[Sallypuff] From last night: SassyD wrote 34m ago Now.... did anyone notice??...... WHY 6 pm Sat when the banks don't normally open until Monday morning ?????? 6 pm sat in UT is midnigh GMT.
(UtahGirl: just stopping in to share some news! I went to work this afternoon at one of the big banks...on my log in screen was a message that all foreign currency exchanges will be suspended until 6 pm on the 19th due to changes being made to the currencies....hmmmmmmm)
Mobius: Trump cancels S.C. appearance for business deal. “Mr. Trump has a significant business transaction that was expected to close Thursday,” his campaign said in an email. http://onpolitics.usatoday.com/2015/09/18/trump-cancels-s-c-appearance-for-business-deal/
Bushog: I don't think Trump has to wait on the 800 #'s - either he has already exchanged or he will have special privileges when the RV happens – JMO
Daz: HISTORY CHANNEL IS TELLING A STORY ABOUT THE "ASTOR FAMILY" (WALDORF ASTORIA) ...THE FIRST MILLIONAIR IN AMERICA AMASSED A FORTUNE EQUIVILANT TO 100 BILLION DOLLARS TODAY. FOR THE FIRST 2 GENERATIONS AFTER HIS DEATH, HIS DECENDENTS LIVED OFF THE MONEY WITHOUT ENTERPRISE UNTIL.. IT WAS ALL GONE..EVERYTHING IS GONE NOW BUT THE HOUSE AND NOT EVEN ENOUGH CASH TO MAINTAIN IT AS IT SITS IN DECAY
Norm: Pay attention to the 2:45 mark - http://video.foxnews.com/v/4495470161001/millennials-rattled-by-stock-market-volatility/?playlist_id=930909826001#sp=show-clips
notthe1: IMO ... the Invasion of the CBI ... was a delivery ... Of golded oppertunites ... that allow banks to fully function. Thank you WS.
Frank26: KTFA FAMILY ...... WS is trying to HELP You. He does not post articles by the dozen to fill in gaps. He uses his quality over quantity to guide YOU toward Your MONDAY CC.
Aloha Saturday .......... This is very Good indeed.
You see........ There is a LL. (Long Line) That none have gotten out of nor cut into.
This action along with the Anti Money Laundry Law is causing this petrified LL to .......... Move.
My My ............. The next thing You know they will announce that M is arrested..... LOL.
You all take care ........... KTFA Frank
Moneytalks1: Hi Frank and Delta,"retirees who are abroad now can receive and withdraw their salaries from any ATM in any country It is in it. "
In order for the above to be true, doesn't the CBI have to remove or delete the 3 zeros from the exchange rate? THanx.
Dnari131: LEBANESE BANKS UNDETERRED BY IRAQ WAR
September 16, 2015
The raging war in some parts of Iraq hasn’t deterred Lebanese banks from expanding in the oil rich country, said bankers at a banking forum at Phoenicia Hotel. “One of the many challenges facing banks operating in Iraq is low liquidity due to the drop in oil prices and the Iraqi government’s allocation of huge amounts of money for military purposes,” Georges Andraos, head of International Banking Division at Fransabank, told The Daily Star on the sidelines of the Iraqi Banking Forum on Tuesday.
“But we are still keen on exploring the Iraq market because we believe that it has some great potential,” he added.
The Iraqi banking forum was organized by Al-Iktissad Wal-Aamal to discuss the various challenges facing Lebanese banks operating in Iraq, in addition to giving an overview about the country’s economic and financial outlook.
Andraos said that banks operating in Iraq are trying to find solutions to the low liquidity issue with the support of the Iraqi central bank.
“In some areas of the country, salaries are not being paid on a regular basis and this is having a very bad impact on the economic activity there,” he said.
His comments were echoed by Muhieddine Fathallah, head of business development at Bankmed, who told The Daily Star that one of the problems facing his bank is low liquidity as well as the security problems in the country.
“But we are doing well there and we may be expanding our operations in the country soon,” he said. “We have Lebanese as well as Turkish clients in Iraq,” he added.
Likewise, Andraos said Fransabank is now present in Irbil and Basra but was looking forward to expanding its operations in the country, especially as a good number of Lebanese companies are operating there and are in great need of banking services. “We have been present in the Iraqi market for only two years but we have had clients there for 20 years,” he said. “If the situation gets better in the country, we will surely have a better potential for business,” he added.
