Only about 20% of the people keep deposits in the bank.  The governments  push to pay salaries and retirement via smart card should boost the banks liquidity.  Now, I still believe they are going to have to pass quickly the deposit insurance law to maintain any sort of momentum on this move.

Thanks Butifldrm you answered my question before I even got to post it :-)

[WheresmyRV?]

At least their not crawling anymore .... I think Abadi's got the government and all of Iraq in running mode.

Thanks Butifldrm you answered my question before I even got to post it :-)

I agree Shelley!  It is amazing to see on how fast Abadi's GOI is moving on passing laws and important bills.  He has accomplished way more in the past few months than Malaki has in 8 years.

[Officiallytook]

Saleh revealed, "a new project called the National divider, will be completed soon, and oversees the implementation of the Central Bank of Iraq, will make every point drag and national (anywhere Cash) common for banks all, whether Iraq or the other,"

[yota691]

Saleh: the issuance of Rafidain Bank Card MasterCard is an important factor evolution of business banking

By Adminsa 02/01/2015 8:22 a.m. | Views: 9

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Brother - Baghdad

Economic Adviser to the Prime Minister counting the appearance of Mohammed Saleh Declaration Rafidain Bank for issuing card "MasterCard" to its customers a step forward will contribute to the upgrading of the work of banking and facilitate the payment of pensions inside and outside Iraq process, especially as it is common services in various countries around the world, revealing the near application Bank Central to the new system provides the possibility to depositors withdraw their money from any bank in the country, and expands the use of credit cards of all kinds.

He said the appearance of Mohammed Saleh, said in a statement seen by the Agency for News Agency (et) that "the Rafidain Bank issuing MasterCard is an important factor evolution of business banking in Iraq kart, especially that big banks controls nearly one-third of the branches of Iraqi banks," noting that "the Rafidain Bank at Customers of pensioners living inside and outside Iraq will contribute to that card to facilitate the payment of their salaries, as well as their contribution to raising the efficiency of cash payments. "

Saleh revealed, "a new project called the National divider, will be completed soon, and oversees the implementation of the Central Bank of Iraq, will make every point drag and national (anywhere Cash) common for banks all, whether Iraq or other", they returned it was "very important to facilitate the work banks and credit card use, which is known as Visa card. "

The Economic Adviser to the Prime Minister, that those "steps entered service in the world since the beginning of the last century," noting that "part of the banking system is issuing Visa and MasterCard and dissemination of ATM in commercial areas and government departments, universities, and others."

 

The Rafidain Bank, announced on Saturday (31st of January 2015), about to start issuing card "MasterCard" to its customers in its branches inside Iraq and outside, indicating that the card gives the holder the possibility of withdrawing money from his own account in any province or state exists where, for hardly need to carry around cash.

Read more: http://dinarvets.com/forums/index.php?/topic/195910-rafidain-bank-issued-card-mastercard-to-customers-both-inside-and-outside-iraq/page-3#ixzz3QW59papX

[EagleEye]

 

New CBI Announcment

 

( press release ) in line with the central bank's tasks and responsibilities in supporting the development and stimulate the Iraqi economy, the Bank took a number of decisions . 

01/02/2015

 

c'mon where are all our translators ...

 

 

 

Central Bank building one independent bodies in accordance with the Iraqi constitution .. Photographed by Mahmoud Raouf

Central Bank offers 5 proposals to support the economy and agrees to cover overseas banks dollar accounts

 

Author: ASJ 

Editor: RS, SHS 02.01.2015 4:52 p.m.number of readings: 134 

 

 

 

 

Long-Presse / Baghdad

Central Bank of Iraq, announced on Sunday, taking five resolutions for "support" the development of the Iraqi economy, and confirmed his agreement to cover bank accounts abroad to "US dollar" to cover imports, and while stressing the importance of "accelerating" legislation Deposit Insurance Act, hailed the formation of a committee to reconsider the restructuring benefits.

The bank said in a statement released today, and received (range Press), a copy of which was "in line with the central bank's tasks and responsibilities in supporting the development and stimulate the Iraqi economy, the Bank took a number of decisions, including the approval of the appointment of a representative for the Council of the central bank's management of banks."

The bank said that among its "approval of the Central Bank to cover the bank accounts abroad in US dollars to cover imports of customers and for other purposes without the need to pass a window sell the currency at the Central Bank of Iraq."

The bank continued valuable statement, that "the bank takes control of such operations within the mechanism of a simplified and transparent with the development of the creation of capacities and capabilities plan to activate documentary credits instead of the current method and coordination with the banks in this regard."

Bank and stressed "the need to expedite the enactment of the Deposit Insurance Law, and to recommend to the government to accept the state's institutions of instruments issued by private banks as well as the receipt of taxes and fees in favor of the government."

The bank pointed out that "the formation of a committee to reconsider the structure of benefits, including expanding the provision of credit and liquidity."  

