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thought I would post this here...I know there many Warka account holders here........seems when I get away from OSI, VIP I get some negative feed backs....would enjoy hearing your thoughts....the translation is a bit rough......but both google and bing were pretty close to each other in the translation....This sounds very promising for the Warka investors and those with Warka bank accounts...

BAGHDAD Mustafa al-Hashemi,

The Iraqi Central Bank seeks to stimulate the private banking sector through the removal of private banks from speculating in dollars and support the provision of mechanisms to strengthen its activity and increase profits which would get the economy moving and directing them to take the real role in development.


In the process of this context, the Central Bank Governor Dr Ali Alak said that the coming days will witness the return of banking activity the economy and the Warka Bank after the completion of raising the central tutelage them measures.


He said in a statement the "morning" the banking sector where the future and the trading of exaggerations in the conditions of these banks are exaggerations improper where we hear every now and then there are the banks under guardianship because of hardship or bankruptcy.

Lifting guardianship and stressed that this is not accurate we do not have only one bank is now under the custody of "Bank of the economy" and soon will finish this stage to return to work In addition to the Warka Bank who had got the problems and now began to re-position the central bank is considering now with the Department of the Bank of ways to promote it.

The governor stressed that the central bank stimulates the private banking sector and the private banks to exercise their activities in accordance with international standards, and the fact that modern mostly it You need the care and support from the central bank.


While Nbadha the speculative dollar we have been working to compensate this aspect and provide other tools can strengthen its role and increase its activities and profits, pointing out that the central process of doing a set of procedures as well as put forward proposals adopted by the Bank in the Economic Committee of the Council of Ministers and have been endorsed and acceptance they contribute to upgrading the role of these banks.


Government deposits and continued relationship was for banks restricted role in the granting of letters of credit to a certain extent now we raised the ceiling of this authority to grant such credits, pointing out that the central coordinate with the Ministry of Finance to obtain approval to accept the idea that the private banks can receiving government deposits, and dealing with the fees instruments that pay to the private banking system as it now does not accept the government transactions.

He noted that the law guarantee deposits will be discussed soon in the House of Representatives will lift the state of lack of confidence, because this sector is working foundation principle on the issue of public confidence. project funding announced by the Central approval to lend specialized in the fields of housing and construction, industry, agriculture, commercial banks, which continues to this aspect as the bank is working on a very important project marks a turning point and the start of many countries in the world is to finance small and medium enterprises project, Msttrda


We are now coordinating with banks to develop a plan in this context, because it is possible to move and stimulate the economy and determine the unemployment in the country and this is one of the strategic projects financed by the central bank of what would contribute to GDP. He stressed that the models that I quoted from some of the world in this successful and encouraging area and must move quickly this There is also a trend that multiple ideas were discussed with private banks to take the national and economic role.

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Millionday Friday Roundtable


Millionday Round Table 3/6/2015   

Welcome to for Roundtable with Millionday!

Millionday says(12:22 PM):  HERE WE GO 

Millionday says(12:22 PM):  A source in the Iraqi Central Bank, on Thursday, the banks will begin the implementation of remittances to their customers starting next Sunday, noting that it came after the completion of all the procedures and mechanisms by banks. 

The source said in an interview with Alsumaria News , "The banks will begin the implementation of remittances to their customers starting on Sunday 03/08/2015."

Millionday says(12:23 PM):  The source, who asked not to be named, said: "This came after the completion of all the procedures and mechanisms by banks."

The source of early detection, in the (February 25, 2015), the Central Bank of Iraq began to apply the new system of remittances and sell the currency, as he pointed out that the bank denied stopped selling the dollar.


