News With Links & Discussion
Tootsie: Good Sunday a.m. to all ~ Today is big Playoff day to see whom will be in the Super Bowl ~ 6 hrs of football + the discussions. Have a good day ~ and to those who don’t follow football, Enjoy your day also!!! To those in the storm path, I truly hope you are all safe. Tootsie: Toodles !
OOTW: Rafidain Bank Rafidain Bank has the “largest” financial stocks in the region with assets of $ 210 billion
OOTW: Detection Union of Arab Banks, on Sunday, the possession of Rafidain Bank “largest” stocks Mali in the region and the Arab world with total assets of $ 210 billion, and stressed that Iraq does not need the money in order to stimulate economic and banking sector, while pointing out the need to develop human resources, banking in Iraq.
Fattouh said, that “Rafidain Bank owns the largest financial inventories in the region and the Arab world, with total assets amounting to $ 210 billion,” noting that “Qatar National Bank ranked second with total assets of $ 145 billion.”
OOTW: The Secretary-General of the Union of Arab Banks, that “Iraq needs to develop its human resources and banking business in order to finance the local economy,” pointing out that “the Union is working on it after the signing of a joint cooperation with the Association of Iraqi banks agreement.”
OOTW: The Association of Iraqi banks announced on Sunday, signing a cooperation agreement with the Union of Arab Banks for the development of human resources, and called for the legislative and executive authorities to capitalize on this collaboration for the development of the banking sector, and with Union revealed the existence of preparations for the convening of an economic forum in Iraq to attract investors, expressed its readiness to provide assistance for the establishment of the Iraqi Association of banks.
Winnerdinar: ‹@OOTW› Winnerdinar: good chat
OOTW: there’s so much conflicting news out re the auctions – converting iqd to dollars, how the citizens are being ripped off, but they will not put their money in the banks until the deposit insurance is in force
OOTW: they also have to get corruption in line OOTW: its the same old thing
OOTW: also there are many areas where people cannot buy dollars except via the street vendors
OOTW: who charge hugs spreads
OOTW: (also, sidenote – over a year ago, or two, the CoM came out and made an announcement that all transactions were going to be in IQD)
OOTW: so think about this
OOTW: youre a citizen, you go to the local currency vendor, street vendor..you pay say, 1240 dinars for one dollar
OOTW: then *IF you go to your local cbi branch to deposit to your account
OOTW: so you paid your spread then you get penalized for it
OOTW: a huge hit OOTW: not just the spread OOTW: *huge
OOTW: if banking was electronic – and that method could be trusted then it would be okay – also we still need to see state banks privatized and also more locations for people to deposit
OOTW: electronic methods re currency transactions , should, in effect, maintain integrity
OOTW: but….why is this not happening…???? OOTW: no friggin deposit insurance
OOTW: now read this article
OOTW: Citizens: banks forcing us to recognize our trusts «dollar» dinar Baghdad: Sara Kingsley Refrain from civil Baghdad banks disburse remittances and dollar deposits of citizens in the same currency to persons detained or sent to them, but are launched in Iraqi dinars, and the price at which it sells by the Central Bank.
Moon Eclipse noticed some abstentions complained banks cashing dollar deposits in dollars and forced to convert to the Iraqi dinar and the official rate for the dollar at the Central Bank and not at the market price, with regard to financial experts confirms that those recognizable methods and prepare to exploit the current economic circumstance.
Referred to as the Central Bank sold the dollar to banks and foreign exchange companies in the currency auction and 166, in its price in the domestic market between 1200 to 1260 Iraqi dinar. For his part, said Economist Dave winfred in connection with “the world” that “those banks take the currency difference without returned to citizens”, pointing out that “such practices are contrary to the applicable laws.”
So, the former Deputy Governor of the Central Bank and financial expert Ahmed ibraihi in connection with the “world”, “such practices are the use of the current economic situation and need of citizens for foreign currency,” he said, adding that “instructions to the Central Bank does not allow this.”
OOTW: so this article is stating the plight of the average citizen
OOTW: and saying that the cbi shouldn’t be doing this
OOTW: and the cbi has issued regulations saying that they can charge what needs to be charged according to their needs they estimate, so they have enough to purchase dollars
OOTW: we need to see a break from the dollar..but the IMF report indicated that for now they’re staying pegged
OOTW: i spent hours today going through the MOJ site – one ip address digit at a time to find all gazette publications
OOTW: the Islamic Banking Act that was passed early october 2015 – has not been published at the MOJ site
OOTW: even the law itself and all iraqi laws state this at their closing
OOTW: cbi law has to be amended but they could get the capital they need with the enactment of the deposit insurance law
OOTW: they need to stop the auctions and they can’t limit the corruption until this law gets passed
OOTW: i’m talking about street vendor transactions
OOTW: for iraqi banks
OOTW: some banks may not have the capital needed
Butifldrm: To stop the auctions the CBI will have to remove themselves from article xiv and move the dinar to an internationally traded currency, in other words accept all obligations under article VIII
Butifldrm: I would think they would unpeg from the dollar and float the currency, let the market decide the value
Butifldrm: and they will no longer spend Dinar to exchange to an internationally traded currency
Butifldrm: We know the auctions are a point of contention because they are the breeding ground for corruption Butifldrm: and apparently the corruption still exists
Butifldrm: The problem is the also partially attributed to the legislation side, the laws not passed, the sectarian disputes, it’s pretty much a conviluted mess.
ladyfox: Hi ALL Imo Feb will bring out some good things [:ninja:]
OOTW: Mesopotamia owns the biggest financial stocks «»» in the region Baghdad: the world Arabic, banks revealed on Sunday that Rafidain Bank “biggest” financial stocks in the region and the Arab world with total assets amounting to 210 billion dollars, stressed that Iraq does not need funds to stimulate economic and banking sector, with the need to develop human resources and banking on Iraq.
The Arabic Bank Union Medal Fattouh during a press conference held today in Baghdad that “Iraq does not need funds to stimulate economic and banking sector.” Fatouh said that “Rafidain Bank owns the largest Treasury financial region and the Arab world, with total assets amounting to 210 billion dollars”, stating that “Qatar National Bank ranked second with total assets amounting to 145 billion dollars.
The Secretary-General of the Union of banks “Arabic Iraq needs to develop its human resources and banking to fund the domestic economy”, noting that “the Union work after signing a cooperation agreement with the Association of banks.
OOTW: SO IF THE RAFIDAIN HAS 210B USD IN RESERVES…THIS MEANS, BY PROXY, SO DOES THE CBI
Butifldrm: Well, this is quite intriguing because the Rafadain bank is a state owned bank, but evidently it’s reserves cannot be tied to the CBI reserves
Butifldrm: But, 250B in reserves is quite a lot of money and I’m not sure but maybe the reserves of this bank are untouchable because of the CBI’s commitment to privatize both the Rafidain and Rasheed banks
Butifldrm: Now we see the importance of the IMF’s request for the privitization of these banks
OOTW: TY BUTI YOU BRING, AS ALWAYS, AN EXPANDED UNDERSTANDING TO US
OOTW: ADMITTEDLY, I AM NO ECONOMIST
OOTW: WELL THE NEWS IS CERTAINLY FULL OF CONTRADICTIONS
OOTW: (NOT UNUSUAL LOL)
Butifldrm: So now the I do believe it takes us back to legislation before these reserves can be capitalized on
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
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 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: 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: 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: 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
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
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.
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: 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
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: 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: JUST A REMINDER THAT THIS PERSON WAS A LEAD ECONOMIST UNDER MALIKI
Content originally from http://wealthwatch.world