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 Mountain Goat - What Still Needs to be Done? 11/17/17

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Mountain Goatee
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PostSubject: Mountain Goat - What Still Needs to be Done? 11/17/17   Fri Nov 17, 2017 10:02 am

November 17, 2017 Mnt Goat News Brief

Hi Everyone,

I bring you much news today.

May ask me what is still to be done in order reinstate the Iraqi currency and move out of the program rate. This is a very good question and I don’t have all the answers for you…sorry! But I do remember the articles from the Finance Ministry in 2011 and 2012 and everything we are now witnessing for banking and financial reforms efforts were right in their plan as they then told us would be instituted in the “coming days”.

Well….it took a few more days (more like years) to get these reforms accomplished than we and the CBI anticipated. The problem in delay was of course the Nori al-Maliki years where nothing got done, so go figure what happened. Also we witnessed the raid on the CBI in late 2012 by Maliki and his goons, so this was also a major setback.

Remember that we are no longer living those nightmare days of Nori al-Malik. Iraq is now moving ahead very quickly under the leadership of Abadi and Jubouri and just this week we witnessed an amazing feat of legislation get pushed through parliament for the amendments to the CBI law (56).

So let me add some more value to this question and tell you we have seen some amazing events happen just in these last couple weeks towards monetary reforms.

1. SWIFT implementation mandated for all banks (private and state run) by end of year, which allows inter-banking transfers of money internationally

2. IBAN implementation announcement this week which specifies standardized banking account # formats. So now SWIFT can work account to account

3. Much needed amendments to law #(56) which implements provisions of item (I) of Article (61) and Article (III) of Article (73) of the Constitution. This broadens the powers of the CBI and coincides with a more broader/wider outreach (global) to the monetary policy of Iraq.

4. More departments of ministries come online with electronic payments as Rafidain Bank announced Friday the payment of salaries of employees of some universities and departments of the Ministry of Higher Education and Scientific Research and the departments of the Ministry of Industry and Minerals and Ministry of Water Resources departments are now getting paid electronically.

5. The CBI recently announced to its citizens that they need to circulate their cash dinars (3 zero notes) into the economy and not hoard them. Why did they do this announcement? We know the CBI needs to reduce the money supply by 2/3 prior to the RV. They have told us this many times already. So we know prior to launching a new rate they need to flush out the last of the hoarded dinars.

So on the surface it just seems like the money supply is low but why does the CBI not just issue more money into the markets? It can simply do this by paying more salaries with cash, as it has always done in the past. But this is not what they are doing as we see more and more ministries coming online with “electronic banking”.

Does this seem weird and counter-productive to you that on one hand the CBI notes a shortage of money supply and they on the other hand is promoting electron banking? Does this seem counterproductive to you? Yes – it may seem that way if you did not know the underlying overall plan to changes to the monetary system as to why we are seeing all these weird things happening. But now you know the plan so watch and listen more attentively.

More news….

UPDATE FIGHTING ISIS

BAGHDAD / Al-Ghad Press:

The military information cell, announced on Friday, the liberation of the province of Rawa in full and raising the Iraqi flag over its buildings.

The cell said in a press statement received by "Al-Gharab Press," a copy of it that "the commander of the clearance operations of the Upper Euphrates and Al Jazeera special forces team corner Abdul-Amir Rashid Yarallah, announced that the pieces of the leadership of the operations of the island and the tribal crowd COMPLETELY LIBERATED THE DISTRICT OF RAWA."

The Iraqi flag was raised above the judicial buildings," Yarallah said.

It is noteworthy that the operations of the liberation of the district of Rawa, started at dawn Friday, with the participation of most of the security units.

Haider al-Abadi says in a statement released on Friday afternoon that Iraqi forces liberated Rawah in record time and are continuing operations to retake control of Iraq's western desert and the border area with Syria.

(Mnt Goat - so there is more fighting and Rawa was not the end)

More news….

