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yota691

Economic rights and national security strategy

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Samir Nusairi 

The Central Bank of Iraq issued a statement in which he confirmed the rise of total assets of the government and private banking sector to 120 trillion dinars 100 billion dollars in 2018 compared to 2017 and clearly indicates that this was achieved because of the strategic measures adopted by the Central Bank as part of its plan to restore confidence in the banking sector.

In another statement, the bank stressed its keenness that commercial banks are committed in accordance with the Banking Law and its bylaws to the banking standards, controls and regulations in maintaining financial stability and not tolerating potential damages due to government decisions to support the private sector to reduce interest rates for contractors and investors whose payments were delayed by the government.

The Orbiter and the Controller like banking and through the analysis ofbusiness results of banks for the years 2017 and 2018 and the first half of 2019 notes clearly the main role of the central bank executive, supervisory and regulatory procedures on the banking market in Iraq , according to thetarget in its strategy for the years 2016 - 2020 .

Total assets increased by 10% and total deposits to 14% in 2018 compared to 2017.This is a sure criterion for the success of banks according to the Central Bank's plans to increase confidence in dealing with banks in addition to increasing the ratio of financial inclusion to more than 23% in light of international reports.

This means that the financial position of the Iraqi banking sector is heading in the right direction towards the sobriety and transparency that he called for and worked to implement since July 2017 by the message of the Governor of the Central Bank addressed to banks We hope to achieve 100% in 2020.

What confirms the correctness of the procedures of the Central Bank is to increase foreign cash reserves to $ 72 billion as of 30/6/2019, an indicator confirms its success in maintaining foreign reserves despite the economic and financial challenges suffered by Iraq and do not forget here the active role and supportive and supportive The Central Bank of the National Economy and its contribution to the stability of the exchange rate and thus restore confidence in the Iraqi economy and international banking transactions and its commitment to international banking and accounting standards, especially with regard to combating money laundering and terrorist financing.


Views: 58   Date Added: 07/08/2019

 
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8 hours ago, yota691 said:

to the stability of the exchange rate and thus restore confidence in the Iraqi economy and international banking transactions and its commitment to international banking and accounting standards, especially with regard to combating money laundering and terrorist financing.

 

 

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Point a system on a diwani order

 

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http://economy-news.net/content.php?id=17459

Samir al-Nasiri

Recently issued a decree to appoint a general inspector in the Central Bank of Iraq and a review and reading of the Central Bank Law No. 56 of 2004 in Article 2 (legal status and independence) and paragraph 2 of it clearly stipulates that (the Central Bank enjoys independence in its endeavors in order to achieve its objectives and implementation The Central Bank shall not receive any instructions from any person or entity, including government agencies, except as otherwise provided in this Law.
In addition, the Central Bank is subject to the control and questions of the Iraqi Council of Representatives in all its activities and accounts are subject to the Office of Financial Supervision and an international audit company.
It should be noted that banks in all countries of the world are sovereign and independent institutions operating in accordance with their laws to achieve specific and clear objectives involving all banks, which is clearly referred to in Law 56 of 2004.
I believe that the issuer of the Diwani order should consult with legal and financial advisors before appointing a general inspector at the Central Bank, as this may be considered as an interference with the independence of the bank and its functions and gives a negative indication to the international banking and financial institutions, which the bank has exerted great efforts in restoring its bilateral financial and banking transactions with it.
As a citizen, I am a constitutional right in a democratic system that guarantees me to discuss government decisions with general effect. I record a point of order on the Diwaniyyah order, stressing the independence of the Central Bank, which is contained in more than one article of the law in force that regulates the functions and duties of the Central Bank.
I call on the Prime Minister to reconsider the Diwani order as far as the Central Bank is concerned and does not affect our national economy and the independence of monetary policy and privacy.

 
Views: 142 Date Added: 09/08/2019
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Banking and Economic Advisor Samir Al-Nusairi
  

 Dialogues


Economy News - Baghdad

The economic and banking adviser to the Association of Iraqi private banks Samir al-Nusairi, Monday, the need for the participation of the private sector in economic decision-making.

Speaking in an interview with the "Economy News" on the challenges of the Iraqi economy and opportunities for reform of the banking sector in the government curriculum and prospects for the future of the national economy in light of the efforts being made to establish the Council of the private sector and its leadership of the economy in Iraq Vision 2030 in accordance with the strategy of private sector development for the years (2014‐ The role of the Central Bank in the digital transformation of the Iraqi banking sector and its role in achieving financial inclusion.

The dialogue was as follows:

* What are the opportunities for reform and development of the banking sector in the government curriculum?

