10 main axes focused on the central bank governors in the 43rd session

[yota691]

10 main axes focused on the central bank governors in the 43rd session

Side of the conference

 15 September 2019 08:51 PM

CAIRO - Egyptian Prime Minister Mostafa Madbouly on Sunday inaugurated the 43rd session of the Board of Governors of Central Banks and Arab Monetary Institutions.

The Central Bank of Egypt said in a statement on Sunday that the 43rd session of the Board of Governors of Central Banks discussed 10 main axes as follows:

1- Regional and international monetary, economic and financial developments, their repercussions on the Arab economies, and the challenges facing the world economy, including high levels of indebtedness and developments in world trade. 

2. Governance of Central Banks Rapid developments and expansion of responsibilities of central banks.

3. Strengthen the capacity of central banks to support financial stability and develop risk management in line with developments in the financial and banking sector. In this context, the Board welcomed the recommendations of the recent IMF study on the governance of central banks. 

4 - The accelerated developments in the financial and banking industry in terms of the growing issuance of cryptocurrencies to central banks, and focused on the members of the Council on the opportunities offered by cryptocurrencies in the promotion of financial inclusion, the fight against corruption and money laundering, and the development of electronic payment tools and improve liquidity management.

The CBE pointed out that the Council noted the need to address the risks that may arise, in addition to studying the possible effects on monetary policy, and the importance of appropriate preparation.

5. Building the capacity of central banks wishing to issue cryptocurrencies, and developing standards regarding digital identity and the principles of knowing your customer. The Council also stressed the importance of developing appropriate legislation and enhancing international coordination in this regard. 

6. The work and recommendations of its committees and task forces, namely, the Arab Banking Supervisory Committee, the Regional Working Group for Promoting Financial Inclusion in the Arab States, the Financial Stability Task Force, the Arab Commission for Payment and Settlement Systems, and the Arab Credit Information Committee. 

In this context, the Board discussed a number of papers and topics worked on by committees and teams, the most important of which were “Banking Supervision on Institutions of Local Systemic Importance: Arab Experiences”, “Responsible Finance: Policies, Tools and Experiences”; Arab Countries and their Impact on Financial Stability "," Experiences of Instant Payments in Arab Countries ", and" General Principles of Credit Rating for SMEs: Arab Experiences ".

The Council stressed the importance of the proposals and recommendations contained in these papers, calling for their implementation in accordance with the situation of each country. He also briefed the CBE on the experience of the CBE in developing national payment systems and benefiting from modern technologies.

The Council welcomed the establishment of the Group of Modern Financial Technologies, due to its importance as a platform that brings together the most important parties and parties concerned with the development of the environment for financial technologies. 

In this context, the Council stressed the importance of studying the proposal to establish a regulatory laboratory to encourage financial innovations, as a proposed new framework for cooperation and regional experiences among the supervisory authorities in the Arab region to encourage the establishment of financial technology companies and to promote capacity building in this area. The Council also called on Arab central banks to work to maximize the use of modern financial technologies.

The Council also welcomed the regional initiative to promote financial inclusion in the Arab region launched by the Arab Monetary Fund in cooperation with the World Bank, the Global Alliance for Financial Inclusion and the German Development Agency. 

The Council looked forward to the activities and activities of this initiative, stressing the importance of benefiting from technical solutions to enhance financial inclusion. In this context, the Council noted the model of statistical surveys of the demand for financial services prepared under this initiative. 

The Board discussed the follow-up of the implementation of the Arab Clearing System. The Council called for providing support and support to the efforts of the Arab Monetary Fund in completing the establishment of the institution and its services and activities, and enhancing opportunities for the participation of Arab banks and financial institutions and banking in the use of the system that will be managed by this institution, as the Council stressed, the application of the highest international standards and principles.      

The members of the Board reviewed the Financial Stability Report for 2019 and expressed their appreciation for the follow-up of the Arab Monetary Fund to prepare and issue the report, including the topics and analysis. The Council stressed the importance of the report continuously reflecting priority developments and issues for Arab countries.

The Board reviewed the draft of the unified Arab speech to be delivered on behalf of the Arab Group during the annual meetings of the IMF and the World Bank. 

Council members reiterated the importance of providing more financial support to Arab countries. They also reiterated their call for strengthening partnerships between international financial institutions and Arab funds and financial institutions.

[Big_J]

17 minutes ago, yota691 said:

The Board reviewed the draft of the unified Arab speech to be delivered on behalf of the Arab Group during the annual meetings of the IMF and the World Bank. 

GAN YOTA AND DV. Hmmm.......? 

[Laid Back]

“The Board discussed the follow-up of the implementation of the Arab Clearing System.” 

