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The pragmatism of the economic landscape

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The pragmatism of the economic landscape Empty The pragmatism of the economic landscape

Post by claud39 on Wed Oct 30, 2019 9:42 am

Tuesday, October 29, 2019





The pragmatism of the economic landscape 980-Alsabbaq



Thamer Alhims
 
The pragmatism of its slogan, "Measuring things by its consequences," reflected negatively on its patrons, because of the wide interpretation between capitalism and the disciplined under the Keynesian theory, which came as an antidote to the crises of recession and economic recession in the light of the problem of economic cycles, concentrating 1 percent of wealth in one segment reduce spending to move Capital towards banks and the world of interest, rent and consumerism.

The courageous decision of the Central Bank to control the movement of funds, to be implemented in February 2020, came late but it is better than not to come. 


We also hope that the infrastructure that it embraces will be ready now, namely controlling the border outlets, enforcing e-government and reviving the external transfer directorate to support our real economy. Consumption tendency to resolve the window of selling the currency, which did not constitute a successful alternative according to the results and the accompanying and the economic and financial reasons are known.
The banking performance is supposed to evolve by converting hoarding into savings in banks, as 77 percent of the money block is chunky, which has directed banks to serve random import with its disastrous results in agriculture and industry in the absence of non-economic will and the uncontrolled financial performance as announced by us.
Therefore, it is necessary to read carefully the international economic scene that a crisis that will hit the world capitalist economy in 2022 will result in economic stagnation as a traditional cycle in the traditional capitalist system, and this will reflect on oil prices negatively, to make it low, which will negatively affect our economy because we are an oil country par excellence Some of the effects of this will hit us because we are still in indebtedness to their upper limits if measured in relation to national output. In terms of economic relations, we are in a slant trade balance for the benefit of China, Iran, Turkey and some countries 
Arabic.
Our real economy of agriculture and industry is not pleased despite the achievements of the protection of some Iraqi products because our private sector still needs to enter into partnerships with the public sector, which requires first to activate the hoarded investment of funds with enlightened and nationally aware hands before considering external borrowing.
Foreign and domestic investment should be through the relevant institutions and according to the example of our project in electricity with China, for example, and through identities and addresses in order to reverse the rentier equation and shift from just a dam for oil towers to producers of a national oil company and an oil law that protects it from futile procedures that have cost and still is Obstructing the Iraqi pilot project to be rewarded with neighboring countries at least with respect and efficiency.


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The pragmatism of the economic landscape Empty Re: The pragmatism of the economic landscape

Post by claud39 on Thu Oct 31, 2019 8:03 am

I noticed that some guru is talking about Article VIII about this article that mentions the brave decision of the central bank to control the movement of funds, to be implemented in February 2020, and that they mention to you that it could be Article VIII, so I give you the text on Article VIII so that you can make your own opinion on it !! Good day to all !!


Claud (Moose)



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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The pragmatism of the economic landscape Empty Re: The pragmatism of the economic landscape

Post by claud39 on Thu Oct 31, 2019 8:17 am

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 


IMF Country Report No. 16/379 


December 2016

page 58 and 59

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 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.
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The pragmatism of the economic landscape Empty Re: The pragmatism of the economic landscape

Post by claud39 on Fri Nov 01, 2019 12:31 pm

Good morning all !! As you know I do not like to give my opinion, because I do not like to insist on the subject, and each of us have our point of view on the image that takes place in Iraq, so I like better do a little editing to put the truth of what could happen for February 2020, after that it will be up to you to make your own opinion on the subject, as I regularly mention I am not a guru, but a reader of new who shares the news that I see every day on the forum, good reading, and good day to all !!!


My first question is when the dates of the fiscal year in Iraq, so here is my answer !!!


Claud (Moose)


Iraq: Business Environment


The pragmatism of the economic landscape Drapeau_irak





On this page: Accounting rules | Tax rates | Intellectual property | Legal framework | Standards | Business practice
 

Accounting rules

The fiscal yearThe fiscal year begins on January 1 and ends on December 31 of the same year.Accounting standardsIraq's Law No. 21 of 1997 defines declaratory requirements in Iraq. According to the law, all companies must use IFRS or IFRS for small and medium enterprises.
All IFRS standards must be applied in companies whose securities are listed on the markets, in private banks, in private companies whose capital is open and consulting firms.
Iraq's Interim Securities Market Law (adopted on April 18, 2004) mandates the use of IFRS for all companies listed on the Iraq Stock Exchange.The account structureBalance sheet and income statement.Publication requirementsRegistered institutions are required to produce annual financial statements, in Arabic and with the accounting currency of the Iraqi dinar, in accordance with the Iraqi Harmonized Chart of Accounts.

The pragmatism of the economic landscape Ancre

Tax rates

Consumption taxes

The nature of the taxSales taxThe standard rateN / AThe reduced rateN / AOther consumption taxesA consumption tax of 300% is applied on alcohol and tobacco, one of 15% on tickets and cars, one of 20% on telephone recharge cards and on the internet. Premium and luxury restaurants and hotels are subject to a 10% consumption tax.
More information on the Globaltrade.net Service Provider in Iraq page , the Directory for International Trade Service Providers.
The pragmatism of the economic landscape Ancre
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Taxes on companies

Corporation tax15%The tax rate for foreign companiesForeign companies are taxed at the same rate as domestic companies. Income earned in Iraq by contracts with foreign oil companies, their branches or offices, and contractors working in Iraq in the oil and gas production and related industries are subject to a withholding tax. source (generally between 3% and 3.3%, 7% for oil and gas).Taxation of capital gainsCapital gains realized on the disposal of assets must be recognized in ordinary income and taxed at the normal rate of corporation tax. Dividends received by an Iraqi entity are generally not subject to tax, if the profits distributed through dividends have previously been taxed in Iraq.Deductions and tax creditsUnder tax law, legally documented expenditures incurred by a taxpayer to generate income in Iraq are generally deducted from profits from other sources.
Depreciation of property, plant and equipment is tax deductible (with rates set by the Iraq Sinking Committee). There is no provision in Iraq's tax legislation for the deductibility of goodwill or interest expense. Start-up costs are also not covered by Iraqi legislation. However, they are generally deductible in accordance with accounting principles generally accepted by Iraq.
Bad debts are generally deductible
Donations to recognized institutions are generally deductible.
Fines and taxes are not deductible.
The losses can be carried forward over five years, but are limited to half of the taxable income of each of the five years. The carryover of losses is not allowed.Other corporate taxesA 10% base tax is levied on the annual income of all real estate and is collected from the real estate owner or long-term tenant (five years).
Stamp duty for contracts varies between 0.1% and 3% of the value of the contract.
The employer is required to withhold tax on salaries and wages paid to its employees and remit it to the tax authorities.
With regard to social security contributions, employers are divided into several categories with different contribution percentages. Employers classified in the "premium" category contribute at a higher rate (25% of the employer and 5% of the employee), while the other categories contribute to a lower rate (12% of the employer and 5% of the employer). % of the employee).Other useful resourcesVisit the Doing Business site for the amount of taxes and mandatory contributions.

 

International comparison of corporate taxation

[/size][th]Iraq[/th][th]Middle East & North Africa[/th][th]United States[/th][th]Germany[/th][th]Number of tax payments per year[/th][th]Time required for paperwork in hours[/th][th]Total amount of taxes as% of profits[/th]
 
15.017.810.69.0
312.0208.2175.0218.0
30.832.343.849.0
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Source: Doing Business - Latest data available.
[/size]
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Taxes on people's income

The standard rate

[/size]
Personal income taxProgressive rate between 3% and 15%
0 - 250,000 Iraqi dinars3%
250,001 - 500,000 Iraqi dinars5%
500,001 - 1,000,000 Iraqi dinars10%
Above 1,000,000 Iraqi dinars15%
Region of Kurdistan5% on base salary, 30% beyond
[size]
Deductions and tax creditsUnder the tax legislation, the deductible annual allowances for the wages received are as follows: an amount equal to 100% of the salaries received from the government, public institutions and local authorities; contributions to a social security system.
Iraq's tax authorities allow a tax exemption on "risk premiums"; in practice, these allowances should not exceed 30% of the basic salary.
Persons working in the private sector are entitled to personal allowances: 2.5 million IQD for a single person, 4.5 million IQD for a married person, 300,000 IQD for the allowance for age (over 65 years), 200.00 IQ for child allowance.Special schemes for expatriatesAll income from Iraq is taxed regardless of the taxpayer's residence status. Income from abroad from funds and deposits held in Iraq is also taxable.

[/size]
The pragmatism of the economic landscape Ancre
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Double taxation agreements

Countries with which a double taxation agreement has been signedIraq is a signatory of a treaty of the Council of the Arab Economic Union; however, in fact, it does not seem to be fully applied. Hungary is the only EU country with which Iraq has signed a tax treaty.
Withholding taxesDividends - Iraq does not levy a dividend tax on dividends.
Interest - Anyone who makes interest payments or similar payments from Iraq to a foreign lender is subject to a 15% exit tax.
Royalties - A withholding tax applies to payments to subcontractors (between 3% and 7%).Bilateral agreementsIraq and France are not bound by a double taxation convention.

[/size]
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Sources of tax information

Tax authoritiesIraqi General Tax Commission

[/size]
The pragmatism of the economic landscape Ancre

More information on the "Taxes and Accounting in Iraq" page of Globaltrade.net, the Directory for International Trade Service Providers.