- In the fourth pillar of the government curriculum (strengthening the economy), the government timetable for the government and private banking sector was defined and policies were set to implement the following objectives:

1. Development of the system banking Iraqi and enhance the confidence of the citizens it.

2-converting banks to function core , a lending of for development.

3 - Banks that do not provide loans and banking facilities that assist in development lose their meaning as banks, which requires a specific attitude towards them from the Central Bank.

4. Banks are the lever of development and the importance of the Ministry of Finance and theCentral Bank to support banks and develop their functions and not to rely on their presence on thecurrency window .

5 - Seek to move from a paper currency economy to a symbolic and electronic currency economyand withdraw funds outside the banking cycle and enter them into the banking system.

All the above objectives , although the period for implementation, according to the Government 'sprogram of time ranging from (1 -4 years) , but the central bank 's strategy for the years (2016-2020) achieved the goals of many of the goals of the government curriculum above and painted thenecessary policies and standards to achieve the goals in stages , which This led to the evaluation and classification of banks based on their achievement of the planned objectives. Some banks are moving towards the required development. Banks still need an additional period of time to achieve the objectives. There are non-performing banks that are now making extraordinary efforts by the bank to centralize and administer these banks to rehabilitate them.

What is important to us here is the real functional role of banks in providing loans and banking facilities and the transition from the role of banking to the development role There are two important observations to be taken into account with regard to the issue of loans and banking facilities to stimulate the economy:

First: The nature of the activities of banks depends on the nature of the activities of economic sectors, and as long as the economic activity is concentrated in trade (imports) banks activity remains focused on external transfer and related .. Therefore, unless other sectors (industry, agriculture, tourism and other) move to expect diversity of activity Banking.

Without control of imports, these sectors will not rise, which explains the lack of serious loans through the Central Bank initiative.

Second: We must provide the legal environment and the extension of the rule of law in order to eliminate the phenomenon of default in repayment of loans and thus the reluctance of banks to provide loans and facilities.

Q: What is your vision of economic reform in Iraq?

In the light of my study and analysis of the reality of the Iraqi economy and the challenges faced during the sixteen years I reached my vision of economic reform has been fixed in my book (my vision of economic reform in Iraq) as follows: -

1. Draw a road map at the phased and strategic level to reformulate the new economic approach of Iraq, which adopts the mechanisms of transition to a social market economy in accordance with Article 25 of the Constitution by re-evaluating and reviewing the structural, structural, institutional and legislative system of economic management. Also review and evaluate the basis of coordination between the financial and monetary policies.

2. Adopting the policies set out in the National Development Plan for 2018-2022 and the Iraq Vision 2030 and activating the decisions reached by the Joint Expert Committees formed in the Council of Ministers in 2015 for each of the productive economic sectors. The implementation of the road map for each economic sector is subject to follow-up and monitoring. And evaluation.

3 - Form a joint legal committee between the government and the private sector to re-draft and amend and issue new laws and activate all laws issued and currently pending that govern the management of the economic process and serve the application of the road map that is approved, which is all the laws of the legislative environment that regulate and manage the Iraqi economy in a new method, most notably the Banking Law and Partnership between government, private sector and local product protection law.

4- Establishing the Private Sector Council, whose tasks will be in accordance with the strategy for the development of the private sector for the years (2014-2030). We hope that the Council will come to light soon in order to exercise its duties in formulating policies, strategies and visions to lead the economy in the next phase.

5. Involve the private sector in economic decision-making and represent it in the presence of meetings of the Council of Ministers and the Committee on Economic Affairs of the Council of Ministers as a genuine member and the advisors and all opinion bodies in the economic ministries.

6. Establishing a central follow-up body linked to the Council of Ministers and representing the private sector.

* What is the role of the Central Bank, banks and financial technology companies in achieving financial inclusion?

- With determination and high confidence in the ability of Iraqi financial and technical cadres to overcome the challenges of the technical gap suffered by Iraq because of the repercussions of the siege, wars and instability during the period of the information revolution.

The Central Bank, banks and technical support companies have been able to overcome the challenges of the technical gap between Iraq and other countries with sound procedures and mechanisms and stand in the right direction in the darkest economic and security conditions suffered by our country during the past years and draw a sound road map to catch up with the technical developments in the world.

The follower of the situation of Iraq during the past five years notes the extent of faith in the Iraqi capabilities and competencies on the events of change and bridging the technical gap between us and the developed world and this is evidenced by the important achievements have been achieved as follows: -

1. The methodology that was adopted by the bank 's central focus is permanently on the   workunder the umbrella of the legislative , regulatory and legal sound as well as for strengthening theconcepts of governance and standards standard global with respect to information technology andfinancial technology.

2. The issuance of a system of payment mail for money No. 3 of 2014 and the establishment of theCouncil of payments of national controls and governance and management of corporate ITinformation , communications , regulations and instructions of legal , which regulates the work ofbanks and providers of services electronic payment.