The Iraqi Central Bank announced last week, to take the necessary measures to boost liquidity in the banking system, while decided to facilitate the procedures for the sale of foreign currency "to sustain the exchange rate,"

The Central Bank of Iraq, had announced (18/01/2015), that the financial reserves of Iraq and a half times the equivalent of twice the money supply, they returned it was "best rates" in the countries of the world, as he emphasized that Iraqi financial institutions are "unable" to cover the deficit financial, stressed the need to re-examine the structure of the budget and spending and diversify sources of income and achieve investment more broadly to address the decline in oil prices.

The study estimated that the local government banks' capital reached until October of 2012, the last end, a total of 754 billion dinars, compared with more than four billion dinars for private banks, and investment balances in banks operating in Iraq recorded up to 10/31/2012, a sum nearly six billion dinars (5.947), the share of government banks which amounted to 4.929 billion, compared to 1.018 billion for private banks.

 

 

http://www.almadapress.com/ar/news/43530/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D9%82%D8%AF%D9%85-5-%D9%85%D9%82%D8%AA%D8%B1%D8%AD%D8%A7%D8%AA-%D9%84%D8%AF%D8%B9%D9%85-%D8%A7

 

Iraqi currency in a bank

Saleh: version Rafidain Bank Mastercard step allows for retirees receive their salaries inside and outside Iraq

 

Author: BS, ZJ 

Editor: BK, BS 1.2.2015 4:48 p.m. number of readings: 155 

 

 

Long-Presse / Baghdad

Counting economic advisor to the prime minister, Haider Abadi, on Sunday, the Declaration of Rafidain Bank for issuing card "MasterCard" to its customers a step forward will contribute to the upgrading work Banking and facilitate payment of pensions inside and outside Iraq process, especially as it is common services in various countries around the world, revealing close the application of the Central Bank for a new system that provides for the possibility of depositors to withdraw their money from any bank in the country, and expands the use of credit cards of all kinds.

He said the appearance of Mohammed Saleh, said in an interview to the (long-Presse), "The Rafidain Bank issuing Master Card important factor in the development of business banking in Iraq, especially that big banks controls nearly one-third of the branches of Iraqi banks," noting that "the Bank of Iraq to the customers of retirees living inside and outside Iraq will contribute to that card to facilitate the payment of their salaries, as well as their contribution to raising the efficiency of cash payments. "

Saleh revealed, "a new project called the National divider, will be completed soon, and oversees the implementation of the Central Bank of Iraq, will make every point drag and national (anywhere Cash) common for banks all, whether Iraq or the other," returned that "it is very important to facilitate the work of banks and credit card use, which is known as Visa card. "

The Economic Adviser to the Prime Minister, that those "steps entered service in the world since the beginning of the last century," noting that "part of the banking system is issuing Visa and MasterCard and dissemination of ATM in commercial areas and government departments, universities, and others."

The Rafidain Bank, announced on Saturday (31st of January 2015), about to start issuing card "MasterCard" to its customers in its branches inside Iraq and outside, indicating that the card gives the holder the possibility of withdrawing money from his own account in any province or state exists where, for hardly need to carry around cash.

The banking system consists in Iraq from 43 banks, as well as the Central Bank, and distributed according to government ownership between seven and 30 waged, including the Islamic seven, as well as six foreign banks

http://www.almadapress.com/ar/news/43532/%D8%B5%D8%A7%D9%84%D8%AD-%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%B1%D8%A7%D9%81%D8%AF%D9%8A%D9%86-%D8%A7%D9%84%D9%85%D8%A7%D8%B3%D8%AA%D8%B1%D9%83%D8%A7%D8%B1

 

is this the same article ??? if so go Iraq !!!

[yota691]

Conscious / Central Bank decides to expedite legislation Deposit Insurance Act

01/02/2015 08:41 | Number of Views: 1

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Conscious / Baghdad / FS

Decided to CBI, on Sunday, accelerating legislation Deposit Insurance Act.

A statement by the Central Bank received (news agency, media / INA) a copy of it, in line with the central bank tasks and responsibility in supporting the development and stimulate the Iraqi economy, the bank took a number of decisions, which is to approve the appointment of a representative of the private banks in the Central Bank and the approval of the the central bank to cover bank accounts abroad to the US dollar to cover imports of customers and for other purposes without the need to pass a window sell the currency at the Central Bank of Iraq and assume control over these operations the bank within the mechanism of a simplified and transparent with the preparation of the creation of capacities and capabilities plan to activate documentary credits instead of the current style and coordination with banks in this regard. "

The statement added, "The decisions also expedite legislation Deposit Insurance Act, and recommend to the government to accept the state's institutions of instruments issued by private banks as well as the receipt of taxes and fees in favor of the government, as well as the formation of a committee to reconsider the structure of benefits, including expanding the credit and liquidity provision."

[NextYear]

in addition to speed up legislation Deposit Insurance Act

 

So I'm gathering from this Iraq doesn't have and equivalent of the FDIC over there. No wonder the Iraqi's don't want to keep their money in the banks yet.

