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CBI and Parliament Law
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CBI and Parliament Law
by MarciaD Wed Jan 11, 2012 5:50 pm
For those gurus and those of you who state that the RV has to go before Parliament (and BTW Parliament has been continued on Jan. 17) prior to the RV in place, it is nonsense. The CBI law clearly states otherwise.
The CBI Law from the Central Bank of Iraq site says " the CBI determines and funds its own budget." It plainly says "the CBI shall not take any other instructions from any other person or entity, include government entities." It also says "no person or entity or government shall seek to improperly influence any member of the decision-making body of the CBI." The CBI "formulates and implements monetary policy, including exchange rates."
This plainly states the CBI implements the exchange rates NOT the Parliament (a government body). The word Parliament is NOT ever mentioned in the CBI law. The CBI can, however, provide services to the government as a advisor and fiscal agent. It also says "the CBI issues and manages Iraq currency." The "CBI has the power to issue all regulations, rules and guidelines." The CBI consists of the "Governor, Deputy Governor, and Board Members." The CBI "determines the denominations, features, weights, designs, materials of the dinar."
The only time it refers to the Legislature is that at the end of the year the governor of the CBI is to issue a report to the Legislature a report on the monetary policy objectives including the events that affect the economy of Iraq.
So all this talk about having to read a second and third time .. NOT .. all that has to happen is Shabibi to "flip the switch."
Here is the document: It is 45 pages long and I have read through it and as I said it plainly says the CBI is in control of the dinar exchange rate. http://www.cbi.iq/documents/CBILAW-EN_f.pdf
The CBI Law from the Central Bank of Iraq site says " the CBI determines and funds its own budget." It plainly says "the CBI shall not take any other instructions from any other person or entity, include government entities." It also says "no person or entity or government shall seek to improperly influence any member of the decision-making body of the CBI." The CBI "formulates and implements monetary policy, including exchange rates."
This plainly states the CBI implements the exchange rates NOT the Parliament (a government body). The word Parliament is NOT ever mentioned in the CBI law. The CBI can, however, provide services to the government as a advisor and fiscal agent. It also says "the CBI issues and manages Iraq currency." The "CBI has the power to issue all regulations, rules and guidelines." The CBI consists of the "Governor, Deputy Governor, and Board Members." The CBI "determines the denominations, features, weights, designs, materials of the dinar."
The only time it refers to the Legislature is that at the end of the year the governor of the CBI is to issue a report to the Legislature a report on the monetary policy objectives including the events that affect the economy of Iraq.
So all this talk about having to read a second and third time .. NOT .. all that has to happen is Shabibi to "flip the switch."
Here is the document: It is 45 pages long and I have read through it and as I said it plainly says the CBI is in control of the dinar exchange rate. http://www.cbi.iq/documents/CBILAW-EN_f.pdf
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Re: CBI and Parliament Law
by CaptnJerry Wed Jan 11, 2012 5:57 pm
The majority of that is right IMHO... The CBI still needs parliment to approve funding and provide said funding for the printing of the new currency/smaller denominations... This is my understanding from all articles and documents that I have read.
CJ
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Inspired by Splovengates "Be ready between sunday and monday night, or maybe tuesday or wednesday, could also be thursday but definitely by friday.... probably next week, monday or late tuesday night, wednesday morning to hear the rv and should be cashing in on the following tuesday the 1st part of january or february. Sooner more than later. But no later than the beginning of 2013. Certainly not before then. Until then, let's enjoy the ride!
Come on RI/RV!
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Re: CBI and Parliament Law
by 1alaskan Wed Jan 11, 2012 6:00 pm
I do believe that the smaller denom's were printed when the 25k notes you have were, as were the coins minted.
They are just siting in a vault gathering dust til it RV's
They are just siting in a vault gathering dust til it RV's
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Re: CBI and Parliament Law
by CaptnJerry Wed Jan 11, 2012 6:04 pm
I've heard that they are and I've heard that they aren't, but I haven't seen anything offical stating either way... I thought that the printing of them is part of the 000 legislation/monetary policy that they are suppossedly trying to pass/implement right now.
CJ
CJ
*****************
Inspired by Splovengates "Be ready between sunday and monday night, or maybe tuesday or wednesday, could also be thursday but definitely by friday.... probably next week, monday or late tuesday night, wednesday morning to hear the rv and should be cashing in on the following tuesday the 1st part of january or february. Sooner more than later. But no later than the beginning of 2013. Certainly not before then. Until then, let's enjoy the ride!