Okay so many keep asking me about Dr Clark and if they should trust his “words of wisdom”. They feel because he/she is “Dr” Clark there is this need to look up to him/her. First of all, what is this Dr degree in? Did you ever stop to ask that? So I will clarify for you what I think about this Dr Clark since actions speak louder than just words. I have inserted my comments within.

Here are direct quotes from this so called Dr Clark:

Dr Clark: “Over the years, there has been more than 1 Plan, to substantially increase the value of Iraq’s currency, as well as Vietnam’s currency. We only talk about the Dinar & the Dong, because these are the only 2 currencies, we have interest in.

Mnt Goat: You only talk about 2 currencies? Really? Seems to me you supported this ridiculous GCR of 120+ currencies just months ago. So why the big change in attitude now? Did you finally learn the truth? Yes you shoot your mouth off and just spread rumors you hear without any personal research. Dr Clark is the same old bullshit. I do not know of any plan from Vietnam to revalue their currency. If anyone knows of any articles or news media on this topic from the Central Bank of Vietnam, please inform us all. As far as I know there has not even been a peep from Vietnam on this topic for many, many years. Again Dr Clark is feeding into this GCR bullshit.

Having said all this I do personally believe that Vietnam is an excellent candidate for a substantial revaluation upwards of their currency but I say this with caveats only from the perspective of the IMF and its “sustainability” efforts as they have themselves pegged a list of countries in the same region as good candidates and are working strongly to raise up these war torn and impoverished countries.

Dr Clark: “We believe that all other currencies for now, are simply “Not a good investment”, too speculative, not timed right, and fraught with too many disqualifying factors, for substantial increase, anytime soon, if EVER. We have NO strong evidence to the contrary. However, the Iraq Dinar and the Vietnam Dong is different. We believe that BOTH of these, are a VERY GOOD Gamble, and we don’t see that changing.”

Mnt Goat: Okay so Dr Clark you are now a professional investment manager and advisor? First let me tell Dr Clark that there are many currencies revaluing and de-valuing on the currency exchanges every day and people make a lot of money off them. So you should not make such uneducated statements as you have. What did you get your doctoral degree in anyhow? Was is in basket weaving?

So if you stick to the FACTS and TRUTH of the situations going on within a country and really listen to the news and forget all the hype you can trend out currency changes. Yes – it is possible. There are many people who do not speculate on rumors.

Next, I want to say the Iraqi dinar is NOT a gamble. We tell everyone that the Iraqi dinar will someday soon revalue ONLY because that is what the CBI and the Finance Ministry HAS BEEN TELLING US is THEIR PLAN. Yes there is an overall plan for the country of Iraq. The plan for currency reform is the “project to delete the zeros”. Get it? I do not spread rumors and give hype and life to existing rumors nor should you. After all, don’t you have a doctoral degree and should know better?

So I am not speaking out of conjecture. Do you remember what conjecture is and what I really want to call it? So there is no speculation on the Iraqi dinar. The only speculation is from those like Dr Clark and others who get everyone all hyped up for each weekend. They then run out and buy more.

Now the Vietnam Dong is all hyped up and speculation if you want to call one of these two a gamble. This I can agree with you on. I luv it how Dr Clark wants to group the two currencies together and take (once again) an ounce of TRUTH and mix it with FICTION to make a pound of intel.

About the Dong - What we do know from president Trumps’ recent visit to Vietnam is that the US is very serious in trading with Vietnam. When any country has a strong backing from the US it will progress and can progress very rapidly. Vietnam has a ton of potential. The problem is will we all live long enough to see the SUBSTANCIAL increase in the Dong value we want as a result…lol…lol…? No- I am not a financial advisor…..lol…lol…

Dr Clark: “All of you that say, “Nobody knows the timing”, would be Wrong. There ARE those that know EXACTLY when these 2 currencies will increase substantially. They know the Day and the Rates. Make No Mistake…”

Mnt Goat: Dr Clark seems to contradict his own words. Really, someone knows the timing of the RV of these two currencies? So let’s get Dr Clark straight and help him/her out, shall we?

