Tag Archive | "Central Bank of Iraq"

Central Bank gets New Governor

By John Lee.

The Secretary General of the Council of Ministers, Ali Mohsin Ismail (pictured), has been appointed Governor o the Central Bank of Iraq (CBI), replacing Dr Abdulbasit Turki [Abdul Basit Turki Saeed].

His position as GSCOM is to be filled by Dr. Hamed khalaf Ahmad.

Mr Ismail said he was leaving his former position with full confidence and trust in his successor.

(Source: Iraqi Govt)

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BIS To Accept Additional Deposits From Iraq

The Central Bank of Iraq announced on Sunday that it has received a memo from the Bank of International Settlements (BIS) in Basel Switzerland announcing that it will accept more deposits from Iraq.

“This procedure will contribute in increasing Iraq’s money revenues after keeping it in a very secure location,” the Central Bank explained.

The BIS is an international organization for central banks aiming to strengthen monetary and financial cooperation worldwide.

(Source: Alsumaria)

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CBI US Dollar Sales Increase After Monday’s Auction

On Monday, the Central Bank of Iraq announced the increase of its US Dollar sales during Monday’s auction after reaching  $16278000 last Sunday.

“The total US Dollars sold by the bank amounted to $288639000 at price of 1166 IQD per US dollar during the auction, which included the participation of twenty-four banks,” CBI reported in a statement to AIN. 

“The price of the dollar sale and the remittances at the auction reached 1179 IQD against the US dollar. That included the commission of the CBI, which was up to 13 IQD per US dollar, while the US dollar buying sale reached 1171 IQD.”

According to AIN, the CBI will continue buying and selling the US Dollar at the price of 1166 IQD within the same adopted commission.

(Source: All Iraq News)


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Warka Bank Claims Court Victory

By John Lee.

Warka Bank has issued the following statement with regard to its legal case against the Central Bank of Iraq:

“With regards to the legal court case Warka Bank for Investment and Finance has filed against the Central Bank of Iraq Warka Bank for Investment and Finance is delighted to inform its cliental, shareholders and management that the Iraqi Supreme High Court has awarded its decision in full favor of Warka Bank for Investment and Finance confirming its judicial decision that the liquidity crisis and events leading to Warka’s declining financial position is entirely due to the fault, malice, mismanagement and misdirection of both the Ministry of Finance and Central Bank of Iraq their ill actions taken against the bank placing the full blame and cause on both the Central Bank of Iraq and Ministry of Finance their lack to take the proper action measurements and steps to resolve the crisis properly in supporting the rehabilitation of the largest financial enterprise in the country.

“Where we are delighted to add that the court decision confirms that Warka Bank for Investment and Finance has implemented, practiced and maintained all legal banking guidelines, protocols and regulations set by the bylaws of the Central Bank of Iraq confirming its true innocence.

“We have posted a copy of the court’s decision to bring comfort joy and happiness to all those whom have supported our bank, board of directors and management.”

A copy of the court document can be downloaded here.

(Source: Warka)

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Iraqi Politician Attacks “Central Bank Corruption”

By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

The controversial Iraqi Sunni politician Ahmed al-Alwani, who is president of the Economic Commission in the Iraqi parliament, ridiculed the notion that if Anbar province gains autonomy, its economy will be weak because the province lacks essential economic resources. He said that large Iraqi provinces can attract a lot of investment.

Alwani proudly claims to be “the godfather of the Anbar [autonomy] project.” He said that “whoever says that Anbar wishes to become an [autonomous] province in order for it to throw itself into the arms of neighboring Sunni Arab states is getting his information from [the wrong sources].”

Alwani is considered to be at the forefront of the Anbar protest movement that started more than two months ago and spread throughout Sunni-dominated areas in Iraq to oppose Prime Minister Nouri al-Maliki’s policies. The protests turned into an open-ended sit-in on the international highway that passes through Anbar and connects Iraq to both Syria and Jordan.

Alwani gained fame when he was reported to have accused Iraqi Shiites of being subservient to Iran and working to serve its interests in Iraq, but he has denied saying that.

Anbar is majority Sunni and the largest of Iraq’s provinces, covering a third of the country. It borders Syria, Jordan and Saudi Arabia and has one of the largest untapped gas fields in Iraq, the Okaz field.

Alwani said that “establishing a province does not mean secession. According to the constitution, [Anbar] should receive a portion of the state budget to manage its affairs, as happens with the Kurdistan region.” He added that “the Iraqi constitution provides for the formation of [autonomous] regions, but it also provides for the existence of federal ministries, such as finance, defense and foreign affairs. This is to ensure the success of the [autonomous] regions project.”

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Deputy Governor of CBI Released

By John Lee.

The Iraqi authorities have reportedly released the deputy governor of the Central Bank of Iraq, Mohamed Salih, who has been detained for more than month on charges related to corruption.

In October, Prime Minister Maliki removed the head of the central bank, Sinan al-Shabibi, accusing him of mismanagement and currency manipulation. He is understood to be still outside the country.

(Source: AIN)

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What’s the Real Reason for Shabibi’s Dismissal?

Perhaps the biggest story of recent days was the shock dismissal of the Governor of the Central Bank of Iraq (CBI), Sinan al-Shabibi, and the issuing of arrest warrants for him and many of his staff.

The nature of the allegations against Mr Shabibi are not entirely clear, but appear to center around manipulation of the exchange rate between the Iraqi dinar (IQD) and the US dollar.

Considering the fact that the exchange rate has been managed within a relatively tight range for quite some time, this accusation looks a little strange.

But there has been tension between the Central Bank and the government for years. In January of last year, Nouri al-Maliki secured a court ruling placing the Central Bank under the control of the cabinet, rather than the parliament, much to the displeasure of al-Shabibi.

The latest charges have been brought by Iraq’s Commission on Integrity, whose former head resigned last year, alleging political interference in his inquiries.

Suspicions abound that the Central Bank affair is an attempt by al-Maliki to increase his control of the bank. While we wait for more details to emerge, the international business community will be watching developments closely.

Iraq is a complicated environment, and Upper Quartile and AAIB are the ideal partners to guide your business through the complexities of Iraqi life. For more information please contact Gavin Jones or Adrian Shaw.

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Iraq Cabinet Names Interim CBI Governor

Iraq’s cabinet has named an interim replacement as governor of the country’s central bank.

Prime Minister Nouri al-Maliki’s spokesman Ali Mussawi said, “the cabinet decided to authorise Abdelbassit Turki, the head of the Board of Supreme Audit, to run the central bank indefinitely”.

The former head of the Central Bank of Iraq (CBI), Sinan al-Shabibi, was suspended from his post by the country’s anti-corruption watchdog, the Commission on Integrity, as part of an inquiry into alleged currency manipulation.

(Source: Naharnet)

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