wow, an entire week? i think that's the first i've seen it be pre announced for that period of time, isn't it normally a couple days?
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I did some fishing here on the CBI website. On the English side these two links don't show up - I don't know if they are new or old:
http://www.cbiraq.org/Exchange_1.pdf
and
http://www.cbiraq.org/Exchange.pdf
Did we see them before??
They are in Arabic, can't copy/paste to translator, so... I have no idea what's in there.
Yeah, I know!! LOL
Deleted it. I know kids read this too.
But now, thinking better about it: what was actually the move last week? Almost none. So there is not too big of a difference. I would've expected it to go to 1260 though if the budget is set up like that and they want to really keep the dinar down like this...And we don't have yet an official confirmation that they changed their monetary policy to a fixed exchange rate ....:rant:
Do you guys think this is part of the "speculators shaking"??
like i sai nothing until end of month!!!
So if this is the new policy and they drop one point a week like we saw last week we should be at 1260 in 17 weeks or mid-July.
"Not going anywhere for a while?" http://www.newciv.org/pic/nl/artpic/...3/snickers.gif
Here is the translation of the Exchange 1.pdf. It took a little bit to translate it and I am not sure it translated all of it and have no idea what it all means. I am brand new and just trying to help. I will see if I can get the other article to translate as well.:new:
Instructions and procedures issued by the Iraqi Central Bank to regulate banking activity in Iraq from the functions of the Central Bank of Iraq and the scope of its law and the Banks Act No. 94 of 2004, its Board of Directors approved a set of instructions and procedures relating to the organization of banking activity within the precautionary action provided by this law in order to ensure that Iraqi banking system strong and healthy and security. These instructions and procedures are : 1 regulations for the granting of licenses to banks and non-bank financial bodies. Two of the indicative list of policies on the classification of bank credit. Three of the regulation / investment restrictions. Four instructions on capital adequacy standard. Five instructions Islamic banking in Iraq. Six instructions described professions and jobs bank. The first part regulations for the granting of licenses to banks and non-bank financial bodies one examining requests for the granting of licenses to local and foreign banks. 1 : licensing and intended to leave the practice of banking determined in accordance "with the provisions of article (27) of the Banking Act No. (94) of 2004 or the granting of leave to open a representation office in Iraq or the establishment of a non-bank financial implementing part of the banking business, such as : one financial transfer companies and exchange. two companies, financial investment. three company lending or loan fund. 1 2 licensing controls : 1 2 1 : n the establishment of any local bank or any branch of a foreign bank or a banking company or opening a representation office of a foreign bank or non-bank financial companies, requires a license from the Central Bank of Iraq. 1 2 : licensing for an unspecified period of time and may be converted. 1 2 3 : The licensing terms and conditions under which they were considered durable unless these conditions amends the Central Bank in later times. 1 2 4 : licenses issued exclusively "of the companies that was founded in personal and moral basis" to Iraqi laws and recorded accordingly. 1 2 5 : Licenses are issued for the branches of foreign banks under the control of the foundations of comprehensive and unified by the regulatory authority in the country, in which the main office of a foreign bank. 1 2 6 : A request for authorization in writing "facility" of documents and data required. licensing license of a local bank : will be granted the license of a local bank in two stages : The first stage : people of the Central Bank issued tentative approval for the completion of documents and other data required for issuance of the license for the exercise of banking operations after the completion of the following documents to be attached and applied for a license. draft establishment contract and its statute. an economic feasibility study on that count capital including at least one billion (50) January. trade name and containing the name of the bank in Arabic and English. The names of the co-founders include : the name, nationality, a profession, place of permanent residence, address, amount of the contribution (the number of shares), the highest contribution to the capital, the name of at least two persons can refer them to testify Safety financial position with the observation that : * The contribution of the foreign person in a local bank 10% or more of the capital Did local exchange if the person bank "foreign" under "the control of a unified and comprehensive regulatory authority in the country of the headquarters of the foreign bank. * To be among the founders of at least two experienced banking. If one of the founding companies must provide the following holdings : * balance sheet and the profit and loss account for the last three years audited by the comptroller syndicated (or what is available as the work if the foundation is less than three years. ( * the names of the persons who are eligible possession (10% or more of the company's capital). the proposed organizational structure of the bank with dd workers expected to work in the first phase. certification fees for the submission of the request. considering the above documents by the central bank, and he knows the applicant (within two months from the date of the request) whether the request meets ", and the Central Bank may extend the time provided information the applicant herewith, the "reasons for the delay before the expiration of the period in question after meeting the demand, the central bank granted approval in principle to grant the license in two months and the period of validity of the preliminary approval for one year. second stage : the company offers a "writing for a license to practice banking work after they have been established and duly registered according to the law" companies. Payment was no less than 25 billion dinars, representing 50% of the minimum capital legally specified, "with the obligation to the rest of the top must parity Capital during the eighteen months "from the date of granting the license. The request shall include the following documents : a certified copy of the contract to set up the company. a certified copy of the certificate of incorporation. a certified copy of the rules of procedure of the company. mobilization forms attached form No. (1), especially the