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Post by claud39 on Tue Sep 03, 2019 7:25 am

Central Bank announces strategic banking projects for the next five years



03/09/2019



Central Bank announces strategic banking projects for the next five years 16923




By Samir al-Nusairi


In the monthly meeting of the government and private banking leaders, Mr. Ali Al-Alak, Governor of the Central Bank of Iraq, stressed the continuation of the approach that the Bank is pursuing to stimulate the economy and build the capacity and development of the banking sector in order to move to the development role and contribute to financing investment and reconstruction projects. 


 The exchange rate as the main achievement of monetary policy applications and one of its important objectives, which has positive repercussions on the revitalization of the economy and stabilize the monetary and financial system. 


 Ed oil as a key resource for revenue and continuing imports of all goods and not to encourage and support local production will inevitably lead to the continuation of the bank offer to sell dollars, according to its law because the reason is not supply but demand for the dollar for the reasons above.


The central bank announced at the meeting the launch of its strategy for the next five years to implement 21 projects for thedevelopment of the banking business after it was able to most of themain objectives to achieve the sub - first strategy for years (2016 -2020 ) , which became possible that the starting process begins full objectives of monetary policy to achieve the transition to The ranks of international banks sober certified by specialized international financial organizations. 


And that of the strategic banking projects which have been identified for future objectives and its impact according to a program for each project is limited to periods ofimplementation and reach the target during the years (2019 -2023These are development projects related to achieving financial inclusion such as the settlement of salaries and projects to restore confidence in the banking sector, such as the Deposit Guarantee Company, projects for structural, administrative and legal development such as the government guide project, projects for training, rehabilitation, capacity building, classification of banks, and projects to move banks from the role of banking to contributing to development as a combined Islamic finance project. It should be noted here that although the bank has begun planning for these projects since 2016 but also as stated the government is committed to the curriculum as it comes to the banking sector and as targeted by the National Development Plan (2018 - 2022 ) and the vision ofIraq in 2030.


The central bank's emphasis on working in accordance with its approach to economic reform since 2015 is anchoring the reality that the central bank and its current administration embody a bright spot in an unstable economic environment for subjective and objective reasons.


The results highlighted the experience of the Central Bank in supporting the national economy while maintaining its functions and objectives specified in its law, and its contribution to achieve economic resilience and promote the decisive victory over terrorism.


In addition to the results achieved on the scope of applications of monetary policy internally and convince global financial organizations, the most important official reports issued by them confirmed the success of the Central Bank's policy in achieving an important transition to the Iraqi economy and achieve stability in the exchange rate and the recovery of the Iraqi dinar and raise its purchasing power, one of the objectives of strengthening the economy.


In addition to his contributions and multiple initiatives to stimulate the economic cycle and enhance liquidity in banks and reach to re-coordinate bridges between the financial and monetary policies and propose new economic and structural policies to prepare public budgets for the coming years on the basis of programs and not items and attempts to restore confidence in the banking system.


The Central Bank has demonstrated its clear ability to interact, analyze business constraints and create conditions to overcome challenges. To build a solid national economy.




Last edited by claud39 on Wed Sep 04, 2019 1:17 pm; edited 1 time in total
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Post by Jimplants on Tue Sep 03, 2019 11:01 am

Best article of the day. Thanks Moose

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Post by claud39 on Tue Sep 03, 2019 12:48 pm

@Jimplants wrote:Best article of the day. Thanks Moose





It makes me happy Jim, we see very well what is coming before us, especially following the news of the last days, and passing sorry for today, either for the moment to leave behind to share the news of the day, I have some meetings with my specialists, I will share more news tonight, good day to all!



Claud (Moose)
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Central Bank announces strategic banking projects for the next five years Empty Re: Central Bank announces strategic banking projects for the next five years

Post by claud39 on Wed Sep 04, 2019 1:19 pm

@claud39 wrote:

Central Bank announces strategic banking projects for the next five years





03/09/2019



Central Bank announces strategic banking projects for the next five years 16923




By Samir al-Nusairi


In the monthly meeting of the government and private banking leaders, Mr. Ali Al-Alak, Governor of the Central Bank of Iraq, stressed the continuation of the approach that the Bank is pursuing to stimulate the economy and build the capacity and development of the banking sector in order to move to the development role and contribute to financing investment and reconstruction projects. 


 The exchange rate as the main achievement of monetary policy applications and one of its important objectives, which has positive repercussions on the revitalization of the economy and stabilize the monetary and financial system. 


