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ARTICLE VIII
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ARTICLE VIII
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.
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.
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: ARTICLE VIII
so claude that was a wonderful story about chap 8 and Iraq but sadly its a fairy tale only. Iraq has been told many times they must complete their cabinet and pass certain laws have as well as certain other things to qualify for chap 8. good news is the wonderful things Iraq has done I will name a few number one kicking the can down the road on all important issues that are needed. number 2 conning the arab countries to reduce their debt to them by 75%. number 3 conning the countries and world org of all kinds of aid and help. number 4 the goi and its leaders for robbibg iraq to the tune of billions while their people live in poverty. and number 5 the latest is dropping the 3 zeros and raising its currency and now doing a 360 and saying its to expensive maybe they should return some of the stolen money? so infedels do you really think you are going to make a penny on this investment? if so I recommend you go to Disneyland where dreams come true
Jayzze- VIP Member
- Posts : 5986
Join date : 2011-06-23
Re: ARTICLE VIII
I usually go over your comment, but if I put the topic of Article 8 on the forum it's for members who do not know what it means Article 8 of the IMF, we see very well what is presently present, the first is the chapter 7 for Iraq which is resolved, then we had the article 4 which is arrived lately, that is to say in July, and if Iraq back to the WTO, and what will happen, especially with the support of the United States, you do not have the choice to have a value on your currency to negotiate with other countries for their purchasing power, that is when Article 8 will apply, I hand over the IMF's foreign exchange policy for Iraq in 2016.
December 2016
International Monetary Fund
IMF Country Report No.16 / 379
IRAQ
FIRST REVIEW OF THE THREE-YEAR STAND-BY
ARRANGEMENT AND FINANCING ASSURANCES REVIEW,
REQUESTS FOR WAIVERS OF NONOBSERVANCE AND
APPLICABILITY OF PERFORMANCE CRITERIA,
MODIFICATION OF PERFORMANCE CRITERIA, AND
REPHASING OF THE ARRANGEMENT-PRESS RELEASE;
STAFF REPORT; AND STATEMENT BY THE EXECUTIVE
DIRECTOR FOR IRAQ
Page 58 & 59 of 109 pages
D. Foreign Exchange Policy
23. The government is committed to maintaining the U.S. dollar. The peg provides a key nominal anchor in a highly uncertain environment environment 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 the issue of foreign exchange, the CBI would like to discuss the issue of counterfeiting and counterfeiting, the CBI has been strengthening its procedures to allocate foreign exchange to the US Treasury and the Federal Reserve Board and the recourse to external auditors . The CBI has also requested the technical assistance of the IMF and the market share of the market. recommendations to reduce the spread.
24. The government will gradually remove restrictions and a multiple currency practice (MCP) with a view to eliminating exchange rate distortions. Such a move towards acceptance of the obligations under
6 The downward revision of the debt-to-GDP ratio compared to the SBA request stems from: (i) the downward revision of the stock of external debt by $ 1 billion at end-2015 due to the elimination of double counting of debt ; the upward revision of nominal GDP in 2014-15 explained above (¶6); and the upward revision of oil production by 0.2 mbpd; and the upward revision of oil prices by $ 2.5 per barrel in the medium term compared to the SBA request
Article 13 of the MFIs Articles of Agreement Maintaining the Maintainability of the MFIs climate. As a first step, on October 16, 2016, the CBI is indicative, in the sense that any bank requires additional cash for their customers to be able to obtain the required amount above these limits on the basis of appropriate documentation. As a second step, the CBI will be issued by the SBI (SB, Table 2), as recommended by a recent technical assistance mission of the IMF.
To finish, you must have time to lose forever to be negative at this point on the subject of dinars, and you are so sure they will not have any change on the dinar rate, yet you follow me on the news , and in addition you take the time to comment, if the topic on the dinars is invalid in your eyes why waste your time to follow the articles on the dinars if nothing is going to happen on a rate change in your eyes, buy your newspaper in your area to follow the news instead of wasting time on a topic that you think does not give anything to keep track of the dinars, on my side I do not listen, and I do not read any guru , and especially I do not follow the people who are negative, even that currently I'm wasting my time answering instead of following the news and share it with members of the forum, I will continue in my thinking, that he had a value before the sanctions of the chapter 7, and after their return to the international, and on their return with the WTO they will have a value on the dinar through article 8.
Claud (Moose)
December 2016
International Monetary Fund
IMF Country Report No.16 / 379
IRAQ
FIRST REVIEW OF THE THREE-YEAR STAND-BY
ARRANGEMENT AND FINANCING ASSURANCES REVIEW,
REQUESTS FOR WAIVERS OF NONOBSERVANCE AND
APPLICABILITY OF PERFORMANCE CRITERIA,
MODIFICATION OF PERFORMANCE CRITERIA, AND
REPHASING OF THE ARRANGEMENT-PRESS RELEASE;
STAFF REPORT; AND STATEMENT BY THE EXECUTIVE
DIRECTOR FOR IRAQ
Page 58 & 59 of 109 pages
D. Foreign Exchange Policy
23. The government is committed to maintaining the U.S. dollar. The peg provides a key nominal anchor in a highly uncertain environment environment 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 the issue of foreign exchange, the CBI would like to discuss the issue of counterfeiting and counterfeiting, the CBI has been strengthening its procedures to allocate foreign exchange to the US Treasury and the Federal Reserve Board and the recourse to external auditors . The CBI has also requested the technical assistance of the IMF and the market share of the market. recommendations to reduce the spread.