3-exercise bank 's central role pivotal in the creation of built infrastructure , advanced and prosecution of the latest technology world and the development of systems of bank financial and banking systems and payments networks and communications developed according to the latesttechnologies.

4-possession of the bank 's central systems push   advanced as well as for built retail payment was divided national of the most important parts.

5. The granting of licenses for the work of many of the providers services payment mail (issuerscards and collectors and processing operations companies pay phone mobile and viewers bills and the gates of payment through channels different).

6. Extensive attention to the implementation of the first objective of the Bank's strategy for the years (2016-2020) is to achieve financial stability through a sound financial system with emphasis on financial inclusion and risk reduction as well as the adoption of the project to localize the salaries of employees.

 It is clear from the above achievements that the Central Bank has overcome the challenges of the technical gap due to the siege, occupation and terrorism. ).

* Samir al-Nusairi: an Iraqi economic and banking personality characterized by its scientific wealth and continuous economic and cultural contributions and has an insightful and analytical vision of the reality and challenges of the Iraqi economy for previous years and a clear methodology for economic and banking reform.

This comes through his accumulated scientific and practical economic experience in the governmental and private economic institutions for many years in addition to authoring 7 books and a folder titled (My Vision for Economic Reform in Iraq) and the most recent new book (light in the end of the tunnel ... Visions and economic and banking studies) and all looking On the subject of economic and banking reform in addition to membership in several Arab and local economic organizations, most notably the International Union of Arab Bankers.


Views: 22   Date Added: 19/08/2019

 
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Banking Advisor Samir Al - Nusairi
  

 
Samir Al-Nasiri *

The Ministry of Planning announced last week the launch of the National Vision for Sustainable Development of Iraq 2030 with a broad presence of vision stakeholders, ministries, the private sector, academics, experts and consultants specialized in development, investment, reconstruction and community building, with the active participation of UNDP. Poverty Reduction Based on the data contained in the government curriculum of Dr. Adel Abdul Mahdi's cabin for the years (2018-2022) and what actually contributes to achieving sustainable development Below we define our vision of the institutional and structural partnership between the government and the private sector as follows:

 

All indications are that the new government plans to start the transition from rentier to productive economy during its current cycle, in line with the National Development Plan for the years (2018-2022), diversify resources, and reduce the dependence on oil as a major source of revenue.

In order to achieve this must be to have a role and a clear program decree to involve the sector 'sin the management of the economy and industry decisions and economic development comes thisfrom through the re - building the institutional and legal structure of the private sector in thelegislative, motivational and procedural aspects in line and matches the axes of the government program and implementation phases of the development strategy The private sector for the years (2014-2030) launched by the government in February 2015 and Iraq Vision 2030 on These programs should start immediately by establishing mechanisms to involve the national private sector in economic decision-making, in particular the development of the private banking sector, completing its construction in a solid and discreet manner, restoring confidence to deal with it, and attracting the accumulated cash mass outside the banking system, which constitutes up to 77% of the circulating currency according to a comprehensive view. To stimulate all productive sectors, mainly in agriculture, industry and construction (housing and construction), energy, services and tourism, and that the government and private sector representatives adopt programs, contributions and executive measures calculated and supported physically and legally, and that age Watt (2019-2030) is already the years of support, activation and development of the sector.

In order to achieve this, the government must first establish the Private Sector Development Council, which is currently undergoing a concerted effort led by the Ministry of Planning and Follow-up seriously from the Minister and the Ministry's cadres in partnership with all representatives of the private sector. This Council shall be represented in the opinion bodies in the ministries related to sustainable development and its Chairman shall be The private sector is also represented in the follow-up committees of implementation and the specialized committees in the Council of Ministers and given a key role to the private banking sector as the primary responsible for financing and lending to small and medium enterprises and housing and reconstruction projects.

Therefore, I believe that the stage and the experience experienced by Iraq economically since 2003 need to pause analytical and evaluation and review in order to build its national economy according to a new strategic view to transition to a market economy in accordance with the vision of Iraq 2030 and based on a program prepared by the government and approved by the Iraqi Council of Representatives include several key axes, most notably The axes that clarify the role of the private sector and the role of banks in development, which emphasizes the need to apply important stages towards building a strategy for the development of the economy and support and development of the private sector to take its role in contributing to the new construction of the economy and diversify its resources for the budget N rely largely on the oil.

For the purpose of discussing and studying the economic reality that Iraq is going through it is necessary to stand by logical, scientific and economic analysis on the most important tasks that require the development of the private sector and this means to involve the private sector a greater role in economic decision-making and market leadership through the following:

1. Contribute to improving the business environment in Iraq and provide an encouraging investment climate to attract national and foreign capital and encourage the achievement of public-private partnerships.

