Parliament plans to enact a law to guarantee bank deposits

[yota691]

In the parliamentary finance by calling for the support of banks and activating the deposit law

History of edits:: 06.04.2016 13:39 • 49 visits readable

{Baghdad} Euphrates News called the parliamentary finance committee member Ahmed Sarhan, the government to support banks and activate the deposit law for the purpose of revitalization of the banking sector and development of the country's economy.

The MP said Sarhan Ahmed told {Euphrates News} " The development of the banking sector in Iraq is through the government support for the banks, as well as the Central Bank and funding required amounts to be able to fulfill their duties to the fullest , " noting that "this depends on the amount found in the reserve the central bank ". 
He pointed out that" the distribution of deposits in the state framework bank deposits law, enabling individuals to deposit their belongings in the banks and treats these holdings leads to a continuous movement between customers and banks. " 
explained Ahmed said , " this will generate big banking movement will be development of the economy of this movement and through the deposit law , "noting that" these are the main things that you can state which move the banks and support so that it works properly and lead to the development of the Iraqi economy ,as required. " 
he noted , " what hinders revitalize the banking sector is the "lack of trust citizen banks the reasons and obstacles linked. " 
the economic expert on behalf of Jamil Antoine, said on the ninth of May," the banking system in Iraq put a miserable. " 
said Antoine's {Euphrates News}" with the rise in oil prices up to $ 50 per barrel ,then the amount of of the budget deficit and opens the way for the Iraqi government to pay the debt and ease the burden on in addition to the economic budget move to create jobs at home , "adding , " now there is an economic paralysis in the private sector and non - payment of the government 's commitments in addition to the banking system in Iraq in a desperate situation and this has exacerbated the problem and held more ".anthy 1

[sandfly]

THANKS

[yota691]

Serious steps to expand the deposits of banks

 

 

6/6/2016 0:00   BAGHDAD - Farah pumice     encouraged citizens financial expert to save their money in banks, especially with the start taking serious steps in the field of insurance funds and the granting of benefits to work to expand the deposits of banks.  It is estimated current monetary bloc that squandering of citizens in their homes between 30 experts - 40 trillion dinars .  The expert said Thamer al - Azzawi «morning»: The government and the banks began positive steps to attract deposit funds, but these steps need to be a real activation, in addition to the money deposited what is beneficial for both sides with the increase in economic growth of the country 's investment.  according to the Iraqi private banks association, the increase in deposits of citizens in banks where reflections of great positive on the financial and economic sector of Iraq because increasing the deposit means more growth and increased firing of loans and operating labor and project implementation opportunities.  Azzawi highlighted the importance of the adoption of new standards to urge citizens to deposit funds, including the adoption of modern technology as organs of deposit and exchange mail and expand the work of credit cards, suggesting the possibility of the deployment of these devices as an experiment previews of the financial banking offices and be depositing or withdrawing money without taking the benefit of the citizens , the percentage shall be handled between banks and owners of banking directly.  divided deposits in banks and savings accounts , namely: »accounts the amounts that are deposited by individuals in banks and are deposits on the types of them: a cash deposit, and the deposit of a check clearing, and the deposit of the enrollment, and fixed deposit accounts: the amounts deposited with the banks within a specified period before (individual sectors or sector companies, associations or any sectors and other variable rates benefit the amount of fixed deposits may not be made by any process of withdrawing Awaidaa during the period from the start of the deposit date until maturity and are the types: deposit for six months with an interest rate of 5 percent, and the deposit for one year with an interest rate of 5.5 percent, and the deposit for a period of two years by 6 percent interest.

[Synopsis]

There is somewhat less than 40 million Iraqis.  40 trillion dinars in circulation/40 million Iraqis means there is about 1 million Iraqi dinar per every man, woman, and child in Iraq.  At nominally 1,285 IQD/USD, this is about 1,000 USD per Iraqi.  Mechanisms to reduce the IQD on the street would be good news and could include a gradual erosion of the IQD vs. USD to dollarize the Iraqi economy further and make the IQD revaluation easier later.  Hopefully the later is real, real soon!

[Laid Back]

Wow....40 trillion dinars in homes.