[dontlop]

It looks like they are assuring the world that the credit cards and bank accounts for importing used abroad will be covered in dollars

And the Iqd isnt going international in the near future

Issuing credit cards for use outside of iraq would have to be covered in dollars at this point

Edited February 1, 2015 by dontlop

[captl1]

I just want them to cover my account!

[TBomb]

THE KEY POINTS, AS BUTI AND I JUST HAD A DISCUSSION ON THIS IS THAT THE GOVT AND THE CBI ARE ATTEMPTING TO CREATE TRANSPARENCY, LIQUIDITY AND DEPOSITOR'S GUARANTEE'S (IN PART BY HOW THE AUCTIONS ARE CONDUCTED)...THESE ARE BIG DEALS FOR US - JUST STEPS TO GETTING WHERE WE NEED TO BE.

  

Central remittances

 

 

         

1/2/2015 0:00 

 BAGHDAD - Mostafa Hashemi  
within the plan adopted by the central bank to support the liquidity of banks and bank regulated by next Tuesday a public auction for the sale of Hawwalath of the 91-day at $ 200 billion dinars. 
and the source of the bank's "morning" that this auction is the third of its kind this year, which it is hoped that the full amount of Asdaria sold to government agencies recipient body retirement and care for minors and banks. He noted that the central bank's plan to issue Hawwalath for 2015 include the establishment of 26 auction of 91-day total auction value of 200 billion dinars, adding that it was selling 140 billion and 750 million dinars in the first of the year auctions in selling 175 billion dinars in the second auction, which was held on 20 of the current month.

http://www.alsabaah.iq/ArticleShow.aspx?ID=85793

Edited February 1, 2015 by TBomb

[1lucdog]

Thanks Yoda!

[TBomb]

THANKS TO MELIAHLORE -TRANSLATION OF THE CBI ANNOUNCEMENT

 

CBI Arabic Announcement - " In line with the Central Bank of tasks and responsibility"
02/01/2015

Statement issued by the Central Bank of Iraq

In line with the Central Bank of tasks and responsibility in supporting the development of the Iraqi economy and stimulate bank took a number of decisions, including: -

 

1 - Approval of the appointment of a representative of the private banks in the Central Bank.

 

2 - Approval by the central bank to cover bank accounts abroad to the US dollar to cover imports of customers and for other purposes without the need to pass a window sell the currency at the CBI Bank and assume control over these operations within him a simplified and transparent with the development of the creation of capacities and capabilities plan to activate documentary credits instead of the current style and coordination with the banks.

 

note from Buti about this: "This may well mean the currency auctions as we see now are going to change. They already have changed in the amounts being auctioned. They have been auctioning off money without any documentation as to where it is going. It certainly has been going to lot of fake businesses -and they are saying they need to regulate this."

 

3 - speed up legislation to ensure deposit law.

 

4 - the recommendation to the government to accept the state's institutions of instruments issued by private banks as well as the receipt of taxes and fees in favor of the government.

 

5 - to form a committee to reconsider the structure of benefits, including expanding the credit and liquidity provision.

CBI
Baghdad
02/01/2015

Original Document Link:
http://www.cbi.iq/documents/press%20for%201-2-2015.pdf

[aliciadogz]

What is the Tax Gains going to be for us I can't remember?

[yota691]

Central banks abroad covers dollar accounts

 

 

         

2/2/2015 0:00 

 BAGHDAD morning 

CBI agreed to cover bank accounts outside the country in dollars to cover imports, pointing to the formation of a committee to reconsider the restructuring benefits. 

According to a statement issued by the bank and received "morning," a copy of it, as "in line with our responsibilities in supporting the development and stimulate Iraq's economy has been taking a number of decisions, including, approval to do to cover bank accounts abroad in US dollars to cover imports of customers and for other purposes without the need to pass a window sell the currency at the central bank, "he said, adding that he" will take control over those operations within a simplified and transparent mechanism . " 

The statement added that he "has to approve the appointment of a representative of the private banks in the central bank's board in addition to speed up the enactment of the Deposit Insurance Act."

[AJC]

SUPER news Yota on this Super Sunday. Thanks. Look forward to your news finds this week. GO RV !!!!!!!

[deniscanada]

Quote

"2 - Approval by the central bank to cover bank accounts abroad to the US dollar to cover imports of customers and for other purposes without the need to pass a window sell the currency at the CBI Bank and assume control over these operations within him a simplified and transparent with the development of the creation of capacities and capabilities plan to activate documentary credits instead of the current style and coordination with the banks."

 

I almost fell off of my chair. They are now connecting to world banks to do inter bank transfers, from what I'm reading, It's still only USD but dinar will be next.

 

This is starting to get encouraging.

Thaannx you

see my fingers are stuttering.

Edited February 2, 2015 by deniscanada

[whatsthis]

I want to give you a straight basic answer here to what this means.

 

The CBI is putting some protection on the money deposited into accounts in return investor will see this as positive & start making moves to go to Iraq, Plus it will also protect the citizen money they deposit which should start giving confidence in the banks for more to make deposits. This will cover them until the protection law passes.

That is it in a nut shell.