2. Contribute to the creation of a new legislative environment based on Article 25 of the Permanent Constitution and the strategies and laws pertaining to economic reform and the development of the private sector in order to ensure its activation and market leadership in the future.

3. Maintaining and activating the partnership, dialogue and cooperation between the private sector and the government through activating the partnership law between the private sector and the public sector, which has not been implemented for several years.

4. Contribute to the development of policies, mechanisms and strategies and participate in the follow-up of their implementation to resolve the transition to the stages of time-programmed to the market economy.

5 - Working to provide additional sources of funding for the state budget by adopting the development and diversification of resources towards increasing the proportion of resources other than oil in the GDP.

6. Encouraging the establishment and development of micro, small and medium enterprises in order to achieve comprehensive and sustainable development, including the formation of specialized institutions.

* Banking expert


Number of Views 63   Date Added 25/08/2019

 
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 Articles


By Samir al-Nusairi

In the monthly meeting of the government and private banking leaders, Mr. Ali Al-Alak, Governor of the Central Bank of Iraq, stressed the continuation of the approach that the Bank is pursuing to stimulate the economy and build the capacity and development of the banking sector in order to move to the development role and contribute to financing investment and reconstruction projects. The exchange rate as the main achievement of monetary policy applications and one of its important objectives, which has positive repercussions on the revitalization of the economy and stabilize the monetary and financial system. Ed oil as a key resource for revenue and continuing imports of all goods and not to encourage and support local production will inevitably lead to the continuation of the bank offer to sell dollars, according to its law because the reason is not supply but demand for the dollar for the reasons above.

The central bank announced at the meeting the launch of its strategy for the next five years to implement 21 projects for thedevelopment of the banking business after it was able to most of themain objectives to achieve the sub - first strategy for years (2016 -2020 ) , which became possible that the starting process begins full objectives of monetary policy to achieve the transition to The ranks of international banks sober certified by specialized international financial organizations. And that of the strategic banking projects which have been identified for future objectives and its impact according to a program for each project is limited to periods ofimplementation and reach the target during the years (2019 -2023These are development projects related to achieving financial inclusion such as the settlement of salaries and projects to restore confidence in the banking sector, such as the Deposit Guarantee Company, projects for structural, administrative and legal development such as the government guide project, projects for training, rehabilitation, capacity building, classification of banks, and projects to move banks from the role of banking to contributing to development as a combined Islamic finance project. It should be noted here that although the bank has begun planning for these projects since 2016 but also as stated the government is committed to the curriculum as it comes to the banking sector and as targeted by the National Development Plan (2018 - 2022 ) and the vision ofIraq in 2030.

The central bank's emphasis on working in accordance with its approach to economic reform since 2015 is anchoring the reality that the central bank and its current administration embody a bright spot in an unstable economic environment for subjective and objective reasons.

The results highlighted the experience of the Central Bank in supporting the national economy while maintaining its functions and objectives specified in its law, and its contribution to achieve economic resilience and promote the decisive victory over terrorism.

In addition to the results achieved on the scope of applications of monetary policy internally and convince global financial organizations, the most important official reports issued by them confirmed the success of the Central Bank's policy in achieving an important transition to the Iraqi economy and achieve stability in the exchange rate and the recovery of the Iraqi dinar and raise its purchasing power, one of the objectives of strengthening the economy.

In addition to his contributions and multiple initiatives to stimulate the economic cycle and enhance liquidity in banks and reach to re-coordinate bridges between the financial and monetary policies and propose new economic and structural policies to prepare public budgets for the coming years on the basis of programs and not items and attempts to restore confidence in the banking system.

The Central Bank has demonstrated its clear ability to interact, analyze business constraints and create conditions to overcome challenges. To build a solid national economy.


Number of Views 1   Date Added 03/09/2019

 
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1 hour ago, yota691 said:

confirmed the success of the Central Bank's policy in achieving an important transition to the Iraqi economy and achieve stability in the exchange rate and the recovery of the Iraqi dinar and raise its purchasing power, one of the objectives of strengthening the economy.

 

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Samir al-Nasiri
  

 Dialogues


The Iraqi Council of Representatives and the political and economic circles are preparing to evaluate the implementation of the government of Prime Minister Adel Abdul-Mahdi from its government platform. In the midst of the ongoing discussions now requires the above to not separate between what has been achieved during the past years and what has been achieved during the year in which the government assumed the responsibility and bright points achieved by some of our economic and financial institutions during the economic and security shocks suffered by Iraq, which the Central Bank of Iraq had a leading and fundamental role In supporting the national economy and achieving economic resilience. In order not to overwhelm the rights of those who took direct responsibility to face those circumstances, difficulties and challenges.