I believe part of the Iraqi population is in the know about an increase of the dinar exchange rate in the near future

You guys remember all the articles about gangs counterfeiting millions of dinars.. Why counterfeit a worthless currency

You guys remember GregHi talking about his Kurd friend who have millions of dinar at home

Even if they devalue the dinar more against the dollar part of the population will keep the dinars at home

It's only $1000 Per capita.....No too much to loose.... Knowing it could be a lot more in the future

Also they don't trust the banks.

just a humble opinion from my hammock 

[Freedomwish]

2 hours ago, Laid Back said:

Wow....40 trillion dinars in homes.

I believe part of the Iraqi population is in the know about an increase of the dinar exchange rate in the near future

You guys remember all the articles about gangs counterfeiting millions of dinars.. Why counterfeit a worthless currency

You guys remember GregHi talking about his Kurd friend who have millions of dinar at home

Even if they devalue the dinar more against the dollar part of the population will keep the dinars at home

It's only $1000 Per capita.....No too much to loose.... Knowing it could be a lot more in the future

Also they don't trust the banks.

just a humble opinion from my hammock 

Your opinion seems sound and we continue in keeping the faith!!  

Thanks LB!

[Synopsis]

9 hours ago, Laid Back said:

 

I believe part of the Iraqi population is in the know about an increase of the dinar exchange rate in the near future

 

Really good point, Laid Back.  Looks like the Iraqi populous is thinking and doing the same thing we are for much the same reasons.

[yota691]

Cabinet approves the issuance of guaranteed bank deposits system

History of edits:: 07/06/2016 14:31 • 49 visits readable

{Baghdad} Euphrates News Council of Ministers approved today, Tuesday, to issue a guarantee bank deposits Dqgah system, which the Council of State based on the provisions of item III of the Constitution and Article IV of the Iraqi Central Bank Law No. 56 of 2004 .. follows .. 

[DoD]

WOOHOO!!! FDIC for the Iraqi banks.... As a Warka Bank customer I feel much better today about my money in their bank....

[yota691]

The announcement of the founding of the company to guarantee deposits with a capital of 100 billion Iraqi dinars

 

 

Economy News / Baghdad       Iraqi Central Bank announced on Tuesday the establishment of a deposit insurance company with a capital of 100 billion Iraqi dinars includes private and government banks and aims to encourage citizens to deposit money in banks, rather than keep them in their homes  The central bank said in a statement the agency / Economy News / received a copy of it, the Cabinet approved the draft guarantee deposits prepared by the central bank system, whereby the founding of the company to guarantee deposits with a capital of 100 billion dinars, and includes private and government banks. He explained that the banks will put a certain percentage of deposits the company has a way to ensure pay depositors in case of bank's inability to repay or in case it gets filtered, adding that this would motivate people to deposit their money in banks rather than Aktnazha, which misses invest these funds opportunities and stimulate the economy as well as the risks to keep money at home. He explained that the funds chunky outside the banking system of more than $ 30 trillion dinars.       mm
Views 24   Date Added 07/06/2016 - 22:58   Last updated 08/06/2016 - 00:16   No. Content 3834

[yota691]

Deposit guarantee real key to development

 

 

