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The central bank is likely to decide to exclude Iraq from sanctions against Iran within days

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I'm not sure they put the right title on this article:

BAGHDAD (Reuters) - Talks with the United States on additional exemptions from Iran's sanctions

December 12, 2018

 

 

Iraqi Central Bank: We seek additional exemptions from Iran sanctions
 
Interviewed by Rasha Abu Zaki

12 December 2018

  •  

In an interview with “The New Arab”, Muhsin al-Alaq, Acting Governor of the Central Bank of Iraq , talks about a difficult monetary and financial stage that has passed through his country, with the security situation deteriorating and oil revenues falling, as well as the repercussions of sanctions on Iran.

 

To the text of the dialogue:

What has the Iraqi Central Bank achieved after the stability of the security situation in the country during the recent period?

We have passed an important and dangerous stage at the security and financial level in previous years, and the central bank has accompanied the difficult stage in fighting of another kind, represented by trying to maintain economic, financial and monetary stability.

 

The legacy of the past years of destruction, destruction and decline in services and infrastructure has led us to think about strengthening the development orientation of our work. Of course, the Central Bank of Iraq has a role in this matter, considering that the banking sector can mobilize the resources necessary to develop the development process, in addition to the initiatives carried out by the Central.

 

From here we launched financing initiatives amounting to $ 6 billion in the industrial, agricultural and housing sectors, which are perhaps the largest in the history of Iraq.

 

I mentioned earlier that during the fall in oil prices oil revenues fell 70%, what did the Central Bank in the light of this crisis?

There was a big challenge and a difficult situation, and the Ministry of Finance announced in early 2016 its inability to pay the salaries of employees.  Here, we immediately announced that things can be arranged, fearing the collapse of the general situation.

The central bank law allows him to buy treasury funds (a borrowing instrument) belonging to the government, and both the Rafidain and Rashid banks have joined them, so it became indirect financing, and of course there were no options.

 

إn addition, Iraq received some funding from the Bank and the International Monetary Fund, but the amounts were small relative to those provided by the Central Bank, we have put a high interest on remittances equivalent to those in force in the market, so that the Ministry of Finance is keen to pay, We released a portion of the reserves of banks to buy treasury transfers, and these amounts amounted to about 20 trillion dinars within two years, or about 18 billion dollars.

 

We see the stability of inflation at 2%, while in Iraq there is a decline in purchasing power and a rise in the rates of poverty and unemployment, how to explain this paradox?

 

On the one hand, there is government spending, which is mostly consumption, so there is a recovery in the commercial sector, but this activity does not generate jobs. In contrast, the productive sector is still lagging behind in this framework, while it is the job-generating field.

 

Therefore marginal activities are still dominant, leaving large numbers of unemployed, especially among graduates who do not find jobs suited to their specialties.  There is also a weakness in investments and projects, which accumulates unemployment rates, so the central bank as the closest sensor to the economy is trying to stimulate productive sectors.

 

Is the independence of the central bank in any country essential to be able to control the economic indicators, to what extent this condition is available in Iraq? Are we critical of the impact of negative fiscal policies on the monetary sector, while the Central Bank is a financial adviser to the government?

 

اThe truth is that there is no direct impact or intervention, but there are indirect effects, and lead to significant implications for monetary policy. In terms of financial policy subject to security and political conditions and changes more than subject to the standards of fiscal discipline that are consistent with monetary policies.

 

Even the Ministry of Finance, although it takes a lot of pressure into consideration, but the budget prepared by subject again to the political review in the House of Representatives (Parliament) and many of its items, so the nature of expenditure and income and deficit and type of monetary policy.

 

What about the high levels of corruption linked to the coverage of the central bank funding gaps left behind?

 

Corruption affects everything, including the economy, investment, the work environment and others. The central bank, which works better when economic and investment performance is sound, is affected. When the administrative and institutional system is effective, it eases pressure on the central bank and makes resource mobilization and movement transparent, clear and geared towards the right goals. Therefore, corruption is certainly a source of threat and impact on the overall economic situation, and therefore on the central bank, which aims to achieve economic stability.

 

How does the central bank deal with expanding US sanctions on Iran, especially as there are deals that need payments in dollars, specifically in terms of gas and electricity?

