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Thread: 2019

  1. #51
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    A letter open to the Prime Minister of Iraq, his people and his economy first

    [...]




    Two days ago, in the media and social media, there is a change in the leadership
    positions of the private agencies. On the basis of what is specified in Article 8 e in the Budget Law 2019 that the 2019/6/30 date for the termination of proxy positions for all the leading positions in the Iraqi government.
    I believe that the application of this article transparently and without prior political intentions means that the competent authorities in the government and in the House of Representatives reassess those who hold these positions by adopting important and fundamental criteria that begin first and foremost from a analytical and analytical view of the results of the work of the official in the post. And what he and his team was able to achieve from the national achievements and have a direct impact on achieving the central objectives of the previous and current government within the hubs of its government programs approved by the House of Representatives.
    In order to be clear and specific and direct and in the best interest of Iraq and its national economy. He called on Dr. Adel Abdul Mahdi, the Prime Minister of the distinguished. He is an economist who knows all the areas of success and failure in the Iraqi economy and who are the symbols of success who have achieved economic steadfastness and to take steady steps to achieve economic stability during the years Previous.
    What concerns us here is the role played by the Central Bank of Iraq and its achievements and bright points during the lean years (2015-2019), in which Iraq suffered from economic and security shocks and was able to policies, procedures and wise applications of monetary policy to support the national economy and contribute directly to the economic steadfastness And decisive victory over terrorism because military victory can not be achieved without steadfastness and economic support.
    Therefore, through the review, analysis and evaluation neutrality and transparency of the Iraqi economic situation and in particular is achieved by the ministries and economic institutions in Iraq from a competent point of view has been reached facts and evidence and signals and achievements confirm that the Central Bank of Iraq proved to be the economic institution through its important achievements in supporting the economy National economic resilience and strive to accomplish economic stability, according to the main objectives of the strategy and sub-working side -by- side and fruitful cooperation with the special representative of the Iraqi Association of banks of the banking sector and this is what really achieved
    as it contributed to the The victory over terrorism and accompanied by another victory is the steadfastness and economic victory, which was the team of the Central Bank of Iraq a key role and leading in achieving.
    The most important of which is the support of the state treasury, the stability of the exchange rate, the recovery of the Iraqi dinar, the reduction of inflation and the maintenance of its share of less than (2%). And to maintain a 160% cash reserve as a cumulative accumulator in accordance with the latest IMF standard with gold reserves within an excellent record rate. The third is the Arab and the 37th globally, in addition to its adoption of standards and controls that comply with the requirements of international standards of compliance and Kavhh money laundering and terrorism financing and liquidation of up to 700 international Note registered on the Iraqi banking system and our exit from the area of ​​monitoring and follow-up according to the Financial Action Task Force (FATF (and strict adherence to achieving basic goals
    And the activation and consolidation of new visions for the applications of monetary policy and the important thing that is achieved is the stability of the exchange rate and reduce the gap between the official price of the US dollar and the parallel price is a key objective of monetary policy
    and the implementation of the policy of re-trust banking transactions with Iraqi banks and Arab and foreign banks and seeking to build a solid banking sector and continuing To make extraordinary efforts to improve the banking reputation of international financial institutions and organizations and correspondent banks.
    And building strong relations with Arab and foreign central banks and international financial organizations. The Security Council's invitation to the Governor of the Central Bank in his rare event to present the achievements in the field of combating money laundering and financing of terrorism. The procedural, regulatory,
    Which aims at achieving financial stability and developing the banking business technically, structurally and organizationally, and raising the percentage of financial coverage to the target percentage, where he prepared and laid the foundations of financial and technical appropriate to the reality of the Iraqi economy and banking mechanisms, which formed a solid base on the domestic and abroad. All these achievements have prompted the Arab bank governors to elect the Governor of the Central Bank as the current governor of the Arab Monetary Fund and as the chairman of their board in the next session, a vivid embodiment of Iraq's economy recovering from its crises and that is a tribute to the Iraqi people and its economic, financial and banking institutions.
    The Prime Minister is required to implement Article 58 in the budget of 2019 in accordance with transparency and respect for the principle of public service in the service of society and to be honored the achievement of national economic achievements and they are on the agency's site and install and motivate them to complete the triumphant march in the service of Iraq and its people and economy. With appreciation

