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CBI News 10/09/2018


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 October 09, 2018
Clarification

 

Of the basic tasks of the work of the Central Bank of Iraq and provided for in Article IV of Law No. 56 of 2004 amending "Issuance of the Iraqi currency and management," as stated in Articles 32 and 33 of the same law where it ruled that the Central Bank of Iraq alone without the right to issue currency currency paper and metal For the purpose of trading in Iraq . "

Under the regulations, the Central Bank of Iraq determines the categories of paper and metal currencies, their measurements, forms, material, content, weight, design and other features .

It should be noted that the banknotes in various countries contain the signature of the Issuing Authority, which is the Governor of the Central Bank. The central banks have always put their signatures on those securities in different forms. Some of them put the signature of the governor in front of his name, including the person who puts the signature without a name, and whoever puts the name fee in the handwriting of the governor. Many central banks use this combination (the name of the portfolio by hand) without signing to document the stage of issuing the paper. These examples include the Iraqi currency issued in 1932 and the same formula was signed by the Governor of the Central Bank of Iraq in 1964, followed by the central banks of Egypt, Saudi Arabia, UAE, Lebanon, Turkey and others. Therefore, the Central Bank of Iraq decided to include the name of the governor when reprinting or issuing any paper, in line with what was stated and with the latest trends found in the signature alone, the lack of significance required by the word (governor) on the banknote. And that the Currency Committee of the Central Bank of Iraq concerned has taken this decision months ago in accordance with all legal considerations, organizational, technical and international practices

 

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Economy News _ Baghdad

The process of putting the name of the governor of the Central Bank of Iraq on the new edition of the currency for a wide media, but a number of experts in the economy and law have confirmed the "eligibility" of the central bank to put the name of the new monetary categories, and the procedure is in place in most countries of the world. 

The specialists said that "the uproar that some media institutions did not have knowledge and know-how in the economic affairs and monetary policy is to ignite the crises and the aim of personal squandering."

In the opinion of the banking expert Majid al-Suri in an interview with "Economy News", "The head of the monetary authority has the right to carry out the process of signing with the name and there is no legal sense of any objection," noting that "the law of the Central Bank allows the name and signature of the Governor of the Bank to minimize Of counterfeiting the currency and makes it difficult to falsify and is one of the safety signals that are placed to protect currencies.

"Many countries (such as the United States, the United Arab Emirates, Egypt, Turkey, Malaysia, Saudi Arabia and Jordan) are being named and signed by the governor," he said. Iraqi rather than a conservative person. "

 

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A UAE currency showing the name of the UAE Minister of Finance  

 

For his part, said economic expert Bassem Jamil Antoine in an interview with "Economy News", "The uproar caused by the ignorance of many media about the role of currency, which is the economic front of the country."

He added that the Central Bank did not violate its law, which stipulates that it is considered an independent body, which allows the governor to put his name and signature. And that discussion of the subject could be left to the House of Representatives away from media fallacies. He said.

"A person can not be prosecuted and convicted unless there is a legal offense against him, and if this is not available, it is a personal demarcation process," he said.

In turn, the legal expert Tariq Harb said in a press statement, "The name of the governor on the second edition of the banknotes issued to some groups is not a violation of any legal, but an administrative measure in force in most countries of the world."

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A Saudi currency bearing the name and signature of the Governor of the Saudi Arabian Monetary Agency

On Monday, the Central Bank of Iraq issued a clarification on the existence of the name of the Governor of the Central Bank of Iraq Ali Alalak in the new edition of the currency.

The Central Bank of Iraq said in a press statement received by the "Economy News" that "one of the basic functions of the work of the Central Bank of Iraq and provided for in Article IV of Law No. 56 of 2004 amending the" Issuance of the Iraqi currency and management, as stated in Articles 32 and 33 of the same law where " The Central Bank of Iraq alone without the right to issue currency currency paper and metal for the purpose of circulation in Iraq. "

"Under the regulations, the CBI has the right to determine the categories of paper and metal currencies, their measures, their forms, their material, their content, their weight, their design and other features."