24. The government will gradually remove restrictions and a multiple currency practice (MCP) with a view to eliminating exchange rate distortions. Such a move towards acceptance of the obligations under
6 The downward revision of the debt-to-GDP ratio compared to the SBA request stems from: (i) the downward revision of the stock of external debt by $ 1 billion at end-2015 due to the elimination of double counting of debt ; the upward revision of nominal GDP in 2014-15 explained above (¶6); and the upward revision of oil production by 0.2 mbpd; and the upward revision of oil prices by $ 2.5 per barrel in the medium term compared to the SBA request
Article 13 of the MFIs Articles of Agreement Maintaining the Maintainability of the MFIs climate. As a first step, on October 16, 2016, the CBI is indicative, in the sense that any bank requires additional cash for their customers to be able to obtain the required amount above these limits on the basis of appropriate documentation. As a second step, the CBI will be issued by the SBI (SB, Table 2), as recommended by a recent technical assistance mission of the IMF.
To finish, you must have time to lose forever to be negative at this point on the subject of dinars, and you are so sure they will not have any change on the dinar rate, yet you follow me on the news , and in addition you take the time to comment, if the topic on the dinars is invalid in your eyes why waste your time to follow the articles on the dinars if nothing is going to happen on a rate change in your eyes, buy your newspaper in your area to follow the news instead of wasting time on a topic that you think does not give anything to keep track of the dinars, on my side I do not listen, and I do not read any guru , and especially I do not follow the people who are negative, even that currently I'm wasting my time answering instead of following the news and share it with members of the forum, I will continue in my thinking, that he had a value before the sanctions of the chapter 7, and after their return to the international, and on their return with the WTO they will have a value on the dinar through article 8.
Claud (Moose)
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: ARTICLE VIII
Excellent response Claud. You are a wealth of news I am not so sure people read what the other person posted I skipped it. He or she is not worth responding too. Logic instead of negativity triumphs.
Jimplants- Active Member
- Posts : 96
Join date : 2018-12-06
Re: ARTICLE VIII
You know Jim I only share the news about Iraq so that the people of the forum see for themselves what is going on in Iraq, and on the news of the day, you notice how I work in my publication, the news economic, then I do the rounds of the government departments for the news of the day, then go to the newspapers of the country, the morning news that in the first place are with the ministries of planning, finance, foreign affairs, Minister's Council so on ... you see the news about me from gurus, wasted time, the only person who will give us the answer of the rate change is the IMF, and the stock market like the XE, and we both know that the ISX to sign with the NASDAQ for the first of October, and the banking system is ready to make the change, and the central bank's project was (2016-2020) for financial inclusion, at when I continue to follow the news and share them on the forum especially to put some truth that just guesses suppositions that do not know anything, and especially not to listen to people who are negative about the subject, so I do my own opinion, I read again what the IMF says about the exchange rate policy made in December 2016, good day to all !!
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.
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.
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: ARTICLE VIII
claude you never answer the question when one rarely answers your articles you bring in. no matter what you copy and paste there are certain things that Iraq must do first and they do not follow except for kicking the can down theroad and doing what ever they choose. do you really understand whats going on or is it easier to write your books since most people have better things to do then spend hours rereading whats on the forums
Jayzze- VIP Member
- Posts : 5986
Join date : 2011-06-23
Re: ARTICLE VIII
Jayzze wrote:claude you never answer the question when one rarely answers your articles you bring in. no matter what you copy and paste there are certain things that Iraq must do first and they do not follow except for kicking the can down theroad and doing what ever they choose. do you really understand whats going on or is it easier to write your books since most people have better things to do then spend hours rereading whats on the forums
The Central Bank's strategic measures have increased confidence in the banking sector
07/08/2019
Samir al-Nasiri
The Central Bank of Iraq issued a statement in which he confirmed the rise of total assets of the government and private banking sector to 120 trillion dinars 100 billion dollars in 2018 compared to 2017 and clearly indicates that this was achieved because of the strategic measures adopted by the Central Bank as part of its plan to restore confidence in the banking sector.
In another statement, the bank stressed its keenness that commercial banks are committed in accordance with the Banking Law and its bylaws to the banking standards, controls and regulations in maintaining financial stability and not tolerating potential damages due to government decisions to support the private sector to reduce interest rates for contractors and investors whose payments were delayed by the government.
The Orbiter and the Controller like banking and through the analysis of business results of banks for the years 2017 and 2018 and the first half of 2019 notes clearly the main role of the central bank executive, supervisory and regulatory procedures on the banking market in Iraq , according to the target in its strategy for the years 2016 - 2020 .
Total assets increased by 10% and total deposits to 14% in 2018 compared to 2017.This is a sure criterion for the success of banks according to the Central Bank's plans to increase confidence in dealing with banks in addition to increasing the ratio of financial inclusion to more than 23% in light of international reports.
This means that the financial position of the Iraqi banking sector is heading in the right direction towards the sobriety and transparency that he called for and worked to implement since July 2017 by the message of the Governor of the Central Bank addressed to banks We hope to achieve 100% in 2020.
What confirms the correctness of the procedures of the Central Bank is to increase foreign cash reserves to $ 72 billion as of 30/6/2019, an indicator confirms its success in maintaining foreign reserves despite the economic and financial challenges suffered by Iraq and do not forget here the active role and supportive and supportive The Central Bank of the National Economy and its contribution to the stability of the exchange rate and thus restore confidence in the Iraqi economy and international banking transactions and its commitment to international banking and accounting standards, especially with regard to combating money laundering and terrorist financing.