Intellectual property

The relevant national bodiesMinistry of Culture - Intellectual Property Council


Department of Industrial Property
The relevant regional bodiesIraq is member of the World Intellectual Property Organization (English World Intellectual Property Organization or WIPO).
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Legal framework

The independence of justiceThe independence of the judiciary is guaranteed by Article 87 of the 2005 Constitution . However, according to Human Rights Watch, abuses by the criminal justice system are a major problem in Iraq and the criminal justice system is poisoned by its opacity and arbitrariness.Fairness of treatment for foreignersForeign citizens engaged in criminal proceedings in Iraq have the same rights as those granted to Iraqi citizens. Specific rights are also granted to them, such as the possibility of seeking judicial cooperation from their country in respect of proven or suspected crimes that they have (or are alleged to have) perpetrated. In fact, this equality may not be respected.The language of justiceThe official languages ​​of Iraq are Arabic and Kurdish.The use of an interpreterForeigners may request an interpreter.Sources of law and legal similaritiesThe Council of Representatives (or Chamber of Deputies) and the Council of the Federation hold the legislative power in Iraq.On-line law consultationDatabase of Iraqi laws

More information on the Globaltrade.net "Lawyers and Legal in Iraq" page , the Directory for International Trade Service Providers.
The pragmatism of the economic landscape Ancre

Standards

Standards bodiesCentral Organization for Standardization and Quality Control (COSQC)
Inclusion in the international standardization networkThe Central Organization for Standardization and Quality Control ( COSQC ) is a member of the International Organization for Standardization ( ISO ) and the International Electrotechnical Commission (International English). Eletrotechnical Commission or IEC ).Classification of standardsIRQ 368Consultation of on-line standardsSee the ISO catalogCertification bodiesCentral Organization for Standardization and Quality Control (COSQC)

The pragmatism of the economic landscape Ancre

Business practice

Days and opening hoursThe offices of the administration are open from Saturday to Thursday, from 8am to 14h.
Banks are open from Saturday to Thursday from 8h to 12h30 (until 12h on Saturdays).
Shops and shopping centers are open from 9am to 6pm.
The offices of private companies are open from 8h to 17h, with lunch breaks of one or two hours.
During the month of Ramadan, work schedules are commonly reduced.

 

Holidays

The exact dates of the Islamic Calendar are based on the appearance of the moon, so holidays can occur each year on different dates of the Georgian calendar.
New Year's DayJanuary 1st
Army DayJanuary 6, 2018
NarouzMarch 21, 2018
Labor DayMay 1, 2018
Feast of Eid al-FitrJune 15, 2018
Feast of Eid al-FitrJune 16, 2018
Feast of Eid al-FitrJune 17, 2018
Feast of the RepublicJuly 14, 2018
Feast of Eid al-AdhaAugust 22, 2018
Feast of Eid al-AdhaAugust 23, 2018
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Periods during which companies are generally closed

[/size]
Eid al-AdhaAccording to the Islamic calendar

 
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Last updates in October 2019





http://www.expert-comptable-international.info/fr/fiches-pays/irak/environnement-des-affaires#haut
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The pragmatism of the economic landscape Empty Central Bank of Iraq: the project of deleting zeros from the currency still exists

Post by claud39 on Fri Nov 01, 2019 12:47 pm

2 same news except with different dates is the first in October 2018, and the other in October 2014 that says the project still exists!

Central Bank of Iraq: the project of deleting zeros from the currency still exists




October 11, 2018





The pragmatism of the economic landscape Snqte





The Central Bank of Iraq that the draft deletion of zeros from the Iraqi currency still exists.
The director of issuance and treasuries Abdul Karim Hassan Shannon that the project to delete the zeros was supposed to start during 2014, but the security events and the control of the Islamic State in five provinces led to the postponement, pointing out that the project is to delete three zeros from the current currency with the introduction of large currencies and currencies Metallic.
Shannon said that the current mass of money is 44 trillion dinars.




https://alrafidain.org/post/22705/%d8%a7%d9%84%d8%a8%d9%86%d9%83-%d8%a7%d9%84%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82%d9%8a-%d9%85%d8%b4%d8%b1%d9%88%d8%b9-%d8%ad%d8%b0%d9%81-%d8%a7%d9%84%d8%a3%d8%b5%d9%81%d8%a7%d8%b1-%d9%85%d9%86-%d8%a7%d9%84%d8%b9%d9%85%d9%84%d8%a9-%d9%85%d8%a7-%d8%b2%d8%a7%d9%84-%d9%82%d8%a7%d8%a6%d9%85%d8%a7










[size=39]Iraqi Dinar revaluation postponed by Central Bank for 5 years says MP Noura al-Bajari[/size]



Oct 29, 2014, 11:54 pm






The pragmatism of the economic landscape %D8%A7%D9%84%D9%86%D8%A7%D8%A6%D8%A8-%D8%B9%D9%86-%D8%A7%D9%84%D9%82%D8%A7%D8%A6%D9%85%D8%A9-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A%D8%A9-%D9%86%D9%88%D8%B1%D9%87-%D8%A7%D9%84%D8%A8%D8%AC%D8%A7%D8%B1%D9%8A







Baghdad (IraqiNews.com) A member of the Parliamentary Economic and Investment Commission, MP Noura al-Bajari, confirmed on Wednesday that the initiative to revalue and delete zeros from the Iraqi Dinar is ready for implementation by the Central Bank although it will be delayed by five years given the political and security situation of Iraq.
In an interview with IraqiNews.com al-Bajari said “The policy to delete zeros from the Iraqi currency is ready to be executed by the Central Bank, however, its implementation will be delayed by 5 years on the basis of the extreme security and political situation of the country.”
Al-Bajari said that the head of the Central Bank of Iraq had previously said that this policy from parliament was accepted and that the zeros will be deleted from the Iraqi currency in the next 5 years.


https://www.iraqinews.com/features/iraqi-dinars-project-postponed-5-years-says-central-bank/
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The pragmatism of the economic landscape Empty The Ministry of Foreign Affairs hands over the last batch of archives and the Emiri archives to the Kuwaiti side

Post by claud39 on Fri Nov 01, 2019 12:59 pm

Another good news that we had on October 27, 2019 with the settlement they had between Iraq and Kuwait



[size=34]The Ministry of Foreign Affairs hands over the last batch of archives and the Emiri archives to the Kuwaiti side[/size]


 27/10/2019





The pragmatism of the economic landscape Photo_2019-10-27_16-20-17






The Ministry of Foreign Affairs handed over to the Kuwaiti side the last batch of archives and the Emiri archive.

Undersecretary of the Ministry of Foreign Affairs for Legal Affairs and Multilateral Relations, Ambassador Hazem Al-Yousifi, headed the Iraqi delegation, and 200,000 books belonging to Kuwait University and the National Library were handed over.

Al-Yousifi explained that Iraq has handed over all Kuwaiti property found by the concerned authorities.

This is in compliance with relevant UN Security Council resolutions, the latest of which is resolution 2107 of 2013.




https://undocs.org/S/RES/2107(2013)


https://www.mofa.gov.iq/2019/10/?p=5558




Security Council 

Distr.: General 27 June 2013 

13-37663* (E) *1337663* Resolution 2107 (2013) Adopted by the Security Council at its 6990th meeting, on 27 June 2013 

The Security Council, Recalling its relevant resolutions on the situation between Iraq and Kuwait, in particular resolutions 686 (1991), 687 (1991), 833 (1993), and 1284 (1999), and the reports of the Secretary-General pursuant to paragraph 14 of resolution 1284, 

Recognizing that the situation that now exists in Iraq is significantly different from that which existed at the time of the adoption of resolution 661 (1990), and further recognizing the importance of Iraq achieving international standing equal to that which it held prior to the adoption of resolution 661 (1990),

 Welcoming Iraq’s continued demonstration of its commitment to the full implementation of its outstanding obligations under the relevant Chapter VII resolutions, namely the continuation of payment of the outstanding amount of compensation administered by the United Nations Compensation Commission, and both Iraq and Kuwait’s efforts to advance regional stability, and welcoming also all the positive steps that have been taken by the Government of Iraq to fulfil resolution 833 (1993), 

Welcoming further the ongoing cooperation between Iraq and Kuwait in the search for missing Kuwaiti and third-country nationals within the framework of the Tripartite Commission and its Technical Subcommittee under the auspices of the International Committee of the Red Cross (ICRC), and the positive efforts by the Government of Iraq regarding the return of all Kuwaiti and third-country nationals or their remains, and the return of Kuwaiti property,

 Reiterating the need for continued efforts to locate and repatriate missing Kuwaiti property, including the national archives, through the Iraqi interministerial committee established for this purpose,

 Expressing its deep appreciation to the late Ambassador Yuli Vorontsov and Ambassador Gennady Tarasov, who in the capacity of High-level Coordinator, devoted their time and professional skills to carrying out the mandate outlined in paragraph 14 of resolution 1284 (1999) and ensuring that its implementation built trust between Iraq and Kuwait and contributed to the full normalization of their relations, 



Noting that the mandate of the United Nations Assistance Mission for Iraq (UNAMI) includes advising, supporting, and assisting the Government of Iraq in facilitating regional dialogue, With consideration to the provisions of Chapter VI of the Charter of the United Nations on the pacific settlement of disputes, 

