Dinar Updates

Chat Room – News Excerpts & Highlights

loop says():Iraqi banking sector strengthens its position in the Arab and international arenas

Banks

Economy News / Baghdad …Experts felt that three Iraqi banks between 100 and considered one of the largest banks in the Arab countries, according to the assets shown by last year’s accounts, the index that Iraq has started to take its real on the Arab and international banking arena, especially as the banking sector is one of the oldest sectors in the region.

And synchronization of the selection of Iraqi banks, which was announced by the Secretary General of the Union of Arab Banks and Sam Fattouh, with the Bank of issuance (Ashur International) for the first time for the Iraqi banks final data in accordance with the disclosure standards of the International Financial Reporting (IFRS) and audited by the company (Ernst & Young), and meets this step CBI requirements and external data users.

The head of the Iraqi private banks association Wadih Handal in a press statement, the existence of “a need for any move by the Central Bank of Iraq to examine the reality of banks and analysis, whether governmental or private through a review and evaluation and classification, based on the financial statements and the results of its operations for the year 2015”.

He pointed out that “the Central Bank of Iraq’s keenness to adopt the calendar indications are clear and based on international standards Camels, and commissioning work specializes in financial analysis team and determine the efficiency of banks performance standards in the areas of banking activity.”

He believed that “the banking sector, in the light of attempts to fix it and there is an international and independent team, especially that the memorandum signed with the World Bank, which addressed the restructuring of the banking sector, discussed the steps to be followed for the development of performance.”

Handal stressed that “the adoption of the world’s leading companies in the field of financial audit issued financial statements, the implications for the sector of the Iraqi banking, refers to the credibility and transparency of this data.”

It was among the bank confirmed the need for a comprehensive approach to reform of the economic and banking, the adoption of the structural and institutional reconstruction of the economy calendar, and the formation of the Supreme Council for Economic Affairs and the involvement of the banking private sector in the economic and banking decision-making, as well as a reassessment of private banks and classified, according to the international standards of performance and support banks efficiency own, develop, and achieve financial stability and inclusion. And it called for the amendment of banking legislation, to promote the reality bank account.

The first agreement between the Council of the Federal Reserve and the US Treasury on the one hand and the Central Bank of Iraq, on the other hand, concluded late last year to monitor the dollar remittances and ensure the prevention of access to illicit destinations. Also it included the cooperation, coordination and exchange of information and financial data relating to the sale of foreign currency and circulation.

It also introduced the CBI global standards approved by the international auditing firm for the classification of financial and banking institutions, such as making sure tax farming requirements to comply with the law against money laundering and terrorist financing for 2015.

http://www.dinarupdates.com/showthread.php?45322-Iraqi-banking-sector-strengthens-its-position-in-the-Arab-and-international-arenas

loop says():Central Bank supports the international mathematical number (IBAN) to unify bank account numbers

Banks

Economy News / Baghdad …The Central Bank, on Monday, for the adoption of the international mathematical number (IBAN) to unify bank account numbers, pointing out that the new version of the account numbers will contribute to improve the level of financial and banking services.

The bank said in a statement received “Economy News,” a copy of it, he was “adopted international arithmetic figure the IBAN, starting from the second of January of 2017 in all local and foreign remittances,” attributing the cause of action to “unite the bank account numbers in all operating banks in Iraq “.

The bank added that “the new version of the account numbers will contribute to improve the level of financial and banking services, as well as common mistakes exceeded in some banks and financial institutions in the use of customer accounts when remittance figures.”

International Bank Account Number (IBAN)- The IBAN consists of up to 34 alphanumeric characters, as follows: country code using ISO 3166-1 alpha-2 – two letters, check digits – two digits, and. Basic Bank Account Number (BBAN) – up to 30 alphanumeric characters that are country-specific.

http://www.dinarupdates.com/showthread.php?45320-CBI-supports-the-international-mathematical-number-(IBAN)-to-unify-bank-account-numb

loop says():Central Bank confirms the lack of counterfeiting and control them and specialists are demanding update detection methods

Author: ASJ, HH Editor: BK, HH   9.1.2017 08:30 Long-Presse / Baghdad   The Central Bank of Iraq, on Sunday, that the incidence of fraud Iraqi banknotes “few and controlled and non-disturbing” as “primitive”, as the Finance Committee pointed out in the House of Representatives that the disclosure of such a common task securities between the Central Bank and the security services, specialists called for the need Reload revealed that fraud and activate combat efforts and warning citizens methods and inform them of ways to detect.

