Money chunky weaken bank deposits

[jeepguy]

watch " lords little acre "   that gal  hangs out  in all the right places !    for  the time line of the show  ,  yummmmmm !             ------> back too the article ----->  get  those  chunks of cash  rolling ,   lets  start  with the .27 cents per  dinar  , see if  these  peeps  will  ,   break away  from those  "  chunks "    

[yota691]

Parliamentary Finance reveal the central bank to develop a plan to move the currency and circulation

Economy and Tenders

 Since 12.13.2015 at 12:31 (GMT Baghdad)

Special - scales News

Said Finance Committee member Hossam punitive, Sunday, that the plan set by the central bank in order to attract funds for the purpose of investment and moving the wheel of the Iraqi economy will work to revitalize the banking sector and circulation of money instead of survival static in homes, while noting that the financial crisis through which Iraq currently the largest of its solution making plans.

He said the punitive L / scales News /, it is "to be traded and moving the currency inside Iraq and Iraqi money instead of survival is still in the homes," stressing the need to "be there banking and business process to take advantage of the circulation of funds in the market."

He added, "The plan by the Central Bank in order to attract these funds for the purpose of investment and moving the wheel of the Iraqi economy step earnest to convert rentier economy to a market economy in order to stimulate the banking sector there and to be a trading of funds between banks and traders instead of being money chunky in homes process ". 
He pointed out that" the financial crisis through which Iraq is currently the largest of its solution making plans ", stressing the need to" be there move in the diversity of agricultural, industrial and commercial sources for the advancement of the financial reality of the country. "

The Governor of the Central Bank of Iraq on the Keywords revealed, earlier, that 77% of the Iraqi currency traded in the market are chunky in homes .anthy 29/4 e

 

[yota691]

Encourage citizens to contribute to the revitalization of investment savings

 

 

         

12/14/2015 0:00 

 Baghdad Joseph Zayer 
is saving one of the important economic events and supporting the development process in any economy as well as one of the most prominent cultural events in our world today, but that most of the civilized nations not accept any circulation of money without the mediation of banks and for different purposes until trading Statistics. The governor of the Iraqi Central Bank on the Keywords, has revealed during the third banking conference held by the Association of Iraqi banks recently, that 77 percent of the Iraqi currency traded in the market chunky in the homes, and this information indicates a significant failure in the level of economic awareness of the various sectors, led by sector banking.Keywords that the Bank has announced plans to put these funds to attract and introducing them into various investment projects. He Keywords that: banks if done well to provide services to customers in order to attract this saved money, it will contribute to move the Iraqi economy. 
Thus, also have on the banking sector, seeking to encourage savings and to contribute to educate the citizens of the importance of this activity and great usefulness and its contribution to providing the liquidity needed for the state, as it will provide investment opportunities citizens, and to stimulate the economic sectors in general, and to maximize its resources in particular, and to make the savings pattern of lifestyles and general culture. And it can do the job through the development of new policies to the size of the interest rate on savings, as well as longer education on the use of credit card payment manner instead of (Cache) of the best ways to encourage savings, note that access to this service became accessible and can be for the banking sector seek to facilitate and broaden its base to include various the types of events that can be activated to use them. Another important aspect to activate the savings is the development of policies to limit the tendency of all types to consumer practices that tend to the most negative and the lack of interest by the popularity of the principle of trading goods according to the low price on the expense of quality. And it must be awareness that living costs should not hamper savings Whatever the size of revenue, where the head of the household must be arranged on the living conditions in accordance with the size of his income, and to allocate part of it to spare. All institutions, including civil society organizations claim to play their role to consolidate this economic activity and encouraged at all in our society, it can start to educate children in their schools and employees in the workplace.

 

[yota691]

Video: The Central Bank Calls to attract money chunky among Iraqis

 

Tuesday 15 December 2015 14:31

 

   

https://www.youtube.com/watch?v=qVPDVuZEkhY 

Video calls on the central bank to attract money chunky among Iraqis

 

 

Published on Dec 15, 2015
         

 

 

 

Revitalization of economic, agricultural and tourism sectors, the issue has become necessary in light of the country experienced a financial crisis due to falling oil prices. This is what the word referred to by the Prime Minister delivered on his behalf by the Minister of Planning during the third banking conference, referring to the government's intention to activate the private sector. 