 1. Welcomes the report of the Secretary-General of 17 June 2013 (S/2013/357) and the letters from the Deputy Prime Minister and Minister of Foreign Affairs of the State of Kuwait1 and the Minister of Foreign Affairs of the Republic of Iraq2 to the Secretary-General; 

 2. Calls upon the Government of Iraq, in furtherance of its commitment to facilitate the repatriation of all Kuwaiti and third-country nationals referred to in paragraph 30 of resolution 687 (1991), to continue cooperation with the International Committee of the Red Cross (ICRC) by providing any information of such persons, facilitating the access of ICRC to all such persons wherever they might be and facilitating the search by ICRC for those Kuwaiti and third-country nationals or their remains still unaccounted for, and to continue efforts to search for missing Kuwaiti property, including the national archives, through its interministerial committee; 

 3. Decides, under Chapter VII of the Charter of the United Nations, to terminate the measures in paragraphs 2 (c), 2 (d) and 3 (c) of resolution 686 (1991), paragraph 30 of resolution 687 (1991) and the arrangements set forth in paragraph 14 of resolution 1284 (1999), and reaffirmed in subsequent relevant resolutions; 

 4. Requests that the Special Representative of the Secretary-General and Head of the United Nations Assistance Mission to Iraq (UNAMI) promote, support and facilitate efforts regarding the repatriation or return of all Kuwaiti and thirdcountry nationals or their remains, and the return of Kuwaiti property, including the national archives, seized by Iraq, further requests the Secretary-General to report separately to the Security Council on these matters in his reports on the progress made towards the fulfilment of all UNAMI’s responsibilities, and also requests that the Secretary-General consider designating the Deputy Special Representative of the Secretary-General at UNAMI covering political affairs with the responsibility for overseeing these issues and ensuring appropriate resources for this purpose; 

 5. Expresses its intention to review the modalities of the reporting referred to in operative paragraph 4 of this resolution, upon the eventual termination of UNAMI’s mandate, with a view towards considering a continued role for the United Nations in such matters if needed; 

 6. Decides to remain seized of the matter. 



https://undocs.org/S/RES/2107(2013)
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The pragmatism of the economic landscape Empty Iraq Stock Exchange signs agreement with US stock exchange on trading technology

Post by claud39 on Fri Nov 01, 2019 1:07 pm

Iraq Stock Exchange signs agreement with US stock exchange on trading technology

2019-07-18

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The pragmatism of the economic landscape Doc-P-311914-636990557435024084



The Iraqi market for Iraqi securities, Thursday, the signing of a new agreement with the US stock exchange on the technology of trading and deposit securities.


"Nasdaq and the Iraqi Securities Exchange (ISX) have signed a new agreement to expand their technology relationships for the next five years starting in October 2019." NASDAQ said, "NASDAQ will continue License, support and maintain ISX systems and upgrade the technology of trading and securities deposit (CSD) for the next five years ".


"The use of NASDAQ technology is a positive signal for local and international investors and regulators that Iraq will step up its efforts to become an important financial center for securities trading," said Taha Ahmed Abdul Salam, chief executive of the market. 

"With the next development and the use of the latest Nasdaq technology, ISX will join the stock market community in the Middle East in deploying high quality multi-asset trading technology that meets international standards," said Michel Carlson, Managing Director, NASDAQ Middle East. To support ISX while continuing to develop and innovate. "


https://www.alsumaria.tv/news/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF/311914/%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%84%D9%84%D8%A3%D9%88%D8%B1%D8%A7%D9%82-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%8A%D9%88%D9%82%D8%B9-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D9%85%D8%B9-%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A7
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The pragmatism of the economic landscape Empty Re: The pragmatism of the economic landscape

Post by claud39 on Fri Nov 01, 2019 1:11 pm

The International Finance Corporation (IFC) adopts the Corporate Governance Guide for Banks issued by the Central Bank of Iraq


October 15, 2019



The pragmatism of the economic landscape Article-157113584016921

The International Finance Corporation ( IFC ) has adopted the "Guide to Corporate Governance for Iraqi Banks" issued by the Central Bank of Iraq.
 
It is noteworthy that the corporate governance of banks aims to determine the nature of the relationship between the board of directors of the bank and the executive management in order to protect the funds of depositors, shareholders and stakeholders and ensures disclosure and transparency.
 
Central Bank of Iraq
information Office
2019/10/15

»To view the corporate governance guide for Iraqi banks ... click here


https://cbi.iq/static/uploads/up/file-157113398226961.pdf



https://cbi.iq/news/view/1313
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The pragmatism of the economic landscape Empty Deputy Prime Minister and Minister of Finance meets US Treasury Secretary

Post by claud39 on Fri Nov 01, 2019 1:13 pm

Deputy Prime Minister and Minister of Finance meets US Treasury Secretary



Thursday, October 17, 2019




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The pragmatism of the economic landscape Mof55





Deputy Prime Minister and Minister of Finance , Mr. Fuad Hussein , US Treasury Secretary , Mr. Stephen Mansion met in Washington and was during the meeting to discuss the economic situation in Iraq as well as the US government 's efforts in providing support to the Iraqi government, especially with regard to the work of major US companies in the energy sector   


The two sides also discussed the Iraqi political situation and the region and the recent Turkish operations in Syria and what could cause tension in the Middle East.


The two sides also agreed to continue cooperation between the Iraqi government represented by the Ministry of Finance and the US Treasury.





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The pragmatism of the economic landscape Empty Deputy Prime Minister and Minister of Finance Meets with World Bank Group CEO

Post by claud39 on Fri Nov 01, 2019 1:18 pm

Deputy Prime Minister and Minister of Finance Meets with World Bank Group CEO


[size=14]Sunday 20 October 2019



The pragmatism of the economic landscape Mof77


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Deputy Prime Minister and Minister of Finance , Mr. Fuad Hussein , Chief Executive Officer of the World Bank Group , Dr. Hassan Marzar met in Washington.


During the meeting, they reviewed the economic and financial situation in Iraq as well as discussing the Bank's activities, especially initiatives that support the strengthening of the role of the private sector as an effective economic partner in revitalizing the Iraqi economy .


The Deputy Prime Minister pointed out that the government has adopted a comprehensive policy of economic reform by laying the foundations for combating red tape, corruption, introducing technology and utilizing the advanced international expertise in building economic sectors in its various activities .








The pragmatism of the economic landscape Empty 
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The pragmatism of the economic landscape Empty The finance minister discusses in Washington with banking institutions new policies to accelerate the implementation of projects

Post by claud39 on Fri Nov 01, 2019 1:20 pm

The finance minister discusses in Washington with banking institutions new policies to accelerate the implementation of projects



2019/10/21

The pragmatism of the economic landscape Story_img_5dad867a05dbf


Deputy Prime Minister and Minister of Finance Fuad Hussein and his delegation in Washington held a number of meetings and meetings within the delegation's program to strengthen economic and financial relations with international organizations and institutions.

The Minister of Finance met the Executive Director of the International Monetary Fund Mitsu Hero Furusao and during the meeting discussed the possibility of strengthening cooperation between Iraq and the Fund in the interest of Iraq and contribute to the development of the economic sector.

Separately, the Deputy Prime Minister and Minister of Finance met with the World Bank Group and MIGA and thanked them for their support to develop economic sectors, as well as discussing the continuation of support to create new jobs, support small and medium enterprises and contribute to giving expertise to carry out general reforms of the economic institution.

On the other hand, the Iraqi delegation met with Farid Balah, Vice President of the World Bank for the Middle East and North Africa, during which the meeting reviewed the projects implemented by the Bank in Iraq and agreed to adopt new policies to accelerate the implementation of projects.

He also met with Deputy Prime Minister and Minister of Finance representative of the German Ministry of Economic Cooperation and Development Christine Toetzk and discussed with them the possibility of long-term cooperation to help the Iraqi government in achieving economic development goals.

It is worth mentioning that the delegation held a series of meetings with international monetary institutions and international banks such as Lazard Freres and Deutsche Bank in order to strengthen relations and cooperation in the financial sector and banking and contribute to infrastructure projects and reconstruction.

The meetings were attended by advisers to the prime minister and general directors of the Ministry of Finance and Iraq's ambassador in Washington



https://alforatnews.com/modules/news/article.php?storyid=215865
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The pragmatism of the economic landscape Empty The United States increases funding to Iraq

Post by claud39 on Fri Nov 01, 2019 1:28 pm

The United States increases funding to Iraq


18 October 2019 09:09 PM

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The pragmatism of the economic landscape 1024


[size=17]Direct: The State of Iraq signed a memorandum of understanding worth $ 5 billion with the United States, to create jobs .


The adviser to the Prime Minister, Abdul Hussein al-Hanin, said on Friday that his country has signed with the United States a memorandum of understanding of $ 5 billion, explaining that the agreement was made between the Ministry of Finance and the Export-Import Bank of America "EXIM" , according to the Iraqi news agency "conscious ".

The recent agreement will increase the total amount of financing from the Export-Import Bank of America from three billion dollars to five billion dollars, Al-Haneen said .

He continued, that the agreement reflects the partnership in areas that will create jobs in Iraq and strengthen the relationship between the two countries .