The support provided by the Central Bank to the national economy during the economic and security shocks suffered by Iraq due to the economic and financial crisis and the war on terrorism is a bright spot and an honorable success experience in a country under harsh conditions and at a historic stage that is the most difficult in facing the economic and security challenges that no country has experienced. In the world, such as what Iraq went through as the management of the Central Bank of Iraq and his team and cadres proved that they had a prominent role in promoting economic resilience and moving steadily towards economic stability.

- What are the steps taken by the Central Bank in drawing up its strategy?

Through the wise efforts and prudent measures in the application of monetary policy and development policies of the Central Bank in the difficult economic phase of Iraq were able to draw a strategy for the years (2016-2020) and a clear road map Human capital through important achievements made during the years (2015-2019) and still ongoing most notably: Maintain inflation by not more than 2% and a level of adequacy of foreign reserves within acceptable rates according to the latest criteria Jmiei ( ( IMF )The International Monetary Fund (IMF) increased by more than 160%, which is considered a sufficiently high percentage internationally as the foreign exchange reserves of Iraq amounted to 72 billion dollars until 30/6/2019, and maintain the stability of the exchange rate and stimulate the banking sector regulatory, supervision and control and the establishment of new units within the organizational structures of banks Such as compliance, combating money laundering, financing of terrorism, managing credit and operational risks, issuing money laundering law 39 for the year 2015, developing payment systems, implementing all retail and mobile payments, establishing a national exchange and working on applying international standards in reports. In line with the principle of transparency and disclosure in addition to the Bank's daily efforts to stimulate financial inclusion operations and focus on the initiative to localize the salaries of employees for the purpose of raising the financial inclusion rate of the population who do not have accounts in the banking system, which actually increased from 11% to 22%.

According to the World Bank Bulletin. The Central Bank also announced recently to begin the completion of its investment banking projects for the years (2019-2023).

- What about the measures taken by the Central Bank for the purpose of restoring public confidence in the banking and financial sector in Iraq.

For the purpose of restoring confidence in the banking sector, the Bank re-evaluated and classified banks in accordance with international standards and standards in evaluating business results and measuring the efficiency of performance. The bank is taking its initiative to finance small and medium projects and is currently taking measures to implement the Council of Ministers Resolution 245 for the year 2019, the second axis of it paragraph (1) concerning facilitating investment and reconstruction operations and presenting a new initiative. Satisfied with investment projects in addition to his supervision and leadership of community initiatives funded by banks such as the Baghdad project and support the Iraqi Drama Fund and the launch of Islamic finance pooled national funding for large projects and the establishment of a fund enable and take regulatory and structural measures and the establishment of a depository center in the Iraqi market for securities The establishment of a national center for credit information. And the Iraqi Payment Council.

- What are the central tendencies to develop its relationship with Arab and foreign financial institutions that have been cooled by the financial crisis experienced by Iraq?

At the level of international banking relations, the Central Bank was able, with the exceptional efforts of the Governor and his team, to restore relations with Arab and foreign central banks and to deliver the achievements achieved during the past years to the ruling international financial institutions such as the Financial Action Organization, which contributed to the transition of Iraq's classification from gray to normal follow-up and finally out From the monitoring and follow-up area to enable him to meet the requirements of international standards in compliance with regulations and rules of compliance and combating money laundering and terrorist financing J, presented by the achievements and organizational and structural developments, technical and compliance with international standards in financial reporting and enhance confidence in the Iraqi economy and Iraq's ability to adhere to international credit benefits and praises of the World Bank, the International Monetary Fund and the Financial Action Group have had a clear impact in promoting economic resilience and financial victory

All the successes above make the Central Bank of Iraq and its team deserve the right word neutral service to our national economy and our Iraqi banking sector.


Number of Views 33   Date Added 07/09/2019

 
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14 hours ago, yota691 said:

enable him to meet the requirements of international standards in compliance with regulations and rules of compliance and combating money laundering and terrorist financing J, presented by the achievements and organizational and structural developments, technical and compliance with international standards in financial reporting and enhance confidence in the Iraqi economy and Iraq's ability to adhere to international credit benefits and praises of the World Bank, the International Monetary Fund and the Financial Action Group have had a clear impact in promoting economic resilience and financial victory

Fantastic article. Thanks Yota for your hard work and diligence in publishing the news. I have no idea when you have time sleep.😴😊

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The article above is a clear indicator that the CBI is moving forward to an open market economy.

 

Go CBI

Go open market economy 

Go RV

Go $1:1

 

yota🙏🏼

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22 minutes ago, Laid Back said:

The article above is a clear indicator that the CBI is moving forward to an open market economy.