Andraos said his bank is involved in Iraq in infrastructure projects such as power stations and bridges but not to a great extent because of the high risk involved in such activities for the time being. “We need to get some guarantees to be able to increase our activities in this area,” he added.
He said the Iraqi central bank has requested from foreign banks with branches in Iraq to raise their capital to $25 million in June 2016 and then to $50 million in June 2017.
“This is a very big investment and when a bank invests such an amount it expects a good return on it,” he said. “We need to broaden our services to generate a good return on our investment such as lending to SMEs, but this market is still small in Iraq for now,” he added.
For his part, Wadee al-Handal, president of the Iraqi Private Banks League, said a capital of $50 million is not too high for the Iraqi market. “This amount is not really big relative to the Iraqi market and Lebanese banks were capable of meeting this criterion,” he said.
He added that Lebanese banks had a great interest in operating in Iraq. “Iraq has a budget surpassing 120 trillion dinars ($100 billion) and its imports stand at no less than $30 billion, while Lebanese banks are experts in letters of credit and letters of guarantee, which enable them in grabbing a good market share in this area,” he said.
Handal also spoke with The Daily Star about challenges facing Lebanese banks in Iraq. “The Iraqi banking market was too conservative and closed for a long time, posing a great challenge for Lebanese banks to operate there,” he said. “Our market was mostly dominated by the public sector,” he added.
However, he noted, Iraqi banks are keen to raise their expertise by learning from the Lebanese model.
Meanwhile, Ali al-Allag, acting governor at the Iraq’s central bank, said that Lebanese banks are expanding their presence in Iraq while emphasizing the need to strengthen cooperation between Lebanese and Iraqi financial institutions.
Allag said that the Iraqi central bank is keen on providing the private sector with a healthy environment to improve its operations in the country which would reflect positively on the Iraqi banking sector. “We want to increase confidence in our banking sector,” he said.
Likewise, Lebanese Central Bank Governor Riad Salameh emphasized the importance of cooperation among regional banks.
He also gave an overview about the financial situation in Lebanon, saying that the exchange rate of the Lebanese pound was stable while reserves of the Central Bank had reached a record level.
Salameh said that deposits increased by 7 percent this year while the capital adequacy ratio is 12 percent. “We expect this ratio to reach 15 percent between 2015 and 2018,” he said. “This is very important to maintain confidence and normal relations with international banks,” he added.
Salameh said growth rate is expected to stand close to 0 percent and prompted the Central Bank to plan new incentive packages worth $1.5 billion in the year 2016 with a low interest rate of 1 percent. “These include lending to SMEs, sustainable energy projects, education and real estate,” he said.
Joseph Torbey, chairman of the Association of Banks in Lebanon, said Lebanese banks could be of a great support and help to Iraqi banks because of their great expertise and the broad range of products they offer including services for the retail and corporate sectors.
He added that Lebanese banks also have great expertise in electronic banking, which can benefit the Iraqi banking sector.
Dnari131: Governors of Central Bank of Iraq & Banque du Liban inaugurated the Iraq Banking Forum
with the participation of 400 bankers and business leaders
Mr. Salame: Towards organizing the private sector debts and launching an electronic platform to trade stocks
Dr. Al Allag: Towards providing incentives for the private sector and privatizing Al Rafidain and Al Rasheed banks
The Iraq Banking Forum Launched Its Activities In Beirut, With The Presence Of 400 Participants From Arab And Foreign Countries.The Forum Was Attended By Lebanese And Iraqi Bankers, Business Leaders, Heads Of Companies, International Organizations And Banking Experts And Journalists.
The opening ceremony hosted the Governor of Banque du Liban, HE Mr. Riad Salame, Governor of Iraqi Central Bank, HE Dr. Ali Al Allag, President of Association of Banks in Lebanon, Dr. Joseph Tarabay, President of the Iraqi Private Banks League, Mr. Wadee Al Handal and the Chief Executive Officer of Al-Iktissad Wal-Aamal Group, Mr. Raouf Abou Zaki.
