New CBI announcement 01/07/2016

[yota691]

News & Announcements

 

• To all licensed banks (the transition from the uniform accounting system for banks and insurance companies to international standards) 
  01/07/2016

• To all licensed banks (buy gold commemorative coins) 
  01/07/2016

 

[blueskyline]

Thanks Yota !!!

Edited January 7, 2016 by blueskyline

[Jaygo]

International Standards??? This sounds good, but is it what I think it is???? Help me out here Yota!!!

[yota691]

This could be International Standards Announcement...

Deposit Insurance Law does the economy

 

 

         

1/7/2016 0:00 

 BAGHDAD - Hussein al-Tamimi Tgb 
activate cooperation with the international effort Economic contribute to a logical solutions that minimize the effects of the financial crisis that Iraq is going through because of low oil prices, and the requirements phase of the move the other economic sectors (according to Khbayra economy). 
National Business Iraqi Council member Ali tempted said that the economic situation experienced by the country needs real action to achieve economic feasibility of the country and start a new phase join together by all the efforts to move the production process and activate the sectors 
of economic. 
He said in an interview for «morning» that the process of activating economic sectors require building bridges of trust between the and the majority of the beneficiaries of the banking sector through guarantors legislation for the rights of all parties, as well as the adoption of banking technology in the development of the banking sector, which is the center of economic attraction. 
tempted stressed the importance of overcoming this stage, especially that Iraq is in front of big challenges to the security and economic requires the mobilization of efforts and resources to activate levels financial and banking market at the same time does not leave room for the growing economic recession and unemployment, which came as a result of the sharp drop in oil prices taking place in Iraq 
now. 
He pointed to the importance of benefiting from the project financing of the Central Bank of Iraq and the role of the financing of small and medium-sized projects and funding and its impact on job creation, as well as five trillion dinars initiative. 
in turn, noted Ali Tariq Managing Director of the Association of Iraqi private banks that the future of the Association plans include communication with the international and regional banks that adopt advanced systems can be employed to serve the local economy.   
Tariq stressed that the activation of the banking sector and driven through activation of the filing process in various private banks and to provide funding for projects requires legislation to guarantee bank deposits law, which works to create confidence among depositors and banks by guaranteeing their deposits, pointing out that this law will change the shape of the banking business and its role in activating the economy 
national. 
He noted that advanced is banking technology vitally important to activate the national economy and transferred to a better stage commensurate with the volume of work required by Iraq in all its cities without exception. 
He pointed out that the Third Banking Conference held recently Search Iraqi banks relationship with regional and international banks, and the dissemination of banking culture and enhance confidence in banks own, as well as the role of the banking sector in Under the current economic crisis, as well as the development of banking services to keep pace with the global market and free trade, banking and the development of human resources.

Read more: http://dinarvets.com/forums/index.php?/topic/213911-deposit-insurance-law-does-the-economy/#ixzz3wYlcaVlc

[yota691]

Also the announcement (buy gold commemorative coins) is interesting to see what the value is placed on them. Iraq (back in the day inflation and Gulf War discontinued them) and other countries use the coin and the rate is determined by Fils 

fils/fɪls/

noun (pl) fils

1.

1. a fractional monetary unit of Bahrain, Iraq, Jordan, and Kuwait,worth one thousandth of a dinar
2. a fractional monetary unit of the United Arab Emirates, worth one hundredth of a dirham
3. a fractional monetary unit of Yemen, worth one hundredth of a riyal

They may or may not use it that way but it will be interesting to see the outcome when the time arise for them to be displayed....

[yota691]

and here the Gold Announcement 

It calls for central banks to buy gold Meskukath and confirms the arrival of specie 100 dinars

 

Thursday January 7, 2016 15:09

 

 

 

 

Alsumaria News / Baghdad 
Called on the central bank, on Thursday, the banks to buy gold Meskukath, and while noting the arrival of specie 100 dinars category, stressed that the price of 720 000 dinars. 

The bank said in a statement Alsumaria News a copy of it, that "in order to diversify the public savings and ensure that he receives the gold 24 carat has contracted with an international company Stamping 5000 specie souvenir gold", adding that "the coins are from 100 dinars category weight of 15 grams on the occasion of Eighty-fourth anniversary of the founding of the Iraqi PMA 1930, in addition to the 5000 class specie 250 dinars weight of 22 grams on the occasion of sixty-eighth anniversary of the founding of the Central Bank of Iraq in 1947 ".

 

 

The bank said it "received the first category of these coins that are weighing 15 grams," noting that he "will be put up for sale through banks, which will be determined by them." 

He said the bank, "it was to determine the sale price of banks on the basis of cost and out of Baghdad International Airport plus administrative Downloads 1% of the cost to be the price per minted from this category by 720 000 dinars." 