 

As for the central bank, it has a situation of adjustment to the sanctions. The dollar deal with Iran has been suspended since 2012. In practice, such transfers can not be made, since any payments in this currency will continue in the US financial system and will stop. Therefore, Iraq used to pay in currencies Other.

 

With the expansion of the embargo and the reservations of States, options have become limited even in settling payments in currencies other than the dollar. At the same time, there are essentialities linking Iraq with Iran, including gas and electricity.

Currently, there is an understanding with the US side to try to sort it out or get some exceptions. The talks have gone a long way and this issue may be resolved soon, probably within days.

 

How does Iraq approach the AML / CFT standards?

 

This issue is new to Iraq, as a new phenomenon and as a procedure. There have been no private entities involved in this area in the past. Since we assumed the task of managing the Central Bank, we have given great attention to this issue, through the formation of an independent department to combat money laundering and the financing of terrorism and supported by the necessary administrative, financial and even independent capacities.

 

At the same time, we have been working on a new law, with about 70% of the gaps in this area due to the lack of legislation.  Therefore, we focused on this issue and issued the law in 2015, and prepared according to the best international standards in partnership with the relevant international organizations on this file.

 

Following this law, several measures have been taken in terms of issuing regulations and regulatory and regulatory rules, since this file concerns many sectors. When we started in the gray zone and during this year we came out of the last phase, the continuous follow-up phase, and we are like other countries in the application of international standards.

 

 

Is the Central Bank able to control the banks operating in all of Iraq, in terms of money laundering and terrorist financing? Do the banks really adhere to the generalizations of “Central”?

 

The CBI has strict control over banks and strict application of the principle of “Know Your Customer”. Frankly there is great progress in implementation, because the central bank’s procedures are strong and strict, and we have office and field control.

 

On the other hand, this issue is of international concern, and if the bank fails to comply with the criteria, it will therefore fail to deal with its external transactions.Today any bank that does not have foreign transactions will become a local shop.

 

Therefore, there is a commitment by banks and cooperation in providing technical support, capacity building, training and others.  There are also tests for workers in these sectors, in conjunction with the establishment of anti-money-laundering units in each bank and compliance units.

 

We note that there is a problem of confidence in the Iraqi banks by the citizens, coupled with the failure of Mali to take over a number of banks in the past years, does the Central Bank intervene to impose an increase in the capital of banks on the one hand, and compensate the depositors on the other hand?

 

When we take the number of troubled banks to the total banks operating in Iraq, the ratio becomes normal. There are fewer than 5 banks now out of 70 working banks.

 

Banks face challenges with existing general conditions, and on the other hand there are many problems associated with citizens’ commitment to banks. When there are circumstances associated with security, political and other disintegration, there is an excess of law and a lack of commitment to pay.  Most banks are new and when there are many borrowers who do not pay their installments, there is a default. There are more than 6 trillion dinars ($ 5 billion) of non-performing loans, out of 37 trillion dinars.

 

During the financial crisis experienced by Iraq, we had alarming indicators linked to about 10 banks, and we entered the line and put some procedures and amendments and we were able to address a number of problems and left only 3 to 4 banks need some treatments.

 

 

Was there a cash subsidy for troubled banks, or was it used for the reserve set by banks at the Central Bank to compensate the depositors?

 

So far we have not offered any direct monetary support, but we have paid for actions within troubled banks, and we have pressed to reduce some expenses or liquidate some assets from real estate and others, so far there has been no bankruptcy in the sector, and we avoid this move. Most of the depositors are new and “boasted” in recent years, and we do not want to hurt them.

 

 For example, there was a bank that was the worst among troubled banks, Dar es Salaam. We applied the idea of a “bank bank”, a bank directly to the Central Bank of Iraq, which is operated for two to three years, enabling it to become ready for sale. Within this project, we turned the depositors into shareholders in the bank, which keeps their money.

 

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15 minutes ago, Floridian said:

As for the central bank, it has a situation of adjustment to the sanctions. The dollar deal with Iran has been suspended since 2012. In practice, such transfers can not be made, since any payments in this currency will continue in the US financial system and will stop. Therefore, Iraq used to pay in currencies Other.

