Samson: The Central Bank adopts a paper to reform the banking sector
20th September, 2020
The Central Bank’s Media Office announced, on Sunday, that the bank’s board of general directors has adopted a paper to reform the banking sector
The office said in a statement that “Al-Eqtisad News” received a copy of it, “The Governor of the Central Bank of Iraq, Mustafa Ghaleb, chaired a meeting of the Bank’s General Directors Council
The statement added, “The meeting discussed a number of issues, the most prominent of which was preparing a paper for reforming the banking sector, as the Board adopted that paper in preparation for submitting it to the Board of Directors of the Central Bank for approval and direct implementation
Banking sector reform LINK
20th September, 2020
His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhaif Al-Kitab, chaired a meeting of the General Directors Board of this bank on Saturday, September 19, 2020
The meeting discussed a number of issues, the most prominent of which was “preparing a paper for reforming the banking sector,” as the Board adopted that paper in preparation for submitting it to the Board of Directors of the Central Bank for approval and direct implementation
The Central Bank of Iraq
Media Office Baghdad
September 20, 2020
MilitiaMan: The direct implementation of the banking reform paper is as many point out and the Final Articles thread has been updated with this news. Seems Delta was on to this a while back, i.e., delete the zeros article, strengthening the Iraqi Dinar, etc..
I understand the new CBI Gov., has a long history with the CBI in the legal department. Why is that important? Well, legal departments help write legal papers. The legal reforms are not new for this endeavor they are on in getting to a social market economy.
Mustafa Ghaleb Makhaif Al-Kita would have been involved all along. Hence, the PM Kahdimi picked him for the job of CBI Gov. The article talks about adoption of the reform papers. Done. They are now to be directly implemented. That would appear to be a pointed statement at this time frame we are in.
Lets look at a few other things that are on the table for what appears to be urgency. The 2020 budget is on many minds lately, as it would and should be.
The official terms of the budget bill are known, but, not just yet meant for public consumption. There are those that have a need know though, which imo they do know just as Al-Saffar does, that being Siemens and General Electric. All of them are centered around the 2020 budget. Not the 2021.
Notice the quote just below in bold, it shows they have a mechanism to facilitate money movement for the investment side of the ledger to the operational side. Think of it as money being set aside for investment, then using that money in the activation for said investment, operational. That being electricity from two international entities from both Germany and the USA.
The theme is that I see is centered around today real close and the 2020 budget. It will be determined if today was fruitful or not for us, as it looks to be on the table for them for sure. They say the budget was to arrive in parliament today. Did it or not? I have not seen it yet. The day is not over though.. Close, but not yet. lol imo. ~ MM
“”Securing the sums went through a series of procedures between his Ministry of Finance and the General Secretariat of the Council of Ministers and with the support of the Prime Minister, which resulted in securing the salaries of the two tranches and transferring their allocations from the investment budget to the operational one.” (see below)
It arrives to Parliament today … The Finance Committee comments again on the items of the 2020 budget LINK
20th September, 2020
The committee’s reporter, Ahmed Al-Saffar, said that “due to the inconsistency in the information related to the budget terms and accusing the committee of delaying it, we issued a statement confirming that its bill did not reach the parliament.”
Al-Saffar confirmed that “the figures circulated by the media regarding the terms of the budget bill are untrue,” indicating that he cannot currently declare “the project’s terms officially, despite his knowledge of them.”
The media had circulated different numbers regarding the draft budget law for 2020, such as the percentage of deficit in it, the amount of its need for internal and external borrowing to secure the salaries of employees and retirees, and the expected revenue ratio.
SAMSON said (Post #31)
Electricity announces the payment of salaries of contract holders and daily wages
“Ministry of Finance and the General Secretariat of the Council of Ministers and with the support of the Prime Minister, which resulted in securing the salaries of the two tranches and transferring their allocations from the investment budget to the operational one. He disclosed that “their salaries will be paid for the month of March today, Sunday, provided that the rest of the months will be paid with retroactive effect after the budget is approved.”
“Hantoush said that there is continuity in the implementation of the road map concluded with Siemens and General Electric to improve the situation of electricity in Iraq. He pointed to “the necessity of having a part of its sums available through the state, which he stressed that, once the budget is approved, 15 percent of their loans will be paid to activate their work and that “the two companies continue to work in all work sites in the country, especially since the work period lasts for ten years.”