The Director-General of the issue and cabinets in the Central Bank Abdul Abbas Khalaf, said in an interview to the (long-Presse), said that “Banknotes Ward fraud around the world, including the US dollar,” noting that “the central bank monitors and records the counterfeiting and enumerate and handled professionally and accurately.” .

He said Khalaf, the “Banknotes counterfeit Iraqi currency primitive and lacking the high professionalism so it can easily be discovered,” she returned, “is disturbing because few in number, which trades here and there.”

For his part, the Parliamentary Finance Committee member Ahmed Hama Rasheed, said in an interview to the (long-Presse), said that “the CBI come a long way in dealing with counterfeit currency,” pointing out that “the Central Bank’s operations towards that file proactive.”

He said Rashid, that “counterfeit currency and its impact on the market and also a citizen of the impact on the purchase and trust and daily turnover,” adding that “the task of detecting counterfeit currency shared between the central bank and the security services.”

In turn, he said the economist Adel al-Naimi, in an interview to the (long-Presse), said that “counterfeiting is a major problem affecting the overall financial operations,” stressing that “counterfeit currency involve the dire economic consequences, especially in light of the critical situation that Iraq is going through now where are busy fighting terrorism, suffering a financial crisis. ”

He called al-Naimi, the security agencies to the need to “Update working methods and activate its efforts to detect counterfeit currency in cooperation with the relevant authorities,” stressing the importance of “rapid warning about the presence of any counterfeit currency and to inform citizens on ways to detect.”

Local markets and recorded cases of fraud in the coins, five thousand, ten thousand and fifty thousand dinars.

It is noteworthy that Iraq has seven types of paper currencies, is (250 500, 1000.5000, 10000.25000 and 500000, BD.

http://www.dinarupdates.com/showthread.php?45326-CBI-confirms-the-lack-of-counterfeiting-amp-control-them-amp-demanding-update-detection-m

digiman1 says():thats it….bring out those new high-tech lower denoms…..

loop says():The launch of a hotline to combat corruption in the Kurdistan Region

By Aso Efani    Roudao – Arbil    opened a hot line linking the Supreme Committee for the fight against corruption and other government institutions in the province of Kurdistan, in an effort to prevent the intervention of party officials in the administrative affairs.

A member of the Integrity Committee in the Parliament of Kurdistan, Frst Sophie, network Roudao media, said that “one of the decisions issued by the head of the Kurdistan Regional Meeting and the presidency of the provincial government with the competent anti – corruption authorities Bkordstan on Saturday 01/07/2017 was the launch of a hotline between the Higher Committee to combat corruption and other government institutions in the province of Kurdistan. ”

” We will be informed of the Supreme Committee for any party official or his political influence to intervene in the administrative affairs of the government,” following up ” a number of employees who have collaborated in the past to carry out these illegal actions by being invoked by those officials.”

He stressed that ” the judiciary shall decide in corruption cases referred to him by the Commission on Public Integrity in a short period, where he was a delay in the resolution of litigation problems that were facing the process in the past.”

http://www.dinarupdates.com/showthread.php?45330-The-launch-of-a-hotline-to-combat-corruption-in-the-Kurdistan-Region-1-9&p=167912#post167912

loop says():09-01-2017 02:54 PM Central Bank supports the international mathematical figure the “IBAN” starting from 2 January 2017

Iraqi Central Bank announced on Monday, the adoption of the international mathematical figure of the ‘IBAN’ starting from the second of January of 2017 in all local and foreign remittances.

He said that the ‘purpose unification of bank account numbers in all banks operating in Iraq, noting that the new version of the account numbers will contribute to improve the level of financial and banking services’.

He stressed that ‘reliance will prevent common mistakes exceeded in some banks and financial institutions in the use of customer accounts when remittance figures’.

digiman1 says():   ~~~Chat Copied ~~  Expecting the world to treat you fairly because you are good is like expecting the bull not to charge because you are a vegetarian.

jeffusa says():Iraq’s Prime Minister Haider al-Abadi said the counter-terrorism push against ISIL in the Northwestern province of Nineveh is in its final phase.

Abadi, speaking on the occasion of Iraqi Armed Forces Day, said government troops and allied volunteer forces have managed to retake about two-thirds of Nineveh Province from the ISIL terrorists, presstv reported.

The Nineveh battle is concentrated in and around its provincial capital Mosul.

Mosul, along with three towns in the Western Anbar Province, is where the remaining ISIL terrorists are holed up. The terror group captured Mosul in 2014, when it started its campaign of terror in the Northern and Western parts of Iraq.

