Latest topics
Parliament finishes first reading of a proposal concerning the central bank
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Parliament finishes first reading of a proposal concerning the central bank
[rtl]Parliament finishes first reading of a proposal concerning the central bank[/rtl]
2019/11/13
(Baghdad: Euphrates News) The House of Representatives, on Wednesday, the first reading of a proposal concerning the Central Bank.
A parliamentary source said that "Parliament has completed the first reading of the proposed amendment to the law of the third amendment to the Central Bank of Iraq issued by order No. (56) for the year 2004 from the Coalition Provisional Authority (dissolved)." is over
[rtl]https://alforatnews.com/modules/news/article.php?storyid=218668[/rtl]
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Parliament finishes first reading of a proposal concerning the central bank
COALITION PROVISIONAL AUTHORITY ORDER NUMBER 56 CENTRAL BANKS ACT Pursuant to my powers as a director of the Coalition Provisional Authority (CPA) and under the laws and usages of war, and in accordance with the relevant resolutions of the United Nations Security Council, including resolution 1483 (2003), Having worked closely with the Governing Council to ensure that economic change occurs in a manner acceptable to the people of Iraq, Recognizing the will of the Board of Directors to make significant changes to the Iraqi economic system, determined to stabilize domestic prices and to favor a favorable economic climate and the establishment of a stable and competitive market economy,
Recognizing the problems arising from the former governance policies of the Central Bank of Iraq, Recognizing further the obligation of the CPA to ensure the effective administration of Iraq, to ensure the well-being of the Iraqi people and to allow the social functions and normal transactions of everyday life, Recalling that the United Nations Security Council Resolution 1483 (2003) asked the CPA to promote economic reconstruction and conditions for sustainable development,
Acting in a manner consistent with the report of the Secretary-General to the Security Council of 17 July 2003 on the need to develop Iraq and transition from a non-transparent planned economy to a market economy characterized by economic growth Sustainable development Through the establishment of a vibrant private sector and the need to enact institutional and legal reforms to achieve it, after coordination with international financial institutions, as stated in paragraph 8 (e) of Security Council Resolution 1483. United Nations, I hereby promulgate the following: Section 1 Purpose
This Order establishes a safe, sound and independent central bank to achieve and maintain domestic price stability, foster and maintain a stable and competitive financial system, and promote sustainable growth, employment and prosperity in Iraq . Section 2 of the Central Bank Act The Central Bank of Iraq Act attached to this Order in Schedule A has the force of law. Section 3 General Provisions "Appointing Authority" means the Administrator, in consultation with the Board of Governors, during the period prior to the transfer of the full governmental authority to the Iraqi Transitional Administration and the recognition of the sovereignty of this administration by the CPA.
The measures to be taken by "on the recommendation of the Appointing Authority (CPN) and confirmation by the legislator" under the Iraqi Central Bank Law set out in Annex A are undertaken on the recommendation of the Governing Council and confirmation by the Administrator during the previous period. the transfer of full governmental authority to the Iraqi transitional administration and the recognition of the sovereignty of this administration by the CPA. Similarly, during this period, actions that require appointment by the Appointing Authority and confirmation by the Legislative Assembly are undertaken in the form of an appointment by the Board of Governors and confirmation by the Board of Governors. the administrator.
Decisions that the legislator alone must make are made by the Board of Governors with the approval of the Administrator during the period preceding the transfer of full governmental authority to the Iraqi Transitional Administration and recognition of sovereignty of this administration by the CPA. . Section 4 Appointments The Governing Council shall transmit the applications to the Governor, the Deputy Governors and other members of the Central Bank Board to the Administrator for approval within one month of the signing of this Order. If the Board of Governors does not send this list of nominees to the director within this period, the director shall appoint and appoint CPA / ORD / 1 March 2004/56
ANNEX TO THE CENTRAL BANKS OF IRAQ ACT 2004
Article 4 Functions 1. The objectives of the IWC to achieve the objectives set out in Article 3 and described in more detail in this Law are: a. formulate and implement monetary policy, including exchange rate policy, for Iraq in accordance with section 6; b. hold and manage all official foreign exchange reserves of Iraq, other than government working capital, in accordance with Article 27; vs. hold gold and manage the state's gold reserves; re. providing services as an adviser and financial agent to the government in accordance with section 4; e. provide liquidity services to banks in accordance with Articles 28 and 30; F. issuing and managing the Iraqi currency in accordance with section 7;
boy Wut. compile and publish data on the banking and financial system and the economy in accordance with Article 41;
h. establish, supervise and promote sound and efficient payment systems in accordance with Article 39;
I. issue licenses or permits to banks and regulate and supervise banks, as specified in this Act and in the Banking Act; j. open and maintain accounts in the books of foreign central banks and international financial organizations; k. to open and maintain accounts for foreign central banks, foreign governments and international organizations on its own books;
Article 27 Management of Official Foreign Exchange Reserves The CBI conducts transactions in foreign assets and manages all official foreign exchange reserves of the State in accordance with international best practices and monetary policy objectives. The Board may invest such reserves in any or all of the following assets: a. monetary gold held in the cellars of the CBI; b. foreign currency banknotes and coins normally used for making international payments held by or on behalf of the IWC;
vs. credit balances payable on demand or in the short term in foreign currencies normally used for making international payments and maintained in IWC accounts, or otherwise invested under repurchase agreements, with foreign central banks, international financial organizations or major international bank groups designated by the board of directors; re. special drawing rights held in Iraq's account at the International Monetary Fund; e. Iraq's reserve position in the International Monetary Fund; a
F. any readily negotiable debt securities issued by, or in the full form of, foreign governments, central banks or international financial institutions, which are paid in foreign currencies normally used for making international payments and which are held by or on behalf of third parties. the IWC account.
