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CHAT ON RESERVES, DEPOSITORS INSURANCE, ISLAMIC BANKING AND THOSE DARNED AUCTIONS
Wealthwatch OOTW News & Comments 1-24-16 Part 2 of 2
OOTW: IN RELATIONSHIP TO MY EARLIER STATEMENT ABOUT THE ISLAMIC BANKING ACT, I WOULD LIKE TO STATE THAT THERE EXISTS AN OLDER VERSION OF THE LAW –
THAT COULD, PERHAPS BE AMENDED TO CONTAIN THE NEW LAW PASSED IN OCT 2015
OOTW: HOWEVER THE LAW LIBRARY WAS DOWN TODAY
OOTW: SO I CANNOT ACCESS THE OLDER VERSION OF THIS LAW
OOTW: BUTI IS ON THE PHONE WITH SOMEONE, SO I WILL POST FURTHER NEWS
OOTW: Jubouri: Response to attend the Baghdad conference was high and unexpected Author: AR, HH, MK Editor: AR, HH 01/23/2016 13:43 Long-Presse / Baghdad Description Iraqi Parliament Speaker Salim al-Jubouri, Saturday, responding to attend a conference of the Parliamentary Union of Islamic Countries held in Baghdad as "high and unexpected", and while stressing the participation of ten Rasat and 40 countries at the conference, he noted that Iraq will play a major role in the "heal the rift in Region".
Said Saleem al-Jubouri, during a press conference held at the Rashid Hotel in central Baghdad, and attended the (long-Presse) that "Iraq assume the presidency of the Union of Parliaments Islamic according works of the summit meeting,
which brings together presidents and representative delegations table," noting that "the response and participation in the conference was high and unexpected lost in the challenges facing the region and the feeling that there is a premonition of which has to be to play Iraq in which the desired role as Commander and Major Arab nation. "
Jubouri said that "the number of the co-chairs at the conference amounted to ten and about 40 heads of state," stressing that "the address that is carried by the conference against terrorism and extremism, whatever its forms."
He Jubouri, who is president of the current session of the Conference of the Parliamentary Union of the Islamic countries, that the region is facing a big problem of bloodshed and killing of innocent people ", stressing that" Iraq will play a big role in the process of healing the rift in the region. "
It opened in the capital, Baghdad, on Saturday, the 18th session of the General Committee of the Parliamentary Union of the Islamic countries, after the start of meetings of the Executive Committee of the Member States of the Organization of Islamic Cooperation three days.
It began in the capital Baghdad, on Wednesday, the (20 January 2016), the work of the Executive Committee of the Parliamentary Union of the Me
OOTW: THIS IS A BIG STATEMENT
OOTW: "he noted that Iraq will play a major role in the "heal the rift in Region". Said Saleem al-Jubouri, during a press conference held at the Rashid Hotel in central Baghdad, and attended the (long-Presse) that "Iraq assume the presidency of the Union of Parliaments Islamic according works of the summit meeting, which brings together presidents and representative delegations table,"
noting that "the response and participation in the conference was high and unexpected lost in the challenges facing the region and the feeling that there is a premonition of which has to be to play Iraq in which the desired role as Commander and Major Arab nation. "
Butifldrm: Legislation, meaning amendment to the banking law which the CBI has had a proposal to amend
Butifldrm: Proposals to amend the Central Bank No. Law (56) for the year (2004) and Law No. banks (94) for the year (2004) and the law of money laundering and terrorism financing No. (93) for the year (2004) provided by the directorates and departments of the Central Bank of Iraq and the banks licensed in Iraq
OOTW: YES TY BUTI THESE ARE ALL LISTED IN THE TEXT OF THE ISLAMIC BANKING LAW
Butifldrm: Also deposit law, to provide liquidity to the banks
OOTW: THE LAW STATES THAT THE ISLAMIC BANKING ACT EFFECTS ALL OF THESE LAWS
OOTW: I WOULD REMIND EVERYONE THAT AT THE CBI SITE THE ISLAMIC BANKING ACT IS LISTED AS "IN PROGRESS"
OOTW: I BELIEVE THIS IS BECAUSE WE STILL DO NOT SEE THIS AS AN OFFICIALLY ACTIVATED LAW BECAUSE ITS NOT BEEN POSTED IN A GAZETTE RELEASE FROM THE MINISTRY OF JUSTICE SITE
Butifldrm: but the banks can have all the liquidity in the world ,but unless the banks are able to make loans and obtain interest, they are subject to make profit from buying and selling the dollar
Butifldrm: We have the Islamic banking law in place, but banks are not allowed to charge interest according to Sharia Law. Islamic banks are not allowed to charge interest or Riba
Butifldrm: therefore, IMO their functionality in Iraq as far as building the private sector will be minimal
Butifldrm: because of their ability to raise reserves
OOTW: BUT THE ABOVE ARTICLE IS STATING THAT A SOON TO BE PRIVATIZED, BUT CURRENTLY, STATE OWNED BANK HAS 210B USD
OOTW: SO DOES RAFIDAINS HOLDING CONTRIBUTE OR NOT, TO THE CBI'S RESERVES STATUS?
