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yota691

Representing diplomats behind the establishment of the World Bank office

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 Banks


Economy News - Baghdad

Al-Ahli Bank announced on Sunday the signing of an agreement with the International Finance Corporation concerning the bank's accession to the World Trade Finance Program through which the Corporation will guarantee the bank 10 billion dollars against letters of guarantee executed by the Iraqi bank to its customers. The agreement is an important "starting point" for the bank.

"The bank signed a memorandum of understanding (MoU) with the Iraqi National Bank and the International Finance Corporation (IFC) today with regard to the NCB's accession to the World Trade Finance Program, through which the Corporation will guarantee 10 billion US dollars against letters of guarantee Which is implemented by the Iraqi bank to its customers. "

"The memorandum of understanding concerns the Bank's support in terms of enhancing corporate governance to ensure best practice in this area, especially as it has been announced by the Governor of the Central Bank to issue a revised guide to the modified governance of banks," Al Salem added. Al Ahli to the global trade finance program because it grants the ability to finance companies and global banks and ease the conditions required by the international banks, the most important of which is cash. "

"The Iraqi Bank has been able to open up to the outside world, which enabled it to obtain trade finance and a number of correspondent banks, which enabled it to provide foreign trade financing through the volume and appropriations issued about 700 million dollars in 2017, That "the reopening of the border with Jordan, which led to the increase in trade exchange between the two countries since the beginning of this year, and we expect that the credits will see further increase during the current year."

Al-Salem said that "the bank obtained the first place in the exploitation of the initiative of the Central Bank related to the financing of small and medium enterprises and occupies the second place among the private banks in the project to settle the salaries of employees," noting that "the Central Bank hailed the bank's development of the banking sector and the Iraqi economy "He said.

"The signing of the agreement is an important starting point for the bank to develop and move towards the networking of international relations and the stabilization of its position and foreign relations, as it is an important and vital issue in the banking sector," said the governor of the Central Bank, pointing out that "the banking sector without a real arm And extensive external relations can not be able to progress and development and the completion of many services and products.

He added that the banking sector in Iraq has begun to be of importance to international institutions, as well as expressing the opposite of confidence in dealing with the issue.

He continued: "At the level of Iraq, we have taken an important step in strengthening Iraq's status in the classification of combating terrorism and the financing of terrorism, which has become an issue in the dealings between countries," pointing out that "the classification was obtained by the international financial work that moved Iraq during the two years of the region Gray to an ongoing area to the continuous follow-up area to which all the country is subjected, and this gave strength in dealing with foreign institutions. "

He pointed out that "a series of actions took place within the banking sector through the promotion and consolidation of international practices and standards that have been able to move the banking sector to another situation, and there are other applications in compliance and the principles of governance," noting that "the central bank developed the banking sector, To absorb internal and external financial transactions and implemented advanced protection systems and the national payment system is one of the most advanced systems in the world. "


Number of Views 4   Date Added 11/11/2018

 
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Sunday, November 11,
 
 
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BAGHDAD ( Reuters ) - Iraq's central bank
governor Ali al-Alak said on Sunday that the measures taken by the bank were enough to move Iraq to the normal follow-up area. Al-Alak said during the signing ceremony of the Iraqi National Bank, a memorandum of understanding with the International Finance Corporation and attended by Alsumaria News, that "the banking procedures we have taken a great way to strengthen the status of Iraq in the classification of combating money laundering and the financing of terrorism, which today is a key issue and important in cooperation Between financial institutions and between countries. "

 

 


"The classification that we obtained by the International Financial Action Organization, which transferred Iraq during the last few years from the gray area to the region continued follow-up and then we were able to access the region follow-up to the usual subject to all countries." 

He pointed out that " "All of the international financial institutions will be able to open their doors and relationships with our banking institutions in Iraq." 

The Central Bank of Iraq was established as an independent bank under its law of March 6, 2004 as an independent body responsible for maintaining price stability and implementing policy And supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks, as well as 6 financial institutions and 31 financial transfer companies.

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He pointed out that " "All of the international financial institutions will be able to open their doors and relationships with our banking institutions in Iraq." 

:cigar:

Thanks,Yota. 

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41 minutes ago, nannab said:

Then push the damn button please. :P  Thank ya Yota and good morning DV :D

 

Agreed!!!

😂😂

GM Nannab & Vets!!

Edited by gregp
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He pointed out that " "All of the international financial institutions will be able to open their doors and relationships with our banking institutions in Iraq." 
 

I could be barking up the wrong tree here . . . IMHO, this statement says to me - " We be open for Global Business & Stuff "

 

:moneybag: :praying: :crossedfingers:

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59 minutes ago, jeepguy said:

Shoot even @ 50 cents per , how many will jump dinar tug boat ?  ( Let it roll to 50 c.b.i. )

Im gone at a .10

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29 minutes ago, 10 YEARS LATER said:

He pointed out that " "All of the international financial institutions will be able to open their doors and relationships with our banking institutions in Iraq." 
 

I could be barking up the wrong tree here . . . IMHO, this statement says to me - " We be open for Global Business & Stuff "

 

:moneybag: :praying: :crossedfingers:

:praying:🙏

 

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Interesting news..."Will Be" and "Are Ready" are two different things. Yet, they both point to the next step or steps. Namely, it implies codifying and perhaps modifying, the Exchange Rate so that business may transact. Either way, we will get a definitive "exchange rate" once the status of Iraq banks move from the "will be ready" to the "are ready" status.