SECTION 7-CURRENCY
Article 31 Monetary unit The national currency unit in Iraq is the dinar.
Article 32 Issuance of currency 1. The CBI shall have the exclusive right to issue banknotes and coins for circulation in Iraq. Tickets issued under this article constitute a first charge on the assets of the IWC. The CBI arranges for its banknotes and coins to be issued in accordance with the traffic conditions in Iraq. Banknotes and coins issued by the IWC and intended for circulation in Iraq are not promissory notes, bills of exchange or any other type of commercial document within the meaning of applicable commercial law, and the IWC is bound to honor them only under the conditions provided for by this law. . 2 Only banknotes and coins issued by the CBI that have not been demonetized are legal tender in Iraq.
3 The CBI may, by regulation, limit the amount of notes and coins that must be accepted as legal tender money to the payment of an obligation and limit the par value of the notes and coins for which the payment may be made .
4 The IWC is responsible for the supply of Iraqi banknotes and coins and strives to maintain the availability of sufficient banknotes and coins in all regions at all times. Article 33 Printing banknotes and coinage; accounting treatment of issued currency 1 The CBI determines by regulation the values, measures, forms, materials, contents, weights, designs and other characteristics of notes and coins.
The plates needed to print or strike currency and intellectual property rights on the currency drawings are the property of the IWC.
2 The CBI arranges for ticket printing and coin strikes, as well as for the security and preservation of notes and coins that have not yet been issued.
3 The IWC is solely responsible for the safe destruction of banknotes and coins, as well as for the safe keeping and destruction, if any, of plates, dice and coins and coins removed. The CBI will have the exclusive right to melt coins and sell the resulting metals.
4 At the request of any natural or legal person, the CBI will exchange, free of charge or in commission, banknotes and coins against other banknotes or coins of an equivalent amount. 5 The total amount of bank notes and coins outstanding issued by the CBI must be recorded in the financial statements of the CBI as a liability; this responsibility does not include banknotes and coins in the reserve inventory.
Article 34 Withdrawal of banknotes and coins
unfit for circulation 1 Banknotes and coins in circulation in circulation and unfit for circulation shall cease to be legal tender. Subject to paragraph (2) of this Article, the IWC shall withdraw, destroy and replace by banknotes or coins of an equivalent amount any banknotes or coins presented to it that are unfit for circulation. .
2 The CBI may refuse to replace a banknote or an unsuitable coin if its reasons are illegible, distorted or perforated, or if more than fifty per cent of its surface has been lost; such a note or coin shall be removed and destroyed without compensation to the owner, unless satisfactory evidence to the IWC that the missing parts have been totally destroyed, in which case the IWC may, in its sole and absolute discretion, award compensation: entire or in part.
3 The CBI is not obliged to provide any compensation for banknotes or coins lost, stolen or destroyed; he may confiscate without compensation any banknotes the appearance of which has been altered, including, in particular, banknotes on which writings have been written, painted, overprinted, stamped or perforated, or on which adhesives have been applied .
Article 34 Withdrawal of unsuitable notes and coins
Anyone who receives counterfeit banknotes or coins will send all counterfeit banknotes or coins to IWC.
Article 35 Disposal of Counterfeit Coins
Anyone who receives counterfeit banknotes or coins will send all counterfeit banknotes or coins to IWC.
Article 36 Redemption of currency
1 The CBI may decide to redeem banknotes or coins by issuing free of charge other banknotes or coins of an equivalent amount. The decision to redeem banknotes or coins is issued in the form of a CBI regulation specifying the period during which the exchange is to take place as well as the places and times of presentation of banknotes or coins. currency withdrawn.
2 At the end of the trading period or at any other time specified by the CBI, the redeemed notes and coins are demonetized and cease to be legal tender.
3 The CBI will notify the public, by publication in the Official Journal, of legal euro banknotes and coins.
Recognizing the problems arising from the former governance policies of the Central Bank of Iraq, Recognizing further the obligation of the CPA to ensure the effective administration of Iraq, to ensure the well-being of the Iraqi people and to allow the social functions and normal transactions of everyday life, Recalling that the United Nations Security Council Resolution 1483 (2003) asked the CPA to promote economic reconstruction and conditions for sustainable development,
Acting in a manner consistent with the report of the Secretary-General to the Security Council of 17 July 2003 on the need to develop Iraq and transition from a non-transparent planned economy to a market economy characterized by economic growth Sustainable development Through the establishment of a vibrant private sector and the need to enact institutional and legal reforms to achieve it, after coordination with international financial institutions, as stated in paragraph 8 (e) of Security Council Resolution 1483. United Nations, I hereby promulgate the following: Section 1 Purpose
This Order establishes a safe, sound and independent central bank to achieve and maintain domestic price stability, foster and maintain a stable and competitive financial system, and promote sustainable growth, employment and prosperity in Iraq . Section 2 of the Central Bank Act The Central Bank of Iraq Act attached to this Order in Schedule A has the force of law. Section 3 General Provisions "Appointing Authority" means the Administrator, in consultation with the Board of Governors, during the period prior to the transfer of the full governmental authority to the Iraqi Transitional Administration and the recognition of the sovereignty of this administration by the CPA.
