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Update - Iraq Central Bank Studies Procedure To Remove 3 Zeros From Dinar-Report
The Central Bank of Iraq, or CBI, is preparing a law to remove three zeros from the Iraqi dinar but the final decision lies with the country's parliament, pan-Arab Al Hayat daily reports Monday.
The central bank has to submit this law to the council of ministers, and then to the parliament which will decide whether there is a need to take such a decision, Mothahhar Saleh, CBI's advisor, told the paper.
The central bank is dealing with this matter very cautiously because any rush to implement such move may cause economic problems, he added.
The Iraqi ministry of finance said in February that the deletion of zeros from the local currency will help free the Iraqi economy from constrictions and will enhance the value of the Iraqi dinar, the daily reports.
http://www.zawya.com/story.cfm/sidZW...om_DinarReport
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An iBoost For Iraq’s Private Banks
Private banking reform is needed in Iraq, but iPhones may help. Abu Talib Al-Hashimi, chairman of Gulf Commercial Bank, is critical of the state stranglehold on banking in Iraq, reports Aswat Al-Iraq.
By holding government deposits at government banks only, “This situation made the private sector banking system paralyzed and lacking its flexibility as private banks”, he said.
Iraq has recently put on hold its plans to re-organize the financial system and develop the private banking system until 2013. But a major step in encouraging economic development is to get banking to the masses, and Dr. Sinan al-Shabibi, governor of the Central Bank of Iraq, told journalists that banking will soon come to the population by cellphone.
Over the next 12 months or so, expect that Iraqis, the majority of whom have cellphones but no bank account, will be able to open up a private account and carry out transactions while they are on the go.
http://www.iraq-businessnews.com/201...private-banks/
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Central Bank: the protection of oil revenues, blocking the road in front of creditors
The Central Bank of Iraq that the U.S. decision on the protection of Iraqi funds, particularly oil revenues deposited with the Federal Bank that would block the way for trade creditors.
The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "it's the U.S. presidential on the protection of Iraqi funds, particularly oil revenues for the whole year provided a good opportunity for Iraq to search for legal mechanisms to prevent any risk of the money deposited in foreign banks."
He pointed out that "bridge to the road in front of the claim that they are creditors of Iraq!"
Saleh added that "This decision will prevent any prosecution of Iraq by the creditors or in conflict with certain reservations lawsuit filed by the banks in Iraq where his money from oil revenues."
He said the Central Bank of Iraq in April 9 last that Iraq will use the IMF to end the file of commercial debt after the end of the Trusteeship internationalism on Iraqi funds in June.
On 6 March the past emphasized the central bank said that Iraq follow the high-level political economic repayment of the debt they did not encounter legal problems.
Revealed the Iraqi Finance Ministry on the seventh of January last, the work of the Committee to Protect Iraqi funds abroad would be a secret to avoid fictitious companies which Iraq claims it requests funds.
http://www.aknews.com/ar/aknews/2/241136/
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Central Bank: Annual inflation for the month of April was not that great and under control
Reduce the Central Bank of Iraq, on Monday, fears of rising inflation, annual basis for the month of April of this year 2011, stressing that the big-spending and import of the main reasons leading to the increase in inflation in the country.
The adviser said the Governor of the Central Bank of the appearance of Mohammed in an interview for "Alsumaria News" that the annual inflation basis, which was announced by the Ministry of Planning is not large and is considered under control in such Aldharov that Iraq is going through, indicating that the bank and as on the maintenance of price stability in the markets, will take certain actions such as using a reference interest rate or other proceedings in the case of the continued increase of inflation in Iraq.
He attributed the valid reasons for the high annual inflation in Iraq to the big spending is currently in Iraq, whether by the state or the citizen.
http://ar.radionawa.com/Detail.aspx?id=6472&LinkID=197
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20th May 2011
Private Banks Paralyzed Due Government Banks Monopoly, Banker Says
Chairman of Commercial Gulf Bank Abu Talib Al-Hashimi stated that the Iraqi private banks became semi-paralyzed due to the monopoly of governmental bank. He described that the skeleton of the banking system as "hygienic", with infrastructure shortcomings that do not fit with the development of Iraqi economy.
Hashimi told Aswat al-Iraq that the Iraqi banking system suffers infrastructural shortcomings that do not match with the governmental trends for future free economy developments, which believes in developing the private sector in different fields.
Iraq declared, earlier, the delay of a programme to re-organize Iraqi financial system till 2013, which was expected to re-organize the skeleton of the main two governmental banks, Al-Rasheed and Rafidain banks, as well as the Supervision Department at the Central Bank of Iraq and developing the private banking system
He stressed pin-pointing the shortcoming of the present system and determining its loop holes. Hashimi criticized concentrating governmental deposits and international remittances at these two banks.
"This situation made the private sector banking system paralyzed and lacking its flexibility as private banks" he added.
He added that the Central Bank of Iraq "obliged private banks to raise their capitals to 100 billion Iraqi dinars at mid of this year, which to be increased again to 250 billion Iraqi dinars by 2013, which led to the decrease in their positions in stock exchange market.
"If the bank cannot reach this figure, he has either change its activities or merging with other banks", he added.
He elaborated that some banks want to be merged but they will encounter difficult procedures that exceed 120 days, with limitation of their boards' authorities.
As for a remedy for this situation, Hashimi suggest an amendment for the Central Bank of Iraq Law and other private banks, where the Central Bank will supervise government and private banks alike, in addition to other financial institutions in the country.
