Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Parliament holds its meeting headed by Hamoudi


Butifldrm
 Share

Recommended Posts

2017/11/18 (00:01 PM)   -   Number of readings: 81   -   Number (4065)
 
 
Amendments to the law of the Central Bank grant him the freedom to work on a larger area



 Baghdad / Zahraa al-Jassim 
 

The amendments to the law of the Central Bank approved by the House of Representatives and issued in a law recently gave wider areas for the Bank's work, especially with regard to the issuance and sale of securities. It also allowed an increase in the number of members outside the bank from the experts and financial specialists in his administration from three to five in order not to remain closed to himself in his decisions, according to the information office of the bank. But a financial source criticizes it for being the bank's independence.

The most important amendments to the Central Bank Law No. 56 of 2004 issued by the Coalition Authority are as follows: First: Paragraphs (c) and (d) of Article 11, which indicate that the number of members of the Board of Directors of the Central Bank of nine members, From its governor, vice presidents, three senior managers and three other members with the ability and competence to be replaced by the following amendment: that the board consists of one general director of the central bank and five members from outside the Central Bank of Iraq with experience and competence in financial affairs or Bank or legal, with the governor and his deputies.
The director of the Information Office of the Central Bank of Iraq, Acer Jabbar said in an interview for (the extent), that the amendments in the law of the Central Bank, a few and does not exceed four paragraphs, and explained: where was amended Article 27 of the law that says the Central Bank of Iraq deals with foreign assets and manages The official reserve of the foreign exchange of the State in accordance with international best practices and reserves monetary policy. The Board of Directors of the Central Bank may invest this reserve in any of the following or all of the following assets, whether in gold coins or currency. But it was amended to give it more space, since now it can work assets, ie, selling "bonds" freely, such as trading securities of any foreign bank, but certainly according to mechanisms and conditions and financial operations very accurate.
Jabbar: In the board of directors has been added new members, each of the general director of the Central Bank and five members from outside the Central Bank of experts and specialists in financial matters, to become today six members, which is a new board of directors according to the new amendment, after The approval of the Council of Ministers on the law, after it was three general managers of the bank and three from outside, indicating: The aim is to find decisions supporting the Central Bank and not remain monopolized the continents or closed on himself, because coming from outside the central represents the private sector , And certainly will have new and important opinions and ideas.
On the basis of the amendment to the law, it also included the text of Article (27) of the Law on the management of official reserve cash from foreign exchange, to indicate its current form until the Central Bank of Iraq deals with foreign assets that manages the official reserve of foreign exchange of the state according to the best International practices and monetary policy objectives The Board may invest such reserves in any of the following assets or in all of them: a. Golden cash in the coffers of the Central Bank of Iraq; Used in the performance of international accounts held by the Central Bank of Iraq or for its account; c) Credits payable on demand or payable after a short period of time in foreign exchange, which is normally used to perform international accounts maintained by the CBI in its accounts or those investing Through repurchase agreements
However, a source familiar with the matter said that the Central Bank's law is good in its original preamble, and that it is not hindering its work. However, we are not against these amendments, so we call them slight improvements and review, We do not have a problem because we just want to develop the financial market in Iraq because the financial market is not just a stock market. , But is also a market tools bank and there is a desire of the central bank and many destinations To develop the financial market, through debt securities as "
The source, who preferred not to be named, said that the point that points to the addition of five members from outside the Central Bank of Iraq with expertise and competence in the financial, banking or legal affairs of the Governing Council is a wrong term, because the central must be independent and away from Interests, whether private or governmental, and can not sit in the board of directors and say I represent the private sector or the government, because this imbalance in the independence of the Central Bank, and I do not think this paragraph exists in the new amendment of the law, Law, because the central bank is an independent institution Not only the government but also for the financial sector, so that it can be neutral in its decisions. 
The latest amendment to the Second Central Bank of Iraq Law, the first amendment was made in 2007.

  • Upvote 2
Link to comment
Share on other sites

On 11/16/2017 at 1:05 PM, DinarThug said:

CNN. Broadcasting With Oven Mitts - Hot Off The Presses !

Dannair publishes the Second Amendment Law to the Central Bank of Iraq Law

 
 
Updated 16/11/2017 3:00 pm 
NB-190447-636186103938410611.jpg

Baghdad / Dinar / .. The voice of the House of Representatives on the law of the Central Bank of Iraq issued Order No. (56) for 2004 on the Coalition Provisional Authority (dissolved) ..