Does it look like someone knows a definitive timing for the revaluations when you just told us “there has been more than 1 plan” to RV in the past. Does everyone see the Dr Clark’s contradiction? So he/she is just rambling on and talking from the ass.

FACTS: Okay so we know that there was a plan was for January 2011, then another plan again in January 2013 and then again another plan in January 2016. Yes, Dr Clark is correct there has been more than 1 plan.

So what happened to these plans? Did they really know the date? No -they did not because they can not predict the future POLITICAL INSTABILITY and SECURITY issues that arise in Iraq and the region. The plan target keeps changing. So will it be different now? The FACT is we don’t even have an announcement of a new target. Did you hear from the CBI or Finance Ministry telling us of a future date for the RV? No – they have not.

If they have a current plan and you are so certain they are going to execute on “the next plan” then what happened all these other times they also planned? My point is we see the 2018 elections in the future coming up. We know for a FACT (from past elections) that this is a time of great POLITICAL INSTABILITY for Iraq. Did anyone expect Nori al-Maliki to raid the CBI in late 2012, what about ISIS attack in mid 2014? Then in late 2015 the IMF stepping in and putting the CBI in a “trusteeship” preventing the RV in early 2016. So NO! - No one knows the Day or Rate, make NO Mistake of that. You simply are WRONG Dr Clark in your thinking. Of course the thinking is just that and full of hype. How about just sticking to what we know are the FACTS. So how many RV “predictions” have you made in the past based on hype and just copying others intel? I know that game very well. I know how 1 guru fabricates a rumor, then other gurus feed off the rumor and it goes around and around down that rabbit hole. Nothing ever comes from the intel and once again everyone is disappointed the RV did not happen. It’s a sad cycle caused by idiots and it has to STOP.

So this is what I think about Dr. Clark – I wish he/she would just SHUT UP! When my dog barks, its makes more sense than Dr Clark’s RV news.

More news….

Alsumaria News / Baghdad

Parliament speaker Salim al - Jubouri said on, Wednesday that Iraq front is an important stage in the reconstruction of cities and the return of displaced persons, in what was considered the Executive Director for the International Monetary Fund TO CREATE AN ECONOMIC ENVIRONMENT IN IRAQ "IS THE UTMOST IMPORTANCE."

"The Speaker of the House of Representatives Salim al-Jubouri met with the Executive Director of the International Monetary Fund Hazem Balawi," Jubouri said in a statement received by Alsumaria News. "During the meeting, they reviewed ways to support Iraq on the economic level and support it to meet the challenges and achieve permanent stability and creating the right conditions to develop development and investment factors”.

(Mnt Goat – the reason why we are seeing so much of Jubouri all of a sudden is he knows elections are just around the corner.)

Formal Articles are below. Due to FACEBOOK limitations they do not print my RED colored fonts so my comments are in brackets ( ) throughout the articles. I will preface my comments with “mnt Goat” so you know I am jumping in with observations. Also I separated the articles with asterisks.

Articles Begin

**********************************************************

VOTED ON AN IRAQI PROJECT AND VISION FOR THE FUTURE OF THE REGION

November 15, 2017

Ayna-Baghdad

The Council of Ministers on Tuesday voted on an Iraqi project and vision for the future of the region based on development and security rather than differences and wars.

“The Council of Ministers held its regular session on Tuesday under the chairmanship of Prime Minister Haider al-Abadi and the Council discussed the situation in the region and its repercussions on Iraq and the peoples of the region and IRAQ’S FIRM POSITION TO MOVE AWAY FROM THE AXIS AND PLAYED A ROLE IN CALM because what is going on in the region will harm all its people. ”

The Council of Ministers “formed a working group of the Secretariat General of the Council of Ministers and ministries and relevant bodies to carry out inventory and assessment of the physical and human damage that hit the provinces of Sulaymaniyah, Diyala and other areas as a result of the earthquake that took place last Sunday evening and report on immediate needs.”