"Laying out a data base for the clients and banks will limit money laundering and financial breaches, which matters are not found in the present banking system, despite its importance", he added.
http://en.aswataliraq.info/Default1....&id=142646&l=1
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Central Bank: America's decision on the protection of Iraqi funds shut out creditors
Adviser said the Iraqi Central Bank the appearance of Mohammed Saleh said in remarks "press" him on Saturday, the presidential order the U.S. on the protection of money, particularly oil revenues for the whole year provided a good opportunity for Iraq to search for legal mechanisms to prevent any risk of the money deposited in foreign banks as block in front of the claim that they are creditors of Iraq.
Saleh added that this decision will prevent any prosecution of Iraq by the creditors or reservations given jurisdiction in the banks that filed by Iraq of its funds from oil revenues.
http://ar.radionawa.com/Detail.aspx?id=6359&LinkID=197
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20th May 2011
The Central Bank intends to introduce a completion of the transactions via mobile phones
Iraqi Central Bank announced that he was working on completing the project that will provide dealers with banks to complete all banking transactions, such as opening accounts and make withdrawals and transfers of Finance, through the use of their mobile phones.
Bank Consultant appearance of Mohammed Saleh told Radio Free Iraq that the project jointly accomplished companies and international experts with the support of the World Bank for the purpose of completion within the next two years will make it easier for users to many of the operations of cash and speed, safety and the decline of the mass of the large cash currently in circulation, like those in place in many countries in the world.
Board member of the Association of Banks, Iraqi Abdul Aziz Hassoun believed in the project both positive and negative repercussions on the work of banks and their customers, noting that the implementation of the project will increase the field of many banking transactions, and extends from the circle to deal with banks.
http://ar.radionawa.com/Detail.aspx?id=6157&LinkID=197
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CBI: Committee to Protect public funds ongoing work to find definitive solutions to commercial creditors
The Central Bank of Iraq adviser, on Tuesday, that the Commission on the protection of Iraqi funds, government continues to work despite the United States vowed to protect.
He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) "The Committee to Protect Iraqi funds continued to work despite the United States vowed to protect Iraqi funds from foreign creditors."
The Central Bank of Iraq earlier that the decision to the United States President Barack Obama on the protection of Iraqi funds and private oil proceeds deposited to the bank Fed may stand in the way of trade creditors.
Saleh added that "the State Committee will examine the economic final procedures for the protection of Iraqi funds from trade creditors after June (June) next year."
He continued that "the State Committee is continuing to develop the financial and banking procedures for the development of legal mechanisms to limit the false claims of trade creditors who claim to be asking for money since the time of Iraq's former regime."
The Central Bank of Iraq on 6 March that Iraq follow the high-level political economic repayment of the debt they did not face legal problems.
And the Iraqi Central Bank announced on 23 February last that Iraq's debts paid 3 thousand and 500 commercial creditor a $ 2.7 billion as a means to protect the funds from external manipulation of the trading companies.
It is hoped that Iraq shall submit to the UN Security Council a detailed report in the May / June looking the most important pillars of the protection of Iraqi funds.
http://www.aknews.com/ar/aknews/2/242276/
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CBI confirms the importance of exploiting the government loans for development
Confirmed adviser to the CBI on Friday, the government loans granted to staff in the public sector should be exploited for economic development purposes and not for consumer purposes.
He said the appearance of Mohammed Saleh said that "government loans granted by the Ministry of Finance to the number of staff from the ministries of the State is supposed to be exploited for purposes of economic development to evaluate the Iraqi economy and elevate it to integrate into the global market, not consumer projects."
He added that "the granting of loans by the government contribute to reducing the economic gap and address the part of the phenomenon of inflation is still relatively high."
Salih pointed out that "the economic situation in Iraq need to activate the role of the real by government institutions for the development and implementation of housing projects on account of development projects and not a consumer."
He stressed the importance of "non-payment of loans to purchase goods, cars and consumer goods, because that would flood the market with goods without study and do not raise the capacity development of the economy of the country."
The Ministry of Finance of Iraq had previously instructed the bank to Mesopotamia and the good start of the granting of advances to government officials to purchase residential homes.
According to the Iraqi government, the economic development in the country is heading towards a continuous rise from year to year, which indicates that Iraq follow the policy of financial and monetary mature, she said.
The figures showed that unemployment rate fell from 52% to 15% and the level of the poverty line from 54% to 23% and inflation declined overall level of 65% to 6%, and increased production of electrical energy from 3 thousand and 500 MW to 8 thousand megawatts.
The government has launched last July the National Development Plan for the next five years, from 2010 to 2014, which is expected to include nearly 2700 projects in various sectors, worth up to $ 186 billion.
http://www.iraqdirectory.com/Display....aspx?id=15801
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CBI: monetary policy will develop treatments to reduce the high annual inflation
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 (Rn) that "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 n "current annual inflation still under control because it did not exceed one decimal place, which is something Tabaaa and there is a tendency to reduce it real."
He continued that "the persistence of high 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."
Announced that the Ministry of Planning and Development Cooperation for the high inflation rate in May rose (0.1%) compared with the month of April.
The ministry revealed the high indicators of inflation for the month of April by 0.8% for the month of March and by 5.8% for the month of April 2010.
Defines inflation as excessive in the general level of prices and rising incomes in cash or a component of cash income such as wages or profits as well as high costs and over-the creation of cash balances. And worried about a number of economists from the continuing high rates of inflation in the country in the absence of mechanisms to reduce height of the governmental institutions on the management of the economy in the country.
http://www.aknews.com/ar/aknews/2/247501/