Thread: Central Bank of Iraq

CBI: the tensions in the Arab arena does not affect trading in the country's economic

The adviser to the CBI on Monday, the economic transactions that Iraq is not affected by the disorders occur in some Arab countries such as Libya, Bahrain and Yemen.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the political upheavals that occur in Libya, Bahrain and Yemen do not carry any negative economic impact on Iraq, the fact that those countries Atsnf among the countries that have trade exchanges with a task of Iraq."

Saleh added that "Iraq is affected by this aspect when he spoke of such disturbances in the neighboring regional countries such as Turkey, Iran, Syria, Jordan and United Arab Emirates as well."

The benefit of the "Central Bank of Iraq has taken measures to prevent monetary and fiscal impact of the wave of disturbances that take place in the Middle East on the economic realities of the outside of Iraq."

And founded the Iraqi Central Bank in its approach to the law based on the current Central Bank of Iraq in 2004 with authorized capital of 100 billion dinars.

And the Central Bank is responsible for monetary policy and the prevention of vulnerability to external variables that fundamental overthrow regimes, and dealing with inflation, and maintain prices, and implementation of policy in oil prices, as well as for the management of the financial reserve of the State, and the issuance of the Iraqi dinar.

Experiencing some countries, including Libya, Bahrain, Yemen and the Sultanate of Oman widespread protests demanding change the political systems and work on the formation of democratic governments are able to provide the requirements of the people.

http://www.aknews.com/ar/aknews/2/221618/

Iraq: private banks request the assistance of «Central» on the integration

Called on the private banking sector in Iraq, the Baghdad government, helping to take practical steps to help integrate the banks that have difficulties in raising capital, each up to 250 billion dinars ($ 213 million) before the end of 2012 and in accordance with the instructions of the Central Bank.

Quoted among the bank's «life» of what happened during an expanded meeting convened by the Association of Iraqi private banks in Baghdad with officials in 35 private banks have expressed the desire of their institutions in the government announced incentives for banks that are planning to integrate it, namely to allow the ministries and governmental institutions expand the circle to deal with banks merged, governmental organizations like banks.

The sources added that the integration of a number of banks has become a necessity required by the phase experienced by the sector currently, in expectation of the Executive Director of the Association Abdul Aziz Hassoun said in a statement made by the «life», to see the stage, near the steps towards the integration of many banks to become a strong banking entities, with a capital large assets and strengthen its position.

The Director General of the Department of Banking and credit of the Central Bank and Walid Idi Abdulnabi the concern of the bank to secure all the requirements of the growth of the private banks, especially those relating to the merger, calling the departments of private banks to develop a comprehensive vision for the sector, taking into account the need to establish entities compete for the Arab banks and foreign.

The search Thamer Ghadhban, President of the advisers in the Office of the Prime Minister Nuri al-Maliki, with Deputy U.S. Treasury Secretary, Neil will not, in the presence of a number of American experts and the Iraqis, in the ways of the joint technical cooperation in the field of economics, money and energy.

He angered the government seeks to enhance the contribution of private banks in the implementation of construction projects and construction, noting that the priorities of the government directed towards provision of basic services to citizens, and the development of the Iraqi economy, diversification of sources, especially non-oil sectors, through the promotion of foreign investment and the Arab and immediate community.

He angered that the government is moving forward in the process of transition towards a market economy, and the development of the agricultural sector and private sector support, and accelerate the implementation of the reform programs of public companies. He will not, and authorities are willing to U.S. banking and financial specialist to provide expertise to support banking and financial sectors of the Iraqis through training programs and capacity development and to give advice.

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Central Bank: six banks had introduced electronic clearing

The adviser to the CBI on Wednesday that the government and private banks began using the electronic clearing system.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank began a practical way to activate the Automated Clearing System through activation of instruments computing, which operates according to a magnet and encryption between banks within the program of electronic links between banks participating in this system."