http://economy-news.net/content.php?id=17447
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
DESPITE AT LEAST 20 STAMPS AND STAMP AND A SIGN .. IRAQI DINAR HAS NOT BEEN FREE FROM FRAUD
claud39 wrote:Jayzze wrote:claude you never answer the question when one rarely answers your articles you bring in. no matter what you copy and paste there are certain things that Iraq must do first and they do not follow except for kicking the can down theroad and doing what ever they choose. do you really understand whats going on or is it easier to write your books since most people have better things to do then spend hours rereading whats on the forums
The Central Bank's strategic measures have increased confidence in the banking sector
07/08/2019Samir al-NasiriThe Central Bank of Iraq issued a statement in which he confirmed the rise of total assets of the government and private banking sector to 120 trillion dinars 100 billion dollars in 2018 compared to 2017 and clearly indicates that this was achieved because of the strategic measures adopted by the Central Bank as part of its plan to restore confidence in the banking sector.In another statement, the bank stressed its keenness that commercial banks are committed in accordance with the Banking Law and its bylaws to the banking standards, controls and regulations in maintaining financial stability and not tolerating potential damages due to government decisions to support the private sector to reduce interest rates for contractors and investors whose payments were delayed by the government.The Orbiter and the Controller like banking and through the analysis of business results of banks for the years 2017 and 2018 and the first half of 2019 notes clearly the main role of the central bank executive, supervisory and regulatory procedures on the banking market in Iraq , according to the target in its strategy for the years 2016 - 2020 .Total assets increased by 10% and total deposits to 14% in 2018 compared to 2017.This is a sure criterion for the success of banks according to the Central Bank's plans to increase confidence in dealing with banks in addition to increasing the ratio of financial inclusion to more than 23% in light of international reports.This means that the financial position of the Iraqi banking sector is heading in the right direction towards the sobriety and transparency that he called for and worked to implement since July 2017 by the message of the Governor of the Central Bank addressed to banks We hope to achieve 100% in 2020.What confirms the correctness of the procedures of the Central Bank is to increase foreign cash reserves to $ 72 billion as of 30/6/2019, an indicator confirms its success in maintaining foreign reserves despite the economic and financial challenges suffered by Iraq and do not forget here the active role and supportive and supportive The Central Bank of the National Economy and its contribution to the stability of the exchange rate and thus restore confidence in the Iraqi economy and international banking transactions and its commitment to international banking and accounting standards, especially with regard to combating money laundering and terrorist financing.http://economy-news.net/content.php?id=17447
DESPITE AT LEAST 20 STAMPS AND STAMP AND A SIGN .. IRAQI DINAR HAS NOT BEEN FREE FROM FRAUD
Tuesday 27 August, 2019
David's devotion
Following the imposition of the blockade on Iraq in the early nineties of the last century and the use of the former regime of printing currencies inside the country spread cases of currency counterfeiting and non-compliance with international standards and specifications in printing, and after 2003, was replaced by a new edition has been printing presses Delaru in Britain with specifications sober difficult to counterfeit.
The political crises and weak government control over the circulating currencies allowed the spread of counterfeiting and the promotion of counterfeit currency and circumvention of citizens, according to local and international reports, as the Central Bank of Iraq published a statement on its website in 2018, entitled 'Know your money', which includes pictures of Iraqi currencies and security signs Which can distinguish between real and counterfeit currency. It included coins from the category of 250 dinars to the category of 50 thousand dinars, accompanied by shares indicating security signs, which include safety line and watermarks and visually variable ink and transparent window.
The director of the issuance and treasury department of the Central Bank Jaafar Ghulam, that the Iraqi banks discover each month amounts of not less than 200 million dinars, during the receipt of the amounts of deposits from citizens, explaining that the discovery of these amounts are individually for Iraqis who were victims of receiving counterfeit currencies, In addition to the announcement by the Ministry of Interior of the seizure of counterfeit currency.
Ghulam adds that "forged cash categories are often for the category of fifty thousand dinars and the category of 25 thousand dinars and less for the category of ten thousand dinars, pointing out that cash workers can detect counterfeit currencies easily, as the Iraqi currency in which at least 20 stamps and stamp Impossible to imitate, and they are means of protecting the currency from counterfeiting. "
He stressed that "the new editions of the Iraqi currency now includes new security additions such as transparencies, glossy and stamped, which is difficult for the most skilled counterfeiters to imitate, and that the coming months will see the replacement of the majority of large cash categories such as the category of 10 thousand and 25 thousand and 50 thousand new editions.
Meanwhile, Interior Ministry spokesman Major General Saad Maan said that "the past three years have witnessed the arrest of at least 240 arrests and arrests of gangs and individuals who were promoting the counterfeit currency in the country, and arrested and after questioning them revealed dozens of printing presses were visiting the currency in Baghdad And provinces.
He explained, "There are a number of models of counterfeit currency between primitive easy to identify because of printing by amateur inexperienced in this area, and that some counterfeiters use currency printers special printing currency, has been entered into the country illegally and has been detected, The Interior Ministry had arrested some of them in the Al-Midan and Bayaa districts of Baghdad and other provinces.
At the press conference of the most important activities of the ministry held in January 2019, Maan announced that the level of crime in all its forms in Baghdad decreased by 42% in 2018 compared to 2017, where the rate of crime for forgery and forgery decreased 53% and the crime of fraud and fraud decreased by 45% .
It is noteworthy, that the Ministry announced, on Monday, the arrest of an accused of counterfeiting foreign currency in Karbala.
Maan said in a statement that "detachments of organized crime intelligence in Karbala operating within the Intelligence Agency in the Ministry of Interior arrested one of the accused in the province of Karbala."
He added, "The defendant works by counterfeiting currency as he seized in his possession a special paper used in counterfeiting currency.