 

Go CBI

Go open market economy 

Go RV

Go $1:1

 

yota🙏🏼

Agreed LB.  Pretty clear.

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14 hours ago, southbeach said:

Agreed LB.  Pretty clear.

Thanks for your input southbeach, 👍🏼😊

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Samir al-Nasiri
  

 Articles


Samir al-Nasiri

Iraq's foreign currency reserves reached $ 87 billion after the government's $ 13 billion reserve was added to the Central Bank's reserves, a positive indication of Iraq's economic resilience in the face of economic crises in the most difficult circumstances. 

From this, we note that what has been achieved comes mainly to the exceptional efforts made by the Central Bank during the years of economic and financial crisis in supporting the national economy and securing the limits of 16 billion dollars to the state treasury to overcome the difficult conditions suffered by our country. When the Ministry of Finance takes advantage of the rise in oil prices and repay the $ 16 billion dues of the Central Bank owed by the government and thus the total reserves of the Central Bank and government reserves will be around $ 100 billion, especially if we expect to continue Oil to rise.

The follower and competent is well aware that to reach this rate of foreign reserves is the Central Bank to follow the investment policies safe, which strengthened the credit standing internationally and restore confidence in the Iraqi economy and international banking relations.

Underscoring the safety and success of the Bank 's strategy for the years ( 2016-2020 ) achieved .ho achievements in financing activity and activate the initiative to finance small and medium enterprises and raise the ceiling on loans to one billion dinars for each project within the objectives of the initiator e in the revitalization of the economic cycle and support the implementation of the objectives of the government curriculum in the fourth axis (Strengthening the economy) by achieving the objective of development banks as a goal of development.

Therefore, the Bank is currently working on initiating the syndicated Islamic finance for public and private banks. In addition, the implementation of community initiatives from the Tamkeen Fund will enable the effective national experience in integrating the banking sector with society and achieving the objective of social and economic banks.

The clear evidence, which can never be covered, is the continuity and stability of the exchange rate over two years and maintaining the inflation rate of less than 2%. Thus, the Central Bank, with its national and distinguished team, has been able to achieve its objectives contained in its law 56 of 2004, which is to build foreign reserves and reduce inflation and maintain. It now facilitates the strengthening of the economy and banks for development.


Number of Views 134   Date Added 17/09/2019

 
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 Articles
Samir Al-Nasiri *

In accordance with the amendment of Article 58 of the 2019 Budget Law by setting the date of 10/24/2019 as the last date for the selection of the occupants of special grades and the confirmation of those who are acting or replacing them with others.

I believe that the application of this article in a transparent and professional manner and without prior political and personal intentions and in the service of Iraq means that the competent authorities in the government and in the House of Representatives to adopt important and basic criteria, starting first and foremost from an evaluation and analytical view of the results of the official in the office during his responsibility Which he and his team were able to achieve national achievements and have a direct impact on the achievement of the central objectives of the previous and current government within the axes of government programs approved by the House of Representatives.

In order for our conversation to be clear and specific must be evaluated the results of the work of three main bodies had a prominent role in the economic field and the fight against corruption are the Central Bank of Iraq and the Office of Financial Supervision and Integrity.

What concerns us here is the role played by the Central Bank of Iraq and its achievements and luminous points during the lean years (2015-2019) in which Iraq suffered from economic shocks and security and was able to policies, procedures and wise applications of monetary policy to support the national economy and contribute directly to achieve economic resilience A decisive victory over terrorism because military victory cannot be achieved without steadfastness and economic support.

Therefore, through the review, analysis and evaluation of the neutrality and transparency of the Iraqi economic situation and in particular what has been achieved by the ministries and economic institutions in Iraq from a competent point of view has been reached facts, evidence, signals and achievements confirm that the Central Bank of Iraq proved that the first economic institution through the important achievements in supporting the economy And to achieve economic steadfastness and strive to achieve economic stability in accordance with the objectives of the main strategy and subsidiary and this is what he has already achieved. In fact, it contributed to the achievement of the victory on terrorism and accompanied by another victory is the steadfastness and economic victory, which was the team of the Central Bank of Iraq and its governing role and a leading role in achieving it.

The economic victory achieved the most prominent results and most important support the state treasury and stabilize the exchange rate and the recovery of the Iraqi dinar and reduce inflation and maintain the rate of less than (2%) and maintain a cash reserve of up to $ 74 billion is enough by more than 170% as a cumulative accumulation according to the latest standard of the IMF International with gold reserves within an excellent record rate at the global and Arab level according to the World Gold Council.

