Welcome to dinarupdates for news time with Millionday! Sunday Night
Post By Rudie Part 1 of 3
[millionday] Hussein al-Tamimi Tgb saw the financial sector in Iraq over the past decade developments in quality in spite of inter determinants, which affected various economic fields, where data indicate the financial results of the business in 2013 compared with previous years,
particularly in 2011 as the base year to For growth rates evident in total assets 33 percent and capital 47.5 percent and cash credit granted to 60 percent and deposits 1.6 percent (excluding deposits of the central government and deposits nature ongoing) as contribution of the banking sector in the GDP of 8 percent for 2012. policy Cash
[millionday] note -- this is the success we see in the monetary policy
[millionday] said the competent affairs banking Samir Nasiri in an interview for «morning« The stages of the application of monetary policy after the Iraqi Central Bank Law 56 of 2004 and the Banking Act 94 of 2004 it became clear that the central succeeded in achieving the goals central to monetary policy in the stability of the monetary system
and the face of waves of inflationary after significant improvement in the exchange rate of the Iraqi dinar in addition to building reserves in foreign currency which led to the construction of the foundations of a solid in maintaining the building economic stability and external open a wide range of investment.
[millionday] note -- in other words the CBI has operated well
[millionday] pointed to the positive role played by the interest rate in reducing hyperinflation annual basis in 2006 to about 5.6 percent in the year 2012 as well as identifying the phenomenon of dollarization and speculation as to the Iraqi Central Bank has succeeded in maintaining its independence through Astqraúna and our analysis of the reality of the monetary policy and the experience of previous years.
[millionday] Alnasiri student central to study proposals for the development and modification of some episodes of monetary policy currently applied and contributing to the restructuring and reform of the private banking sector,
which includes making procedures and mechanisms rapid formation of a supreme council for economic reform in Iraq includes experts from the government and private sector shall build a new strategy to move the economy from its interlocking currently to a market economy
and the contribution of the Iraqi banking sector in economic development and to identify policies and mechanisms to move into the construction phase of the strategic reform of the banking sector for the coming years.
[millionday] note -- the success has come to the understanding that they can move to the monetary policy and also control the gdp and inflation as has been proven by past audits and documentation etc
[millionday] between the importance of creating a legislative environment banking allow for the development of the banking system through the activation of the recommendations of the workshop, which was hosted by the Central Bank of Iraq at the end of the year 2013, private study and discuss and amend the laws governing the banking business in Iraq in line with the Current developments and future related to the banking system.
[millionday] note -- they have now found that they are able to move forward with economic reforms and of course banking reforms mentioned here
[millionday] gap technical and focused on the importance of addressing the technology gap and secure the legal requirements and technical to hold the twinning of a large-scale State-owned banks and private banks,
on the one hand and between international banks on the other hand the aim of developing the payments system and modernizing the banking and regulation of financial trading and cash which according to the latest banking systems of modern electronic.
[millionday] note -- they have set up the interlocking of international banks and iraqi banks/islamic as well -- it is done electronically and is prepared
[millionday] pointed to the need to leave the ministries and public companies that operate according to market fundamentals choose banks occasion (government or civil) in filing their financial resources and carry out all banking operations and bear those companies responsible for the selection of banks occasion,
as well as the development and expansion of banking services offered banks averaging up to (15) service down to (51) service contained in the provisions of Article (27) of the Banking Act No. 94 of 2004.
[millionday] note -- the provinces need to use only one bank and also all public and ministries so that it can be kept up with and acknowledged
[millionday] stressed the importance of the establishment of private banks to provide loans bundled jointly by the superiority of large capacity for the purposes of development lending any of them, thus contributing to meet the demands of this type of loan,
as well as strengthening the governance of commercial banks through the application of the Charter of the Organization for Economic Cooperation and Development on practices peaceful corporate governance, pointing to the follow-up developments taking place on the subject of Basel standards (2 and 3) and their application.
[millionday] note -- during this activation the private banks and all banks to know that it is very important to rely and follow all international requirements as in basel I and II etc
[millionday] and stressed the need to create a special chamber within the administrative structure of the Central Bank of Iraq to develop the private banking sector in all functional areas and drawing curriculum development at the level of electronic systems consolidated and the preparation of programs and policies for development,
as well as the study of the development, support and stimulate the market for securities Iraq and finding the means and tools that push towards raising the prices of the market index, companies including fit, assets and standards for production and profits.