The measures to be taken by "on the recommendation of the Appointing Authority (CPN) and confirmation by the legislator" under the Iraqi Central Bank Law set out in Annex A are undertaken on the recommendation of the Governing Council and confirmation by the Administrator during the previous period. the transfer of full governmental authority to the Iraqi transitional administration and the recognition of the sovereignty of this administration by the CPA. Similarly, during this period, actions that require appointment by the Appointing Authority and confirmation by the Legislative Assembly are undertaken in the form of an appointment by the Board of Governors and confirmation by the Board of Governors. the administrator.
Decisions that the legislator alone must make are made by the Board of Governors with the approval of the Administrator during the period preceding the transfer of full governmental authority to the Iraqi Transitional Administration and recognition of sovereignty of this administration by the CPA. . Section 4 Appointments The Governing Council shall transmit the applications to the Governor, the Deputy Governors and other members of the Central Bank Board to the Administrator for approval within one month of the signing of this Order. If the Board of Governors does not send this list of nominees to the director within this period, the director shall appoint and appoint CPA / ORD / 1 March 2004/56
ANNEX TO THE CENTRAL BANKS OF IRAQ ACT 2004
Article 4 Functions 1. The objectives of the IWC to achieve the objectives set out in Article 3 and described in more detail in this Law are: a. formulate and implement monetary policy, including exchange rate policy, for Iraq in accordance with section 6; b. hold and manage all official foreign exchange reserves of Iraq, other than government working capital, in accordance with Article 27; vs. hold gold and manage the state's gold reserves; re. providing services as an adviser and financial agent to the government in accordance with section 4; e. provide liquidity services to banks in accordance with Articles 28 and 30; F. issuing and managing the Iraqi currency in accordance with section 7;
boy Wut. compile and publish data on the banking and financial system and the economy in accordance with Article 41;
h. establish, supervise and promote sound and efficient payment systems in accordance with Article 39;
I. issue licenses or permits to banks and regulate and supervise banks, as specified in this Act and in the Banking Act; j. open and maintain accounts in the books of foreign central banks and international financial organizations; k. to open and maintain accounts for foreign central banks, foreign governments and international organizations on its own books;
Article 27 Management of Official Foreign Exchange Reserves The CBI conducts transactions in foreign assets and manages all official foreign exchange reserves of the State in accordance with international best practices and monetary policy objectives. The Board may invest such reserves in any or all of the following assets: a. monetary gold held in the cellars of the CBI; b. foreign currency banknotes and coins normally used for making international payments held by or on behalf of the IWC;
vs. credit balances payable on demand or in the short term in foreign currencies normally used for making international payments and maintained in IWC accounts, or otherwise invested under repurchase agreements, with foreign central banks, international financial organizations or major international bank groups designated by the board of directors; re. special drawing rights held in Iraq's account at the International Monetary Fund; e. Iraq's reserve position in the International Monetary Fund; a
F. any readily negotiable debt securities issued by, or in the full form of, foreign governments, central banks or international financial institutions, which are paid in foreign currencies normally used for making international payments and which are held by or on behalf of third parties. the IWC account.
SECTION 7-CURRENCY
Article 31 Monetary unit The national currency unit in Iraq is the dinar.
Article 32 Issuance of currency 1. The CBI shall have the exclusive right to issue banknotes and coins for circulation in Iraq. Tickets issued under this article constitute a first charge on the assets of the IWC. The CBI arranges for its banknotes and coins to be issued in accordance with the traffic conditions in Iraq. Banknotes and coins issued by the IWC and intended for circulation in Iraq are not promissory notes, bills of exchange or any other type of commercial document within the meaning of applicable commercial law, and the IWC is bound to honor them only under the conditions provided for by this law. . 2 Only banknotes and coins issued by the CBI that have not been demonetized are legal tender in Iraq.
3 The CBI may, by regulation, limit the amount of notes and coins that must be accepted as legal tender money to the payment of an obligation and limit the par value of the notes and coins for which the payment may be made .
4 The IWC is responsible for the supply of Iraqi banknotes and coins and strives to maintain the availability of sufficient banknotes and coins in all regions at all times. Article 33 Printing banknotes and coinage; accounting treatment of issued currency 1 The CBI determines by regulation the values, measures, forms, materials, contents, weights, designs and other characteristics of notes and coins.
The plates needed to print or strike currency and intellectual property rights on the currency drawings are the property of the IWC.
2 The CBI arranges for ticket printing and coin strikes, as well as for the security and preservation of notes and coins that have not yet been issued.