In addition to its adoption of standards and controls consistent with the requirements of international standards in compliance and combating money laundering and the financing of terrorism and liquidation up to 700 international observations registered on the Iraqi banking system and our exit from the monitoring and follow-up area in accordance with the Financial Working Group Policies to restore confidence in the banking transactions of Iraqi banks with Arab and foreign banks, and strive to build a solid banking sector and continue to make exceptional efforts to improve the banking reputation of financial institutions and organizations The Mechanism and correspondent banks and building strong relationships with the central Arab and foreign banks and international financial organizations and the Security Council's call for the central bank governor in a rare accident to view the achievements in the field of combating money laundering and the financing of terrorism as well as the procedural and organizational, structural and developmental internal policies which aim to achieve a fee

It was all these achievements that called on Arab bankers to elect the governor of the Central Bank as deputy governor of the Arab Monetary Fund at its current session and the chairman of their board in the next session, a living embodiment that Iraq's economy is rising and recovering from its crises and that this is a tribute to the Iraqi people and its economic, financial and banking institutions.

The question now is whether Article 58 will be applied in the 2019 budget according to transparency and respect for the principle of public service in the service of society?

 The answer is yes, we hope that, although we have great hope in the members of the Council of Representatives of the Iraqi people, especially the parliamentary finance committee, it is the competent authority, which we trust very much. Certainly in the service of the Iraqi economy.

* Banking expert


Views: 77   Date Added: 22/09/2019

 
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Samir al-Nasiri

 

On 17.02.2016, I sent an open letter to Dr. Haider Al-Abadi, the Prime Minister at the time, which was widely published on the economic media sites including my vision of economic reform as follows:

 1. Draw a road map at the phased and strategic level to reformulate the new economic approach of Iraq, which adopts the mechanisms of transition to a social market economy in accordance with Article 25 of the Constitution by reassessing and reviewing the structural, structural, institutional and legislative system of economic management. Also, reviewing and evaluating the basis of coordination between the fiscal and monetary policies, reviewing the structure and presentation of the general budget and moving it from the budget of the items to the program budget.

2. Adopting the policies defined in the sustainable development plan for the years 2018-2022 and the Iraqi Vision 2030 and activating the decisions reached by the Joint Expert Committees formed in the Council of Ministers in 2015 for each of the productive economic sectors to implement the road map for each economic sector and the implementation of these decisions is subject to follow-up and control. And evaluation.

3 - Form a joint legal committee between the government and the private sector to re-draft and amend and issue new laws and activate all the laws issued and currently pending that govern the management of the economic process and serve the implementation of the road map that is approved, which is all the laws of the legislative environment that regulate and manage the Iraqi economy in its new approach, most notably the Banking Law and the Law Partnership between government, private sector and local product protection law.

4- Establishing the Private Sector Development Council, which will be important in accordance with the strategy for the development of the private sector for the years (2014-2030).

5. Involve the private sector in economic decision-making and its representation in the membership of the Council of Ministers, the Committee of Advisors and all opinion bodies in the ministries.

6. Establishing a central follow-up body linked to the Council of Ministers and representing the private sector, whose task is to follow up the implementation of the decisions of the Council of Ministers.

  The letter was published at the time of the network of Iraqi economists, a widespread economic site inside and outside Iraq includes competencies and love and Iraqi academics. The site still maintains the message in an archive under the axis of economic reform, but unfortunately did not discuss me from the government on the vision proposed above in its general framework The mission invited me to visit her at her headquarters at the Central Bank in 2016. It is Mr. Ali Mohsen Al-Allaq Governor of the Central Bank of Iraq and received me and discussed with me my vision of reform in the economic and financial field and moral integrity make me to admit that this man is a first-rate statesman and I felt listening and discussing the vision with me Nationally continue to do more to reform the national economy.

What is important here is that one of my proposals for reform is the establishment of the Reconstruction Council and to be a professional, specialized and independent council and its members do not belong to the parties, blocs and political currents and to be experts and elites professionally experienced and proven to be efficient and impartial and not appointed by quotas and that the Council is divided equally between representatives of the government and the private sector. In coordination with the concerned ministries to propose strategic projects and infrastructure and study their economic feasibility through consulting offices and foreign and local expertise houses and the selection of international companies and local discreet and has the power to negotiate D with the supervision and monitoring the implementation and commissioning relevant ministries and provincial councils to follow up implementation on site and not assigned to any other contract and exchange and be exclusively the council and are subject to its accounts and financial situation of the supervision of the Office of Financial Supervision, to ensure disclosure and transparency and to avoid financial corruption.