Bank. form No. (2), especially the founders. form No. (3), especially with members of the Governing Council. form No. (4) special Director High. minutes of the meeting of the Constituent Assembly of the company including "the names of the board members elected, the Commissioner Director, External Auditor, told the audit committee who had already obtained the approval of the Central Bank of them. sure Central Bank to meet the demand of all the requirements within two months M. sponsors may extend the time to notify the applicant in writing "the reasons for the delay before the deadline. after the release of the book from the bank to a central demand that the meeting "to the conditions, the Central Bank during the six months to approve or reject the application. The Central Bank will notify the applicant b Arar licensing and published in the Official Gazette or in the press of general circulation scale. when issuing the license the bank added to the list contained in the existing banks by the Central Bank and thus apply to all relevant laws, regulations and instructions issued by the bank. Part II license for a foreign bank to establish a k that continued a bank branch or licensing : Asis change the entity of a foreign bank or open a branch of a foreign bank in Iraq must obtain a license from the Central Bank of Iraq. b may not grant licenses or permits only to foreign banks under the control of a unified and comprehensive regulatory authority in the country of the headquarters of a foreign bank. JT The applications for licenses in writing "to the Central Bank with the information. The data and documents required in Annexes 1 and 2 d within two months are informed of the applicant whether the request meets "may extend the period referred to above, provided information of the applicant the reasons for the delay before a the deadline. e during the six months from the date of informing the applicant to set up a branch of a foreign bank meet demand conditions for the bank to approve or reject the application and send a resolution in writing to the applicant. after the publication of the book and to approve the request for the continued establishment of a foreign bank and the completion of the establishment procedures and old documents necessary for all, the Central Bank, during the two months to take a decision to grant or refuse the license and notify the applicant in writing "so. g Central Bank notified the applicant bank's decision to grant the license, published in the Official Gazette or in the press of general circulation scale. h when licensing j F Bank to the list contained in the existing banks to the Central Bank of Iraq and thus apply to all competent Iraqi laws, regulations and instructions issued by the bank. licensing : approved by the Central Bank on the request made by a foreign bank to grant a license to open a branch or establish a banking entity continued at the completion of his conviction the following documents : Mia information and the documents accompanying the request submitted by. Protocols 1 and 2 financial situation and the historical reputation of the applicant. identity documents that specify payment in full to the capital of the banking entity of 50 billion dinars or more and complete establishment procedures according to the laws in force in Iraq. resources should be allocated s told the foreign bank (who intends to exercise banking activity in Iraq by opening a branch) sufficient to cover the obligations that flow from it. For a title and lasting peace in Iraq. formal approval of a book on foreign observer in the original home ((Central Bank (National), or any other authorized)) on the establishment of k that continued or open a branch in Iraq. a formal letter on the willingness of the observer in the original home of a foreign bank to control the implementation of a unified and comprehensive foreign bank, including the branch in Iraq or of the banking entity. Supplements Part II license to a foreign bank entity or a branch ******************************* (m right No. (1 general information on the applicant's name : the legal form of ownership : total assets : Jamali capital / authorized capital of the subscribed and paid by the number of staff of the Office the President the power to control foreign bank subject to classification of one of the international rating agencies recognized. that the applicant has been in March banking activity for a period of no less ferocious p n three years. the m blood demand is subject to the control of a comprehensive and unified by the banking supervisory authority in their home country. two international presence number of branches / offices located throughout the world in the number of branches / offices located in the Middle East, a brief summary of experience and the presence of the bank : j Middle East countries and economies in transition three proposed structure of the work in Iraq branch or affiliate. Supplements Part II license for a foreign bank to set up an entity or a branch ************************************** (Supplement No. (2 documents and statements to be attached with one demand economic feasibility study or a plan of action (l expectations Lathe financial years) include : 1 : the number of branches to support the proposed plan of action in Iraq. 1 2 : banking services to be provided and economic sectors, e target these services. 3 : 1 T. case in the volume of money which will be used and its source, with the analysis of economic and financial prospects for the branch or branches. 1 4 : Stratijiat risk management and credit Abstract p n credit policies and procedures to be followed. a : 5 1 the organizational structure with the two presidents to identify those responsible and their responsibilities while noting the need to make sure that no one of the staff Co draft him or action that could be a source of conflict of interest with the proposed investment. 1 x 6 : Esh on how to use technology to support strategic e work in Iraq. Abstract : 1 7 that the percentage of Iraqi personnel, and training plan. 1 8 : s Emeh behalf purchase of the major owners of a foreign bank or bank mother. two leave incorporation of the parent company certified by an official authorized in the country of origin showing the ownership structure of the company and the law j its contract with the foundation. 3 is the appointment of the Administrator section brightest Nee, issued by the authority, recalled P my name, domicile, nationality, profession or work as a senior official of the bank in Iraq, responsible for the management of a bank, with the scientific qualifications, and experience, to be no less ferocious banking experience of three years. 