3 The IWC is solely responsible for the safe destruction of banknotes and coins, as well as for the safe keeping and destruction, if any, of plates, dice and coins and coins removed. The CBI will have the exclusive right to melt coins and sell the resulting metals.
4 At the request of any natural or legal person, the CBI will exchange, free of charge or in commission, banknotes and coins against other banknotes or coins of an equivalent amount. 5 The total amount of bank notes and coins outstanding issued by the CBI must be recorded in the financial statements of the CBI as a liability; this responsibility does not include banknotes and coins in the reserve inventory.
Article 34 Withdrawal of banknotes and coins
unfit for circulation 1 Banknotes and coins in circulation in circulation and unfit for circulation shall cease to be legal tender. Subject to paragraph (2) of this Article, the IWC shall withdraw, destroy and replace by banknotes or coins of an equivalent amount any banknotes or coins presented to it that are unfit for circulation. .
2 The CBI may refuse to replace a banknote or an unsuitable coin if its reasons are illegible, distorted or perforated, or if more than fifty per cent of its surface has been lost; such a note or coin shall be removed and destroyed without compensation to the owner, unless satisfactory evidence to the IWC that the missing parts have been totally destroyed, in which case the IWC may, in its sole and absolute discretion, award compensation: entire or in part.
3 The CBI is not obliged to provide any compensation for banknotes or coins lost, stolen or destroyed; he may confiscate without compensation any banknotes the appearance of which has been altered, including, in particular, banknotes on which writings have been written, painted, overprinted, stamped or perforated, or on which adhesives have been applied .
Article 34 Withdrawal of unsuitable notes and coins
Anyone who receives counterfeit banknotes or coins will send all counterfeit banknotes or coins to IWC.
Article 35 Disposal of Counterfeit Coins
Anyone who receives counterfeit banknotes or coins will send all counterfeit banknotes or coins to IWC.
Article 36 Redemption of currency
1 The CBI may decide to redeem banknotes or coins by issuing free of charge other banknotes or coins of an equivalent amount. The decision to redeem banknotes or coins is issued in the form of a CBI regulation specifying the period during which the exchange is to take place as well as the places and times of presentation of banknotes or coins. currency withdrawn.
2 At the end of the trading period or at any other time specified by the CBI, the redeemed notes and coins are demonetized and cease to be legal tender.
3 The CBI will notify the public, by publication in the Official Journal, of legal euro banknotes and coins.
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Parliament finishes first reading of a proposal concerning the central bank
8. Requests the Secretary-General to appoint a special representative to
Iraq, which will be independently responsible for regularly
report to the Council on the activities it will undertake under this resolution, to
to coordinate the work of the United Nations in the aftermath of the conflict in Iraq, to ensure
coordination of the efforts of the United Nations system and
international organizations providing humanitarian aid and facilitating
reconstruction activities in Iraq and, in coordination with the Authority, to come to
assistance to the Iraqi population by:
a) Coordinating humanitarian aid and reconstruction assistance provided by
United Nations agencies and the activities of United Nations agencies and
non-governmental organizations;
(b) Facilitating the voluntary repatriation of refugees and internally displaced persons
in order and security;
(c) Working tirelessly with the Authority, the people of Iraq and other
involved in the establishment and restoration of national institutions and
enabling the establishment of representative government, including
working together to facilitate a process leading to the establishment of
a representative Iraqi government recognized by the community
international;
(d) Facilitating the reconstruction of key infrastructures, in cooperation with
other international organizations;
e) Promoting economic recovery and the establishment of conditions
conducive to sustainable development, including by coordinating with
national and regional organizations, as appropriate, and with society
civil society, donors and international financial institutions;
(f) Encouraging the efforts of the international community to
the essential functions of civil administration are ensured;
(g) Promoting the protection of human rights;
(h) Supporting international efforts to
new operational Iraqi civilian police;
(i) Supporting the efforts of the international community to
promote legal and judicial reforms;
Iraq, which will be independently responsible for regularly
report to the Council on the activities it will undertake under this resolution, to
to coordinate the work of the United Nations in the aftermath of the conflict in Iraq, to ensure
coordination of the efforts of the United Nations system and
international organizations providing humanitarian aid and facilitating
reconstruction activities in Iraq and, in coordination with the Authority, to come to
assistance to the Iraqi population by:
a) Coordinating humanitarian aid and reconstruction assistance provided by
United Nations agencies and the activities of United Nations agencies and
non-governmental organizations;
(b) Facilitating the voluntary repatriation of refugees and internally displaced persons
in order and security;
(c) Working tirelessly with the Authority, the people of Iraq and other
involved in the establishment and restoration of national institutions and
enabling the establishment of representative government, including
working together to facilitate a process leading to the establishment of
a representative Iraqi government recognized by the community
international;
(d) Facilitating the reconstruction of key infrastructures, in cooperation with
other international organizations;
e) Promoting economic recovery and the establishment of conditions
conducive to sustainable development, including by coordinating with
national and regional organizations, as appropriate, and with society
civil society, donors and international financial institutions;
(f) Encouraging the efforts of the international community to
the essential functions of civil administration are ensured;
(g) Promoting the protection of human rights;
(h) Supporting international efforts to
new operational Iraqi civilian police;
(i) Supporting the efforts of the international community to
promote legal and judicial reforms;
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Parliament finishes first reading of a proposal concerning the central bank
Based on the provisions of paragraph (3) of Article (4) of the Central Bank of Iraq Law annexed to the order
No. (56) for the year 2004.