9/6/2016 0:00   BAGHDAD - Hussein al - Tamimi Tgb  Ensuring first steps to boost confidence between banks and citizens who helps Astdarj currency bloc chunky in homes to banks and make it more economically feasible for the country where he will be used in large development projects in deposits.  The Cabinet approved the final minutes of the draft deposits, prepared by the bank system CBI, where it can be through the establishment of a deposit guarantee a capital of 100 billion dinars contain private and government banks company, and deposited the banks specified percentage of deposits , the company has a way to ensure pay depositors in case of bank 's inability or being liquidated. citizen and banks , executive director of the Association of Iraqi private banks Ali Tariq pointed out that the construction of an effective banking sector in Iraq requires the positive interaction between the citizen and private banks , which are located on the support and funding of the national economy important, indicating that this interaction is waiting deposit guarantee which guarantees the rights of depositors and guaranteed by the company.Tariq said in an interview with «morning»: the building bridges of trust between the parties to the process is working to create a sophisticated banking system , where he leads the high volume of banking transactions to expand the services that must be provided to the public benefit, and here will create a state of competition between the banks on the development of advanced banking systems able to attract the largest number of customers, and we will reach the inevitable result of the effect that the developed banking sector competes with regional and international and unable to cope with the large numbers required by the banking sector banks.  escrow company and pointed out that the association is working hard on in order to communicate with the central bank to accelerate the establishment of this company because of its great economic feasibility of the country, as sought for a long time to get the legislation guaranteeing bank deposits for his role in the revitalization of the financial mobility within the banking sector. the economic expert Mohammad Ali Jaber, describing the «morning» this step task and it 's real development in Iraq key, pointing out that they contribute greatly to the employment of the money supply large in excess of $ 20 billion in development projects after deposited in private banks, and the positives of this approach is to keep the money on the dangers of compactness in homes. Jaber stressed the importance of communication between the media , the banking sector to develop programs to promote banking culture in the public opinion and give this trend much attention, especially one that works to strengthen the country 's economy, employing deposits in large development projects achieved a great benefit for the country. he said the citizen who intended private banks to deposit his money has to be comfortable with it and confident that it is investing in the right direction and that there is protection for his money , which can be moved calculated continuously without problems. it was Jaber explained in an interview earlier the importance of working on the development of human resources to operate in the banking and brought into the sector in the development courses under the supervision of international experts, noting that workers in the financial sector must be known for their high professionalism to enable advanced banking products offered by international banks to their customers of companies and citizens.

[yota691]

WOW..Oil  Minister speaking... 

Abdul-Mahdi: The proposed company from the central bank is a positive step to encourage the banking sector

History of edits:: 6.8.2016 20:22 • 177 visits readable

[Wayne-Baghdad] 
The leader of the Islamic Supreme Council of Iraq , Adel Abdul - Mahdi said " the company proposed by the Central Bank with a capital of 100 billion dinars that, and approved by the Council of Ministers, is a positive step to encourage the banking sector and to ensure the money depositors at the bank 's inability or exposure to the bankruptcy and liquidation.

Mahdi said in a press release received by all of Iraq [where] a copy of it on Wednesday that "our economy depends Monetary mainly Cash Economy, and this is a serious manifestation of backwardness, corruption and money laundering , there are about 34 trillion dinars outside the banking session, are traded in the parallel economy, it is difficult control or pay trends sound development , "noting that" this is a big number is a half of the "money supply" on the basis of M1 (67 trillion dinars, ie paper currency and coins mainly) and about 24% of the "money supply" based on M2 (83 trillion dinars , ie M1 plus short - term deposits in banks , mainly) by June this figure, note that expressions of M1 and M2 and M3, etc., are different orders of means and tools currency isdisplayed. 
He continued by saying , "deepen this reality after the nationalization and the dominance of easy money and the economy rentier and the disintegration of the economy and Mavuath, dip habit banking and the collapse of confidence in the banking system, and the lack of clarity and integrity and fairness of the tax system, and the arbitrariness of the state and put her hand on the bank accounts for security reasons, economic or personal. " 
He said the " lack of transparency, fairness and sound policies to fight corruption and money laundering in the country 's economy, led and lead corruption and money laundering in the parallel economy outside the note that "parallel" economy or "shadow , " or "black", depending on the Titles, is in the advanced economies also it is in the United States about two trillion dollars, and cause the loss of taxes , of $ 500 billion dollars a year or so , but its weight is very weak compared to the sheer size of the deal and banking tools other payment but stresses economists there on the presence of the benefits of a national economy, although harmful to the treasury, as a factor to absorb unemployment and moving some of the activities that are difficult to manage or control them otherwise. " 
said Abdul - Mahdi said" the founding of the company, we must complete our opinion , further action, not only in the framework of the protection of depositors ' money, but because Astjmab largest volume of money as well, and that would get the economy moving and to stimulate interest, business and investment , "he said , adding that" the central bank had studied the company 's capital, and it seems to us that the proposed capital relatively few compared to the sector and the size of deposits, especially as we have seen deficits and qualifying during the past years. And of course the company may re - insurance to ensure their institutions, and to ensure smooth proceedings in cases of bankruptcy, liquidation and defaults. " 
He stressed that" with the financial health, and to get the economy moving, and Astjmab liquidity, to be tax policy clear reassure depositors, lack of exposure to the arbitrariness of administrative and authoritarian, compelled them to stay out of the banks. But it can put temporary and permanent incentives to enter the banking session, offering temptations Kalaafa or reduction of tax settling accounts, and to protect the deposits of disclosure and auditing practices outside world, and the development of legal guarantees for it. " 
He added that" the study of interest rate policy. There is no doubt that the central bank in cooperation with the Government, and in accordance with the law, he can plan to take on the percentage of encouraging interest for the money prices of mode, and plan an interview to encourage lending at attractive prices benefit, including moves the markets, interests and investments. " 
He stressed that " a vote of confidence in the public and private banks and the elimination of discrimination in deposits and ability to repay, and will be depositors more assured if was associated with security companies and international specialized transactions and stop instruction chaos and Fjaiatha, and the arbitrariness of administrative and judicial proceedings and address the red tape and bureaucracy stalled for business and degrading treatment of customers and banks alike , "and wondered" if the state itself is confident these banks, how will trust by citizens? Banks At economies Day - lever development and oxygen economy and the closet his money.

