Thread: Central Bank of Iraq

CBI: the current annual inflation remains under control

The Central Bank of Iraq, Monday, that monetary policy is able to reduce the persistence of high inflation in the country.

The central bank adviser said the appearance of Mohammed Saleh, told the Kurdish news agency that the monetary policy and through the Central Bank of Iraq has a legal and financial tools to meet the continuing high inflation in the country.

He added that the current annual inflation still under control because it did not exceed one decimal place, which is something Tabaaa and there is a real reduction.

He said the continued high rate of inflation in the country because of lack of diversification of imports of the Iraqi economy and the decline of the private sector in the ability to meet the capital goods imported.

http://ar.radionawa.com/Detail.aspx?id=8739&LinkID=197

CBI decides to restructure the Iraqi currency

The Central Bank of Iraq, Wednesday, that he decided to restructure the local currency in order to develop the payment system in the country.

The appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Central Bank of Iraq has decided to start implementing a strategic and long-term specializes in the restructuring of the local currency for the development of the payments system in Iraq."

He added that "the central bank will raise the level of the local currency and the development of new currencies up approach to U.S. $ 100, which would address the economic gap in the system of financial payments in the country."

He continued that "the project to restructuring of the local currency, which started gradually need to support the government and parliament that it will hold purchasing power compared Palmdjulat economy."

He expressed the IMF in August / August, his support of the Iraqi economy in the event of having a number of economic measures including the privatization of banks and raise three zeroes from the currency local and honoring debt and compensation is the responsibility of Iraq.

The Iraqi government has denied conducting any change in the local currency this year to reduce inflation.

The local currency of Iraq has passed in the history of changes to several, most recently in 2004 when the former Governing Council replace currency of the previous symbol of the former regime.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as the organization of the banking sector.




http://www.aknews.com/ar/aknews/2/247913/

CBI decides to rely on private banks with large capital

The Central Bank of Iraq today, Tuesday, he decided to rely on the private banks with heads big money in the process of circulation. The appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Iraqi Central Bank decided to rely on private banks with large capital, which has branches in the provinces in the process of circulation with the countries in the world and strengthen the role of global investment in addition to giving way to deal with the government institutions to deposit the money."

He added that "the number of private banks, 37 banks possesses 400 branches are few compared to with the government banks of the 7 banks and has 400 branches in all governorates of Iraq."

He pointed out that "the banking transactions in Iraq are weak and not the level of ambition of the Central Bank as per 45,000 citizens bank and supposed to be every 6 thousand citizens bank."

He called the Iraqi Central Bank earlier in the government institutions to handle financial cooperation with private banks in the country. and the Iraqi Government that there is an economic necessity for the integration of private banks, among them, because their performance of monetary and financial have still not convincing.

Revealed the Iraqi Central Bank in February that he would give the number of licenses to establish banks Private confirmed that the increase in banks will enhance the economic role of the country. Denied the central bank in June 24 that the development of Iraqi private banks risk as confirmed by the Ministry of Finance regularly. The total capital of Iraqi private banks Miliro $ 600 million currently, except that owned by the branches of Arab Banks and foreign companies operating in the country.

http://www.aknews.com/ar/aknews/2/249023/

CBI announces the presence of seven branches of international banks in the country

The Central Bank of Iraq, Saturday, that the number of branches of foreign banks in the country of 7 branches. The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the number of foreign affiliates in Iraq hit 7 branches and 7 partnerships with private banks which operate in accordance with licensing law No. 94 of 2004.

"He added that "the Central Bank of Iraq works on attracting more international banks to raise the level of banking in foreign country for the purpose Ttoiralaguetsad and integration into the global banking."

He noted that "Iraq is a road map model to strengthen the presence of foreign banks in the country based on raising capital and developing banking services Interior, which aims to create a banking environment is characterized by competition." and "The posts of foreign banking a few which are not fit with the nature of the Iraqi economy, which plans to open up to the global economy through the banking sector." and select the CBI 250 billion dinars as a minimum for the establishment of private banks in the country.

http://www.aknews.com/ar/aknews/2/249742/

CBI: Start working with 20 private banks electronic clearing system

The Central Bank of Iraq, Wednesday, that 20 private banks began to work according to the electronic clearing system, noting that there are efforts to introduce government banks in this system. The central bank last February, six private banks started using electronic clearing system.

The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the 20 banks began to work according to the electronic clearing system is an important step for the development of the payments system in the country and the mechanisms of private banks and government."

He added, "My work clearing electronic means not use the instruments of hand in the process of transfer of funds and the use of Scock magnetic and read in the calculator in order to facilitate the transfer of funds in less than an hour rather than taking."

He said, "the Central Bank will supervise the work of clearing electronic inter-bank private in order to provide the best online services in the banking in the country."

And the World Bank allocated $ 10 million for the restructuring of government banks and activate their transactions online. and announced earlier in the unit re-Hiklhalmassarv Iraq had been extended and unit banks for a period of one year because of security concerns.

http://www.aknews.com/ar/aknews/2/250425/

Investigation files of corruption involving the Central Bank and Financial Control Office

Special deputy in the Parliamentary Integrity Committee said his commission check files of corruption involving the Central Bank and Financial Control Office.

The MP, who declined to be named, told Baghdad International on Wednesday that the Integrity Commission verify files of many belonging to different ministries as well as on Establishments Gbr associated ministries.

He noted that his committee is under great pressure to close some files and not to reveal or expose the other files.

