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


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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


2 posters

    World Bank helps Iraq in restructuring its banks

    Rocky
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    • Post n°1

    World Bank helps Iraq in restructuring its banks Empty World Bank helps Iraq in restructuring its banks

    Post by Rocky Tue 02 Aug 2016, 6:44 am

     
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    Economy News / Agencies ...
     
    Financial adviser to Iraqi Prime Minister emphasized the appearance of Mohammed Saleh, a strong political will on the Iraqi government to restructure state banks, and formed a committee headed by the governor of the central bank on the Keywords, and there is a sub-committee to follow up the issue of restructuring began working with the World Bank, which has given us a road map of the four stages.
    He noted during a seminar held by «Institute of the progress of the development policy», to the existence of «the will between the blocks to restructure the banks, and the first phase of the plan check bank accounts, and the second the establishment of the company were also preparing Moisntin, one graphic and realistic clean, while the third step is governance management through supplement State-owned banks international experts to create a homogeneous banking market, while the fourth step they return capital restructuring of the Rafidain and Rasheed, and this stage must be completed within 18 months ».
    He stressed «the need for a legal restructuring to unite the visions of banking and restoring the banks and give strength to the boards of directors of government banks qualify to enter into the banking market». He said: «The banking sector consists of seven large banks account for 91 percent of banking assets and about 86 percent of the deposits of the banking system, and the formation in government deposits amounted to 65 trillion dinars (about US $ 55 billion) as of the end of 2015.45 trillion of them The government deposits and 19 trillion and deposits of eligibility, including 10 trillion dinars, the bank Rafidain and Rasheed, and 9 trillion in private banks ».
    Saleh added that «capital and reserves of sound relative to the assets in the budget amounting to only 2 percent, and coincide with the global context in terms of shape and look as if our banks live current modern globalization. The private banks, are still living conditions of the 19th century. »
    He explained that «the liquidity of sovereign government is the support of government banks, which means that the investments are in government funds itself through Treasury transfers, so the amount of capital relative to the investments about 34 percent, while the cash credit amounts worth 36 trillion dinars 0.29 trillion, including the State-owned banks to go to money-losing companies borrowed or salaries formula for state employees or self and others, and this is about 50 percent, while the 50 remaining bars for liquidity surplus, as is the case in the Rasheed Bank, where the 80 percent, which means that it loses, and there are 7 trillions in private banks. » He pointed out that «the problem is that the government borrows from the money because there is no true system shows the direction of government money flows and their uses».
    He spoke in favor of good governance to separate ownership from management and the application of accountability and transparency, and «this can not be easily achieved because the work is a sound mechanism, led to disable the boards of directors due to the intervention of ministries in the work of banks».
    The former Planning Minister Mehdi al-Hafez said that «the failure of the Iraqi banking sector reached a level has become a serious problem must be addressed by the concerned economic reform».
    He explained that «the World Bank issued an important report years ago on the recommendation of the Ministry of Finance and the Central Bank, the financial situation in Iraq, and showed that the banking situation is the weakest link in Iraq». He added: «The report recommended the restructuring and to secure equal treatment of the sectors of government and private banks, and regret not taking any procedures or treatments to restructure the banks, even in the framework of the government program does not find a clear vision for the revision of the banking development and enable them to support the private sector».
    Prime «Iraqi National Business Council» David Abdul Zayer and stressed that «the last budget announced by the Rafidain Bank amounted to 125 trillion dinars, a fanciful figure exceeds the state budget, and we all know that this figure is not accurate.»
    He explained that «there is suspicion and doubts about the government banks, and therefore should not implicate the new administrations of these problems must stop work pending the audit of a global company», adding that «77 percent of the local currency outside the banking system, and this represents the death of the banking system certification Iraqi because the rest is a government deposits. »
    Zayer and stressed that «the fight against corruption starts from the local currency to enter the banking system», calling for «e-dinar issued by Rasheed Bank and the Rafidain only and government levies, it will help us to achieve a great leap in banking policy».


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    Rocky
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    • Post n°2

    World Bank helps Iraq in restructuring its banks Empty Re: World Bank helps Iraq in restructuring its banks

    Post by Rocky Tue 02 Aug 2016, 11:00 am

    I found this reply on a different forum,it sounded pretty good to me




    The article states, "Saleh added that «capital and reserves of sound relative to the assets in the budget amounting to only 2 percent, and coincide with the global context in terms of shape and look as if our banks live current modern globalization. The private banks, are still living conditions of the 19th century."
    And
    "He pointed out that «the problem is that the government borrows from the money because there is no true system shows the direction of government money flows and their uses»."
    And
    "He spoke in favor of good governance to separate ownership from management and the application of accountability and transparency, and «this can not be easily achieved because the work is a sound mechanism, led to disable the boards of directors due to the intervention of ministries in the work of banks»."
    And
    "He explained that «there is suspicion and doubts about the government banks, and therefore should not implicate the new administrations of these problems must stop work pending the audit of a global company», adding that «77 percent of the local currency outside the banking system, and this represents the death of the banking system certification Iraqi because the rest is a government deposits. »
    Zayer and stressed that «the fight against corruption starts from the local currency to enter the banking system», calling for «e-dinar issued by Rasheed Bank and the Rafidain only and government levies, it will help us to achieve a great leap in banking policy»."
    I had the feeling the banking system in Iraq was still in the stone age (19th century or 1800s) and was a major reason the funds went missing at the hands of the corrupt.  Looks like the drive for auditing, getting the citizens to deposit their dinar in the banks, and going to edinar will rocket Iraq out of these problems and substantially change the face of banking so the funds can no longer go missing at the hands of the ministries.
    Accomplishing this feat looks like it is on the books and being implemented as we watch.  If successful as stated, this could be a substantial piece to what we are looking for with regard to the RI/RV.
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    Proven
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    • Post n°3

    World Bank helps Iraq in restructuring its banks Empty Re: World Bank helps Iraq in restructuring its banks

    Post by Proven Tue 02 Aug 2016, 12:12 pm

    This is why the E-dinar is important:

    77 percent of the local currency outside the banking system, and this represents the death of the banking system certification Iraqi because the rest is a government deposits.

    The only deposits in the banking system is government deposits!
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    • Post n°4

    World Bank helps Iraq in restructuring its banks Empty Re: World Bank helps Iraq in restructuring its banks

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