The council “held a deliberative meeting between the representatives of the ministries of interior, reconstruction, housing and municipalities on activating the work of the central balance according to the laws and regulations in force for the ministries and monitoring the violations and proposing practical solutions to regulate the work of the weights stations.

The council voted on “an Iraqi project and vision for the future of the region based on development and the extension of security instead of differences and wars.”

(Mnt Goat – does this vision include a re-instatement of the dinar to pre-war values?)

The statement pointed to “the vote to allocate 10 billion dinars from the emergency reserves to the Ministry of Health for the purposes of financing drug contracts and the highest priority of the ministry.”

The Cabinet also voted on the first draft amendment law of the Integrity Commission Law No. 30 of 2011.

The Council also voted to reduce the tariff categories of customs, “pointing out” to report during the meeting on the dam and the damage caused by the earthquake and authorize the Ministry of Water Resources to send invitations to companies to prepare a comprehensive assessment in this regard ”

The statement added” as was voted on the launch of funding 41 billion dinars for the reconstruction and rehabilitation of water and sanitation services to upgrade the service aspect in this area. ”

*************************************************************

(Baghdad: al-Furat News)

Member of the Finance Committee MP Hossam al-Aqabi on “Iraq’s need for international loans, which drain 7 trillion dinars.”

“We support the intervention of the International Monetary Fund issue of deductions and we are not bound by his decision and views, the Iraqi government and the House of Representatives is the one who sees legislation to achieve the interests of the citizen and the Iraqi employee.”

He added that “the conditions of the International Monetary Fund set by the International Monetary Fund puts loans and we do not need them,” noting that “more than 5 trillion dinars a year we give them to repay loans and premiums and benefits and sometimes up to 7 trillion.

(Mnt Goat – of course these past and current loans is exactly what the cabal bankers from the IMF want from Iraq. Did they get their share already or do they want more? Will this daring move from Iraq cause turmoil in the cabal plan to soak $$$$ from Iraq or will they leave them alone. Let’s see what new crisis may arise as a result of this move from Iraq)

*************************************************************

UPDATE ON FIGHTING ISIS

BAGHDAD /

The deputy of the province of Anbar Ahmed al-Salmani, Tuesday, a few hours and Iraq is declared a full editor of the organization calling the terrorist.

“The security forces are now on the outskirts of the district narrated, which is the last spot in which there is a preacher in Iraq to be declared an editor in the coming hours,” he said, noting that “this liberation will be declared the liberation of Iraq completely from the organization of a preacher “He said.

He pointed out that “the battles in western Anbar witnessed a great destruction in the infrastructure of those liberated areas.”

The military information cell announced on Tuesday the destruction of camps used by a training advocate in western Anbar.

In a statement received by Iraq News, the cell said that “based on accurate Iraqi intelligence information, the air force flew international air strikes, which resulted in the destruction of camps belonging to the elements calling,” indicating that “the camps used by terrorists as training centers and points to carry out terrorist operations against citizens and security forces In Wadi al-Qudaf west of Anbar. ”

Just in on Friday morning: Rawa is completely liberated.

(Mnt Goat – so once again we are told this is the last of the last of the fighting. This is like de jevu. Didn’t we just hear this news last week and the week before and before that. So how much longer will they stretch this out? So will it really happen this time and finally end the fighting and make this damned announcement of final victory? Just saying….)

*************************************************************

PARLIAMENTS APPROVAL TO ALLOCATE 12.67% OF THE BUDGET TO KURDISTAN FOR 2018, PENDING CONDITIONS

Erbil: Euphrates News} A report issued by the Finance Committee in the Parliament of Kurdistan, to the region's approval to allocate 12.67% of the budget of 2018, in just one case.

