(Post 194) Samson: The Iraqi Private Banking Association concludes the course "Developing the Skills of Banking Branch Managers" LINK
Samson: The central bank organizes a lecture in Mosul on financial inclusion https://cbi.iq/news/view/1428
MilitiaMan: Timing of these articles and what Frank brought us from WS files should have everyone smiling..
"Regular meetings now between CBI Board, IMF, AMF and UST."~Frank26
Militiaman: For them to be having meetings with those four should assure us that this is coming together so very well and orchestrated to be in synchronization with the new PM and his fresh independent cabinet even with the ISX to down to bank tellers.
The four Global Enities would be the ones to give the guidance to the CBs, Private Banks and then down to the bank managers, as they will need to now what to teach the tellers. They'll need to know what to tell the citizens about the value and the longevity of the coexistence of the varied currencies they will hold for what ever period of time they decide. That is effectively end game for us when that happens. imo
The call suggested that the Kurds will be involved in the training. Take note that the above Mosul training was done days ago.. imo... They speak of training at a very high level of internationalism. The CBI Statistics website has the stats on many things that facilitate money movement globally. They have the training parameters in place and or done by now through the managerial levels.. Next step is the tellers.. Most likely that is or will be down to the last few hours and or last minutes.. imo ~ MM
"The Central Bank of Iraq - the Erbil branch, organized a dialogue seminar on February 13, 2020 for the purpose of clarifying the relationship between transparency and disclosure and the commitment of private banks to the principle of transparency in accordance with the laws and instructions of the Central Bank of Iraq and international standards and explain the mechanisms for preparing cash transfer programs and provide the necessary guarantees and the mechanism of cash withdrawal and a set of other recommendations."
Post #200 Don961 "Today we urgently need to start a new stage that works to adopt the term "quick action"
SNIPPET: Reaching our development goals is not difficult, but we need serious directions that support investments and investors and attract them with their advanced technology and capital to be employed in serving the economy of the country and the world, and here our slogan must be "the Rapid procedure. "
"Rapid procedures" is a slogan they use. Well that sounds like they are moving right along and will be urgently addressing these procedures in a new stage. Well the new stage imo will include a new rate and a new median of exchange that will coexist for some time to come. ~ MM
MM POST #219 SAMSON said (Post #78 )
Confirmation of closing of the accounts of the merging brokerage firms opened with the approved banks.
The merging of companies, is a good thing in many cases. Merging Brokerage Firms that buy and sell foreign currencies. Be sure, that when there is a reason to merge there is value generated once completed, as merging tends to lead to growth... There will be demand for the IQD when they reinstate the IQD internationally imo. This appears to support that notion. The use of the words Brokerage Firms has me thinking growth in "Shares and or Currencies".. As we have learned there will be a synchronized effort with the ISX/NASDQ/FX/ATMs....then the NSCN's and fils.. imo ~ MM
7-FA said (Post #6)
Confirmation of closing of the accounts of the merging
brokerage firms opened with the approved banks
18th February, 2020
To / All Approved Banks ( Account Closure )
We confirm what was stated in our numbered number (9/5/333) dated 5/8/2019 and
the attached requirements for granting the license to merging exchange companies for
the two categories (A, B), paragraph (9) of it, including ( closing all accounts of
brokerage firms buying and selling merged foreign currencies). Open at authorized banks
with the exception of ( parent company ) accounts.
MilitiaMan: Then we see this below as well. They are seriously speaking of value. Well if they are going to get linked with the International Community and even with the NASAQ, the values of these companies will need to be transparent and have real value.. They NASDAQ has rules and they need to be followed, just as there are rules for Market Makers and the pricing of the shares. Same would hold true with the Forex, I suspect too. This is a very good sign.. ~ MM
Disclosure ... enhances the value of financial institutions locally and internationally
Tuesday, February 18, 2020
Baghdad / Al-Sabah
The Executive Director of the Iraq Stock Exchange, Taha Ahmed Abdel Salam, stressed the need to disclose in the financial institutions, for his role in enhancing its value locally and internationally, and its capabilities and performance improvement and reach its service or restrictive goals that are in all circumstances to serve the national economy.
Abdel Salam said: "Disclosure in economic institutions takes many forms and its follow-up is among the duties of the regulatory institution and society alike."
The real value
Abdul-Salam added, "We have previously demonstrated the need to pay attention to the market value of shares and compare them with the real value and the equivalent calculated in accordance with the disclosure criteria, and more importantly, interest in disseminating and clarifying these values in the performance contexts of the joint stock company, which has become known internationally and Arably to investor information or investor relations IR."
In the context of his responsibility and interest in the banking performance of Iraqi banks and their relationship with shareholders and investors, the Central Bank requested the registered Iraqi banks, whose shares are traded in the Iraq Stock Exchange, to pay attention to the bank's website through allocating an electronic window for investor relations (IR) on the bank’s website through which the publication Annual and quarterly reports, as well as publishing financial data analysis and comparisons with previous periods, as well as significant and influential contributions, and publishing analysis of performance and activity indicators and decisions of public body meetings And the number of shares traded and their market value.
And that "this procedure is considered an evolution in the Disclosure Mechanism," as most banks implement the above paragraphs and publish them in their annual report, which appears shortly before the meeting - and it is almost a historical financial report - at a time when the importance of disclosing the above paragraphs appears within a system. An electronic window in the bank is a guide to transparency and interest in the bank’s shareholders to inform them of performance indicators, especially when combined with trading indicators in the stock market and a catalyst to attract investors.
Publish the data
Abdel Salam stressed that "the purpose of publishing the above data and information is a start to the financial and informational disclosure required by the participating banking companies, especially when demanding the publication of an analysis of the relationship and impact of financial variables among them and the relationship of the stock return and the earnings per share with the market value. Which gives a true picture of the value of the stock in light of Financial indicators".
Abd al-Salam continued, "It remains to determine that violating this mechanism should not lead to stopping trading in the company's shares or imposing fines on the company itself, but rather resorting to more effective means of holding accountable the negligent," explaining, "the importance of this mechanism extends in disclosing the way to sites that It promotes unlicensed investment and is not based on legal approvals by the sectoral authority or by the Capital Market Authority in Iraq, by deluding society with unrealistic investment opportunities in global stock exchanges that adopt dealing without the lowest disclosure criteria.
MilitiaMan: My view is they are fully disclosing to the world they are finishing the reforms and in very deliberate fashion. Yet they are using the PM cabinet as a smoke screen.
By them publishing that the cabinet is completed, yet, they are stalling the vote in parliament, suggests they are staggering the date of the vote time frames in the news for a purpose.. They suggested it was for yesterday, then today, now possibly Sunday, Monday and or even Tuesday next.. Imo ~ MM
Samson: (post 87) Rafidain Bank announces the opening of documentary credits to ministries, traders and private sector companies LINK
Samson: Al-Rafidain announces the opening of documentary credits for ministries, traders and private sector companies LINK
MilitiaMan: As noted in post 194 (see above) today, about the country being ready to go international (or is now already), this supports that opinion quite well. lol All the global entities that were mentioned in #194 has me thinking that this is telling the Global entities that they have the ability to get guaranteed payments and settlements in a manner that is acceptable to both buyer and seller in at an international level.
They have this in place through a government agency of Al-Rafidain Bank!! All the pieces of the puzzle are now on the table and apparently in place! Go time.. Or What? Imo
"The documentary credit is one of the most secure payment methods in international trade, offering the exporter a conditional payment guarantee from the importer's bank. Documentary credits usually require the presentation of certain documents, which must be complied with before payment can take place."
Frank and Walkingstick video referenced above