He pointed out that "the banknotes in various countries contain the signature of the Issuing Authority, which is the Governor of the Central Bank. Central banks have always put signatures of their governors on these securities in different forms." Among them are the signature of the Governor, In the handwriting of the governor in the form of the name combination with a signature with special significance to the banknotes. Many central banks use this combination (name of the governor by hand) without signing to document the stage of issuance of the banknote.

He continued, "Of these examples Iraqi currency issued in 1932 as signed by the same formula Governor of the Central Bank of Iraq in 1964 and followed the approach of the central banks of Egypt, Saudi Arabia, the UAE, Lebanon, Turkey and others, so the Central Bank of Iraq decided to include the name of the governor when reprinting or issuing any cash , In line with what was stated and with the latest trends found in the signature alone, the lack of significance required by the word (governor) on the banknote and that the currency committee in the Central Bank of Iraq concerned has taken this decision for months in accordance with all legal considerations and Organizational and international practices ".

 

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Egyptian currency showing the name and signature of the Governor of the Central Bank of Egypt

 
Views 42   Date Added 09/10/2018
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Editorial Date: 2018/10/8 16:20 • 986 times read
After his criticism .. Central Bank: That's why we put the name of the governor on the currency
[Ayna-Baghdad] 
attributed the Central Bank of Iraq, on Monday, the reasons for placing the name of the governor on the new currency on the use of many banks this combination. "The basic functions of the work of the Central Bank of Iraq and provided for in Article 4 of its Law No. 56 of 2004 amending [the issuance and management of the Iraqi currency as stated in Articles 32 and 33 of the same law], where the bank The Central Bank of Iraq alone without the right to issue currency currency paper and metal for the purpose of circulation in Iraq. " 
"The CBE also has the right under the regulations to determine the categories of paper and metal currencies, their measurements, forms, material, content, weight, design and other features."
The statement pointed out that "the banknotes in various countries contain the signature of the Issuing Authority, which is the Governor of the Central Bank. Central banks have always put signatures of their governors on these securities in different forms. The name is in the hands of the governor in a form that combines the name with a significant signature for the banknotes. Many central banks use this combination [name of the governor by hand] without signing to document the stage of issuance of the banknote.
He noted that "the same formula was signed by the Governor of the Central Bank of Iraq in 1964 and followed the approach of the central banks of Egypt, Saudi Arabia, UAE, Lebanon, Turkey and others, so the Central Bank of Iraq decided to include the name of the governor when reprinting or issuing any cash, I found in the signature alone the lack of meaning required by the word {governor} on the banknote. 
He noted that "the currency committee of the Iraqi Central Bank concerned has taken this decision for months in accordance with all legal considerations, organizational, technical and international practices."
The CBI recently issued its second edition of banknotes of the categories of [25,000, 10,000, 1,000, 500, 250] dinars, indicating that the variables on the above categories were as follows, for categories [25,000, 10,000, 500, 250] , Which included the writing of the name of the governor instead of signing it in the old version, in line with what is now practiced in other countries, and the dates were amended Hijri and Gregorian to the dates [1440 H-2018]. " 
The currency included the name of the governor of the bank and agency, Economists and criticism from the House of Representatives who filed a request to stop trading and dealing in currency New.
The economic expert Louay Khatib, yesterday, the existence of the name and signature of the Governor of the bank on the currency, as "a dangerous precedent and a violation of all contexts universally recognized and Iraqi except dictatorships," calling for "to be the signature of the Iraqi currency by the Minister of Finance by title without mentioning the name, And the destruction of this new version and correct this grave error. "
 
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Central Bank: put the name of the governor on the currency "is normal"

Central Bank: put the name of the governor on the currency "is normal"

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Direction - Baghdad

The Central Bank of Iraq described the procedure to put the name of the governor on the currency as a normal procedure and applied in most countries of the world.