4 statement on financial penalties or other sanctions a TNT can be imposed by the regulatory authority for foreign bank applicant in the event of violation of the laws. five conditions imposed by the mother country to combat money laundering and terrorism or other illegal activities. 6 statement on the implementation of the parent bank of the recommendations contained in the International Convention for combating money laundering and the recommendation of the 40th. 7 designate a liaison to the controlling authority in the country of origin of the applicant. 8 letter from the regulatory authority on the status of the applicant. 9 letter from the regulatory authority confirm that the performance of the applicant is subject to the effective control of the accepted standard. 10 copies of the audited financial disclosures for the last three years, p told. 11 Letter from the prepared recognized by stating its desire to assume the task of checking space. 12 for a disclosure of any real change in the financial situation since the publication of the latest financial disclosure. 13 pledge shows the applicant's commitment to the regulations of the regulatory authority of a foreign and regulations issued by a bank the central Iraq. 14 confirms the commitment of the bank pain Rkzi Iraqi commitment to provide information requested by the bank for its commitment to Iraqi law. 15 disclosure of any parameters in the home country, which could limit the ability of the applicant to comply with the request the Central Bank of Iraq to provide information. 16 certified copy m leave banking practice of the Bank of the applicant. 17 in the event that the applicant company belonging to a foreign bank or foreign bank holding company to submit a statement to the effect that does not have regulatory authority responsible for oversight hedge applicable to the company's establishment in the country of the foreign bank or bank holding company, a Attaradha "on the request and that they exercise control standard on the company making the request. 18 any other data deemed necessary Central Bank of Iraq. Part III license for the opening of a representation office of a foreign bank in Iraq only one representation offices to provide information and carry out communication and not exercising any banking or other of a similar activities or receive deposits or other funds are payable from the public in Iraq. the two foreign bank to submit a request to the Elbe Nick Iraqi Central for the opening of a representation office and one or more in Iraq. 3, a bank that the applicant is authorized to engage in the business of banking in the country yet. j 4 approved by the Central Bank on the request made by a foreign bank to leave open a representation office in Iraq at the completion of his conviction of the following : ( all documents, information and data required in the supplements (No. 1. ((2 of the proposed site with a title in the real Iraq. certification fees for the submission of the request. 5, the Central Bank of Iraq to inform the applicant within two months whether students manipulation died. " during the six months from the date of informing the applicant should meet the demand of the conditions the bank to take the decision to grant or refuse the license and notify the applicant. Part IV license to set up a branch or a bank or continued representation office of a local bank outside Iraq, the local bank to provide a written request to the World the establishment of a central Iraqi bank branch or entity continued (1) or a representation office outside Iraq and the request shall include the following information : a budget and the profit and loss account audited by the Auditor for another year of work. the amount of the bank's capital of the applicant. the economic feasibility study for a branch or entity of the banking office or representation. the branch or entity of the banking office or representation. name, nationality and permanent place of residence and professional expertise to the Director of the branch or Representation Office or entity of the banking system. certification fees for the submission of the request. information about the supervisory and regulatory framework in the host country, including the laws of that country that would impede the ability to a large extent the Iraqi Central Bank to obtain the information it deems necessary for the mainland heedless of a unified bank. The Central Bank will inform the applicant within two months whether the request meets "The term may be extended for a period of less than six months with me that the reasons for that with the publication of a book by the Central Bank that the demand is met" with the conditions the Central Bank within two months Pa approval of the request and grant or deny the license. The bank informed the Central Bank and the urgent demand during the period of study in any error or a lack of information provided and to provide the Central Bank with proper information or underemployment. In rejecting the request by the Central Bank informs the applicant shall be rejected "the reasons for the refusal and Does not blood demand recovery of the fees paid at the time of application. 1) intended entity of the banking company to be established according to the conditions of the country) to host the bank owns more than 50% of the shares. Part V leave founding investment companies and financial companies or loan funds or transfer of companies the Exchange (companies and non-banking financial institutions) and be in two phases : Phase I : Applications leave founding non-banking financial companies to the Central Bank and shall be accompanied by : M. The latter establishment contract. the economic feasibility study. the commercial name in Arabic and English. a list of the founding Name Nationality profession heading amount of the contribution (the number of shares) of contributing to the capital. while noting that the founders of at least two extensive financial experience. if one of the founders of evil e holdings must provide the following : a. balance sheet and the profit and loss account for Acherthlath years audited by the comptroller syndicated. the names of the persons who are eligible possession (10% of the company's capital and over). The Central Bank will inform the applicant, within two months, as the request meets "The subject is on the board of directors of the bank did not h company's agreement in principle to complete establishment procedures. The period of validity of approval in six months but may be extended another six months. second stage : hoses d issuance of the initial approval by the Central Bank of the company to provide final written request for leave to exercise and work after they have been established and to be recorded as assets. The request shall include the following documents : n Kha certified copy of the contract to set up the company. a certified copy of the certificate of incorporation. a certified copy