https://n.annabaa.org/news40567
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: ARTICLE VIII
claud39 wrote:claud39 wrote:Jayzze wrote:claude you never answer the question when one rarely answers your articles you bring in. no matter what you copy and paste there are certain things that Iraq must do first and they do not follow except for kicking the can down theroad and doing what ever they choose. do you really understand whats going on or is it easier to write your books since most people have better things to do then spend hours rereading whats on the forums
The Central Bank's strategic measures have increased confidence in the banking sector
07/08/2019Samir al-NasiriThe Central Bank of Iraq issued a statement in which he confirmed the rise of total assets of the government and private banking sector to 120 trillion dinars 100 billion dollars in 2018 compared to 2017 and clearly indicates that this was achieved because of the strategic measures adopted by the Central Bank as part of its plan to restore confidence in the banking sector.In another statement, the bank stressed its keenness that commercial banks are committed in accordance with the Banking Law and its bylaws to the banking standards, controls and regulations in maintaining financial stability and not tolerating potential damages due to government decisions to support the private sector to reduce interest rates for contractors and investors whose payments were delayed by the government.The Orbiter and the Controller like banking and through the analysis of business results of banks for the years 2017 and 2018 and the first half of 2019 notes clearly the main role of the central bank executive, supervisory and regulatory procedures on the banking market in Iraq , according to the target in its strategy for the years 2016 - 2020 .Total assets increased by 10% and total deposits to 14% in 2018 compared to 2017.This is a sure criterion for the success of banks according to the Central Bank's plans to increase confidence in dealing with banks in addition to increasing the ratio of financial inclusion to more than 23% in light of international reports.This means that the financial position of the Iraqi banking sector is heading in the right direction towards the sobriety and transparency that he called for and worked to implement since July 2017 by the message of the Governor of the Central Bank addressed to banks We hope to achieve 100% in 2020.What confirms the correctness of the procedures of the Central Bank is to increase foreign cash reserves to $ 72 billion as of 30/6/2019, an indicator confirms its success in maintaining foreign reserves despite the economic and financial challenges suffered by Iraq and do not forget here the active role and supportive and supportive The Central Bank of the National Economy and its contribution to the stability of the exchange rate and thus restore confidence in the Iraqi economy and international banking transactions and its commitment to international banking and accounting standards, especially with regard to combating money laundering and terrorist financing.http://economy-news.net/content.php?id=17447
DESPITE AT LEAST 20 STAMPS AND STAMP AND A SIGN .. IRAQI DINAR HAS NOT BEEN FREE FROM FRAUD
Tuesday 27 August, 2019David's devotionFollowing the imposition of the blockade on Iraq in the early nineties of the last century and the use of the former regime of printing currencies inside the country spread cases of currency counterfeiting and non-compliance with international standards and specifications in printing, and after 2003, was replaced by a new edition has been printing presses Delaru in Britain with specifications sober difficult to counterfeit.The political crises and weak government control over the circulating currencies allowed the spread of counterfeiting and the promotion of counterfeit currency and circumvention of citizens, according to local and international reports, as the Central Bank of Iraq published a statement on its website in 2018, entitled 'Know your money', which includes pictures of Iraqi currencies and security signs Which can distinguish between real and counterfeit currency. It included coins from the category of 250 dinars to the category of 50 thousand dinars, accompanied by shares indicating security signs, which include safety line and watermarks and visually variable ink and transparent window.The director of the issuance and treasury department of the Central Bank Jaafar Ghulam, that the Iraqi banks discover each month amounts of not less than 200 million dinars, during the receipt of the amounts of deposits from citizens, explaining that the discovery of these amounts are individually for Iraqis who were victims of receiving counterfeit currencies, In addition to the announcement by the Ministry of Interior of the seizure of counterfeit currency.Ghulam adds that "forged cash categories are often for the category of fifty thousand dinars and the category of 25 thousand dinars and less for the category of ten thousand dinars, pointing out that cash workers can detect counterfeit currencies easily, as the Iraqi currency in which at least 20 stamps and stamp Impossible to imitate, and they are means of protecting the currency from counterfeiting. "He stressed that "the new editions of the Iraqi currency now includes new security additions such as transparencies, glossy and stamped, which is difficult for the most skilled counterfeiters to imitate, and that the coming months will see the replacement of the majority of large cash categories such as the category of 10 thousand and 25 thousand and 50 thousand new editions.Meanwhile, Interior Ministry spokesman Major General Saad Maan said that "the past three years have witnessed the arrest of at least 240 arrests and arrests of gangs and individuals who were promoting the counterfeit currency in the country, and arrested and after questioning them revealed dozens of printing presses were visiting the currency in Baghdad And provinces.He explained, "There are a number of models of counterfeit currency between primitive easy to identify because of printing by amateur inexperienced in this area, and that some counterfeiters use currency printers special printing currency, has been entered into the country illegally and has been detected, The Interior Ministry had arrested some of them in the Al-Midan and Bayaa districts of Baghdad and other provinces.At the press conference of the most important activities of the ministry held in January 2019, Maan announced that the level of crime in all its forms in Baghdad decreased by 42% in 2018 compared to 2017, where the rate of crime for forgery and forgery decreased 53% and the crime of fraud and fraud decreased by 45% .It is noteworthy, that the Ministry announced, on Monday, the arrest of an accused of counterfeiting foreign currency in Karbala.Maan said in a statement that "detachments of organized crime intelligence in Karbala operating within the Intelligence Agency in the Ministry of Interior arrested one of the accused in the province of Karbala."He added, "The defendant works by counterfeiting currency as he seized in his possession a special paper used in counterfeiting currency.https://n.annabaa.org/news40567
Samir al-Nusairi: Rational management of the central bank and the sound application of monetary policy achieved economic resilience
09/07/2019
The Iraqi Council of Representatives and the political and economic circles are preparing to evaluate the implementation of the government of Prime Minister Adel Abdul-Mahdi from its government platform. In the midst of the ongoing discussions now requires the above to not separate between what has been achieved during the past years and what has been achieved during the year in which the government assumed the responsibility and bright points achieved by some of our economic and financial institutions during the economic and security shocks suffered by Iraq, which the Central Bank of Iraq had a leading and fundamental role In supporting the national economy and achieving economic resilience. In order not to overwhelm the rights of those who took direct responsibility to face those circumstances, difficulties and challenges.
The support provided by the Central Bank to the national economy during the economic and security shocks suffered by Iraq due to the economic and financial crisis and the war on terrorism is a bright spot and an honorable success experience in a country under harsh conditions and at a historic stage that is the most difficult in facing the economic and security challenges that no country has experienced. In the world, such as what Iraq went through as the management of the Central Bank of Iraq and his team and cadres proved that they had a prominent role in promoting economic resilience and moving steadily towards economic stability.
- What are the steps taken by the Central Bank in drawing up its strategy?