 Ed oil as a key resource for revenue and continuing imports of all goods and not to encourage and support local production will inevitably lead to the continuation of the bank offer to sell dollars, according to its law because the reason is not supply but demand for the dollar for the reasons above.


The central bank announced at the meeting the launch of its strategy for the next five years to implement 21 projects for thedevelopment of the banking business after it was able to most of themain objectives to achieve the sub - first strategy for years (2016 -2020 ) , which became possible that the starting process begins full objectives of monetary policy to achieve the transition to The ranks of international banks sober certified by specialized international financial organizations. 


And that of the strategic banking projects which have been identified for future objectives and its impact according to a program for each project is limited to periods ofimplementation and reach the target during the years (2019 -2023These are development projects related to achieving financial inclusion such as the settlement of salaries and projects to restore confidence in the banking sector, such as the Deposit Guarantee Company, projects for structural, administrative and legal development such as the government guide project, projects for training, rehabilitation, capacity building, classification of banks, and projects to move banks from the role of banking to contributing to development as a combined Islamic finance project. It should be noted here that although the bank has begun planning for these projects since 2016 but also as stated the government is committed to the curriculum as it comes to the banking sector and as targeted by the National Development Plan (2018 - 2022 ) and the vision ofIraq in 2030.


The central bank's emphasis on working in accordance with its approach to economic reform since 2015 is anchoring the reality that the central bank and its current administration embody a bright spot in an unstable economic environment for subjective and objective reasons.


The results highlighted the experience of the Central Bank in supporting the national economy while maintaining its functions and objectives specified in its law, and its contribution to achieve economic resilience and promote the decisive victory over terrorism.


In addition to the results achieved on the scope of applications of monetary policy internally and convince global financial organizations, the most important official reports issued by them confirmed the success of the Central Bank's policy in achieving an important transition to the Iraqi economy and achieve stability in the exchange rate and the recovery of the Iraqi dinar and raise its purchasing power, one of the objectives of strengthening the economy.


In addition to his contributions and multiple initiatives to stimulate the economic cycle and enhance liquidity in banks and reach to re-coordinate bridges between the financial and monetary policies and propose new economic and structural policies to prepare public budgets for the coming years on the basis of programs and not items and attempts to restore confidence in the banking system.


The Central Bank has demonstrated its clear ability to interact, analyze business constraints and create conditions to overcome challenges. To build a solid national economy.






Selected Decisions and Selected Documents of the IMF, Thirty- Ninth Issue -- Multiple Currency Practices—Policy

Prepared by the Legal Department of the IMF
As updated as of March 31, 2017


[size=undefined][/size][size=undefined]Next Document>[/size]
ARTICLE VIII AND ARTICLE XIV
Multiple Currency Practices

MULTIPLE CURRENCY PRACTICES—POLICY
The Executive Board approves the decision set forth in SM/81/34, Supplement, 1 (3/17/81).
Decision No. 6790-(81/43),
March 20, 1981,
as amended by Decision No. 11728-(98/56),
May 21, 1998
SM/81/34, Sup. 1
The Executive Board has reviewed the Fund’s policy with respect to multiple currency practices. The Fund shall be guided by the approach outlined in the conclusions set forth below.

  • 1. Official action should not cause exchange rate spreads and cross rate quotations to differ unreasonably from those that arise from the normal commercial costs and risks of exchange transactions.

    • a.

      • (i) Action by a member or its fiscal agencies that of itself gives rise to a spread of more than 2 percent between buying and selling rates for spot exchange transactions between the member’s currency and any other member’s currency would be considered a multiple currency practice and would require the prior approval of the Fund.
      • (ii) An exchange spread that arises without official action would not give rise to a multiple currency practice.
      • (iii) Deviations between the buying and selling rates for spot transactions and for other transactions would not be considered multiple currency practices if they represent the additional costs and exchange risks for these other transactions.


    • b. Action by a member or its fiscal agencies which results in midpoint spot exchange rates of other members’ currencies against its own currency in a relationship which differs by more than 1 percent from the midpoint spot exchange rates for these currencies in their principal markets would give rise to a multiple currency practice. If the differentials of more than 1 percent in these cross rates persist for more than one week, the resulting multiple currency practice would become subject to the approval of the Fund under Article VIII, Section 3.
      When difficulties are encountered in the interpretation and application of these criteria in specific cases, particularly concerning the nature of official actions, the staff will present the relevant information to the Executive Board for its determination.