The advance in Mosul has been slowed down due to the presence of hundreds of thousands of civilians, who are being prevented by the terrorists from leaving the city.

loop says():Earthquake to “6” billions of dinars hits Basra .. accusations truth is lost!

Il Giornale Basra – Journal News   the beginning of 2017 were not quiet is going at the wind do not blow the political ships, a pure amount of six billion Iraqi dinars by the local government in the Office of the province create an earthquake and political storm within the provincial council in Basra , where voices were raised demanding to know the fate of the disbursement of these funds and where spent.

And sees the Basra Governorate Council member Amin Al-Tamimi through talking to the reporter (Journal News) “The very imaginative projects submitted to the Basra Governorate Council by the province is was more than $ 6 billion Iraqi dinar exchange rate and these amounts have not taken the opinion of the province by the Council and if the governor of Basra How is the disbursement of these amounts to religion and there is no money in the office of the province and we are in the year 2017 “.

He held “Tamimi, the governor of Basra Majed Nasraoui and the Office of the province responsible for the disbursement of these funds, pointing out that there are special education projects, not to the provincial council aware of them as projects have been implemented, accusing the political blocs in the provincial council that it is made of these projects, noting that the projects are for 2016 it is operational spent by the Office of the province in the past year and want the province to be ratified by the Council and this is borne by the local government.

He accused another member of the provincial council, which Salman al-Tamimi through talking to the reporter (Journal News) “capitalizing on some quarters of the money, stressing that the money that has been spent is needed to circles beneficiary country for the purpose of dispensing the correct format of the hand to be sponsors for disbursement in place.” noting that “members of the council have no objection to the project but the sticking point is how to spend that money, and there must be a sponsor.”

In response to a question Journal reporter on the work of the local government chairman of the Political Council says in Basra success Saadi province, “said the local government work of the Executive, both legislative and recently met with mutual accusations in the provincial council and the province and we should resort in everything to the law in this matter the subject of how I spent money on anything, all approved by the provincial council and send the projects and the like to the executive government, “noting that” any point of contention must be a resort to the law. ”

He continued, “al-Saadi said the topic that has been talked about will be put on local government in the Office of the province to be the truth in terms of how it spent the money,” referring to “any point of contention where resorting to the need of the Iraqi judiciary,” pointing out that he also will travel to the provincial council to discuss the merits of this issue.

For his part, the Director of Government Contracts Section in the Office of the province of Basra Jaafar al-Maliki expressed surprise at the statements made by the Chairman of the Securities and Exchange Commission and the follow-up assignments in the Provincial Council Ahmed al-Sulaiti, in which denied knowledge of emplacement Office of the province Exchange, accusing him of shading public opinion.

loop says():Maliki said he was surprised at Sulaiti’s comments in which he suggested that the province lacks private electricity projects to plan during the year 2016 although it is a member of the provincial council and had previously ratified with the Council members on the plan for an estimated 192 billion dinars.

Maliki “The fact that the governor of Basra Majed Nasraoui is not able to pay any amount to any project has not been determined copywriters prime minister, which stipulated that the province and the Finance Ministry to give that amount on condition that is allocated for infrastructure projects and electricity projects and projects Altkamilh strategy amounting to 19 projects,

noting that Nasraoui and as it draws from the general policy of the province’s direct 55 projects incomplete infrastructure and schools after giving regulate securities and give their money the old dues firms executing of the $ 160 billion dinars.

The chairman of the Securities and Exchange Commission in the Basra Provincial Council Ahmed al-Sulaiti, says the Journal, “that these projects a small operating and carried out during the past years have not been the friend by the provincial council and there was no funding for these projects, referred to later years,”

pointing attention to it, “he offered the provincial council more than once, and the provincial council has an opinion on the subject that the beneficiaries supports received these projects prior to ratification, “adding,” if the beneficiaries did not support these projects, it can not be ratified as more beneficiaries do not have any support, including electricity circles ” .