  2. #52
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    Parliamentary Finance: Budget 2020 will bring a boom in the Iraqi economy

    08:54 - 29/06/2019



    [...]
    BAGHDAD -
    The Finance Committee of the parliamentary, Saturday, their agreement with the Ministry of Finance to receive the draft budget next year in September, indicating that the budget 2020 will make a quantum leap in the Iraqi economy.
    "The Finance Committee and the federal ministries continue in meetings to discuss the budget next year and what are the basic needs of the government."
    He added that "the committee agreed with the Ministry of Finance to submit the budget early September next to include radical changes in public expenditure and investment funds and services."
    He explained that "the 2020 budget will be completely different from the previous budgets and will be closely matched with the government program to create a qualitative boom in the Iraqi economy," noting that "the budget will be the highest in the history of budgets because of the availability of financial liquidity due to high international oil prices."

  3. #53
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    UN Security Council members urge Iraq to implement Article 140 of the permanent constitution





    2019/06/29 12:28:10

    The members of the UN Security Council on Saturday urged the federal government to apply Article 140 of the permanent Iraqi constitution.
    "The council supports the international team to investigate the crimes committed by a sympathetic organization in Iraq," members of the council delegation told a news conference in Baghdad today.
    Members of the UN Security Council voted to support the Security Council to rebuild the areas freed from the grip of the militant group, as evidenced by grants and loans at the Kuwait conference.
    The members stressed the need to preserve the security and stability of Iraq and to play its role in the region and the world.
    On Article 140 of the Constitution, members of the delegation said that "this subject was discussed with a number of Iraqi officials, as well as with the United Nations mission in the country."
    "We support the implementation of the country's permanent constitution, and we encourage adherence to it."

  4. #54
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    The devaluation of foreign currency sales at the central bank auction

    18:42 - 03/07/2019



    [...]
    Information / Baghdad ..
    The Central Bank of Iraq, its sales of the currency on Wednesday, indicating that the exchange rate amounted to 1190 dinars per dollar.
    The value of foreign currency sales at Wednesday's auction fell to 179.58 million dollars, compared with Tuesday's sales of 188.86 million dollars, down 9.28 million dollars, the bank said in a statement received.
    He added that "the exchange rate amounted to 1190 dinars per dollar, in the auction held with the participation of 29 banks," explaining that "the sales executed are the results of the day on Thursday."
    He pointed out that "the total sales total amounted to 195.68 million dollars," noting that "the volume of funds sold to strengthen the bank balances abroad amounted to 179.09 million dollars, while the total cash sold 480 thousand dollars." Finished 25 s

  5. #55
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    Is it true July 15, to 18. 2019?????


    BOOM BOOM BOOM

  6. #56
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    Change the value of the Iraqi currency … benefits and costs
    Walter
    5 hours ago
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    2019-07-04

    Change the value of the Iraqi currency ... benefits and costs

    Change the value of the Iraqi currency … benefits and costs
    The importance of the Iraqi currency and its impact on the Iraqi economy in light of the current changes The Department of Economic Studies in Beit al-Hikma held a scientific symposium entitled “Change in the value of the Iraqi currency, benefits and costs” under the chairmanship of Prof. Dr. Falah Hassan Thoini, / 7/2019 on the seminar hall in Beit al-Hikma.
    The seminar was attended by Dr. Mazhar Mohammed Saleh, financial adviser to the Prime Minister, as well as Professor Dr. Mahmoud Mohammed Dagher, Director of the Department of Financial Operations and Debt Management of the Central Bank of Iraq.
    The participants discussed the problem of changing the value of the Iraqi currency and the reduction of the Iraqi dinar and its impact on the Iraqi economy, some describe this reduction as support for the global economy and some see the deterioration of the purchasing power of the Iraqi individual.
    Dr. Mazhar Mohammed Saleh talked about the policy of the Central Bank since its establishment so far in a concise and clear as the goal of the bank is to manage the monetary expectations and how Iraq’s oil revenues since 2003 to 2014 is improving continuously so there was no budget deficit. He pointed to the role of Iraq and the agreements signed with the International Monetary Fund and its impact on the Iraqi economy.
    He concluded by discussing the need for new policies that are consistent with the central bank’s policy of reaching solutions.
    Dr. Mahmoud Mohammed Dagher discussed the current exchange rate regime for two years in Iraq and mentioned facts about the Iraqi economy for 2019.
    The promise of the devaluation of the Iraqi currency affects all the real and monetary balances of the Iraqi economy because one of the reasons for inflation accompanying the reduction ignites expectations and pressures towards the continuation of subsequent reductions decisions.
    In conclusion, there were comments from the audience and views and proposals on the decision to reduce the Iraqi dinar.
    The seminar was attended by Dr. Ihsan Al-Amin, Chairman of the Board of Trustees of Bayt Al-Hikma and a number of prominent personalities in the banking and financial field and a number of academics.