Through the wise efforts and prudent measures in the application of monetary policy and development policies of the Central Bank in the difficult economic phase of Iraq were able to draw a strategy for the years (2016-2020) and a clear road map Human capital through important achievements made during the years (2015-2019) and still ongoing most notably: Maintain inflation by not more than 2% and a level of adequacy of foreign reserves within acceptable rates according to the latest criteria Jmiei ( ( IMF )The International Monetary Fund (IMF) increased by more than 160%, which is considered a sufficiently high percentage internationally as the foreign exchange reserves of Iraq amounted to 72 billion dollars until 30/6/2019, and maintain the stability of the exchange rate and stimulate the banking sector regulatory, supervision and control and the establishment of new units within the organizational structures of banks Such as compliance, combating money laundering, financing of terrorism, managing credit and operational risks, issuing money laundering law 39 for the year 2015, developing payment systems, implementing all retail and mobile payments, establishing a national exchange and working on applying international standards in reports. In line with the principle of transparency and disclosure in addition to the Bank's daily efforts to stimulate financial inclusion operations and focus on the initiative to localize the salaries of employees for the purpose of raising the financial inclusion rate of the population who do not have accounts in the banking system, which actually increased from 11% to 22%.
According to the World Bank Bulletin. The Central Bank also announced recently to begin the completion of its investment banking projects for the years (2019-2023).
- What about the measures taken by the Central Bank for the purpose of restoring public confidence in the banking and financial sector in Iraq.
For the purpose of restoring confidence in the banking sector, the Bank re-evaluated and classified banks in accordance with international standards and standards in evaluating business results and measuring the efficiency of performance. The bank is taking its initiative to finance small and medium projects and is currently taking measures to implement the Council of Ministers Resolution 245 for the year 2019, the second axis of it paragraph (1) concerning facilitating investment and reconstruction operations and presenting a new initiative. Satisfied with investment projects in addition to his supervision and leadership of community initiatives funded by banks such as the Baghdad project and support the Iraqi Drama Fund and the launch of Islamic finance pooled national funding for large projects and the establishment of a fund enable and take regulatory and structural measures and the establishment of a depository center in the Iraqi market for securities The establishment of a national center for credit information. And the Iraqi Payment Council.
- What are the central tendencies to develop its relationship with Arab and foreign financial institutions that have been cooled by the financial crisis experienced by Iraq?
At the level of international banking relations, the Central Bank was able, with the exceptional efforts of the Governor and his team, to restore relations with Arab and foreign central banks and to deliver the achievements achieved during the past years to the ruling international financial institutions such as the Financial Action Organization, which contributed to the transition of Iraq's classification from gray to normal follow-up and finally out From the monitoring and follow-up area to enable him to meet the requirements of international standards in compliance with regulations and rules of compliance and combating money laundering and terrorist financing J, presented by the achievements and organizational and structural developments, technical and compliance with international standards in financial reporting and enhance confidence in the Iraqi economy and Iraq's ability to adhere to international credit benefits and praises of the World Bank, the International Monetary Fund and the Financial Action Group have had a clear impact in promoting economic resilience and financial victory
All the successes above make the Central Bank of Iraq and its team deserve the right word neutral service to our national economy and our Iraqi banking sector.
http://economy-news.net/content.php?id=17675
Here is a little summary, take the time to read it this will help you get out of your negativity every day, take the time to follow the news gets you out of your ignorance instead of following comments from the gurus, the news that I am applying and the number of news is my problem, the members of the forum if they want can read the articles or not it is up to them to decide, either to choose to follow the gurus and their comment, instead that to follow the news of the real decision maker of the country that gives us the situation on Iraq, the economy and the political side !!
Now I'm going back to follow the news, more interesting to follow than to read a negative person, and now you understand why I do not like to give my opinion on the subject of dinars, I do not have to lose to convince anyone that it is , now to you to make your own opinion, good day to all members of the forum !!
Claud (Moose)
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: ARTICLE VIII
claud39 wrote:claud39 wrote:claud39 wrote:Jayzze wrote:claude you never answer the question when one rarely answers your articles you bring in. no matter what you copy and paste there are certain things that Iraq must do first and they do not follow except for kicking the can down theroad and doing what ever they choose. do you really understand whats going on or is it easier to write your books since most people have better things to do then spend hours rereading whats on the forums
The Central Bank's strategic measures have increased confidence in the banking sector
07/08/2019Samir al-NasiriThe Central Bank of Iraq issued a statement in which he confirmed the rise of total assets of the government and private banking sector to 120 trillion dinars 100 billion dollars in 2018 compared to 2017 and clearly indicates that this was achieved because of the strategic measures adopted by the Central Bank as part of its plan to restore confidence in the banking sector.In another statement, the bank stressed its keenness that commercial banks are committed in accordance with the Banking Law and its bylaws to the banking standards, controls and regulations in maintaining financial stability and not tolerating potential damages due to government decisions to support the private sector to reduce interest rates for contractors and investors whose payments were delayed by the government.The Orbiter and the Controller like banking and through the analysis of business results of banks for the years 2017 and 2018 and the first half of 2019 notes clearly the main role of the central bank executive, supervisory and regulatory procedures on the banking market in Iraq , according to the target in its strategy for the years 2016 - 2020 .Total assets increased by 10% and total deposits to 14% in 2018 compared to 2017.This is a sure criterion for the success of banks according to the Central Bank's plans to increase confidence in dealing with banks in addition to increasing the ratio of financial inclusion to more than 23% in light of international reports.This means that the financial position of the Iraqi banking sector is heading in the right direction towards the sobriety and transparency that he called for and worked to implement since July 2017 by the message of the Governor of the Central Bank addressed to banks We hope to achieve 100% in 2020.What confirms the correctness of the procedures of the Central Bank is to increase foreign cash reserves to $ 72 billion as of 30/6/2019, an indicator confirms its success in maintaining foreign reserves despite the economic and financial challenges suffered by Iraq and do not forget here the active role and supportive and supportive The Central Bank of the National Economy and its contribution to the stability of the exchange rate and thus restore confidence in the Iraqi economy and international banking transactions and its commitment to international banking and accounting standards, especially with regard to combating money laundering and terrorist financing.http://economy-news.net/content.php?id=17447
