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CBI NEWS 07/03/2019


yota691
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 July 03, 2019
The Corporate Registration Department approves the establishment of the Iraqi Deposit Guarantee Company

 



In accordance with the duties of the Central Bank of Iraq provided for in its law and in order to ensure the stability of the banking sector and increase confidence in it, this bank announces the approval of the company registration department in the Ministry of Commerce to establish the Iraqi Deposit Insurance Company / mixed contribution according to the provisions of Article 19 of the Companies Law No. 21 of 1997 .
 
The Iraqi Deposit Guarantee Company was established with the participation of 42 banks, including 6 government banks, 21 private Iraqi banks, 15 Arab and foreign banks, the National Insurance Company and the State Pension Fund, with a capital of KD 100 billion.
Deposit insurance companies have been found to support efforts to stabilize the financial and banking system.
 
Central Bank of Iraq
   information Office
   3 July 2019
 
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Central Bank of Iraq
  

 Banks


Economy News Baghdad

The Ministry of Commerce's registration department on Wednesday approved the establishment of the Iraqi Deposit Guarantee Company with the contribution of 42 banks.

The Central Bank of Iraq said in a statement received by "Economy News", "Based on the duties of the Central Bank of Iraq provided for in its law and in order to ensure the stability of the banking sector and increase confidence in it, this bank announces the approval of the Department of registration of companies in the Ministry of Commerce Establishment of the Iraqi Deposit Guarantee Company / Mixed ", pointing out that this was" based on the provisions of Article 19 of the Companies Law No. 21 of 1997 amended. "

The statement added that the company was established "with the contribution of 42 banks, including 6 government banks and 21 Iraqi private banks, and 15 Arab and foreign banks, as well as the National Insurance Company and the public pension fund / state pension fund," noting that the company's capital "100 billion dinars."

Deposit insurance companies have been found to support efforts to stabilize the financial and banking system.


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The Central Bank announced on Wednesday the establishment of the Iraqi Deposit Insurance Company.

The bank said in a statement: "Based on the duties of the Central Bank of Iraq stipulated in its law and in order to ensure the stability of the banking sector and increase confidence in it, this bank announces the approval of the Department of Registration of companies in the Ministry of Commerce establishment of the Iraqi Deposit Insurance Company / joint contribution according to the provisions of Article 19 of the Companies Law No. 21 of 1997 amending.

He added that "the Iraqi company was established to guarantee deposits with the contribution of 42 banks, including 6 government banks and 21 Iraqi private banks, and 15 Arab and foreign banks, as well as the National Insurance Company and the public pension fund / state pension fund, where the company's capital is 100 billion dinars.

Deposit insurance companies have been found to support efforts to stabilize the financial and banking system.

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50 minutes ago, yota691 said:

The Iraqi Deposit Guarantee Company was established with the participation of 42 banks, including 6 government banks, 21 private Iraqi banks, 15 Arab and foreign banks, the National Insurance Company and the State Pension Fund, with a capital of KD 100 billion.

Good morning DV. Yota I'm looking this post. Here it says that the IDIC is backed by KD 100 billion. Dare I think that They are inferring Kuwaiti Dinar is the currency backing this company? If so, it puts their capital at 350-365 billion USD. That makes a whole lot more sense than  IQD which would put the capital,at around 80-90 million USD. 

Looks like one more thing checked off the list.

Laid Back, care to weigh in on this one?

Synopsis, curious to hear your thoughts as well.

10YL+6 and:rocking-chair:Wadaya think?

im lookin for some early morning feedback to help get my other eye open. Coffee don't seem to be working.

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3 hours ago, mr.unlikely said:

Synopsis, curious to hear your thoughts as well.

