yota691 Posted October 5, 2020 Report Share Posted October 5, 2020 The Central Bank begins implementing steps to reform the banking sector October 05, 2020 Today, Monday, the Central Bank of Iraq began implementing its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank. This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector. This bank confirms that it has previously asked the lagging banks more than once to work on correcting their situation and paying their customers' dues, and therefore this classification will be an opportunity for those banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders. Finally, we announce that the next stage will include the process of "reforming government banks as well," noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. 56 of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued in accordance with them. The Central Bank of Iraq Information Office, 5th of October 2020 Baghdad 1 1 1 7 Quote Link to comment Share on other sites More sharing options...
dinarbeleiver Posted October 5, 2020 Report Share Posted October 5, 2020 34 minutes ago, yota691 said: The Central Bank begins implementing steps to reform the banking sector October 05, 2020 Today, Monday, the Central Bank of Iraq began implementing its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank. This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector. This bank confirms that it has previously asked the lagging banks more than once to work on correcting their situation and paying their customers' dues, and therefore this classification will be an opportunity for those banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders. Finally, we announce that the next stage will include the process of "reforming government banks as well," noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. 56 of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued in accordance with them. The Central Bank of Iraq Information Office, 5th of October 2020 Baghdad Boo yah !!! 1 1 Quote Link to comment Share on other sites More sharing options...
southbeach Posted October 5, 2020 Report Share Posted October 5, 2020 Yeah, watch the banks 3 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 5, 2020 Author Report Share Posted October 5, 2020 Central Bank: Direct implementation of steps to reform the banking sector Economie 2020-10-05 | 02:09 1,628 Views The Central Bank announced, on Monday, that it will implement its first "reform steps" for the banking sector, indicating that the classification of private commercial and Islamic banks operating in Iraq has been completed according to a set of international standards, in addition to a number of standards approved by the bank. "This step comes within the framework of enhancing confidence in the banking sector and improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector," the bank added. He emphasized that he had previously asked "the lagging banks more than once to work on correcting their situation and paying their customers' dues. Therefore, this classification will be an opportunity for these banks to prove their seriousness in achieving reform requirements and pay the dues to depositors and shareholders." And he continued, "The next stage will include the process of reforming government banks as well, noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. 56 of 2004 and Iraqi Banking Law No. 94 of 2004 and the instructions and regulations issued pursuant to them. 1 4 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 5, 2020 Author Report Share Posted October 5, 2020 The Iraqi Central Bank begins implementing steps to reform the banking sector A branch of the Central Bank of Iraq 05 October 2020 12:21 PM Mubasher: The Central Bank of Iraq, today, Monday, started implementing its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank. The central bank added that "this step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector." He emphasized that "he had previously asked banks that were lagging more than once to correct their situation and pay their customers' dues, so this classification would be an opportunity for these banks to prove their seriousness in achieving reform requirements and pay the dues to depositors and shareholders. The Central Bank announced that "the next stage will include the process of" reforming government banks as well, "noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. 56 of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued pursuant to them. 2 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 5, 2020 Author Report Share Posted October 5, 2020 Central Bank: Direct implementation of steps to reform the banking sector Banks Economy News - Baghdad The Central Bank announced, on Monday, that it will implement its first "reform steps" for the banking sector, indicating that the classification of private commercial and Islamic banks operating in Iraq has been completed according to a set of international standards, in addition to a number of standards approved by the bank. "This step comes within the framework of enhancing confidence in the banking sector and improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector," the bank added in a statement. He emphasized that he had previously asked "the lagging banks more than once to work on correcting their situation and paying their customers' dues. Therefore, this classification will be an opportunity for these banks to prove their seriousness in achieving reform requirements and pay the dues to depositors and shareholders." He continued, "The next stage will include the process of reforming government banks as well, noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. 