 

Blessings,

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“All of the international financial institutions will be able to open their doors and relationships with our banking institutions in Iraq." 

 

Looks like the Iraqi banking system is ready for his international debut.

 

Beginning of 2019 looks very promising.!

 

 

Go cbi

Go international 

Go RV

 

 

 

 

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Honestly doubt we will see anything under 1 to 1 from the "start"... any one see it differently? I just don't see how, it would have to be unimaginably quick I'm talking like open .10 close 1.10 the first day specially if they dry up all the outlets before hand

Edited by Officiallytook
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105631.jpg?width=750&&height=375

 
2018/11/11 14:42
  • Number of readings 225
  • Section: Iraq
  •  

Central Bank: We have come a long way in enhancing Iraq's status

BAGHDAD / Al-Masala: The governor of the Central Bank of Iraq Ali al-Alaq, Sunday 11 November 2018, that the actions taken by the bank was sufficient to move Iraq to the normal follow-up area.

"The banking procedures that we have taken have gone a long way in strengthening Iraq's position in the AML / CFT classification, which today is a key and important issue in Iraq," Al-Aallak said at the signing ceremony of the National Bank of Iraq, a memorandum of understanding with the International Finance Corporation (IFC). Cooperation between financial institutions and between countries ".

He added that the classification that we obtained by the International Labor Organization, which transferred Iraq during the last few years from the gray area to the region continued follow-up and then we were able to reach the region the normal follow-up to which all countries are subject.

"This new indicator will enable all international financial institutions to open their doors and their relationship with our banking institutions in Iraq," he said.

The Central Bank of Iraq was established as an independent bank under its law of 6 March 2004 as an independent body responsible for maintaining price stability and implementing monetary policy. It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies.

Follow the obelisk 

 

 

http://almasalah.com/ar/news/155522/البنك-المركزي-قطعنا-شوطا-كبيرا-في-تعزيز-مكانة-العراق

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Cant get a louder announcement than this .......................... :cigar:

"This new indicator will enable all international financial institutions to open their doors and their relationship with our banking institutions in Iraq," he said

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1 minute ago, 3n1 said:

Cant get a louder announcement than this .......................... :cigar:

"This new indicator will enable all international financial institutions to open their doors and their relationship with our banking institutions in Iraq," he said

Any moment imo...

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28 minutes ago, Butifldrm said:

This new indicator will enable all international financial institutions to open their doors and their relationship with our banking institutions in Iraq," he said

 

Sounds very internationally recognized to me .. :praying:

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Economy

Sunday 11 November 2018 07:48 PM

| Number of readings: 45

 

Iraqi National Bank signs strategic partnership with IFC to stimulate economic growth

 

 

The Iraqi National Bank signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to facilitate the access of Iraqi National Bank customers from the corporate sector to international markets, boost trade and stimulate economic growth.

The two parties also signed a Memorandum of Understanding (IFC) to provide support to the National Bank of Iraq in the field of corporate governance.

The agreement and memorandum of understanding were signed at a special ceremony held on this occasion. The agreement and memorandum of understanding were signed by Ayman Abu Dheim, CEO of Al Ahly Bank of Iraq and Dalia Wahba, Director of the International Finance Corporation for the Levant region. The signing ceremony was attended by a number of representatives of the official Iraqi financial institutions, as well as clients of the bank from the corporate sector and members of its Board of Directors and members of its executive management.

According to the agreement, IFC will include the Iraqi National Bank as part of the International Business Operations Program, which will enable the Bank to provide indirect trade facilities with a total value of US $ 10 million for the corporate sector in the Iraqi market and IFC bailout. Thus, the Iraqi National Bank is the only Iraqi banking institution affiliated to the program.

"We view this partnership as a strategic step that reflects the confidence of the World Bank, a representative of the International Finance Corporation (IFC) in the Iraqi National Bank in particular and the Iraqi banking sector in general," said Bassem Al Salem, Competitive banking services to its corporate clients, helping them to grow their business, import basic materials to Iraq and access global markets, which will play a pivotal role in promoting economic growth. "

He added: "The Iraqi National Bank has been able to open up to the outside world during the past years, which enabled it to obtain ceilings to finance trade from a number of correspondent banks, which reflected positively on the volume of appropriations issued, which rose to more than 700 million dollars in 2017 "The bank's strategic partner, Capital Bank, which has 62% of the capital of the National Bank of Iraq, has been commended for providing all forms of support since its contribution to the bank in 2005."

"Cross-border trade has a positive impact on the local economy and contributes to the upgrading of the banking sector," said Dalia Wahba.

"IFC will enable the NCB to expand its network of correspondents and support its business diversification strategy, which is important and sustainable in the long term."

This initiative comes within the framework of the Global Finance Finance Program implemented by the International Finance Corporation with a budget of US $ 5 billion. The program works with more than 600 partner banks around the world, providing partial or full guarantees as well as covering potential risks.

Finance plays an important role in facilitating cross-border trade, filling gaps in the market between importers and exporters by providing guarantees to banks, and supporting the creation of new jobs and reducing poverty.

The agreement is part of IFC's strategy to support the economies of developing countries affected by conflicts and help them recover from years of economic downturn.

As for the MoU, IFC provides support to the National Bank of Iraq in strengthening the corporate governance system to ensure that best practices are applied in this area and to strengthen governance and governance frameworks.

http://aynaliraqnews.com/index.php?aa=news&id22=108434

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