The following is the text of the law

 

In the name of the people

Presidency

On the basis of what was approved by the House of Representatives and ratified by the President of the Republic based on the provisions of item (I) of Article (61) and Article (III) of Article (73) of the Constitution

The following law was issued:

No. (2017)

Law

The second amendment to the law of the Central Bank of Iraq issued by order

No. (56) of 2004 on the Coalition Provisional Authority (dissolved)

Article (1) Article (5) of the Central Bank of Iraq Law issued by Order No. (56) of 2004 on the Coalition Provisional Authority (dissolved) shall be repealed and replaced by the following:

1 The capital of the Central Bank of Iraq (1 trillion) one trillion dinars owned by the state in full.

Article 2 Add the following to Article (10) of the Law and paragraph (3) have:

3. The Board shall consist of (3) non-staff members of the Bank who possess the educational qualifications and practical experience in the fields of financial management, accounting, law and economics. The Board shall organize its functions and procedures according to the international standards and best practices of the Central Banks and issued by the Governor.

Article 3 Articles (c) and (d) of Article (11) of the Law shall be canceled and replaced by the following:

C is one of the bank's general managers.

D. Five members from outside the Central Bank of Iraq with experience and competence in financial, banking or legal affairs.

Article 4 The text of Article (27) of the Law shall be repealed and replaced with the following:

Article 27 1. The Central Bank of Iraq shall hold transactions on foreign assets and shall manage the official reserve of foreign currency of the State in accordance with international best practices and monetary policy objectives. The Council may invest such reserves in any of the following assets or in all:

A golden cash in the coffers of the Central Bank of Iraq.

B)Foreign monetary and mineral currencies which are normally used in the performance of international accounts held by the Central Bank of Iraq or for its own account.

C) Credit balances are payable on demand or payable short-term in foreign exchange, which is normally used for the performance of international accounts maintained by the CBI in its accounts or those invested through repurchase and repurchase agreements and fixed fixed term deposits.

Special Drawing Rights available to the Iraq Account at the International Monetary Fund.

(E) Investment instruments available at the International Monetary Fund.

And any securities of negotiable debt issued by or in full confidence and dependence of foreign governments, central banks, international financial institutions and foreign local authorities and agencies, which are paid in foreign currencies, which are normally used in the performance of international accounts held by the Central Bank of Iraq or for its own account.

2. The Bank may use derivatives in investment portfolios as a hedging instrument.

Article (5) The following shall be added to Article (30) of the Law and shall have:

C) The loan granted to the Bank for interest determined by the Bank in accordance with market requirements.

Article 6 Add the following to article (33) of the law and paragraph (6) have:

6 The Central Bank of Iraq issue non-negotiable commemorative coins.

Article 7 The text of paragraph (2) of Article (48) of the Law shall be repealed and replaced with the following:

2. The Central Bank of Iraq shall choose an international company to carry out the functions of external audit and financial auditing for a period of five (5) years, and may not be repeated for a consecutive period of more than 10 years.

Article 8 The text of Article (72) of the Law shall be repealed and replaced with the following:

Article 72 The seizure of CBI funds, including gold, special drawing rights, cash, credits, deposits, securities or any revenues of the Central Bank of Iraq, may not be made.

Article 9 The words "securities" shall replace the words "bonds and treasury bills", wherever they are mentioned in the law.

Article 10 The text of paragraph (n) of Article (16) of the Law shall be repealed and replaced by the following:

N- Approve the rules of procedure, guidelines and rules of the Bank and its functions in managing and managing its operations, and determining the organizational structure of the Central Bank of Iraq, including the location of branches of the Central Bank of Iraq and the abolition and development of the General Directorate.

Article 11 This Law shall be implemented from the date of its publication in the Official Gazette.

Positive reasons

To increase the capital of the Central Bank of Iraq and to keep abreast of the global economic development and grant powers to the bank and increase the number of members of the Board of Directors of the bank from outside the bank and the formation of the Audit Committee and the issuance of commemorative coins and the imposition of interest on loans granted by the bank to commercial banks and the preservation of funds from the bookings issued by judicial decisions. (End) 22 /

link

 

CNN. Broadcasting With Oven Mitts - Hot Off The Presses !