Parliamentary Finance reveals the share of the Kurdistan region in the 2020 budget
19:03 – 20/09/2020
The Parliamentary Finance Committee revealed, on Sunday, the size of the Kurdistan region’s share in the draft federal budget law for 2020.
Committee member Ahmed Hama said in a statement to / information /, that “the share of the Kurdistan region within the draft federal budget law for the year 2020 amounted to 12 trillion Iraqi dinars and 606 million dinars,” noting that “the budget will be decided in the coming days.”
He added that “the draft federal budget law for 2021 has not yet reached the House of Representatives, and the region’s share in it has not been definitively determined,” noting that “the 2021 budget is still in the process of discussion and preparation within the Council of Ministers.”
The Parliamentary Strategic Planning Committee indicated, last Sunday, that the draft federal budget law for 2021 will include new funding sections to get rid of the oil appropriation.
MilitiaMan: Notice the Kurds are said to have the federal budget law for the 2020 at a program rate (trillions), yet, they have not told us the terms from the Federal Gov., yet today. Thus, those numbers above could be in an equivalency basis, once the actual terms get released. imo
The 2021 is to be different, and yes it is to be so for a much longer period of time. 3 years they say. It will have a new component to it that is not only from oil. That is big, as the amount of revenues from the borders will be massive in the long run.
Another thing we see today is the theme of reconstruction and the private sector. The minerals and mining deals for a steel plant for hundreds of tons of materials to be used to re build. Factories and industry are all key components for a new market economy to thrive.
Looks like with the CBI gov and all the budgetary issues in the news, things are on track to do and show us just what they want out of the white papers, the is reforms both monetary and economic!!! Powerful, times and they suggest the urgency is in the air, big time now. imo ~ MM
Don961: On Sunday, the Central Bank of Iraq called for caution and caution from the celebrities of Swiss Media.
Economie 2020-09-20 | quarter to six
The bank said in a statement that Alsumaria News received a copy of that “All licensed non-bank banks and financial institutions must take utmost care and caution over financial movements that take place through (bank accounts, electronic wallets, and electronic payment cards of all kinds) for famous social media, as well as developing scenarios. Discover the money laundering operations of these institutions in a manner commensurate with these cases, in coordination with the Office of Combating Money Laundering and Terrorist Financing, if necessary.
He added, “We urge that strict due diligence measures be taken on the financial movements of the owners of electronic stores (owners of e-marketing sites and marketing through social media).”
The Central Bank of Iraq was established as an independent bank under its law issued on the sixth of March of the year 2004, as an independent body, and it is responsible for maintaining price stability and implementing monetary policy, and supervises 10 commercial banks, 26 private banks, 16 Islamic banks, in addition to 19 foreign banks, in addition to About 6 financial institutions and 31 money transfer companies. LINK
MilitiaMan: In other words, imo the CBI has announced that the electronic age is here and don’t get caught cheating and or stealing, as we have eyes on everything from here on out.. Wow. The CBI has been talking lately.. I like it. Especially with the implications of the electronic importance to security while there is on going development scenarios play out. Block Chain, QFS, New FedNow SM, all will be on going scenarios right along side Iraq, and others in many many ways into the future.. imo.. ~ MM !
Don961: 20-09-2020 08:21 PM
The government returns the budget law to the Ministry of Finance to reconsider and add new paragraphs
Baghdad / Al-Akhbariya:
A member of the Parliamentary Finance Committee, Ahmed Haji Rashid, revealed on Sunday that the government had returned the draft budget law for the year 2020 to the Ministry of Finance to reconsider some of the items.
Rashid said in a televised statement followed by Al-Akhbariya that “the Parliamentary Finance Committee was awaiting the arrival of the draft fiscal budget law for the year 2020 to the House of Representatives, explaining that the Council of Ministers returned the project to the Federal Ministry of Finance.”
He added, “The reason for returning the project to the ministry, unannounced, is likely, that the return may come to install a set of appointments, and the issue of debt in the draft fiscal budget law for 2020.”
MilitiaMan: They returned the 2020 budget unannounced to the MOF to reconsider some of the items in it.. Like hey, could you drop one more zero? (kidding a bit) That would make all the debt go away even faster.. So just add another or the paragraph that represents the rate we await. lol ~ MM