 

With the expansion of the embargo and the reservations of States, options have become limited even in settling payments in currencies other than the dollar. At the same time, there are essentialities linking Iraq with Iran, including gas and electricity.

Currently, there is an understanding with the US side to try to sort it out or get some exceptions. The talks have gone a long way and this issue may be resolved soon, probably within days.

 

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So according to this artical they haven't been dealing with Iran in dollars

since 2012. If you believe that i have some everglades swamp land i

think you may be interested in. lol  Where do the auction dollars go. Nobody

seems to know.???

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" So tell us Mr. al-Alaq, when is it you intend to make the IQD a Globally Recognized Currency ? "

 

" What ? Oh, er uh . . . oh golly look at the time ! I better be on my way . . . committee meetings don't you know." ;)

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The central bank is likely to decide to exclude Iraq from sanctions against Iran within days

08:36 - 13/12/2018
 


%D8%B9%D9%84%D9%8A-%D8%A7%D9%84%D8%B9%D9
Information / Baghdad ..
BAGHDAD (Reuters) - Iraq's central bank governor Ali al-Alak announced on Thursday that there were understandings with the US side on Iraq's exclusion from US sanctions against Iran, likely to decide on exceptions within days.
Al-Alak said in an interview with Al-Arabi Al-Jadid newspaper that the central bank has a situation of adjustment to sanctions. The dollar deal with Iran has been suspended since 2012. In practice, such transfers can not be made, In this currency will go through the American financial system and will stop, so Iraq was resorting to payment in other currencies.
"With the expansion of the embargo and the reservations of countries, the options are limited even in settling payments in currencies other than the dollar," he said, adding that "there are necessary things linking Iraq to Iran, including gas and electricity."
"There is an understanding with the American side in an attempt to arrange this matter or to get some exceptions, and the talks have reached an advanced stage. This issue may be resolved soon, and probably within days," he said. Ending / 25
 
 
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 Iraq announces close to an agreement with the United States to obtain financial exemptions for sanctions on Iran
 
11802.jpg
 

Economy News _ Baghdad

The central bank announced Thursday that it was close to concluding an agreement with the United States to obtain financial exemptions for sanctions against Iran. 
"For the central bank, it has a situation of adjustment to the sanctions. The dollar deal with Iran has been stalled since 2012, and in practice," the central bank governor Ali al-Alak said in an interview with the Economist News, Such transfers can not be made, since any payments in this currency will go through the US financial system and will stop, so Iraq would have to pay in other currencies. " 
"With the expansion of the embargo and the reservations of countries, options are limited even in settlement of payments in currencies other than the dollar, while at the same time there are necessary things linking Iraq to Iran, including gas and electricity."
He revealed that there was "an understanding with the American side in an attempt to arrange this matter or to get some exceptions and the talks have reached an advanced stage and this matter may be decided soon, and probably within days." 
The Central Bank has directed banks and exchange companies not to sell the dollar to those wishing to visit Iran, while the President of the Iranian Chamber of Commerce announced the abolition of the dollar in trade with Iraq.


Views 43   Date Added 13/12/2018

http://economy-news.net/content.php?id=14715

 

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BAGHDAD (Reuters) - Talks with the United States on additional exemptions from Iran's sanctions
 
11812.jpg
Ali Al - Allaq Governor of the Central Bank of Iraq
 


Economy News Baghdad

Newspaper «New Arab» conducted a dialogue with the Governor of the Central Bank of Iraq, Ali Alalak, and his follow-up "economy News ." In which he talked about the difficult monetary and financial stage passed on his country, with the tense security situation and the decline of oil revenues, as well as the repercussions of sanctions on Iran.

To the text of the dialogue:

What has the Iraqi Central Bank achieved after the stability of the security situation in the country during the recent period?

We have passed an important and dangerous stage at the security and financial level in previous years, and the central bank has accompanied the difficult stage in fighting of another kind, represented by trying to maintain economic, financial and monetary stability.

The legacy of the past years of destruction, destruction and decline in services and infrastructure has led us to think about strengthening the development orientation of our work. Of course, the Central Bank of Iraq has a role in this matter, considering that the banking sector can mobilize the resources necessary to develop the development process, in addition to the initiatives carried out by the Central.