DESPITE AT LEAST 20 STAMPS AND STAMP AND A SIGN .. IRAQI DINAR HAS NOT BEEN FREE FROM FRAUD
Tuesday 27 August, 2019David's devotionFollowing the imposition of the blockade on Iraq in the early nineties of the last century and the use of the former regime of printing currencies inside the country spread cases of currency counterfeiting and non-compliance with international standards and specifications in printing, and after 2003, was replaced by a new edition has been printing presses Delaru in Britain with specifications sober difficult to counterfeit.The political crises and weak government control over the circulating currencies allowed the spread of counterfeiting and the promotion of counterfeit currency and circumvention of citizens, according to local and international reports, as the Central Bank of Iraq published a statement on its website in 2018, entitled 'Know your money', which includes pictures of Iraqi currencies and security signs Which can distinguish between real and counterfeit currency. It included coins from the category of 250 dinars to the category of 50 thousand dinars, accompanied by shares indicating security signs, which include safety line and watermarks and visually variable ink and transparent window.The director of the issuance and treasury department of the Central Bank Jaafar Ghulam, that the Iraqi banks discover each month amounts of not less than 200 million dinars, during the receipt of the amounts of deposits from citizens, explaining that the discovery of these amounts are individually for Iraqis who were victims of receiving counterfeit currencies, In addition to the announcement by the Ministry of Interior of the seizure of counterfeit currency.Ghulam adds that "forged cash categories are often for the category of fifty thousand dinars and the category of 25 thousand dinars and less for the category of ten thousand dinars, pointing out that cash workers can detect counterfeit currencies easily, as the Iraqi currency in which at least 20 stamps and stamp Impossible to imitate, and they are means of protecting the currency from counterfeiting. "He stressed that "the new editions of the Iraqi currency now includes new security additions such as transparencies, glossy and stamped, which is difficult for the most skilled counterfeiters to imitate, and that the coming months will see the replacement of the majority of large cash categories such as the category of 10 thousand and 25 thousand and 50 thousand new editions.Meanwhile, Interior Ministry spokesman Major General Saad Maan said that "the past three years have witnessed the arrest of at least 240 arrests and arrests of gangs and individuals who were promoting the counterfeit currency in the country, and arrested and after questioning them revealed dozens of printing presses were visiting the currency in Baghdad And provinces.He explained, "There are a number of models of counterfeit currency between primitive easy to identify because of printing by amateur inexperienced in this area, and that some counterfeiters use currency printers special printing currency, has been entered into the country illegally and has been detected, The Interior Ministry had arrested some of them in the Al-Midan and Bayaa districts of Baghdad and other provinces.At the press conference of the most important activities of the ministry held in January 2019, Maan announced that the level of crime in all its forms in Baghdad decreased by 42% in 2018 compared to 2017, where the rate of crime for forgery and forgery decreased 53% and the crime of fraud and fraud decreased by 45% .It is noteworthy, that the Ministry announced, on Monday, the arrest of an accused of counterfeiting foreign currency in Karbala.Maan said in a statement that "detachments of organized crime intelligence in Karbala operating within the Intelligence Agency in the Ministry of Interior arrested one of the accused in the province of Karbala."He added, "The defendant works by counterfeiting currency as he seized in his possession a special paper used in counterfeiting currency.https://n.annabaa.org/news40567
Samir al-Nusairi: Rational management of the central bank and the sound application of monetary policy achieved economic resilience
09/07/2019The Iraqi Council of Representatives and the political and economic circles are preparing to evaluate the implementation of the government of Prime Minister Adel Abdul-Mahdi from its government platform. In the midst of the ongoing discussions now requires the above to not separate between what has been achieved during the past years and what has been achieved during the year in which the government assumed the responsibility and bright points achieved by some of our economic and financial institutions during the economic and security shocks suffered by Iraq, which the Central Bank of Iraq had a leading and fundamental role In supporting the national economy and achieving economic resilience. In order not to overwhelm the rights of those who took direct responsibility to face those circumstances, difficulties and challenges.The support provided by the Central Bank to the national economy during the economic and security shocks suffered by Iraq due to the economic and financial crisis and the war on terrorism is a bright spot and an honorable success experience in a country under harsh conditions and at a historic stage that is the most difficult in facing the economic and security challenges that no country has experienced. In the world, such as what Iraq went through as the management of the Central Bank of Iraq and his team and cadres proved that they had a prominent role in promoting economic resilience and moving steadily towards economic stability.- What are the steps taken by the Central Bank in drawing up its strategy?Through the wise efforts and prudent measures in the application of monetary policy and development policies of the Central Bank in the difficult economic phase of Iraq were able to draw a strategy for the years (2016-2020) and a clear road map Human capital through important achievements made during the years (2015-2019) and still ongoing most notably: Maintain inflation by not more than 2% and a level of adequacy of foreign reserves within acceptable rates according to the latest criteria Jmiei ( ( IMF )The International Monetary Fund (IMF) increased by more than 160%, which is considered a sufficiently high percentage internationally as the foreign exchange reserves of Iraq amounted to 72 billion dollars until 30/6/2019, and maintain the stability of the exchange rate and stimulate the banking sector regulatory, supervision and control and the establishment of new units within the organizational structures of banks Such as compliance, combating money laundering, financing of terrorism, managing credit and operational risks, issuing money laundering law 39 for the year 2015, developing payment systems, implementing all retail and mobile payments, establishing a national exchange and working on applying international standards in reports. In line with the principle of transparency and disclosure in addition to the Bank's daily efforts to stimulate financial inclusion operations and focus on the initiative to localize the salaries of employees for the purpose of raising the financial inclusion rate of the population who do not have accounts in the banking system, which actually increased from 11% to 22%.According to the World Bank Bulletin. The Central Bank also announced recently to begin the completion of its investment banking projects for the years (2019-2023).
