Thursday, January 7, 2016

Articles for January 7th, 2016

C.B.I.News & Announcements-Change accounting to international standards

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NOw this is great but we have seen this before

To all licensed banks (the transition from the uniform accounting system for banks and insurance companies to international standards)
01/07/2016
http://www.cbi.iq/documents/Announceme.7-1-2016.pdf

To all licensed banks (buy gold commemorative coins)
01/07/2016
http://www.cbi.iq/documents/Announcem7-1-2016.pdf ( I wonder how much it cost to translate this pdf lol )
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The Iraqi government distributed budget ministries in several stages(Iraqi Gazette Reference)

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So, according to articles it appears the budget hasn't been published and they are probably going to release it in stages

 Roudao - Erbil   Finance Committee revealed in the Iraqi Council of Representatives, said he 'after the publication of the financial budget law for 2016 in the Gazette of Iraq, will start the distribution of ministries budget, but the distribution will be in several stages.'
     A member of the parliamentary finance committee, Ahmed Sarhan Slevana, network Rudaw media, that 'Iraq will not distribute the budget on a single stage, but whenever he has been part of the collection of revenue money it will be distributed to all ministries'.
     Slevana, 'according to the general budget, the value of income is estimated at 85 trillion dinars, and the fiscal deficit of about 24 trillion dinars, and that the Ministry of Finance will fill the deficit through foreign borrowing.'
     And about the loan, he said a member of the Parliamentary Finance Committee, 'Baghdad is not serious so far to get to the outside of the loan, due to high interest rates, which caused great damage to Iraq'.
     He said, 'what the Iraqi Minister of Finance, regarding the distribution of salaries and low oil prices, very close to the Iraqi reality'.
     Slevana continued, 'If oil prices stay as they are now, this will cause the occurrence of a major economic problem for Iraq'.

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Parliamentary Legal announce the completion of most of the laws entrusted to them

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07:20:15 2016-01-07|(Voice of Iraq) - BaghdadLegal Committee of Parliament announced the completion of most of the laws entrusted to it through the chapters legislatures past.The committee member said Sadiq frankincense that "the Legal Committee was able to complete most of the important laws pertaining to the Iraqi street by putting touches on the laws that have not experienced a political consensus and bring in the views."Hecontinued chewing gum that" the Commission is working on the completion of the Federal Court Act, the Justice and Accountability and the prohibition of the Baath Party and the law of oil and gas, what you need from a political consensus in the House of Representatives."Itis said that the House of Representatives, was able to approve the martyrs and the Law Foundation Law budget and a set of important laws.
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Central Bank [of Iraq minted a 100 dinar coin(gold) which will be sold by banks]
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Alsumaria News Baghdad   Central Bank, Thursday called on banks to purchase gold coins gold, while noting the arrival of a coin 100 dinars, the price reached 720 thousand dinars.
     The Bank said in a statement the Sumerian news copy, ' with a view to diversifying public savings and to ensure he receives 24 karat gold has partnered with an international company of 5000 minted a commemorative gold coin ', adding that ' coins are of class 100 dinars weighing 15 grams to eighty-fourth anniversary of the founding of the Iraqi Monetary Authority 1930, plus a 5000 JD 250 class coin weight 22 grams to mark the eighth anniversary of the founding of the Iraqi Central Bank in 1947.
     The Bank said it received the first of these coins that weigh 15 gram ', stating that he ' will be offered for sale through banks that will define them.
     He said that the bank was determined the sale price of banks on the basis of cost and out of Baghdad International Airport plus administrative Downloads 1% of the cost to be the price per minted from this category by 720 000 dinars. '
     The Central Bank, in January 2014, its intention to sell gold different weights for those wishing to purchase it from the citizens, adding that he began contracting procedures for imported and then sold through the banking system.
     And the foundations of an independent Iraqi Central Bank as a bank under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies being sessions daily for buying and selling currencies.
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so that's it for the morning, come back later today 

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