  • 2 The policy of the Fund on the exercise of its approval jurisdiction over exchange measures subject to Article VIII, as set forth in paragraph 2 of Executive Board Decision No. 1034-(60/27), adopted June 1, 1960, remains broadly appropriate. In accordance with this policy, the Fund will be prepared to grant approval of multiple currency practices introduced or maintained for balance of payments reasons provided the member represents and the Fund is satisfied that the measures are temporary and are being applied while the member is endeavoring to eliminate its balance of payments problems, and provided they do not give the member an unfair competitive advantage over other members or discriminate among members. The Fund will continue to be very reluctant to grant approval for the maintenance of broken cross exchange rates.
  • 3. In accordance with the Fund’s policy on complex multiple currency practices, as stated in Executive Board Decision No. 649-(57/33), adopted June 26, 1957, the Fund will not approve multiple currency practices under complex multiple rate systems unless the countries maintaining them are making reasonable progress toward simplification and ultimate elimination of such systems, or are taking measures or adopting programs which seem likely to result in such progress.
  • 4. While urging members to apply alternative policies not connected with the exchange system, the Fund will be prepared to grant temporary approval of multiple currency practices introduced or maintained principally for nonbalance of payments reasons, provided that such practices do not materially impede the member’s balance of payments adjustment, do not harm the interests of other members, and do not discriminate among members.
  • 5. To assist the Executive Board in reaching a decision concerning approval or nonapproval of a multiple currency practice subject to approval under Article VIII, Section 3, the reasons underlying the practice and its effects will be analyzed in reports on Article IV ­consultations or in other staff papers dealing with exchange ­systems. Consistent with the cycle of consultations under Article IV, approval will be granted for periods of approximately one year, in order to provide for a continual review by the Executive Board, except where the practice is maintained only for existing arrangements and for a specified period of time.

[size=undefined][/size][size=undefined]Next Document>[/size]




https://www.imf.org/external/SelectedDecisions/Description.aspx?decision=6790-(81/43)
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Central Bank announces strategic banking projects for the next five years Empty Re: Central Bank announces strategic banking projects for the next five years

Post by claud39 on Fri Sep 06, 2019 9:31 am

@claud39 wrote:

Central Bank announces strategic banking projects for the next five years





03/09/2019



Central Bank announces strategic banking projects for the next five years 16923




By Samir al-Nusairi


In the monthly meeting of the government and private banking leaders, Mr. Ali Al-Alak, Governor of the Central Bank of Iraq, stressed the continuation of the approach that the Bank is pursuing to stimulate the economy and build the capacity and development of the banking sector in order to move to the development role and contribute to financing investment and reconstruction projects. 


 The exchange rate as the main achievement of monetary policy applications and one of its important objectives, which has positive repercussions on the revitalization of the economy and stabilize the monetary and financial system. 


 Ed oil as a key resource for revenue and continuing imports of all goods and not to encourage and support local production will inevitably lead to the continuation of the bank offer to sell dollars, according to its law because the reason is not supply but demand for the dollar for the reasons above.


The central bank announced at the meeting the launch of its strategy for the next five years to implement 21 projects for thedevelopment of the banking business after it was able to most of themain objectives to achieve the sub - first strategy for years (2016 -2020 ) , which became possible that the starting process begins full objectives of monetary policy to achieve the transition to The ranks of international banks sober certified by specialized international financial organizations. 


And that of the strategic banking projects which have been identified for future objectives and its impact according to a program for each project is limited to periods ofimplementation and reach the target during the years (2019 -2023These are development projects related to achieving financial inclusion such as the settlement of salaries and projects to restore confidence in the banking sector, such as the Deposit Guarantee Company, projects for structural, administrative and legal development such as the government guide project, projects for training, rehabilitation, capacity building, classification of banks, and projects to move banks from the role of banking to contributing to development as a combined Islamic finance project. It should be noted here that although the bank has begun planning for these projects since 2016 but also as stated the government is committed to the curriculum as it comes to the banking sector and as targeted by the National Development Plan (2018 - 2022 ) and the vision ofIraq in 2030.


The central bank's emphasis on working in accordance with its approach to economic reform since 2015 is anchoring the reality that the central bank and its current administration embody a bright spot in an unstable economic environment for subjective and objective reasons.


The results highlighted the experience of the Central Bank in supporting the national economy while maintaining its functions and objectives specified in its law, and its contribution to achieve economic resilience and promote the decisive victory over terrorism.