- What about the measures taken by the Central Bank for the purpose of restoring public confidence in the banking and financial sector in Iraq.For the purpose of restoring confidence in the banking sector, the Bank re-evaluated and classified banks in accordance with international standards and standards in evaluating business results and measuring the efficiency of performance. The bank is taking its initiative to finance small and medium projects and is currently taking measures to implement the Council of Ministers Resolution 245 for the year 2019, the second axis of it paragraph (1) concerning facilitating investment and reconstruction operations and presenting a new initiative. Satisfied with investment projects in addition to his supervision and leadership of community initiatives funded by banks such as the Baghdad project and support the Iraqi Drama Fund and the launch of Islamic finance pooled national funding for large projects and the establishment of a fund enable and take regulatory and structural measures and the establishment of a depository center in the Iraqi market for securities The establishment of a national center for credit information. And the Iraqi Payment Council.- What are the central tendencies to develop its relationship with Arab and foreign financial institutions that have been cooled by the financial crisis experienced by Iraq?At the level of international banking relations, the Central Bank was able, with the exceptional efforts of the Governor and his team, to restore relations with Arab and foreign central banks and to deliver the achievements achieved during the past years to the ruling international financial institutions such as the Financial Action Organization, which contributed to the transition of Iraq's classification from gray to normal follow-up and finally out From the monitoring and follow-up area to enable him to meet the requirements of international standards in compliance with regulations and rules of compliance and combating money laundering and terrorist financing J, presented by the achievements and organizational and structural developments, technical and compliance with international standards in financial reporting and enhance confidence in the Iraqi economy and Iraq's ability to adhere to international credit benefits and praises of the World Bank, the International Monetary Fund and the Financial Action Group have had a clear impact in promoting economic resilience and financial victoryAll the successes above make the Central Bank of Iraq and its team deserve the right word neutral service to our national economy and our Iraqi banking sector.
http://economy-news.net/content.php?id=17675
Here is a little summary, take the time to read it this will help you get out of your negativity every day, take the time to follow the news gets you out of your ignorance instead of following comments from the gurus, the news that I am applying and the number of news is my problem, the members of the forum if they want can read the articles or not it is up to them to decide, either to choose to follow the gurus and their comment, instead that to follow the news of the real decision maker of the country that gives us the situation on Iraq, the economy and the political side !!
Now I'm going back to follow the news, more interesting to follow than to read a negative person, and now you understand why I do not like to give my opinion on the subject of dinars, I do not have to lose to convince anyone that it is , now to you to make your own opinion, good day to all members of the forum !!
Claud (Moose)
Good news, but as you are able to read I send it to you without leaving the important point in bold, I have to go from French to English to get out the strong point of the text, and as I have not no time and taste to take time for a negative person, I have other things to do on my side. Have a good reading and have a good day!
Claud (Moose)
Samir al-Nusairi: The private sector must be involved in economic decision-making and represented in the Council of Ministers meetings
19/08/2019
Economy News - Baghdad
The economic and banking adviser to the Association of Iraqi private banks Samir al-Nusairi, Monday, the need for the participation of the private sector in economic decision-making.
Speaking in an interview with the "Economy News" on the challenges of the Iraqi economy and opportunities for reform of the banking sector in the government curriculum and prospects for the future of the national economy in light of the efforts being made to establish the Council of the private sector and its leadership of the economy in Iraq Vision 2030 in accordance with the strategy of private sector development for the years (2014‐ The role of the Central Bank in the digital transformation of the Iraqi banking sector and its role in achieving financial inclusion.
The dialogue was as follows:
* What are the opportunities for reform and development of the banking sector in the government curriculum?
- In the fourth pillar of the government curriculum (strengthening the economy), the government timetable for the government and private banking sector was defined and policies were set to implement the following objectives:
1. Development of the system banking Iraqi and enhance the confidence of the citizens it.
2-converting banks to function core , a lending of for development.
3 - Banks that do not provide loans and banking facilities that assist in development lose their meaning as banks, which requires a specific attitude towards them from the Central Bank.
4. Banks are the lever of development and the importance of the Ministry of Finance and the Central Bank to support banks and develop their functions and not to rely on their presence on the currency window .
5 - Seek to move from a paper currency economy to a symbolic and electronic currency economy and withdraw funds outside the banking cycle and enter them into the banking system.
All the above objectives , although the period for implementation, according to the Government 's program of time ranging from (1 -4 years) , but the central bank 's strategy for the years (2016-2020) achieved the goals of many of the goals of the government curriculum above and painted the necessary policies and standards to achieve the goals in stages , which This led to the evaluation and classification of banks based on their achievement of the planned objectives. Some banks are moving towards the required development. Banks still need an additional period of time to achieve the objectives. There are non-performing banks that are now making extraordinary efforts by the bank to centralize and administer these banks to rehabilitate them.
What is important to us here is the real functional role of banks in providing loans and banking facilities and the transition from the role of banking to the development role There are two important observations to be taken into account with regard to the issue of loans and banking facilities to stimulate the economy:
First: The nature of the activities of banks depends on the nature of the activities of economic sectors, and as long as the economic activity is concentrated in trade (imports) banks activity remains focused on external transfer and related .. Therefore, unless other sectors (industry, agriculture, tourism and other) move to expect diversity of activity Banking.
Without control of imports, these sectors will not rise, which explains the lack of serious loans through the Central Bank initiative.
Second: We must provide the legal environment and the extension of the rule of law in order to eliminate the phenomenon of default in repayment of loans and thus the reluctance of banks to provide loans and facilities.
Q: What is your vision of economic reform in Iraq?
In the light of my study and analysis of the reality of the Iraqi economy and the challenges faced during the sixteen years I reached my vision of economic reform has been fixed in my book (my vision of economic reform in Iraq) as follows: -
1. Draw a road map at the phased and strategic level to reformulate the new economic approach for Iraq, which adopts the mechanisms of transition to a social market economy in accordance with Article 25 of the Constitution by re-evaluating and reviewing the structural, structural, institutional and legislative system of economic management. Also review and evaluate the basis of coordination between the financial and monetary policies. Review the structure and presentation of the general budget and move it from the budget of the items to the program budget.