 

 

Dannair publishes the Second Amendment Law to the Central Bank of Iraq Law

 
 
Updated 16/11/2017 3:00 pm 
NB-190447-636186103938410611.jpg

Baghdad / Dinar / .. The voice of the House of Representatives on the law of the Central Bank of Iraq issued Order No. (56) for 2004 on the Coalition Provisional Authority (dissolved) ..

The following is the text of the law

 

In the name of the people

Presidency

On the basis of what was approved by the House of Representatives and ratified by the President of the Republic based on the provisions of item (I) of Article (61) and Article (III) of Article (73) of the Constitution

The following law was issued:

No. (2017)

Law

The second amendment to the law of the Central Bank of Iraq issued by order

No. (56) of 2004 on the Coalition Provisional Authority (dissolved)

Article (1) Article (5) of the Central Bank of Iraq Law issued by Order No. (56) of 2004 on the Coalition Provisional Authority (dissolved) shall be repealed and replaced by the following:

1 The capital of the Central Bank of Iraq (1 trillion) one trillion dinars owned by the state in full.

Article 2 Add the following to Article (10) of the Law and paragraph (3) have:

3. The Board shall consist of (3) non-staff members of the Bank who possess the educational qualifications and practical experience in the fields of financial management, accounting, law and economics. The Board shall organize its functions and procedures according to the international standards and best practices of the Central Banks and issued by the Governor.

Article 3 Articles (c) and (d) of Article (11) of the Law shall be canceled and replaced by the following:

C is one of the bank's general managers.

D. Five members from outside the Central Bank of Iraq with experience and competence in financial, banking or legal affairs.

Article 4 The text of Article (27) of the Law shall be repealed and replaced with the following:

Article 27 1. The Central Bank of Iraq shall hold transactions on foreign assets and shall manage the official reserve of foreign currency of the State in accordance with international best practices and monetary policy objectives. The Council may invest such reserves in any of the following assets or in all:

A golden cash in the coffers of the Central Bank of Iraq.

B)Foreign monetary and mineral currencies which are normally used in the performance of international accounts held by the Central Bank of Iraq or for its own account.

C) Credit balances are payable on demand or payable short-term in foreign exchange, which is normally used for the performance of international accounts maintained by the CBI in its accounts or those invested through repurchase and repurchase agreements and fixed fixed term deposits.

Special Drawing Rights available to the Iraq Account at the International Monetary Fund.

(E) Investment instruments available at the International Monetary Fund.

And any securities of negotiable debt issued by or in full confidence and dependence of foreign governments, central banks, international financial institutions and foreign local authorities and agencies, which are paid in foreign currencies, which are normally used in the performance of international accounts held by the Central Bank of Iraq or for its own account.

2. The Bank may use derivatives in investment portfolios as a hedging instrument.

Article (5) The following shall be added to Article (30) of the Law and shall have:

C) The loan granted to the Bank for interest determined by the Bank in accordance with market requirements.

Article 6 Add the following to article (33) of the law and paragraph (6) have:

6 The Central Bank of Iraq issue non-negotiable commemorative coins.

Article 7 The text of paragraph (2) of Article (48) of the Law shall be repealed and replaced with the following:

2. The Central Bank of Iraq shall choose an international company to carry out the functions of external audit and financial auditing for a period of five (5) years, and may not be repeated for a consecutive period of more than 10 years.

Article 8 The text of Article (72) of the Law shall be repealed and replaced with the following:

Article 72 The seizure of CBI funds, including gold, special drawing rights, cash, credits, deposits, securities or any revenues of the Central Bank of Iraq, may not be made.

Article 9 The words "securities" shall replace the words "bonds and treasury bills", wherever they are mentioned in the law.

Article 10 The text of paragraph (n) of Article (16) of the Law shall be repealed and replaced by the following:

N- Approve the rules of procedure, guidelines and rules of the Bank and its functions in managing and managing its operations, and determining the organizational structure of the Central Bank of Iraq, including the location of branches of the Central Bank of Iraq and the abolition and development of the General Directorate.

Article 11 This Law shall be implemented from the date of its publication in the Official Gazette.

Positive reasons

To increase the capital of the Central Bank of Iraq and to keep abreast of the global economic development and grant powers to the bank and increase the number of members of the Board of Directors of the bank from outside the bank and the formation of the Audit Committee and the issuance of commemorative coins and the imposition of interest on loans granted by the bank to commercial banks and the preservation of funds from the bookings issued by judicial decisions. (End) 22 /

link

  • Upvote 11
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.