Lebanon's Central Bank Governor and the Governor of the Central Bank of Iraq
Inaugurate business banking Iraq Forum
Post 400 bankers and business leaders
Safety: towards the organization of the private sector debt and the launch of an electronic platform for trading stocks and contracts
Dr.. Keywords: incentives for the private sector and towards the privatization of the Rafidain and Rasheed
Forum Iraq opened its banking today in Beirut in the presence of a large number of Lebanese and Iraqi bankers and business leaders, heads of companies, international organizations and banking experts and journalists, attended by about 400 participants from Arab and foreign countries.
Speaking at the opening of both the Governor of the Bank of Lebanon Riad Salameh, the governor of the Central Bank of Iraq d. On the Keywords and President of the Lebanese Banks Association d. Joseph Tarabay and head of the Iraqi private banks association meek Handal and CEO of group economics and business Raouf Abu Zaki.
Safety and announced in a speech during the forum that the process of issuing circulating to organize the participation of the private sector debt to the Banking Control Commission to deal with the challenges of the stage, stressing the introduction of new incentives to the basket for the year 2016 billion-dollar may rise to $ 1.5 billion. He also pointed to the launch of an electronic platform for trading stocks and contracts approaching. The d. Keywords stated in his address to the proposal for the privatization of the Rafidain and Rasheed, who possessing 80 percent of the total Iraqi banking sector.
And regulates the Forum Group Economics and Business and the Central Bank of Iraq in cooperation with the Central Bank of Lebanon and the Association of Iraqi private banks and the Association of Banks in Lebanon. And continue the work of the forum over two days in Venice Intercontinental Hotel, followed by specialized workshops.
Lebanon's Central Bank Governor Riad Salameh at the beginning of his speech focused on the decline in growth on a global level and its impact on funding outside of Europe and the United States. He stressed the importance of a regional grouping of banks relations And the need to use local currencies.
He said that the Central Bank of Lebanon to consider the importance of dealing with Iraq, especially the Iraqi Central Bank to coordinate risk and to achieve transparency and the fight against money laundering and exchange of experiences and activating the payment in local currencies between the two systems. "
He added that the safety of the Lebanese pound stable and are traded less than the intervention of the Bank of Lebanon affordable prices, and focused on the record for the reserves of the Central Bank. He said it would be the Banque du Liban initiatives to encourage confidence in the existence of stable benefits in spite of the expected release of Standard & Poor's rating for Lebanon from stable to negative.
He said that deposits increased by 7 percent on average per year, with net worth rose by 12 percent, and expected that between 2015 and 2018 net worth rate will be 15 percent, he said, adding: "This is necessary to maintain the trust and the natural dealing with global banking."
He said: "2015 will not be seeing growth like the one achieved in 2014, and growth will be close to zero. That is why we introduced a package of incentives will include a credit of $ billion and up to $ 1.5 billion in 2016 and will be an interest rate at one percent limits. These include lending banks for the sectors of housing , small and medium-sized enterprises and projects of alternative energy, environment, education and other university. He said that the number of debtors increased between 1993 and 2015, from 70 thousand to 700 thousand, and this Altmsrv useful for the banking sector and economic growth.
" He said that the housing sector has a particular importance as a locomotive for growth, it has resulted in a credit packages so far more than 100 thousand poverty housing finance.
He said that the safety of the Bank of Lebanon issued a circular to regulate the debt with the private sector in a responsible manner and with the participation of the Banking Control Commission in order to overcome the challenges of the stage. We look forward positively to Circular 331 issued by the Bank Bnaln to support knowledge-based economy.
The Financial Markets Authority will launch an electronic trading platform. We will give one license to the private sector to manage the platform. And will be in this platform Tdaozl stocks, bonds and commodities, including gold, will be the currency speculation and sell successful emerging institutions. Being electronic platform will be in touch with world markets, and our goal access to Lebanese expatriates and others. "He concluded that Lebanon is going through tough times, but the Lebanese have not given up and Tmn saying:" will not give up. "
The Iraqi Central Bank Governor d. On the Keywords, he said: "Due to the depth of the relationship between Iraq and Lebanon held banking forum Iraqi - the second of the Lebanese capital Beirut, and comes on the priority of this relationship is to increase and deepen the cooperation between the banking and financial sector in both countries head.