[yota691]

N We need its law to guarantee deposits and not the system

 

Cabinet yesterday approved the project deposit system, prepared by the Central Bank, which will be concluded and the establishment of a deposit insurance company with a capital of 100 billion dinars, and includes the company's pore private and state banks and the banks will put a limited proportion of the company. Hmaalajra comes at a time Vihalaoukat indicate that there are more than 30 trillion dinars chunky outside the banking system. Question No. Is it possible that the capital of the company that is capable of ensuring hoarder or do you encourage citizens to deposit in banks? Ashoan not be Michayma but I ask if we assume that the company was able to attract 10 percent of the amount chunky This means that the amount earned 3 trillion dinars Is it possible that the company's capital will cover ten chunky? I think that this project was born dead, either because I want to succeed must be a law and not a system to achieve real thirsty and required the founding of the company in the light of the Brass Big Money able to pay in when needed and without it no leads expect benefit from the system, but the need requires strict law preserves the rights of all God, I certify that I reached By Observer

Views 18   Date Added 09/06/2016 - 9:30   last updated 06/09/2016 - 11:53   No. Content 3855

[Big_J]

9 hours ago, yota691 said:

there are more than 30 trillion dinars chunky outside the banking system.

HMM?

9 hours ago, yota691 said:

if we assume that the company was able to attract 10 percent of the amount chunky This means that the amount earned 3 trillion dinars Is it possible that the company's capital will cover ten chunky?

HOW DO THEY GET THEM BACK?

[SocalDinar]

Reuters picked up this article.  Nice

Thanks Yota

http://www.reuters.com/article/iraq-economy-cenbank-idUSL8N1901D3?rpc=401

Iraq plans deposit guarantee fund to curb cash stashing

BAGHDAD, June 8 | By Saif Hameed

 

 

Iraq plans to set up a deposit guarantee fund to encourage Iraqis to use banking services and to develop the financial industry, the central bank said.

An estimated 30 trillion dinars ($25.71 billion) in cash are held outside the Iraqi banking system, according to a central bank statement received on Wednesday. About 10 trillion dinars only are kept in the banking system.

Iraq has been prey to war and insurgency since the overthrow of Saddam Hussein in 2003. As a result, Iraqis are reluctant to use banks in case violence prevents them accessing their cash or restrictions are placed on withdrawals.

Many Iraqis also worry they that might lose their savings in the event of a bank collapse.

Last year, the government stopped payments to bank branches in areas held by Islamic State, the militant group that controls swathes of territory in northern and western Iraq.

The central-bank supervised fund will have a capital of 100 billion dinars and will collect a certain percentage of the deposits held by the private and state-owned banks, it said, without indicating the amount.

About 70 percent of total private sector bank deposits are now held in state banks, according to the central bank. ($1 = 1,167.0000 Iraqi dinars) (Reporting by Saif Hameed; Writing bv Maher Chmaytelli)

[yota691]

Markets | Wed Jun 8, 2016 8:59am EDT

Related: CURRENCIES, MARKETS, FINANCIALS

Iraq plans deposit guarantee fund to curb cash stashing

BAGHDAD, JUNE 8 | BY SAIF HAMEED

•  

Iraq plans to set up a deposit guarantee fund to encourage Iraqis to use banking services and to develop the financial industry, the central bank said.

