Tlar Comment - While we have mostly concentrated on the politics of Iraq, the CBI has been forging ahead.
The rate is under their control and meets the IMF requirement to move to an Article VIII currency. Article VII means a currency that can be traded globally. Once the government is set the budget will be the first order of business.
The budget can be voted on before they vote a new PM in but the way things are moving the new PM should be in place by the first part of next week IMO.
The CBI has stated since the beginning that the reserves are out of country being held at banks around the world and will be brought back home once the government is set. It is my belief that the reserves were being protected not from the ISIS, but from Maliki.
In any event Turki also said over a month ago, "if the government were put together (settled) he would do it today when speaking of monetary change." The CBI has said on numerous occasions that prices are firm in the market and that the dinar was strong during this period.
He has continued with BUSINESS AS USUAL just waiting for the government as we have been. These are a few of the articles from the CBI over just the last few days. THEY ARE READY AND WAITING. tlar
Central Bank announces start using e-payment of funds 13/07/2014 21:15
Follow-up - and babysit - The Central Bank of Iraq, about to start using e-payment of funds in the settlement of accounts and bank transfers between accredited institutions and individuals.
According to a statement of the Central Bank, he "built a system to issue electronic payment services for money target for the development of financial and banking sector in Iraq and reducing the phenomenon of pregnancy and trading coins and create an atmosphere of competition between financial institutions through the provision of new banking services
CBI issues Visa cards Sunday, 13 July 2014 23:59
Baghdad (AIN) –The Central Bank of Iraq announced adopting the electronic payments of funds (Visa Cards) to limit the phenomena of carrying and dealing with cash.
A statement by the CBI received by AIN cited "The CBI adopted the Visa card system to develop the financial and banking sector and to create an atmosphere of competition among the different banking and financial establishments in Iraq."
The statement added "The new system will organize the work of the providers of the service and issuing licenses for them according to the law No. (4326) of 22 June 2014." /End/
Central uses the electronic payment system for the settlement of the instruments between governmental institutions and banking
Thursday July 10, 2014 14:56 Alsumaria News / Baghdad
Iraqi Central Bank announced on Thursday, for the use of the payments system for the settlement of the instruments between governmental institutions and banking, adding that the system would ensure the safety and efficiency of payment systems and clearing operations.
The bank said in a statement received "Alsumaria News" a copy of it, that "the aim of developing financial and banking sector in Iraq and reducing the phenomenon of pregnancy and the circulation of money, it has been taking a number of measures in the automation of processes settlement instruments and payment orders between governmental institutions and banks electronically through the payments system Iraqi network which uses safe and effective. "
The bank added that "the system will allow for the operation and management of the accounts of the settlement between the participants from which to ensure the safety and efficiency of payment systems and clearing operations."
The Bank noted that "the Ministry of Finance has adopted this system in obtaining dues from various institutions instead of instruments," pointing out that "it is considered a key step in the way of comprehensive mechanization of each financial transactions and means of performing the obligations in Iraq."
It is noteworthy that the Iraqi banks have not kept pace with developments in the work of international banks, and has been linked through the use of telephones and fax machines, and did not enter the Internet, but after 2004, and sought the central bank to develop the banks associated with it through the introduction of new technologies and linking banks globally automatically , to facilitate the process of transfer of funds to and from Iraq.
Agency eighth day July 8, 2014
Central Bank confirms Iraq's ability to emerge from its current crisis
BAGHDAD ((eighth day)) _
The Governor of Central Bank of Iraq, Abdul-Basit Turki, that Iraq is able to get out of its current crisis, "noting that the Iraqi dinar and supported by a strong cash reserve of 70 billion dollars and is not linked to any other currency.
And pointed out that the Turkish central bank is able to support the exchange rate of the dinar, which currently stands at 1200 dinars to the dollar but did not rule affected the exchange rate. (ST)