​And end Sulaiti his speech that the local government has to justify that the operating budget is not necessary to submit to the Board indicating that this is not right and must show all the projects and the budget in both its investment and operational under Article seven V of the law of the provinces,

pointing out that inevitably projects in 2014 was there was funding in a timely manner and deported in recent years, adding that these projects are carried out by contractors on credit is supposed to be for them to spend money, he said .anthy

http://www.dinarupdates.com/showthread.php?45332-Earthquake-to-quot-6-quot-billions-of-dinars-hits-Basra-accusations-truth-is-lost!&p=167915#post167915

ol lar says():2 new announcements on CBI site unfortunately the letters are not translatable ,
To / licensed banks and financial companies all conversion ( uncles ) 08/01/2017
To / all banks and other financial institutions ( uncles ) 27/12/2016

ol lar says():they look like some kind of authorisations or something, hard to tell

Doug_W says():would this be IT Olar?
Doug_W says():”the inclusion of all banks operating in Iraq, its shares for trading on the Iraq Stock Exchange.”

ol lar says():don’t know , but something is up

ol lar says():Central Bank announces the adoption of the international mathematical number (IBAN) in all local and foreign remittances

ol lar says():this looks important for sure
Doug_W says():we are close now

risk says to ol lar():Agree….International written all over it
ol lar says):yep I agree

loop says():Is the government going to mobilize national savings and channel them towards investment?

Il Giornale BAGHDAD Journal News    predicted a specialized economic affairs, to lead Rafidain Bank decision to raise interest rates on savings deposits and fixed deposits rate, to encourage investment, he returned the move as help to mobilize national savings and channel them towards investment projects rather than Aktnazha in the domestic, as it reduces the pressure inflationary on the national economy as a result of the withdrawal of a large portion of consumer surplus and that goes into the spending habit rather than investment.

While decided Rafidain Bank, raising the fixed deposit interest for more than two years and $ 50 million and above to become a 7 percent rather than 6 percent, declaring that the general benefits of bank ‘s own accounts savings of 4 percent , and with respect to fixed deposits for a period of six months ,

amounting to 5 percent either deposit fixed for a year amounts to 5.5 percent , its benefits, and that the benefits of short – term credit for a year of 9 percent and the medium term , more than a year and up to two years of 10 percent either long – term benefits of credit amounts to 11 percent.

Experts warned, hinder the development of private banks as a result of the growth of government banks dominate the banking sector by 85-90% of the sector ‘s assets.

He said economic analyst Rafat Nabil Baldawi, in an interview (Journal News), said that “raising the interest rate on the deposit rate leads to reduced inflationary pressures on the national economy as a result of the withdrawal of a large portion of consumer surplus and that goes into the spending habit rather than investment.”

Albulada and predicted that “raising the interest rate on savings deposits and fixed deposits rate leads at the present time, to increase investment as it helps to mobilize national savings and channel them towards investment projects rather than Aktnazha in homes.”

He suggested Albulada “invest these funds through the granting of loans and credit, whether it is a consumer or a productive, to be interest on the loans granted when kept to a minimum possible, even activate a positive consumption, because it will encourage the commercial market movement, and the productivity of projects increase GDP and reduce the level of unemployment. ”

He pointed out that ” the new Iraq of its decision the Bank, helps to reduce or limit the economic crisis experienced by the country as a result of lower oil prices , ” calling to encourage other banks to follow the footsteps of Mesopotamia to raise interest rates on these types of deposits. ”

He Baldawi, to “encourage investment in various productive sectors lead in the long term to reduce the developments in the national economy structural imbalances as a result of reliance on a single source of funding which is oil , ” noting that “this is the essence of the banking business of the receipt of deposits and granting loans any transfer surplus income from the fiscal surplus units to units of the fiscal deficit. ”

Rafidain Bank, said in an official statement, “The management of the Bank decided to raise the fixed deposit interest for more than two years and $ 50 million and above to become a 7 percent instead of 6 percent.”

The bank added that “in terms of a dollar coin has decided to raise the interest rate to 3 percent deposit of $ million and above and the addition of one-half percent to become 3.5 percent if the amount of $ 5 million and above.”

He pointed out that “deposits Iraqis in Iran turned into Toman and the ratio of interest in Iraq 5 percent which is equivalent to 20 percent in Iran, according to their currency, similar to foreign banks.”

The bank said that ” the general benefits of private bank savings accounts amounting to 4 percent , and with respect to fixed deposits for a period of six months , amounting to 5 percent either fixed deposit for a year amounts to 5.5 percent of their benefits.”

loop says():He pointed out that ” the benefits of short – term credit for a year of 9 percent and the medium term , more than a year and up to two years of 10 percent either long – term benefits of credit amounts to 11 percent.”