From here we launched financing initiatives amounting to $ 6 billion in the industrial, agricultural and housing sectors, which are perhaps the largest in the history of Iraq.

I mentioned earlier that during the fall in oil prices oil revenues fell 70%, what did the Central Bank in the light of this crisis?

There was a big challenge and a difficult situation, and the Ministry of Finance announced in early 2016 its inability to pay the salaries of employees. Here, we immediately announced that things can be arranged, fearing the collapse of the general situation.

The central bank law allows him to buy treasury funds (a borrowing instrument) belonging to the government, and both the Rafidain and Rashid banks have joined them, so it became indirect financing, and of course there were no options.

In addition, Iraq received some funding from the Bank and the International Monetary Fund, but the amounts were small relative to those provided by the Central Bank, we have put a high interest on remittances equivalent to those in force in the market, so that the Ministry of Finance is keen to pay, We released a portion of the reserves of banks to buy treasury transfers, and these amounts amounted to about 20 trillion dinars within two years, or about 18 billion dollars.

We see the stability of inflation at 2%, while in Iraq there is a decline in purchasing power and a rise in the rates of poverty and unemployment, how to explain this paradox?

On the one hand, there is government spending, which is mostly consumption, so there is a recovery in the commercial sector, but this activity does not generate jobs. In contrast, the productive sector is still lagging behind in this framework, while it is the job-generating field.

Therefore marginal activities are still dominant, leaving large numbers of unemployed, especially among graduates who do not find jobs suited to their specialties. There is also a weakness in investments and projects, which accumulates unemployment rates, so the central bank as the closest sensor to the economy is trying to stimulate productive sectors.

Is the independence of the central bank in any country essential to be able to control the economic indicators, to what extent this condition is available in Iraq? Are we critical of the impact of negative fiscal policies on the monetary sector, while the Central Bank is a financial adviser to the government?

The truth is that there is no direct impact or intervention, but there are indirect effects, and lead to significant implications for monetary policy. In terms of financial policy subject to security and political conditions and changes more than subject to the standards of fiscal discipline that are consistent with monetary policies.

Even the Ministry of Finance, although it takes a lot of pressure into consideration, but the budget prepared by subject again to the political review in the House of Representatives (Parliament) and many of its items, so the nature of expenditure and income and deficit and type of monetary policy.

What about the high levels of corruption linked to the coverage of the central bank funding gaps left behind?

Corruption affects everything, including the economy, investment, the work environment and others. The central bank, which works better when economic and investment performance is sound, is affected. When the administrative and institutional system is effective, it eases pressure on the central bank and makes resource mobilization and movement transparent, clear and geared towards the right goals. Therefore, corruption is certainly a source of threat and impact on the overall economic situation, and therefore on the central bank, which aims to achieve economic stability.

How does the central bank deal with expanding US sanctions on Iran, especially as there are deals that need payments in dollars, specifically in terms of gas and electricity?

As for the central bank, it has a situation of adjustment to the sanctions. The dollar deal with Iran has been suspended since 2012. In practice, such transfers can not be made, since any payments in this currency will continue in the US financial system and will stop. Therefore, Iraq used to pay in currencies Other.

With the expansion of the embargo and the reservations of States, options have become limited even in settling payments in currencies other than the dollar. At the same time, there are essentialities linking Iraq with Iran, including gas and electricity.

Currently, there is an understanding with the US side to try to sort it out or get some exceptions. The talks have gone a long way and this issue may be resolved soon, probably within days.

How does Iraq approach the AML / CFT standards?

This issue is new to Iraq, as a new phenomenon and as a procedure. There have been no private entities involved in this area in the past. Since we assumed the task of managing the Central Bank, we have given great attention to this issue, through the formation of an independent department to combat money laundering and the financing of terrorism and supported by the necessary administrative, financial and even independent capacities.

At the same time, we have been working on a new law, with about 70% of the gaps in this area due to the lack of legislation. Therefore, we focused on this issue and issued the law in 2015, and prepared according to the best international standards in partnership with the relevant international organizations on this file.