The report of the Committee on the share of the province of the budget, seen by the agency {Euphrates News} "If Baghdad does not agree to pay 17% of the budget for the Kurdistan region, the Kurdistan region must adhere to be 12.67% of the total revenues of Iraq without deducting sovereign expenditures "He said.

He explained that "thus will reach the share of the Kurdistan Region 13 trillion dinars, while the payment of 17% of the budget after the deduction of sovereign expenditure means sending 11 trillion dinars for the region."

The report stressed that "the difference in the number of employees of the Kurdistan region must be addressed by a specialized committee comprising experts from both sides, as the Kurdistan Region confirms that the number is one million and 249 thousand and 481 people, while Baghdad indicates that the number of employees in the region is 681 thousand Only 21 people. "

The report of the Committee, the need to commit the Kurdistan Region to export 250 thousand barrels of oil per day through Iraq.

It is noteworthy that the Prime Minister, Haider Abadi pledged several times to pay the salaries of employees of the Kurdistan Region, while the territorial government expressed its objection to reducing the share of the region from the budget from 17% TO 12%, and the allocation of 330 billion dinars only for the salaries of staff of the region, Thousand and 481 employees, and the amounts required to secure their salaries 897 billion and 500 million dinars

(Mnt Goat – okay nice article but what the hell does it mean?

*************************************************************

UNITED NATIONS SUPPORT FOR IRAQ IN THE EXECUTION OF CRIMINALS

Baghdad - Mawazine News

UN special rapporteur on executions, Ones Kalamard, confirmed on Wednesday to Prime Minister Haider al-Abadi, the United Nations support for Iraq in the execution of criminals.

A statement by the Office of the Prime Minister, received by Mawazine News, a copy of it, that "Abadi in his office Wednesday, UN Special Rapporteur on executions and the accompanying delegation, and the meeting discussed the process of amplifying some institutions for human rights violations, "The government has taken real measures to punish those who carry out these acts, which are few."

"The United Nations is cooperating with the Iraqi government in this regard and encourages it to take action in this regard," the statement said.

(Mnt Goat – maybe this would be a good idea in the USA too to go after all the crooked politicians, drain the swamp…lol..lol...)

*************************************************************

RESULTS OF SALIM AL-JUBOURI, MEETING WITH US HOUSE OF REPRESENTATIVES PAUL RYAN IN WASHINGTON, DC

The Speaker of the House of Representatives Salim al-Jubouri, went on Monday to the United States of America on an official visit.

The Speaker of the House of Representatives Salim al-Jubouri, during a meeting with US House of Representatives Paul Ryan in Washington, THAT IRAQ IS ABOUT TO ANNOUNCE THE FINAL VICTORY AND FOLDING THE LAST PAGE OF PAGES calling, indicating that the country is heading to the biggest challenge of reconstruction of liberated areas and the return of displaced, Ryan said that Iraq has made great efforts in the face of terrorism and managed to defeat it on the ground in record time.

"During the meeting, they discussed the security and political situation in Iraq and the region, and ways to find a unified vision between Iraq and the United States on common challenges, the most important of which is the fight against terrorism," Jubouri said in a statement.

He stressed that "IRAQ IS ABOUT TO DECLARE THE FINAL VICTORY ON THE PRETEXT OF ANOTHER PAGE AFTER THE COMPLETION OF THE LIBERATION OF THE WESTERN REGIONS, and the people of liberated areas have played a major role in supporting the liberated forces through intelligence cooperation and engage in carrying weapons as local forces.

The two sides also agreed on the importance of continued cooperation between the two countries at the parliamentary level and all other levels in order to achieve common goals and interests.

For his part, the speaker of the US House of Representatives said that his country is a key supporter of Iraq and that the relations between the two countries are at their best stages, adding that Iraq has made great efforts in the face of terrorism and managed to defeat him on the ground in record time. He must continue supporting him to overcome these challenges, Relief and reconstruction of liberated areas.