An estimated 30 trillion dinars ($25.71 billion) in cash are held outside the Iraqi banking system, according to a central bank statement received on Wednesday. About 10 trillion dinars only are kept in the banking system.

Iraq has been prey to war and insurgency since the overthrow of Saddam Hussein in 2003. As a result, Iraqis are reluctant to use banks in case violence prevents them accessing their cash or restrictions are placed on withdrawals.

Many Iraqis also worry they that might lose their savings in the event of a bank collapse.

Last year, the government stopped payments to bank branches in areas held by Islamic State, the militant group that controls swathes of territory in northern and western Iraq.

The central-bank supervised fund will have a capital of 100 billion dinars and will collect a certain percentage of the deposits held by the private and state-owned banks, it said, without indicating the amount.

About 70 percent of total private sector bank deposits are now held in state banks, according to the central bank. ($1 = 1,167.0000 Iraqi dinars) (Reporting by Saif Hameed; Writing bv Maher Chmaytelli)

[nannab]

Morning Yota. Things are really looking up.

 

[unirod]

On 6/5/2016 at 8:23 PM, Laid Back said:

Wow....40 trillion dinars in homes.

I believe part of the Iraqi population is in the know about an increase of the dinar exchange rate in the near future

You guys remember all the articles about gangs counterfeiting millions of dinars.. Why counterfeit a worthless currency

You guys remember GregHi talking about his Kurd friend who have millions of dinar at home

Even if they devalue the dinar more against the dollar part of the population will keep the dinars at home

It's only $1000 Per capita.....No too much to loose.... Knowing it could be a lot more in the future

Also they don't trust the banks.

just a humble opinion from my hammock 

Laid Back, nice post! 

Do any of us really trust our banks? our FDIC is only capable of covering $1 for every $100 on deposit. Our banks pay near zero interest and cook the books to look profitable. IMO we should be taking lessons from the Iraqi's!

 

[Wiljor]

On June 5, 2016 at 10:23 PM, Laid Back said:

Wow....40 trillion dinars in homes.

I believe part of the Iraqi population is in the know about an increase of the dinar exchange rate in the near future

You guys remember all the articles about gangs counterfeiting millions of dinars.. Why counterfeit a worthless currency

You guys remember GregHi talking about his Kurd friend who have millions of dinar at home

Even if they devalue the dinar more against the dollar part of the population will keep the dinars at home

It's only $1000 Per capita.....No too much to loose.... Knowing it could be a lot more in the future

Also they don't trust the banks.

just a humble opinion from my hammock 

LaidBack you perhaps are on to something here my friend. I'm sure banks can give all the assurances they want but if the locals are in the know of a pending IQD they will definitely not be running to their local branches to make a deposit. First make the Dinar worth something, give it purchasing power and then you will see the lines begining to form but until then Iraqis will hold on to their cash. If the CBI all of a sudden gave the IQD value and was a internationally traded currency, there my friends is where a relationship of trust will begin in the Iraq banking system, but until this day arises you can find IQD under the mattresses of most local citizens. 

[caz1104]

LB & Wiljor,

 

Great opinions!

[Laid Back]

Cash is king

For Iraqi people cash at home is safer than the bank

Why the GOI & CBI are so worry about the cash stashing people keep at homes?

GOI and CBI are hiding something.!!!

Go Cash

Go dinar

Go increase exchange rate

Go $1:1

 

 

[yota691]

 

Parliamentary calls to change the central bank's policy of selling the dollar

Guarantee deposits "step to restore confidence in banks" and overcome the "cons" the previous stage

 

Author: ASJ 
Editor: BK, HH 6.11.2016 12:45 Number ofViews: 222 
 

 

Long-Presse / Baghdad

The Central Bank of Iraq, said on Saturday that guarantee bank deposits, the company is the "fund" is committed through which to compensate depositors at bankrupt banks or liquidated, with economic officials promise to move to "the right direction and an incentive" to restore confidence in banks, citizens guessed it had dissipated the impact of their experiences "negative," the former with private banks.

