Thread: Central Bank of Iraq

Central Bank holds the responsibility of bank management's currency, damaged in the markets

Download the Central Bank of Iraq, Sunday, bank management responsibility for damaged currency trading in the markets, warning of fines for non-cooperative banks amounting to stop, as he emphasized that what is being replaced by currency damaged in the bank does not exceed 30% of the actual damaged.

The adviser said the Iraqi Central Bank Governor appearance of Mohammed in an interview for "Alsumaria News", "the failure and mismanagement of some banks, especially the big ones are often re-currency damaged to citizens without converting them to the Iraqi Central Bank to replace them," noting that "the cooperation of banks with Central Bank in this area is weak in spite of the numerous correspondence addressed to the bank to the government and private banks to replace damaged currency."

Saleh added that "the duties and work of the Central Bank of Iraq since 1947, which is the monetary authority for the issuance of the interface sovereign and under the law replace the money bad," warning "by the imposition of fines of up to stop the work of banks that do not cooperate in this area," he says.

The benefit of that "nearly 90% of the currency be in the hands of citizens, not the banks, only 10% of them," pointing out that "what is being replaced by currency damaged by the Central Bank is currently only 30% of the currency damaged the actual on the market."

The Advisor to the Governor of the Central Bank that "the Bank is working to replace damaged currency through its existing inventories or by printing a new currency," pointing out that "the damaged currency are burned after downloading it from the version number of the cash."

Regulated by the central bank meetings auction day, except Fridays and official holidays, and with the participation of Iraqi banks, and within which the sale and purchase of foreign currencies, the Central Bank of the process of converting currencies sold abroad, for some companies and citizens for a certain commission.

http://www.alsumarianews.com/ar/3/19...-details-.html

CBI: the investor's funds in Iraqi banks insured

The Central Bank of Iraq adviser, on Sunday, that the Iraqi private banks and government able to protect the funds of investment companies.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the government and private banks are able to protect the funds of investors and is working according to international systems are difficult to penetrate or as documented financial manipulation."

Worried about a number of foreign companies from investment business in Iraq because of the loss of confidence in government and private banks.

Saleh added that "several problems facing the banking performance is controlled and does not threaten the existence of strong capital to foreign investors or the Arabs for the implementation of investment projects in the country."

He said, "Among the problems faced by the banks that the number of which still operates under outdated programs operating in the banking and cash is not consistent with the changes that have taken place on the electronic banking performance in the world."

He pointed out that "the central bank operates according to a deliberate plan to improve the functioning of government and private banks emphasize the need to promote the betterment mail and which enhance the confidence of foreign companies work."

The Central Bank of Iraq earlier that identified $ 250 billion Iraqi dinars as a minimum for the establishment of private banks in the country.

And the central bank of Iraq in the last month that he would give the number of licenses to establish private banks, stressing that the increase in banks will enhance the economic role of the country.

He denied the central bank in June 24 last that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance down.

The total capital of Iraqi private banks one billion and 600 million dollars now, other than bank branches owned by Arab and foreign companies operating in the country.

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

http://www.aknews.com/ar/aknews/2/230827/

Different Newspaper - slightly different translation

CBI confirms the funds of investors in the country's banks insured

Confirmed adviser to the CBI on Sunday, that the Iraqi private banks and government able to protect the funds of investment companies.

He said the appearance of Mohammed Saleh told the news agency that the Kurdistan government and private banks are able to protect the funds of investors and is working according to international systems are difficult to penetrate or as documented financial manipulation.

Saleh added that the problems facing the banking performance is controlled and does not threaten the existence of strong capital to foreign investors or the Arabs for the implementation of investment projects in the country.

http://ar.radionawa.com/Detail.aspx?id=2502&LinkID=197

Central: Iraqi parliament is to decide to raise zeros from currency

The adviser to the CBI on Wednesday, the House of Representatives is the owner of the latest decision to raise zeros from the local currency or not.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Central Bank of Iraq has to submit a law regulating the process of lifting and sends it to the Council of the Prime Minister and then to the House of Representatives to decide then, if that revolver there is a need to raise three zeroes from the local currency or not."

