Central Bank Act to issue calls for the deletion of zeros from the currency

Saturday 03/03/2012


Baghdad / term follow-up
Approved the Iraqi Central Bank Governor Sinan Shabibi the presence of counterfeit currency in Iraq are being traded at rates limited, calling for the House of Representatives to pass a law to delete the zeros of the Iraqi dinar and replace the currency of more sedate difficult to falsify. Saw the Iraqi provinces several, including Karbala, Najaf, Babil, Wasit, Sulaymaniyah and Baghdad,

In recent months, adjust the amounts of counterfeit currency, and detained by local authorities in these provinces specialized gangs forged currency, promotion and fraud on the citizens.
The Shabibi during a hearing held by the Parliamentary Finance Committee that during the trading operations at the level of monthly Central Bank of Iraq, appeared between 8 and 16 sheets of a ten thousand Iraqi dinars a fake, and the same class of 25 thousand dinars.
For her part, the parliamentary economic committee member Nora Albjara told the newspaper that the life of its Committee heard comments about the Central Bank of counterfeit currency and the suggested solutions, pointing to the adoption of the provision of law to replace the existing currency with a new one after deleting three zeros from them.
And accused the regional countries facing economic sanctions, of trying to destabilize the Iraqi economy through the introduction of counterfeit currency and take advantage of collecting the maximum amount of foreign currency, such as the dollar, which began running out of the market.
The Central Bank of Iraq made adjustments to their systems to sell the dollar in the official auction, because the traders and the offices of Banking remove large amounts of dollars to Iran and Syria, which applied the right to economic sanctions led to the deterioration of their local currencies worldwide, where he began the CBI claim of private banks documents demonstrate their need for hard currency.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh said that counterfeiting is very limited in Iraq, pointing out that the most important obstacles faced by counterfeiters is the type of paper the distinguished used to make the Iraqi dinar, as is the paper handler and resistant to dirt and longer-lived in circulation, in addition to the presence of thread safety and the watermark and security rest of the specifications.
Did not rule out the occurrence of forgery, because of technological advances in printing processes, and the availability of printing devices attributes of high-definition at hand in the markets, but stressed that the presence of security features on the currency and the ability of the Iraqi banking system and the people on the discovery of fake very quickly to prevent the widening phenomenon.
And a project to replace the currency, after deletion of zeros, Salih stressed that this project is under development and will be issued a new currency the central characteristics than the world's currencies, non-penetrating or counterfeiting.
Financial authority and warned Iraqi banking offices and foreign exchange companies from exploiting their works everyday to promote counterfeit currency and money-laundering involvement, senior officials acknowledged their occurrence in Iraq.
Meanwhile, a President of the Economic Committee in the province of Karbala, Tariq Kikhany: that the security forces detected in a number of provinces have been active in gangs are forging currency, pointing out that these offices are not subject to scrutiny, because of the number and the dozens of people have opened offices banking, without reference controls in place.
She drew the local authorities in the province of Babylon, adjacent to Karbala, they arrested a gang of seven people, specializes in forging foreign currency, while its members are in the process of promoting counterfeit currency, and seized possession of a forged 60 thousand dollars.
The director of the beauty of the banking and foreign remittances beauty Ajili that counterfeit currency in the market, domestic and foreign, strange that some traders do not normally easily detectable.
The Judicial Council in the last Iraqi census that his 1297 sentence issued during the year against those accused of forgery of the currency.

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Issawi declare a full support for the various areas of the private sector and especially the banking sector

03/03/2012

The independent Iraqi news agency / Baghdad / s. P ... A source at the Ministry of Finance to the Minister Rafie al-Issawi discussed with the managers of private banks and private companies in the presence of MP Ahmed Chalabi, the main obstacles facing them.

Zcarpean and the Ministry of Finance received (and independent Iraqi news agency) The al-Issawi said its full support for the various areas of the private sector and especially the banking sector

He pointed to the role of the banking sector in building the Iraqi economy and promote investment opportunities in the country

The statement said al-Issawi agreed with those present on the audit work of private banks and companies by international companies to develop the work documented that the banks and increase their effectiveness.

