CBI News 10/05/2020

[yota691]

Bahaa Al-Araji: The recent reforms of the Central Bank are the practical step to stop currency smuggling

October 6, 2020 | 2:00 pm   -   Readings: 76 views

 

The Iraqi position network
 

 

Former Deputy Prime Minister Bahaa Al-Araji confirmed today, Tuesday, that the recent reforms of the Central Bank are a practical step to stop currency smuggling.

Al-Araji said in his tweet, “The recent reforms of the Central Bank are the practical step to stop currency smuggling. We hope to work on other steps that make the banking sector supportive of the state's economy and not a burden on it.

He added, "As for the objections of some personalities, they are a reaction as a result of compromising their personal interests after closing the door of the commissions they were getting!"

[aj1]

Thank you Yota!

[yota691]

Bahaa Al-Araji: Central Bank reforms are a step to stop currency smuggling

by Editor Economy 14 Hours ago

Bahaa Al-Araji, a former deputy prime minister, praised the reforms launched by the Central Bank.

Al-Araji described in a tweet on his Twitter account, the recent reforms of the Central Bank as a practical step to stop currency smuggling, expressing his hope to work on other steps that make the banking sector supportive of the state's economy and not a burden on it.

He added that the objections of some personalities are nothing but a reaction to the prejudice to their personal interests, after closing the door of the commissions they were getting.

[nannab]

This is getting better and better. PM  Kazimi  is going for the golden ring for his people.

[yota691]

A deputy calls for opening a "file" of private banks and revealing the names of politicians "plundering Iraq's wealth.

Economie

2020-10-07 | 03:52

 

1,866 Views

A member of the Parliamentary Economic and Investment Committee, Abdul Salam Al-Maliki, called, on Wednesday, for the Anti-Corruption Committee recently formed by Prime Minister Mustafa Al-Kazemi, to open the file of private banks and the nature of their work, and to reveal the names of politicians, who said that they "plunder the wealth of Iraq in legitimate ways."

Al-Maliki said in a statement that Alsumaria News received a copy of, that "the banking business in Iraq It is still stagnant in its place compared to the rest of the banks in other countries of the world, and most of the private banks have turned to places to drain hard currency instead of preserving it or contributing to reconstruction and investment, not to mention the fact that some of these banks are fronts for ISIS And it was dealing with terrorist forces in transferring money inside and outside Iraq Indicating that "the financial crisis that the country is experiencing and what came with it in delaying the payment of employees' salaries are all related, directly or indirectly, to the delay in the banking business that is under the jurisdiction of The Central Bank of Iraq".

 

 

He added that "The Central Bank of Iraq He spoke on several occasions about procedures that will be followed to regulate the work of banks, but without any application on the ground until the moment, pointing out that "most of the private banks have become a burden on the financial sector .Iraq Because of the chaos therein, it has turned into one of the doors of currency depletion and corruption. ”

Al-Maliki called on the Anti-Corruption Committee to“ open the file of private banks and the nature of their work, reveal the political or partisan parties behind them, and announce the names of politicians or bank owners who plunder their wealth.Iraq "Legitimate ways under different headings, in order to end the depletion of the currency and put in place plans and laws that regulate the work of private banks, away from the partisan moods of the mafias of corruption."

[Calijim]

Maybe Maliki is upset with private banks cause he doesn’t like the competition stealing the peoples money.

[yota691]

Financial inclusion and the electronic horizon

Saturday 10 October 2020 3

 

  Baghdad: Mustafa Al-Hashemi

 

Specialists in financial and economic affairs called on banks contributing to salary resettlement, to expedite the implementation of financial inclusion measures, especially after resettlement of the salaries of employees of ministries and departments with their permanent owners and contracts. Financial inclusion, an economic term that means the introduction or merging of groups, which are called financially marginalized or with low financial income, who are not allowed to engage in the operations of the banking system, by dealing with the banking system through the digital work system using mobile phones, meaning the completion of all financial transactions. Electronically.

Loans and advances

The specialist in financial affairs, Nawras Hassan, called those in charge of the salary settlement file to “pay attention to the segment of contract employees, especially those with long years of service, because there are banks that refrain from granting loans and advances to contract employees despite having their salaries localized to them, which is inconsistent with the steps to achieve financial inclusion announced by the bank. Central ».

He added, “Contract employees are still seen as second-class employees, while financial inclusion is equal to all classes of employees, as long as their salaries are based in banks, so the principle of Emiratisation must be one and apply to all employees in terms of their inclusion in advances and loans. Without distinction ».

 

Address the discrepancy

In turn, the economic researcher, Aya Adel, endorsed the necessity to "urgently address this contradiction, since the Central Bank's instructions directed to banks (government and private) do not stipulate the comparison between one employee and another as long as they have localized their salaries at those banks." In Iraq - according to the central - ».

Adel stated that "the efforts of the Central Bank to achieve financial inclusion appeared in the last two years," adding that "the jurisprudence of some banks' administrations prevented the achievement of justice in this aspect, especially between contract employees and permanent owners." 

And it included them with loans and advances of various amounts ».

 

Unifying vision

For his part, the academic and economist Dr. Majid Al-Baidani said, "The banks operating in Iraq and contributing to the salary localization project should unify their vision of the concept of financial inclusion, especially for employees whose salaries are domiciled."

He believed that «the current stage requires the openness of all banks to exercise their role in society, especially by facilitating the granting of advances and loans to all employees whose salaries are settled at those banks».