 

:lmao:   :lmao:   :lmao:

 

:twothumbs: Are You SURE About THAT, Mr.Unlikely, AND The Very Best Of Your 4th Of July To You!!! :tiphat:

 

Well, OK, HERE THEY are (:lmao:   :lmao:   :lmao:)

  • I am NOT sure about the KD (Kuwaiti Dinar) AND/OR JD (Jordanian Dinar) basis. I have NOT had ANY epiphanies ON foreign currency backing for Bicraqi Iraqi shenanigans, er, financial AND monetary operations, yet. Kinda handy to use OTHER people's monies so pretty sure THAT doesn't fly. HOWEVER, maybe BABY the "pre" "event" provisions HAVE BEEN put in place so NEED to report in "other" "people's" "money" "terms" in THEE "mean" "time".
  • The fact of depository insurance is HUGE AND NECESSARY for THEE Bicraqi Iraqi AND, hopefully, foreign investment companies TO BE IN Iraq.
  • I saw an article recently that the Islamic Banking system had a backing of 15 billion IQD. IF I remember right in IQD. 15 billion IQD is likie 12 MILLION USD AND measly in my opinion. So, the mythical math would suggest a POST event ReInstatement INTERNATIONALLY of the Bicraqi Iraqi Dinar to be 1 IQD = 1 USD at least in my opinion. Likely MUCH higher!!!

ALL IN ALL, REALLY Good News HERE!!!

 

:backflip:   :backflip:   :backflip:

 

Maybe BABY FURTHER explanation WILL BE provided. Well, OK, THEE Bicraqi Iraqi HAVE NEVER BEEN ANY GOOD ABOUT BEING FORTHCOMING AND ADEQUATELY EXPLAINING ANYTHING!!!

 

:lmao:   :lmao:   :lmao:

 

Go Moola Nova!

:pirateship:

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GOOD NEWS

 

@mr.unlikelyLaid Back, care to weigh in on this one?

 

Sounds to me like our FDIC.

 

I believe the establishment of the Iraqi deposit guarantee company will play a major role in protecting the banking sector, especially the deposits of the public, individuals and companies, which will enhance confidence in the banking sector inside Iraq and in correspondent banks outside Iraq, which will contribute to attracting more deposits and reuse of credit and investment Serving the Iraqi economy.

 

- Protect deposit of the public individuals and companies 

- Enhance confidence in the banking sector

- Attracts more deposit 

- Reuse of credit and investment 

 

This is a BIG step forward for Iraq and our IQD investment. 

 

Go CBI

Go new monetary policy 

Go IDGC

Go international 

Go RV

Go $1:1

 

I see a good window of opportunity for an increase of the dinar exchange rate in the next 6 month.

 

 

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Central Bank: Approval of the registration of companies on the establishment of the Iraqi Deposit Guarantee Company
 
Bertha News Agency 80 2019-07-03
57eb91b18bc47.jpg
 

The Central Bank of Iraq announced on Wednesday the approval of the registration of companies on the establishment of the Iraqi Company to secure deposits.

The bank said in a statement that "based on the bank's obligations stipulated in its law and with the aim of ensuring the stability of the banking sector and increasing confidence in it, we announce the approval of the company registration department in the Ministry of Commerce to establish the Iraqi Deposit Insurance Company / joint contribution based on the provisions of Article 19 of the Companies Law No. 21 Of 1997 amended ".

"The Iraqi Deposit Insurance Company was established with the contribution of 42 banks, including 6 government banks, 21 private Iraqi banks, 15 Arab and foreign banks, as well as the National Insurance Company and the General Retirement Authority / State Pension Fund," noting that "the company's capital is 100 Billion dinars. "

Deposit insurance companies have been found to support efforts to stabilize the financial and banking system.

http://burathanews.com/arabic/economic/352966

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13 minutes ago, Laid Back said:

GOOD NEWS

 

@mr.unlikelyLaid Back, care to weigh in on this one?

 

Sounds to me like our FDIC.

 

I believe the establishment of the Iraqi deposit guarantee company will play a major role in protecting the banking sector, especially the deposits of the public, individuals and companies, which will enhance confidence in the banking sector inside Iraq and in correspondent banks outside Iraq, which will contribute to attracting more deposits and reuse of credit and investment Serving the Iraqi economy.