He warned banking expert Muwaffaq Hasan Mahmud, in a detailed study, that “the banking sector is facing the problem of the dominance of state banks to between 85-90% of the sector’s assets, which hinders the development of the private banks,” noting that “the banking sector is small and marginal do not exceed its contribution to the gross domestic product of 1.5%, and if we add to him the financial sector, the ratio rises to 1.75%. ”

He said Mahmoud, “The sector is suffering, diminutive credit extended compared to GDP as cash credit extended by all banks in 2013 reached the amount of $ 23.6 trillion dinars, an increase of no more than 8.7% of GDP in 2013 compared to 55% for the countries of the Middle East and North Africa amounted to government banks, including the share of 72% while the share of the sector and capital is only 19.5%. ”

The annual report indicates financial stability for 2013, that the banking sector assets have reached the end of the year a total of 208.8 trillion dinars, or about 77.4% of GDP, which is estimated by the same report estimated 269.6 trillion dinars, the share of government banks, including 187.7 trillion dinars, or slightly less than 90%, while the private sector’s share stood at only 21.1 trillion, about 10% in Vqt.anthy

http://www.dinarupdates.com/showthread.php?45334-Is-the-GOI-going-to-mobilize-national-savings-and-channel-them-towards-investment&p=167917#post167917

rcookie says():Close to Abadi: Prime Minister will not present candidates for the security ministries without ensuring parliamentary approval

Il Giornale    He denied National Alliance MP Abbas al-Bayati, Monday, and there is no intention at the Prime Minister Haider al-Abadi to give any candidate to fill the security ministries to parliament in the coming sessions, while noting that the prime minister would not provide the names of candidates without the prior approval of the parliament and political blocs.

Al-Bayati said in an interview (Journal News), said that “the political blocs provided many names to fill the posts of defense and interior,” noting that “al-Abadi has not resolved its candidate for the two suitcases because of the lack of consensus between the blocs on these names,” adding that “the names of candidates not limited to the candidates of the blocks but included to independents may obtain an opportunity in the case of parliamentary approval for one of them. ”

He MP, said that “the prime minister will not present any candidate to win these bags without resolving the blocks for the names of candidates to ensure parliamentary approval for these names,” he said, “Abadi did not want to manage ministries proxy” .anthy

Zig says():The movie “Wall Street” (2)…”Money Never Sleeps”…..The future movie “The Dinar Diaries”….”rcookie never sleeps”

rcookie says():GM DU!!….
Okie Dinar says to rcookie():Good Morning Rcookie 🙂
Doug_W says():GM Mr Cookie

rcookie says():GOT A WHOPPER FOR YA…
Doug_W says():lay it on us
Okie Dinar says to rcookie():(y)

rcookie says():Central Bank announces the adoption of the international mathematical number (IBAN) makes all the conversions

09/01/2017(Independent) … the Iraqi Central Bank announced the adoption of the international mathematical number (IBAN) in all local and foreign remittances for the purpose of unification of bank account numbers in banks and Iraq, while stressing that the new formula will improve the level of financial and banking services and overcome common mistakes when remittance.

The central bank said in a statement received by the (independent) announced today that “the Bank has adopted the international mathematical figure of IBAN, starting from the second of January of 2017 in all local and foreign remittances for the purpose of unification of bank account numbers in all operating banks in Iraq.”

Bank, said that “adding a new version of the account numbers will contribute to improve the level of financial and banking services as well as common mistakes exceeded in some banks and financial institutions in the use of customer accounts when remittance figures.” (End)

http://www.dinarupdates.com/showthread.php?45335-CBI-announces-the-adoption-of-international-mathematical-number-(IBAN)-1-9&p=167920#post167920

rcookie says():NOW…..WHY IMPORTANT….WHERE HAVE WE SEEN THIS FROM……
rcookie says():HELLO…
Okie Dinar says to rcookie():?

Scotzgirl says():It’s on the list
Scotzgirl says():They’re getting it done
BobG says():Hello everyone 🙂 hope you all have a great week

rcookie says():42. The CBI will continue to implement reform measures to enhance the stability of the banking sector in Iraq which include inter alia:

working on reviewing and assessing CBI prudential regulations with the assistance of the IMF Middle East Technical Assistance Center (METAC) and the World Bank;

strengthening banking supervision including for AML/CFT, with IMF and World Bank technical assistance;

compiling and publishing financial stability indicators, elaborated with IMF technical assistance (by end-December 2016);

enforcing the minimum capital requirement of banks of ID 250 billion ($214 million), a level to which all private banks except one have increased their capital;

contracting a consultant to assist the CBI in rating banks, whereby they have already rated

Sunshine1 says():Wow…great news this morning. Doesn’t this play into the international banking standards.

rcookie says():17 banks: three banks were rated “satisfactory”, eight banks rated “fair” and six banks “marginal”;

preparing a Deposit Insurance Scheme which stipulates the establishment of a corporation to be licensed by the CBI, of which banks will have the opportunity to take a share in the capital;

contracting a private firm to provide the CBI with a credit registry system for sharing information among banks on their common existing and potential borrowers;
ssuing a banking law for financial institutions offering Islamic services;

rcookie says():penalizing, financially and administratively, banks and non-bank financial institutions for any

AND LOOK AT THE LAST ONE…………..

rcookie says():introducing the international bank account number (IBAN) system in Iraq.
rcookie says():YOU GUYS ARE GOOD!!!…..