Indicating that the files the Central Bank and Financial Control Office found at the Commission since the period did not announce it until a complete investigation, and revealed that the next few days will witness disclosure a lot of files.

http://www.baghdadiabian.com/news.ph...n=view&id=7527

Iraq has been working on the development of the payments system in the country's banks

The adviser to the CBI on Saturday, said that a plan he described as "high level" of a twinning between the banks of Iraq and international banks to develop a system of payments in the banks of the country.

And bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank operates according to high-level plan for the provision of legal requirements and technical conduct of twinning and broad between the government and private banks, and between the international banks on the other hand to develop the payment system, banking and regulation of financial trading and cash it."

The World Bank has announced Friday, he completed the plans and technical procedures, financial and legal development of the performance of a bank of good and Mesopotamia state-owned and restructuring.

Saleh added that "the process involves three phases, the first involving management contracts, and second decades of partnership, and the third decades of ownership required by the private banks."

He pointed out that "twinning property by more than 10% with international banks that will be a true partner with private banks in support of its bank for the development of the payments system and the development of ownership and capital."

And decided to Iraq in 2006, the restructuring of the banking sector to allow direct investment in banks and get rid of the heavy debt burden on the major banks owned by the state after decades of war and economic isolation. The main objectives of the program is to restructure the two largest Iraqi owned by the state and are the Rasheed Bank and Bank of Iraq and the restructuring of the Audit Department at the Central Bank and the development of the private banking sector.

According to the CBI, the external debt and internal Bank of Iraq at 28 billion dollars, while debt Rasheed Bank of one billion dollars, and borrowed the government most of the foreign debt owed ​​by the banks. will be concentrated under the plan, in 2011 to implement training programs for departments such as the Audit Department at the Central Bank and the unity of Branches in each of the Rafidain Bank and Rasheed Bank.

The main goal of restructuring is to reach a sound banking system and sophisticated because the five banks owned by the state controls about 90 percent of the activities of the banking sector as a whole. The aim of the restructuring plan is also to transform the Iraqi banks, other financial companies specialized, such as development banks and Islamic banks to encourage investment and the development of the real economy.

http://www.aknews.com/ar/aknews/2/250915/

Iraq’s Central Bank mulling printing new currency

Iraq’s central says the country is in need of a new currency in which the current zeros are removed to facilitate commercial transactions.

Central Bank Governor Sinan al-Shabibi said he was in talks with the prime minister, Noor al-Maliki, on how to go ahead with the bid to issue dinars with lower denomination and higher appreciation.

Shabibi said Iraqis were now relying a lot on the U.S. dollar, particularly in settling cash transactions that required a lot of money.

The use of credit cards is still limited in Iraq and cash is still the main source in trade and commerce.

Allocations even for small projects and to carry out simple commercial deals are in millions or billions of dollars.

Three bundles of $10,000 require carrying or paying about 40 million dinars.

The new arrangement, once carried out, will make transactions simpler and easier, the Central Bank governor said.

Calculating and paying with the current currency makes trade deals rather “awkward and difficult” for a small country like Iraq, Shabibi said.

Other countries, like Turkey and Brazil, successfully dealt with the same problem by removing zeros from their currency.

In Turkey, people dealt with millions of liras for simple purchases and transactions. Today a dollar is worth about 1.6 liras.

Shabibi said there was a lot for Iraq to learn from Turkey.

http://www.azzaman.com/english/index...07-15\kurd.htm

CBI decides to develop coins in his plan to restructure the currency

An adviser to the CBI, on Saturday, that part of the restructuring plan currency and banking development coins for trading financial banking to support the Iraqi economy.

The appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank decided to introduce coins as part of his plan to restructure the currency, which require the approval of the government and the House of Representatives because it is a strategic plan will help support the value of the Iraqi dinar in the trading of Finance."

He added that "the draft coins in 2004 was not successful because he has not been as comprehensive reforms to support the financial value of the Iraqi dinar in the global market."

He pointed out that "the coin is not a low currency, but would be of currencies important medium and used for trading banking simple business transactions at home."

He declared the Iraqi Central Bank in June 22 last he decided to restructure the local currency in order to develop a system payments in the country. He expressed the IMF in August / August, his support of the Iraqi economy in the event of having a number of economic measures including the privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq.

The Iraqi government has denied conducting any change to the The local currency this year to reduce inflation.......

http://www.aknews.com/ar/aknews/2/252090/

CBI: Bank of stable sales and fears for the value of the dinar

An official at the Central Bank of Iraq on Saturday that sales stable and concerns on the value of the dinar. And decided to Iraq in 2006, restructuring its banking sector to allow direct investment in banks and drop the debt accumulated by state-owned banks.

The appearance of Mohammed Saleh, a Advisor to the Bank for Kurdistan News Agency (Rn) "sales stable. No worries on the value of the Iraqi dinar from the fall." The average sale of $140 million a day at the exchange rate average 1170 against the U.S. dollar, Saleh said, "This supports transparency, monetary policy the central bank."

The official interest rate in Iraq is closer to a guide to interest rates than a direct monetary mechanism due to the small size of the banking sector and underdeveloped capital markets.

And the central bank sets the exchange rate in the regular currency auctions. Saleh said "there are no obstacles to impede the development of sales and raise the average level of sales." dominated by the oil sector on the Iraqi economy for more than 95 percent in government revenues.

Sales of the Iraqi Central Bank last week by about three million dollars.

Iraq is facing major challenges, while planning it to attract international companies to invest, he must take security alone without help Americans who adopted them for eight years, and is supposed to leave the U.S. Army Iraq by the end of this year.

He declined a lot of investors are pumping money into projects in Iraq because of the violence that followed the fall of the former regime in the spring of 2003, and the political crisis that lasted most of 2010 to set up a new government is completed in December last year.

http://www.aknews.com/ar/aknews/2/253343/