  7. #57
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    Committee to implement the budget: the auction of currency outside the control of the Central Bank .. And major corruption operations are taking place in broad daylight!
    09/07/2019 06:51 AM





    [...]


    Baghdad - Follow-up Mashreq:
    A member of the parliamentary mini-committee on the follow-up of the implementation of the budget Abdul Hadi al-Saadawi, the auction of currency outside the control of the Central Bank, between the latter sells 150-200 million dollars on a daily basis. Al-Saadawi said in a press statement that "there are problems and irregularities recorded on the sale of the currency by the Central Bank as well as the currency exchange rate, which is often moving and unstable in most cases," pointing out that "any candidate for the post of governor to sit with the parliamentary finance to discuss These two things. " MPs from various blocs and components often speak of large corruption at the currency sale auction by banks and individuals accused of money laundering. The Supreme Judicial Council has decided to form a judicial investigation in 2015 to consider documents on money laundering, but did not announce the results of its investigations so far. The deputy from the province of Dhi Qar that " There is a complete conviction is available in the parliamentary finance confirms the existence of corruption in the window selling the currency because of the way the sale of the dollar and the parties dealing with the Central Bank "He suggested Saadawi" solve the problem of selling the currency and reduce the phenomenon of corruption by monitoring all private banks and banking companies in the case of selling the currency " "He pointed out that" the Central Bank's sales of the dollar range from 150 to 200 million dollars on a daily basis. "He added that" there are annual reports, quarterly and monthly received by the Finance Committee of the Parliamentary Bureau of Financial Supervision and the Integrity Commission since 2014 confirms the existence of manipulation and major corruption in Window selling currency, "he added That "these reports indicate the lack of control of the central bank management on the window selling the currency" He pointed out that "

  8. #58
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    Tuesday 09 July

    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, 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 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.

  9. #59
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    July 11, 2019
    Invitation to discuss the spread of ATMs and POS

    To all banks and all electronic payment service providers (call to discuss ATM and POS)
    (Number: 288/5/9 Date: 2019/7/10)

    Based on the role of this supervisory and supervisory bank and in order to cover the investment costs for the deployment of ATMs and point of sale machines and expansion of other services that achieve the target revenues from the project of settling salaries, we would like to show the following:

    1- Banks and card issuers must invest in ATMs and point-of-sale machines in proportion to their ability to issue cards and settle salaries.


    2 - Companies licensed to work (as a receiver) take their important role in the deployment of ATMs and points of sale and control expansion in accordance with plans for deployment accountable for their implementation.


    3 - The possibility of reducing the burden of employees pay and use of salaries through electronic payment channels (ATM-POS) by examining the prices of services of these channels compared to what is available to withdraw salaries now.


    4. Your banks should provide incentive services to employees whose salaries have been settled if you do not withdraw a certain percentage of the amount (short-term savings and investment accounts).


    5 - The possibility of allowing banks wishing to work in the area of ​​collection and dissemination points of sale in the shops to win traders and open bank accounts and provide possible facilities.


    6 - A trading meeting will be held on Tuesday, 2019/7/23 at 11:00 am at the headquarters of this bank to clarify our plan for the need to deploy ATMs and point of sale devices and not to expand the opening of cash withdrawals.