of the rules of procedure of the company. minutes of the meeting of the Constituent Assembly of the company containing the names of the members of the Governing Council and the Director-High is the entire subject to the board of directors of the Central Bank of Iraq in preparation "for the issuance of the decision to grant the company leave mm schools financial investment. The bank informs the applicant to the Board of Directors approval of the activity required or rejected within two months from the date of submission of documentation meets all the requirements. when issuing the license the company added to the list of record companies and Alma Ssat non-bank financial, and thus subject to all the laws of perfect competent, regulations and instructions issued by the bank. a license to open a representation office of a foreign bank in Iraq ******************************* (Supplement No. (1 documents or data that are submitted with the request. one certified copy (certified) of the certificate of incorporation (the bank foreign), the applicant and its status and the title of President. with 2 He died from the authorized capital, subscribed and paid-up capital of the bank, the applicant. 3 is the appointment of the Director of the Office of Representation with a permanent place of residence and citizenship as a senior official of the office in charge of Iraq and the performance of the functions of the office with a statement detailing the professional qualifications and experience and containing the names of three persons can refer to them when necessary. 4 the list of senior bank shareholders of the applicant shareholder and the ultimate beneficiaries of the shares, stating name, address and acquisition-related stocks along with a copy of the register of shareholders in the case of registered securities. mobilization Supplement No. 5 (2) by the Director of the Office Altmth Il a "duly Ja warned. six copies of the three most recent annual audited balance sheets and profit and loss account of the company's request. with the latest report of the external auditor and the report of the Governing Council. 7 list of the branches of the bank applicant with a representation office to be opened in Iraq. 8 statement that the foreign regulatory authority Seule the control of banks in the country of the applicant had no objection to the establishment of the office in Iraq and they exercise control comprehensive and unified bank of the applicant. nine of the foreign bank notice of the Central Bank of Iraq, in order to p Upon receipt of any data or real-minute attached to the request before deciding on The corrected information and supplementary to the Central Bank of Iraq. 10 applicant pledged to abide by the provisions of Iraqi laws, regulations and instructions issued by the Central Bank of Iraq. Supplements Part III license for the opening of a representation office of a foreign bank in Iraq ************************* (Supplement No. (2 triangular one name : 2 : 3, a birth nationality : 4 residential address in Iraq : five previous profession : 6 p dd shares owned at the bank's request. 7 Has that been Adantk by the criminal court sentenced the crime or could have sentenced you imprisonment for a term of one year or more without the option of a fine. May 8 was declared Avlask before a judicial body during the seven years of bad. 9 Has Petjriedk competent authority of a private practice or e Auqoftk for professional practice. May 10 had already announced a judicial body or the competent body to be "not to Salahetk management company. the list of policies and guidelines on the classification of bank credit is the process of granting loans (micro) m most banking activities income-generating, and the good management of credit risks are of major importance in the performance of banks and insurance activities to provide a significant source of profits and capital increase and the rights of shareholders. On this basis requires each bank to the presence of basic principles for the management of the credit portfolio, depending on pilgrimage the bank and its activities and the diversity wristwatch credit and the types of risks to which they may be exposed this portfolio. depends how effective credit policy, management and deserves in each bank regardless of the size of the following : 1 a to identify the right types of risk that can be exposed when bank lending 0 2 organization and delivery of information to the senior management of the bank and its board of directors. three health corrective actions taken to avoid risks. The lending criteria and loan classification system and identify the risks and corrective actions to be taken, the backbone of the policy of Atmaneh which must be written in the form of directions and procedures for granting credit and the follow-up shot, to be approved by the bank's board of directors and applicable to all. The basic objectives of the policy are one credit loans on the basis of sound and wholesome, so that these loans can be paid. two investment or the bank profitably to the benefit of shareholders and the protection of depositors. 3 to serve the legitimate requirements of credit in the areas and sectors and various economic activities to develop and promote growth in the Iraqi economy. It is therefore necessary to define and develop a written plan sets out the objectives of the credit portfolio to ensure a clear understanding them, the re-examine them do j, and will be updated according to the needs of social and economic conditions always changing and evolving. " The credit policy basically the following topics : 1. the overall objectives of lending financial and economic (such as uniforms birth returns and meet and cover part of the financial requirements of the economic activity of the Iraqi society ... etc.). 2 identify the diversity of the credit portfolio and objectives in terms of the size and composition of the loans in the credit portfolio (and the size of the loan amounts, and type of loan, purposeful (tied to), upon withdrawal overdraft, discount checks or drafts, priced loan ... etc.). three specialize in certain types of loans on the basis of sectoral or geographic or demographic or all together "... etc.). four share of the credit portfolio in the annual financial plan of the bank, compared with the other banking activities and Ansg either "with the Aha and regulations issued by the Central Bank and the relevant laws. five identify the target of economic activities and geographic markets in which the bank intends to enter the bank and the borrower's share of access in the targeted markets. 