 

- Protect deposit of the public individuals and companies 

- Enhance confidence in the banking sector

- Attracts more deposit 

- Reuse of credit and investment 

 

This is a BIG step forward for Iraq and our IQD investment. 

 

Go CBI

Go new monetary policy 

Go IDGC

Go international 

Go RV

Go $1:1

 

I see a good window of opportunity for an increase of the dinar exchange rate in the next 6 month.

 

 

That’s what I was thinking! Big piece of the puzzle toward RV

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1 hour ago, Laid Back said:

GOOD NEWS

 

 

LB, something I’ve been looking into, can Iraq go international while still under sanctions. 

Trump signed the EO 13303 this past May an Iraq still owes Kuwait money. 

A lot of good news going on for sure but still thinking a lot more to do...

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 I have been in this for 13 years now. Some time between 2006 and now, during yet another wavy of " this means its gonna rv SOON " . I said something like I ain't gonna hold my breath till the HCL and or the Iraqi version of the  FDIC and Deposit Ins comes out. Well, now the Financial Management Law got approved (didn't it ? ), and now this. Very, very interesting. Hmmmm, even . Do we still need the HCL, or is the FML it ? Didn't the GOI agree with Kuwait to give them oil, at a specific rate, for the remainder of the $$$  owed Kuwait ?

Edited by new york kevin
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At some point the IMF and International Bank of Settlements (IBS) have to declare or accept the Dinar as a

convertible or exchangeable currency which will open the doors for Central banks around the world to do the same.

Currently the IQD is Iraq's official currency but it's not officially recognized by the core financial system yet. IMHO.

It is this news I look forward too.

Whether it happens before, during or after any possible RV is anyone's guess.

 

Just a few pontifications...

Happy 4th to all my American cousins.

yak :)

Edited by pontiyak
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5 hours ago, cutter73 said:

 

Exactly what I was thinking...

Instead of are we there yet?  I believe we are there... :praying:

Cutter73 I hear ya. It's like, okay we're here, now can you open the door, I gotta take a pee,lol.

syn, LB and all, thanks for weighing in. My thought, this morning with on eye open , was that with all of the foreign banks involved, maybe the reserve allocation to their equivalency of FDIC was contributions of foreign currency held by the CBI in their reserves, i.e. Kuwaiti dinar. It's the strongest currency in the region and could possibly lend some weight to the institution that was jus created, in the eyes of the people who's deposits will be being insured. Either way, I do agree with all of you that this is a big step forward. 

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2 hours ago, Artitech said:

I think I read something to that effect of trading oil for the money in question, a couple of months ago if I remember right! JMHO 

Yeah that sounds about the right time frame. It was either a couple of months ago or no more than 3 years ago that the GOI & Kuwait agreed to the oil for debt program. If I wasn't on my break at work I wld research it. Just don't have the time (or energy) . Peace.

Edited by new york kevin
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4 minutes ago, Half Crazy Runner said:

 

Was it oil or natural gas ..?

 

4 minutes ago, Half Crazy Runner said:

 

Was it oil or natural gas ..?

I’m not to good at computer maybe Thugg will find it, he’s very good at that kind of stuff! 🤠 

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The Central Bank of Iraq announced on Wednesday the approval of the registration of companies on the establishment of the Iraqi Company to secure deposits.

The bank said in a statement received by Alsumaria News, a copy of it, "Based on the duties of the bank stipulated in its law and in order to ensure the stability of the banking sector and increase confidence in it, we announce the approval of the Department of Registration of companies in the Ministry of Commerce establishment of the Iraqi Deposit Insurance Company / Of the Companies Law No. 21 of 1997 amended.
 