Nominations


https://www.mubasher.info/news/3546099/%D8%A7%D9%84%D9%88%D9%84%D8%A7%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%AA%D8%AD%D8%AF%D8%A9-%D8%AA%D8%B2%D9%8A%D8%AF-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D9%82%D8%AF%D9%85%D8%A9-%D9%84%D9%84%D8%B9%D8%B1%D8%A7%D9%82
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The pragmatism of the economic landscape Empty The Central Bank launches the electronic platform for financial transactions between banks operating in Iraq

Post by claud39 on Fri Nov 01, 2019 1:35 pm

[size=35]The Central Bank launches the electronic platform for financial transactions between banks operating in Iraq[/size]


2019-06-20



[size=35]The pragmatism of the economic landscape Doc-P-308387-636966236017882643
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The Central Bank of Iraq, Thursday, on the launch of electronic platform for financial trading between banks operating in Iraq.


The bank said in a statement received by Alsumaria News that it has initiated the procedures of launching the electronic platform for financial transactions between banks operating in Iraq (Interbank Market (FX, Money Market), noting that the platform is establishing a regulated electronic financial market opens and facilitates the way for foreign investment in Iraq ".






"The platform aims to increase cooperation between banks and increase their ability to diversify financial services for their clients and attract commercial and financial operations available in the market," the bank said.

The Bank noted that "within the framework of these procedures, the Central Bank sponsored a technical workshop between one of the leading international companies in the areas of financial solutions and a number of banks operating in Iraq with the support of the Association of Iraqi private banks."


https://www.alsumaria.tv/news/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF/308387/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%B7%D9%84%D9%82-%D8%A7%D9%84%D9%85%D9%86%D8%B5%D8%A9-%D8%A7%D9%84%D8%A5%D9%84%D9%83%D8%AA%D8%B1%D9%88%D9%86%D9%8A%D8%A9-%D9%84%D9%84%D8%AA%D8%AF%D8%A7%D9%88%D9%84%D8%A7%D8%AA-%D8%A7%D9%84?src=rss&utm_campaign=rss&utm_source=Rss-articles&utm_term=Rss&utm_medium=Rss-308387
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The pragmatism of the economic landscape Empty The Minister of Planning signs a Memorandum of Understanding with the World Bank to support the stabilization and reconstruction efforts in the liberated areas

Post by claud39 on Fri Nov 01, 2019 1:40 pm

The Minister of Planning signs a Memorandum of Understanding with the World Bank to support the stabilization and reconstruction efforts in the liberated areas


2019-04-04



The pragmatism of the economic landscape 155436131023bd44c0ecad4c9b9a0d382f993d97fd--%D9%85%D9%85%D8%AB%D9%84_%D8%A7%D9%84%D8%A8%D9%86%D9%83_%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A









Minister of Planning, Dr. Nuri Sabah Al-Dulaimi, on Wednesday signed a memorandum of understanding with the World Bank to support the stabilization and reconstruction efforts in the liberated areas. The agreement was signed by Saroj Kumar Ja, Director of Mashreq Bank.
Dr. Nouri Al-Dulaimi explained that this memorandum will contribute to support and increase the quality of infrastructure projects being implemented by the Iraq Recovery and Reconstruction Fund, which is managed jointly by the World Bank and the Ministry of Planning. Sustainable Development in Iraq.
For his part, the Director of the Mashreq Department at the World Bank praised the efforts of the Minister of Planning in providing the appropriate conditions to achieve this support, which is part of the outcome of the Kuwait Donors Conference.


The pragmatism of the economic landscape 155436131023bd44c0ecad4c9b9a0d382f993d97fd--%D9%85%D9%85%D8%AB%D9%84_%D8%A7%D9%84%D8%A8%D9%86%D9%83_%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A



https://mop.gov.iq/activities_minister/view/details?id=555
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The pragmatism of the economic landscape Empty In the presence of representatives of the international community .. The Minister of Planning chairs a meeting to discuss efforts to restore stability and achieve development in the liberated areas

Post by claud39 on Fri Nov 01, 2019 1:42 pm

In the presence of representatives of the international community .. The Minister of Planning chairs a meeting to discuss efforts to restore stability and achieve development in the liberated areas


2019-04-02



The pragmatism of the economic landscape 1554213952cbdd50e61f8cb137338fa2dcb65abc1d--%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9_%D8%A7%D8%B9%D8%A7%D8%AF%D8%A9_%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D9%82%D8%B1%D8%A7%D8%B1_%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9





The Minister of Planning, Dr. Nuri Sabah Al-Dulaimi, chaired on Monday, an expanded meeting to discuss efforts to restore stability and achieve development in the liberated areas. A number of members of the World Bank mission and a representative of the British Agency for Development.

During the meeting, which was attended by the Technical Undersecretary of the Ministry of Planning and the Director General of the Sector Planning Department at the Ministry, they discussed ways to unify local and international efforts to restore stability and recovery and reconstruction of the liberated areas, and translate the international commitments obtained by Iraq from the Kuwait Conference into joint memorandums of understanding to finance projects in those areas. And mechanisms to be managed by the UN and World Bank trust funds, in accordance with the priorities of the Iraqi government programs and the five-year development plan.

Dr. Nouri al-Dulaimi explained during the meeting that the main priorities of the Iraqi government are the rehabilitation of infrastructure and the provision of services and employment opportunities, and strive to provide a safe environment that contributes to facilitate the voluntary return of displaced people, praising the efforts of the international community in the processes of liberation and restoration of the liberated areas, pointing out that The vision of the Iraqi government depends on the foundations aimed at achieving a comprehensive reform and developmental integration among all projects.

The British and German ambassadors expressed their appreciation for the efforts of the Iraqi government and people in defeating terrorism, praising the role of the Minister of Planning in drawing up a successful development policy based on achieving partnership with the international community, stressing their quest for more support for Iraq and enable it to restore stability and recovery and reconstruction.

For his part, the representative of the World Bank welcomed the level of joint cooperation with the Ministry of Planning.


The pragmatism of the economic landscape 1554213952cbdd50e61f8cb137338fa2dcb65abc1d--%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9_%D8%A7%D8%B9%D8%A7%D8%AF%D8%A9_%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D9%82%D8%B1%D8%A7%D8%B1_%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9



https://mop.gov.iq/activities_minister/view/details?id=550
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The pragmatism of the economic landscape Empty Governor of the Central Bank sponsors the first Iraqi conference of companies to mediate the sale and purchase of foreign currencies

Post by claud39 on Fri Nov 01, 2019 1:48 pm

Governor of the Central Bank sponsors the first Iraqi conference of companies to mediate the sale and purchase of foreign currencies


January 22, 2019


The pragmatism of the economic landscape News-154814018083024

Under the patronage of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail was held the first Iraqi conference of brokerage companies to sell and buy foreign currencies working, which was attended by the Director General of Banking and Credit Control Department in this bank in addition to the participation of a large number of departments of brokerage companies to buy and sell foreign currencies and their owners A number of members of the House of Representatives and financial and economic figures.

He stressed the sovereignty of the Governor of the Central Bank during a speech at the opening of the conference to the need to promote the reality of the work of mediation companies to sell and buy foreign currency in order to serve the Iraqi economy.

He listened to the requests of brokerage firms to buy and sell foreign currencies and discussed some of them during the conference, stressing that all requests will be examined with the concerned authorities in the Central Bank and the possibility of resolving them in record time.

Tuesday, January 22, 2019
The pragmatism of the economic landscape File-154814008854938
The pragmatism of the economic landscape File-154814013533607
The pragmatism of the economic landscape File-154814016484610


Last edited by claud39 on Fri Nov 01, 2019 1:55 pm; edited 1 time in total
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The pragmatism of the economic landscape Empty The Companies Registration Department grants a certificate of incorporation

Post by claud39 on Fri Nov 01, 2019 1:54 pm

Here is the last 2 news of the central bank, my first is dated January 22, 2019, and my last is dated October 24, 2019, it was my little summary on the article of the beginning that I made you, it's is yours members of the forum to make your point of view on the subject, good day to all !!!


Claud (Moose)




The Companies Registration Department grants a certificate of incorporation


October 24, 2019





The pragmatism of the economic landscape Article-157189734687753






The Central Bank of Iraq announces to the Department of Companies Registration at the Ministry of Commerce the certificate of establishment of the Iraqi company to guarantee deposits / mixed contribution, in accordance with the provisions of Article (19) of the Companies Law No. (21) for the year 1997 amended.
 

The Iraqi company was established to guarantee deposits with the contribution of (42) banks, and the number rose after the IPO session to (63) banks, including (7) government banks and (40) private Iraqi banks, and (16) Arab and foreign banks, in addition to (4) companies Government and mixed, as well as the National Pension Agency / State Pension Fund, where the capital of the company (100) billion dinars.
 

It is noteworthy that the deposit guarantee companies found to support efforts in stabilizing the financial and banking system inside Iraq.
 

Central Bank of Iraq
information Office
24 October 2019



The pragmatism of the economic landscape File-157190140482918



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The pragmatism of the economic landscape Empty Re: The pragmatism of the economic landscape

Post by claud39 on Fri Nov 01, 2019 2:12 pm

I will add 2 other news that make sense for a change, it was my summary on the subject, and let's not forget why the project has been delayed, the Islamic state, good day to all!