6 powers of granting credit and the volume of credit ceiling allowed for each level of power, with the required signatures. seven of the procedure Talobh for granting credit by degrees and levels, from the beginning of the application and even the granting of approval, drainage and identify documentation required for the completion of the procedures for each type of credit. eight watching developments e credit portfolio and reimbursement procedures for each credit unit, the method of review, analysis and re-evaluation of each loan, including continuous contact borrowers, according to the degree of their commitment to the resumption of payment. 9 credit rating and risk a help to determine the amount that can cover unexpected loan losses. 10 information system for the management of the credit portfolio and the required reports with a view to taking decisions on all the loan in addition to the strategic decisions relating to the policy of credit t exchange. credit rating and needs assessment : The domestic policy of each bank credit and the size of the short boundaries or maximum and minimum standards of risk management and investment policies and other hedge ratios to be maintained by the bank in respect of its assets and items outside the budget. the prudential requirements : M. n for the control of the credit portfolio and control of the bank to review and assess the credit granted by him on an ongoing basis, the classification qualitatively as follows. a : excellent credit and includes assets of the credit guarantees granted fast and easy liquid to cover the principal amount and the benefits of it such as precious metals (gold, silver) and fixed deposits and savings accounts, in addition to government bonds, which only increase the value of the credit and Voae this at least twice, and guarantees provided by the "OECD" (the stack, and guarantees provided by (the Organization of Economic Cooperation these credits not subject to ad hoc reserve for credit losses, while maturing 0 b good credit (record) : and includes assets of the credit is fully supported payment ability and the ability of the borrower financial, and secured his fundamentalist "and operate" in accordance with the terms agreed upon and are 0-1 repay the loan installments due in maturity dates. and that could materialize facilities to the current accounts (the city), "open accounts" had exceeded the amount that could materialize has granted credit been renewed without payment or reschedule. It also includes the existing non-credit promissory repealed and unpaid minus "from the insurance cash assistance for the meeting. c : average credit, which is a potential danger : H. credit is the existence of poor credit worthiness of the customer, which called the attention of the administration and in the case of survival without correction may result because of this deterioration in the expectations of the potential payment by the customer and include all types of credit granted due and unpaid, which was not on the date of entitlement (90) days. " d credit Du average : and credit was created in arrears in the payment of the loan or the interest accrued, and for the protection of Attam principal payments are Avi in terms of the ability of the borrower to repay, and likely to be exposed to some of the bank's loss, as did address some weaknesses and cover all types of credit outstanding and unpaid ever Might date of entitlement more than (90) days "and less than (180) days", or non-payment of accrued interest, in installments due dates, and Almtouk Fein payment from those who have facilities in the current accounts receivable (overdraft), and the user of the full decision "did not pay interest for three months, which has not used to be fully "did not pay any interest or Tjeralih movement for a period of six months, credit, which was renewed or reschedule the danger of not just one. e residuary (doubtful) : and credit, which is showing the characteristics of the credit below average, which makes the weaknesses of the full collection to be "questionable" and it is unlikely that the probability of loss is too high and covers all types of only Fatman receivable and unpaid ever on entitlement more than (180) days "and less than a year K* k credit renewed and rescheduled twice. and credit loser : the credit uncollectible despite the possibility of a partial restoration in the future and include all types of credit granted, which has been going on the date of entitlement years and over has not been repaid. the reserve ratio : j The Bank reserves for loan losses to absorb the net present value of credit losses in speculative wristwatch credit z Oe classification contained in a credit rating, as follows : a. excellent without good ad b ((index)) allocated 2% of the total average credit quality c allocated 10% of the total average credit d below average allocation of 25% of the total credit below average e BAD allocated 50% of the total credit and poor loser allocated 100% of the total Fatman loser transitional rules : j m had any exchange licensed after the effective date of these regulations to adhere to the requirements contained in this document immediately "as for the banks that granted permission" before the effective date of this regulation will address the classification and allocation of reserve credit losses instructions issued by the bank. short large credit : l Aemenh any bank credit "for a person Matabei'i or moral : if a the amount exceeded the original outstanding total of all the credits that person is equivalent to 10% of the bank's capital and reserves sound without the prior approval of the Central Bank of Iraq that exceed the total amount of the original receivable credit granted to the person equivalent to 15% of the bank's capital reserve and sound. b exceeded the original amount of Jamali owed to each bank credit Ankhavat large basis of sub-paragraph (a) above, equivalent to 400% of the bank's capital and reserves the right sound that does not exceed the total amount of credit (cash and Off) granted by the bank including large short credit and guaranteed by the government (on the Ministry of Finance, agencies and departments is a l kiss and authorized by the provincial assemblies), fully secured credit deposits in a separate account with the bank including all secured credit guarantee quick and easy to realize all of up to 70% of the total deposits in the bank on accountability. loans granted to related persons and the staff of the Bank of high-level one for the bank to submit a purchase of Mana "for the relevant person or officer at the bank a high-level requirement to obtain a written approval from the Governing Council on credit terms and conditions that : a Alaetm fact that the content "fully collateralized value exceeds the total amount of credit granted and benefits by a third. b that way that the total credit granted by the bank or / and the companies affiliated to the Bank of the person 5% of the capital and reserves the right sound. c Jamali to exceed a credit granted to