[millionday] note -- the monitoring and follow up of CBI needs to happen and begin right away so all banks are audited and accounted correctly so that no mistakes are made and all is accounted for in the country
[millionday] stressed the need to develop a new system to ensure control over the companies and financial institutions «outside banks» dealing with remittances foreign to protect the interests of citizens and anti-money laundering operations, and the establishment of companies chock banking business Ktacis company to guarantee deposits and the company to ensure credit and follow-up and study the market risk .
[millionday] they need to make sure that insurance for all banking activity is followed and taken care of for citizens to ensure their monies and confidence remains intact --- whooopow
[joekid] who made these awesome recommendations?
[millionday] these are the indicators of the successes in the work of CBI and where they are in preparation of reforms
[quicktolegit96] so banking is complete or almost? if almost? what is left to do?
[millionday] yes the banking is stated to give 8% of the gdp and the objectives are also found to be successful for the country right now and for the reforms -- yw all the time
[millionday] huge success and huge confidence - brb with more
[millionday] i agree -- very positive report to say the least
[coolspot] All of this is standard International Banking Protocol
[tbob] coolspot yes but the point is -- they are doing it -- and in compliance lol
[millionday] her are the clear goals of the economic reforms for the country (banking)
[millionday] Yasser incumbent occupies the economic program priority in all electoral programs in the world he comes into contact with citizens' needs and aspirations to a future with, especially in rich and developing countries do not even reach its peak in the poor nations.
wealth enjoyed by the countries is the focus of attention of their people all eventually lead to his future in the light of the disposition right where the expense ratio to utilize them and telecom races in most, if not all countries in the world focused on the economic program.
[millionday] note -- the economic program is always the gut of the move to global market and success
[millionday] not touched until the moment economic program and clear for most of the lists that have filled the streets, but rather focus on the particulars intuitive can any candidate spoken without interest, argue that the side The security is the most important must be to focus on,
but how security can settle without a stable economy provides a safe environment, some of them say security first may find it right but stable economy is the one that leads to the achievement of security and this dialectical relationship syndrome real need to be addressed economic program invested wealth is called construction and investment to playing All ongoing work and then goes back to his family full of pocket makes them feel happy and live well.
[millionday] note -- as we have said -- give them jobs and get the money flowing and the theft and unhappy people become much happier - line the pockets
[millionday] one of the most important causes of insecurity is unemployment, poverty and destitution in a rich country possessed of wealth is enviable by many countries of the world, because this center will be easy to catch,
because the need is also said Lady position Fagrr them to use work outside their faith but also to provide for a living, the Lord of the man who says this molecule simple yes a well, but the proportion of the impact large relative proportions poverty line, unemployment and other things.
[millionday] note -- all people are much happier and much better people when they can provide and eat etc
[millionday] acknowledges much that the management of the economic file stalled because of political tensions which has resulted in a security breakdown, but remains a need to manage rational File economic as an optimal solution for each of the challenges facing the government,
experts believe the economy that a group of economic programs for each electoral lists would lead to a program of government economist future in line with the requirements of the next stage.
[millionday] note -- if the government wants the people to like them and vote and have any confidence -- get some money rolling
[millionday] There is a consensus government and Parliament on The election cycle ending lacked economic program clearly defined but the program a mix between a holistic,
open and mixed and the reason was of course the entry into force of the old laws and the intersection with the new legislation has led to chaos in addressing the challenges and WYSIWYG for some to deal with what suits his thinking especially of those who are outside the jurisdiction, to make From this experience a lesson to overcome disadvantages which already experience and recognize as normal at
[millionday] the beginning of the project of change and transformation that is facing such challenges.
millionday] note -- the government has identified that they need to have money rolling if they expect to have happy voters and even be voted back in etc
[millionday] but it is time to establish for »program government economist» for the next government clear goals and easy to apply and contribute to proceed with construction and tender in accordance with the economic vision is consistent with what According to the Constitution,
and respond to the economic variables in the world and the effects of globalization, which had turned all the economic theories of socialism or capitalism came the era of substantive response to deal with the economic file according to the interests of nations and peoples and experiments, Russian, Chinese, and other countries of the socialist camp, but clear evidence of this shift.
[millionday] so this is stating that it is time to roll out the economic reform so that when the elections do happen the next gov or the same (whichever) have something to work with and also the country is well on its way to growth with the global market --- i agree
[millionday] best part >>>>>> and so true >>>>According to the Constitution, and respond to the economic variables in the world and the effects of globalization,
which had turned all the economic theories of socialism or capitalism came the era of substantive response to deal with the economic file according to the interests of nations and peoples and experiments, Russian, Chinese, and other countries of the socialist camp, but clear evidence of this shift.
[millionday] clear evidence of this shift is the reality rate of the dinar and of course international recognition of the dinar smile brb with more
Comments may be made at the end of Part 3 Thank You