He said the Board of the Central Bank board member Ahmed Rehn said in an interview to the (long-Presse), "The establishment of the company to guarantee bank deposits as long as the form of the target of the Central Bank of Iraq since 2004, especially since such a company exists in other countries of the world," noting that "the company interest primarily to small depositors, who make up the vast segment of savers served as senior depositors. "

He added Rehn, that "the foundation of the company and to embrace the work requires time and mechanisms supported," adding that "the deposit guarantee the company will not be an investment but it will be a fund or making the central bank is committed through which to compensate depositors in general and small especially in the event of bankruptcy of the banks in which the money or liquidation there ".

Turn the appearance of Mohammed Saleh financial advisor to the Prime Minister said in an interview to the (long-Presse), "The establishment of the company to guarantee deposits step in the right direction to build a discreet banking system has the confidence of depositors through the protection of their rights and encourage citizens to deposit in banks."

Saleh pointed out that "the participation of government banks in the capital of a deposit insurance company can enhance its credit and enable them to pay more compensation to depositors, especially that most of the deposits of citizens in those banks."

In turn, the Finance Committee in the House of Representatives rapporteur Ahmed Hama Rasheed said in an interview to the (long-Presse), "The Commission will adopt measures that would improve the economic and financial reality in Iraq, including the banking sector development," noting that "the Iraqi Central Bank seeks to maintain the bank's stability eligibility particularly through checks issued between now and then. "

Rashid stressed, that "the Commission is pushing to increase banks' capital, which often come from different official bodies, as well as deposits of varying citizens," pointing out that "depositors in general were wary of turning to the private banks."

Promised a decision the parliamentary finance committee, that "the decision to establish a deposit insurance corporation would be a motivation and stimulus to the movement of the banks and restore citizen confidence and trust," adding that "the Central Bank would be binding under that protection of bank deposits by legal legislation secures the rights of depositors, investors and even the official bodies." .

He said Rashid, that "it will encourage the placement in private banks and eliminates worries them, especially in light of previous bitter experiences, as happened with the bank Basra and the Warka, who announced Avlasshma."

In turn, a government employee Hassan Shaker said in an interview to the (long-Presse), said that "the presence of a guarantor of deposits the company can improve the image of the private banks," noting that "re-citizen eligibility banks and trust need to be relatively long time definite guarantees from the state, represented the central bank, not to repeat previous negatives that what they are paying for depositors remains under the parking Central Bank spectators for their suffering for years. "

For its part, director of the school, Khawla Rashid said in an interview with the (long-Presse), said that "the presence of government guarantees to protect the deposits of citizens can restore confidence gradually to domestic banks, which began its work to provide many good services and facilities to the adoption of modern technologies", usually the "State-owned banks what still lagging behind technologically and suffer routine that made them averse citizens. "

The Central Bank announced, in (the seventh of June 2016), the Cabinet approval for the establishment of a deposit guarantee in the government and private banks with a capital of 100 billion dinars, while the company aims to stimulate citizens to deposit their money in banks rather than Aktnazha, confirmed money chunky citizens outside banks of more than $ 30 trillion dinars.

The Iraqi private banks association, announced (October 2015) that the ratio of deposits to the government banks, ranging from 65 to 68 trillion dinars, of which no more than 22 trillion and deposits of private banks.

The banking system in Iraq consists of 54 banks as well as the Central Bank and distributed according to property between the seven state-owned and 23 private businesses, including Islamic nine in addition to the 15 branches of foreign banks.

[DinarThug]

CNN. Broadcasting From The World Bank While Preparing To Go Global !

 

 

(By walkingstick)

Keywords: waiting for a law reveals the source of funds deposited

06/12/2016

 BAGHDAD - Al- Sabah
 said the central bank governor d. On the Keywords for compliance with the World Bank of the liberalization of capital and edit the current account and this leads to not refrain from selling the dollar at auction currency as long as the citizen pays dinars to buy it as we are continuing the auction currency to maintain Asagrar dollar and the Iraqi dinar in the market price.

He said at a seminar Center for Mesopotamia for strategic Studies addressed theinternational Monetary Fund loan to the law in the House of Representatives are waiting for approval gives the central bank the question about the source of money and struggling money laundering.