Said Salman al-Jumaili, a representative of the Prime Minister: "The time has come to revitalize the agricultural, tourism and industrial sectors and the government is determined to activate the role of the banks and that is what we plan to do."

 

 

The Association of private banks confirmed its procedures in line with the government's reformist approach, the central bank called on private banks to provide better services to attract money chunky among the citizens. 

Keywords said Ali, head of the Central Bank: "Almost more than 77% of exporting Iraqi currency trading is present outside the banking system and the money from this chunky and Mam opportunities did well banks to provide services in order to attract money." 

The participants discussed the possibility of the inclusion of the largest number of citizens banking services, an issue that needs to be intensive efforts in order to gain citizens to deposit their money in Albnowak and private banks. 

You can watch the video report above.

[sandfly]

THANKS RV

[Big_J]

 

[unirod]

I believe these articles are discussing the pooling of money and resources among family business and households. This is a cash society that has always distrusted banks as they have been burned in the past. The USD value is only based on trust and confidence, nothing more. The IQD needs a real rate for there to be trust and confidence among Iraqi people. If the Banks and CBI don't exclusively use the IQD, then why should the people?...IMO

[BJinMontreal]

Not sure who's going around negging the sandfly ...

 

but it just doesn't look right to see red on his posts!!! I guess the culprit must be green with envy ... which is a sad statement on their outlook to life if they feel the need to dishonour such a valuable member of this site!!

[Candy01]

ABSOLUTELY BJ!!!!

 

[SnowGlobe7]

I love me some sandfly.....

[Boozer]

Ya needs to back away from the Sandfly, Them be fighting words.. Sandfly is well respected in these parts...

[chris2028]

[yota691]

 

Iraq: 77 percent of the cash in circulation outside banks

12/29/2015 3:04 2 Show

 

Considered among banking Iraqi modern Governor of the Central Bank of Iraq on the Keywords in the third banking conference held in Baghdad recently and the subsequent directives during a meeting with managers of Commissioners for banks, an invitation to reconsider the plans currently approved by the Iraqi banking sector at the level of development of the sector potential and to promote opportunities its contribution to the mobilization of citizens' savings and attract deposits in the form of line with the difficult stage through which the Iraqi economy now demands. 
The head of the Governing Council of the «Credit Bank of Iraq» Fouad al-Hassani told «life» that «efforts likes to moving toward priorities identified by the lending of the banking sector programs and financing and the development of investment opportunities for the citizens », pointing out that« the banks can play a role in providing liquidity to individuals and groups of economic and productive activities through the provision of better services that are ensuring the citizens' money and providing excellent services high with attractive returns quality ». 
Keywords revealed that« 77 percent of the Iraqi currency traded in the market chunky in housing, and Central will put a plan to attract these funds to invest. » He noted during a speech in the third banking conference held by «Association of Iraqi banks» Finally, that «these funds are outside the banking sector, the banks if done well to provide customer services to attract this saved money, Vstzhm to move the Iraqi economy», pointing out that central to the comprehensive plan to move the wheel of the Iraqi economy. 
He pointed to al-Hassani «importance of enhancing the citizen's confidence in the banking sector and deepen the consciousness banking process». He said that «Iraqi banks may attract capital inside and outside the country, if the attractive elements are available, and especially the citizen's confidence in banks, which now needed more than ever in light of the country's need for funds to secure the requirements of development». 
He stressed the importance of «creating banker awareness drives citizens to deposit their money in banks in line with the principle of sense of social responsibility and the principles of sustainable development that need to be ongoing financial liquidity, taking into account the creation of a favorable environment to get all members of society to finance and financial services ». 
The banking expert Abdul Aziz Hassoun said in a statement to «life» importance of making banking community culture stimulate citizen to deal with banks in the spirit of mutual benefit ». He called for «providing requirements of banks loans low cost and large segments of the society, especially the staff of them, and to require the government deposit circles proportion of their funds with private banks, since the latter come a long way in economic presence in the country and to deal with financing activities, as information points that more than 40 private banks followed by about 800 branches and affiliate offices shall provide banking service 
»and focused Hassoun, the financial and operating winches for banks by saying that« the central motivating banks that have deposits exceed their capital, and the establishment of the Deposit Insurance Corporation is an important step , along with the availability of efficient and able to cope with the difficult conditions experienced by the financial sectors of the country's economy and banking departments. » He pointed out «the need to strengthen financial liquidity opportunities in the relevant financial inclusion and improve credit policies and credit and finance banking sectors and on a larger scale, as it leads to enable individuals to work and convert the potential into productive, as well as encourage savings and financial independence and the reduction of poverty and creating an environment encouraging to get all members of society to finance and financial services ». 
The focus is now sparring on the reference to the lack of most Iraqi banks to units of risk management within their organizational structures based international criteria and indicators applicable in that, in addition to the absence of the strategic dimension of banking departments and poor awareness of the importance of risk management, as well as poor performance of credit information centers in Iraqi banks and the lack of modern mechanisms and actors and analyze the creditworthiness of customers of the bank.