The bank said in a statement that this procedure is in effect within Article 56, amended for the year 2000 and four. The statement added that the Central Bank has the right under the regulations to determine the categories of currency and metals and their measurements and forms and the status of signature

TA

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26 minutes ago, gregp said:

They keep mentioning metals.  Wondering what’s around the corner?

 Thanks. 

It appears to be just legalese, for now. However,

 

Quote

The CBI recently issued its second edition of banknotes of the categories of [25,000, 10,000, 1,000, 500, 250] dinars, indicating that the variables on the above categories were as follows, for categories [25,000, 10,000, 500, 250] , 

If anything removing the zeroes, in addition to the exchange rate,  from the denoms noted above would put the currency on par with other countries like the US and European countries with denoms in 25, 10, 1 and metals in 0.50 and 0.25. They did remove the 0.50 coin a couple of years. They do have a 50K denom and I think (can't remember) they scratched the new 100K denom. These would round out the group when the larger denoms were made into smaller denoms. Iraq went to the larger denoms because they needed more currency to conduct business at such a low rate. It would only make logical sense when the zeroes are removed from the exchange rate that lower currencies would be needed as a 25K note would be too much monetarily.

 

This is not a LOP as they would remove the zeroes from both the exchange rate and the denoms.

Edited by Theseus
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Tuesday 9 October
 
 
 
 
 
 
 
 

A new edition of banknotes issued by the central bank recently, which includes writing the name of the governor instead of signing it in the old version. A move attributed by the Bank to harmony with what is now practiced in other countries. 

But the Legal Committee in the Parliament, called on the MP, Faiq Sheikh Ali , to issue a decision to prevent trading and deal with the Iraqi currency printed recently containing the name of the Governor of the Central Bank of Iraq, rather than just sign only.

 


He also called for a coalition of state law, Abdul Salam al-Maliki, the presidency of the House of Representatives to include this issue on the agenda of the next meeting for discussion and hosting the Governor of the Central Bank to know the motives behind this measure, stressing that the official currency and within the law of the Central Bank in force does not give the governor the right to put his name. 

As for economic expert Louay Khatib, he stressed in a blog post on the social networking site Facebook need to withdraw and destroy this new version of the currency and correct this serious error, demanding that the signature of the Iraqi currency by the Minister of Finance by the title without mentioning the name, Pound Sterling. 

You can maze the report on the video above.

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Its actually funny to me that for all these years they CBI has done what it pleased issued currency did this did that. And now apparently the GOI and others must know something big is about to happen to the IQD, and the CBI Governor stamps his name on the money( like a boss) lol, and they all wanna get upset. Not because its against the "law" but because they don't want him to get all the fame now that the whole world will  be seeing the IQD in transactions. That right there ladies and gents is the biggest clue to me that we are close. Think long and hard about how long this worthless currency has been bought and sold. Why now are they suddenly so focused on the freaking signature of someone on the currency. Reminds me of when your older sibling gives you their old clothes and you put them on and wear it better than they do and suddenly they want it back and say you stole it or some other lame excuse. 🙂

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28 minutes ago, chris2028 said:

Its actually funny to me that for all these years they CBI has done what it pleased issued currency did this did that. And now apparently the GOI and others must know something big is about to happen to the IQD, and the CBI Governor stamps his name on the money( like a boss) lol, and they all wanna get upset. Not because its against the "law" but because they don't want him to get all the fame now that the whole world will  be seeing the IQD in transactions. That right there ladies and gents is the biggest clue to me that we are close. Think long and hard about how long this worthless currency has been bought and sold. Why now are they suddenly so focused on the freaking signature of someone on the currency. Reminds me of when your older sibling gives you their old clothes and you put them on and wear it better than they do and suddenly they want it back and say you stole it or some other lame excuse. 🙂

Total ego maniacs! I’d rather be rich and not famous than rich and famous. Mo money mo problems!!! 