Keywords added that the problem in Iraq is that state revenues depend on foreign revenues derived from the sale of oil, and low productive base in the country, what drives the government to borrow with the weakness of the possibility of payment in atimely manner, noting that this contrary to what is happening in stable countries financially where being leveraged and payment within the set time - bound programs and consider borrowing an essential part of state resources for the implementation oftheir projects. 

economic management and said that stability economic any country isbased on three departments (political, institutional, economic) , emphasis was placed on economic management as a tool for harmony and coordination between monetary and fiscal policy and which can be diagnosed cases of the defect, and that monetary policy is one of the main tasks of the Central Bank , which aims to control the money supply and that weakness in this area lead to inflation and price instability in general. 

He Keywords that public spending in Iraq is determined in accordance with the resources generated by the state, and that 90 percent of them representing the oil revenues, whereby whenever the oil revenues , the more expanded states in spending this would create future commitments to the state and as an example Taanat staff. And that the ideal situation for creating stability is achieved when balanced local expenditures with local revenues. 

Cushioning head of the Baghdad Economic Forum Faris Al Salman said in his speech: Although the central bank has succeeded in a good foreign cash reserve building inorder to mitigate the economic shocks and absorb But Iraq faced represented aneconomic hurricane terrorizing «Daash» and what form of consumption of the financial ability of the state toward arming and funding the war against terrorism as well as thedestruction of infrastructure in many provinces and the displacement of the population, which in turn added new economic burdens on the government. he said Iraq is fighting terrorism on its territory on behalf of the the world it is the duty of the Iraqi government 'squest to seek UN resolution is binding on countries in the world that holds their nationalities terrorists because they are citizens with the help of Iraq , financially and militarily and economically to finance the fight against terrorism , not leave it borrows money to pay its employees ' salaries. 

He noted that the world Bank , the law also stipulates the need to question the citizen who wants to open the account or who wants to buy the dollar for the source of his money and hardly Iraq is the only country that does not apply this law and that of the duties of the central bank to combat money laundering. chairman of the Forum of that there are income tax law since the former regime allows the question about the source of income and money and thus avoid «instruments of volatile» and will not advance to buy the currency , but sincere and trader true that request to buy the dollar fall through the auction currency and as a result we maintain hard currency reserves, a proposal to form a work cell at the Central Bank include: the Central Bank, the General Administration of Customs, the General Administration of taxation, the financial Inspection Office, Chancellery national security, and the judge 's penalty, and is verified request to buy the currency with immediate effect by specialty representative of each department and in the case of a (Mnafist) forged the judge Issadrh as based on a criminal and reserves amount to buy hard currency attached to it. 

income tax economist Bassem Jamil stressed the need to send signals to the citizens to attract their savings chunky in homes and cabinets and turn itinto a savings investment, and that by raising the interest of the citizen rate to 10 percent or more borrowing , rather than from external sources, as well as the need for follow -up sale of dollar sales and whether subject to the channels of the fight against money laundering and anti - smuggling, and it is paid by the income tax?

To be an internal resource for the budget. As for Dr. Jacob Joseph Shonia said , in order to reduce thegap between local expenditure and local revenue to stabilize, there 's assets amounts to sizeable possible to contribute to the improvement of the ratio between local expenditure and local revenue through the sale of productive units defunct of the Ministry of Industry and Minerals , or turn it into a mixed joint stock companies form a partnership between the public and private sectors and the number of these plants exceeds two hundred factory note that the legal basis for the conversion process is available in public institutions Act No. 22 of 1997. He urged to move about the mineral wealth of any investment formats available, perhaps there is willingness by some foreign companies interested in paying payments at the expense of future mineral activity, as well as a survey of the needs of Iraq's infrastructure projects and the requirements of thereconstruction of the affected towns and displaced persons and other compensation, andin the light of that set priorities for the use of loan amounts earned by Iraq and highlighted in the supplementary budgets. Also it must determine the amount of thedeficit suffered by Iraq now and in the foreseeable future in order to take into account in the coming years plans.

http://www.alsabaah.iq/Article.....?ID=118052

[outlawclg]

Keywords: Waiting.....  that about says how we all feel.   Hopefully not for too much longer.  

[Laid Back]

"This leads to not refrain from selling the dollar at auction currency as long as the citizens pay dinars to buy it."

The CBI continues reducing the note count

The CBI continues dollarizing the country 

Dollarize... Increase exchange rate... Dedollarize