Come on RI/RV!
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Re: CBI and Parliament Law
by geezer Wed Jan 11, 2012 6:14 pm
HMMMM DOES ANY ONE THINK THIS WILL SHUT THE GURUS UP NOW HMMMMM? AWSOME RESERCH MarciaD
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Re: CBI and Parliament Law
by MarciaD Wed Jan 11, 2012 6:19 pm
CaptnJerry wrote:The majority of that is right IMHO... The CBI still needs parliment to approve funding and provide said funding for the printing of the new currency/smaller denominations... This is my understanding from all articles and documents that I have read.
CJ
Not from what I read in the document in its entirity. I do have about 20 yrs legal experience and according to that document the CBI is in complete control of its own entitity - with Shabibi as Governor. The first page also says:
The primary objectives of the Central Bank of Iraq (CBI) is to ensure domestic price stability and foster a stable competitive market based financial system. The CBI shall also promote sustainable growth, employment and prosperity in Iraq. The functions of the CBI in addition to achieving its primary objectives are:
- Implement the monetary policy and the exchange rate policy of Iraq.
- Hold gold and manage the state reserves of gold.
- Issue and manage the Iraqi currency.
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Re: CBI and Parliament Law
by ADMIN Wed Jan 11, 2012 6:22 pm
CaptnJerry wrote:The majority of that is right IMHO... The CBI still needs parliment to approve funding and provide said funding for the printing of the new currency/smaller denominations... This is my understanding from all articles and documents that I have read.
CJ
Correct... and GOI needs the rate of exchange in order to figure the budget properly...
also cant figure the budget until they have the exchange rate which also determines HOW much profit sharing goes to each citizen and companies contracted to drill the oil... for that they need the HCL passed....
We wait on parliament... and yes I would assume that it would be shabibi that would hand over the rate of exchange for them to figure with...
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Re: CBI and Parliament Law
by ADMIN Wed Jan 11, 2012 6:25 pm
What you are saying is correct Marcia... but there have been documents stating that some determination of the currencies must be passed through parliament...
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Re: CBI and Parliament Law
by ant123 Wed Jan 11, 2012 6:33 pm
Is it going in one ear and out the other? Parlament has no control over the cbi.
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Re: CBI and Parliament Law
by dinarstar Wed Jan 11, 2012 6:34 pm
"The primary objectives of the Central Bank of Iraq (CBI) is to ensure domestic price stability and foster a stable competitive market based financial system. The CBI shall also promote sustainable growth, employment and prosperity in Iraq. The functions of the CBI in addition to achieving its primary objectives are:
Implement the monetary policy and the exchange rate policy of Iraq.
Hold gold and manage the state reserves of gold.
Issue and manage the Iraqi currency."
:yes:.....Now,I like the sound of that!
Implement the monetary policy and the exchange rate policy of Iraq.
Hold gold and manage the state reserves of gold.
Issue and manage the Iraqi currency."
:yes:.....Now,I like the sound of that!
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Re: CBI and Parliament Law
by Guest Wed Jan 11, 2012 6:36 pm
Everybody is right here. There are a few things dealing with the currency funding that Plarliment has control of and the CBI has control of all monetary policy making, including the exchange rate. AJ
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Re: CBI and Parliament Law
by dinarstar Wed Jan 11, 2012 6:37 pm
ant123 wrote:Is it going in one ear and out the other? Parlament has no control over the cbi.
Folks are sharing information here,learn to relax already.
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Re: CBI and Parliament Law
by CaptnJerry Wed Jan 11, 2012 6:48 pm
Thanks Miskebam and great info MarciaD. Thanks for posting it...
CJ
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*****************
Inspired by Splovengates "Be ready between sunday and monday night, or maybe tuesday or wednesday, could also be thursday but definitely by friday.... probably next week, monday or late tuesday night, wednesday morning to hear the rv and should be cashing in on the following tuesday the 1st part of january or february. Sooner more than later. But no later than the beginning of 2013. Certainly not before then. Until then, let's enjoy the ride!
Come on RI/RV!
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Re: CBI and Parliament Law
by ADMIN Wed Jan 11, 2012 6:49 pm
ant123 wrote:Is it going in one ear and out the other? Parlament has no control over the cbi.
LOL no... I read articles and this one says CBI was having to CONVINCE parliament that deleting the zeros is a good thing... Now if CBI is in control of it, why didnt they just do it... why discuss it with committees within parliament?