Following this law, several measures have been taken in terms of issuing regulations and regulatory and regulatory rules, since this file concerns many sectors. When we started in the gray zone and during this year we came out of the last phase, the continuous follow-up phase, and we are like other countries in the application of international standards.

Is the Central Bank able to control the banks operating in all of Iraq, in terms of money laundering and terrorist financing? Do the banks really adhere to the generalizations of "Central"?

The CBI has strict control over banks and strict application of the principle of "Know Your Customer". Frankly there is great progress in implementation, because the central bank's procedures are strong and strict, and we have office and field control.

On the other hand, this issue is of international concern, and if the bank fails to comply with the criteria, it will therefore fail to deal with its external transactions. Today any bank that does not have foreign transactions will become a local shop.

Therefore, there is a commitment by banks and cooperation in providing technical support, capacity building, training and others. There are also tests for workers in these sectors, in conjunction with the establishment of anti-money-laundering units in each bank and compliance units.

We note that there is a problem of confidence in the Iraqi banks by the citizens, coupled with the failure of Mali to take over a number of banks in the past years, does the Central Bank intervene to impose an increase in the capital of banks on the one hand, and compensate the depositors on the other hand?

When we take the number of troubled banks to the total banks operating in Iraq, the ratio becomes normal. There are fewer than 5 banks now out of 70 working banks.

Banks face challenges with existing general conditions, and on the other hand there are many problems associated with citizens' commitment to banks. When there are circumstances associated with security, political and other disintegration, there is an excess of law and a lack of commitment to pay. Most banks are new and when there are many borrowers who do not pay their installments, there is a default. There are more than 6 trillion dinars ($ 5 billion) of non-performing loans, out of 37 trillion dinars.

During the financial crisis experienced by Iraq, we had alarming indicators linked to about 10 banks, and we entered the line and put some procedures and amendments and we were able to address a number of problems and left only 3 to 4 banks need some treatments.

Was there a cash subsidy for troubled banks, or was it used for the reserve set by banks at the Central Bank to compensate the depositors?

So far we have not offered any direct monetary support, but we have paid for actions within troubled banks, and we have pressed to reduce some expenses or liquidate some assets from real estate and others, so far there has been no bankruptcy in the sector, and we avoid this move. Most of the depositors are new and "boasted" in recent years, and we do not want to hurt them.

For example, there was a bank that was the worst among troubled banks, Dar es Salaam. We applied the idea of a "bank bank", a bank directly to the Central Bank of Iraq, which is operated for two to three years, enabling it to become ready for sale. Within this project, we turned the depositors into shareholders in the bank, which keeps their money.


Views 41   Date Added 13/12/2018

http://economy-news.net/content.php?id=14720

 

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Keywords: understandings with Washington to exclude Baghdad from US sanctions on Iran

1020181717317722560533.jpg

Thursday, 13 December 2018

BAGHDAD (Reuters ) - Iraq's central bank governor Ali al-Alak announced on Thursday that there were understandings with the US side on Iraq's exclusion from US sanctions against Iran, likely to decide on exceptions within days. 

Al-Alak said in a press statement that "the central bank has a situation of adjustment to the sanctions. The dollar deal with Iran has been suspended since 2012. In practice, such transfers can not be made because any payments in this currency will go through the US financial system. Iraq used to pay in other currencies. " 

"With the expansion of the embargo and the reservations of countries, the options are limited even in settling payments in currencies other than the dollar," he said, adding that "there are necessary things linking Iraq to Iran, including gas and electricity." 

 "There is an understanding with the American side in an attempt to arrange this matter or to get some exceptions, and the talks have reached an advanced stage. This issue may be resolved soon, and probably within days," he said.  