*************************************************************

(IBAN) IN BANKING TRANSACTIONS

In a move that gives rise to optimism for the advancement of the banking industry in the country Rafidain Bank circulated lists containing digitally organized accounts of its branches internationally accredited (IBAN) to all public and private banks.

IBAN is the abbreviation of the International Bank Account Number, a unique, unified and internationally agreed form for the bank account number for the purpose of processing transactions for banking transactions and facilitating electronic transfers between branches of banks in the world, in the sense that it is a digital organization of accounts of branches and customers in the sector Global banker Note that it is not a new bank account number, but is the same bank account number of any branch or citizen added numbers and letters from the left side.

IBAN is a mandatory requirement to send and receive money domestically and internationally safely, accurately and quickly in accordance with international banking regulations, and makes cheating almost impossible, but the use of IBAN in local remittances may be non-mandatory.

(Mnt Goat – A few weeks ago they implemented SWIFT and it is mandated by the end of 2017 for all banks in Iraq. So now we see IBAN also in use as it is also a worldwide banking standard. Both of these banking requirements are mandatory if you are going to do international banking.

Does anyone remember way back to 2012? The minister of Finance then told us then that IBAN was coming that year, but due to corruption they delayed the banking reforms until later. Now we see it.)

*************************************************************

ELECTRONIC BANKING DEPOSITS WILL REDUCE COST OF PRINTING CURRENCY

Central Bank Governor Ali al-Alaq announced Wednesday that the project of localization of salaries will reduce the cost of printing the currency and reduce the direct and indirect risks to individuals and institutions, pointing out that the project aims to create a competitive market development of banking services.

“In order to shift from a purely monetary society to a society that adopts electronic payment tools, the central bank has led this process through the acquisition of systems and infrastructure,” said Ali Al-Alak, governor of the Central Bank of Egypt. Best practices consistent with international standards “.

He added that “the project to settle salaries will reduce the cost of printing and counting and sorting the currency and reduce the direct and indirect risks to individuals and institutions.”

He pointed out that “this transformation aims to create a competitive market, the development of services and practices in the banking sector.” He pointed out that “there is wide interaction by the banking sector to make the success of the project to settle salaries through the use of the best programs and equipment.”

He pointed out that “the Central Bank provided the legal and legislative framework to work electronic payment tools through the formation of the Supreme Council for electronic payment, which includes the public and private sector,” stressing that “the project to settle salaries means improving the process of financial inclusion.

(Mnt Goat – the electronic banking is also allowing the CBI not to recycle the 3 zero notes back into circulation each pay day. They are getting very close to the needed 2/3 of the needed collection of currency out of circulation in Iraq)

*************************************************************

AMENDMENTS TO THE LAW OF THE CENTRAL BANK OF IRAQ ISSUED ORDER NO. (56) POSTED IN GAZETTE

(Mnt Goat – now that Iraq is moving to another chapter in is monetary policy the old policies of the CBI needed to be updated to fit (coincide with) the new monetary direction.This is all this amendment is doing and was a necessity. Is is very significant as we can see them lining up once again for the new monetary reforms, which will eventually lead to the reinstatement of the curreny.)

Baghdad / Dinar / .. The voice of the House of Representatives on the law of the Central Bank of Iraq issued Order No. (56) for 2004 on the Coalition Provisional Authority (dissolved).