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Preparatory Committee: to adjourn the meeting to the national meeting next Tuesday

03/03/2012

The independent Iraqi news agency / Baghdad / a. M ... After the emergence of a new difference between the National Alliance and the coalition in Iraq, postponed the meeting of the Preparatory Committee for the National meet her, which was scheduled to take place on Friday to next Tuesday. A member of the Preparatory Committee Deputy Chairman of the Turkmen Front Arshad Salhi told him Shaka

Reporter (and the Iraqi news agency, independent) that a meeting of the Committee which was scheduled for the day Friday at the home of Vice President of the Republic Dr. Khudair Khuzaie has been postponed to next Tuesday, without giving any reasons for the postponement of the meeting. And could see the next meeting of the Commission may enter into the details of the national agenda of the meeting to be a working paper for the upcoming meeting. The Committee had held four previous meetings reached, during which representatives of the political blocs in the Committee to several points in common to prepare them in a paper a unified special meeting of the National to be held soon. Has emerged as a new problem between the political blocs in the time of the national meeting, the list is Iraq want to hold it before the Arab summit conference Baghdad will it add the end of March current, while the National Alliance wants to hold it after the summit to be enough to field a professional and objective discussions dealing with all the points of contention.

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The arrest of an employee in the Rafidain Bank replaces the counterfeit currency

03/03/2012

Dropped subunits Baghdad Police Directorate of the arrest of an employee working in the Rafidain Bank branch Buratha for his introduction of counterfeit currency and replace it inside the bank.

Said Colonel Mushtaq student Hamidawi that the defendant and in cooperation with the employee in the same Rafidain Bank branch Buratha, they go into the coin of the category of the ten thousand dinars and replace and distributed in the salaries of the Internal Security Forces, were seized possession of the accused 16700 sixteen million seven hundred thousand dinars, forged and 37 thirty- other than one million fake counterfeit currency has been replaced.
He revealed little-known that the defendant had already been dismissed from his work true to the former regime for embezzling $ 5 million, the accused were referred to the Office of the fight against terrorism and organized crime in Kadhimiya to complete the legal procedures against him.

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Central Bank: the phenomenon of dealing in riba pose a threat to the national economy and the size of inflation in the market

Saturday, 03 March / March 2012

Said the deputy governor of the Central Bank of the appearance of Mohammed Saleh said that the phenomenon of dealing in riba has become a threat to the internal economy of Iraq has not been paying attention in advance by any party

Saleh said Iraq told every [where] that "the phenomenon of usury, a year in Iraq up to 86%, which is very serious," calling "the competent authorities to consider the matter and put an end to that."

"The Islamic religion calls for not dealing with riba Almighty said: (O ye who believe! Devour not usury, doubled and fear Allah, that ye may prosper) [al: Imran - verse 130], and the law also called for to combat the phenomenon of usury out of the system is intended outside of system is the phenomenon of usury among the citizens as well as their impact on the national economy. "

And that "lenders are very dangerous on the size of inflation in the Iraqi market and this has not been paying attention to him in advance which constitutes a large proportion of financial transactions in the market." Ended 2

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Intensive meetings between the Permanent Mission of Iraq and the Arab League summit for the success of Baghdad

03/03/2012

Cairo, March 3 / March (Rn) - starts on Sunday the representative of Iraq to the Arab League intensive meetings with the technical committees and the media for members of the Arab League for the coordination and cooperation arrangements in the areas of Baghdad summit.

Dr. Qais Al-Azzawi representative of Iraq University, told the Kurdish news agency (Rn) after the press conference held by the Secretary-General of the Arab League Nabil Arab began to actually starting the business and intensive meetings with the technical committees and administrative and information set up by the Arab League, where I will be meeting on Sunday the Secretary-General for Media Affairs Ambassador Alkhmlishe arrangements for the media and the names of journalists and media professionals who will participate in the Arab Summit of the Arab League approved and licenses on the devices that come with journalists from the correspondents of the channels.

He added that there Azzawi Tenseehaala level with the Permanent Mission of Iraq and the Arab League General Secretariat of the success of the Arab summit as there is a joint collaboration with the Embassy of Iraq in the Arab League to obtain visas to enter Iraq and other things.

For his part, Iraq's ambassador in Cairo Nizar goodness of God to the need for concerted efforts of all parties for the success of the Arab summit in Baghdad in this historical juncture that Iraq is going through, stressing that the security situation in Baghdad is very good and that the Iraqi police and army have taken all measures to maintain security.