In addition to the results achieved on the scope of applications of monetary policy internally and convince global financial organizations, the most important official reports issued by them confirmed the success of the Central Bank's policy in achieving an important transition to the Iraqi economy and achieve stability in the exchange rate and the recovery of the Iraqi dinar and raise its purchasing power, one of the objectives of strengthening the economy.


In addition to his contributions and multiple initiatives to stimulate the economic cycle and enhance liquidity in banks and reach to re-coordinate bridges between the financial and monetary policies and propose new economic and structural policies to prepare public budgets for the coming years on the basis of programs and not items and attempts to restore confidence in the banking system.


The Central Bank has demonstrated its clear ability to interact, analyze business constraints and create conditions to overcome challenges. To build a solid national economy.





December 2016

International Monetary Fund
IMF Country Report No.16/379

IRAQ

FIRST REVIEW OF THE THREE-YEAR STAND-BY
ARRANGEMENT AND FINANCING ASSURANCES REVIEW,
REQUESTS FOR WAIVERS OF NONOBSERVANCE AND
APPLICABILITY OF PERFORMANCE CRITERIA,
MODIFICATION OF PERFORMANCE CRITERIA, AND
REPHASING OF THE ARRANGEMENT—PRESS RELEASE;
STAFF REPORT; AND STATEMENT BY THE EXECUTIVE
DIRECTOR FOR IRAQ

Page 58 & 59 of 109 pages




D. Foreign Exchange Policy


 23. The government is committed to maintaining the peg with the U.S. dollar. The peg provides a key nominal anchor in a highly uncertain environment with policy capacity weakened by the conflict with ISIS. In August 2016, the CBI increased the amount of daily foreign exchange sales (¶14), without significant impact on the spread so far. To address concerns that foreign exchange sales by the CBI would finance terrorism or money laundering of illegal activities, the CBI has been strengthening its procedures to allocate foreign exchange with the technical assistance of the U.S. Treasury and the Federal Reserve Board and the recourse to external auditors. The CBI has also requested the technical assistance of the IMF Monetary and Capital Markets Department to analyze the reasons why the exchange rate spread between the official rate of the CBI foreign exchange sales and the parallel market rate has increased since the end of 2015 and to make recommendations to reduce the spread. 


24. The government will gradually remove remaining exchange restrictions and a multiple currency practice (MCP) with a view to eliminating exchange rate distortions. Such a move towards acceptance of the obligations under





6 The downward revision of the debt-to-GDP ratios compared to the SBA request stems from: (i) the downward revision of the stock of external public debt by $1 billion at end-2015 due to the elimination of double counting of one debt; the upward revision of nominal GDP in 2014–15 explained above (¶6); and the upward revision of oil production by 0.2 mbpd; and the upward revision of oil prices by about $2.5 per barrel in the medium term compared to the SBA request





acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investment community that Iraq is committed to maintain an exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate. As a first step, on October 16, 2016, the CBI made the weekly limits on the purchase of cash at the foreign currency auctions indicative, in the sense that any bank requiring additional cash for their clients’ legitimate travel expenses will be able to obtain the required amount above these limits on the basis of appropriate documentation. As a second step, the CBI will issue clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction (SB, Table 2), as recommended by a recent technical assistance mission of the IMF. 






file:///C:/Users/Nathalie/Downloads/_cr16379.pdf
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Post by claud39 on Sat Sep 07, 2019 9:08 am

ARTICLE VIII 




General Obligations of the Member States Section 


1. Introduction In addition to the obligations assumed under other provisions of these Statutes, each Member State undertakes to respect the obligations set out in this Article.


 Section 2. Non-use of restrictions on current payments


 (a) Subject to the provisions of Section 3


 (b), Article VII and Section 2 of Article XIV, no Member State shall impose, without the Fund's approval, restrictions on the realization of payments and transfers related to current international transactions.


 (b) Foreign exchange contracts which involve the currency of a Member State and are contrary to the exchange control rules of that Member State maintained or taxed in accordance with these Statutes shall not be enforceable in the territories of any Member State. 


In addition, Member States may, by mutual agreement, co-operate in measures designed to make the exchange control rules of one of them more effective, provided that such measures and regulations are in conformity with these Statutes. 


Art. VII, sections 4-5 Art. VIII, sections 1-2 VIII. General Obligations of the Member States 25 Section 3.