Doug_W says():ty 4 clarifying (IBAN)
eman4u55 says():(y)

rcookie says():THIS IS BIG NEWS BECAUSE IBAN HAS BEEN PART OF THEIR WORKING BANKING SUPERVISION FOR MANY LOI’S FROM THE IMF….AND TODAY…BOULYAAAAAAAAAAAH!!!!!!!!

Okie Dinar says to rcookie():”the importance of the program in the unification of the bank accounts of all banks operating in Iraq figures in preparation for the use of the banking system overall, which leads to improving the level of financial and banking services.” Find this on an article from a few months back

Scotzgirl says to rcookie():Amazing how fast they’re working!
Okie Dinar says():Found*

BGG says():That is big news… I mentioned your article about the greatly tightened border scrutiny of borders and ports with respect to currency moving out of their borders.

rcookie says to BGG():GM CAPTAIN…

rcookie says():Abadi Jordanian counterpart: keen to open Trebil border crossing as soon as the last 2017 years confirms to finalize the agreements

09/01/2017  Independent) … Jordanian Prime Minister Haider al-Abadi counterpart Hani Mulki said Iraq was keen to reopen the Trebil border crossing as soon as possible, while stressing that it will be agreed to extend the pipeline transport oil from Iraq line across Jordan, with Jordan’s Prime Minister Hani Mulki announced in 2017 will be a year to complete bilateral agreements with Iraq.

​Ebadi said in a joint press conference with his Jordanian counterpart Hani Mulki in Baghdad and I followed (Independent) said on Monday that “Iraq is keen to re-open the Trebil border crossing as soon as possible,” adding that “Iraq wants to bring life to the port Trebil.”

Abadi said that “the government is seeking to promote trade between Iraq and Jordan, and the opening of new border crossings.”

Abadi stressed that he “will be an agreement soon on the pipeline transport oil from Iraq through Jordan line,” explaining that “Iraq will be able through this pipeline to export its oil to the world through the port of Aqaba.”

For his part, Mulki said during the conference that “Iraq’s strategic depth to Jordan,” noting, “We are dedicated to security and stability.”

Mulki said that “Jordan stands by Iraq in its war against Daesh and strive for the development of economic development,” he said, adding, “it was agreed that the 2017-year-old to complete all bilateral agreements.”

And reached the Jordanian Prime Minister Hani Mulki to Baghdad, on Monday, at the head of a senior government delegation to discuss among other security and economic issues. (End)

horsegal says():GM subgirl!! Am I getting excited!!!!

subgirl says to horsegal():yes me too!!! 🙂

rcookie says to BGG():raqi banking sector strengthens its position in the Arab and international arenas

at: January 9, 2017 Iraqi banking sector strengthens its position in the Arab and international arenas
Iraqi banking sector

Experts felt that three Iraqi banks between 100 and considered one of the largest banks in the Arab countries, according to the assets shown by last year’s accounts, the index that Iraq has started to take its real on the Arab and international banking arena, especially as the banking sector is one of the oldest sectors in the region.

and synchronization of the selection of Iraqi banks, which was announced by the Secretary General of the Union of Arab Banks and Sam Fattouh, with the Bank of issuance (Ashur International) for the first time for the Iraqi banks final data in accordance with the disclosure standards of the International Financial Reporting (IFRS) and audited by the company (Ernst & Young), and meets this step CBI requirements and external data users.

The head of the Iraqi private banks association Wadih Handal in a press statement, the existence of “a need for any move by the Central Bank of Iraq to examine the reality of banks and analysis, whether governmental or private through a review and evaluation and classification, based on the financial statements and the results of its operations for the year 2015”.

He pointed out that “the Central Bank of Iraq’s keenness to adopt the calendar indications are clear and based on international standards Camels, and commissioning work specializes in financial analysis team and determine the efficiency of banks performance standards in the areas of banking activity.”

He believed that “the banking sector, in the light of attempts to fix it and there is an international and independent team, especially that the memorandum signed with the World Bank, which addressed the restructuring of the banking sector, discussed the steps to be followed for the development of performance.”