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Chairman of the Federation business: laws must be activated in support of the economy to reduce the import of random

Saturday 03/03/2012

Baghdad (news) .. Noted the President of the International businessmen Iraq Hamid punitive laws supporting the importance of activation of the Iraqi economy that protects his product local.
He said the punitive (for the Agency news) on Saturday: The local market today suffer from commodity dumping of toxic and specifications that are imported from neighboring countries as a result the absence of local product, which compete with the foreign product in the Iraqi market.
He added, must activate the laws that have been legislation in the House of Representatives and supporting the national economy and production, such as the customs tariff and quality control to reduce the indiscriminate importation of goods, protection of the domestic product.
He said: that the domestic product suffered a lot of circumstances that made him away from the market since the eighties and until now as a result of war and siege, calling for the rehabilitation of laboratories produced to raise product local good quality and conformity with international standards to the Iraqi market to compete with foreign products and surpassed. / Finished / 8. d. Q /

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Claims to enact laws to improve the performance of government and private banks

03/03/2012



Discussed at a symposium of the World Bank report on Iraq BAGHDAD - Haidar al-Rubaie Filaih
Called experts and specialists in the economic aspect to the importance of formulating a future vision and constructive development of the challenges and priorities desired for financial reform in Iraq, stressing the need for Iraq seeks to provide further support to the banking and financial sector and to allow it to move it to the ranks of Almenkdma, noting that the report World Bank on the financial situation in Iraq, issued in June 2011 called for strengthening the role of state-owned banks and modernize the regulatory framework complete them, which makes it imperative for the government show more flexibility in order to revive the financial realities in Iraq correctly according to specialists. He said experts at a symposium organized by the Institute to apply for policy development which is supervised by economic thinker Dr. Mahdi Al-Hafiz necessity makes it imperative for the country to seek in earnest to organize the work of fact, government banking and private sectors as a first step towards the development of the financial realities in Iraq in general, noting that the seminar which was organized in the light of the results of the World Bank report urged the parties concerned to find radical solutions to the infrastructure of the financial sector, which they said they were still weak and an obstacle and clear in front of events funding, and reform the structure and development of the level required Registration includes Alatmana and the development of an overarching framework and the drafting of legal systems and frameworks, accounting, auditing advanced.
Stressed Dr. Amal Shlash, which took on the importance of managing the discussion topic for the future fiscal and monetary policy in Iraq and its impact on the economic situation in the country, at the time of which he introduced Dr. Mahdi Al-Hafiz initial observations and ideas about the contents of the report and its consequences on the national economy. , Followed by economic expert, Dr. Ahmed Abreha who presented an analysis of the trends and implications of the report. And then held extensive discussions between serious participants in the symposium of experts and economists.
The participants at the seminar that the main conclusion of the report of the World Bank aimed at promoting state-owned banks and modernize the regulatory framework complete. Explaining that although there is significant progress has been achieved in the path of fiscal and monetary in Iraq, such as restoring the formation of the Iraqi Central Bank and the issuance of a new national currency and the expansion to allow the private banks, the efforts are still needed to complete the task of reforming the sector dramatically.
The participants recommended the importance of highlighting the effects of the banking system to the financial system in Iraq with reference to the control of the government banks on most assets in this sector, indicating a trend for private banks (civil) to develop its work and practices in order to secure the performance of advanced banking, but these efforts still need to promotion and development of Mstmrien. calling at the same time the need to reform government banks (especially banks, Rafidain good) and who need to urgent efforts to this goal, stating that the reform includes the redistribution of roles and missions of government banks and private banks, including the Trade Bank of Iraq
(TBA).
He drew the participants in the seminar that financial markets are still mainly in (the financial markets), a body is still small and undeveloped, and that it had a full capacity for development in the future. And that the insurance sector is still limited and subject to the domination of state institutions and non-covered control required. Participants drew that small and medium industries and microfinance are other non-evolving well, in fact, a big job needs to be addressed seriously in the future. noting that some studies indicate that approximately (5) only one percent of projects the economy official has received bank loans.
And gather the participants in the seminar that the World Bank study this comes at a sensitive time for the very development of economic life in the country which make a significant contribution to make to all staff, the financial sector an incentive to overcome the difficulties and problems facing the national economy in general.

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Abdul Rahman Alloizi: Iraqi Constitution which more than 50 law needs to be legislation

Saturday 03/03/2012

Baghdad (news) .. said a member of the Legal Committee MP / patriotic block / Abdul Rahman Alloizi that the Iraqi constitution, which today more than 50 law needs to be legislation.
Alloizi said in a statement to the Agency (news) today: that the Iraqi constitution today in more than 50 law need to be legislation, noting that the Legal Committee in the process of completing this legislation.
He added that these provisions will not be different from what exists in the Constitution, but a complement to what is in it because the Constitution does not apply directly, but refer to the laws which in turn holds the operations of the organization.
The Committee had begun during the last year the first reading of the draft law organizing the provisions of the nomination for the post of President of the Republic and the provisions of a deputy or more for him. / Finished / 5. For. M /

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