KTFA Members "News, and Views" Wednesday Afternoon 8-28-19


Samson:  Announcement of Auction Results (ICD604) (For Sale of Islamic Deposit Certificates)

28th August, 2019
The Central Bank approved on 26/8/2019 the auction of Islamic deposit certificates ICD604
amounting to (100) billion dinars for (182) days and was sold (13,770) million dinars to one
bank at a rate of return (% .2.00).    https://cbi.iq/news/view/1238

Frank26:   FASCINATING !!! !!! !!! 

Dan:  Billions to millions…….What happened with 3 000's

McDan:  IMO raised the value of the dinar ( future value )


SteeleyJan: For those interested....below is the article Frank referred to Post #203:

Specialized: minted coins serve internal business transactions

Monday 26 August 2019 

DELTA  Specialized: minted coins serve internal business transactions

Monday, August 26, 2019

Emad Emirate Baghdad / Mustafa Al - Hashimi 

 There have been recent parliamentary voices calling for the reintroduction of coins (coinage) and reintroduction into circulation, as well as reconsideration of the project to delete the three zeros from the Iraqi currency, at a time when economists regarded it as part of the great economic reform process in the country.

Strategic Plan

Economist Dr. Essam Mohamed Hassan said that "the Central Bank decided earlier to develop a plan to create coins as part of a restructuring plan that requires the approval of the House of Representatives as a strategic plan will contribute to support the value of the Iraqi dinar in trading 

"The change of currency means that a new currency replaces an old currency, with a specified replacement rate, and removes the zeros of the old currency or moves the decimal places to the left," he said. Financial support for the national economy. "

Hassan said that "    link

Dkhens:    This is huge! It can not be any more clear what they are going to do imo.

Samson:  Trade is discussing with a US official Iraq's accession to the World Trade Organization

2019/8/28 17:46 

The Minister of Commerce, Mohammed Al-Ani, on Wednesday, during a meeting with Minister Plenipotentiary for Economic Affairs at the US Embassy to leave the blood of Iraq's keenness to develop trade and economic relations with all countries of the world.

"The Minister of Commerce Mohammed Hashim Al-Ani discussed with the Minister Plenipotentiary for Economic Affairs at the US Embassy Patrick Dam, ways to develop economic and trade relations between Iraq and America and exchange views on issues of mutual understanding," the ministry said in a statement received. 

The Minister pointed out that "during the meeting discussed the issue of Iraq's accession to the World Trade Organization (WTO) and the steps taken by Iraq to join the organization and the most important required files related to the process of accession in accordance with the requirements of the current stage, the most important file memorandum of foreign trade policy for Iraq and a file of the preliminary presentation of goods and services and a plan file Legislative implementation and the intellectual property file, as well as the issue of facilitating the granting of business visas to both parties.

The minister stressed, "Iraq's keenness to develop trade and economic relations with all countries of the world, especially the United States of America in the light of the government program announced by the Prime Minister and ratified by Parliament, in addition to the importance of developing and developing joint relations at all levels and seeking to open new channels of communication with Countries of the world." 

In turn, Minister Plenipotentiary Patrick pointed to "the importance of developing relations and activating them in the economic aspect."  He stressed, "the importance of the forum, which will be held during the next few months and includes businessmen between the two countries that Iraq has fertile ground encourages investors to enter the Iraqi market and this forum includes all economic, trade, agriculture and industry to other areas."    LINK


Samson:  Issuing a package of decisions related to the entry and exit of funds across the Iraqi borders
28th August, 2019

Ali Mohsen Ismail, chairman of the Council for Combating Money Laundering and Terrorism Financing, has issued a series of decisions concerning the controls on the declaration of funds when they are brought in and taken out across the Iraqi border

Among the new decisions, customs authorities may be allowed to search people and inspect their luggage to verify the authenticity of the information

As for the amounts allowed in or out of the territory of the Republic of Iraq, amounts below (10) thousand US dollars or the equivalent of other currencies are allowed to enter without authorization

Amounts exceeding (10) thousand US dollars to (20) thousand US Dollars are required to be declared with the need to show supporting the purpose of the introduction or removal of these amounts

It is required that the process of inserting and removing funds through financial institutions exclusively if the amount exceeds (20) thousand US dollars

One of the decisions stipulates that "the entry and exit of amounts exceeding (1,000,000) (one million Iraqi dinars) is prohibited even if they have been declared, and the amount is withheld and legal proceedings are taken   LINK

Samson:  Holding a training course entitled (Interim Financial Reporting in accordance with Standard No. (34)) for the period 9 / 29-2019 / 10/3  28th August, 2019    https://cbi.iq/news/view/1239

Holding a training course entitled (liquidity instruments in Islamic banks in accordance with the standard IFSB)  28th August, 2019   https://cbi.iq/news/view/1240

Holding a training course entitled (Islamic investment funds)   28th August, 2019   https://cbi.iq/news/view/1241

Holding the training course for (Cyber Security) for the period 22-2019 / 9/26 28th August, 2019   https://cbi.iq/news/view/1242

Holding a training course entitled (Management of banking branches) in the province of Erbil for the period 22-2019 / 9/26  https://cbi.iq/news/view/1243

Holding a course entitled (audit and review of documentary credits) for the period 15-2019 / 9/19  https://cbi.iq/news/view/1244

Holding a training course entitled (investment risk management and methods of treatment) for the period 15-2019/9/19   https://cbi.iq/news/view/1245

Holding a training course entitled (Detection of counterfeiting and counterfeiting currency and matched in local and foreign currency) for the period 4-2019 / 9/5   https://cbi.iq/news/view/1246


Samson:   After reducing global tensions .. Oil prices are rising

2019/8/28 12:12

Oil prices rose on Wednesday after a report said US crude inventories were falling more-than-expected, easing concerns over economic growth from the trade war between Washington and Beijing.

By 06:52 GMT, Brent crude futures rose 1% to $ 60.10 a barrel, while US West Texas Intermediate crude rose 1.3% to $ 55.63 a barrel.  Data from the American Petroleum Institute showed a sharp decline in crude stocks in the United States last week, with imports falling, as stocks fell by 11.1 million barrels, compared with analysts' expectations of a decline of about two million barrels. 

The US government is due to release its weekly report on Wednesday, and if official figures confirm data from the Petroleum Institute, it would be the biggest weekly drop in inventories in nine weeks.  But worries about global growth amid a raging trade war between the United States and China, the world's biggest crude consumer, are likely to curb gains.  LINK


KTFADinar Recaps 20