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Featured Post

RV Intel/Thoughts/News - All Posts for June 26, 2017

Below is a list of all of the content posted for Monday, June 26, 2017. This will be useful for those of you who may have missed something o...

Friday, June 2, 2017

"Conversion Processes" - Fri. PM KTFA Thoughts/News

KTFA

Don961 » June 2nd, 2017


"CBI ... interesting that this review coincides with one going on in Amman with the IMF ... timing .... some of the Economic Committee members want to know what criteria are used in these ratings ..."

The Central Bank performs periodic assessment of the banks operating in the country

History of edits:: 2017/6/1 14:51 • 80 times readable

{Baghdad: Euphrates News} completed the Iraqi Central Bank periodic assessment of the banks operating in the country in terms of its compliance with anti-money rules and instructions of the external conversion adopted by the Bank since 1/1/2017 according to the standards have been developed in consultation with the Office of international scrutiny laundering law.

According to the Information Office of the Central Bank of Iraq Acer Jabbar Director in a press statement received by the agency {Euphrates News} a copy of it today , "it has resulted in the application of those standards to a great stimulus for banks to create configurations and the application of new rules as well as the use of international offices specialized for the development of banking procedures, and received the program applied by the Bank Central praise from the international financial institutions to the achievements of effective control and high transparency in the information and data that requires banks to be provided to promote and document conversion processes. "
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He added , "The Central Bank regularly reviews the banks re - evaluated according to the indicators of adherence to standards, the bank has allowed banks by making observations on the steps of the evaluation and consideration by a committee of the highest levels in the bank and to correct any paragraph prove entitlement to the bank for it."

He said Jabbar "as the bank would like to mention that he performed this work have been put sell the currency on the basis of legal rules and according to precise criteria from its role in strengthening oversight and supervision of the window , which pledged by the bank's board in front of the Finance Committee in the House of Representatives before the implementation of the plan, which praised the role the new procedures in this regard , ".anth

http://alforatnews.com/modules.....yid=143787

MilitiaMan » June 2nd, 2017

What is striking about the above is that this is not anything new. This was adopted by the bank on 01/01/2017. They are getting praises for doing a job well done. Also, think about conversion processes. That has imo to do with buying and selling foreign currencies. One of the requirements by the IMF (2016 - 2020 plan) is to cease MCPs. Thus, Iraq would need to be in compliance and cease using more than one currency and to use the Dinar as the primary medium of exchange in country. They say they have the Criteria down to being Precise! They needed to be precise in their doings, open and transparent, as well before they implemented the plan. ~ MM
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"Crossed several points in international institutions and economists Iraqis expressed their interest and support as approved by the Central Bank of Iraq from the controls for the sale and purchase of foreign currency mechanisms.

Those authorities considered that the recent instructions of the Central Bank have involved passing standards for personal judgment was built on the basis of scientific excellence among banks according to their performance and commitment to the basics of compliance and in the forefront of the fight against money laundering and the financing of terrorism and to provide liquidity and contribute to the development.

They expected those entities that contribute to compliance with controls placed in raising the level of performance of banks as they beat competitiveness among banks in compliance with the concepts and upgrading its controls levels.

A large delegation from the Central Bank of Iraq and other Iraqi institutions involved in meetings with IMF experts to prepare a review of the credit agreement and that the bank is making progress in meeting the requirements of the Convention, including the drafting of an ideal instructions to sell the dollar"

http://economy-news.net/conten.....hp?id=7758

MilitiaMan » June 2nd, 2017

Now above they are telling us the CBI has controls in place for the sale and purchase of Foreign Currency. Controls are safety mechanisms. Why are they used and when? Because imo they are going to at some point and imo very soon raise the value of the IQD and will do so with a Precise Managed Float.

They go so far as to suggest they will with Scientific Excellence in regard to Compliance, Anti Money Laundering and curbing the Financing of Terrorism and providing liquidity . A main Global issue, on all accounts. Providing liquidity is exactly that. When demand is high they will provide supply, as needed with precision.

This is nothing new in the Forex markets.

There are examples out there that show how and which methods were and are successful. I suspect they are ready and willing to use the one form of intervention that will suit Iraq's and the regions needs going forward. The selling of the USD is for trade external.. Imo. This is a form of intervention to think about (see below0, there are at least four.