    Please provide your feedback on the above within (7) working days from the date of this book.

  10. #60
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    Massacre" of the dollar in Iraq ... Official movement against fraud at the auction "Central"



    Baghdad - Ali Husseini, Mohammed Ali

    12 July 2019

    The file of the "auction of hard currency" in [...] to the forefront after the comments of deputies in parliament, demanding the Prime Minister and the Supreme Judicial Council and the public prosecution in the country, put an end to the massive [...] carried out through the auction of hard currency organized by the Central Bank of Iraq every day.

    The bank sells between 140 million and 160 million dollars for public and private companies and banks, as part of a plan adopted since 2004 to control the exchange rate of [...] Iraqi [...] and prevent its collapse in the market.


    In 2004, during the Coalition Provisional Authority formed by the United States after the US-British occupation of Iraq, the Central Bank of Iraq established the so-called "daily auction of hard currency," in an effort to raise the value of the Iraqi dinar, and sales amounted to more than 200 million dollars Sometimes this amount is usually from Iraqi oil revenues sold.




    The auction has continued this way since. Iraqi observers and officials estimate the value of the dollar sold in this auction over the past 15 years by more than $ 300 billion, most of which went from Iraq to other countries without benefiting the Iraqi dinar and its value, which is still under the logic of the fifth largest oil producer in the world (1200 dinars per dollar).

    The Central Bank of Iraq allows only limited companies and banks to enter the auction and buy the dollar. The word "auction" here is not a metaphor for what is happening on a daily basis, as the bank pre-determines its selling price to the dollar by 1180 dinars per dollar for banks and companies to sell at 1200 dinars to the dollar. Finally, the bank specified who is allowed to enter the auction, and the number was reduced to less than 50 banks and financial companies that are licensed by the Central Bank of Iraq and all are private or private.

    A senior Iraqi official in Baghdad told the "New Arab" that the government is considering the dollar auction, which turned into a black hole to smuggle the dollar out of the country without achieving its goal of strengthening the strength of the dinar. He added that "Iran is the first beneficiary of the dollar auction, followed by Turkey, Lebanon and Jordan The conversion of the dollar is under the cover of the import of materials and goods and the purchase of shares and investments in those countries and some of them transferred through private offices and the Iraqi citizen does not benefit from this massacre.


    The official stressed that the government is considering several options to strengthen the dinar, such as the deletion of zeros or determine the price globally, as do many countries in the Arabian Gulf. The survival of the dollar inside Iraq is better than removing it, and the continuation of this primitive formula cost the country large losses.

    He pointed to the existence of a committee of experts studying reasonable options, after confirming documents and documents that Iraqi oil money in hard currency easily flow abroad because of this auction.

    The Iraqi official revealed that the Integrity Commission is currently investigating the largest case of money laundering in Iraq up to two billion dollars accused of banks and companies, some of them linked to political parties "and we hope that there are other files close to the search and investigation of the Integrity Commission on the same subject, Difficult of Iraq ".

    Expert on the Iraqi market for securities Ali al-Saadawi explained to the "new Arab", that "stop the auction may not be able to the government now that a large part of the dollar ends in Tehran," saying that committees, experts and financial observers advised the Central Bank to stop the auction, "He said.


    In contrast, accused the Iraqi parliamentarian Alia Nassif, the Iraqi banks did not call the exploitation of the auction sale of currency in ways that twisted to achieve rich rich at the expense of the Iraqi people, "according to a statement issued on Wednesday She said the statements of former Finance Minister Hoshyar Zebari said that there are six billion dollars disappeared and Turning it into a fictitious account. It is now time for regulators to retrieve stolen people's money and pursue corrupt people. "

    And called on the Prime Minister to prosecute what she described as "whales of corruption," promising to open the file of the auction of hard currency to the prosecution, "and that it has" all the evidence and information to expose these thieves. "
    In contrast, a member of the Finance Committee, Majida Tamimi, people said that they belong to Political corruption department in the Central Bank, and vowed to disclose corruption files belonging to g6overnment banks soon.

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