He added that "the central bank works to write a law regulating mechanism for lifting the three zeros and the valuation of local currency in circulation external economic and internal."

The Ministry of Finance of Iraq last February that the deletion of zeros from the local currency will liberate the Iraqi economy from the constraints and enhance the value of the Iraqi dinar in the International Monetary Fund.

And Saleh said that "the central bank deal with this issue cautiously and carefully because it may cause economic problems in the event of Altchera or do anything else confuses economic situation in Iraq."

In the view of the central bank to raise the three zeroes from the local currency is a complex process and need to be thorough economic study.

He expressed the International Monetary Fund in August last support of the Iraqi economy in the event of having a number of economic measures, including 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 in the local currency this year in order to reduce inflation.

The news had recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market, as well as add the language Kurdish paper currency. The local Iraqi currency has gone through several changes in its history, most recently in 2004 when the former Governing Council replaced the previous currency, which was a symbol of the former regime.

http://www.aknews.com/ar/aknews/2/231723/

Iraq Central Bank ‘To remove 3 Zeroes from Dinar'

Iraq’s Central Bank announced on Tuesday that the project to re-denominate the Iraqi Dinar, removing three zeroes, is close to completion.

According to the report from Alsumaria TV, the re-denomination project is believed to be a strategic plan that will be passed to the ministerial council and Parliament once complete.

A Central Bank’s advisor, Mothahhar Mohammed Saleh, said in a statement to the agency that the plan aims to reduce transactions costs and help people carry less money.

Iraq’s central Bank has managed during the past five years to reduce inflation rates from 34% to 3 or 4% and stabilize Iraqi Dinar exchange rate, he said.

In an earlier statement to Alsumaria News, he confirmed that the bank plans to remove three zeroes from the Iraqi Dinar, noting that the zeroes which were added to the Iraqi currency previously constituted a large money supply estimated at 27 trillion Iraqi Dinar.

Saleh revealed on the other hand that Iraq engages for the first time in banks payment system as it moved from manual to electronic clearance. The system includes six banks in addition to electronic deeds exchange, he said adding that the smart and credit cards will be bound to the central bank system.

Iraqi economists believe the re-denomination of Iraqi Dinar will not have a major influence on the purchasing power of the Iraqi Dinar “which the government has hopes high on it”.

http://www.iraq-businessnews.com/201...es-from-dinar/

Central Bank reveals the creditors of Iraq from sixty-nine state

Adviser said the Iraqi Central Bank the appearance of Mohammed Saleh, said Iraq's problem is that the debt of it is due to commercial creditors have judicial decisions to seize the funds of Iraq does not know the numbers, pointing out that Iraq is afraid of the private sector's debts because it is not known and can not estimate the size of those debts.

He's in favor of "Alsumaria News" on Tuesday, that the former regime borrowed from the entire planet, and the number of creditors in the Paris Club to 19 countries, up while the number outside the Paris Club to 55 countries while trade creditors do not know how many

http://ar.radionawa.com/Detail.aspx?id=2823&LinkID=197

CBI: the Banking Act does not encourage integration

The adviser to the CBI on Thursday that the Banking Act does not encourage the merger of private banks, stressing the need to work in earnest to integrate the largest number of banks during the next phase.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Banking Act, passed by the House of Representatives did not urge private banks to merge with each other to form a strong capital can facing the market."

The House of Representatives its first session legislation to the Banking Act in 2007 to organize the work of private and state banks in the country.

The benefit of that "raise the proportion of the Iraqi capital is not enough for the advancement of the work by private banks and their performance must be upgraded through the expansion of its cash in the Iraqi market and openness to the world economy."

In the opinion of a number of economists that private banks do not have the tools the Advancement of monetary and economic reality in the country.

Saleh added that "the central bank would prefer that the private banks with weak headers, which can not attract the Iraqi market and to integrate them in order to work to organize the work of private banks and consolidation of administrative systems and cash with each other."