[Big_J]

"pointing out that central to the comprehensive plan to move the wheel of the Iraqi economy." Let's get it rolling!  

 

[yota691]

Calls for a review of prices of bank stocks and tightening control over banks

01/05/2016

 
 
BAGHDAD / JD / .. invited a number of experts and specialists in economic affairs and banking to the need to reconsider prices of bank stocks and tighter government oversight and control of the Central Bank on the work of banks, especially civil to develop their work and stay away from the financial problems and the fight against money laundering, pointing out that 77% of cash Iraqi exists outside banks as a result of a lack of confidence in those banks.
He says the Minister of Planning and former member of the House of Representatives MP Mehdi al-Hafez, that the work of local banks is still limited as a result of a lack of confidence by the citizens and companies, because there are many problems in their work as a result of the absence of effective control over the banks, especially the civil action.
He said Hafiz told / JD /: that the central bank for banks control remains weak largely what make some banks dare to carry out suspicious acts harmed the national economy and the reputation of local banks, calling on the central bank, government and parliament to tighten control over the work of banks for the development of the banking sector and the fight against laundering money as well as stay away from any financial problems.
He noted that the process of dollar selling by the central bank is a sensitive issue for the citizen it is assumed that the process of converting amounts normal and easy way prevail as is prevalent in other countries, stressing the lack of separation between what exists in the banking sector transactions and the central bank and the state of corruption in in the state.
For his part, he called the economic expert on behalf of Anton, to the need to reconsider prices of banking stocks, noting that there are 77% of the Iraqi currency outside banks, even if this size is present government was able to finance the budget deficit Iraqi dinar and the dollar by borrowing from these banks, and this was the result of the wrong approach for banks and lack of monitoring and follow-up and the role of passive registered companies.
He's Anton / JD / that the banking system and because of the tremors he suffered and the withdrawal of large sums of money from banks, some of which was not the level of responsibility led to shake the confidence of the citizens of these banks.
He stressed the importance of reviewing the absence of government and the absence of legislation in this regard the standards, calling for activating the control procedures by the central bank away from the courtesies. 
The banking expert Abdulaziz Hasson, has stressed that the difficult conditions in which the private banking sector is currently going through Mqlqh, specifically in light of faltering performance that accompanies the banks Khash, especially with regard to its ability to fulfill the rights of depositors.
He pointed Hassoun's / JD / to be trust between the citizen and the private banks has become difficult Halaa, and may fade until address this situation in the sector, pointing out that the reluctance of some banks to reimburse citizens Modein, paying citizens who have accounts in other banks are financially stable and able Modeiha, to meet requests to withdraw their deposits in case of any emergency.
He said the situation requires measures by the Central Bank of Iraq for the return of citizens' confidence in Almassarv, because her guarantor and is responsible for its activities and its work.
 He pointed out that private banks have seen a remarkable development in Alojerh, years in practice all forms of banking activity and the adoption of modern systems and mechanisms, calling on the central bank to tighten its supervision of banks and provide any necessary support in order to restore confidence in those banks. / End / 8 /

