Archive for November 25, 2013

Central bank: zeros from the currency will not raise the lack of “appropriate circumstance”

Called on the Central Bank of Iraq, on Sunday, to “revisit” the laws of the banks and the Central Bank and the fight against money laundering, and attributed the cause to “address the problematic lack of challenge of the activity of banks and the World Bank in the management of the economy”, and pointed out that the zeros “will not lift from the Iraqi currency now for not suitable circumstance. “

The central bank governor said Abdel Basset Turki said in an interview for a number of media, on the sidelines of a workshop on the proposals to amend the Banking Act and the law of the Iraqi Central Bank and Amla, hosted by the bank in the Palestine Hotel in central Baghdad, said that “the importance of this workshop, which is held for the first time , is to review the laws written in exceptional circumstances and in an exceptional manner for nearly ten years and there are a number of comments made by the banks, “hoping that” all deficiencies are addressed. “

The Turkish that “country always needs to be new legislation and we have to think about legislation lasts for a long time to pay for greater stability and meet the requirements of development,” stressing the need to “rethink the laws of the three not only the laws of the banks, but Bank Law also the law against money laundering,” explaining that “The importance of the problematic address all deficiencies that limit the activity of banks and at the same time its developmental role in addition to the Central Bank’s role in the management of the economy.”

The central bank governor [said] that “the lifting of zeros from the Iraqi currency until now not on the cards because the envelope is not suitable justifications and still continue not to delete the list,” adding, “But when the central bank will decide to announce this matter.”

He continued Turkish “We have decided to exclude banks that have not a capital of 250 billion dinars, the central bank auction,” pointing out that “some banks embarked invite the General Assembly to raise its capital.”

Turki added that “the number of those banks does not exceed 5 banks and these exclusions are not immediate and final decisions,” asserting that “some banks made a pledge to raise its capital to 400 billion.” The CBI said on Sunday, seeking to amend the banking laws, including the proportional and the current situation, and pointed out that the money laundering law the most prominent laws that seek to modify it, while stressing that go to play the developmental role of the Iraqi economy. The Iraqi Central Bank revealed, on Sunday, the arrival of the foreign currency reserves of more than 88 billion dollars, indicating that it contributes to the stability of the dinar could be a “source of pride” for the Iraqis.

The Iraqi Central Bank revealed, earlier, his intention version Coins categories of small, indicating that those currencies, which may be issued sometime in the next year, will be written in Arabic and Kurdish, confirming the existence of a proposal for the issuance of Banknotes large value of fifty thousand dinars .

It is noteworthy that the Iraqi Central Bank was established as a bank independent under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for buying and selling currencies. Finished / 3
Updated: 25/11/2013 16:00


Shahristani, Iraq declares control inflation and reduced interest banks to 6%
11/25/2013 – 16:15

Deputy Prime Minister for Energy Hussain al-Shahristani, Monday, that Iraq was able to control the inflation, as well as its ability to reduce the interest banks to 6%, indicating that it is able to maintain the rate of economic growth for long periods.

Shahristani said In his speech during the Business Forum and the Iraqi investment Frenchman in a good hotel, attended by “Alsumaria News”, “Iraq was able to control the inflation rate, which was more than 50% after 2003 and which is now up to 6%,” noting that “interest rates banks also decreased to 6% after it reached 20%. ” (more…)

11/25/2013 0:00

-Sought to gain access to a system integrated economic

planned central bank with the relevant authorities to get to the economic system integrated through a call to the private banks to send its observations and proposals on amending laws Central Bank and money laundering and banks to reach enact laws that serve the economic process in joint efforts by the central bank and private banks.

opened the central bank governor Agency Abdul Basit Turki Saeed yesterday workshop, which was launched in the presence and participation of private banks and a number of economic figures which will continue for a period of five days for the purpose of discussing the proposals made ​​by a number of private banks in order to promote the reality of banking. (more…)

oil and gas law’s absence would increase the differences between local governments and the Centre on the oil

25-11-2013 08:07 AM
Baghdad (newsletter). Oil and Energy Committee, warned of the increasing differences between the Federal and provincial governments for the Kurdistan region and the provinces regarding the oil as a result of the absence of the oil and gas law. (more…)