 

Let Alaq take the credit and I’ll 🏃 to the bank looking like and average Joe (or Abdul) 😂 

 

Kinda like whose more important Belichick or Brady.? .... who cares just go out and win superbowls!!! They’ll both be in the Hall of Fame :) 

Edited by NEPatriotsFan1
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9 minutes ago, NEPatriotsFan1 said:

Total ego maniacs! I’d rather be rich and not famous than rich and famous. Mo money mo problems!!! 

 

Let Alaq take the credit and I’ll 🏃 to the bank looking like and average Joe (or Abdul) 😂 

 

Kinda like whose more important Belichick or Brady.? .... who cares just go out and win superbowls!!! They’ll both be in the Hall of Fame :) 

BINGO!!! 

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41 minutes ago, chris2028 said:

Its actually funny to me that for all these years they CBI has done what it pleased issued currency did this did that. And now apparently the GOI and others must know something big is about to happen to the IQD, and the CBI Governor stamps his name on the money( like a boss) lol, and they all wanna get upset. Not because its against the "law" but because they don't want him to get all the fame now that the whole world will  be seeing the IQD in transactions. That right there ladies and gents is the biggest clue to me that we are close. Think long and hard about how long this worthless currency has been bought and sold. Why now are they suddenly so focused on the freaking signature of someone on the currency. Reminds me of when your older sibling gives you their old clothes and you put them on and wear it better than they do and suddenly they want it back and say you stole it or some other lame excuse. 🙂

Good points by you and everyone. Why would he want his name on worthless currency?? Because it’s not going to be worthless for much longer 🙂

Edited by "Fred"
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3 hours ago, chris2028 said:

Its actually funny to me that for all these years they CBI has done what it pleased issued currency did this did that. And now apparently the GOI and others must know something big is about to happen to the IQD, and the CBI Governor stamps his name on the money( like a boss) lol, and they all wanna get upset. Not because its against the "law" but because they don't want him to get all the fame now that the whole world will  be seeing the IQD in transactions. That right there ladies and gents is the biggest clue to me that we are close. Think long and hard about how long this worthless currency has been bought and sold. Why now are they suddenly so focused on the freaking signature of someone on the currency. Reminds me of when your older sibling gives you their old clothes and you put them on and wear it better than they do and suddenly they want it back and say you stole it or some other lame excuse. 🙂

Chris2028,

I think you could be onto something here, my friend 

Thanks for your input.

 

Go CBI 

Go lower denomination 

Go $1:1

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4 hours ago, NEPatriotsFan1 said:

Total ego maniacs! I’d rather be rich and not famous than rich and famous. Mo money mo problems!!! 

 

5 hours ago, chris2028 said:

That right there ladies and gents is the biggest clue to me that we are close. Think long and hard about how long this worthless currency has been bought and sold. Why now are they suddenly so focused on the freaking signature of someone on the currency.

 

 

Good thread. Thank you all for your thoughts, Chris, NEPats, LB and others

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5 hours ago, chris2028 said:

Its actually funny to me that for all these years they CBI has done what it pleased issued currency did this did that. And now apparently the GOI and others must know something big is about to happen to the IQD, and the CBI Governor stamps his name on the money( like a boss) lol, and they all wanna get upset. Not because its against the "law" but because they don't want him to get all the fame now that the whole world will  be seeing the IQD in transactions. That right there ladies and gents is the biggest clue to me that we are close. Think long and hard about how long this worthless currency has been bought and sold. Why now are they suddenly so focused on the freaking signature of someone on the currency. Reminds me of when your older sibling gives you their old clothes and you put them on and wear it better than they do and suddenly they want it back and say you stole it or some other lame excuse. 🙂

You Right Chris2028 ...I Wouldn't want my name on a Currency note at a Rate of .00084...Unless I know something Big about to Happen...Good Therory Chris

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http://economy-news.net/content.php?id=13914

 

Economist: Putting the name of the governor on the currency is universally recognized
 
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Iraqi currency

  

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Economy News Baghdad:

The economic expert Hussein al-Khakani said Wednesday that the issue of placing the name of the governor and signing it is universally recognized, while stressed the need to shine with the issuance of small currency .