Among the objectives of this forum to discuss the economic landscape and banking, and means address the challenges, and provide future opportunities, as well as all of the Bank of Lebanon strategic reconnaissance and the Central Bank of Iraq and monetary policy for each of them, and aimed at achieving economic, financial and banking development through activating and developing the contribution of the banking and financial sector and branches of foreign banks to the development of the two economies. "
He added: "Iraq and Lebanon completely Mhaian and Kraidan in the Arab region for the transfer and development of industry Almsrvih.kma aware of countries that bear a responsibility to identify strengths and weaknesses in the process of the financial and banking sector, especially Lebanese banks that have opened branches in Iraq and are on the increase.
As I was talking with His Excellency the Governor of the Bank of Lebanon that the central banks are no longer the last resort it has become a refuge first and last. We must invest this position to take banks economic role for economic development. We recognize that the private sector is the real starting point for achieving continuous and sustainable development, and this fact requires much effort.
The absorption resistance to change especially when some countries are used to a holistic centralized systems as in Iraq. and thus become change this environment and culture on the various procedures to evolve in order to achieve able to attract the private sector work environment, and this is what we believe in and we will invest every opportunity in the Iraqi Central Bank to emphasize the this fact in order to open the door and the frame of the field and the work of the private sector.
We want to create an atmosphere of confidence in the banks, and this was expressed by His Excellency the Governor of the Bank of Lebanon Riad Salameh and without strengthen that trust can not be the promotion of the private sector. Therefore we tried to start from this important point and we worked Baattabrna in the Economic Committee of the Cabinet member to promote cooperation with the private sector to improve relations between the institutions and private banks.
And broken constraints: State restrictions on private banks and we take this process to its fullest extent. We have other actions that involve certainly to give the role of the private sector. We believe that the financial crisis will help Iraq achieve real growth in the future and this is available in Iraq through the human and other resources. "
He said: "Perhaps the most important step is the proposal to the Cabinet to convert the most important bankers in Iraq: Rasheed Bank and Rafidain Bank to banks special as companies contribution. The Iraq and by virtue of the size of these two banks intended to attract contributions from foreign banks, and this is very important. Perhaps the crucial element is important is restructuring of the banking sector helps to create a competitive role for the sector. We are working on the privatization properly Encouraged by the Minister of Finance and the Office of Financial Supervision and the support of the World Bank. We will resolve the existing problems stage there to have a chance to do a big step, but the largest in Iraq and in the region step. "
He added: "The CBI did all the technical requirements integration and interconnection of national PBX with several parties (Bank of TBI, Assyria Bank, Amwal, the Middle East) bank is ready for the actual start of pending termination of the supplementary Alemrahalh for the tests to be local e-payment cards through it and are settled through the RTGS system.
The Bank is in the final stages of licensing two companies to pay by mobile phone and these two companies on standby to provide services in the whole of Iraq to get a license, as the Bank is working with banks and specialized companies to launch government collections electronically.
On the other hand, and in order to keep up with development in the field of banking communications, the Bank completed the plans in collaboration with the Ministry of Communications to create a network linking the main branches of banks with the central bank and its branches and is working techniques Alkybl photosynthesis to be a substitute for the current wireless network, which opens up new horizons in the field of data transfer confidentiality and very high reliability and high availability. " .
The head of the Iraqi private banks association meek Handal: "I am honored to speak in a number of topics that I hope that covered the forum Bnqachath and talks mused of this combination to reach the end of the forum on the recommendations that will serve the interests of the Iraqi economy and improvement of the banking sector's performance."
He added: "We are going through only n in Iraq in a tough part of such conditions resulting from economic difficulties as a result of falling oil prices is born a deficit in the budget burdened the government and placed them in a circumstance in which any of the previous governments have not placed.
As Iraq is going through a political and security conditions are not lightest the people and the government of economic hardship. The conditions that I mentioned and put everyone, including the Iraqi banking sector in the atmosphere and difficult challenges, prompting Iraqi private banks association to improve its performance to the performance of what it and what they can contribute to it in light of this crisis.
I have taken the Association upon itself since the beginning This year, help and support of the Iraqi Central Bank to maintain a stable exchange rate. Association also played a prominent role through its participation in the national team of experts headed by her finance team who presented a package of policies adopted by the Government for the development of the financial sector and financial sector performance.
Then president of the Lebanese Association of Banks d occur. Joseph Tarabay, he said: "I am pleased the beginning, to repeat welcome our guests Distinguished from brotherly Iraq. You Thlon in our country Welcome to the friends, not only as colleagues profession, cherish Bmnaaqbithm and professionalism. We who Aktweina fire long wars and woes, suffer the most pain to hit and infects your country of terrorism, and caused by the killing and destruction and the displacement and destruction.