We issued the executive regulations:
Implementing Regulations
Banking facilities of the Central Bank of Iraq
Article 1 - First - a - the Central Bank of Iraq to lend a bank with an acceptable security grant
An advance in accordance with the provisions of Article 2 of these Regulations.
(B) For the purposes of these Regulations, the Bank shall mean the covered Bank
Provisions (Article 1) of the Banking Law Issued by Order (No. 94)
For the year 2004.
(C) For the purpose of these Regulations, the advance means the granting of credit to the Bank or
Jet extension or dr. for him
Second: A- The bank shall provide guarantees to pay the advance accepted by the bank, including
These guarantees are real estate ownership and other commercial activities
They were of acceptable value including securities.
(B) The amount of the payment of the advance means the amount of any advance in addition to it
All benefits accrued and outstanding.
Third: The Bank shall not be obliged to grant, increase, renew or extend any advance
One of the banks provided for in items n
(Ii) and (ter) of Article (2) of these Regulations and he may refuse grants
If the bank does not meet the conditions
The initial credit specified by the Bank in accordance with the provisions of clause (I) of Article
(2) of these Regulations.
Fourth: The Bank may ascertain the accuracy of the information on the assets provided as collateral
The Bank may use the credit granted to it
In a manner consistent with the rule of law.
V. The Bank, which has received credit under items (ii) and (iii)
Article (2) of these regulations may act as an intermediary or agent of a bank
Last received the bank's credit only. With the approval of the bank
Article (2): First: The Bank may grant an initial credit on a night basis as a source of support for financing
A bank that is in a sound financial position and gives this credit at a minimum
An administrative burden on the borrower and the bank may use it for a period not exceeding
(F) Fifteen days per month or used for additional days
Month with the approval of the bank and its use should be in the range of (20%) of
100% of its capital or in excess of that amount with the approval of the Bank and shall be granted
At an initial credit interest rate.
Second: The Bank shall grant subordinated credit on a short-term and term basis
A maturity of no more than 30 days as a source of funding support
The bank is unable to raise financing from the market provided that it is
This credit is consistent with the systematic redemption of market financing sources
This credit shall be granted at a higher interest rate than
Initial credit rate.
Third: In exceptional circumstances, the Bank may decide to grant the last resort credit to
Any bank or for the interest of the bank which is unable to measure
Financing from the market under mechanical conditions -:
A- The bank shall have sufficient solvency from the bank's point of view
It provides adequate assurance that the request for financial assistance is based on
The need to improve liquidity and the need to maintain system stability
Banking
The Minister of Finance shall issue to the Bank a written guarantee on behalf of the Bank
The government repays the loan.
(C) The bank requesting support shall provide the Bank with a description of the plan
Followed to improve its liquidity and enable it to return to dependence on sources
Market support, and the Bank's support as a lender of last resort is available for a period of time
The initial period of support shall be extended by a decision of
the bank.
Article - 3 - First - a - The interest rate on the initial credit provided to banks
Pursuant to Clause (I) of Article (2) of these Regulations,
Specific increase above the bank rate.
(B) “Bank Rate” means the interest rate set by the Bank
To reflect the rate that it considers appropriate to maintain stability
the prices.
Second: The interest rate on the secondary credit granted to banks
Under clause (ii) of Article (2) of these Regulations is a specific increase
Above the initial credit rate.
Third: The interest rate of the bank declared and designated as a lender of refuge
The latter, based on the Bank's interest rate plus a profit margin
Fourth: The Bank may amend the interest rate from time to time and announce it before it becomes effective.
Article (4): First: The Bank may apply to the Bank for an advance payment before an appropriate period
To be guaranteed by mortgage or guarantee.
Second: The Bank reserves the right and at its discretion to address the Bank at any time
To apply for an advance in accordance with the provisions of (i) and (ii)
Article (3) of this Bylaw is a time to issue a promissory note or any agreement
Additional documents related to the advance request.
Third: If the bank agrees to grant the advance stipulated in
Items (I) and (II) of this Article shall be credited to
The account agreed with the bank and credit is available before
End of the bank's working day.
(B) "Account" for the purposes of these Regulations is a current account
For any bank at the bank.
Article - 5 - First - interest is realized from the date of recording the advance income to the account specified from
The Bank shall be reimbursed at the effective rate at that date, if the rate changes
Interest When the payment is made, the new rate is applied from
The date on which the change in price becomes effective, and interest is calculated on
The basis that the year (365) three hundred and sixty-five days.
Second: If the amount of the advance is not paid in full or in part when it is due
By expediting payment or otherwise interest is paid for the unpaid portion of an amount
The advance shall be added to (5%) five percent in addition to the applicable price in
Then until the payment of the full amount of the advance.
Article 6: The Bank shall pay the advance amount in one of the following cases:
First - when you claim.