OOTW: I JUST WANT THE ANSWER TO BE CLEAR FOR LAYMEN
OOTW: SO IN READING YOUR ABOVE POST, JUST TO CLARIFY, THE CBI LAW HAS TO BE AMENDED TO CONSIDER RAFIDAIN'S RESERVES AS PART OF THEIR HOLDINGS
Butifldrm: OK most importantly they are all interconnected, In the Fiat currency system we all live in Banks are allowed to lend up to 90% on 10% reserves
Butifldrm: The present CBI law does not allow this
Butifldrm: so this Banking law must be amended for the Reserves of the Rafadain bank to be utilized to their full potential, along with many other laws
OOTW: HERES THIS ARTICLE SUPPORTING WHAT BUTI IS SAYING
OOTW: Governor of the Central Bank of Iraq: Some banks will amend laws MAR 10, 2015 Governor of the Central Bank of Iraq - Some banks will amend lawsBAGHDAD supporter Alpartya- Anatolia The governor of the Central Bank of Iraq, the relationship, that his country is developing a strategy for the next five-year plan includes the modification of some competent job banks and create some institutions laws.
and founded the Central Bank of Iraq in 1947 and was called then the name of National Bank of Iraq, but it has been modified his name in 1956 to be Central Bank of Iraq and is the main branch of the bank in central Baghdad, and his duties implementation of monetary policy, and management of foreign reserves,
and the issuance of currency management and regulation of the banking sector to promote a competitive financial system is stable.
He Keywords in a special correspondent Anatolia remarks, that “the plan include modifying some special work laws banks such as the law of the Central Bank and the Banking Law and the Law on Deposit Insurance in banks as well as money laundering law, “adding that” some of these laws will complete the legal formulations her and others present in the Iraqi parliament. ”
opened a number of foreign bank branches in Iraq in 1956, while a number of Iraqi private banks opened with a little money relative to government banks in successive periods, especially after the invasion of the United States of Iraq in 2003.
He explained Governor of the Central Bank of Iraq, that “the Central Bank intends to create some of the institutions that guarantee deposits of citizens with private banks in order to encourage People on deposit in banks, and the introduction of modern technologies through complete electronic payment project. ”
describes the experts in the field of economy, Iraq’s banking sector Palmtkhalaf depends on capital are very few do not live up global banks or countries in the region, with most of the government banks operate the old systems in still transactions daily. The governor of the centr
OOTW: . The governor of the central bank, last Saturday, that the size of the assets (deposits) Iraqi banks are 225 trillion dinars (192.9) billion dollars, of which 204 trillion (174.9) billion dollars in government banks, by 80% and the rest in private banks.
denied Central Bank of Iraq, last week reduced its reserves of hard currency (the dollar), indicating that it covers the Iraqi currency traded at more than one and half times the size, without setting a specific value of the reserve.
The Hoshyar Zebari, Minister of Finance in the Iraqi government has said in the February 27 The last Iraqi Central Bank’s reserves of hard currency dropped to $ 68 billion, which means a decline of about $ 9.7 billion from the level at the end of 2013, a decline of 12.5%. raialyoum.com
Butifldrm: Well this article confirms reserves in State owned banks
Butifldrm: So that leads me to believe that the article we are reading about 70% of the liquidity in the homes of the Iraq people are BS
Butifldrm: I have always thought that the majority of currency/IQD was being held in the State owned banks
Butifldrm: Why would we see so many article about the damaged currency or lack their of on the markets from the citizens unless this was the case and the truth
Butifldrm: the 70% article must be a move by the private banks to pull currency from the people for deposit
OOTW: YET AGAIN WE GET BACK TO THE NEED FOR DEPOSITORS INSURANCE
Butifldrm: of course
OOTW: NEEDED AMENDMENTS TO THE CBI LAW, AS WELL AS OFFICIAL PUBLICATION AND ACTIVATION OF THE ISLAMIC BANKING ACT MEAN NOTHING UNTIL WE GET DEPOSITORS INSURANCE
OOTW: IT MIGHT BE ENACTED AND JUST NOT PUBLISHED AT THE GAZETTE BUT I CANNOT CONFIRM
OOTW: I WILL KEEP WATCH AT THE MOJ SITE FOR PUBLICATION OF THE ISLAMIC BANKING ACT, BUT THE DEPOSITORS INSURANCE TRULY IS THE MAIN EVENT
OOTW: ALSO I WANT TO REMIND PEOPLE THAT THE DEPOSITORS INSURANCE LAW WILL MORE THAN LIKELY BE AN APPENDAGE/AMENDMENT TO THE CBI BANKING LAW
OOTW: OK OVER AND OUT OOTW: LOL
OOTW: ONE MORE THOUGHT
OOTW: THERE'S LOTS OF TALK ABOUT RESERVES, HIGH COST TO BUY DINAR, CORRUPTION IN THE AUCTIONS, AND OF COURSE THE DISCUSSION ON THE OFFICIAL STUDIED EXCHANGE RATE
OOTW: STILL IN PROGRESS
OOTW: A REMINDER THAT IN OUR FORUM WE HAVE A THREAD WITH ANBUGE'S (AN ECONOMIST) TALK ABOUT DROPPING THE RATE TO 1300
OOTW: JUST A REMINDER THAT THIS PERSON WAS A LEAD ECONOMIST UNDER MALIKI
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