So at the time of dire need you in which to complete construction of the state and its institutions and continue the reconstruction and the advancement and make up for what you missed by the wars as well. our whole in the heart of a dark tunnel. The cost owed painful at all levels, including economies National. accumulate losses and excel on the capabilities of the census and the combination. No real growth and no development possible, but increasingly sharp worsening of economic and social already existing crises. "
He said: "Perhaps a harbinger of good and enlarge the size of the ambitions and hopes, qualitative steps that provide them successively authorities concerned in brotherly Iraq in terms of the banking structure to develop a legal and Amlanaa, especially those related to banking system and the law of electronic signature and the redefinition of capital required for banking units expatriate.
In addition, orientation for tougher measures in the fight against money laundering and the financing of terrorism, and the establishment of the Deposit Insurance Corporation, and the development of appropriate letters of credit controls, and the establishment of units of the query and the centrality of risk, and instructions for Bachirvh Islamic, and the law of Islamic Sukuk.
I'd, identify some of the critical areas that can achieve a common and rewarding benefit and provide time and money on the brotherly Iraqi banks, including:
Lebanese banks have a remarkable experience in the brokerage and management of versions operations in international markets.
Lebanese banks have developed an integrated and vital systems in the context of the overall banking. And diversification of bundles of services and products in the areas of retail banking Retail, custom corporate banking Corporate, Investment Banking and Investment.
Lebanese banks possess advanced international standards and with locations in the scope of electronic banking. And the issuance and management of bank cards of all types. The deployment and operation of the latest ATM.
Lebanon fought early investment banking experience, and sold unto us in determining Alaloyat and caveats.
Banks continue to adopt best practices in the framework of governance, segregation of duties and responsibilities.
Lebanese banks are spread in 33 countries around the world. True that invested by Iraqi banks as outlets to satisfy their customers in these markets requests.
Lebanese banks have significant expertise in the establishment and management of financial investment funds, are employed Akttabadtha in vital sectors of the economy.
Banks have the systems and equipment of the latest in the world of banking technology. He has a human cadres with high competencies and expertise and global.
Lebanon has extended vital experience in the field of combating illicit funds. In addition to the law and the applicable provisions of the Central Bank, banks and internal oversight units and human resources, which holds these responsibilities according to the highest international standards developed.
The banking system financing public and private sectors efficiently and professionally recognized by international financial institutions.
The Lebanese banking sector runs the local assets of more than $ 180 billion currently, which is comparable to about 3.5 times the gross domestic product. He maintains his brilliance and good growth investor acquired from the superior flexibility in the management of emergency to deal with the events, and accumulated from the experiences proven to absorb the consequences of repeated instances of disruption of internal stability and external influences.
The Group Chief Executive of Economics and Business Raouf Abu Zaki launched the opening word of the session, he said it: "Mmeltqana today is based on the success of the first conference, which was held last year under the title" the Iraqi banking forum - Lebanese "and integrates with him in his themes and in the number and level of participation and of about 150 head and General Manager of Iraqi banks in addition to about 250 bank Lebanese, Arab and representatives of the companies global technology.
The holding of this forum in Beirut is the embodiment of the Lebanese banking expansion in Iraq, but the level of cooperation between the Central Bank of Iraq and his Lebanese counterpart on a number of fields, particularly in the field of training and coordination among regulators. This also reflects the high level of the Bank of Lebanon, which has become a school in the area of monetary policy and economic stimulus.
The banking relations between Lebanon and Iraq Vkadimh Covenant, a renewed presence of Iraqi banks are currently in Lebanon and the presence of nine Lebanese banks operating in Iraq in addition to the tenth Bank completed steps in, so that it becomes In Iraq, some 24 branches of banks Lebanese are divided between Baghdad and Erbil and Basra and Sulaymaniyah.
The economics and business group organized a conference on the Iraqi Stock Exchange last year in Dubai. Thus, the Group is now live the Iraqi situation in detail and keep pace with the Iraqi banking sector, both public and private.
Therefore, when we raised the Central Bank of Iraq the idea of holding this conference, we start from an in-depth study of the market and the needs of the Iraqi banks in terms of infrastructure, software and training in addition to what is usually targeted conferences of communication and exchange of ideas and experiences. "