(Ii) Upon the date of maturity specified by the Bank, and in the absence of such determination;
Payment date is due on the next working day
Bank advances and credited income to his account.
Thirdly, in case of failure and regardless of whether there is a claim or not,
Depending on the bank's choice.
Article 7: In case the bank is late in paying any of the advance installments or becomes
The collateral provided is weak and does not fit the situation with the bank's finances or capacity
Then the advances or other obligations are due
Without warning. former
Article 8 The Bank shall make advance payment based on the provisions of items (II) and (III).
Of Article (2) of these regulations with the accrued interest and the unpaid interest
On the amount already paid in whole or in part. And without a fine
Article -9 - The Bank shall record the amount of the advance debt on the bank account at maturity.
Article - 10 - If the bank knows or he can know that his account Rla dies balances
Availability sufficient and collected upon maturity of any advances or debts
Coordinate with the Bank to pay the amount within a specified period agreed upon in writing.
Article (11): a- For evaluation purposes, the Bank shall allow the Bank to obtain an advance
Or in the event of indebtedness against a collateral subject to a continuous benefit benefit
The bank may be sold in accordance with the provisions of the law to satisfy the debt and has the right
Settlement of the collateral to meet any obligation, whether or not
The commitment exists or will be established. In the future
(B) “Supplemental Guarantee” means all guarantees that have been disbursed and include a bond
Ownership, ownership interest, investment property, bonds or deposit accounts
Or real property or scientific (intellectual) property documented in a fuller security document
Bank records, cash or non-cash returns paid or due
Push it.
Second: The Bank shall guarantee sufficient collateral for the Bank including the title deed
Income arising from ownership as collateral for any liability, whether such
Rights in his possession at the time of the guarantee or will be obtained in a timely manner
They are held or controlled by the Bank and include investment property or any
A balance that is credited to the Bank with the exception of securities and securities
Such as an unpaid promissory note or a clearing instrument
Securities with collection fees and their returns.
Article 12: First: The payment of the advance shall be guaranteed by an additional collateral and mortgage
Accepted by the bank. If the bank requests an additional guarantee provided that it is identical
With the guarantee document in the form and manner specified by the Bank with survival
Additional Warranty Document. Updated and window
Second: In case the bank does not agree with the contrary in the provision of item (I)
From this Article, the Bank shall transfer or provide the additional security to
The Bank shall retain any form and manner specified by the Bank
An additional security clause is not provided or transferred in the form of a deposit with
Bank until the additional security is provided or transferred in accordance with the instructions
the bank .
Third: The Bank bears the risk of losing any additional collateral held during the period
Transfer to and from the Bank The Bank also bears any risk of loss
Any collateral or damage to the collateral held by the Bank
As long as the bank exercised due care.
Article 13 The Bank may take the following measures separately or in succession in case of default
The Bank shall repay the advance or perform any other financial obligation:
First: The amount of the advance shall be debited to the bank account even if the amount is not
They are entitled to pay or permit to pay without notice or prior claim.
Second: Settlement of any obligation against any amount owed by the Bank to the Bank
Whether or not it is due.
Third: Exercise any bank right to settle under the provisions of the law regarding ownership
The Bank that is under the control or control of the Bank and includes the following materials:
The collection fee and its proceeds or any balance credited to the Bank's income with the Bank.
Fourth: To establish, in accordance with the provisions of the law, any additional guarantee not under
Possession of the Bank when the Bank fails to pay the advance or perform any obligation
The Bank has access to any place where this guarantee is maintained
After obtaining the permission of the competent court.
V. Take any other legal action to implement any obligation, including in practice
The Bank shall be entitled to its secured rights as a creditor and to collect any security proceeds
The guarantee was that the bank was not in possession of it.
Article 14 The Bank shall exercise the following procedures to obtain its rights to the collateral
When the Bank fails to pay the advance or perform any other financial obligation:
I. Sale of the collateral or part of it in accordance with the procedures. Legally prescribed
Second: Buying the collateral or part of it by consent or elimination, and coming down from debt
The amount of the sale allowance.
Article 15 The Bank undertakes to authorize the Bank to make an endorsement, assignment, transfer or receipt of the guarantee
Additional to any party to protect the rights of the bank.
Article - 16 - First - the bank accepts a deposit in Iraqi dinars or foreign currency from a bank
Interest is charged on one night and interest on the night deposit is charged at the rate
To be determined by the bank and less than the effective bank rate on the day of deposit.
Second: The amount of the bank's overnight deposit shall not be included in the reserve requirements.
Article 17 This executive regulation shall be published in the Official Gazette and shall enter into force from a date
1/3/2004 The effective date of the Central Bank of Iraq Law attached to the order number
. 56 (2004)
https://cbi.iq/static/uploads/up/file-149807119573364.pdf
No. (56) for the year 2004.
We issued the executive regulations:
Implementing Regulations
Banking facilities of the Central Bank of Iraq
Article 1 - First - a - the Central Bank of Iraq to lend a bank with an acceptable security grant
An advance in accordance with the provisions of Article 2 of these Regulations.
(B) For the purposes of these Regulations, the Bank shall mean the covered Bank
Provisions (Article 1) of the Banking Law Issued by Order (No. 94)
For the year 2004.