And select the CBI 250 billion dinars as a minimum for the establishment of private banks.

He went in favor of saying, "The Banking Act will make it a lot of adjustments by the central bank and then send it to the Council of Ministers and the Council of Representatives and the process requires more time and study."

And the central bank of Iraq in the month of February last he will give the number of licenses to establish private banks to boost Iraq's economy.

He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance down.

The total capital of Iraqi private banks one billion and 600 million dollars now, other than bank branches owned by Arab and foreign companies operating in the country.

The Central Bank of Iraq said Wednesday that high inflation rate 0.01 a month in November, compared with this last month will not affect the value of the Iraqi dinar.

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

http://www.aknews.com/ar/aknews/2/232177/

CBI is organizing the work of Islamic banks in the country

The adviser to the CBI on Friday that the Bank is working to organize the work of Islamic banks through legislation, special law during the next few days.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank law in connection with legislation regulating the work of Islamic banks in the country, especially with respect to loans, conversion of the Islamic system of interest on a system of profit and loss."

He pointed out that "the number of Islamic banks in Iraq have arrived at six banks, most notably the Bank of the country and the Bank of Abu Dhabi Islamic Bank of Kurdistan."

And regulating the work of government and private banks in Iraq's Banking Act, which legitimized the House of Representatives at its first session in 2007.

Saleh pointed out that "the Islamic Banking Act aims to promote increased number of Islamic banks with significant capital to contribute to the development of banking and economic in the country."

The CBI has identified $ 250 billion dinars as a minimum for the establishment of private banks in the country.

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

http://www.aknews.com/ar/aknews/2/232252/

Iraqi central bank says that it will submit a law organizing the process of removing 3 zeros from Iraqi dinar

Advisor of Iraqi central bank Mudher Mohammed Salih said that the central bank is working on drafting a law organizing the process of removing three zeros from Iraqi dinar and upgrading the value or Iraqi currency in local and international economic transactions.

The advisor said that the central bank will submit the law to the Iraqi prime ministry and after approval it will be sent to the Iraqi parliament for endorsing.

Iraqi ministry of finance said on last February that the removing of three zeros from Iraqi dinar will free Iraqi economy of restrictions and enhance the value of Iraqi currency in international monetary fund.

International monetary fund said that it will support Iraqi economy in case Iraq took certain economic measures including privatization of banks, removing three zeros from Iraqi dinar and paying debts.

Iraqi government is working on making some changes on Iraqi currency including removing three zeros from Iraqi dinar to enhance the value of the currency nationally and internationally and end the financial inflation.

http://www.iraqdirectory.com/DisplayNews.aspx?id=15366

Interview - CBI: Inflation will remain below 10% in 2011

An adviser to the Iraqi Central Bank said on Sunday that is expected to remain the annual inflation rate to Iraq without the ten percent in 2011 thanks to the government ration program, which accounts for some of the increases in food prices.

The rising cost of food, energy, consumer prices to rise to the level of the world, including in Iraq, which imported wheat and rice, but government spending on a program of ration cards, which covers 60 percent of Iraqis have contributed to the alleviation of prices.

Qasim said the appearance of bank adviser said in an interview with Reuters that the ration program of food still exists and it absorbs part of the increase in food prices, adding that the central bank has always measures to combat inflation.

The annual core inflation has risen in Iraq, to ​​5.5 percent in February from 5.3 percent in January, which is attributed mainly to higher electricity costs and rents and housing. Unpublished data bank after the month of March.

Kassem said he expected to keep interest rate of six percent of Iraq stable, but said the bank has been following the situation closely as it wants to keep interest rates above the rate of core inflation.

The last time Iraq had cut interest rates in April, where the reduction of 100 basis points to six percent. And proved to the bank rate of exchange at 1170 IQD to the dollar.

Dominated by the oil sector on the Iraqi economy, which did not recover quickly after decades of war, sanctions and the sector contributes more than 95 percent in government revenues.

Core inflation does not include the cost of fuel, according to the definition of the central bank.

http://ara.reuters.com/article/busin...73G0AE20110417