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"Fair and Square" - Sun. PM KTFA Thoughts/News 11/18/18

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"Fair and Square" - Sun. PM KTFA Thoughts/News 11/18/18

Post  Ssmith on Mon Nov 19, 2018 8:36 am

KTFA

Samson » November 18th, 2018

Rafidain Bank issued an explanation in granting the Master Card


2018/11/18 9:10

Rafidain Bank, announced that the issuance of the card {mastercard} international branches include employees and citizens.

The bank's information office said in a statement received by the agency {Euphrates News} a copy of it, "The citizens and employees can visit branches dedicated to granting electronic cards in Baghdad and the provinces for the purpose of obtaining those cards."

He pointed out that "the MasterCard card has many advantages that are used by its holders in depositing and withdrawing funds wherever they are." LINK

Don961 » November 18th, 2018

460 billion dinars fines for the Central Bank of the violations and counterfeit


NOVEMBER 17TH, 2018

Baghdad the new morning:

A bank source revealed on Saturday that the fines imposed by the Central Bank on some banks amounted within two years to the extent of 460 billion dinars.

The source said that "the size of fines imposed by the Central Bank on some banks amounted to the limit of 360 billion dinars (during the last two years) and the limit of 100 billion dinars as miscellaneous fines."

The source added that "a large part of these fines related to fraudulent customs statements and irregularities related to the work of banks and the mechanism of application controls," pointing out that "these banks have been transferred files, which are more than 600 cases and a case, to the judicial bodies to decide with reference to the withdrawal of licenses of some companies And financial institutions for violating the laws of banking operations.

The governor of the Central Bank Ali al-Aalak, announced in November 2015, the imposition of fines on banks in violation of the instructions of 400 billion dinars, stressing that the Bank's law allows the imposition of fines on banks that violate his instructions. "The law of the bank allows the imposition of fines on banks that violate his instructions," Alaq said at a seminar on monetary policy in Iraq held at the Institute for Progress of Financial Policies in Baghdad and his follow-up on the new morning.
, Pointing out that "the amounts imposed on these banks amounted to 400 billion dinars."

He added that 80% of the estimated 40 banks out of 50 private banks had problems with the purchase of foreign currency from the Central Bank before the new conditions and instructions in 2012 for the sale and purchase of currencies, "noting that" these problems related to either the documents Incomplete or falsified ".

He added that "some transactions are not only related to the problem of documents, but suspicions of money laundering and was referred to the judiciary."

Al-Alak announced on March 3 that the new instructions issued by the bank is that the auction is no longer a daily window for transactions to sell the currency auction, pointing out that new mechanisms put in place to sell this currency, especially since its functions provide currency for foreign trade. link

Samson » November 18th, 2018

Al-Gheshmi: An investigation opened by sinking billions and files shocking the corruption of the Central Bank


2018/11/17 21:06

Revealed a member of the Committee on Integrity Parliamentary on the National Wisdom Stream Khaled al-Geshmi, the opening of an investigation of the sinking of billions and files shocking the corruption of the Central Bank. "The integrity will open an investigation into the subject and it is known that the incident took place in 2013 and we do not know the course of the matter," he said. "In the coming days an investigation will be opened on the matter. We will go to the Central Bank to see the minutes of the administrative investigation, "He said.

He pointed out that "there are suspicions of corruption in the central bank, including the sale of foreign currency on banks with the lowest number of selling the currency in the local market and the absence of another way to ensure the sale of currency After the fall of the regime. "

He pointed out that "the file is another important case of the damage of 7 billion Iraqi dinars, which is the building of the bank, which was transferred in the years of austerity to a company amounting to about [trillion] Iraqi dinars," noting that "the citizen today needs services and electricity and paving streets and hospitals, while the government Previous and the central bank citizen cable without taking into account service projects.

"The Central Bank made a big mistake in this matter, all because of the mismanagement of the policy of the previous state, and the former parliament may bear part of the responsibility." Al-Geshmi called on the central bank to "take a new way to sell foreign currency". LINK

Where to print the Iraqi currency and how much it cost ?