Al-Khakani said in a statement to the "Trend News" and viewed by "Economy News", that the national currency is constantly exposed to damage and the Central Bank of Iraq sets up cash collections ready to be replaced with the damaged currency after the reference with red ink certain and put numbers for the new currency and then put it In markets ".

He added that the new edition of the currency takes the date of issuance and the signature of the governor as is the case in all central banks in all countries of the world, noting that the central bank is responsible for the currency currency in the country and since the history of the Iraqi state so far find some governors put his name and signature and some others just add To sign ".

The economist pointed out that "there is no legal issue on the subject of signing the currency currency as it must bear the signature of a governor of the Central Bank . "

"The Central Bank of Iraq has taken two steps recently is the first to issue a new edition of the value of 1000 dinars, which was made to change the Koranic verse and put another picture of the marshes listed in the UNESCO World Heritage List .

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Central: Our law allows us to define the form of the banknote and the name of the governor is a security mark
 
 

A senior official of the Central Bank of Iraq, on Wednesday, that the bank's law allows to determine the form of the banknote, while noting that the name of the governor came as a "security sign."

The Director General of the Department of Issuance and Treasury Agency Abdul Karim Hassan Shannon in an interview with "Alsumaria News" and viewed by "Economy News", "Article 33 of the Bank's law on the printing of paper currency and currency coins, the Bank under the regulations and instructions set the categories currency Paper, metal, makays, shapes, material, content, weight, design and other features, and therefore the bank is responsible for its contents and forms. "

He added that "during the edition of 2015, which called the window and was signed by the bank's governor Ali Alalak increased counterfeiting and therefore a Central Bank Committee examined the situation for non-repetition and suggested that the name of the relationship on these categories as a security mark next to the existing signs, which was in the form of drawing in these categories Printed and not as a name as it exists in official memos. "

"The name of the governor is present even in the old Iraqi currency coins under the monarchy," he said. "Most countries started to name governors such as Saudi Arabia, the UAE, Lebanon, Egypt, Iran, Nigeria, Malaysia and some of the UK's special currency groups."

 

 

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Editor Hossam Al - Khafaji - Wednesday 10 October
 
 
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BAGHDAD (Reuters) - 
A senior official at the Central Bank of Iraq (CBE) said on Wednesday that the bank's law allows for the form of a banknote, while noting that the governor's name was "a security sign." 

The Director General of the Department of Issuance and Safes Agency Abdul Karim Hassan Shannon in an interview with Alsumaria News that "Article 33 of the Bank's law on the printing of currency notes and currency coins, the Bank under the regulations and regulations set the categories of currency and paper coins and metals and forms, material, content, weight and design and This is another feature, so the bank is responsible for its content and forms. "

 

 


He added that "during the edition of 2015, which called the window and was signed by the bank's governor Ali Alalak increased counterfeiting and therefore a Central Bank Committee examined the situation for non-repetition and suggested that the name of the relationship on these categories as a security mark next to the existing signs, which was in the form of drawing in these categories Printed and not as a name as it exists in official memos. " 

He said Shannon that " the conservative name is present even in the ancient Iraqi coins to the monarchy , in addition to that most countries began to put the Conservatives name on their currencies such as Saudi Arabia and the United Arab Emirates, Lebanon and Egypt , Iran, Nigeria, Malaysia and some categories of special currency to the United Kingdom ." 

The development of the name of the Governor of the Central Bank on the categories of new currencies that have been printed is very controversialThe Iraqi street , in addition to the rejection of most members of the House of Representatives for that to be discussed within the agenda of the Council. 

On Sunday, the Central Bank issued its second edition of banknotes for the categories (25,000, 10,000, 1,000, 500 and 250) dinars. He pointed out that the new currency included the writing of the name of the governor instead of signing it in the old version, in line with what is now practiced in Other countries, as amended dates AH and Gregorian dates (1440 H-2018).

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