Claud (Moose)



N° 95 — August/September 2019 




Accession State of Play 


Iraq: Following the joint World Bank – WTO Workshop on the Accession of Iraq, which took place in Beirut on 25-26 July, the Secretariat, the World Bank and the Government of Iraq are working towards organizing a High-Level Conference on the WTO Accession of Iraq, in Baghdad, at the end of November. The conference is intended to facilitate the formal reactivation of the accession process. A visit to Baghdad by the Chairman of the Working Party, Ambassador Omar Hilale (Morocco), is envisaged to take place at the same time as the conference.

 

https://www.wto.org/english/thewto_e/acc_e/nl_e/2019_05_acc_newsletter_e.pdf
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The pragmatism of the economic landscape Empty Trump announces al-Baghdadi's death in Syria: He blew himself up after being trapped in a tunnel

Post by claud39 on Fri Nov 01, 2019 2:18 pm

Trump announces al-Baghdadi's death in Syria: He blew himself up after being trapped in a tunnel


October 27, 2019


The pragmatism of the economic landscape 368


US President Donald Trump has announced the death of ISIS leader Abu Bakr al-Baghdadi in a US raid last night in Syria after he detonated an explosive vest he was wearing during the attack.

Trump said in a speech from the White House that "the identification of Baghdadi through the results of tests conducted after the raid," noting that "we got sensitive documents after the killing of Baghdadi."
 
The "Fox News" has quoted a US military source that Baghdadi committed suicide using an explosive vest when US special forces raided the compound he was in Idlib, northern Syria, close to the border with Turkey.

The source commented by saying: "US forces have done a wonderful job," stressing that DNA tests proved that Baghdadi was among the dead.

CNN reported earlier that the US military was conducting tests before it could officially confirm Baghdadi's death. A US media quoted several government sources as saying that Baghdadi may have killed himself with a suicide vest when US special forces attacked his position.
The tweet of US President Donald Trump has aroused curiosity in the US and international media, amid reports that Baghdadi was targeted by a US raid in Idlib province.

"Something very big has just happened," Trump said in a tweet on his Twitter account, sparking media curiosity about what the US president is referring to.

The Newsweek magazine quoted a Pentagon official as saying that President Trump last week approved a top-secret operation targeting ISIS leader Abu Bakr al-Baghdadi.

US media reports also quoted a Pentagon official as saying that the ISIS leader killed himself by detonating an explosive vest he was wearing as US forces approached while members of his family were present.

According to the source, no child was injured in the US raid, but two wives were killed, possibly as a result of the explosion of the explosive vest.

In the context, the commander of the militias "Syrian Democratic Forces" (SDF), Mazloum Abdi, confirming the assassination of Baghdadi, before the official announcement. "A successful and historic operation as a result of joint intelligence work with the United States," Abdi wrote. A senior US military source told Fox News that "the Kurds have always been good partners."


https://www.alaraby.co.uk/politics/2019/10/27/%D8%AA%D8%B1%D8%A7%D9%85%D8%A8-%D9%8A%D8%B9%D9%84%D9%86-%D9%85%D9%82%D8%AA%D9%84-%D8%A7%D9%84%D8%A8%D8%BA%D8%AF%D8%A7%D8%AF%D9%8A-%D9%81%D9%8A-%D8%B3%D9%88%D8%B1%D9%8A%D8%A9
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The pragmatism of the economic landscape Empty Expert: Our gold and hard currency reserves are higher than the international standard

Post by claud39 on Fri Nov 01, 2019 2:30 pm

When I read the articles, I am told that they will be back on the international stage for 2020, and for the countries to participate for the reconstruction, and to market on the international, then necessarily the value of the dinar must have a value on the international, can not wait to see February 2020, good day to all !!


Claud (Moose)




Expert: Our gold and hard currency reserves are higher than the international standard

Mardi 29 octobre 2019


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The pragmatism of the economic landscape 980-Alsabbaq


Baghdad / Suha Sheikhly 
 
 
Gold is an international system and financial cover used as a basis for determining the value of paper currency, and through which to assess the currency of any country, as the countries that adopt this system, convert their currency to gold after relying on buying and selling, gold was selected for several considerations, the first of which is precious metal and stainless steel storage It is difficult to dissolve and is a pillar of crisis time.
 
Link to Sterling
The expert, the banking adviser and a member of the administrative body of the Association of Private Iraqi Banks Abdul Rahman al-Sheikhly in his interview with the "morning" says: "After July 14, 1958 the new government disengaged the Iraqi dinar from the pound sterling and the dinar has become almost existing and needs to strengthen its position."
“In all the countries of the world, the local currency must be covered with gold or hard currency that can be traded anytime, anywhere. The government then issued a decision to separate the Iraqi currency from English,” he said. Either in hard currencies or gold. ”
 
Bank Nout
At that time, Iraq tried to enter the world market through its balance of gold and hard currency. The paper, (Bank Note) is a secretariat arrived from the state to the citizen that he has the state as well as the amount.

He explained, “Therefore, this currency will not be valuable unless it has a reserve balance, and the former Iraqi citizen used (Travel Check) when traveling abroad to spend his currency with the money of that country before the monetary developments that have appeared in the world. 
Entire".
Sheikhli said that "the Central Bank of Iraq is completely independent of the state and was able to refuse to lend to the state and this is what happened when the Governor of the Central Bank of Iraq Abdul Latif al-Shawaf refused to lend Prime Minister Abdul Karim Qasim amount of money, and the situation continued to the year 2014."
He stresses that "currency reserves created to deal in times of abnormal crises going through the economy, note that our economy is subject to the controls of the International Monetary Fund and the World Bank because we are members, especially after 2003 and the regime changed from totalitarian to a market economy," pointing out that "the government was forced to In 2014, during the war against the Islamic State terrorist gangs, borrowing from the monetary reserves in accordance with the standards of the IMF and the World Bank, and coincided with the decline in oil prices, so Iraq tried to compensate by resorting to the strategic reserve in the central bank of gold and hard currency to pay the government e The amount is closer
 time".
"With great efforts, the central bank was able to recover the amounts, and the central bank now has reserves of foreign currencies and gold more than the standard required by the International Monetary Fund and the World Bank, which means that the Iraqi dinar has become a cover and is a difficult currency at present And anywhere from
 The globe. ”
Sheikhli pointed out that "gold prices in Iraq are the same world prices, and subject to international controls," stressing that "there is a project adopted by the Central Bank, but the legal processes to prevent its implementation is to raise three zeros from

 the currency". 

Accessories and safe
Al-Sabah met with goldsmith Abu Ali, owner of a goldsmith shop since 1981 and said: “Many families buy gold not just for decorations but it is a saving for times of need. 
And a safe. ”
He pointed out that the price of a single weight of Gulf gold caliber 21 grain is 260 thousand dinars, a kind of desirable much, while the price of weight of 18 carat 215 thousand 
Dinar".
It is noteworthy that the gold market in Baghdad is located in the street of the river, along with the cities of Karbala, Najaf, Ramadi and Fallujah, while the seasons of sale will be on holidays and joyous occasions and less in the months of Muharram and zero, as the season is scarce 
Selling.

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The pragmatism of the economic landscape Empty Re: The pragmatism of the economic landscape

Post by claud39 on Fri Nov 01, 2019 3:11 pm

I just thought to send you this news from the Baghdad bank they sent lately, it's up to you to make your own opinions on this, have a good day everyone !!

Claud (Moose)




[size=30]BANK OF BAGHDAD[/size]



With 36 branches, the Bank of Baghdad is one of the largest private commercial banks in Iraq. Our vision is to integrate technology into customer service. The Bank of Baghdad has emerged as one of the largest banks in the region providing trusted high-quality financial services.






Announcement


“Dear customers.. we would like to inform you that our correspondent bank in US dollar currency is Citibank of New York through our account with the following details:


  • Citi bank N.A.

  • SWIFT CODE: CITIUS33XXX

  • ROUTING: 021000089


Therefore, please make sure to use the above account details for all your incoming transfers to your accounts with the Bank of Baghdad "






https://www.bankofbaghdad.com.iq/
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The pragmatism of the economic landscape Empty Home Scientific seminars and cultural symposium scientific (delete zeros from the Iraqi dinar)

Post by claud39 on Tue Nov 12, 2019 6:15 pm

I would like to add this, we see very well that the project to remove the 3 zeroes still exist, what better than to give training on the subject.

Here is an article from the month of March, March 27, 2019 that I share with you, so for me it's another news that tells me that we should have a change for 2020, especially when they said in 2014 that they mentioned that they were delaying the project to delete the 3 zeros of 5 years, but as I mention it I am not a guru, simply a news reader who shares his news on a forum, good evening to all !!!


Claud (Moose)




symposium scientific (delete zeros from the Iraqi dinar)


2019-03-27 09:14:37

The pragmatism of the economic landscape 3558IMG-20190327-WA0018



Under the auspices of the Dean of the Faculty of Knowledge University Prof. Dr. Jacob Nazim Ahmed, Department of Finance and Banking today held on 27/3/2019 and on the conference hall scientific symposium entitled (delete zeros from the Iraqi dinar) was divided into three axes
first axis: the concept of deleting zeros from the dinar By Dr. Ali Abdul Hadi Salem.
Axis II: the expected results of the deletion of three zeros from the Iraqi dinar, provided by M. M. محمود عبدالقادر سويد Free Membership.
Axis III: the experiences of some countries in the process of deleting zeros, presented by M. M. Mohammed Juma Rahim.
The seminar was attended by Assistant Dean for Administrative Affairs, heads of scientific departments, faculty and staff, as well as guests from various departments of the UAE.








http://www.auc-edu.org/conf/20.html
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The pragmatism of the economic landscape Empty Re: The pragmatism of the economic landscape

Post by claud39 on Tue Nov 12, 2019 6:32 pm

Once again !!! And I mention it, I'm not a guru, nor an economist, I share, and I read articles on the subject by doing my research to share it on the forum, good evening to all!