 Non-recourse to discriminatory monetary practices No Member State may resort to or allow any of its agencies referred to in Article V, 
Section 1, to resort to discriminatory measures or multiple exchange rate practices. 
within or outside the margins set out in section IV or prescribed by Schedule C or pursuant to its provisions, unless authorized by these Articles or by the Fund's approval . If such measures or practices exist on the date of entry into force of these Statutes, the Member State shall consult the Fund on their phasing out unless they are maintained or have been introduced. under 


section 2 of Article XIV, in which case the provisions of 


Section 3 of that Article shall apply. 


Section 4. Convertibility of assets held by other Member States


 (a) Each Member State must purchase the assets in its own currency held by another Member State if the latter, by requesting the purchase, declares that:


 (i) those assets have recently been acquired due to current transactions; or 


(ii) their conversion is necessary to make payments in respect of current transactions. The buying Member State may pay either special drawing rights, subject to the provisions of Section 4 of Article XIX, or the currency of the requesting Member State. 


(b) The obligation under paragraph 


(a) above shall not apply: 


(i) when the convertibility of the assets has been restricted in accordance with Section 2 of this Article or Section 3 of Article VI;


 (ii) when the assets have accumulated as a result of transactions carried out prior to the abrogation, by a Member State, of restrictions maintained or introduced in accordance with Section 2 of Article XIV;


 (iii) when the assets were acquired contrary to the exchange regulations of the Member State invited to purchase them; 


(iv) when the currency of the requesting Member State has been declared rare in accordance with Section 3 (a) of Article VII; Art. VIII, sections 3-4 VIII.


 (V) when the Member State invited to make the purchase has not, for any reason, the right to purchase from the Fund the currencies of other Member States in exchange for its own currency. 


Section 5. Disclosure of Information


 (a) The Fund may request the Member States to provide such information as it deems necessary for the conduct of its operations, including national data on the following, which are considered a minimum necessary for the fulfillment of his mission:


 (i) official, internal and external assets: 


(1) gold; 


2) in foreign currency; 


(ii) internal and external assets of banking and fi nancial institutions other than official bodies: 


(1) gold;


 2) in foreign currency;


 (iii) gold production; 


(iv) gold exports and imports, by country of destination and country of origin;


 (v) total exports and imports of goods, valued in national currency, by country of destination and country of origin; 


(vi) international balance of payments, including 1) trade in goods and services, 2) gold trading, 3) known capital transactions and 4) all other items;


 (vii) the situation of international investment, ie investments from abroad in the territories of the Member State and investments abroad by residents of the Member State, to the extent that it is possible to provide this information; 


viii) national income; 


(ix) price indices, that is, commodity prices, both wholesale and retail, and import and export prices; 


(x) foreign exchange buying and selling price; (xi) exchange regulations, ie the full set of rules in force at the time of the Member State's admission to the Fund and the detailed indication of subsequent changes as they occur; 


Art. VIII, section 5 VIII. Member States' general obligations 27 (xii) where there are formal clearing agreements, details of the amounts being cleared in settlement of commercial and fi nancial transactions and the time during which arrears have remained unpaid.


 (b) When requesting such information, the Fund shall take into consideration the extent to which the Member State may provide the requested data. Member States are not required to provide details to divulge the affairs of individuals or companies. However, Member States undertake to provide the information requested in as much detail and as accurately as possible and to avoid, as far as possible, providing simple estimates.


 (c) The Fund may make arrangements to obtain, in agreement with the Member States, additional information. It serves as a center for the collection and exchange of information on monetary and fi nancial problems, thus facilitating studies to assist Member States in developing policies to promote the achievement of the Fund's goals.


 Section 6. Consultations between Member States with Respect to International Agreements in Force Where, under the terms of these Articles and in the special or temporary circumstances specified therein, a Member State is authorized to maintain or impose restrictions on foreign exchange transactions. and that there are other commitments between the Member States which pre-date and are incompatible with the application of such restrictions, the parties to such commitments shall consult with a view to making any mutually acceptable amendments that are necessary. The provisions of this Article shall not preclude the application of Section 5 of Article VII. 


Section 7. Obligation to collaborate on policies relating to reserve assets Each Member State undertakes to collaborate with the Fund and with other Member States in order to ensure that the policy it adopts with regard to reserve assets should be consistent with the objectives of promoting better international supervision of international liquidity and making the Special Drawing Right the main reserve instrument of the international monetary system.

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