BLC Admin Tlm724 Chat: Six Steps to Freedom ! Part 2 Part 1
Tlm724: I ran another translation on this article and found it gave a bit more information. Please note I added the numbers ONLY to the translation:
Central Bank: we have six lines to improve the economic and financial
Tuesday 10 March 2015 |09: 50 Al-qurtas news/Baghdad
He said the Iraqi Central Bank Governor Al-allaq, Tuesday, the Bank is working on six lines to promote economic and financial realities of Iraq, stressing the importance of the independence of the Bank.
He said the relationship of "Al-qurtas news" that "the country has the infrastructure to lead the economy and financial incident that we have seen over the past years and is advanced for the transition towards a market economy",
noting that "the CBI from institutions keen to draw financial and economic policies of the country and backed by its advanced stages reflect which runs on the Bank."
The relationship to "a lot of the management of the Central Bank but there were about six lines are most prominent at present and which we believe would pave the way for the stability of the market and the country's financial and economic support."
1. "From the first lines that the Bank today is a modification of the money laundering Act and the Banking Act including paragraphs concerning the Organization of the work of the Islamic banks
and the handling of the banking sector through loans and other instruments, the Bank is also working on the assessment and classification of banks to take their place in the real deal and there are clear and transparent banking system at all."
2. He continued that "the Central Bank also set up a company to insure bank deposits, which will support private banks and returns her trust between citizens who want to work with and develop the financial deposits without fear or hesitation,
3. as well as directed the Central Bank to secure the major investment projects in Iraq which often need financial guarantees and the financial base of support has built both by local companies or foreign companies."
4. For the evolution of the work of Iraqi banks, both private or public relations drew attention to "the Central Bank was eager to be a sophisticated Iraqi bank system comparable to the work of banks in the region and the world, that Iraq is not far away, unable to catch up with them it has the competencies and organs that could be her composing stick."
5. "The steps to promote banks is a guide not just banks but even when government departments and private sector adoption of electronic payment systems for the financial and security benefits reflected positively on the movement of cash and ways of dispensing".
6. The relationship between the Central Bank and effective and real need for State ministries and departments dealing with the banks and give them rights equally with State banks as deposits or instruments that would move the work of the private banks and support for the reality of the country's economy in General. "
And Iraq's banking system consists of 43 banks, as well as the Central Bank and distributed by seven governmental property, 30 private, including seven Islamist, as well as six foreign banks.
Tlm724: It appears to me that the Islamic Banking Law will contain the amendments necessary for the Banking Law No. (94) for the year 2004, both laws will contain the same information. One new law and one amended law, kind of a two for one deal , integrate the info from the Islamic Law into "an amendment" to the Banking Law. thank you emmaduke for posting this
Islamic banking law (text of first reading only)
Tlm724: I'd like to present some articles and quotes that address these 6 points made by the CBI:
Tlm724: For # 1 and For # 2
Finance Committee in connection with legislation guarantee deposits in the banking law
07/03/2015 BAGHDAD / JD / .. Finance Committee unveiled legislation that seeks to guarantee deposits in the banking law after coordination with the government, while confirming that this law will help restore confidence in banks.
A member of the committee MP Masood Haider told / BD /: The Commission seeks through discussion during the coming period to ensure the legislation deposits in the banking law, stressing that this law will help restore confidence to the banks.
He noted that the sub-committees within the Commission conducts oversight on the financial statements of banks and taxes, in addition to hosting a number of ministers and officials of the structures and institutions of the state.
Tlm724: So I believe as BondLady has always said these 3 laws are a package deal, Deposit guarantee is within the Banking Law amendments and as I stated above the Islamic Law is in the mix.
Tlm724: For #3 Is a broad statement and could have several meanings however here is an example :
Wasit: guarantees for foreign companies
2/19/2015 0:00 Kut - Hassan Shahid -- Wasit province provided financial and security guarantees for foreign companies operating in the province.
A member of the media committee in Wasit Taha Rudaini province for "morning": that conservative owner Saidi met with representatives of the US Nat company working on the development of the auspicious areas and Damok and locality 310 in Kut.
He said Saidi gave financial and security guarantees to all companies and foreign workers in the province, workers, according to financial developments witnessed by the general budget for 2015.
He said that the province has prepared a strategic plan that includes field visits to work sites in the projects intensify and disbursement of funds to the construction companies that possess schedule progress of the work after the arrival amounts to the general budget of the province,
indicating that the Wasit province is stable security and widespread security forces. Saidi also noted that the security situation in the province is reassuring, through concerted efforts between the security forces and clans.
Tlm724: For #4 and # 5
Economic Adviser to Ebadi: Iraq's major banks are still behind the "payment system" and the clarification of Mesopotamia
03.07.2015 Long-Presse / Baghdad
He Economic Adviser to the Prime Minister Haider al-Abadi, on Thursday, said Iraq's major banks are still "late" to the question of the development of the banking system of payments with the exception of the Bank (which NBA), as called for Rafidain Bank to illustrate the stages of issuing card "MasterCard" which announced released before time, he noted that the delay issuing puts the responsibility in front of his customers.
