CBI News 09/15/2019

[yota691]

Prices of bullion and gold coins to be sold on Monday, 9/16 and until 19/9/19

 

  

 September 15, 2019

 

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[yota691]

The Central Bank holds a workshop in preparation for the classification of banks operating in Iraq internationally

 

  

 September 15, 2019

As part of the efforts of the Central Bank of Iraq to develop the performance of banks and keep them in line with international standards, this bank held a workshop on the requirements of classification of banks operating in Iraq by international agencies.

The workshop included assessment requirements from international rating agencies, most notably:
- Challenges faced by banks to prepare evaluation within international standards.
- The positive impact of the evaluation with international banking relations and correspondent banks.
- The impact of evaluation in increasing the principle of transparency of shareholders and the application of corporate governance.
- Risk assessment of banks in neutral terms and its importance in correcting gaps and increasing future hedges.

It is noteworthy that the Board of Directors of the Central Bank of Iraq approved in its resolution No. (113) of 2019 to the adoption of international credit rating agencies for banks operating in Iraq and work from 2020.

Central Bank of Iraq
information Office
2019/9/15

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[yota691]

From the CBI 09/01/2019 announcement which refers about the above...an GM DV

The Central Bank approves international rating agencies to classify banks operating in Iraq

 

  

 September 01, 2019

 

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The Board of Directors of the Central Bank of Iraq has decided to approve the rating agencies that have the criteria (External Credit Assessment Institution) (ECAI)  emanating from the decisions of Basel, to classify the financial institutions in Iraq, namely :

 

Standard & Poor 

Moody's 

Fitch Ratings 

Capital Intelligence 

 

He stressed that the bank will consider the requests made by other rating agencies, and that it will require the availability of credit rating from one of the four agencies above for banks operating in Iraq, which wish to conduct the following banking operations :

 

Install  credits to export Iraqi crude oil through the Oil Marketing Company (SOMO).

Open  government letters of credit up to $ 50 million .

Issuance  and acceptance of letters of guarantee for the benefit of government departments .

The Bank's Board of Directors also noted that this decision is effective in 2020 when banks complete their readiness and receive a credit rating that qualifies them to practice the above mentioned banking operations at any time.

 

Central Bank of Iraq

 information Office

September 1, 2019

[Laid Back]

“As part of the efforts of the Central Bank of Iraq to develop the performance of banks and keep them in line with international standards,”

 

The CBI continues moving forward to an open market economy in line with international standards.

 

“The Bank's Board of Directors also noted that this decision is effective in 2020 when banks complete their readiness and receive a credit rating that qualifies them to practice the above mentioned banking operations at any time.”

 

Hope we don’t have to wait till the Banks complete their readiness and receive a credit rating in 2020, for an increase on the dinar exchange rate.

 

Go CBI

Go international standards 

Go Open Market Economy 

Go RV

Go $1:1

Go 

 

 

[Donziman]

I'm with you LB. Seems like they're always alluding to international but never

quite getting there.

[horsesoldier]

C'mon you guys . . . seal the International deal. Quit foolin' around and get this done ! 

[yota691]

Banking classification

Tuesday 01 October 2019 64

 

 

Haider Kazem Al - Baghdadi 

 

Talking about the financial sector, privatization, financial services and modernity in this detailed cornerstone of the national economy is long, but we must stand at the useful that serves the developmental trends sought by the country.

When looking to develop the financial sector, there is a need to benefit from international experiences in this area and how it is managed by the competent institutions and the size and reality within the financial edifices, which imposes on us the need to benefit from such trends bear the benefit of the Iraqi economy.

Privatization in all developed countries is approved. Large financial institutions specialize in financing strategic projects over a period of years. With limited capital feeding microenterprises.

This is a classification that prevents overlap in the work and find large, medium and small banks to perform their tasks to the fullest and provide products for all segments of society with great flow. Integration with the joints of the economy.

In Iraq, which is a large labor market requires the benefit of this experience, especially as the performance of the Central Bank of Iraq has made progress noted by specialized international organizations, and this is a positive calculated for the financial sector, and indicates the ability of the Central Bank to evaluate the performance of banks in all categories, especially we desperately need To develop the joints of national production and the use of wealth in a manner that achieves the highest degree of benefit.

The transfer of successful global experiences remains one of the most important imperatives for achieving the development goals that we look forward to in the coming days.