(C) For the purpose of these Regulations, the advance means the granting of credit to the Bank or
Jet extension or dr. for him
Second: A- The bank shall provide guarantees to pay the advance accepted by the bank, including
These guarantees are real estate ownership and other commercial activities
They were of acceptable value including securities.
(B) The amount of the payment of the advance means the amount of any advance in addition to it
All benefits accrued and outstanding.
Third: The Bank shall not be obliged to grant, increase, renew or extend any advance
One of the banks provided for in items n
(Ii) and (ter) of Article (2) of these Regulations and he may refuse grants
If the bank does not meet the conditions
The initial credit specified by the Bank in accordance with the provisions of clause (I) of Article
(2) of these Regulations.
Fourth: The Bank may ascertain the accuracy of the information on the assets provided as collateral
The Bank may use the credit granted to it
In a manner consistent with the rule of law.
V. The Bank, which has received credit under items (ii) and (iii)
Article (2) of these regulations may act as an intermediary or agent of a bank
Last received the bank's credit only. With the approval of the bank
Article (2): First: The Bank may grant an initial credit on a night basis as a source of support for financing
A bank that is in a sound financial position and gives this credit at a minimum
An administrative burden on the borrower and the bank may use it for a period not exceeding
(F) Fifteen days per month or used for additional days
Month with the approval of the bank and its use should be in the range of (20%) of
100% of its capital or in excess of that amount with the approval of the Bank and shall be granted
At an initial credit interest rate.
Second: The Bank shall grant subordinated credit on a short-term and term basis
A maturity of no more than 30 days as a source of funding support
The bank is unable to raise financing from the market provided that it is
This credit is consistent with the systematic redemption of market financing sources
This credit shall be granted at a higher interest rate than
Initial credit rate.
Third: In exceptional circumstances, the Bank may decide to grant the last resort credit to
Any bank or for the interest of the bank which is unable to measure
Financing from the market under mechanical conditions -:
A- The bank shall have sufficient solvency from the bank's point of view
It provides adequate assurance that the request for financial assistance is based on
The need to improve liquidity and the need to maintain system stability
Banking
The Minister of Finance shall issue to the Bank a written guarantee on behalf of the Bank
The government repays the loan.
(C) The bank requesting support shall provide the Bank with a description of the plan
Followed to improve its liquidity and enable it to return to dependence on sources
Market support, and the Bank's support as a lender of last resort is available for a period of time
The initial period of support shall be extended by a decision of
the bank.
Article - 3 - First - a - The interest rate on the initial credit provided to banks
Pursuant to Clause (I) of Article (2) of these Regulations,
Specific increase above the bank rate.
(B) “Bank Rate” means the interest rate set by the Bank
To reflect the rate that it considers appropriate to maintain stability
the prices.
Second: The interest rate on the secondary credit granted to banks
Under clause (ii) of Article (2) of these Regulations is a specific increase
Above the initial credit rate.
Third: The interest rate of the bank declared and designated as a lender of refuge
The latter, based on the Bank's interest rate plus a profit margin
Fourth: The Bank may amend the interest rate from time to time and announce it before it becomes effective.
Article (4): First: The Bank may apply to the Bank for an advance payment before an appropriate period
To be guaranteed by mortgage or guarantee.
Second: The Bank reserves the right and at its discretion to address the Bank at any time
To apply for an advance in accordance with the provisions of (i) and (ii)
Article (3) of this Bylaw is a time to issue a promissory note or any agreement
Additional documents related to the advance request.
Third: If the bank agrees to grant the advance stipulated in
Items (I) and (II) of this Article shall be credited to
The account agreed with the bank and credit is available before
End of the bank's working day.
(B) "Account" for the purposes of these Regulations is a current account
For any bank at the bank.
Article - 5 - First - interest is realized from the date of recording the advance income to the account specified from
The Bank shall be reimbursed at the effective rate at that date, if the rate changes
Interest When the payment is made, the new rate is applied from
The date on which the change in price becomes effective, and interest is calculated on
The basis that the year (365) three hundred and sixty-five days.
Second: If the amount of the advance is not paid in full or in part when it is due
By expediting payment or otherwise interest is paid for the unpaid portion of an amount
The advance shall be added to (5%) five percent in addition to the applicable price in
Then until the payment of the full amount of the advance.
Article 6: The Bank shall pay the advance amount in one of the following cases:
First - when you claim.
(Ii) Upon the date of maturity specified by the Bank, and in the absence of such determination;
Payment date is due on the next working day
Bank advances and credited income to his account.
Thirdly, in case of failure and regardless of whether there is a claim or not,
Depending on the bank's choice.
Article 7: In case the bank is late in paying any of the advance installments or becomes
The collateral provided is weak and does not fit the situation with the bank's finances or capacity
Then the advances or other obligations are due
Without warning. former
Article 8 The Bank shall make advance payment based on the provisions of items (II) and (III).
Of Article (2) of these regulations with the accrued interest and the unpaid interest
On the amount already paid in whole or in part. And without a fine
Article -9 - The Bank shall record the amount of the advance debt on the bank account at maturity.