18th November, 2018

MP Naji Radis al-Saidi, on Sunday, the place where the printing of the Iraqi currency, pointing out that it cost 4 cents per paper.

"The Central Bank was in the past printing the banknotes of the Iraqi currency in Switzerland, but he changed the place of printing and is currently printing at the British Institute in London and is supposed to be specifications prevent damage," Saidi said in an interview with Mawazine News. "The cost of printing one banknote is between 4 and 5 US cents, and then the currency is transferred to Iraq," he said.

The director of the issuance in the Central Bank Ihsan al-Yasiri said that the Central Bank of printing a thousand papers of the category of 25 thousand dinars in Arson international companies at less than $ 60, noting that the bank will not spend a lot of liquidity to print the new monetary categories because they cost a little. LINK

Araji: Banks in Iraq are commercial and demanded the establishment of an investment bank

17th November, 2018

The head of the National Investment Authority Sami al-Araji, Saturday 17 November 2018, that all banks in Iraq are commercial, pointing out that he called for the establishment of an investment development bank.

Araji said in an interview with local media that "all banks in Iraq are commercial and there is no investment development bank," noting that he called for "the establishment of an investment development bank through a private joint stock company in which everyone participates."

"The investment development bank, which we have asked for, will participate partly in the government and partly in private and public banks and also in the people," he said.

Araji pointed out that "such a bank will have international arms and there will be a lot of international banks will cooperate directly with him and thus will give us a large monetary block more than the banks alone."

On July 22, 2018, the central bank confirmed that three government banks provided 71.9% of total credit, while 44 private banks accounted for about 10% of total credit. LINK

MilitiaMan » November 18th, 2018

So they are setting the stage if it is not already set.. They are talking about unity with an investment bank that supports everyone. Fair and square.. Just like they are going to sell National Bonds. I want to remind us all that Sukuk is about safety and is one of the fastest growing markets in the world and especially in Emerging Markets (EM). This investment bank being for everyone fits the bill imo.. Very well timed? Yeppers! imo ~

Samson » November 18th, 2018

** There are 35 pages to this pdf - here is a snippet - possibly more coming later

Controls of capital adequacy standard in accordance with Basel II requirements

18th November, 2018 - Downunder Translating

To all licensed commercial banks ( the capital adequacy adequacy controls in accordance with the Basel III requirements ) ... Click here to download

To all commercial banks approved / Supervisory Controls for Capital Adequacy Standard
In accordance with the requirements of the Basel III Greetings ... Based on Articles (4/3) of the Central Bank of Iraq Law No. 56 of 2004 and Article (1)

(104) of the Banking Law No. (94) of 2004, and in order to keep abreast of the developments of the global banking system. In order to reach the decisions of the Basel Committee on Banking Supervision (III), your banks will have to comply with the minimum capital adequacy criteria In accordance with the usual contexts, and in this regard we would like to state the following:

1. The pilot application requires all commercial banks operating in the Iraqi banking sector to comply with the regulatory controls of the capital adequacy standard in accordance with Basel II requirements during 2018 as follows: a. Application of the pilot test to the financial statements for the period 2018/ 9/30) and send the results to this bank within a period of (30) working days from the date of issuing these instructions, including inquiries and observations

Of the application process. B. A workshop will be held at this bank for the purpose of discussing inquiries and observations regarding the application process

Which will be identified at a later date. 2. Actual application requires all commercial banks operating in the Iraqi banking sector to comply with the regulatory controls of the capital adequacy standard in accordance with Basel II requirements during 2019

https://cbi.iq/news/view/930

Central Bank: Commercial banks must comply with the capital adequacy standard

18th November, 2018

The Central Bank of Iraq on Sunday, all commercial banks with the criterion of adequacy of capital minimum limits.

"In order to keep abreast of developments in the global banking system and in order to reach the Basel Committee's decisions, banks will have to adhere to the minimum capital adequacy criteria," the bank said in a statement received by Mawazine News.

The bank added that "the minimum limits will be based on the method of calculation adopted according to the conventional bands." LINK
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Ssmith
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