56 of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued according to them." Number of observations 137 Date of addendum 10/05/2020 2 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 5, 2020 Author Report Share Posted October 5, 2020 The Iraqi Central Bank ends the classification of commercial and Islamic banks and prepares for the government 2020-10-05 02:10 Shafaq News / The Central Bank of Iraq announced, on Monday, that it has finished classifying private commercial and Islamic banks operating in the country, as part of the steps it is taking to reform the banking sector, indicating that the process of "reforming government banks" will begin soon. The Central Bank said in a statement received by Shafaq News Agency, that it “today started implementing its first reform steps for the banking sector,” indicating that “it has finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank. ". He explained that "this step comes within the framework of enhancing confidence in the banking sector and improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector." The bank confirmed that "it had previously asked the lagging banks more than once to work on correcting their situation and paying their customers' dues," noting that "this classification will be an opportunity for these banks to prove their seriousness in meeting the reform requirements and pay the dues to depositors and shareholders." The Iraqi Central Bank indicated that "the next stage will include the process of reforming government banks as well," explaining that "the reform measures that have been adopted depend mainly on the Central Bank Law No. 56 of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued pursuant to them." . 2 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 5, 2020 Author Report Share Posted October 5, 2020 "It came upside down" ... the first parliamentary criticism of the new procedures of the Iraqi Central Committee 2020-10-05 04:59 Shafaq News / A deputy from the State of Law coalition demanded, on Monday, the governor of the Central Bank to review the bank classification mechanism announced today, calling at the same time to reassess the performance of the director of the banking department due to the existence of favoritism and suspicions of corruption in his department. The Central Bank of Iraq announced, this morning, Monday, the completion of the classification of commercial and Islamic private banks operating in the country, as part of the steps taken to reform the banking sector, indicating that the process of reforming government banks will begin "soon ". Alia Nassif said in a statement received by Shafaq News Agency, "It is regrettable that the banks’ classification mechanism came upside down, as it placed the banks with limited activity in the higher classification, and the multi-activity banks that contributed to development and investments in the lower classification, "indicating that" this issue is not easy and is not limited. " It is not just a classification. Rather, it affects the economy directly in terms of granting confidence to ineffective banks at the expense of active banks affecting the investment movement. " On the other hand, Nassif, the governor of the Central Bank, called for "a reassessment of the performance of the director of the banking department due to the presence of favoritism and suspicions of corruption in his department," adding, "We have information on corruption cases that we will announce to the Iraqi public opinion after verification." 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 5, 2020 Author Report Share Posted October 5, 2020 The Central Bank begins implementing steps to reform the banking sector Time: 05/10/2020 09:09:21 Read: 2,678 times {Baghdad: Al Furat News} The Central Bank of Iraq announced, on Monday, that it will implement steps to reform the banking sector. A statement by the bank stated, "The Central Bank of Iraq, on Monday, began implementing its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank." The statement added, "This step comes within the framework of enhancing confidence in the banking sector and improving the quality of services provided to the public as well as enhancing competitiveness in the Iraqi banking sector." He stressed, "The bank had previously asked banks that were lagging more than once to work on correcting their situation and paying their customers' dues. Therefore, this classification would be an opportunity for those banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders." He concluded by saying: "Finally, we announce that the next stage will include the process of" reforming government banks as well, "noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. (56) of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls Issued thereunder. " Ali al-Rubaie 1 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 5, 2020 Author Report Share Posted October 5, 2020 The Central Bank begins implementing steps to reform the banking sector Editing date: 10/5/2020 9:13 • 67 read times Baghdad - Where News The Central Bank of Iraq began this day, Monday, to implement its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards adopted by this bank. This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector. This bank confirms that it has previously asked the lagging banks more than once to work on correcting their situation and paying their customers' dues, and therefore this classification will be an opportunity for those banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders. Finally, we announce that the next stage will include the process of "reforming government banks as well," noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. 56 of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued in accordance with them. 1 2 Quote Link to comment Share on other sites More sharing options...