Claud (Moose)







[size=30]How Billionaires Become Valuable Millionaires? Psychological Impact of Redenomination on Economy[/size]




The study aims to investigate the psychological impact of deleting zeroes from the value of national currency. The data were collected from five countries: Israel, Argentina, Poland, Turkey and Brazil to investigate the impact of deleting zeroes. 



Line graphs and simple percentages were used to analyze the impact of redenomination on inflation. 


The results revealed almost positive impact of redenomination on economy in all cases. Negative impacts were found only in two events of the countries i.e. Argentina and Brazil in 1983 and 1996 respectively.


 It was concluded that the redenomination can be used to create value and to control inflation. Keywords: Currency Redenomination, Value Creation; Inflation, National Economy; Psychological Impact LESS



Figures and Tables from this paper.



Figures and Tables





  • The pragmatism of the economic landscape 4-Table1-1
    Table 1


  • The pragmatism of the economic landscape 5-Figure1-1
    Figure 1


  • The pragmatism of the economic landscape 5-Table2-1
    Table 2


  • The pragmatism of the economic landscape 6-Figure2-1
    Figure 2


  • The pragmatism of the economic landscape 6-Table3-1
    Table 3


  • The pragmatism of the economic landscape 6-Figure3-1
    Figure 3


  • The pragmatism of the economic landscape 7-Table4-1
    Table 4


  • The pragmatism of the economic landscape 7-Figure4-1
    Figure 4


  • The pragmatism of the economic landscape 8-Figure5-1
    Figure 5


  • The pragmatism of the economic landscape 8-Table5-1
    Table 5


  • The pragmatism of the economic landscape 9-Table6-1
    Table 6





References


Publications referenced by this paper.
SHOWING 1-10 OF 13 REFERENCES
SORT BYInfluenceRecency

DELETING ZEROES FROM NATIONAL CURRENCYInvestigation and Analysis of Removing Zeroes from IranâÂÂs National Currency


Seyed Valiollah MirhosseiniReza Zare Rad


  • 2011


VIEW 4 EXCERPTS
HIGHLY INFLUENTIAL


IMPACT OF CURRENCY REDENOMINATION ON INFLATION CASE STUDY TURKEY


Libor ŽídekMichal Chribik


  • 2015


VIEW 2 EXCERPTS


An Investigating Zeros Elimination of the National Currency and Its Effect on National Economy (Case study in Iran)


Ahmad Salimi


  • 2012




DeletingZeroes from National Currency


L. Mosley


  • Management
  • 2011




Dos and Don'ts remove zero currency in Iran


S. Kianpoor


  • Journal of Siasi and Eghtesadi
  • 2011


VIEW 2 EXCERPTS


The National Currency Re-Denomination Experience in Several Countries: A Comparative Analysis


Duca Ioana


  • 2009


VIEW 1 EXCERPT


Reflections from Latin America: Can new currency abate Venezuelan inflation, library of economics and liberty


I. Martinez


  • 2007


VIEW 1 EXCERPT


The Proposed New Naira, Exchange Rate and the Nigerian Economy


S. A. Aluko


  • 2007


VIEW 1 EXCERPT


Understanding the Business Challenges of Redenomination: Sharing Experiences from Zimbabwe


C. Ncube


  • 2007


VIEW 1 EXCERPT


Devaluation with contract redenomination in Argentina


Charles W. Calomiris


  • 2006





https://www.semanticscholar.org/paper/How-Billionaires-Become-Valuable-Millionaires-of-on-Ullah/9b32cec11873809a14cf91affec12ec47e2f20aa
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The pragmatism of the economic landscape Empty MIDEAST MONEY-Iraq dinar is short-term disappointment, long-term bet

Post by claud39 on Thu Nov 21, 2019 12:50 pm

While doing my research I came across a real article of October 3, 2012, very interesting to read, and I put it on this post to show what could happen for the year 2020, to you to make your own opinion on the article that I share with you, good day to all !!


Claud (Moose)



[size=40]MIDEAST MONEY-Iraq dinar is short-term disappointment, long-term bet[/size]




OCTOBER 3, 2012 / 10:00 AM 




* Iraqis still prefer hard currencies for many transactions


* But some foreign speculators see long-term opportunity


* External, budget surpluses could eventually boost dinar


* For now, central bank wants to keep currency stable


* Any major appreciation unlikely before two or three years




By Aseel Kami




BAGHDAD, Oct 3 (Reuters) - Many Iraqis have lost faith in their dinar currency but to some foreign speculators, it promises big profits. 


The contrast underlines the uncertainties of investing in Iraq as the country recovers from years of war and economic sanctions.


The logic of the dinar bulls is simple. Iraq’s oil exports rose to 2.6 million barrels per day in September, their highest level in three decades; the country aims to hit 6 million bpd by 2017, which would put it close to Saudi Arabia’s current level.


Even if unstable politics, militant violence and bureaucratic inefficiency prevent that target from being hit, Iraq still seems to be on the threshold of an oil boom that will transform its finances.


Inflows of new oil revenue could give the country big external surpluses and push state finances deep into the black by late this decade - the classic recipe for a strong currency.


“As far as our investors are concerned, when they buy Iraqi dinars they do know it is a long-term investment. You know it takes time for a country to rebuild itself,” said Hassnain Ali Agha, president of Dinar Trade, a U.S. dealer of exotic currencies.


Because the dinar is not freely traded by banks outside Iraq, online dealers of banknotes such as Dinar Trade are the only way that most foreigners can invest in the currency. 


The Las Vegas-based company says it sells as much as hundreds of thousands of dollars worth of dinars daily, shipping dinar notes to thousands of customers in the United States and elsewhere.


Agha said that because of optimism about Iraq’s oil wealth, there had been solid demand for dinars since his company was founded in 2004, a year after the U.S. invasion which triggered years of political violence and economic turmoil.



Back in Baghdad, however, Iraqis themselves are not convinced. Many take what opportunities they have to change their dinars into hard currency, and conduct all but small day-to-day transactions in U.S. dollars.


“We have no trust in the Iraqi dinar - we feel afraid to save it. We trust the dollar more. The dollar does not go up and down, it is fixed,” said housewife and mother-of-two Eman Saadeldine.


WILD SWINGS



The dinar has endured wild swings over the past three decades. In the 1980s, one dinar bought around $3, but economic sanctions imposed on Iraq around the time of the 1991 Gulf War sent the currency into decline and stoked inflation, which the government fuelled by printing money. By late 1995, $1 bought as much as 3,000 dinars.


After the 2003 invasion, the central bank intervened in the currency market to strengthen the dinar, using its supplies of dollars to manage the exchange rate.


But over the last several years, even as Iraq’s oil production has expanded, there has been none of the appreciation for which speculators have been hoping.


 The central bank now sells dollars in daily auctions at a fixed price of 1,166 dinars, a level barely changed since 2009.


In fact, the dinar has recently faced downward pressure as a result of the international economic sanctions imposed on neighbouring Iran and Syria. Iraqi traders rushed to buy dollars to sell on illicitly to residents and businesses in those countries, which are hungry for hard currency.


The dinar fell as low as 1,280 in the open market this year before Iraqi authorities reacted by allowing two state-run banks and some private lenders to sell dollars, helping push the exchange rate back to around 1,200 currently.


Another factor counting against the dinar is the fact that the largest banknote is only 25,000 dinars. This often makes the currency unattractive to use in an economy where the banking system is primitive and deals are often done in cash.


Saadeldine recalls paying in cash for a new house in 2009.


“If our money had been in dinars, it would have been impossible for us to carry it. It was in dollars and we carried it in a small suitcase,” she said.


The central bank has been considering plans to knock three zeros off the nominal value of banknotes to simplify financial transactions. 


This would not in itself increase the real value of the dinar, since prices would adjust in line with the redenomination, but economic experts say it could improve confidence in the dinar and thus boost its value eventually.



“It would increase trust in the dinar even though its value would not change,” said Baghdad-based economist Majid al-Souri. “Indirectly, when trust increases there will be appreciation.”


Earlier this year, however, the cabinet decided to suspend the technically complex redenomination plan until further notice, saying the economic climate was not suitable.


The biggest obstacle to dinar appreciation is the fact that for now at least, Iraqi authorities appear content with the exchange rate in its current range.


In a memorandum to the International Monetary Fund on economic and financial policies for 2011, written in March that year, the Iraqi government said it saw benefits in keeping the dinar stable.


“We believe that the policy of maintaining a stable exchange rate continues to be appropriate, as it provides a solid anchor for the public’s expectations in an otherwise uncertain environment and in an economy with a still very low level of financial intermediation,” it said.


LONG TERM



In the long term, however, Iraq’s finances and economy may improve so dramatically that authorities feel comfortable allowing the dinar to appreciate under the pressure of flows of oil money into the country.