Read more: http://dinarvets.com/forums/index.php?/topic/213812-calls-for-a-review-of-prices-of-bank-stocks-and-tightening-control-over-banks/#ixzz3wMolJsJW

[yota691]

Call for the adoption of letters of credit in commercial operation

 

01/27/2016

Financial and banking expert Abdul Hadi Sadiq stressed the need to adopt action plans to help attract money chunky saved in homes to own banks to help move the labor market and support the investment business. He said in an interview for »Sabah»: The private banks are required to develop its work mechanisms more through the adoption of programs to encourage savings in private banks and create incentives to this matter by improving interest rates and benefit from successful to some banks experiments that have worked to provide lottery value to depositors Awards and other mechanisms that maximize savings in private banks. He pointed to the importance of adopting a way of documentary credits in the import of various goods that are way safer for the economy of the country and determine the actual need of the country of hard currency, as well as to disseminate banking culture through programs prepared for this purpose urges the adoption of instruments in the trading of advanced banking products and available in country. Sadik pointed to the importance of expediting the legislation of the Deposit Insurance Law, which contributes greatly to the creation of trust between the citizen and the private banks, which represents a legal basis guarantees the deposits of citizens in banks, stressing that this trend will contribute greatly to the creation of discreet banking sector, calling for the banks Ideal management financial liquidity and careful in this matter to prevent problems that might affect the work of the bank mechanism. And human resources, said: represent the most important work and development of the banking axes as they are through the adoption of advanced banking technology which requires the development of periodic training plans during the year include all banking operations, noting that the National Bank training mechanism inside and outside the country benefiting from its partnership with one of the regional banks adopted to organize courses helped boost efficiencies competent affairs banking human resources. 
and the need to focus on banking behavior, which represents a magnet for customers at all levels (citizens or companies), where he became an important part of successful banking business worldwide requirements, calling for giving such local banks important aspect required.

[TennesseeCherokee]

Yota,

Here is one of those lynchpins to launch Iraq into the stratosphere.

Thank you for bringing this great news forward.

Without this law and massive insurance program, Iraq would remain dead in the water.

As soon as the populace realizes that their cash can NEVER disappear while it's in the bank vault, businesses, loans and outside capital will flood into their country.

[Laid Back]

FDIC chapter Iraq.

Go investment

Go private sector

Go diversification of the economy

Go dinar

[yota691]

.. Bankrupt private banks and the central bank depositors have a responsibility to protect their money

 

      Monday   01   February   2016 | 07:13

 

 

 

                   

 

 