This one I chose looks to me like where they may be or have been.. Selling intruments means they are Notes, Bonds, etc., if you will. Claw back is getting the trip zeros off the street for instance. imo We shall see. ~ MM

("Sterilized Intervention involves a central bank using its monetary policy practices; doing so through adjusting its interest rate goals and its open market operations to intervene in the forex market. Another way of describing the event of sterilizing a currency is when a central bank sells market instruments to try and claw back excess funds. There is a possibility of Forex interventions to go unsterilized or perhaps slightly sterilized when performances in the currency market are aligned along with monetary policies as well as foreign exchange policies.")

https://www.trading-point.com/central-bank-intervention

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MilitiaMan » June 2nd, 2017

These are additional Articles in regard to the data above, there are more than one. A good thing to support they are serious about this. ~ MM

BAGHDAD / .. The central bank said on Thursday that were held by banks in accordance with the standards in consultation with the Office of international scrutiny, and while he is reviewing the periodic re-evaluation of banks, said allowing banks by making observations on the ratings.

The bank said in a press statement received, "Eye of Iraq News" that "the assessment of periodic banks operating in the country are in terms of their compliance with anti-money rules and instructions of the external conversion adopted by the Bank since the beginning of this year, according to the standards have been developed in consultation with the Office of international scrutiny laundering law."

The bank added that "the application of those standards to stimulate large banks to create configurations and the application of new rules as well as the use of international offices specialized for the development of banking procedures," noting that "the program applied by the Central Bank has received praise from the international financial institutions to the achievements of effective high transparency in the information and data control which requires banks to be provided to promote and document conversion processes. "

He noted the bank that "the periodic review of the re-banks evaluated according to indicators of adherence to standards," stressing that "allowed the banks by making observations on the steps of the evaluation and consideration by a committee of the highest levels in the bank and to correct any paragraph prove the bank entitlement to it."

The bank pointed out that "the work done on this subject have been placed sell the currency on the basis of legal rules and according to precise criteria from its role in strengthening oversight and supervision of the window, which Matahdt by the Bank's board in front of the Finance Committee in the House of Representatives before the implementation of the plan, which praised the role procedures new in this regard. "

Parliamentary Economic Commission warned, on Wednesday, (June 1, 2017), the central bank to continue the policy of rating banks to varying degrees of participation in the auction currency window, calling on him to abide by the neutrality and non-discrimination between 5 Almassarv.ant

http://aynaliraqnews.com/index

"The Central Bank of Iraq (CBE) announced on Thursday the completion of the periodic evaluation of banks operating in the country in terms of compliance with the AML law and foreign exchange rules and regulations adopted by the bank since the beginning of this year in accordance with criteria set in consultation with an international audit office.

"The application of these standards has led to a great incentive for banks to establish formations and the application of new rules, as well as the use of specialized international offices to develop banking procedures," said the director of the bank's press office, Acer Jabbar.

He added that "the program implemented by the Central Bank has been praised by theinternational financial institutions for effective control and transparency in the high information and data that banks must provide to strengthen and document transfers."

The bank has allowed the banks to comment on the ratings and are considered by a committee of thehighest levels in the bank and correcting any paragraph that proves the bank's eligibility for them. He added that the bank "accomplishes this work to set the window for the sale of currency on the basis of legal rules and according to precise standards in light of its role in strengthening supervision and supervision, which the Bank's management before the Finance Committee in the House of Representatives before the implementation of the plan, This connection. ""

Don961 » June 2nd, 2017

COMMUNICATIONS ANNOUNCES NEAR THE LAUNCH OF THE FASTEST INTERNET NETWORK AT LOW COST

Staar June 1, 2017 BAGHDAD / IBN

The Ministry of Communications has announced that this year will see the start of work the national project of the Internet in Iraq, through the "fastest network in the world," and cost less.

Said ministry spokesman Hazem Mohammed Ali, on Thursday, in a statement received by the Iraqi transmitter Network (IBN) "after less than a year from the start of the implementation date and during the period of record of the Ministry of Communications has succeeded with the contracting companies with the completion of 93% of the project to extend the processing of optical cable in all across Iraq , which will be reflected online prices available to citizens in Iraq. "

He added that "the formation of oversight committees of the ministry reflections reduction on the reality of the citizen sequence effectively" He explained that " the network will be secured and protected and owned by the Ministry of Communications, and supervised by the ministry in coordination with senior security authorities in Iraq, it will be optical cable international force for the protection of data portals The incoming and outgoing information and filter to ensure the security of Iraq. "

He noted that " the project investment and promising, will achieve substantial financial resources of the state, although the ministry did not bear the costs of the project but has implemented to bear all costs for the project companies noting that the ministry reserves the right to supervise the entire joints of the national project of the Internet in Iraq and the administration where will see Iraq launch service fastest network in the world, and at a cost less than the current cost of a large proportion. "

http://ibnnews.net/archives/122071

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