 

The Arab clearing system aims at enhancing the use of the Arab currencies in clearing and settling the inter-Arab payments as well as the major international currencies, thus reducing the time and cost of clearing Arab financial transactions and enhancing Arab investments and trade. The system also seeks to link with the payment systems of the main trading partners of Arab countries. In addition, it will work to develop clearing and settlement services for low-value payments, which will contribute to support financial inclusion in the Arab region, as well as studying the visibility of providing clearing and settlement services for securities transactions among Arab countries.

 

 

[Butifldrm]

 

2019/09/17 12:42

• The number of readings 56
• Section: Iraq
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Central Bank: Foreign currency reserves exceed international standards

BAGHDAD / Obelisk: The Governor of the Central Bank of Iraq Ali Alaq, Tuesday 17 September 2019, that the amount of the budget deficit for 2020 is not yet established as indicated by the Ministry of Finance, and what is circulating is just hypothetical figures and not yet settled, indicating that it must The upper limit of the deficit is consistent with the new financial management law, stressing at the same time that the central bank reserves of foreign currency are comfortable and well above international standards, and that the law prohibits the use of this reserve to lend to the government in order to fill the budget deficit but it is used to stabilize the exchange rate Local power

Al-Allaq said in special statements to "morning" on the sidelines of his participation in the forty-third session of the Board of Governors of Central Banks and Arab Monetary Institutions held on Sunday in Cairo: "Our foreign currency reserves are comfortable and good and within international standards, but exceed the standard ratios, but according to The law is not to cover the deficit, but is a cover for the local currency, and the strength of the exchange rate and the strength of the Iraqi dinar depends on this cover, so the process of linking the reserve and deficit coverage is improper, and the Central Bank law does not allow the reserve to be used to lend to the government directly or indirectly It is evil but to preserve the value of the dinar against the dollar. "
 
exchange rate

And the relationship, that "the stability of the exchange rate is a central objective of the Central Bank and seeks to achieve by all means, which depends mainly on the economic performance of Iraq, the stronger the economy was to maintain the exchange rate stronger, and our economy is subject to fluctuations in oil prices, which is a resource The basis for the country, which is also the basis for the foreign currency, so careful management of reserves in order to achieve stability is important, where there can be a balance between the supply and demand of foreign currency, and when supply disrupts affect the exchange rate, and the reserve we have so far is able to Covers demand on th Dollars, and thus keep the price under control. "
 
Slouch jobs

Regarding slackness in government jobs, Al-Allaq said: “The government apparatus has reached more than saturation, and it does not add economic value; rather, in its expenses it represents a great challenge to the public budget and reduces the resources that can go to employ others and achieve more job opportunities through real projects. The basic solution to the issue of unemployment is the employment of the real sectors, namely, industrial, agricultural, tourism, etc., which is the basis in moving economic rings, so there must be a focus on moving these economic sectors by changing the economic model that exists in Iraq today, the model now is that It comes from oil, and it pumps the bulk of it in the form of salaries. These salaries turn into demand for imported goods and commodities, so our revenues go to build the economies of other countries instead of moving the pace of the economic situation. "

The Governor of the Central Bank, "It is not possible to lay off people from their jobs, but the money taken as salaries can be invested inside Iraq through the expansion of the real sector and this will occupy other people, and that depends on coordination in trade, investment, tax and customs policies to harmonize with each other to move the situation internally".
 
Economic Challenges

On the Cairo meeting, Al-Allaq said: "These meetings are normal and periodic, and since Iraq is a member of the Arab Monetary Fund, it is attending these meetings, where the meetings of the Council are a review of all developments that take place in the financial, monetary and economic matters in the Arab world, especially in the circumstances. "We face insights and perceptions of how our countries can face these challenges and analyze their effects and impact on our economies." 

He added, "We will also discuss at the meeting the functions of central banks in terms of technologies and their effects, which are fast and successive, especially with regard to the subject of currency and their use, which has evolved towards digital and virtual, and in this context also talk about the objectives that are evolving functions of central banks quickly to achieve financial stability in Under the circumstances, and to achieve prudential control of the central banks towards banking institutions and financial institutions, "he said:" Another goal that we have given priority in this meeting; we organized a special workshop on the expansion of financial inclusion, i.e. Banking services to the largest possible number of citizens and the different segments and achieve a lot of services quickly. "
 
Relationship with Egypt

On the relationship between the Central Bank of Iraq and his Egyptian counterpart, Al-Allaq stressed that it is "very good and continuous, and we have many areas of cooperation, and we consider the Central Bank of Egypt very close ally, we have communication and consultation and the degree of high relationship and we need them in building our capacity and in training and consultation."