Baghdad, Mohammed Hadi 
two years ago, was trading Mahmoud with the management of the bank, are "easily"; it is filed and pulls whenever he wants, but that since the beginning of last year began "Ictnz" part of his money in the house, but he began to fear theft, with the increase the deteriorating situation in Baghdad. 
He has Mahmoud Jassem, agency head of foodstuffs in a beautiful Alwa, and engaged in business dealings are continuing with dealers and importers outside the country, however, he began to lose confidence in the Iraqi bank, after the delayed launch of its deposits several times by the management of the bank, who did not want to be with him , but he only gave it Ahli Bank. 
She spoke of the Central Bank's management for the "plan" intended to be applied, in order to attract money "chunky" in the home, for the purpose of investment and get the economy moving, after that money estimated at more than 77% of the domestic capital. 
It is feared applicants and clients with community banks "to circumvent their deposits" by the departments of those institutions, at a time when the country is facing a financial crisis because of lower oil prices, pointing out that those banks always what can not be the launch of their deposits because they do not possess a "financial liquidity". 
The attribute the bankers not to government and private banks commitment, return the deposit to the customer within a specified time, to "the reluctance of most borrowers in paying dues, and this consequential not to fulfill the government financial obligations to contractors or investors." 
However, the legal, made ​​clear that the banks "immerse herself transactions commercial larger than available with its money capital, after that benefited all deposits, and not to retain the mandatory reserves (liquidity), to cover the needs of customers. 
"says legal that depositors can file lawsuits to" fraud "against banks that linger in their deposits Exchange. 
Hussein Kazim, a customer at one of the private banks, said in an interview for "the world" that he has deposits in four community banks, worth 350 million dinars. 
He adds that he went, recently, to one of those banks to withdraw part of deposited, however, that the bank apologized for disbursement quickly, because of the unavailability of financial liquidity, but the bank management asked the customer to wait for days until the coverage of the financial request. 
In contrast, Kazem says that those banks release some of the money to depositors with whom a relationship with the board members. 
did not Kazim reveals the names of those banks , fearing for their deposits, but he confirmed the existence of brokers in those banks, have expressed their willingness to convince the bank regardless large deposit, for an amount exceeding five million dinars. 
Salman Jalil, the applicant last, he began to worry about his money deposited, after she was unable Bank for its launch, more three times. 
Jalil and became prefers his money stored in the house, because of the loss of trust departments of banks, according to his speech for "the world". 
The citizens and traders revealed, last Wednesday, for "Dar Al Salam Bank Ahli" failure to extradite Mbalghm deposited with him under the pretext of state austerity the country is experiencing, and as appealed to the Ministry of Finance to intervene in order to money exchange, warned of the disruption of their businesses. 
According to local news agencies, citing a number of citizens, "The bank declined to extradite any amount of funds deposited with him under the pretext of state austerity experienced by the country." , stressing that "the bank has the funds have not been invested." 
They added that "the managing director of the bank Khudair Talal did not agree or sign any request of citizens to get part of their money deposited in the bank." 
He called on traders, businessmen and the Ministry of Finance to move in order to money disbursed by the bank, warning stopped their work in the absence of the disbursement of funds and this is what hurts especially in the financial crisis that the country is the public interest. 
legal expert, Tariq Harb said in connection with "the world", that the reason for the lack of liquidity of the private banks back legal irregularities followed by private banks, noting that such violations are accepted lending transactions more of its capital, which is a written guarantees and loans exceed what is available of their cash flow, which forced them to put their hands on public deposits. 
According to the war, Thus cases of intervention within the framework of "fraud", and therefore the right of depositors set up a lawsuit against those banks, the court of first instance.
He explains that "these cases take a long time," shows that legal punishment is not up to confinement. 
exposed war of the benefits of those banks , saying it achieved profits "do not exist in all the world's banks," explaining that the amount of one million dollars purchased by the bank from the central bank, the profits, according to the dealings of those banks, more than 50 million dinars. 
The pregnancy President of the Economic Media Centre lion Muhammad Ali, In an interview with "the world", the central bank management responsibility to ensure the safety of deposits of citizens in those banks. 
He also stressed the need to maintain a fixed roof Reserve compulsory, believes cover the accounts of the deposit. 
It demands Mohammed Ali, the bank's management to investigate this phenomenon, and give answers convincing about why stop cover the deposits of citizens of liquidity, especially with the expansion in government domestic borrowing, while warning that those transactions "create a lack of confidence in the banking system." He added, "The lack of streamlined banking business and excessive credit granting compared to the private deposit reserve loses citizen confidence in the bank, and leads to keep the citizen Bodaiah in his home which would put him at risk of theft and robbery, so the rebuild confidence is to cover all deposits." 
He revealed the central bank governor on the Keywords , earlier, that 77% of the Iraqi currency traded in the market are chunky in residential buildings, pointing out that "these funds are outside the banking sector." 
Keywords and added that "the banks if done well to provide services to customers in order to attract this saved money, it will contribute to Move the Iraqi economy, "noting that" the central bank has a plan in order to attract these funds for the purpose of investment and moving the wheel of the Iraqi economy. 
"President of the private banks association previously, Abdul Aziz Hassoun, said in a statement" the world ", that" the private banks face the problem of the scarcity of liquidity , as the borrowers of contractors, importers did not get their dues from the central government what made ​​them slow to return the loans to banks, and some branches of the Central Bank did not return to the private banks and their deposits ", adding that" it was born with those banks big problems. " 
He said Hassoun, "should be on the central bank to take quick measures to solve that problem is to re-money private banks through cash reserves" in addition to "necessity that the government go regardless dues contractors and suppliers in order to raise the proportion of cash liquidity in the local market." 
With regard to size benefits, Hassoun pointed out that "the Central Bank is granted at the present time interest worth 4 percent of domestic banks about the size of their deposits." 
According to a document on the banking system indicators in Iraq got "the world" on them, the total assets of banks in Iraq amounted to 212 trillion dinars end of the year 2014, while the volume of public deposits in banks reached (24.3) trillion dinars in 2013, total credit extended by banks to the various sectors (32.6) trillion. 
In turn, the parliamentary Finance Committee member Jabbar Abdul Khaliq said that "banks are obliged to give deposits to clients, "noting that" some banks suffer both administrative problems, and we had to raise the complaint against her to the Ministry of Finance. 
"Abdul-Khaliq said that" the private banks monitored by the Iraqi Central, where banks provide monthly budget to the Central, and the latter use its powers to stop the work of the bank if the disposal of his money out of contexts, and when he finds that the liquidity has less of deposits will declare bankruptcy. 
"while the same committee member Massoud Rustam, said that" the Commission wanted to avoid future problems such as not to give the banks deposits, install a paragraph in the budget to enact a law on behalf of the (deposit guarantee), "adding that" with the neighboring countries and the world at large experiences in this subject, and has advanced laws to protect the Customer deposits with banks. 
"Rustam and stressed that" the Finance Committee formed a committee miniature inside to discuss the rumors of stalled some private banks from the return of deposits to its clients. "