Millionday says(12:26 PM): END OF REPORT
I quietly add that 3.90 is the rate said to be on the back screens of banks around the world.
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Coorslite is referring to the part about the banks under guardianship and in bankruptcy. It certainly looks promising for WARKA as they are addressing what to do about them and how they want to revive the economy...what better way then to back the banks having problems. WARKA is actually a huge commercial bank and in as much would be a huge headache to shut all of their branches and ATMs down. I hope they agree and do what they can for the economy!!!!  :twothumbs:

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      The same opportunities that exist now (internet dealers or banks acting as dealers) should still be there for a limited time after the CBI starts issuing its new currency into circulation for exchange.
      I know for certain that once Iraqi Sovereignty set in and Iraqi Custom Inspection Stations were moved from Dubai back to Baghdad it was definitely against Iraqi Law to FedEx or otherwise courier or mail any Iraqi currency from outside of Iraq to anywhere inside of Iraq.
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      When I first inquired about opening an account with Warka Bank, you sent me an email which contained (in part) the following message:
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      Warka Bank for Investment and Finance - Main Branch – Baghdad Iraq
      International Foreign Relations Department - Attn: Mohammad K. Issa
      Watheq Square – Salman Faiq St. – Hay Alwihda – Sec. 902 – 14th St.

      Upon receiving your package it will be counted both by hand and machine in the presence of three dedicated bank employees under my supervision and we will credit the exact amount received to your account.
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      Customer Accounts Dept
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      Since that time, I have sent Iraqi Dinars by FedEx to this address numerous times and have helped others to do the same.
      However, lately I have become concerned because currently there is a rumor circulating among Iraqi Dinar investors that it is no longer Warka’s policy to accept physical Iraqi Dinar banknotes by courier to fund our accounts.
      At your earliest convenience, please confirm that the above mentioned mailing address is still correct and that it is still Warka Bank’s policy to accept physical Iraqi Dinar banknotes sent by courier (FedEx) to fund our accounts.
      I greatly appreciate your time to reply to my request and look forward to your confirmation.
      Thank you again for your fine service and attention to my accounts.
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      Please note that in accordance with the regulations set by the CBI, Iraqi banks are not permitted to hold IQD accounts at their corresponding bank and are prohibited from receiving deposits or wire transfers in IQD currency where the only legal method of funding your account is through a USD bank to bank wire transfer.

      Furthermore, and as posted on our website, Iraqi Customs no longer permits courier companies operating in Iraq to receive and deliver packages containing funds of any currency and will be confiscated accordingly.

      Should you have any further questions or inquiries please take a moment to visit our website news bulletin to view the latest notices and contact details of the related departments that will best handle your inquiries. We have several departments that will specifically handle each banking affair to your best interest by contacting them directly as they handle customer inquiries and transactions.
      Best regards,
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      Deputy Managing Director
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      This e-mail is confidential and the information contained in it is privileged. It should not be read, copied or used by anyone other than the intended recipient.
      This being the case, I’m pretty sure it’s still against Iraqi Law to physically send Bremer era, De La Rue IQD banknotes into Iraq except by some CBI and GOI approved and secured means that are within the guidelines of the Iraqi banking system ~ such as a secured re-supply direct from De La Rue to the CBI, for example.
      However, to stay within the law, the CBI could certainly direct De La Rue (or whoever is going to print up the new notes) to re-supply neighboring central banks directly with however much IQD they required to meet customer demands; and without any need for physical IQD to cross the border and break Iraqi Law.
      De La Rue receipts and amounts could be accounted for digitally against the CBI’s Total Money Supply ledger.
      According to Mr. Issa, the law says “Iraqi banks are not permitted to hold IQD accounts at their corresponding bank and are prohibited from receiving deposits or wire transfers in IQD currency where the only legal method of funding your account is through a USD bank to bank wire transfer”.
      That lets out a lot of places under Fed domination; therefore, most, if not all, IQD traders on the internet today buy, sell and ship physical IQD to and from Iraq’s immediate neighbors; or at least those neighbors which have correspondent banks that are allowed to hold IQD accounts for Iraqi Banks located inside Iraq.
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      Next, a confirmation is sent to the Iraqi bank inside Iraq that is responsible for the IQD account held at the Correspondent Bank of Choice.
      Next, a confirmation is sent to the CBI for final confirmation of credit in Euros and USD’s ~ whether cash or electronic.
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      Eventually, those pallets of redeemed IQD (non-spendable outside of Iraq) will probably make a short trip to an incinerator to be destroyed ~ rather than go to the bother of physically transporting them back to the CBI vaults.
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      The CBI will make an entry and the Iraqi Total Money Supply will be further reduced just like they planned.
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      Currently, the CBI is still resolving its currency demands by way of daily auctions without any announced plans to change.
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