Millionday News 11/24/13
[millionday] Mostafa Hashemi planned central bank with the relevant authorities to get to the economic system integrated through a call to the private banks to send its observations and proposals on amending laws Central Bank and money laundering and banks to reach enact laws that serve the economic process in joint efforts by the central bank and private banks.
opened the central bank governor Agency Abdul Basit Turki Saeed yesterday workshop, which was launched in the presence and participation of private banks and a number of economic figures which will continue for a period of five days for the purpose of discussing the proposals made by a number of private banks in order to promote the reality of banking.
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[millionday] note -- started yesterday and to wed night they are having a five day summit /workshop to intergrate all banking -- private and gov to enter the reality of banking and the economy of iraq
Said Said in his speech the way that I attended (morning) that the central bank plans to discuss the banking laws, and on this basis were required to the relevant authorities to submit proposals to get to the workshop.
added that there is more than one reason to reconsider the laws foremost it was issued from the point of action banking in Iraq in addition to that it would be supportive at the legislative level and expressed his wishes for success and acceptance of the bank, in turn, driving the country's economy.
stressed the need to propose draft laws suitable for Iraq in the coming years and not for periods of utensils and stay away from all that is not feasible, explaining that this workshop will determine
millionday] note -- this is a workshop to make sure everyone knows how to apply the changes that are occurring and what they effect and also which are needed now and what will come into play in the future
[millionday] an example ::::::::::::::: annual interest will not be calculated into a business or savings account at this time if the year has not passed as a total gain but will be compounded so as you see by this example they have a lot to understand
[millionday] here comes the agenda
[millionday] Bank Law No. 56 of 2004 as will be discussed laws of others in the rest of the days of the workshop. For his part, Dr. Abdul Rasul Abdullah Jassim Director at the Central Bank to reconsider the importance of the laws because there are banking terms extracted from the English translation,
indicating the importance of reconsidering those propositions to suit the knowledge of Iraq and its history for the advancement of the legal process of economic development.
The methodology of the track at this stage because there are a lot of legal texts banking marred by a lack of clarity.
[millionday] note -- meaning they need to make sure all translations are correct and also are applicable
[millionday] Said banking expert Haseeb Kazim Javed said there is a need to reconsider all rulings and issued in accordance with the Constitution and the preservation of the independence of the bank. He pointed out that the Central Bank is the oldest bank in the region and the Middle East was founded in 1947 as well as other Iraqi banks had been established before that date is evidence that Iraq has the experience and knowledge necessary to qualify for the lack of dependence on foreign legislation.
[millionday] note --- this is as the little engine that could -- very hard to do but can be done --- there are huge changes for bank employees that have recently learned the process that was in place so very frustrating is what i would call it
[millionday] In the same vein, said Walid Idi Abdul Nabi, the Bank's work for years to take measures to improve the regulatory environment and increasing the density of banking where increased bank branches in proportion to the preparation of the population,
adding that the majority of the laws governing the banking business of the bank written in foreign terminology peculiar to the banks where There is a corresponding text in Arabic,
stressing the importance of conducting adjustments in line with the transition to a market economy and liberalization of the economy totalitarian. were interventions in the workshop by some officials of private banks touched during which the importance of maintaining the integrity of the monetary policy and the treatment of letters of guarantee and respect the freedom to practice the business of banks and emphasize the need not to continue to work laws passed since 10 years of the Coalition Provisional Authority Adin this as improper.
millionday] note -- the most important thing in the proper change to a market economy within the actual banking is of course the timing so it is the right time and complies with all going on as it goes on -- cant make something legal or regulated if it doesn't exist --
[millionday] last part of this report >>>>>>>>>>>>>>>>>>>> it is hoped to get rid of the workshop is to modify the number of paragraphs in the banking laws, the most important of Article 28 of the Banking Act that limit the freedom of banks Private and exercise its investment and commercial activities as:
Experts said the cancellation of Article 28 of the Banking Act will be decided by the workshop where the trend now is that the bank will turn Developmental and lift all impediments to the exercise of this role while expecting others to be adjusted not canceled because it was drafted in a manner intersecting with Article 27 of the same law.
[millionday] so they are hoping that when they are done with this five day working summit -- they have completed the regulations and also the applications and updates --- monetary reality -- meaning the rate and of course that they are actively moving to a market economy supply and demand)
Dovi] millionday and that's to be done by Weds nite US time?
[millionday] very interesting to see them getting all of the banks secured with one another and actually put themselves on the same page -- i dont know about you but it is very annoying to get a different answer from one person and another from another within the same business etc
[millionday] so i would call this the getting on the same page summit
[millionday] Dovi yes they are supposed to be done by wed night our time
DBJJ] Seriously? Would they telegraph it that simply? In an article? I'll whoop if so!
[millionday] DBJJ the actual behind the doors opinions and minutes will not be made public but the summit itself is reported ---
[LBnFL] millionday You think they are "determining" the rate, "agreeing" to the rate, "announcing" the rate, "activating" the rate?
[millionday] i have tried to get as much info from the sources i have and it is a hush hush but they call it ended on the US thanksgiving
Dovi] Of course we'd be setting ourselves another deadline to assume...it would just be nice if for once some nation for whom our patriots blood was shed would say thank you in a significant way...its just me thinking
[millionday] no i think that the rate has been set for a long time and it would be nuts to just now come up with the rate with all that they had to do -- but -- i dont think all bankers have been made aware of it or it would be public by now -- someone would have paid enough to know by now imo
[millionday] i thought the same about 9/11 hun -- but what they have to do to change to a democratic country would show respect imo if it was completed correctly and had success
[LBnFL] millionday So you think they will just be "coordinating" with all the banks on the rate so they will all know.
[Dovi] millionday yes ma'am!
[millionday] i think that they are making sure all regulations and laws and reforms are understood
millionday] LBnFL i have always thought to tell them all would be a wikiiiiiiiii leeeeekkk
[millionday] i personally know many or at least a few that have the actual money to buy the info from a working class banker -- smile
[Flygirl02] Are your sources saying what is ended on by thanksgiving , workshop or what?????
millionday] this is a banking workshop that is being put on by experts and by the cbi which is like our federal reserve and all procedures are being told to them and training is being done
[millionday] Flygirl02 no i saw a article that said the workshop is over by our thanksgiving and thought it was interesting
ChristianMiles] I'd love a Thanksgiving RV, give a whole new meaning to "Turki" Day.
[cookie2] ChristianMiles lol
[Rudie] ChristianMiles wouldn't it ever!!!
[letsroll] one things for sure they are moving towards something very different
[Dovi] ChristianMiles ChristianMiles ChristianMiles
[millionday] remember that no one knows when it is and if they say they do -- they are ummm -- not being truthful smile brb with more
[millionday] ChristianMiles now thats funny lol rofl brb with more smile
[tbob] DBJJ don't misunderstand it is not anyone date we look for it is the clues in ink , the progress in the process, things coming together all at once
[onthewings] We should not assume that when this workshop is over means that we will c the rv either ... this is just a workshop , am i right millionday ?
[tbob] but I sure hope wilbur48 is right lol
[DBJJ] tbob I understand completely. Just don't want people hurting more than this process's toll is taking
[Sager] onthewings I agree... and let's not forget that Dec 1 they are adjusting the market rate to be within 2% of the cbi rate... if I recall
[wilbur48] don't forget about the wto meeting on the 3rd to the 6th of dec. iraq will be there
[tbob] DBJJ if they stay true to the ink and the clues no toll should apply
[Dovi] wilbur48 is that about the process to the 31 Dec date
[awesomedtl] We have a lot of stuff "coming" together