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The Iraqi Government lifted the ceiling on banking for citizens

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The Iraqi government lifted the roof of banking transactions for citizens

Baghdad, Ali al-Azzawi

April 23, 2015

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The Iraqi government lifted the roof of banking transactions for citizens

 

Baghdad, The Iraqi government approved on Thursday a law allowing citizens to withdraw money from their bank accounts up to 100 million dinars (US $ 84 388), only after the passage of years since the adoption restrict fiscal drag system from banks at 25 million dinars ($ 21 thousand).

 

The move, according to observers, within the government's attempts to control the phenomenon of the adoption of the dollar in the Iraqi market through large daily transactions, Kelsafqat business, buying and selling real estate, because of the scarcity of local currency.

 

She said the Iraqi government , in a statement amounted to "the new Arab" a copy of it, "The General Secretariat of the Council of Ministers directed to raise the ceiling certified instruments issued by private banks from 25 million dinars to 100 million dinars maximum procedural transaction, which is by citizens with government departments. "

 

She added that "for the development of the private task banking sector decisions, and we are working on the establishment of the Ministry of Finance to compel government departments to accept certified instruments issued by private banks, and coordination between the Finance and the Central Bank of Iraq and the Association of private banks to put controls and mechanisms are clear and specific to deposit employees and pensioners in private banks, including guarantee the rights of depositors, in addition to the establishment of the Iraqi Central Bank and government to study the possibility of banks lending to private banks to finance small and medium enterprises. "

 

He continued: "The Committee decided that the Trade Bank of Iraq to open lines of credit to the private banks, under the supervision of the Central Bank of Iraq, and the emphasis on activating the role of the financial court, as stipulated by the banks, according to the law of the Central Bank of Iraq and not to resort to other courts."

 

 It was also decided also discuss "the possibility to take advantage of the reserve requirement for private banks, and the approval of the recommendations controls letters of guarantee, and the emphasis on Finance and the Central Bank on the opening credits to the private banks up to 10 million dollars without passing through the Iraqi Trade Bank."

 

He stressed the Council, according to the same statement, that "the economic committee and sent to the bank Rafidain and Rasheed deposit part of their money to the private banks, in exchange for soft benefits, the private investment of these funds in investment projects of private banks, and the establishment of the Iraqi Central Bank to submit a draft deposit guarantee the necessary speed ".

 

As has been the "special private banks urged to find partnerships with international banks to create investment opportunities and operation of labor," in addition to "educate citizens to deposit their money in banks."

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I evened you out Sandfly - I do not know why someone gave you a neg for your comment.....

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As i see this if the government approved this then this will be without doubt bad news all round for the RV. But personally cannot see GOI passing this as it would put them back not forward. Any thoughts on this anyone?

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Thanks Yota....Sounds like the banks just opened-up for business...Startin'... 'Lines of credit' and the solidity to back it is all about makin' money....This should start the electronic system in gatherin' workin' data to form an internal bases to establish the integrity of the entire bankin' system....

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This is good news. Another step forward for Iraqis to be able to use the Dinar for bigger purchases rather than the dollar.

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***///

 

Just sounds like the CBI is legitimizing and recognizing the other banks,

so long as they are willing to play ball with the same 'entities' that rule them

[i.e the evil cartel of central bankers of the world, the u.n., the imf, et al]...

 

Sounds more like a networking thing,

so everybody is on the same page in order to keep track of the money...

 

bow down, bend over and report to the global banksters, Iraq....

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***///

 

Agreed, BRADYBEAR...  

but that doesn't mean we have to be personally pleased with the involvement of the same 

evil cartel that is strangling US.

 

We see where Iraq is headed under their manipulation.

 

But so long as they RV so we can get the hell out, so be it. :confused2: 

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It is what it is, ladies. as an trader I know what you know IS correct...but eventually the US has to play with the rest of the world. When.

.not if...the yuan revalues the playing field has to be level. The UN and IMF hopefully are facillitating that part of the chess match. The dollar can't prop the rest of the world up forever.

Edited by justchecking123
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It is what it is, ladies. as an trader I know what you know IS correct...but eventually the US has to play with the rest of the world. When.

.not if...the yuan revalues the playing field has to be level. The UN and IMF hopefully are facillitating that part of the chess match. The dollar can't prop the rest of the world up forever.

***///

 

We hear ya, CHECK ...  We 'get ' the SOP of the process, just don't like it is all.  :confused2:

Thanks for commiserating with us.  :)  Yer a good egg !

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***///

 

Agreed, BRADYBEAR...  

but that doesn't mean we have to be personally pleased with the involvement of the same 

evil cartel that is strangling US.

 

We see where Iraq is headed under their manipulation.

 

But so long as they RV so we can get the hell out, so be it. :confused2: 

I agree with some of what you are saying......but while they are chocking everyone....they may squeez out an rv.

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***///

 

Yuh, we 'get ' that, CD... see post above to CHECK....

 

Let's just call it a "necessary evil " and move on to our RV and

get the hell outta this already, right?!... :tiphat: RIGHT !  :twothumbs:

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OCR Bing Translation

 

The Iraqi Government lifted the ceiling on banking for citizens
2
Crisis point slow down new projects in KSA and UAE
3
HSBC plans to leave Britain, the Iraqi Government approved on Thursday a law allows llmwattin to withdraw money from bank accounts to 100 million dinars ($ 84388 (, years after the adoption of the system of restrictions on withdrawals from banks at 25 million dinars (21,000 dollars (.
The move, according to observers, the Government attempts to control the phenomenon of adopting the dollar as the Iraqi market during intraday high, as business and buying and selling real estate, due to the scarcity of local currency. The Iraqi Government said in a statement to "the new Arab" copy, "the General Secretariat of the Council of Ministers charged with raising the certified instruments issued by private banks of (25 (million to 100 million maximum for procedural transactions day by citizens with government departments". "The decisions on the development of the private banking sector is important, and the Ministry of finance by requiring government departments to accept the certified instruments issued by private banks, and coordination between finance and the Central Bank and the Association of private banks to establish clear and specific mechanisms for staff salaries and retirees in private banks and guaranteeing the rights of depositors, as well as the Iraqi Central Bank and State banks to lend to private banks for the financing of small and medium-sized enterprises". He continued; "The Committee decided that the Trade Bank of Iraq by opening lines of credit to the private banks, supervised by the Central Bank of Iraq, and emphasized the role of the financial Court, as stipulated in the Act on banks accounts of the Central Bank of Iraq Act and not to resort to the courts."
It was also decided to examine "the potential benefit from the reserve banks and approving recommendations for controls letters of guarantee and finance and the Central Bank on the opening credits to the banks
Even $ 10 million without passing through exchange of trade. " The Council, according to the same statement, the Commission directed the Rafidain and Rasheed Bank to deposit part of their money in private banks, versus soft benefits and eligibility basnshar banks such funds in investment projects, and the Central Bank of Iraq to guarantee deposits in a timely manner. " Banks were also urged "special civil partnerships with international banks to create investment opportunities and labour", in addition to "educate citizens

To deposit their money in banks. "
Read also:
Corruption costing $ 360 billion by Iraq and years

 

http://www.newsaliraq.com/inews.php?NewsID=315376

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Thanks, this translations puts a clearer intension to increase the value spectrum for the dinar compared to the value of the dollar.... 

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I evened you out Sandfly - I do not know why someone gave you a neg for your comment.....

maybe they negged him because he didn't say "THANKS"! Lmao! some people..... :)

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