all of Arusha relevant due proportion of 15% of the capital and reserves the right sound to the bank. d is not a credit granted on terms and conditions less favorable to the bank of those offered by the bank to the public in accordance with the "usual custom when granting credit. two of the bank extending credit to relevant person or officer of a high-ranking Bank of evil i obtained the written consent of the Governing Council on credit terms and conditions that : a the credit guarantee "to ensure acceptable. b to exceed the total credit granted by the bank or / and affiliates of the bank, 50% of the annual bonus of that person. c to exceed the total credit granted to all related persons and owed 10% of the capital and reserves the right sound. d clear that the Fatman granted on terms and conditions less favorable to the Bank of Tel k offered by the bank to the public in accordance with the usual custom when granting credit. short foreign currency : Tin applied the same as in the above paragraphs of the great short So after all of the equation, including foreign currency equivalent in Iraqi currency sense b price of the auction or (bulletin) issued by the Central Bank of Iraq on granting credit and all ratios specified and including 70% of the total credit to deposits. (( regulation)) ((investment restrictions)) is the capital and uses one of the most important indicators of the current financial status of banks and the possibility of continuation and evolution, and banks usually reserved "with a capital appropriate to be at the site most of the growth and development and provide more in the operations and diversified banking services to their customers to be able to competition and profitability, The Central Bank of the Code / Mai saw Iraqi determining minimum capital in accordance with the provisions of article 14 of the Banks Act No. 94 in 2004, in order to maintain the resources necessary to provide banks and offer broader services, the Central Bank of Iraq According to the "Law on Banks (the Ari force) highlights the following : 1 No Any bank without prior written approval from the Iraqi Central Bank to invest in the shares or quotas or quota-linked bonds for the purpose of trading in any amount exceeding the draft (20%) of the capital and reserves of the Central Bank of sound. If the resulting transfer of the shares of joint-stock companies, or shares , Ausendat linked share (% to the ownership of the bank, in the framework of its banking operations, exceeding the limit of (20 For the bank get rid of this increase at the earliest opportunity without incurring a loss, will be done within two years from the date of obtaining bank on these shares Awalsendat, and could determine the d this time which might amount to only one year after the approval of the Central Bank of Iraq to do so. three entitled to keep a bank ownership of property except real estate necessary for the performance of its banking operations, and housing staff and the employees. 4, a bank may let the surplus areas of the need for the operations of a bank requirement
Hello everyone. Lots of news this last week. We should be close to passing the 7 trillion mark in the removal of currency. Maybe our friend Socata 850 will give us an update. Looks like they are continuing this program, but it is one that can't last forever. I was impressed by the IMF statements about "tight monetary controls (IMHO TALKING ABOUT interest rates and currency removal', FISCAL RESPONSIBILITY (GOI WITHIN BUDGET)" all good for us. thank you.
Thank you, very helpful. Only, not what we were looking for. I thought it would be something about the currency exchange e.g. - since we thought they would be soon on the Forex...darn, I don't even know what I was expecting. LOL I know, the second part of the other pdf requires some other arabic fonts. Thank you again.
Perhaps the CBI is gonna pull a "fast one" this week.... Tell everyone no changes until next Monday, then WHAMMY they reval like tomorrow or Wednesday.....Like China did??
OK, so I'm an eternal optimist...LOL!
1. Speculator shake-out. What if next week they do the same?
2. They are waiting for a green light - the rate did not really move in the lst few weeks - not exactly what the bank said about "incresing the exchange rate"
3. They are hitting for the 1260 - which has been talked about - but this is not doing too much against inflation and is doing nothing for the Iraqis people.
Personally I am waiting for an official announcement saying that they will change the monetary policy to a fixed echange rate - which would open way for reval. I hope what we see is not that one.:redface:
Thanks for the welcome....I have been watching the forum for a while and decided it is time to become involved. I am excited to see the reval....hopefully soon!!
Bush to make statement on Iraq war anniversary
19 Mar 2007 12:54:08 GMT
Source: Reuters
WASHINGTON, March 19 (Reuters) - U.S. President George W. Bush will make a statement on Monday on the fourth anniversary of the Iraq war after holding a videoconference with Iraqi Prime Minister Nuri al-Maliki, the White House said.
Bush will make remarks on the anniversary of the war in the White House Roosevelt Room at 11:30 a.m. EDT (1530 GMT).
Bush, under pressure from Democratic lawmakers to start withdrawing troops from Iraq, is expected to defend his strategy of sending nearly 30,000 more U.S. troops to Iraq in an attempt to try to stabilize Baghdad.
White House spokeswoman Dana Perino said Bush was meeting his National Security Council team and then planned to talk with Maliki.
Undersecretary of the Ministry of Industry and Minerals for companies confirms
The Republic of Iraq
مجلس الوزراء- المركز الوطني للاعلامCouncil of Ministers-the National Center for Media
العلاقات الإعلاميةMedia Relations
بيان صحفي / Press ReleaseA press statement / Press Release
الاثنين 19-3-2007Monday 3-19-2007
وكيل وزارة الصناعة والمعادن لشؤون الشركات يؤكد ان عملية التحول من الاقتصاد الثابت الى الحر تحتاج الى أجراءات أصلاحية أقتصاديةUndersecretary of the Ministry of Industry and Minerals for companies confirms that the process of transformation of the economy to the constant need to be free economic reform measures
أكد وكيل وزارة الصناعة لشؤون الشركات السيد محمد عبد الله العاني إن الاقتصاد العراقي سيكون منافساً جيداً للبضائع المستوردة بعد إعادة هيكلية الوزارة وتهيئة شركاتها لتتحول تدريجياً من القطاع العام إلى القطاع الخاص وبمفهوم جديد تأخذ الوزارة فيه دوراً إشرافيا جديداً.The Undersecretary of the Ministry of Industry for Corporate Affairs Mohamed Abdullah Al-Ani to the Iraqi economy will be a good competitor for goods imported after the restructuring the ministry and the creation of companies to gradually transformed from the public sector to the private sector and the concept of a new ministry to take a supervisory role when new.
