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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The Financial Services Court rejects 4 lawsuits filed by banks

    Rocky
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    • Post n°1

    The Financial Services Court rejects 4 lawsuits filed by banks Empty The Financial Services Court rejects 4 lawsuits filed by banks

    Post by Rocky Wed 18 Jan 2023, 5:33 am

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    [size=52]The Financial Services Court rejects 4 lawsuits filed by banks[/size]

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    The Presidency of the Baghdad-Rusafa Court of Appeal revealed, on Monday, that the Financial Services Court had responded to 4 lawsuits filed by the “Asia Iraq Islamic Bank, the Iraqi Middle East Bank, Al Ansari Bank, and the Islamic Holding Bank.”[/size]
    [size=45]A statement issued by the media center of the Supreme Judicial Council stated, “The four lawsuits were filed against the governor of the Central Bank, in addition to his job, in which they request the aforementioned bank agents to cancel the (Central Bank Governor’s) decision to stop dealing with their client in the currency of the US dollar.”[/size]
    [size=45]The statement added, “The court reviewed the provisions of the Central Bank of Iraq Law No. (56) of 2004, which obliges the Central Bank of Iraq to possess and manage all foreign reserves for Iraq, and that this matter requires entering into the necessary agreements and memorandums of understanding with international monetary institutions to provide foreign reserves and manage its assets properly.” sound and effective with the aim of protecting and preserving those reserves, and giving it the authority to conclude agreements and treaties, especially with the Federal Reserve Bank, as it is the owner of the right to issue the US dollar currency and has the right to prohibit dealing in that currency for any country or international or local financial institution in a specific country.[/size]
    [size=45]And he explained, “The Federal Reserve Bank has the right to request the termination of processing the US dollar currency to that entity that poses risks, and the Central Bank of Iraq will stop supplying the US dollar currency to any direct or indirect recipient upon receiving a written request from the Federal Reserve Bank to do so.” That “as a result, a deprivation list for the Federal Reserve Bank was established, in which banks and non-bank financial institutions are included, in cooperation with this bank, and this happens on a weekly basis, after ensuring compliance with this list by an international auditing company.”[/size]
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