justchecking123 Posted October 5, 2020 Report Share Posted October 5, 2020 7 minutes ago, yota691 said: "It came upside down" ... the first parliamentary criticism of the new procedures of the Iraqi Central Committee 2020-10-05 04:59 Shafaq News / A deputy from the State of Law coalition demanded, on Monday, the governor of the Central Bank to review the bank classification mechanism announced today, calling at the same time to reassess the performance of the director of the banking department due to the existence of favoritism and suspicions of corruption in his department. The Central Bank of Iraq announced, this morning, Monday, the completion of the classification of commercial and Islamic private banks operating in the country, as part of the steps taken to reform the banking sector, indicating that the process of reforming government banks will begin "soon ". Alia Nassif said in a statement received by Shafaq News Agency, "It is regrettable that the banks’ classification mechanism came upside down, as it placed the banks with limited activity in the higher classification, and the multi-activity banks that contributed to development and investments in the lower classification, "indicating that" this issue is not easy and is not limited. " It is not just a classification. Rather, it affects the economy directly in terms of granting confidence to ineffective banks at the expense of active banks affecting the investment movement. " On the other hand, Nassif, the governor of the Central Bank, called for "a reassessment of the performance of the director of the banking department due to the presence of favoritism and suspicions of corruption in his department," adding, "We have information on corruption cases that we will announce to the Iraqi public opinion after verification." Interesting reaction to the Implementations here. Follow the money. 1 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 5, 2020 Author Report Share Posted October 5, 2020 A deputy calls for the central bank governor to reconsider the classification of banks and the performance of the director of the banking department 12:30 - 05/10/2020 The information / Baghdad .. A member of the Parliamentary Integrity Committee, Alia Nassif, on Monday called on the governor of the Central Bank to review the bank classification mechanism, which placed the limited activity banks at the top of the list, calling at the same time to re-evaluate the performance of the Director of the Banking Department due to the presence of favoritism and suspicions of corruption in his department. . Nassif said in a statement that the information received, a copy of it, that “It is regrettable that the bank classification mechanism came upside down, as it placed the banks with limited activity in the higher classification, and the multi-activity banks that contributed to development and investments in the lower classification. This issue is not easy and is not limited to being Just a classification. Rather, it affects the economy directly in terms of granting confidence to ineffective banks at the expense of active and influential banks in the investment movement. ” On the other hand, Nassif, the governor of the Central Bank, called for a “re-evaluation of the performance of the director of the banking department due to the presence of favoritism and suspicions of corruption in his department,” adding, “We have information on corruption cases that we will announce to the Iraqi public opinion after verification.” End / 25 3 2 Quote Link to comment Share on other sites More sharing options...
olivesman Posted October 5, 2020 Report Share Posted October 5, 2020 1 hour ago, yota691 said: Central Bank Law No. 56 of 2004 and Iraqi Banking Law No. 94 of 2004 Can someone enlighten us as to the content of these laws? 1 1 Quote Link to comment Share on other sites More sharing options...
dinarham Posted October 5, 2020 Report Share Posted October 5, 2020 Why would banks need to adopt international standards if the IQD remains a noninternational currency? 4 1 1 7 Quote Link to comment Share on other sites More sharing options...
Popular Post Laid Back Posted October 5, 2020 Popular Post Report Share Posted October 5, 2020 The Iraqi banking system is moving towards a free market economy. free market economy = free dinar Go RV Go free market economy Go free dinar Go purchasing power 7 1 12 Quote Link to comment Share on other sites More sharing options...
Donziman Posted October 5, 2020 Report Share Posted October 5, 2020 Must be a good thing. I say this because a leader from "The State of Law" doesn't like it and says it's upside down. This is Maliki's party. Stands to reason if the biggest thief in the country is against it,then maybe there is true reform on the way... 4 1 7 Quote Link to comment Share on other sites More sharing options...