The Central Bank, in January 2014, its intention to sell gold different weights for those wishing to purchase it from the citizens, adding that he began contracting procedures for imported and then sold through the banking system. 

And the foundations of an independent Iraqi Central Bank as a bank under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies being sessions daily for buying and selling currencies.

Read more: http://dinarvets.com/forums/index.php?/topic/213946-it-calls-for-central-banks-to-buy-gold-meskukath-and-confirms-the-arrival-of-specie-100-dinars/#ixzz3wYtl9McH

[calkid11]

Thank you Yota

Thank you Yota

[djgabrielie1]

Very positive news. Thanks.

[Laid Back]

Getting ready to go international .!

Go CBI

Go dinar

Go monetary reform

Go increase exchange rate

Go 2016

[Freedomwish]

I definitely see some great, "key words" mentioned here in this article.......2016 is looking pretty good for us, keeping the faith!! 

[gp49]

Oh yeah!

Thanks Yota!

Thanks again Yota!

Thanks again and again Yota!

[idplzr]

If the converter on Google is correct, 15 grams of 24K gold is roughly $530 USD. The article says 100 Dinar is equivalent to this coin. Maybe I'm missing something?

[Synopsis]

Thank You, Yota!

 

I don't see anything but good news here in these articles!  Seems to me these articles indicate Iraq needs to have a true international IQD rate to be on par with the other Gulf Coast Countries that use gold fils and we could be seeing the true IQD rate very, very soon.

 

[The Machine]

15grams of gold = $535.35

 

720,000 IQD = $658

 

that is quite a spread on the coins 

 

 

 

wouldn't it be amazing if they revalued at the rate these coins elude to ..... 100dinar coin (worth $535.35) = $5.3535 rate per dinar

Edited January 7, 2016 by The Machine

[four wheel drift]

15grams of gold = $535.35

720,000 IQD = $658

that is quite a spread on the coins

wouldn't it be amazing if they revalued at the rate these coins elude to ..... 100dinar coin (worth $535.35) = $5.3535 rate per dinar

That's the way I read it also. Time will tell.

FWD

GO RV

[wildeman]

Thanks for all your hard work Yota.

[jeepguy]

5 . 35  per -------   I  would   have to take  that morning off , just to sit  on the dinar vets   chat site ,  and  read  , and  type  ,  and    mess  my pants   cause  I will not  be leaving the screen  of the puter   just   for  a body  function        

[SgtFuryUSCZ]

***///

 

DITTO THAT, JEEPGUY !    

Pacemakers 'OFF ' over here... we'd be runnin' on solid adrenaline !   

[boosterbglee]

Lol...Jeepguy..................

[Gypsygirl11]

    I hope your right Synopsis!!! I think everybody has had enough of the drama from Iraq, I know I have. $5.35 is dreaming...just get to a $1.00 and all is well. Time will tell.

[SnowGlobe7]

commerative coins?????

 

Should I worry?

[TennesseeCherokee]

There is no equating gold commemorative coins of any weight or denomination to the metallic coins Iraq will issue soon.

The CBI is simply issusing these gold coins to entice citizens to invest and to retrieve more of their triple zero notes.

As much as we all would love to see a $5 value on each dinar, it just is not gonna happen.

This opinion and $1 will get you a small cup of coffee at a restaurant......maybe~

[yota691]

The central bank decided to move banks and insurance companies with International Standards on disclosure system

History of edits:: 2016/1/7 16:58 • 153 times readable

[baghdad - where] 
bank decided Alrmerkza Iraq transition from uniform accounting system for banks and insurance companies to the international disclosure standards.

The bank said in a statement received by all of Iraq [where] a copy of it, he was "for banks and insurance companies that can shift it must shift from 2015, and in view of the end of fiscal year 2015 and could not move immediately to international standards, so the banks and insurance companies to prepare the final accounts for the year 2015 two sets, one of them in accordance with the accounting system consolidated, and the second in accordance with International Standards on disclosure. 
"He noted that" these steps in order to enable all the requirements of scanning the transition style disclosure and inventory variables for the next step of preparing the final accounts for the year 2016 according to the international standards to disclose fully and binding " . 
He said the bank, he was "fully prepared with BSA and the Council of the profession of monitoring and auditing of the Iraqi Society of Certified Public Accountants to support this shift and provide Maittalb advice and experience through the provision of courses and lectures. 
The World Bank stipulated that when given Iraq a loan B120qamh billion and $ 200 million the improvement of the Iraqi banking system .anthy

[gregp]

We are so close.

[WISKY291]

Thanks, Yota. Nice post, looking good.