Count



https://www.thebaghdadpost.com/ar/Story/137812/%D8%A7%D9%84%D8%B9%D9%84%D8%A7%D9%82-%D8%AA%D9%81%D8%A7%D9%87%D9%85%D8%A7%D8%AA-%D9%85%D8%B9-%D9%88%D8%A7%D8%B4%D9%86%D8%B7%D9%86-%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%86%D8%A7%D8%A1-%D8%A8%D8%BA%D8%AF%D8%A7%D8%AF-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D9%82%D9%88%D8%A8%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D9%85%D9%8A%D8%B1%D9%83%D9%8A%D8%A9-%D8%B9%D9%84%D9%89-%D8%A5%D9%8A%D8%B1%D8%A7%D9%86
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1 hour ago, DetroittoAZ said:

Get you some dinar Iran🤞😁

you can trade with iran as soon as you bring value too your dinar , so iran will rush too obtain those dinar , but no other currency !  :bagofmoney: ( most likely will not happen )    soooon

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40 minutes ago, scouter73 said:

Didnt recognize the stack of bills next to our hundreds. They look like there getting wealthier they upgraded from vizio to apple on there laptops

 

 

I believe it's a 50K note.

 

file-153371105654021.jpg

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13-12-2018 12:02 AM

image.php?token=4a0e5574b6e901368028adcfe0b3f12e&size=

 


 

 

 

Baghdad:

The governor of the Central Bank of Iraq Ali Alalak, on Wednesday, the existence of five banks stumbling in Iraq, noting that the number of troubled banks is small for the total number of about 70 banks.

 "The number of troubled banks  reached  5 to  date out of 70 working banks, " Al-Alak said in a press interview . "The comparison of the number of banks with the  total banks operating in Iraq becomes very normal," he said.

He added that 'banks face challenges with the existing general conditions, on the other hand there are many problems related to the commitment of citizens to banks and conditions associated with security and political and other degradation, there is a violation of the law and non-commitment to pay.'

He added that 'most  borrowers do not pay their premiums, as there are more than 6 trillion dinars ($ 5 billion) of non-performing loans, out of 37 trillion dinars'.

 During the financial crisis that passed through Iraq, we had worrying indicators linked to about 10 banks, and we entered the line and put some procedures and amendments and we were able to address a number of problems and left only 3 to 4 banks need some treatments.

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Central Bank: dependence on oil sign us in the problems (the new Arab)
368




The Central Bank warns of the repercussions of dependence on oil


The new Arab Baghdad


10 December 2018[/rtl]








 


The Governor of  the Central Bank of Iraq Ali Al-Alaq said that the bank is facing challenges due to financial policies, stressing during the session of the "relationship between the financial and monetary policies," which was held within the activities of the fourth annual conference of the bank on Monday, the widening gap between  the  non-oil revenues that do not Covering only 10 per cent of expenditures, and relying on oil resources to cover the remaining expenditures, has put the country in trouble as oil prices have declined in recent years. 

He added that this heavy reliance on oil increases the risk ratios and increases the pressure on the central bank to cover the gap, noting that oil revenues fell about 70 per cent, while the government reduced about 20 per cent of its expenses, to compensate for this reduction.

He pointed out that these problems led to two options, either the sacrifice of the central bank part of its reserves of foreign exchange, while the second option to make changes in the exchange rate, a move that harm the citizens and increase the richness of the rich and the impoverishment of low-income, stressing that the relationship between the two policies Finance and cash are a real challenge for the central bank

The bank maintains a high level of foreign reserves and continues its efforts to stabilize the local currency, control inflation and increase economic growth in the country

He pointed to the widening of the volume of non-performing loans in Iraq to reach 6 trillion dinars out of 37 trillion dinars, which is the total volume of loans, stressing that banks cut 2.5 trillion dinars of profits or 16% of capital to cover this problem, calling for the need to strengthen the rule of law To face the phenomenon of non-performing loans.

He referred to the initiatives launched by the Central Bank, including the "industrial, agricultural and industrial lending initiative of 5 trillion dinars, as well as the initiative of financing small projects by a trillion and a half through private and public banks, the largest in the history of Iraq."





For his part, the President of the Association of Iraqi private banks Wadih al-Hanal, in his speech during the conference, that "the Association seeks to create greater opportunities for private banks through dealing with them on an equal footing with government banks, especially in the area of the settlement of salaries of employees." 

He continued: "The Association will also continue its efforts to achieve the goals of financial inclusion in accordance with the perspective of the Central Bank of Iraq and in the framework of his hard work and strategic plans ... and continue to work to remove obstacles to the creation of a network of correspondents from foreign banks, which will restore Iraqi banking relations to normal. 