"The Iraqi Deposit Insurance Company was established with the contribution of 42 banks, including 6 government banks, 21 private Iraqi banks, 15 Arab and foreign banks, as well as the National Insurance Company and the General Retirement Authority / State Pension Fund ," noting that "the company's capital is 100 Billion dinars. "

Deposit insurance companies have been found to support efforts to stabilize the financial and banking system.
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22 hours ago, NEPatriotsFan1 said:

That’s what I was thinking! Big piece of the puzzle toward RV

You got that right NPF, thanks for your input 👍🏼

 

22 hours ago, WheresmyRV? said:

Thanks Laid Back and Synopsis for your review! :twothumbs:

You are welcome My friend.

 

21 hours ago, DoD said:

 

LB, something I’ve been looking into, can Iraq go international while still under sanctions. 

Trump signed the EO 13303 this past May an Iraq still owes Kuwait money. 

A lot of good news going on for sure but still thinking a lot more to do...

Thanks for your input my friend DoD,

I believe all remaining sanctions will be removed before RV

Iraq owes to Kuwait only $4.1 billion dollars of the total $53 billion dollars for war reparations.

 

Go CBI

Go GOI

Go dinar

Go RV sooner than later 

Go $1:1

 

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Guarantee deposits and move the labor market

 
Baghdad / Mustafa al-Hashemi
 
 
At the same time, the registration department of companies affiliated to the Ministry of Commerce approved the establishment of the Iraqi Deposit Insurance Company / Joint Shareholding. According to the provisions of Article 19 of the Companies Law No. 21 of 1997, a banking specialist confirmed that deposit insurance is the most important step in activating financial activity.
"This company will work to restore confidence between the banking system and the public, which accounts for more than 80 percent of the local currency," said Haider al-Baghdadi.
 
Pump the cash mass
"Deposit guarantee will inject the cash-strapped mass into the local labor market, which lacks the necessary funding in many of its joints, which should be commended for this important step taken by the central bank," Baghdadi said.
The central bank announced that "the company was founded with a capital of 100 billion dinars, and the contribution of 42 banks, including 6 government banks and 21 private banks of Iraq, and 15 Arab and foreign banks, as well as the National Insurance Company and the General Retirement Authority / State Pension Fund.
 
Stability of the banking sector
"This approval comes from the duties of the Central Bank stipulated in its law and with the aim of ensuring the stability of the banking sector and increasing confidence in it."
"Deposit insurance companies have been found to support efforts to stabilize the financial and banking system," he said.
He explained in a study posted on his website that "the functions or functions of deposit insurance institutions are summarized in three axes is to solve the problems of financial failure to the banks, which provides confidence to the founders and depositors, and stabilize the financial system and banking, and work to protect the rights of depositors.
"In view of the urgent need to establish a deposit insurance company to carry out the task of guaranteeing deposits throughout the Iraqi banking system, the Central Bank has prepared a draft system for the establishment of the Deposit Insurance Company for various purposes (the protection of the banking system, the preservation of the rights of depositors and the raising of banking awareness) And companies with the banking system. "
 
Components of financial resources
He stressed that the Council of Ministers "approved the project, subject to the provisions of this system all Iraqi banks, the financial resources of the company (except capital and reserves) of the monthly insurance allowance of one dinar for every ten thousand dinars of the amount of deposits subject to the guarantee, The company funds, and any financial grants provided to them, and this company, (provide a cover to secure deposits with Iraqi banks authorized by the Central Bank of Iraq within Iraq).
"The company may invest its funds in the areas of investment by depositing them with banks as fixed deposits, buying government securities such as treasury bills, bonds and remittances issued by the Central Bank of Iraq and buying from the secondary market, borrowing from banks or buying loan bonds to support its capital and its own resources" .
The company pays compensation for deposits with participating banks according to the following:
 