Miamiheatnic Posted October 5, 2020 Report Share Posted October 5, 2020 Looks like good news. 1 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 6, 2020 Author Report Share Posted October 6, 2020 9 hours ago, olivesman said: Can someone enlighten us as to the content of these laws? Here you go first page 1 of 45 pages. Central Bank Law No. 56 of 2004 COALITION PROVISIONAL AUTHORITY ORDER NUMBER 56 CENTRAL BANK LAW Pursuant to my authority as Administrator of the Coalition Provisional Authority (CPA) and under the laws and usages of war, and consistent with relevant U.N. Security Council resolutions, including Resolution 1483 (2003), Having worked closely with the Governing Council to ensure that economic change occurs in a manner acceptable to the people of Iraq, Acknowledging the Governing Council’s desire to bring about significant change to the Iraqi economic system, Determined to stabilize domestic prices and to foster an economic climate conducive to the establishment of a stable and competitive market economy, Recognizing the problems arising from the former regime’s policies regarding governance of the Central Bank of Iraq, Further recognizing the CPA’s obligation to provide for the effective administration of Iraq, to ensure the well being of the Iraqi people and to enable the social functions and normal transactions of every day life, Recalling that U.N. Security Council Resolution 1483 (2003) called upon the CPA to promote economic reconstruction and the conditions for sustainable development, Acting in a manner consistent with the Report of the Secretary General to the Security Council of July 17, 2003, concerning the need for the development of Iraq and its transition from a non-transparent centrally planned economy to a market economy characterized by sustainable economic growth through the establishment of a dynamic private sector, and the need to enact institutional and legal reforms to give it effect, Having coordinated with the international financial institutions, as referenced in paragraph 8(e) of the U.N. Security Council Resolution 1483, I hereby promulgate the following: 4 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 6, 2020 Author Report Share Posted October 6, 2020 9 hours ago, olivesman said: Can someone enlighten us as to the content of these laws? Here the other... Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued in accordance with them. Order 94: Banking Law of 2004 Jump to navigation Jump to search Order 94: Banking Law of 2004 L. Paul Bremer, Coalition Provisional Authority Documentation for the Text Info template.information about this edition. Related Portals.related portals: Coalition Provisional Authority. Sister Projects.sister projects: Wikidata item. Deficient OCR, possibly incomplete. Original PDF available at Commons:Category:Coalition Provisional Authority documents. COALITION PROVISIONAL AUTHORITY ORDER NUMBER 94 BANKING LAW OF 2004 Pursuant to my authority as Administrator of the Coalition Provisional Authority (CPA), and under the laws and usages of war, and consistent with relevant U.N. Security Council resolutions, including Resolutions 1483 and 1511 (2003), Having worked closely with the Governing Council to ensure that economic change occurs in a manner acceptable to the people of Iraq, Acknowledging the Governing Council’s desire to bring about significant change to the Iraqi economic system, Determined to improve the conditions of life, and opportunities for all Iraqis and to fight unemployment with its associated deleterious effect on public security through stable financial markets, Recognizing the problems arising from Iraq’s legal framework regulating banking activities and the way in which it was implemented by the former regime, Further recognizing the CPA’s obligation to provide for the effective administration of Iraq, to ensure the well being of Iraqi people and to enable the social functions and normal transactions of every day life, Further recognizing the need to revise the Bank Law promulgated by CPA Order No. 40 of 19 September 2003 (CPA/ORD? 19 September 2003/40) to comprehensively address issues identified since its promulgation, Recalling that U.N. Security Council Resolution 1483 (2003) called upon the CPA to promote economic reconstruction and the conditions for sustainable development, Acting in a manner consistent with the Report of the Secretary General to the Security Council of July 17, 2003, concerning the need for the development of Iraq and its transition from a non-transparent centrally planned economy to a market economy characterized by sustainable economic growth through the establishment of a dynamic private sector, and the need to enact institutional and legal reforms to give it effect, Having coordinated with the international financial institutions, as referenced in paragraph 8(e) of the U.N. Security Council Resolution 1483, I hereby promulgate the following: CPA/ORD/6 June 2004/94 5 2 Quote Link to comment Share on other sites More sharing options...
olivesman Posted October 6, 2020 Report Share Posted October 6, 2020 @yota691 Thank you for this and ALL that you do to keep us informed! 1 4 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 6, 2020 Author Report Share Posted October 6, 2020 7 minutes ago, olivesman said: Thank you Thank you olivesman. 1 Quote Link to comment Share on other sites More sharing options...