The IMF expects this year’s estimated budget surplus of just 0.2 percent of gross domestic product to balloon to 12.1 percent in 2017.


 The country’s balance of trade in goods and services, in deficit as recently as 2010, is projected over the next five years to shift to a large surplus of 11.3 percent of GDP.


Deputy central bank governor Mudher Kasim told Reuters that he expected redenomination of the dinar to go ahead in 2014 or later, by which time the amount of Iraqi currency in circulation would have increased significantly, making financial dealings in cash even harder.


In the long term, the central bank aims to make 1 dinar equal to $1 with a combination of redenomination and appreciation, although that will take over three years because of instability in the Middle East, Kasim said: “If not for the regional circumstances, we would proceed faster with that plan.”


Some analysts think the appreciation could go further. Kamal al-Basri, research director at the Iraqi Institute for Economic Reforms, an independent research body in Baghdad, said he expected the dinar to stay stable for the next three years, but that afterwards it might strengthen beyond parity against the dollar, including the effect of redenomination.


For that to happen, Iraqi politics will have to stabilise, skill and education levels rise and the economy diversify so that it is not so heavily dependent on oil exports, he said.


Speaking at the Baghdad currency exchange shop that he owns, Ahmed Abdul-Ridha said the dinar’s stability in the past three years was good, but it did not indicate the long-term trend.



“We wish the dinar’s value would go back to what it was like before, when it used to equal $3 in the 1970s and even in the 1980s,” he said.


“I expect that day will come. Why not? What we are going through is an abnormal condition...We are an oil country.”




Our Standards:The Thomson Reuters Trust Principles.



https://www.reuters.com/article/iraq-economy-dinar/mideast-money-iraq-dinar-is-short-term-disappointment-long-term-bet-idUSL5E8KT13720121003
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The pragmatism of the economic landscape Empty The dollar is dying

Post by claud39 on Mon Dec 16, 2019 12:47 pm

As mentioned on the last post, while doing my research I came across this article dated 07/23/2013, interesting to read, very much looking forward to seeing the start of 2020, the beginning of February, good reading has everyone, it's up to you to make your own opinion on the subject, not the opinions of gurus who tell us anything !!!


Good day to all !!


Claud (Moose)



The dollar is dying



23/07/2013 12:00 AM


The pragmatism of the economic landscape Amwall



Yasser incumbent

expectations of a number of experts, finance and economy collapse of the dollar is not at the global level because he is still master of the currencies in most countries of the world but مايهمنا at the level of the exchange rate in Iraqi dinars, we hope for the return of Iraqi dinar exchange rate against 3.3 dollars as it was, but this dream difficult to achieve and reach It is not possible to achieve in light of global variables but achievable to get into a price equal any one dollar against the dinar.


dream second can be achieved gradually, if we have a good deal this spirit of cooperation between the central bank and private banks, while led this cooperation to control the volatility that has plagued Sarsrv dollar these days.


Frouhah joint action and application instructions and procedures aimed at the central bank by private banks contributed to this done and required perpetuate this deal with crises and work in a spirit of team work one to achieve the common goal Alaoho achieve stability in the exchange rate in order to Aaneks on the performance of the Iraqi market trends in inflationary For اتحمد consequences.


response informed by private banks and support for the crackdown of the central bank contributed to the reduction of the dollar exchange rate against the dinar and return to prices prevailing before the crisis, the central and its repercussions were measures to reduce prices by banks to less than planned contribution to stop the fluctuation in the exchange rate and continued measures reduction at the expense of profits of banks that the price reached to 1180 dinars last Saturday but emerged this time is a healthy phenomenon by banks are competing in the reduction where informed Gulf Bank hour to prepare this column yesterday cut a new rate of tiger one so sold since this day by 1179 dinars.


thus permission requires dealing with this vital and important, and administration was the old central bank is trying to deliver Sarabv during the current year to 1,000 dinars, but the circumstances that engulfed بالمركزي prevented achieved, we see the possibility that the new administration to achieve the target if the pace of handling and dealing with banks for this style Upscale by the central bank.


and there are indications require access to this price, which is not the last but followed by a reduction of new progressive as I said until we achieve equal Aotsawi the real value of the Iraqi dinar due to يتسيد other currencies and the qualifications of the Iraqi economy and its potential is considerable and help to reach the exchange rate against JD dollars in phases expected to experts determined three years, subject to increase and decrease, respectively on the circumstances.


that expectations about the possibility of the return of the power of the Iraqi dinar but brings hope to achieve this dream, but what can we explain the exchange rate so in a country wealth humbling, these expectations were built on perceptions of experts from the exit Iraq and the salvation of the provisions of Chapter VII but ستؤول to achieve reform and economic stability and to achieve the goals, all in the forefront of the return of Iraqi dinar to its real power and this vision and perceptions must be accompanied by better performance and denial of departments efficient.


believe that the stability of exchange rates one of the most important means of achieving economic stability and Central Bank and the banks responsibility for achieving the goal of price stability and the return of the real value of the Iraqi dinar to the dollar collapses fact in front of our national currency.


alsabaah.iq


https://iraqidinarchat.net/?p=21039
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The pragmatism of the economic landscape Empty Young people, the spirit of the renaissance of the Iraqi economy, the Association of Banks as a model

Post by claud39 on Sat Jan 04, 2020 1:34 pm

I do not know if you read this article well, I dissect the article so that you understand what could happen in early February, that is to say in 3 weeks, good day to all !!!





Claud (Moose)










Young people, the spirit of the renaissance of the Iraqi economy, the Association of Banks as a model


 02/01/2020


The pragmatism of the economic landscape 18518




Our great Iraq since October 1, 2019 is going through a popular youth mobilization conscious of its role in creating the renaissance of Iraq, the patient, who suffers from economic, security and political shocks, and financial and administrative corruption that is rampant in an organized way in all areas of life. Therefore, the peaceful youth movement knows well what their efforts and programs need Strategies and methodology implemented by the patriotic, efficient and enthusiastic sons of Iraq for reform and radical and comprehensive change in all new building rings, and the most important link that occupies a priority before the new government is economic reform, achieving economic stability and building a new reform structure led by the news. E and youth-conscious and whose agenda is focused on the service of Iraq and its people only without partisanship or Aotktl quotas.

This prompts us to think carefully that we benefit from the experience of young people and emerging economies, which now constitute economic poles that influence the leadership of the global economy by relying on the capabilities of their youth and their national competencies, so we need now, especially in the year 2020 to take advantage of the conditions of the peaceful popular movement in youth leadership A new revival of the country, coupled with their love for their people and their homeland, especially that Iraq is about within weeks to move to a new stage in overcoming a harsh stage in politics and economics, and will move to an important transitional phase after the movement that makes us draw inspiration from lessons and lessons by relying on water August the Iraqi efficient, ambition and conscious of the goals of this stage in the leadership of the institutions of the national economy and the methodology of a new scientific-based and sound planning and vitality and determination to overcome the challenges and focus on young people insured a capacity homeland beloved Iraq and the Iraqi people proud people in the transition to the Renaissance stage in the proper construction of the economy with a new spirit bearing


Here, the steps of the Iraqi Private Banks Association should be supported by its administrative body and the youth team working in it to achieve this goal, benefiting from the experiences of previous generations in all economic and banking activities and employing them according to their capabilities, competencies and youth potential to achieve youth leadership for the wheel of economic reform in the renaissance stage.
This is confirmed by the activities of the association (2016-2019) and its plan for the year 2020 in its training and qualification for banking human resources and students of management and economics colleges and coordination with the central bank, banks and universities and adopting them to implement programs to stimulate and encourage young people and entrepreneurs in starting their small and medium enterprises through support and support of the station, which is a center for care The youth, their support and the adoption of their development projects, which is the first that was established at the level of Iraq. 
The results of the training activity for the youth of the Association during the past five years can be determined by the limits of 5,000 young male and female employees and university graduates. Training focuses on economic activities And its financial, banking and economic media .
This is evidence that young people will lead the economy and the banking soon because I Aaomn that takes care of and supports young people will ensure that the great renaissance and the future of Iraq.
* Economic and banking consultant





http://economy-news.net/content.php?id=18685
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The pragmatism of the economic landscape Empty The strategy of the Central Bank of Iraq (2016-2020) is a systematic application of banking reform

Post by claud39 on Sun Feb 09, 2020 10:39 am

I would just like to add this article to you on this post to show you their approach to international banking, we can see very clearly in this post all the transformation of the financial system which have undergone in recent years in Iraq, as I mention I don't really like to give my comments on the subject, it's up to you member of the forum to make your own opinion on the subject by reading what is happening in Iraq, and not to follow the comments of the gurus, I wish you a beautiful day to all, from my side again the clearance of the last snowstorm that we had last Friday, sorry if the news is behind for a few days, work requires now, that's Quebec with a province of 4 seasons !!



Claud (Moose)



The strategy of the Central Bank of Iraq (2016-2020) is a systematic application of banking reform




02/01/2020



The pragmatism of the economic landscape 18902





The Central Bank of Iraq launched its strategy for the years 2016-2020 in conjunction with Iraq facing an economic and financial crisis because of the global oil price drop by more than 70% and a security crisis by occupying terrorism up to 40% of the country’s lands. At the time, an economic situation is cruel, complicated, and full of risks, confusion, confusion, and chaos at the level of internal and external economic and financial relations, which is important to us as specialists in economic and banking affairs.