Handal stressed that “the adoption of the world’s leading companies in the field of financial audit issued financial statements, the implications for the sector of the Iraqi banking, refers to the credibility and transparency of this data.”

It was among the bank confirmed the need for a comprehensive approach to reform of the economic and banking, the adoption of the structural and institutional reconstruction of the economy calendar, and the formation of the Supreme Council for Economic Affairs and the involvement of the banking private sector in the economic and banking decision-making,

as well as a reassessment of private banks and classified, according to the international standards of performance and support banks efficiency own, develop, and achieve financial stability and inclusion. And it called for the amendment of banking legislation, to promote the reality bank account.

The first agreement between the Council of the Federal Reserve and the US Treasury on the one hand and the Central Bank of Iraq, on the other hand, concluded late last year to monitor the dollar remittances and ensure the prevention of access to illicit destinations. Also it included the cooperation, coordination and exchange of information and financial data relating to the sale of foreign currency and circulation.

It also introduced the CBI global standards approved by the international auditing firm for the classification of financial and banking institutions, such as making sure tax farming requirements to comply with the law against money laundering and terrorist financing for 2015.

horsegal says():GM OkieDinar!!
subgirl says to rcookie():I love that: iraqi banking sector strengthens its position in the Arab and international arenas

rcookie says to BGG():ARE YOU KIDDING ME!!!

rcookie says to BGG():THRE ARE SOME THINGS WE SPOKE ABOUT ON MANY CALLS…THE IMPLEMENTATION OF IAS AND IFRS…AND TGEIR SIGNIFICANCE IN THE BANKING SECTOR AND ISX………ANOTHER BOULYAAAAAAAAH!!!!!!!!

horsegal says():EEEEEEEEEEEEEEEEEEEEE

subgirl says to rcookie():I can not wait for newstime tomorrow night!!! that is going to be an awesome newstime!!!
horsegal says():ME TOO!!!

subgirl says to rcookie():and just think tomorrow Parliament meets… 🙂
subgirl says to rcookie():So much awesome news! I am so excited!!!! 🙂 makes me just smile ear to ear lol
subgirl says to rcookie():GM and Thank you for bringing in the news this morning… 🙂

horsegal says():YES, THANKS FOR THE NEWS RCOOKIE!!!!!!!!!!!!!!!!!!

JR67 says(9:20 AM):  Long-Presse / Baghdad   Iraqi Central Bank announced on Monday for the adoption of the international mathematical number (IBAN) in all local and foreign remittances for the purpose of unification of bank account numbers in banks and Iraq, as he emphasized that the new version will contribute to improve the level of financial and banking services and overcome common mistakes when remittance.

The central bank said in a statement received (range Press), a copy of which, “The World Bank, the IBAN arithmetic figure in all local and foreign remittances adopted starting from the second of January of 2017, for the purpose of unification of bank accounts in all operating banks in Iraq numbers.”

The bank said, “The new version of the account numbers will contribute to improve the level of financial and banking services as well as common mistakes exceeded in some banks and financial institutions in the use of customer accounts when remittance numbers.”

The arithmetic figure supports central international “IBAN” to standardize bank account numbers

2017-01-09 at 14:06 Baghdad scales news   The Central Bank adopted Monday, the arithmetic figure international “IBAN” to standardize bank account numbers.

The Bank said in a statement/balance news/copy, that “the arithmetic figure adopted IBAN starting January 2nd of the year 2017 in all domestic and foreign transfers.

He added, “this move was for the purpose of consolidating bank accounts at all banks operating in Iraq.

“He drew the Bank, according to his statement, that “the new version of the account numbers will contribute to improving the level of financial and banking services, as well as overcome common mistakes among some banks and financial institutions use customer account numbers when remittance.”

risk says to JR67():To my humble eyes……This is the article of the morning…imo

Josie says():According to www.ameinfo.com Siemens and Iraq sign landmark energy cooperation agreement” The MOU was signed between Iraq’s Energy Minister and member of Managing Board of Siemens AG in Baghdad. Siemens will develop an enhanced energy concept to advise the Iraqi government on development and optimisation of its power generation grid infrastructure.