Longtimelurker Posted October 6, 2020 Report Share Posted October 6, 2020 35 minutes ago, yota691 said: Here the other... Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued in accordance with them. Order 94: Banking Law of 2004 Jump to navigation Jump to search Order 94: Banking Law of 2004 L. Paul Bremer, Coalition Provisional Authority Documentation for the Text Info template.information about this edition. Related Portals.related portals: Coalition Provisional Authority. Sister Projects.sister projects: Wikidata item. Deficient OCR, possibly incomplete. Original PDF available at Commons:Category:Coalition Provisional Authority documents. COALITION PROVISIONAL AUTHORITY ORDER NUMBER 94 BANKING LAW OF 2004 Pursuant to my authority as Administrator of the Coalition Provisional Authority (CPA), and under the laws and usages of war, and consistent with relevant U.N. Security Council resolutions, including Resolutions 1483 and 1511 (2003), Having worked closely with the Governing Council to ensure that economic change occurs in a manner acceptable to the people of Iraq, Acknowledging the Governing Council’s desire to bring about significant change to the Iraqi economic system, Determined to improve the conditions of life, and opportunities for all Iraqis and to fight unemployment with its associated deleterious effect on public security through stable financial markets, Recognizing the problems arising from Iraq’s legal framework regulating banking activities and the way in which it was implemented by the former regime, Further recognizing the CPA’s obligation to provide for the effective administration of Iraq, to ensure the well being of Iraqi people and to enable the social functions and normal transactions of every day life, Further recognizing the need to revise the Bank Law promulgated by CPA Order No. 40 of 19 September 2003 (CPA/ORD? 19 September 2003/40) to comprehensively address issues identified since its promulgation, Recalling that U.N. Security Council Resolution 1483 (2003) called upon the CPA to promote economic reconstruction and the conditions for sustainable development, Acting in a manner consistent with the Report of the Secretary General to the Security Council of July 17, 2003, concerning the need for the development of Iraq and its transition from a non-transparent centrally planned economy to a market economy characterized by sustainable economic growth through the establishment of a dynamic private sector, and the need to enact institutional and legal reforms to give it effect, Having coordinated with the international financial institutions, as referenced in paragraph 8(e) of the U.N. Security Council Resolution 1483, I hereby promulgate the following: CPA/ORD/6 June 2004/94 Thank you Yota! 1 Quote Link to comment Share on other sites More sharing options...
hawk-eye-view Posted October 6, 2020 Report Share Posted October 6, 2020 15 hours ago, justchecking123 said: Interesting reaction to the Implementations here. Follow the money. right on..."cue" Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 6, 2020 Author Report Share Posted October 6, 2020 10-06-2020 10:12 AM Al-Araji: Reforms to stop currency smuggling closed the door to commissions for some personalities Baghdad / Al-Akhbariya Former Deputy Prime Minister Bahaa Al-Araji affirmed that reforms to stop currency smuggling have closed the door to commissions for some personalities. Al-Araji said in a tweet on Twitter, "The recent reforms of the Central Bank are the practical step to stop currency smuggling. We hope to work on other steps that make the banking sector supportive of the state's economy and not a burden on it." He added, "As for the objections of some personalities, they are a reaction as a result of compromising their personal interests after closing the door of the commissions they were getting!" 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 6, 2020 Author Report Share Posted October 6, 2020 POSTED ON 2020-10-05 BY SOTALIRAQ Alia Nassif calls on the Governor of the Central Bank to review the classification of banks and the performance of the Director of the Banking Department Representative Alia Nassif called on the Governor of the Central Bank to review the bank classification mechanism, which placed limited activity banks at the top of the list, calling at the same time to re-evaluate the performance of the Director of the Banking Department due to the existence of favoritism and suspicions of corruption in his department. She said in a statement today: “It is regrettable that the banks’ classification mechanism came upside down, as it placed banks with limited activity in the highest classification, and multi-activity banks that contributed to development and investments in the lower classification, and this issue is not easy and is not limited to being a mere classification, but rather affects the economy in a way. Direct in terms of granting confidence to inactive banks at the expense of active and influential banks in the investment movement. On the other hand, Nassif, the governor of the Central Bank, called for a “re-evaluation of the performance of the director of the banking department due to the presence of favoritism and suspicions of corruption in his department,” adding, “We have information on corruption cases that we will announce to the Iraqi public opinion after verification.” 2 Quote Link to comment Share on other sites More sharing options...
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