He pointed out that "banks, which now operates within this system is the six private banks, is expected to work with all government and private banks in this system in July (July) next year."

He continued that "the electronic clearing system will reduce manual transactions, and banks will raise the capacity of electronic business transactions and will pay cash in Iraq toward a modern banking technologies."

Saleh explained that "the work according to the electronic clearing system will enhance the central bank's ability to reduce corruption and manipulation of financial operations as it is an important step in the development of banking capabilities."

And the World Bank allocated $ 10 million for the restructuring of state banks and activate the electronic dealings.

The Ministry of Finance of Iraq for its efforts during the next year to develop an integrated plan to develop e-government banks and financial relations in the activation of this aspect.

The Iraqi government is still limited in its financial transactions on the government banks approved by 85%.

And called on the Ministry of Finance earlier in the Iraqi Central Bank to take resolute action in granting licenses for the establishment of private banks.

http://www.aknews.com/ar/aknews/2/222337/

CBI plans to the Board of Finance for payments in 2013

February (Rn) - The Central Bank of Iraq, for the formation of the financial payments 2013, according to the plan developed by the World Bank.

The adviser said the central bank, the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Council of financial payments will be organized protocols and agreements and transactions undertaken by banks, governmental and non-governmental organizations, particularly with regard to the mail and insert programs computing to work the cash."

"The Council of monetary payments that would be managed by the central bank will share the membership of the Ministry of Finance, the Integrity Commission, the Office of Financial Supervision, banks, government and private."

The benefit, "The Council will begin its work in providing legal cover for the developments in electronic banking and cash which the banks have started to work."

He pointed out that "the Council of monetary payments is established one of the important pillars in the development of the internal structure of the banking business for both private and government sectors in the country," noting that "the central bank, confirmed on Wednesday that the government and private banks began using the electronic clearing system."

And the World Bank allocated $ 10 million to restructure state banks and activate the electronic dealings.

The unit announced restructuring banks in Iraq earlier that it was extended unit banks for a period of one year because of security concerns.

Iraq had decided the beginning of 2006 the restructuring of banks in order to get rid of heavy debt.

The Ministry of Finance of Iraq for its efforts during the next year to develop an integrated plan to develop e-government banks and financial relations in the activation of this aspect.

The Iraqi government is still limited in its financial transactions on the government banks approved by 85%.

And called on the Ministry of Finance earlier, the Iraqi Central Bank to take resolute action in granting licenses for the establishment of private banks.

http://www.aknews.com/ar/aknews/2/222367/

Central Bank: the demand for merger of private banks is very weak

... said the central bank adviser, Dr. appearance of Mohammed Saleh, said that the bank had not received any initiative for the integration of the private banks, only two initiatives a year ago. Saleh said in a statement (of the Agency news) today: "I have not received the bank any initiative for integration by private banks, only two initiatives, although there is no information to the intention of some banks to merge, but did not provide anything official."

The central bank adviser: "The aim of our call for private banks to merge is not dispersing the money and building large banks," noting that "the requirement of capital for the merger will increase in 2013, to 0.250 billion dinars at a minimum".

http://www.ikhnews.com/news.php?action=view&id=9490

Banks call upon Iraqi parliament to issue law protecting them
A number of owners of banking offices in Baghdad demanded on Saturday the Iraqi parliament of legislating a law that regulates and protects their financial transactions from the market changes because of the sudden decisions taken by the Iraqi government.

Ali Abdul-Zahra, owner of an exchange shop told AKnews that the work of banking in Iraq is still blurry and in need of regulation through legislation of laws that regulate the opening of the exchange offices.

"The law is supposed to prevent any economic decision that may disrupt the currency market which negatively affects the work of the offices."

"The circulation of hard currency (dollar) at the present time follow the decisions taken by the Iraqi government in particular with regard to the entry of goods into the country or not."

fadil Taher, the owner of Qusour Exchange office in Baghdad told AKnews that "the exchange work in Iraq is subjected to unjustified controls and in need of great facilities by the concerned authorities."