What are the new mechanisms and policies adopted by the Central Bank and The government and private banks and related parties regarding banking reform, according to the desired fundamental change approach to the national economy contained in the strategy, which constitutes the banking sector, the first and primary link in it.

The central bank strategy has defined and charted the path for banking reform according to the following main goals: -

* Supporting and achieving financial stability

* Activating the role of the banking sector and financial institutions.

* Developing the organizational structure and organizational structure.

* Development of human capital.

* Activating and integrating internal and external relations.

 
Since these strategic goals have been defined as a period of five-year applications for the achievement of 23 sub-goals that I derive from are based on achieving financial stability, establishing the financial system, generalizing financial inclusion, and arriving at an institutional and structural reform of the banking sector in Iraq.

Through an analysis of the mechanisms and points of action to achieve the above goals, we note that the strategy set clear priorities for achieving reform and certainly that these priorities were diagnosed in light of the challenges facing the banking sector due to the stifling economic and financial crisis that Iraq suffers from for subjective and objective reasons which can be diagnosed as follows: -

* Working to achieve the objectives of monetary policy, the most important of which are the stability of the exchange rate, the maintenance of the purchasing power of the Iraqi dinar, the inflation rate, and the building of a foreign monetary reserve.

* Work to restore the confidence of citizens and customers in the Iraqi banking sector.

* Working to increase the ratio of savings to the cash mass in circulation in banks to the percentage of hoarding outside the banks, where the savings rate reached 23% and the percentage of compactness 77%. Increasing the percentage of financial inclusion and the delivery of banking services to the widest spread of geographical area and at the level of governorates, districts and districts, and increasing banking density in this direction.  

* The necessity of completing the structural and technical pillars of proactive monitoring.

* Establishing and activating the Deposit Guarantee Company and issuing a law to combat money laundering and the Islamic Banking Law and reviewing the legislative environment laws that regulate banking work.

* Reviewing and evaluating the results of the banks ’business and reclassifying them by accredited international companies. And identify weak banks that need the intervention of the Central Bank of Iraq to rehabilitate, re-activate and protect them from bankruptcy.    

* Claiming government support and assistance and compensation for the banks that were damaged in the provinces occupied by ISIS.

* The need to strengthen and activate the initiative of the Central Bank in financing small and medium projects in a manner that contributes to stimulating the economic cycle and diversifying the resources of the general budget.

* The necessity of reconsidering the organizational, technical, and administrative structure of the Central Bank of Iraq and government and private banks while confirming the principles of governance and determining the intervention of owners in the executive departments of banks.

Therefore, and for the purpose of applying the banking reform approach according to what was stated in the strategy according to an insight into the priorities and challenges that the Iraqi banking sector suffers from, the Central Bank made exceptional efforts during the previous years of the strategy and achieved many goals from the primary and subsidiary goals and tries to complete achieving all the goals in the year 2020, the last year of The strategy. Therefore, the executive and procedural steps and achievements made by the Central Bank during the period of implementing the goals of the strategy can be identified as follows: -

First: To study and analyze the reality experienced by governmental and private banks by reviewing, evaluating and classifying these banks based on their financial statements and the results of their business for the years (2016-2016) and adopting clear evaluation indicators based on the applicable banking law and international standards. And determining performance efficiency standards for banks in all areas of administrative, banking and credit banking work and identifying banks that continue to operate in the banking market and banks that are proposed to merge with other banks with the aim of increasing the efficiency of their work and changing their current departments with specialized and efficient departments and developing the work of good and discreet banks and helping them to continue to work within the sector The Iraqi banker is within its sound and healthy contexts, given that the banking sector is the basis for building the national economy.

Second: The establishment of the Central Bank of Iraq full control and supervision of the movement of banking business in Iraq by focusing on pre-emptive electronic control, both office and field, in a programmed and planned manner, identifying violations, omissions, and transgressions of the banking executive departments and taking corrective measures. And download the legal responsibility of the Board of Directors and the Executive Management in a specific and clear manner.

Third: Implementing the decision of the Board of Directors of the Central Bank of Iraq regarding the nominations for nominating members of the Board of Directors and leading employees of banks and focusing on professional competence, job integrity, personal and commercial reputation, and specialist expertise.

The application of the principles of governance and separation between owners and executive departments and not allowing them to interfere at all with the executive work. Owners can adopt specialized advisors in preparing banking plans and determine the efficiency of performance and follow up the implementation of what the Council plans in a manner commensurate with the concern for the funds of shareholders and customers.

Fourth: - Maintaining the Iraqi dinar exchange rate against foreign currencies. Building foreign exchange reserves exceeding $ 80 billion despite the challenges and crises that the country has gone through.

Fifth: Establishing a deposit guarantee company and legal procedures are ongoing for the purpose of commencing them soon.

Sixth: Activating and developing the initiative to encourage and finance small and medium-sized projects with economic and development feasibility and work continuously jointly with banks to increase the allocation for financing to the ceiling of one billion dinars for each development project and facilitate procedures, conditions and guarantees and achieve the economic and social goal.

Seventh: Commitment and action in accordance with the controls issued by the Central Bank of Iraq with regard to combating money laundering and terrorist financing derived from the recommendations of the Financial Action Group (FATF). The liquidation of negative comments installed on Iraq, which contributed to the exit of Iraq from the gray area to the usual follow-up area, and building international banking relations with central banks and discreet correspondent banks.

Eighth: Commitment to the regulatory instructions developed by the Central Bank in cooperation with the Metac Center of the International Fund and make them live up to international standards and the requirements of Basel III.

Ninth: The shift in preparing the final and interim data to the International Accounting Standards (IFRS), which guarantees the transparency of data and its handling by all parties responsible for financial reporting.

Tenth: Work to encourage and stimulate financial inclusion processes and try to increase its percentage in Iraq through the adoption of the salary settlement project, which is a step to reduce the use of cash and the direction of growth of the non-cash community.

Eleven: Use all methods and procedures to be adopted to verify sources of funds and follow up on combating money laundering and terrorist financing in accordance with Law No. 39 of 2015.

Twelve: Taking the necessary measures by adopting the standards and rules of compliance and risk management and adopting a precautionary policy that contributes to sensing risks and then taking the necessary means to deal with any risk.

Thirteen: Adoption of the unified bank number (IBAN), which contributes to improving the level of banking services, clearing services, and settlement of payments locally and internationally.

Fourteen: Commitment and action in accordance with the policies and procedures contained in the Governance Manual, which establishes transparency, disclosure and separation of management from ownership. 

Fifteen: Issuing the electronic payment system for funds No. 3 of 2014, establishing the National Payments Council, governance controls, institutional management of information and communication technology, regulations and legal instructions that govern the work of banks and electronic payment services providers.

Sixteen: Establishing advanced and pursuit infrastructure for the latest global technologies, developing the bank's financial and banking systems, payment systems and advanced communication networks according to the latest technologies.

And the ownership of the central bank, banks and electronic payment companies for advanced payment systems as well as retail payment structures, and the National Divider was one of its most important parts.

Seventeen: Granting work licenses to many electronic payment services providers (card issuers, collectors, processing of mobile payment company operations, billing bidders and payment gateways through various channels).

It is clear from the above achievements that the central bank and the banking sector have exceeded the challenges of the gap between Iraq and other countries because of the occupation and terrorism, and today it is taking a steady step to achieve the digital transformation in the financial and banking sector and achieve financial stability and the transition from the cash community to the cashless community.

Therefore, the central bank strategy has proven that it has established, planned and made advanced steps towards the systematic application of banking reform.



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The pragmatism of the economic landscape Empty Objectives

Post by claud39 on Sun Feb 09, 2020 10:43 am

Objectives








As of at least 28 March 2011, the official web site of the CBI states "the primary objectives of the Central Bank of Iraq (CBI) are to ensure domestic price stability and to foster a stable competitive market-based financial system. The CBI shall also promote sustainable growth, employment and prosperity in Iraq". The CBI web site further states that the functions of the CBI in addition to the primary objectives mentioned above include:




  • To implement the monetary policy and the exchange rate policy for Iraq.

  • To hold gold and manage the state reserves of gold.

  • To issue and manage the Iraq currency.

  • To establish, oversee, and promote a sound and efficient payment system.

  • To issue licenses or permits to banks and to regulate and supervise banks as further specified by the Banking Law.

  • To carry out any related ancillary tasks or transactions within the framework of Iraqi law.




The objectives of the Central Bank of the Iraq are as follows:







As of December 2009, the bank reported total assets valued at over 57 trillion dinars.[16] The bank’s head office is located in Baghdad with four branches in BasrahMosulSulaimaniyah, and Erbil. However, currently the bank does not control the financial and administrative affairs of Erbil and Sulaimaniyah branches, as these branches are technically reporting to the Baghdad headquarters and for all other issues they are reporting to Kurdistan Regional Government (KRG) and they are financed by KRG.



As of July 2010, steps and measures have taken place in order to integrate these branches with the headquarters in Baghdad.



Foreign exchange reserves have increased to nearly US$67 billion (as of September 2012) due to a rise in oil revenues, indicating the improved ability since 2003 to deal with the repayment of foreign debt, the currency stabilization, and the coverage of average monthly imports.





https://en.wikipedia.org/wiki/Central_Bank_of_Iraq



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