For his part, said the Chairman of the Board of the Arab Monetary Fund Abdul Rahman Al-Humaidi, in his speech, "The Central Bank has great efforts in support of the Iraqi economy, and maintained the stability of the currency and adopted several actions and initiatives that will enhance the financial situation of Iraq."




(USD = 120 IQD)

https://www.alaraby.co.uk/economy/2018/12/10/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%8A%D8%AD%D8%B0%D8%B1-%D9%85%D9%86-%D8%AA%D8%AF%D8%A7%D8%B9%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D9%86%D9%81%D8%B7

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Governor of the Central Bank warns of the repercussions of Iraq's dependence on oil

1220181102651497637656.jpg



The Governor of the Central Bank of Iraq, Ali Al-Alak, said that the bank is facing challenges due to financial policies, stressing that the widening gap between non-oil revenues Which covers only 10 per cent of expenditures and the reliance on oil resources to cover the remaining expenditures, has caused the country to face a problem with the decline in oil prices in recent years. 

He added that this heavy reliance on oil increases the risk rates and increases the pressure on the Central Bank to cover the gap, noting that oil revenues fell about 70 per cent, while the government reduced about 20 per cent of its expenses, to compensate for this reduction.

The bank maintains a high level of foreign reserves and continues its efforts to stabilize the local currency, control inflation and increase economic growth in the country. 

He pointed to the widening of the volume of non-performing loans in Iraq to reach 6 trillion dinars out of 37 trillion dinars, which is the total volume of loans, stressing that banks cut 2.5 trillion dinars of profits or 16% of capital to cover this problem, calling for the need to strengthen the rule of law To face the phenomenon of non-performing loans. 

For his part, the President of the Association of Iraqi private banks, "Wadih al-Hanal", in his speech during the conference, "The Association seeks to create greater opportunities for private banks through dealing with them on an equal footing with government banks, especially in the area of settling salaries of employees."

He continued: "The Association will continue its efforts to achieve the objectives of financial inclusion in accordance with the perspective of the Central Bank of Iraq and in the framework of his hard work and strategic plans. And continue to work to remove obstacles to the creation of a network of correspondents from foreign banks, which will restore Iraqi banking relations to normal. 

For his part, said the Chairman of the Board of the Arab Monetary Fund,"Abdul Rahman Al-Humaidi," in his speech, "The Central Bank has great efforts in support of the Iraqi economy, and maintained the stability of the currency and adopted several actions and initiatives that will enhance thefinancial situation of Iraq ."





https://www.thebaghdadpost.com/ar/Story/137270/%D9%85%D8%AD%D8%A7%D9%81%D8%B8-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%AD%D8%B0%D8%B1-%D9%85%D9%86-%D8%AA%D8%AF%D8%A7%D8%B9%D9%8A%D8%A7%D8%AA-%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D9%86%D9%81%D8%B7
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5 minutes ago, dinareffic said:

while the second option to make changes in the exchange rate

thanks dinarreffic 

Edited by 6ly410
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Central Bank of Iraq: We will pay Iran in other currencies

https://www.alsharqiya.com/news/المركزي-العراقي-سنسدد-لايران-بعملات-ا/


December 13, 2018
 
BAGHDAD, Dec. 13 (Xinhuanet) - The Central Bank of Iraq (CBE) has announced measures to adapt to US sanctions against Iran, especially in dealing with the dollar. 

The dollar's deal with Iran has been suspended since 2012.

In practice, the dollar can not be converted to Iran because any payments in this currency will pass through the US financial system and will stop.

He added that with the expansion of the embargo and the reservations of countries, the options are limited even in the settlement of payments in currencies other than the dollar and pointed to the relationship to an understanding with the American side in an attempt to arrange this or get some exceptions, It is a long way from this subject

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Edited by 6ly410
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46 minutes ago, dinareffic said:

second option to make changes in the exchange rate, a move that harm the citizens and increase the richness of the rich and the impoverishment of low-income, 

I call PURE B.S. here. ANYTHING that would make the rich, richer. And the poor, poorer, the Central bank would have done 10 yrs ago. 

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