The following is the text of the law

In the name of the people

Presidency

On the basis of what was approved by the House of Representatives and ratified by the President of the Republic based on the provisions of item (I) of Article (61) and Article (III) of Article (73) of the Constitution

The following law was issued:

No. (2017)

Law

The second amendment to the law of the Central Bank of Iraq issued by order No. (56) of 2004 on the Coalition Provisional Authority (dissolved)

Article (1) Article (5) of the Central Bank of Iraq Law issued by Order No. (56) of 2004 on the Coalition Provisional Authority (dissolved) shall be repealed and replaced by the following:

1 The capital of the Central Bank of Iraq (1 trillion) one trillion dinars owned by the state in full.

Article 2 Add the following to Article (10) of the Law and paragraph (3) have:

3. The Board shall consist of (3) non-staff members of the Bank who possess the educational qualifications and practical experience in the fields of financial management, accounting, law and economics. The Board shall organize its functions and procedures according to the international standards and best practices of the Central Banks and issued by the Governor.

Article 3 Articles (c) and (d) of Article (11) of the Law shall be canceled and replaced by the following:

C is one of the bank's general managers.

D. Five members from outside the Central Bank of Iraq with experience and competence in financial, banking or legal affairs.

Article 4 The text of Article (27) of the Law shall be repealed and replaced with the following:

Article 27 1 The Central Bank of Iraq shall conduct transactions on foreign assets and SHALL MANAGE THE OFFICIAL RESERVE OF FOREIGN EXCHANGE OF THE STATE IN ACCORDANCE WITH INTERNATIONAL BEST PRACTICES AND MONETARY POLICY OBJECTIVES. The Council may invest such reserves in any of the following assets or in all:

A golden cash in the coffers of the Central Bank of Iraq.

B) Foreign monetary and mineral currencies which are normally used in the performance of international accounts held by the Central Bank of Iraq or for its own account.

C) Credit balances are payable on demand or payable short-term in foreign exchange, which is normally used for the performance of international accounts maintained by the CBI in its accounts or those invested through repurchase and repurchase agreements and fixed fixed term deposits.

Special Drawing Rights available to the Iraq Account at the International Monetary Fund.

(E) Investment instruments available at the International Monetary Fund.

And any securities of negotiable debt issued by or in full confidence and dependence of foreign governments, central banks, international financial institutions and foreign local authorities and agencies, which are paid in foreign currencies, which are normally used in the performance of international accounts held by the Central Bank of Iraq or for its own account.

2. The Bank may use derivatives in investment portfolios as a hedging instrument.

Article (5) The following shall be added to Article (30) of the Law and shall have:

C) The loan granted to the Bank for interest determined by the Bank in accordance with market requirements.

Article 6 Add the following to article (33) of the law and paragraph (6) have:

6 The Central Bank of Iraq issue non-negotiable commemorative coins.

Article 7 The text of paragraph (2) of Article (48) of the Law shall be repealed and replaced with the following:

2. The Central Bank of Iraq shall choose an international company to carry out the functions of external audit and financial auditing for a period of five (5) years, and may not be repeated for a consecutive period of more than 10 years.

Article 8 The text of Article (72) of the Law shall be repealed and replaced with the following:

Article 72 The seizure of CBI funds, including gold, special drawing rights, cash, credits, deposits, securities or any revenues of the Central Bank of Iraq, may not be made.

Article 9 The words "securities" shall replace the words "bonds and treasury bills", wherever they are mentioned in the law.

Article 10 The text of paragraph (n) of Article (16) of the Law shall be repealed and replaced by the following:

N- Approve the rules of procedure, guidelines and rules of the Bank and its functions in managing and managing its operations, and determining the organizational structure of the Central Bank of Iraq, including the location of branches of the Central Bank of Iraq and the abolition and development of the General Directorate.

Article 11 This Law shall be implemented from the date of its publication in the Official Gazette.

Positive reasons

To increase the capital of the Central Bank of Iraq and to keep abreast of the global economic development and grant powers to the bank and increase the number of members of the Board of Directors of the bank from outside the bank and the formation of the Audit Committee and the issuance of commemorative coins and the imposition of interest on loans granted by the bank to commercial banks and the preservation of funds from the bookings issued by judicial decisions.

*************************************************************

Articles End

Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,

Just the FACTS!

Auf Wiedersehen

Much love to ya all,

Mnt Goat






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