He said the appearance of Mohammed Saleh in an interview with the (long-Presse), "the Iraqi major banks are still behind the issue of development of the banking payments system has, with the exception of one bank is (the NBA) and therefore spreading the payments system through the card (MasterCard) needs to be built infrastructure and the establishment of an increase in the Ross bank money. "
Saleh added that "the delay in the issuance of card (MasterCard) by Rafidain Bank, despite announcing the issuance puts it in front of the responsibility in front of his customers," calling on him to "clarify the non-issuance of cards yet and strides for the application to issue Master Card card and what are the remaining stages and what policy on this issue. "
The Rafidain Bank announced in a statement in the (January 21, 2015), he began issuing card "MasterCard" to its customers in its branches inside and outside Iraq, with most of his customers confirms that this matter has not been applied so far in all its branches, as no OPEN Even trained staff on how to work in a manner Master Card
The banking system consists in Iraq from 43 banks, as well as the Central Bank, and distributed according to government ownership between seven and 30 waged, including the Islamic seven, as well as six foreign banks.
Finance Minister receives a delegation from Ernst Andeyong company
Wednesday 4 March 2015
Met Finance Minister Hoshyar Zebari evening February 4, 2015,Mr. Ahmed judge representative of Ernst Young ( EY ) And the number of the company's accounting experts and advisory services.
During the meeting, they discussed how to improve the banking system in Iraq, according to international standards, and ways to settle the Iraqi debt in light of the measures are followed in the Paris Club, as well as increase the efficiency of the banking system in Iraq contact with major international financial institutions.
Tlm724: Ernst and Young have been working on this system for several years.
Tlm724: #5 . We know the system exists, looks like there is a technical difficulty of some sort. They will be running the tariffs through it as well:
CBI directed banks to work the new tariff 12-03-2015 09:42 PM
BAGHDAD / news / Samer Mohammed select the Iraqi Central Bank, on Thursday, rates of customs secretariats established in the tariff law at the level of each article in order to avoid the integration of some high levels with the low.
A statement of the bank, received (news) copy of it, that 'the central bank held a meeting Sooner with specialists in the General Administration of Customs, as well as taxes for clarification about the calculation of customs trusts established in the tariff and the amount currently Banking Law attributed to him. "
He said he was determined ratios at the level of each article in order to avoid the integration of some high levels with ratios low, especially essential goods', pointing out that 'the banks will work according to it.'
Tlm724: #6 Let me show you a quote :
State-owned banks money .. You will be an ideal solution to overcome the financial crisis and save the stifling the private sector? ..tgarir Expanded
07/03/2015 "In this regard, an economic advisor to the prime minister the appearance of Mohammed Saleh told / Source News / explained that this solution was approved by the budget and will contribute to reducing the deficit through the provision of central bank for a package of liquidity to the market and this will support the budget indirectly by enabling banks to buy money orders treasury ."
Tlm724: So what say you ? Do you think they are close ?
Tlm724: I say let them finish this thing, get it done right, get the nod from the IMF and the World Bank and let the Governor complete his list ! I am good with it !
Tlm724: thanks Rocky !
The National Business Council: new mechanisms for Central Bank of Iraq will create a banking market
2015-03-13 Range press/Baghdad
The National Business Council said Friday that the new mechanisms adopted by the Central Bank to calculate the ratios prescribed in customs law Secretaries tariff customs, could "contribute to creating a bank market in Iraq", while the new mechanism which will be banks of pricing and tax levied according to the detailed tables provide customs and taxes on each subject for drawing alkmarki.
The Business Council said in a statement received (range press), a copy of it, "the CBI new mechanisms and the recently announced and safe deposit ratios calculated mechanism in the law of customs tariffs and customs reporting for banks could create a banking market in Iraq."
The Council noted that "all the private Iraq banks seek to support the private sector and the banking sector in particular, to the stability of the market and the stability of the exchange rates as a tool of monetary policy of the Central Bank of Iraq, which is trying to make the banking sector's role in economic development."
The Council said that "under the new mechanisms, we believe that such mechanisms would create market between banks, whether Government or private banking sector will thus enjoy economic activity powered by financial liquidity that enabled the Bank to private banks".
The Council noted that "the new mechanism which will be banks of pricing and tax levied according to the detailed tables provide customs and taxes on each subject for drawing alkmarki as well as guess commercial."
It was the Central Bank, held a meeting on Thursday (12 March 2015), with specialists in the General llkmark as well as the Commission for clarification on the mechanism for calculating the ratios prescribed in customs law Secretaries tariff customs, said the agreement "to determine the proportions of each article especially to commodities.