Doesnt belong in the news thread

[shotgunsusie]

I would take anything freedinar says with a pinch of salt. I do.

thats y i mentioned lickin a block of it.

[shotgunsusie]

Interesting, sure the US and UK will pressure further with threats of pulling out troops IF the Iraqi government start facking around with delays again.....



Iraq needs foreign troops to remain indefinitely: govt spokesman
Iraq needs foreign troops to remain in the country indefinitely, until its own forces are in a position to combat the increasingly deadly insurgency, the government spokesman said Thursday.

[shotgunsusie]

I need some help here. Just found this post of yesterday on IIF.
It quotes an article but no link is provided with it.
Has somebody seen this article somewhere. They say it is from yesterday.

It is about the use of non market fixed rates and the use of the real exchange rate in an unofficially way.

Banking & Finance

Banking and Finance have undergone dramatic changes through the introduction of the new Foreign Investment Law (CPA Order No. 39, as amended) and the new Bank Law (CPA Order No. 40). The following is a summary with respect to main institutions in this area.

Central Bank of Iraq

The Central Bank of Iraq's ("CBI") authority to loan funds to Iraqi government ministries was suspended under CPA Order No. 18, and the CBI was authorized to determine monetary policies without approval from the Iraq Ministry of Finance.
In the past, CBI has been very protective with inflexible policies on exchange control. The government controlled foreign exchange using non-market fixed rates. This meant that money exchange at real rates used to take place by way of unofficial transactions, which in many cases contravened prevailing Law.

Foreign & Commercial Banks

The new Bank Law permits the establishment of foreign banks in Iraq, including majority or wholly owned subsidiaries of existing foreign banks or bank holding companies. Foreign banks may enter Iraq as branches subject to comprehensive supervision on a consolidated basis by a supervisory authority in the country in which the foreign bank's head office is located. Licensing of commercial banks in Iraq requires approval of CBI, and following Iraq's announcement to license six foreign banks, CBI has chosen three foreign banks through an application process, as eligible for licensing.

In 1964, all foreign banks operating in Iraq were nationalized, leading to the formation of one government owned and controlled commercial bank called Rafidain Bank. Consequently, no foreign or Arab banks were permitted to operate in Iraq during the past forty years. Rafidain Bank was later followed by a second government owned bank, Rashid Bank. Following the first Gulf War in 1991, the former regime authorized the formation of private banks, however, these banks were prohibited from conducting international transactions.

The new Bank Law provides that in the event of a conflict between the Bank Law and the provisions of any other Iraqi law, the Bank Law shall prevail.

Trade Bank of Iraq

The Trade Bank of Iraq ("TBI") was established pursuant to CPA Order No. 20. TBI has the character of an independent governmental entity, which provides financial services to facilitate Iraq's imports and exports. TBI is operated by a consortium lead JP Morgan Chase & Co. and its profits are to be distributed to the Development Fund for Iraq.

Looks like an importan article telling they are using 2 books like suggested before!

If you guys know more share please!

DING DING DING!!!
TELL HIM WHAT HES WON JOHNNY!!!

[kiko]

DING DING DING!!!
TELL HIM WHAT HES WON JOHNNY!!!

The biggest Frige in the World filled with Champaign and Dinars!!!

WOOOOOOOOOOOOOOOOOHHHHHHHHHHHHHHHHHH