Article - 10 - If the bank knows or he can know that his account Rla dies balances
Availability sufficient and collected upon maturity of any advances or debts
Coordinate with the Bank to pay the amount within a specified period agreed upon in writing.
Article (11): a- For evaluation purposes, the Bank shall allow the Bank to obtain an advance
Or in the event of indebtedness against a collateral subject to a continuous benefit benefit
The bank may be sold in accordance with the provisions of the law to satisfy the debt and has the right
Settlement of the collateral to meet any obligation, whether or not
The commitment exists or will be established. In the future
(B) “Supplemental Guarantee” means all guarantees that have been disbursed and include a bond
Ownership, ownership interest, investment property, bonds or deposit accounts
Or real property or scientific (intellectual) property documented in a fuller security document
Bank records, cash or non-cash returns paid or due
Push it.
Second: The Bank shall guarantee sufficient collateral for the Bank including the title deed
Income arising from ownership as collateral for any liability, whether such
Rights in his possession at the time of the guarantee or will be obtained in a timely manner
They are held or controlled by the Bank and include investment property or any
A balance that is credited to the Bank with the exception of securities and securities
Such as an unpaid promissory note or a clearing instrument
Securities with collection fees and their returns.
Article 12: First: The payment of the advance shall be guaranteed by an additional collateral and mortgage
Accepted by the bank. If the bank requests an additional guarantee provided that it is identical
With the guarantee document in the form and manner specified by the Bank with survival
Additional Warranty Document. Updated and window
Second: In case the bank does not agree with the contrary in the provision of item (I)
From this Article, the Bank shall transfer or provide the additional security to
The Bank shall retain any form and manner specified by the Bank
An additional security clause is not provided or transferred in the form of a deposit with
Bank until the additional security is provided or transferred in accordance with the instructions
the bank .
Third: The Bank bears the risk of losing any additional collateral held during the period
Transfer to and from the Bank The Bank also bears any risk of loss
Any collateral or damage to the collateral held by the Bank
As long as the bank exercised due care.
Article 13 The Bank may take the following measures separately or in succession in case of default
The Bank shall repay the advance or perform any other financial obligation:
First: The amount of the advance shall be debited to the bank account even if the amount is not
They are entitled to pay or permit to pay without notice or prior claim.
Second: Settlement of any obligation against any amount owed by the Bank to the Bank
Whether or not it is due.
Third: Exercise any bank right to settle under the provisions of the law regarding ownership
The Bank that is under the control or control of the Bank and includes the following materials:
The collection fee and its proceeds or any balance credited to the Bank's income with the Bank.
Fourth: To establish, in accordance with the provisions of the law, any additional guarantee not under
Possession of the Bank when the Bank fails to pay the advance or perform any obligation
The Bank has access to any place where this guarantee is maintained
After obtaining the permission of the competent court.
V. Take any other legal action to implement any obligation, including in practice
The Bank shall be entitled to its secured rights as a creditor and to collect any security proceeds
The guarantee was that the bank was not in possession of it.
Article 14 The Bank shall exercise the following procedures to obtain its rights to the collateral
When the Bank fails to pay the advance or perform any other financial obligation:
I. Sale of the collateral or part of it in accordance with the procedures. Legally prescribed
Second: Buying the collateral or part of it by consent or elimination, and coming down from debt
The amount of the sale allowance.
Article 15 The Bank undertakes to authorize the Bank to make an endorsement, assignment, transfer or receipt of the guarantee
Additional to any party to protect the rights of the bank.
Article - 16 - First - the bank accepts a deposit in Iraqi dinars or foreign currency from a bank
Interest is charged on one night and interest on the night deposit is charged at the rate
To be determined by the bank and less than the effective bank rate on the day of deposit.
Second: The amount of the bank's overnight deposit shall not be included in the reserve requirements.
Article 17 This executive regulation shall be published in the Official Gazette and shall enter into force from a date
1/3/2004 The effective date of the Central Bank of Iraq Law attached to the order number
. 56 (2004)
https://cbi.iq/static/uploads/up/file-149807119573364.pdf
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Sun Mar 10, 2024 5:58 am by RamblerNash
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej
» The second American Revolution has begun, God Bless Texas
Mon Jan 29, 2024 6:13 pm by kenlej
» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Sun Jan 28, 2024 3:28 pm by Mission1st
» Tucker talking Canada
Wed Jan 24, 2024 6:50 pm by kenlej
» Almost to the end The goodguys are winning
Mon Jan 22, 2024 9:03 pm by kenlej
» Dinar Daily Facebook Page
Mon Jan 22, 2024 3:34 pm by Ponee
» The Fundamentals of Finance and Pimpy Live
Thu Jan 18, 2024 7:17 am by Dinarhater
» Why Won't the Iraqi Dinar Scam Die?
Wed Jan 17, 2024 5:19 pm by RamblerNash
» Frat President Charged With Stealing $267K to Buy Worthless Iraqi Dinars
Wed Jan 17, 2024 5:05 pm by RamblerNash
» Fact Check: NO Record 'Quantum Financial System' Exists Beyond Claims In Videos, Online Articles
Mon Jan 15, 2024 6:15 pm by RamblerNash