[yota691]

Antoine calls to attract money chunky among citizens

 

 

         

3/7/2016 0:00 

 BAGHDAD Shokran Fatlawi 

urged economist of the Central Bank expert on the need to take action and quick measures to convert the large masses of cash from savings blocks to investment blocks in light of the financial and economic situation , which is going through the country, whether they are in Iraqi dinars , or the dollar. Scarce liquidity and added economic expert on behalf of Antoine Speaking «morning»: in light of the crisis experienced by banks and lack of liquidity, the amounts chunky among citizens and investors estimated at about 77 percent of the funds , according to financiers, economists ». He noted thepossibility of making use of those funds in the activation of investment , especially after the new amendments to the Investment Law No. 13 of 2006 and make it commensurate with the reality of the country, because it would open a window of revenues rather than relying on a single revenue in the conduct of economic activities. The investment law amended He said the investment law according to the rate of economic and investment commission will go to the development of the housing sector, and other sectors as well as the protection of foreign investors and joint investments and the granting of facilities in the area of loans and allocation of land through the single window. It aims window circle one, according to the National Investment Commission to simplify the investment process by clarifying the legislation and improving the quality of services in the licensing process, registration and allow the allocation of land and aims to provide investment applications in hand and one easily accessible, as well as the establishment of units for the exchange of information enables investors get answers to all their questions and inquiries, let alone grant investors a preliminary approval provide them with facilities in the areas ofpartnership for Local market information - sectors and investment incentives. attract masses of cash and returned expert Antoine to say: to attract the masses of cash to banks will rid the country of foreign borrowing and its consequences , as well as enable it to create a cash substitute for borrowing and that there were benefits will remain at home, and reflected positively on the citizens with the need to take into account thefocus on this block to be invested in investment issues and not a consumer. he concluded by saying but that requires speed up the enactment of the deposit Insurance Law, it is sponsor encourage citizens to save in banks.

 

[Flamtap]

This also sounds great but I wonder if what he has any weight to pull with what he's saying or is he just informing is of what is about to happen. I mean he did say....."action and quick measures"

I love that part. Thanks Yota

[TennesseeCherokee]

There's that word "chunky" again, Yota.....

Big stuff is fixin to happen.

[sandfly]

THANKS

[skeetdog]

Thanks Yota...Increasing the value of the dinar would benefit this cause immensely along with more confidence in the e-banking system...I've got the same feelin' ''TC''... 

[Synopsis]

I am hoping long term that Commercial Banking and Investment Banking are completely separate in Iraq.  Depending on the level of investment in Iraq's reconstruction that DV members (and others) want to take, the issues surrounding the Glass Steagall act may be important.  Here is a link to an article that may be worth skimming.

http://www.nytimes.com/2015/10/15/upshot/what-is-glass-steagall-the-82-year-old-banking-law-that-stirred-the-debate.html?_r=0