The central importance of the Iraqi parliament to convince deleted 3 zeroes from the dinar
http://dinardaily.forumotion.com/t13999-the-central-importance-of-the-iraqi-parliament-to-convince-deleted-3-zeroes-from-the-dinar?highlight=parliament+zero
Last edited by Miskebam on Wed Jan 11, 2012 6:50 pm; edited 1 time in total
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Re: CBI and Parliament Law
by Guest Wed Jan 11, 2012 6:49 pm
Also, before the RV takes place, Shabibi wants to make sure that the GOI has everything done to ensure the stability of the dinar. Remember it is the GDP of the country that ensures the dinar. The Erbil and HCL laws are part of it. AJ
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Re: CBI and Parliament Law
by 1alaskan Wed Jan 11, 2012 6:52 pm
I do think that Shabibi is concerned on the stability of the GOI, one of the reasons this is taking so long, which in turn would mean that IQD would be more stable.
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Being defeated is often a temporary condition. Giving up is what makes it permanent.
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Remember as always, JMHO
Rantings from just north of sixty
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Re: CBI and Parliament Law
by ADMIN Wed Jan 11, 2012 6:52 pm
Miskebam wrote:ant123 wrote:Is it going in one ear and out the other? Parlament has no control over the cbi.
LOL no... I read articles and this one says CBI was having to CONVINCE parliament that deleting the zeros is a good thing... Now if CBI is in control of it, why didnt they just do it... why discuss it with committees within parliament?The central importance of the Iraqi parliament to convince deleted 3 zeroes from the dinar
http://dinardaily.forumotion.com/t13999-the-central-importance-of-the-iraqi-parliament-to-convince-deleted-3-zeroes-from-the-dinar?highlight=parliament+zero
O and furthermore... I agree with Marcia... CBI is in charge of maintaining the stability of the currencies and gold... and I agree with you... GOI does NOT have control of CBI...
but there are some issues that have to be read into law or approved by parliament that do have to do with the currency of Iraq...
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Re: CBI and Parliament Law
by CaptnJerry Wed Jan 11, 2012 6:53 pm
I completely agree... I want it to happen yesterday, but just don't realisticaly see it happening any sooner than February at the earliest...
CJ
CJ
*****************
Inspired by Splovengates "Be ready between sunday and monday night, or maybe tuesday or wednesday, could also be thursday but definitely by friday.... probably next week, monday or late tuesday night, wednesday morning to hear the rv and should be cashing in on the following tuesday the 1st part of january or february. Sooner more than later. But no later than the beginning of 2013. Certainly not before then. Until then, let's enjoy the ride!
Come on RI/RV!
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Re: CBI and Parliament Law
by MarciaD Wed Jan 11, 2012 8:58 pm
CaptnJerry wrote:I completely agree... I want it to happen yesterday, but just don't realisticaly see it happening any sooner than February at the earliest...
CJ
I choose to believe legal documentation, not what documents the Gurus say, or say we need. That may be true, but where is the proof? CBI doesn't have to answer to anyone, plain and simple. Issues, laws, etc. CBI has the power to do what it wants.
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Re: CBI and Parliament Law
by DevaronDLH Wed Jan 11, 2012 11:04 pm
It seems simple enought that without an RV at a specific rate there cannot be a budget passed because the currency is not able to be factored in and lets face it, the currency is the budget.... without knowing the exact value of the currency a budget is not possible...
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Re: CBI and Parliament Law
by IQD4US Thu Jan 12, 2012 12:04 am
Provisional Programme of Work of the Security Council - January 2012
01/17/2012
Consultations (A.M.)
- Iraq/DFI/WMD
Could this meeting have anything to do with Parliment Postponement.
Will this consultation give Shabibi information on whether his country is going forward?
source: http://www.un.org/Docs/sc/index.html monthly programme tab
01/17/2012
Consultations (A.M.)
- Iraq/DFI/WMD
Could this meeting have anything to do with Parliment Postponement.
Will this consultation give Shabibi information on whether his country is going forward?
source: http://www.un.org/Docs/sc/index.html monthly programme tab
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Re: CBI and Parliament Law
by landcareunlimited Thu Jan 12, 2012 2:47 am
IQSD4US- Assuming WMD means "Weapons of Mass Destruction", but do you know what DFI stands for and is there confirmation that the consultation is for the CBI?
Thanks...
Thanks...
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Re: CBI and Parliament Law
by Jayzze Thu Jan 12, 2012 8:56 am
you are all right with different sections of what you wrote but have you heard of the great stall that is what m has done and is doing there lies the problem and also through allawi for some mis direction
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