MrsBGG says to Josie():Good morning 🙂
Josie says():Calling it a “Landmark agreement”

rcookie says():THAT ARTICLE TOUCHES ON SO MANY IMF MANDATES TOWARD IRAQ ITS HARD TO KEEP UP…ARAB & ISLAMIC BANKING….IAS & IFRS DISCLOSURE AUDITING BY INT’L COMPANY )ERNST & YOUNG)…STANDARD IMPLEMENTATION …

REVIEW & ANALYSIS CLASSIFICATION BASED ON STATEMENTS & PERFORMANCE DROM 2015 ON…ADHERENCE TO CAMEL STANDARDS…

AND ADHERENCE TO MOU SIGNED WITH WORLD BANK TOWARD RESTRUCTURING THEIR BANKING SECTOR & PERFORMANCE DEVELOPMENT…

Josie says to sagecanyon():Just something I came across. Love they are hiring experts in infrastructure investment

sagecanyon says():The news is just fantastic! They are doing it right!!

Josie says to rcookie():an important and exciting article indeed….
Okie Dinar says to Josie():Good morning Josie 🙂 Thanks for the news:)

Josie says to Okie Dinar():Just a small morsel in a buffet of delights so many others bring continuously
Okie Dinar says to Josie():(F)

rcookie says():AND IF THATS NOT ENOUGH……FORMATION OF THE SUPREME COUNCIL FOR ECONOMIC AFFAIRS TOWARD DECISION MAKING COOPERATION CONCERNING INT’L PERFORMANCE STANDARDS AND REQUISITE LEGISLATION NEEDED FOR BANKING REALITY…AND…….

THE 1ST EVER AGREEMENT BETWEEN THE COUNCIL OF FEDERAL RESERVE AND US TREASURY AND CBI TO MONITOR THE AUCTIONS AND PREVENT ACCESS TO ILLICIT DESTINATIONS…

AS WELL AS THE EXCHANGE & SHARING OF FINANCIAL DATA RELATING TO THE SALE OF FOREIGN CURRENCY AND ITS CIRCULATION…..

subgirl says to rcookie():wow! that is awesome! thank you 🙂 Good stuff!!!!

1bobby says to Josie():Siemens and Iraq sign landmark energy cooperation agreement

January 9, 2017 10:34 am

* The MoU was signed between Iraq’s Energy minister and member of Managing Board of Siemens AG in Baghdad

* The MoU strengthens the collaboration between the Ministry of Energy and Ministry of Oil & Gas

* Siemens will develop an enhanced energy concept to advise the Iraqi government on development and optimisation of its power generation grid infrastructure

Siemens has signed a Memorandum of Understanding (MoU) with the Federal Government of the Republic of Iraq to strengthen the collaboration with the Ministry of Energy as well as Ministry of Oil & Gas for modernising the energy infrastructure and the Oil & Gas sector.

In the presence of the Prime Minister of Iraq, Haider Al Abadi, the MoU was signed by Qassim Al-Fahdawi, Minister of Electricity, and Siegfried Russwurm, Member of the Managing Board of Siemens AG, in Baghdad.

Advisory
Under the terms of the agreement, Siemens will develop an enhanced energy concept to advise the Iraqi government on the development and optimisation of the country’s power generation and grid infrastructure including power generation mix. “With this important agreement, we intensify the long lasting partnership between Siemens and Iraq,” said Russwurm.

“With our broad portfolio and comprehensive expertise in power generation, transmission as well as in oil and gas sector we will assist and support the Iraqi government to develop a sustainable and modern electricity system to ensure the country’s economic and social development,” Russwurn added.

The parties also intend to explore potential scope of further cooperation in the power generation sector as well as in the field of oil and gas.

​Siemens and Iraq envisage exploring financing solutions for projects to be developed as well as maintenance and rehabilitation of existing power plants/infrastructure in close collaboration with the Federal Government of Germany.

http://www.dinarupdates.com/showthread.php?45337-Siemens-and-Iraq-sign-landmark-energy-cooperation-agreement

1bobby says to Josie():I think Josie and I get the same tweets lol.

Josie says():I love that CBI seems to be going out of their way to let people (the world) know that they are SUCESSFULLY monitoring and are capable of detecting fraud and counterfeit.

LOOP:   Long-Presse / Baghdad
The Central Bank of Iraq, on Sunday, that the incidence of fraud Iraqi banknotes “few and controlled and non-disturbing” as “primitive”, as the Finance Committee pointed out in the House of Representatives that the disclosure of such a common task securities between the Central Bank and the security services, specialists called for the need Reload revealed that fraud and activate combat efforts and warning citizens methods and inform them of ways to detect.

The Director-General of the issue and cabinets in the Central Bank Abdul Abbas Khalaf, said in an interview to the (long-Presse), said that “Banknotes Ward fraud around the world, including the US dollar,” noting that “the central bank monitors and records the counterfeiting and enumerate and handled professionally and accurately.” .

Josie says():Its almost as though they are mocking those that are trying. Calling their attempts ‘primitive ‘

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