As for the reopening of Rafidain Bank in Egypt, Al-Allaq said: "It is an important issue and we have been following it for a long time. The Central Bank of Egypt knows the importance of Rafidain Bank, and we are following up with the Egyptian side."

Follow the obelisk

http://almasalah.com/ar/news/178542/البنك-المركزي-احتياطي-العملة-الأجنبية--يفوق-المعايير-الدولية

[yota691]

Alak: Central Bank reserves exceed international standards

 

Banks Economy News _ Baghdad The Governor of the Central Bank of Iraq, Ali Alaq, Tuesday, that the amount of the budget deficit for 2020 is not yet proven as indicated by the Ministry of Finance, and what is circulating is just hypothetical figures and not yet settled, indicating that the upper limit of the deficit must be compatible with The new financial management law, stressing at the same time that the central bank reserves of foreign currency comfortable and well beyond international standards, and that the law prohibits the use of this reserve to lend to the government to fill the budget deficit, but it is used to stabilize the exchange rate and the strength of the local currency "Our foreign currency reserves are comfortable, good and within international standards," Allaq said in an interview with "Al-Sabah" newspaper and seen by Al-Iqtisadiah news on the sidelines of his participation in the 43rd session of the Board of Governors of Central Banks and Arab Monetary Institutions held on Sunday in Cairo. Standard ratios are higher, but according to the law they are not to cover the deficit but are a cover for the local currency, and the strength of the exchange rate and the strength of the Iraqi dinar depends on this cover, so the process of linking reserves and deficit coverage is improper, and the Central Bank law does not allow the reserve to be used to lend The Pile directly or indirectly, but is to maintain the value of the dinar against the dollar. " And the relationship, that "the stability of the exchange rate is a central objective of the Central Bank and seeks to achieve by all means, and depends mainly on the economic performance of Iraq, the stronger the economy was to maintain the exchange rate stronger, and our economy is subject to fluctuations in oil prices, which is a resource The basis for the country, which is also the basis for the foreign currency, so careful management of reserves in order to achieve stability is important, where there can be a balance between the supply and demand of foreign currency, and when supply disrupts affect the exchange rate, and the reserve we have so far is able to The application covers And therefore keeps the price under control. ” Regarding slackness in government jobs, Al-Allaq said: “The government apparatus has reached more than saturation, and it does not add economic value; rather, in its expenses it represents a great challenge to the public budget and reduces the resources that can go to employ others and achieve more job opportunities through real projects. The basic solution to the issue of unemployment is the employment of the real sectors, namely, industrial, agricultural, tourism, etc., which is the basis in moving economic rings, so there must be a focus on moving these economic sectors by changing the economic model that exists in Iraq today, the model now is that It comes from oil, and it pumps the bulk of it in the form of salaries. These salaries turn into demand for imported goods and commodities. The Governor of the Central Bank, that "can not be laid off people, but the money taken as salaries can be invested inside Iraq through the expansion of the real sector and this will occupy other people, and that depends on coordination in trade, investment, tax and customs policies to harmonize with each other to move the situation internally". As for the Cairo meeting, Al-Allaq said: “These meetings are regular and periodic, and since Iraq is a member of the Arab Monetary Fund, it is attending these meetings, where the meetings of the Council are a review of all developments that take place in the financial, monetary and economic matters in the Arab world, especially in the circumstances facing Major challenges in the economic aspects Increasing challenges and risks related to these aspects, which we provide insights and perceptions and how our countries can face these challenges, and analyze their effects and impact on our economies.  He added, “We will also discuss at the meeting the functions of central banks in terms of technologies and their effects, which are fast and successive, especially with regard to the subject of currency and its use, which has evolved towards digital and virtual, and in this context also talk about the objectives that are evolving functions of central banks quickly to achieve financial stability in Under the circumstances, and to achieve prudential control for central banks towards banking institutions and financial institutions, "he said:" Another goal that we gave priority in this meeting; we organized a special workshop on the expansion of financial inclusion, ie L Banking services to as many different citizens and segments as possible and achieve a lot of services quickly. ” On the relationship between the Central Bank of Iraq and his Egyptian counterpart, Al-Allaq stressed that it is “very good and continuous, and we have many areas of cooperation, and we consider the Central Bank of Egypt very close ally, we have communication and consultation and the degree of high relationship and we need them in building our capabilities and in training and consultation.” Regarding the reopening of Rafidain Bank in Egypt, Al-Allaq said: “It is an important issue and we have been following it for a long time. The Central Bank of Egypt knows the importance of Rafidain Bank and we are following up with the Egyptian side.” Number of Views 237   Date Added 17/09/2019

[Donziman]

Takes quite an organization of Arab countries and bankers to process and

count all that  AMERICAN MONEY!!!!!