"The banking offices suffer from the problem of moving exchangers who affect the Iraqi market and this require serious treatment by the Iraqi government to prevent the excahnge outside the unknown offices."

"The well-known banking offices do not deal with unknown external financial actors and they work according to the regulations of money laundering law, which is adopted by the Iraqi Central Bank (ICB)."

The CBI had announced earlier this month about submitting a new law to combat money laundering to the Iraqi parliament in coordination with other government institutions, in order to provide greater protection for Iraq's economic system and to enter the international assessment.

The Anti-Money Laundering law adopted in 2004 states on securing the financial institutions, it also emphasizes on the punishment of a fine that is not more than 40 million Iraqi dinars, or a fine that is equal to twice the value of the property for everyone who initiates illegal financial with his knowledge, with respect to the issue of financing the crime and the armed operations.

The ICB monitors the financial institutions and the issuance of a regulation, in addition to that it issues a list of suspicious financial activities.

The anti-money laundering law states on authorizing the ICB to control the financial institutions and check their documents and accounts.

While MP Haidar al-Yasiri told AKnews that the parliament will work to organize the work of banking offices after the completion of some important laws for the Iraqi economy.

"The exchange offices do not need a legislative act, but a non-governmental legislation that coordinate with the government to organize its work."

"The parliament is considering the implementation of this idea that is the formation of a council for the exchange offices to change the work."

Hundreds of exchange offices are found in Iraq and they work almost daily and has links with the most countries in the world.

http://www.zawya.com/story.cfm/sidZAWYA20110306065313

Invitation to establish a banking sector mixed

According to a banking expert to the next stage requires the strengthening of Iraqi private banks to enable them to meet the requirements of construction and reconstruction campaigns.

The Managing Director of one of Iraqi private banks Mohammed Hassan al-Samarrai said the responsibility borne by the boards of directors of banks that it did not respond to the decisions to lift or increase capital or merger in the event of ability to do so, he said, adding that the government's responsibility is to encourage these banks by giving them authority to expand the provision of banking services lifting restrictions it to invest their money in the form required by the construction phase.

http://radionawa.com/Ar/NewsDetailN....644&LinkID=155

Banks tend to offset instruments electronically

Iraqi Central Bank held an expanded meeting of representatives of government and private banks have been able to discuss the mechanics of clearing the use of electronic instruments. This was announced by »economic morning« Executive Director of the Association of Iraqi private banks and Abdul Aziz al-Hassoun said the official payment system in the central and his aides have presided over the meeting and addressed ways to pursue and complete the restructuring of payment systems and plans for her.

Hassoun said that this system will enhance confidence in the capabilities of Iraqi banks and develop work and encourage banks dealing with the adoption of instruments between banks and the collection of amounts electronically and in a short period not exceeding two days among banks in the provinces and one day in the cities and the capital, Baghdad.

He said that 6 banks began implementing the system on a trial basis a Bank of Baghdad, Middle East, Dar es Salaam, commercial credit, and the Trade Bank of Iraq. The results confirm the initial success, forcing other banks to speed up the completion of the requirements to run the system for its devices and instruments coded and encrypted and bear safety conditions that limit fraud or manipulation.

He pointed out that there is another system in place since years for all banks, which is known (RTGS), where can the owners of the accounts in any bank to pay their obligations or NFL money among banks through this system where the demand from the bank a payment which is being implemented within seconds of meeting fees symbolic.

Hassoun, "said Abdul Aziz at the end of his statement that these financial products are a quantum leap in the services provided by banks, Iraqi traders attributed the reasons for the reluctance of traders in the market for trading instruments among themselves, and procedures for clearing that take more than a week now.

http://www.alsabaah.com/ArticleShow.aspx?ID=3728

Interview - Trade Bank of Iraq will launch a fund for direct investment

Intends to Trade Bank of Iraq launch a fund for direct investment of $ 500 million to invest in the projects in war-torn country and will discuss next month for an international investor to be a General Partner of the Fund.