 
On January 31, 2018, the Central Bank announced the signing of the bank deposit guarantee agreement with the Founding Authority, which included government and private banks, including foreign companies.
"It is expected that this company will play a major role in protecting the banking sector, especially public deposits (individuals and companies), which enhances confidence in the banking sector inside Iraq and with bank correspondents outside Iraq, which contributes to attracting more deposits and reuse. In credit and investment service to the Iraqi economy.
He disclosed that the company's capital amounted to 100 billion dinars, of which 55 billion dinars from government and private banks, where the proportion of government banks 25 percent, and private banks 30 percent, and the remaining 45 billion dinars will be put for public subscription.
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Guarantee deposits and move the labor market

Tuesday 09 July


image.png.be54f0b1bcf001a88ee990b95ce56b71.png
Baghdad / Mustafa al-Hashemi

 http://alsabaah.iq/11163/ضمان-الودائع-وتحريك-سوق-العمل
 
At the same time, the registration department of companies affiliated to the Ministry of Commerce approved the establishment of the Iraqi Deposit Insurance Company / Joint Shareholding. According to the provisions of Article 19 of the Companies Law No. 21 of 1997, a banking specialist confirmed that deposit insurance is the most important step in activating financial activity.
"This company will work to restore confidence between the banking system and the public, which accounts for more than 80 percent of the local currency," said Haider al-Baghdadi.
 
Pump the cash mass
"Deposit guarantee will inject the cash-strapped mass into the local labor market, which lacks the necessary funding in many of its joints, which should be commended for this important step taken by the central bank," Baghdadi said.
The central bank announced that "the company was founded with a capital of 100 billion dinars, and the contribution of 42 banks, including 6 government banks and 21 private banks of Iraq, and 15 Arab and foreign banks, as well as the National Insurance Company and the General Retirement Authority / State Pension Fund.
 
Stability of the banking sector
"This approval comes from the duties of the Central Bank stipulated in its law and with the aim of ensuring the stability of the banking sector and increasing confidence in it."
"Deposit insurance companies have been found to support system">support efforts to stabilize the financial and banking system," he said.
He explained in a study posted on his website that "the functions or functions of deposit insurance institutions are summarized in three axes is to solve the problems of financial failure to the banks, which provides confidence to the founders and depositors, and stabilize the financial system and banking, and work to protect the rights of depositors.
"In view of the urgent need to establish a deposit insurance company to carry out the task of guaranteeing deposits throughout the Iraqi banking system, the Central Bank has prepared a draft system for the establishment of the Deposit Insurance Company for various purposes (the protection of the banking system, the preservation of the rights of depositors and the raising of banking awareness) And companies with the banking system. "
 
Components of financial resources
He stressed that the Council of Ministers "approved the project, subject to the provisions of this system all Iraqi banks, and the
financial resources of the company (except capital and reserves) of the monthly insurance allowance of one dinar for every ten thousand dinars of the amount of deposits subject to the guarantee, The company funds, and any financial grants provided to them, and this company, (provide a cover to secure deposits with Iraqi banks authorized by the Central Bank of Iraq within Iraq).
"The company may invest its funds in the areas of investment by depositing them with banks as fixed deposits, buying government securities such as treasury bills, bonds and remittances issued by the Central Bank of Iraq and buying from the secondary market, borrowing from banks or buying loan bonds to support system">support its capital and its own resources" .
The company pays compensation for deposits with participating banks according to the following:
 
On January 31, 2018, the Central Bank announced the signing of the bank deposit guarantee agreement with the Founding Authority, which included government and private banks, including foreign companies.
"It is expected that this company will play a major role in protecting the banking sector, especially public deposits (individuals and companies), which enhances confidence in the banking sector inside Iraq and with bank correspondents outside Iraq, which contributes to attracting more deposits and reuse. In credit and investment service to the Iraqi economy.
He disclosed that the company's capital amounted to 100 billion dinars, of which 55 billion dinars from government and private banks, where the proportion of government banks 25 percent, and private banks 30 percent, and the remaining 45 billion dinars will be put for public subscription.

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  • yota691 changed the title to CBI NEWS 07/03/2019

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