"Tidbits From TNT" Sunday Morning 11-8-2020
TNT:
CharlieOK: Interesting seeing Frank’s site on recaps and detectives reporting there is disagreement in Parliament on Article 140 at this late date. If I understand Tony’s take on this, this has to be fake news… I think it is more likely that if there was agreement on Article 140 there would be an RV. The problem is that you can't verify anything.
RVAlready: I believe that in a meeting between Iraq and Kurdistan, they ended the article 140 disputes.
Yada: AGreed RValready,,,the borrowing law is not required for the RV but it does expose the rate so we are in the "before" of the release
RVAlready: Yes. On Oct 10, 2020, the US embassy congratulated Iraq on implementing Article 140.
RVAlready: They are complaining about the borrowing law, when the improvement in import prices brought about by the RV would probably obviate most of the need to borrow. It is like complaining that you do not have $5 in your left pocket, when you have $15 in your right pocket.
Semperfi01: Its just recycled news for the 100th time to splane away why the rv still hasent been done yet thats all.
RVAlready: I hope everyone involved kicks this RV into high gear right away. Holding this off is not helping anyone.
Yada: Agreed RV already
Tishwash: The Central Bank adopts more advanced steps in the anti-money laundering systems of exchange companies
Based on the supervisory role of the Central Bank of Iraq, this bank decided to adopt more advanced steps that are commensurate with the nature of services provided by exchange companies incorporated under category (A) operating in Iraq, in the current and future anti-money laundering and terrorist financing systems.
This bank calls upon the merged exchange companies under category (A) to work on adapting their logistical and technical conditions within a period not exceeding 12/31/2020 in accordance with the new instructions.
The Central Bank of Iraq
information Office
08/11/2020 link
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Tishwash: 63 trillion dinars "reassuring liquidity" half of which in banks
Rashid Bank's director Bassem Abdul Ali confirmed the bank's ability to meet all requests for loans from the local currency, particularly the advances of employees.
He said in a statement to "Al Sabah": "The branches of the bank are witnessing a high demand for the purpose of credit and the liquidity of the bank and other banks is very reassuring and there is no need for fears and panic about its decline, as well as we will launch a new lending initiative next year.
Commenting on the words of the director of Al-Rasheed Bank, Ahmed Hama, a member of the Finance Committee of the House of Representatives, said in a statement to «Morning», that small and medium loans may move the markets "temporarily", meaning that it cannot be relied on for long periods.
"The government's cash flow in the form of salaries, grants, expenses to move and revive the local markets is indispensable," hama said.
In the context, Rafidain Bank Director Hussein Ali revealed that there is a trend to support and finance "stalled and new" strategic projects.
He said: "Al-Rafidain decided to grant interest in advance to fixed deposits deposited by citizens for different periods of time", as well as work to "reduce interest on all advances and loans granted to citizens and employees".
Banking expert Abdul Hussein al-Mundhari told Al-Sabah: "Any delay in the release of these amounts (salaries and monthly allowances), disrupts commercial and service interests, and affects the local markets in recession and deflation, estimated at 8 trillion dinars per month.
He pointed out that "most employees resort in such circumstances to banks to obtain small and medium advances to meet their current expenses, such as rent and other pressing expenses."
The banking expert pointed out that «the volume of the currency issued (printed) by the Central Bank 63 trillion dinars, pointing out that half of it is "hoarded in homes", while "the other half in banks" link
Tishwash: The Association of Banks is a continuous march in support of economic reform
The Iraqi Private Banks Association is a civil society organization that was established in 2004 and organized in its membership most of the private banks, whose number as in 2020 (72) commercial and Islamic banks and branches of Arab and foreign banks operating in Iraq.
The Association, according to its bylaw, is strictly implemented in partnership and cooperation with the Central Bank of Iraq to strive to develop and develop the private banking sector in a way that contributes to supporting the national economy and sustainable development through the development of microfinance projects, rehabilitating young people and creating an appropriate and stimulating environment for entrepreneurship despite the complex conditions and economic crises that have passed In Iraq during the years since the establishment of these banks in 1991 and up to the present time.
The difficulties and challenges they faced, especially during the period of ISIS’s occupation of some provinces in 2014, but it was able to develop and catch up with the global banking development through the technical and banking developments planned by the Central Bank Al-Iraqi and supervised and adopted by the Association and implemented by banks with great interaction.
Emphasis on strict adherence to international standards in accounting, compliance regulations and rules, combating money laundering and terrorist financing and banking risk management.
The steps, procedures and activities of the Development Association in cooperation with the Central Bank have contributed to improving the performance efficiency of most banks and the issue of governance and good management was in accordance with the Governance Manual issued by the Central Bank and the fruitful cooperation with the competent international institutions led to the development of clear policies for monitoring banks and companies supporting the banking business
Which include maintenance Rights of boards of directors and shareholders, achieving transparency, disclosure and separation of ownership from the executive management.
As well as training and qualifying banking human resources, focusing on young people and recent graduates, and training up to 4,000 trainees in capacity development training courses in coordination with the Banking Studies Center at the Central Bank, based on the goal of investing in human capital in specialized courses in governance, compliance and international standards in all areas of banking.
And combating money laundering and terrorist financing, international accounting standards, Islamic banking and financial inclusion.
Despite the Corona crisis, the decline in oil prices, the closure of the global economy, the slowdown in economic growth in all countries of the world, and the Iraqi economy affected by the above repercussions, the Association continued to daily follow-up of banking activity and the commitment of private banks to the instructions of the Central Bank of Iraq through their contribution to economic activities that have a direct developmental impact on achieving sustainable development
And based on our keenness as a private banking sector that constitutes the first basic link in the economy, the association’s administrative body, its president and its executive management affirms the continuation of its strategy for the next five years to enhance the role of private banks in sustainable development and rehabilitate young people, based on the objectives of reform and strategic development contained in the white paper and trying to address the risks identified In the recent World Bank report on the advancement of the Iraqi economy from a state of fragility.
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Cutebwoy: Security authorities seize a counterfeit money printing press in Baghdad: money, tissue paper, and a machine for coloring and cutting currency
2020/11/07 00:39
Baghdad / The obelisk: The spokesman for the Commander-in-Chief of the Armed Forces, Major General Yahya Rasoul, announced on Friday that a counterfeit money printing press had been seized in the Shaljia area in Baghdad.
In a statement, Rasul said that the detachments of the Baghdad Intelligence and Security Directorate, in coordination with a joint security force, managed to seize a counterfeit money printing press in the Shalgieh area.
He added that inside it were found fake money estimated at thirteen billion Iraqi dinars and twenty-three thousand US dollars in addition to special tissue paper and a machine used in the process of coloring and cutting currency.