Azri said Hussein, President of the Bank and chairman of the board that the bank intends to launch the fund this year and he will invest in medium-sized projects in sectors including oil services, power and hotels.

The bank, which was established in 2003, also to open branches this year in London, Beirut and plans to eventually open branches in North America and East Asia and perhaps in China within the framework of Iraq sought to attract investment to finance reconstruction projects.

Azri said during an interview, "Iraq would need a significant investment in infrastructure .. in housing, oil, electricity and this will require capital investment in the country and we are counting on the participation of the private sector, whether Iraqi or foreign."

Said a senior government official told Reuters last month that Iraq is expected to increase private investment tripled to reach $ 30 billion this year.

In general, Iraq needs investments worth 600 billion dollars for reconstruction in accordance with the National Commission for Investment.

Azri said that the Trade Bank of Iraq before more of its products beyond the trade finance and plans to open eight new local branches this year as well as 15 branches in place.

The bank's assets amounted to $ 15 billion by the end of 2010, the Bank intends to lift the level of about 15 percent this year. The bank made a net profit of $ 386 million last year and looks forward to increase 20 percent this year.

Azri, who refused to participate in the global banking conference in the Indian capital, naming the companies chosen to assist in the management of the Fund is planned. The Fund will seek to raise money from investors.

"We want the party to enjoy worldwide recognition, of course, at the same time be prepared to invest time and money in Iraq."

"We want to ensure that it be strategic for them ... and they want to come and engage people and make the time."

Security remains a concern for investors in Iraq and the headquarters of the Trade Bank of Iraq for the devastating bombing last year. But Azri said that the promotion of investment in Iraq is much easier than it was in the period from 2005 to 2007.

"It comes to us visitors from the outside almost every day."

He added that once the approval of the privatization law, the bank plans to invite investors to buy a minority stake and is likely to invite foreign strategic investor.

http://translate.googleusercontent.c...StV8Ki79iumUBg

Iraq seeks to develop the banking sector

The Director of the Central Bank in Basra, the largest, that «the Central grant formal approval for the opening of bank« Pepe Luis »Lebanese in the province of Basra, to soon start operations in accordance with regulations in force in the private banks and approved by the Central Bank», expected «the opening of three local banks other in Basra, after they obtained the official approvals ». He said: «increase the number of private banks in the province contribute to the strengthening of the cash block in the form of large», pointing out that «the number of banks in Basra is 22, 6 of which are state banks and the Bank of Iranian and other Lebanese banks and the rest are Iraqi civil».

A source in the «Association of Iraqi private banks» «life», that «the presence of the Lebanese banking in Iraq in the form of increased growth, reflecting the desire of the Lebanese banks and enthusiasm to work on the Iraqi arena, given the importance of investment and economic leverage if the availability of more factors of security and stability» he said, adding that «the Lebanese banks ahead of the other Arab banks to open branches in Iraq and the development of its activities».

The source pointed out that «the Lebanese banks currently operating in Iraq are:« Byblos », which has two branches in Erbil and Baghdad, and« Intercontinental »has two branches in Erbil and Baghdad, and« Beirut and the Arab countries »and has branches in Erbil, Baghdad and Basra, and« the Lebanese French »has a branch in Baghdad, and« Bank of Beirut »has a representative office in Baghdad.

In addition, the expert stressed financial Mowaffaq Abbas sack, that «the work during the current period requires the development of the banking public through the adoption of modern mechanisms entered the field of global banking, in particular that the Iraqi cadres able to manage the latest methods of banking if the conditions are appropriate». He added: «control the financial sector, fiscal policy is a revenue management of financial resources for state and mechanisms of spending in any of the fields and the consequent inability to become accumulates year after year», pointing out that «the deficit be covered from the religion of both types of procedure, of bonds Treasury, and external, which represents the accumulated debts of the former regime ».

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