واضاف في تصريح صحفي إن الوزارة ستبدأ بأجراء عملية التحول الاقتصادي من حيث انتهت الدول الأخرى مشيراً إلى أنها اطلعت على خبرات البلدان الأخرى في عملية الخصخصة من خلال الزيارات التي قامت بها الوزارة للإطلاع على نقاط النجاح والخلل لدى تلك الدول في خصخصة شركاتها والحيلولة دون الوقوع في هذه الأخطاء وأوضح ان الوزارة اصبح لديها كادر متخصص متفهم لعملية التحول الاقتصادي التدريجي مبيناً إلى إن هذا الكادر قام بوضع خطة إستراتيجية واضحة وثابتة مبنية على الفكر الحديث لإعادة هيكلة الوزارة تمثلت بتقسيم شركات الوزراة إلى ثلاث فئات تمثلت الأولى بالشركات الرابحة التي ضمت شركات السمنت والأسمدة وشركات الأدوية والزيوت أما الثانية فشملت الشركات القريبة من نقطة التعادل بين الربح والخسارة في حين تضمنت الفئة الثالثة الشركات الضعيفة التي لا تمتلك جدوى اقتصادية.He added in a press statement that the ministry would begin a process of economic transformation from where other countries, pointing out that it has been briefed on the experiences of other countries in the privatization process through visits by the ministry for the point to the successes and shortcomings of those States in the privatization of their companies and prevent falling into this errors and explained that the ministry now has IT specialists adds to the process of economic transformation progressive indicating that this cadre has a clear strategic plan and fixed based on modern thought to restructure the ministry companies, the ministry said was dividing into three categories was the first profitable companies, which included cement and fertilizer companies, pharmaceutical companies, oil The second included companies close to the point of the tie between profit and loss, while the third category included companies that do not possess weak economic feasibility.
على الصعيد ذاته قال السيد الوكيل إن الوزارة وضعت منهجاً ثابتاً في كيفية التعامل مع الشركات الرابحة ذات الجدوى الاقتصادية وبما يحقق الزيادة في طاقاتها الإنتاجية مؤكداً إن هذه الشركات تحقق ارتفاعا" بطاقاتها الإنتاجية إلى ما يعادل نسبة 10 % سنويا ذاكراً إن عملية التحول من الاقتصاد الثابت إلى الحر يجب إن تكون بإجراء عملية الإصلاحAt the same agent said that the ministry has a constant in how to deal with the profit-making companies with the economic feasibility, which would increase in production capability, saying that the companies achieve an increase "productive capacity to the equivalent of 10% annually, stating that the process of transformation of the economy to the free firm must be a process of reform
الاقتصادي ورفع مستواه من خلال إيجاد بيئة استثمارية واقتصادية ومصرفية صالحة ومتطورة مبدياً تفاؤله في إنجاح اقتصاد البلد بعد عملية التحول الاقتصادي التدريجي الصحيح.Economic and upgraded through the creation of an investment, economic and viable banking and sophisticated expressing his optimism to the success of the country's economy after the process of economic transformation progressive track.
وأضاف العاني إن جزء كبير من شركات الوزارة والتي تمثل القطاع العام ستتحول ومع مراحل تطوير قانون الاستثمار إلى القطاع الخاص مؤكداً إن الوزارة أسهمت بشكل كبير بوضع قانون الاستثمار الجديد وبما يجعلها مهيأة لتنفيذه كما إن لدى الوزارة العديد من الملفات الاستثمارية الكاملة التي من شأنها إصلاح شركاتها معرباً عن تفاؤله في إن التحول الجديد سيسهم في امتصاص عدد كبير من العمالة من خلال إنشاء مشاريع جديدة.Ani added that a large part of the Ministry's companies, which represent the public sector will, however stages of the development of the law of investment to the private sector, stressing that the ministry has contributed greatly develop new investment law, including making it ready to be implemented and that the Ministry of many files full investment, which would reform its companies expressing expressed optimism that the new shift will absorb a large number of employment through the creation of new projects.
وفي السياق ذاته أكد السيد الوكيل إن العديد من الشركات التي كانت تابعة إلى هيئة التصنيع العسكري سابقا والتي تم تحويلها ضمن شركات وزارة الصناعة والمعادن تعد من الشركات الرابحة والمنافسة في اقتصاد السوق والتي تمتلك خبرات كبيرة من الممكن الاستفادة منها في تطوير إمكانيات الوزارة مثل الزوراء والشهيد والتحدي.In the same context, Mr. agent that many of the companies that had been subordinated to the Military Industrialization Corporation, which had been previously converted into companies, the Ministry of Industry and Minerals is one of the profit-making companies, the competition in the market economy, which possesses considerable experience can be utilized in developing the potential of the ministry such as Al Zawra, the martyr and challenge.
Foreign companies to invest in Iraqi communications
Baghdad (NINA)- The Ministry of Communication has announced the intention of some foreign companies to invest in the field of Iraqi communications and rehabilitating telephone exchanges. A Ministry source said Monday that there were bids offered by many countries and communications companies to impr
With Maliki Postponing Reshuffling His Cabinet,once More, Until May Or June,i Am Not Holding My Breath Too Long For A Reveal Any Time Soon...these People Just Don't Get It.....only Concerned About Their Own Greed And Well Being...not Their People...maliki Should Have Been Taken Out Months Ago....he Is Only A Puppet With No B***s.....it Is Time For Them To Stop Saying And Start Doing.....bush Needs To Make It More Clear For Maliki To Understand,...imho...go Dinars.....pat
KVOA News 4, Tucson, Arizona - Bush marks fourth anniversary of Iraq war
WASHINGTON President Bush will make a statement on the Iraq war this morning, as he marks its fourth anniversary.
