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"Clearly Telling a Story" - Mon. AM KTFA Thoughts/News 9/24/18

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"Clearly Telling a Story" - Mon. AM KTFA Thoughts/News 9/24/18

Post  Ssmith on Tue Sep 25, 2018 8:27 am

KTFA

Don961 » September 24th, 2018

Small denominations of currency


Author: Mohamed Sherif Abu Maysam

24/9/2018 12:00 am

Economists define money as anything that is generally acceptable to pay for economic goods or services or to pay back Debts.

Money is the basic part of human life, especially after the end of the barter can not eat or drink or spend his work only with the availability of money has, after this simple illustration in this article explains the role of the Central Bank not to put it for small cash categories (250, 500) This is what I hear from most of the public when we rent a car or when we buy clothes or food. Economic researchers are talking about why the central bank did not print small (new) monetary categories and which department is responsible for the currency.

The answer to this question is that I did not defend the Central Bank and did not make any effort in this matter, despite the fact that it is an important and sensitive subject. There is a claim that the most important function of the Central Bank is issuing the currency.

I disagree with them on this point. Centralized by printing the Iraqi currency in the best printing presses in the world, namely (Germany) and therefore there is a department of issuance and the treasury is responsible for issuing and tracking these money, especially categories (Small).

The 250 currency currency has a life to reprint and the cash currency (500) has the same age to be reprinted. The central is to replace the most used (damaged) cash categories (250, 500) from the public and banks without a commission. This is a step towards achieving Bank stability is carried out by the Central Bank Successfully.

In addition to the withdrawal of a large amount of categories (damaged) from the public daily, the Department of issuance and cabinets in the Central Bank of Iraq to withdraw these categories damaged from the public and replace them with new categories and then press and puncture and tearing in the sites of the issuance department and then print new categories with the calculation Cost it.

The centralist has a great responsibility and is capable of this task, where he works to follow the reality of cash rolling, and takes into account the circulation of the small group and not accept the damaged in simple day-to-day transactions, so the solution was to work to put the categories Required. LINK

MilitiaMan » September 24th, 2018

GS, thanks for the heads up on this one! It clearly is telling a story of where they are in the process, just as today they tell us they are ceasing the MCPs by telling the citizens to bring in the USD (1.00 - 100.00s)..

They have the IFRS in the equation today for regulatory and accounting purposes and also, which by the way is supporting that they are going to be effectively issuing currency based on the Amman Jordan Meeting on Tuesday of earlier this week with the Arab Union Countries, entities like that of the BIS, WTO, IMF, executives that have a need to know the process, etc..

The above article is supported by the Final Articles referenced below. ~ MM

"FINAL ARTICLE 80"
"And promoting the circulation of small denomination banknotes." Frank26

"FINAL ARTICLE 81"
"In its plan for the currency reform, the central bank must decide how to handle the soon obsolete cash currency. Old banknotes that have been exchanged for new currency should be immediately invalidated via ink markings or holes drilled in the currency."

Don961 » September 24th, 2018

Training Course on the International Financial Reporting Standard in Baghdad


September 23, 2018 6:03 pm Number of views: 79Author: alzawraapaper

Baghdad / follow - up Zora:

established Union of Arab Banks, in cooperation with the Central Bank of Iraq and the Association of Iraqi private banks, Sunday, a training course on the application of the International Financial Reporting Standards.

The course aims to provide participants with skills related to accounting requirements for financial instruments, as well as measuring impairment losses or impairment of assets and financial instruments.

He welcomed the director of administration and training in the Association of Iraqi private banks, Ahmed Hashemi, during the session the Central Bank of Iraq and private banks participating in the session, pointing out that the Association of Banks is always seeking through courses organized, in cooperation with strategic partners, to promote the reality of the banking sector in Iraq.

"This session comes at an opportune time, especially as the International Financial Reporting Standard has become applicable this year," he added.

"The aim of the courses organized by the Union is to develop the banking sectors in the Arab world and aspire to reach the best international standards," said Raja Kamouni, the Secretary General of the Union of Arab Banks.

"We, as a consortium of Arab banks, thank the Governor of the Central Bank of Iraq, Ali Al-Alak, because he wants, in cooperation with the Association of Iraqi private banks, to make the banking sector as it was before, strong and able to face all the challenges."

"We trust the banking sector in Iraq, and we trust those who work in it."

International Financial Reporting Standards (IFRS 9) are effective from financial periods beginning on or after 2018. link
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Re: "Clearly Telling a Story" - Mon. AM KTFA Thoughts/News 9/24/18

Post  Kevind53 on Tue Sep 25, 2018 11:56 pm

Yea it's a story all right, too bad is a fiction.

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