It is worth mentioning that the law of the Council of Reconstruction, which was submitted to the House of Representatives the day before the travel of the government delegation to China, which sets the objectives and tasks of the Council and its organizational structure and sources of funding, which means that the failure to pass the law from the House of Representatives at the required speed and without direct this Council actual work can never be achieved agreements The eight signed by the delegation in China. In addition, the agreements and contracts with Chinese companies will include setting the time limits for completion and the percentage of the operation of Iraqi technical and labor hands in the implementation and the establishment of workshops and training courses for Iraqi cadres that contribute to the implementation for the purpose of real benefit from the agreements of China. And ratify the agreements with China after discussing the details and economic and financial return and its contribution to reconstruction and construction for the purpose of achieving the government's goal (oil for construction).


Number of Views 26   Date Added 28/09/2019

 
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Economic and banking adviser to the Association of Iraqi Private Banks Samir al-Nasiri
  

 Articles
Samir al-Nasiri

Iraq is currently in a critical, important, sensitive and detailed phase due to the political, security and economic circumstances, legitimate popular demands, pledges, resolutions and solutions announced by the government, the Council of Representatives and the Presidency of the Republic by agreement between the three presidencies. The two sermons last Friday to support the people and stand by the people and called on the government to take immediate and rapid action to meet the legitimate demands of the demonstrators.

Therefore, I believe that the government has a historic opportunity to correct the tracks and draw a clear strategy and specific objectives and timelines for implementation in order to reassure the people that the government is going according to the best interest of the nation and the people and this needs quick and accurate remedies for economic problems and the elimination of corruption and spoilers, especially as official indicators indicate High unemployment rates to more than 30% for the workforce able to work and high rates of poverty to 30%, which led to all these challenges to high rates of widespread financial and administrative corruption and the suffering of the Iraqi people in the lack of services and storytelling It was clear in achieving food and drug security and the weakness of the implementation of the government curriculum, according to the report of the follow-up committee of the government curriculum in the House of Representatives, where the implementation rate did not exceed more than 37%, which led to confusion of the national security strategy, which should form the basis for the stability of Iraq economically and security in addition to that Accompanied the process of change after a year

Therefore, we believe that building a clear basis for the national security strategy in its comprehensive concept with a focus on the economic side should result in achieving security, stability and economic development in order to contribute to the welfare of society and be effective and implementable in the current circumstances in Iraq, so many citizens of different levels Government, political, economic, university professors, civil society organizations, youth, women, and professionals should contribute to their preparation through what are now legitimate claims of citizens in the reform yards in Baghdad and the central and southern provinces.

The magnitude of the threats to Iraq internally and externally and focus here on the threats that concern the prospects of economic collapse and waste of public money and instability in oil prices globally requires standing government, political and popular bodies in order to protect Iraq and sustain the construction of its economy according to the realities under the level of everyone's view so we see and accept Doubt that the reforms and economic solutions announced by the Prime Minister, most of which need different ceilings for the purpose of implementation requires reconsideration of trends that must be adopted as an economic strategy to achieve national security in which he focuses on Article 25 of the Constitution and other materials related to that state to ensure a dignified life for the individual and the family and ensure social justice among all classes and sects of the Iraqi people and that this strategy must include the application of realistic axes of government curriculum adjusted according to the latest developments and packages economic and service reforms announced by the government and the House of Representatives and most importantly

Therefore, we believe that the basic and economic principles of the national security strategy are as follows:

 (I) the sovereignty and territorial integrity of Iraq;

2. Building a sound, multi- resource national economy

3. The private sector plays the central role of market leadership

4. Providing food, medicine and environmental security to citizens

5. Securing the dignified life of the individual and the family in accordance with the articles of the Constitution.

6-reform and the development of the sector 's financial and banking and to increase the proportion of their contribution to the development of economic.

7. The State shall guarantee social justice for citizens

Protecting the principle of citizenship and civil peace

9. Reforming and developing good governance institutions to provide the best services to citizens

Information security and transparency in economic data and indicators .

We note through the analysis of the basic principles and economic above that building a healthy economy, which achieves its final results prosperity and welfare of society is the basis in building a strategy for national security that goes beyond the protection of internal security to protect the homeland and ensure its safety from external enemies. From all concerned governmental and political authorities, representatives of demonstrating youth, the private sector and economists to study, discuss and analyze the challenges and reform measures for a secure Iraq and a solid economy in a comprehensive national dialogue based on the following:

1-activating axes that contained in the curriculum of government from through the development of policies and mechanisms of implementation and applied to the development of sectors of economic productivity trends that achieve what is stated in these themes in the detailed aspects and specify a time limit for the implementation of each article of the axes materials referred to Aalah.otan control of the House of Representatives

2- The government formed the Supreme Council for Economic Affairs , which is composed of experts from the government and the private sector in order to carry out economic reform and the first step of it is banking reform in a way that enhances the role of the central bank.


Views: 36   Date Added: 15/10/2019

 
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