He'll speak in the Roosevelt Room of the White House at 11:30 a-m Eastern time.
The president also meets today with his National Security Council and holds a closed-circuit television conference call with Iraqi Prime Minister Nouri al-Maliki (NOO'-ree ahl-MAHL'-ih-kee) in Baghdad.
You can caught it on Welcome to the White House
Good read!Quote:
By Donna Miles
American Forces Press Service
WASHINGTON, March 19, 2006 – Agreements announced today regarding Iraq's unity government "prove that the civil war is out of the question and that the Iraqi people will not accept [for] a civil war to take place," Iraqi President Jalal Talabani said during a Baghdad news conference today.
Talabani's assessment came on the third anniversary of Operation Iraqi Freedom, and corresponded with agreements on the policy statement for national unit government and on the concept of a political national security council to participate in running the country's affairs.
Only minor issues regarding the council's powers have yet to be worked out, he told reporters today.
"We reached an agreement on the major issues," Talabani said. "We have also discussed other issues on proposed amendments to the laws in the future."
Talabani declared the agreements a big step forward for the country.
"We have passed through difficult times, during which the situation in the country was tense," Talabani said. He credited the Iraqi people, who he said in concern for their national unity have "foiled the attempts of those who sought to foment sectarian sedition."
"We are far from a civil war," the Iraqi president said. "We are also heading toward a complete and comprehensive national accord [and] we will also form a national unity government soon."
Talabani said the Iraqis have agreed to work together to promote their security, police and army forces "so as to be able to bid the coalition forces farewell as soon as possible."
bush is not a good judge of character seems like everyone hes put in office is in trouble the same with malik he should tell put up or get out
in the infamous words of a long lost investor...
'when the auctions stop, the rv is right around the corner'.
on second thought the auctions havent actually 'stopped' theyve merely ceased to alter the rate at this time. all the while printing stories about how they are going to raise the rate of the dinar. :rofl: 'you cant make this stuff up' as one reporter who lived in baghdad for 3 years stated.
"The Iraqi Central Bank announced the adoption of buying and selling rates for the dollar on Monday, March 19, 2007 until the end of office hours on Sunday, which falls on March 25, 2007. "
A week with no move. Sounds to me like a last chance for banks and their people to offload their dollars.........Next week could be very interesting as Mike would say. :biggrin:
I have read somewhere else that the new budget starts on April 1, 07. Is that true??
Bush speech in 30 minutes guys. Sure there will be plenty of, 'it's working/security is improving/thanks, we need more time/be patient' etc. But always good to hear GW on Iraq.
Wasn't the CBI down for a week some time back? I think we were all excited and the truth was they were updating software/hardware on their banking systems?? I hope the only fast one they pull is a RE-VAL and not more BS.:yak:
I'm ready to get this party started! :party:
TNT
Iraqi News
Monday, March 19, 2007 UN, US hold ICI conference to stabilize Iraq
(MENAFN) Iraq Directory reported that UN and US held the International Compact with Iraq (ICI) conference in the US jointly with the World Bank as a part of rallying the efforts needed to help Iraq in all domains thus lead it to prosperity. Ninety countries, among which Iran and Syria, attended the conference to track Iraq's progress in implementing political and economic reconstructions, and discuss the key role of the countries surrounding Iraq in contributing to the country's development, a senior Iraqi official at the conference stated. Moreover, the conference aimed to pave the way for foreign investors to invest in Iraq's oil, agriculture and reconstruction sectors, and urge the countries to ease Iraq's debt burden in order to provide it with the chance to flourish and improve, he pointed out. To that end, Iraq is preparing a plan to make it easier for outside investments to work in Iraq in order to rectify its economic body.
:thumbsup:
http://www.tbiraq.com/menafn_news
TNT
4 million Euros = 5,329,040 USD
Iraq regains part of the money be items smuggled Saddam
(Voice of Iraq) - 19-03-2007
This issue was sent to a friend
Iraq regains part of the money that Saddam items smuggled outside the country
اقتصاد/عراق/اموال/صدا��
Iraq regains part of the money that Saddam items smuggled outside the country
Baghdad-3-19 (KUNA) -- The Iraqi Ministry of Finance today that it regained part of the Iraqi funds that Saddam Hussein items smuggled out of Iraq during his tenure.
The transfer of a government statement on the Finance Minister Baqer Jabr Al-Zubaydi said, "The Swiss authorities recently agreed to transfer ownership of the shares of the Swiss company that owns one of deficiencies in Cannes, South of France on behalf of the Iraqi government."
He added that "these shares were managed by the named successor Dulaimi commissioned by the former regime as the one above has frozen funds in Switzerland, according to the resolutions of the Security Council and the ministry is following and is engaged in discussions to re - those of the funds."
The statement did not reveal the volume of the shares of the Swiss company transferred to the Iraqi government only reference to the Iraqi minister stressed that the follow-up to each Iraqi funds, both those that escaped abroad or frozen Security Council resolutions.
Zubaidi explained that the government was making efforts to release the amount of four million euros frozen to the French authorities for transfer to the Development Fund for Iraq.
Translated version of http://www.sotaliraq.com/