More Iraqi News Thursday Late PM 12-9-21
More Iraqi News Thursday Late PM 12-9-21
TLM724 Administrator BondLady’s Corner
The Governor Of The Central Bank Of Iraq Meets The UAE Minister Of Tolerance And Coexistence, Commissioner-General Of Expo 2020
December 09, 2021 The Governor of the Central Bank of Iraq meets the UAE Minister of Tolerance and Coexistence, Commissioner-General of Expo 2020
The Governor of the Central Bank of Iraq, His Excellency Mr. Mustafa Ghaleb Mokhif, met with His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, Commissioner General of Expo 2020 in the United Arab Emirates.
His Excellency the Governor blessed the establishment of the Expo at this stage and the great achievement made in the sisterly Emirates and the importance of cooperation between the two countries, especially with regard to banking relations, especially as the Central Bank of Iraq is preparing to launch the week of the banking exhibition in the Iraqi pavilion at the Expo next Saturday.
His Excellency Sheikh Nahyan bin Mubarak welcomed the visit of the Governor of the Central Bank of Iraq and pointed out in his speech to the UAE's support for Iraq and the common historical depth of the two countries.
Central Bank of Iraq information Office 12/9/2021 https://cbi.iq/news/view/1890
(The Central Bank Of Iraq Announces The Suspension Of The Automatic Deduction Of Kuwait’s Compensation)
December 09, 2021 (The Central Bank of Iraq announces the suspension of the automatic deduction of Kuwait’s compensation)
The Central Bank of Iraq announces that it has terminated all necessary banking arrangements with the US Federal Reserve to stop the automatic deduction of Kuwait’s compensation from Iraqi crude oil export revenues,
and confirms the possibility of paying the entire remaining amount of compensation before the end of the current year 2021 to end this file.
Central Bank of Iraq information Office December 9, 2021 https://cbi.iq/news/view/1891
The Central Bank Announces A Mechanism For Compensating Those Affected By Banks
Sweetened Today, 18:48 Baghdad - INA - Nassar Al-Hajj The Iraqi Company for Deposit Insurance of the Central Bank of Iraq announced, today, Tuesday, a mechanism for compensating those affected by the banks, while setting the compensation ceiling.
And the authorized director of the Iraqi Deposit Insurance Company, Walid Eidi, told the Iraqi News Agency (INA), that "the mechanism for compensating those affected by the banks takes place after the Central Bank announced the bankruptcy of the concerned bank and its acquisition of the final degree and its ratification by the Financial Services Court," noting that "the administration of The company, in coordination with the trustee of the bank, compensates the depositors.
He added, "The compensation process is carried out according to two levels, the first is if the deposit balance "current, saving or fixed" is 100 million Iraqi dinars, the compensation will be 51% of the last amount,
secondly, if the deposit exceeds the amount of 100 million dinars, the compensation will be 25% of the amount The total balance of this deposit," noting that "the maximum compensation ceiling is 150 million dinars, which is considered the highest compensation rate in the Arab region."
He added, "The company does not charge depositors anything except the fee, which is one dinar for every 10,000 dinars of the deposit," explaining that "this percentage is considered the lowest in the Arab region and even in the world."
Eidi confirmed that “the company does not receive any interest, neither from the bank nor from the depositors, but it is called the guarantee amounts for guaranteeing deposits,” noting that “the company officially started work on October 17, 2020, and has not yet compensated any depositor in the banks, for not The Central Bank announced the bankruptcy of a bank affiliated with the company, as the company is responsible for the banks affiliated with it, and has nothing to do with the pre-accession banks.
And he indicated that "the compensation process, according to the company's system and policy approved by its board of directors, is done for one time and is not in the form of payments," explaining that "the time limit set for compensating depositors is 30 days from the date of a decision issued by the Central Bank of Iraq with a final degree of declaring the bankruptcy of a bank, as This period is not extendable.
He stated that "the company, in light of this, compensates the depositors during the period specified by law." https://www.ina.iq/143197--.html
Economist: The Absence Of Final Accounts Is A Gateway To Financial Corruption And The Loss Of Tens Of Billions
Time: 12/08/2021 21:13:06 Reading: 1,742 times {Economic: Al Furat News} The economist, Nabil Al Marsoumi, considered the absence of final accounts a "gateway to financial corruption" and a loss of tens of billions.
Al-Marsawy told Al-Furat News that "the absence of preparing the final accounts is a gateway to financial corruption, which has been absent for years, and there are accounts suspended for several years."
He added, "This issue is the loss of tens of billions, and the lack of knowledge of the classifications of advances, expenses and accounts is still pending."
And Al-Marsoumi indicated, "Many countries work in the final accounts on a daily basis, not annually, and Iraq is the only country that is considered late in the accounting system."
He pointed out that "the strangest thing about the matter is that the Ministry of Planning makes such a statement because it is the responsibility of the Ministry of Finance." LINK
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