2. Adopting the policies set out in the National Development Plan for 2018-2022 and the Iraq Vision 2030 and activating the decisions reached by the Joint Expert Committees formed in the Council of Ministers in 2015 for each of the productive economic sectors. The implementation of the road map for each economic sector is subject to follow-up and monitoring. And evaluation.
3 - Form a joint legal committee between the government and the private sector to re-draft and amend and issue new laws and activate all laws issued and currently pending that govern the management of the economic process and serve the application of the road map that is approved, which is all the laws of the legislative environment that regulate and manage the Iraqi economy in a new method, most notably the Banking Law and Partnership between government, private sector and local product protection law.
4- Establishing the Private Sector Council, whose tasks will be in accordance with the strategy for the development of the private sector for the years (2014-2030). We hope that the Council will come to light soon in order to exercise its duties in formulating policies, strategies and visions to lead the economy in the next phase.
5. Involve the private sector in economic decision-making and represent it in the presence of meetings of the Council of Ministers and the Committee on Economic Affairs of the Council of Ministers as a genuine member and the advisors and all opinion bodies in the economic ministries.
6. Establishing a central follow-up body linked to the Council of Ministers and representing the private sector. Its task is to follow up the implementation of the economic and investment decisions of the Council of Ministers and to improve the business environment.
* What is the role of the Central Bank, banks and financial technology companies in achieving financial inclusion?
- With determination and high confidence in the ability of Iraqi financial and technical cadres to overcome the challenges of the technical gap suffered by Iraq because of the repercussions of the siege, wars and instability during the period of the information revolution.
The Central Bank, banks and technical support companies have been able to overcome the challenges of the technical gap between Iraq and other countries with sound procedures and mechanisms and stand in the right direction in the darkest economic and security conditions suffered by our country during the past years and draw a sound road map to catch up with the technical developments in the world.
The follower of the situation of Iraq during the past five years notes the extent of faith in the Iraqi capabilities and competencies on the events of change and bridging the technical gap between us and the developed world and this is evidenced by the important achievements have been achieved as follows: -
1. The methodology that was adopted by the bank 's central focus is permanently on the work under the umbrella of the legislative , regulatory and legal sound as well as for strengthening the concepts of governance and standards standard global with respect to information technology and financial technology.
22- Issuing the electronic payment system for money No. 3 for the year 2014, establishing the National Payments Council, governance controls , institutional management of information and communication technology , and regulations and legal instructions that regulate the work of banks and electronic payment service providers .
3-exercise bank 's central role pivotal in the creation of built infrastructure , advanced and prosecution of the latest technology world and the development of systems of bank financial and banking systems and payments networks and communications developed according to the latest technologies.
4-possession of the bank 's central systems push advanced as well as for built retail payment was divided national of the most important parts.
5. The granting of licenses for the work of many of the providers services payment mail (issuers cards and collectors and processing operations companies pay phone mobile and viewers bills and the gates of payment through channels different).
6. Extensive attention to the implementation of the first objective of the Bank's strategy for the years (2016-2020) is to achieve financial stability through a sound financial system with emphasis on financial inclusion and risk reduction as well as the adoption of the project to localize the salaries of employees.
It is clear from the above achievements that the Central Bank has overcome the challenges of the technical gap due to the siege, occupation and terrorism. ).
* Samir al-Nusairi: an Iraqi economic and banking personality characterized by its scientific wealth and continuous economic and cultural contributions and has an insightful and analytical vision of the reality and challenges of the Iraqi economy for previous years and a clear methodology for economic and banking reform.
This comes through his accumulated scientific and practical economic experience in the governmental and private economic institutions for many years in addition to authoring 7 books and a folder titled (My Vision for Economic Reform in Iraq) and the most recent new book (light in the end of the tunnel ... Visions and economic and banking studies) and all looking On the subject of economic and banking reform in addition to membership in several Arab and local economic organizations, most notably the International Union of Arab Bankers.
http://economy-news.net/content.php?id=17499
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: ARTICLE VIII
here is an article from todays bass news. Iraqis not currently capable of buying Russian defense systems because Iraq is struggling with many eco and pol issues as well as a deteriorating security as well as disputes among the political parties and the elites as well as suffering from an eco crisis. now my intelligent gurus this is coming from Russia and not me so I hope some can understand the implications of this. it might be hard for skull and others but some might understand with this means aye claud have a good week
Jayzze- VIP Member
- Posts : 5986
Join date : 2011-06-23
Re: ARTICLE VIII
Jayzze wrote:here is an article from todays bass news. Iraqis not currently capable of buying Russian defense systems because Iraq is struggling with many eco and pol issues as well as a deteriorating security as well as disputes among the political parties and the elites as well as suffering from an eco crisis. now my intelligent gurus this is coming from Russia and not me so I hope some can understand the implications of this. it might be hard for skull and others but some might understand with this means aye claud have a good week
Iraq Currently Unable to Buy Russian Air Defense System: MP
08/09/2019
[size=19]ERBIL - Iraq is not currently capable of buying the Russian air defense system as the country is struggling with various economic and political issues, a lawmaker revealed on Saturday.[/size]
Nasir Harki, a member of the security and defense committee of the Iraqi Parliament, told BasNews that there are several other issues Baghdad is suffering from, including the deteriorated security situation, disputes among the political parties and elites, the affairs of the IDPs, and an economic crisis.
He said that Baghdad, therefore, "cannot allocate such a budget for buying a defense system."
Harki noted that after a number of pro-Iranian Hashd al-Shaabi's weapon caches were targeted by airstrikes in Iraq, several lawmakers brought up the subject of purchasing the Russian air defense system.
He further reminded that there is a strategic security agreement between Baghdad and Washington to protect Iraq's sovereignty.
http://www.basnews.com/index.php/en/news/iraq/544739
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
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