He pointed out that «government banks own a lot of deposits that have not been invested in the right way in order to benefit the employee and contribute to improving his financial situation, especially contract employees whose salaries have settled in government and private banks».

[yota691]

Secrets And Motives Of The Central Bank's Decision "The Auction Quota According To The Bank's Assessment"

On October 10, 2020

Al-Mustaqila / - In the first quick step taken by the new central bank governor, Mustafa Ghaleb Makhaif, and in the first week of assuming his duties, a meeting of the Board of Directors of the Central Bank is held to take a decision to reconsider the banks ’valuations and distribute the currency auction shares for the dollar according to the new assessment.

And the news from the banking community indicates that this step provoked a lot of confusion, complaints and appeals against the central bank’s assessments, and this is a step that the new governor is well aware of as he is an official in the central bank and participated in these evaluations previously, and he and others received what he and others suffered from confusion and therefore he knows before others. And that it will cause many problems for him and the Central Bank because of the difficulty in achieving 100% justice.

But nevertheless, the new governor and part of the deal taking over the position, which four or five banks contributed to, four of which belong to one owner, and the fifth bank belongs to another name, knowing that the two names of the two persons (the owners of the five banks) finance one political party and it is the one who pressured this person to assume this position, Accordingly, the first step that the governor must make compulsorily (part of the setup deal for the site) is to manipulate the banks ’valuations and link them to the auction share, thus taking advantage of the price difference and the quantities granted to these banks in this circumstance (for that evaluation will last only three months).

* The new governor devises a trick

The cunning plan pursued by this group (the new governor with the owners of these four or five banks), according to a source close to these parties, and for the sake of camouflage, is to distribute these four or five banks to the first categories so that the new evaluation was issued on Sunday, the fourth of October ( The evaluation was decided by one week, while the previous evaluations took months for the need for justice and due diligence). In general, the new evaluation made one of the banks (the Middle East of its owner, “ Ali Ghulam,” a friend of the new governor from 2012 and the financier of the appointment deal for the governor with one of the parties) in the A category Two other banks have a weak auction activity, with an auction share of 100% ؜ of the demand, and thus this bank will have the largest seller of the A share due to the weak activity of those in the same category in the auction. Then the new governor placed the other banks Al-Qibli, Al-Ansari and Al-Qatars (to their owner, Ali Ghulam Also) in Class B which guarantees 75% of the auction.

 

A simple analysis and daily figures for the auction share of these four banks gives a large result for the size of the daily profits in light of the difference in the official price and the market price for the dollar.

Pay off the installation deal

The evidence that the new evaluation is for an illegal purpose and to get quick profits to pay off the installation deal is the evaluation period of only three months, as if it is only to achieve certain profits and for a certain category and quickly, and the other evidence is that previous evaluations are based on the internationally known camel evaluation while this evaluation has added other measures for the purpose of manipulation By making the space for diligence greater in order to achieve the purpose for which it was established ....

Bankers in Iraq are well aware of the game and regret this outrageous way that matters of a respectable institution such as the Central Bank have come to pass and warn of the impact of this on the banking system as a whole and selective dealings, as they put this dangerous information in front of decision-makers (Mr. They ask them to investigate and investigate this dangerous manipulation by the Central Bank Authority in these difficult days in which our country and our citizens live in a stifling economic crisis, while unfortunately there are suspicious agreements with which official bodies such as the governor of the Central Bank and corrupt parties and personalities contribute to the purpose of obtaining non-profit Legitimate and future political change equations.

 

* The article was reported through the agency's communication media, and after investigating its content from more than one source, and the importance of what was mentioned in it, it was published

[yota691]

ABC .. A new bank classification raises ire in Iraq

Economie

2020-10-10 | 03:05

 

7,803 Views

 

 

The decision to reconsider the bank’s valuations and the distribution of the auction shares for the dollar according to the new assessment, angered many specialists in financial and economic affairs, who considered it “useless”, as a result of the existence of a previous evaluation, and the fact that these classifications are local and not international, given that most banks in Iraq are both small Whether it was with its capital or its management of banking operations, while others considered that the revaluation of banks in a short period of time raises doubts.

Says Professor of Political Economy The Iraqi University Abdul Rahman Al-Mashhadani In an interview with Alsumaria News, "The bank had previously set standards for classification and evaluation of banks in 2016 for a period of three years on the basis of applying international banking standards by studying the status of banks and their data to come up with a classification for them. Nevertheless, it did not include all banks, as it excluded a group of them, except We were surprised today by the new governor of the Central Bank to take a decision to reclassify these banks within one week, which raises more than one question mark. "

 

 

Al-Mashhadani continues, "The process of re-evaluation of these banks at the present time, and according to what I received from information, is an inventory of dealing with a group of banks that have a lot of confusion."

He adds that "the classification mechanism followed (ie, B, C) is not clear and does not approach international classifications, and there is no disclosure in the local classification standards." Banks have their place in the world, not to follow a classification of your own, which will not constitute anything on the global banking map.

 

For its part, demanded the economic expert Salam sesameIn an interview with Alsumaria News, knowing "what are the criteria that are adopted for re-evaluation and to know exactly why the revaluation is done", indicating that "in the past the evaluation was done on the basis of the size of the capital, the expansion of the bank and the volume of transactions that the bank undertakes."

Sumaisem points out that "the purpose announced regarding the valuation is to reset the issues because everyone is heading to the issue of selling the currency, and therefore the revaluation comes to consider the feasibility of the auction and the shares granted to banks." To re-evaluate. "

In turn, sees the economist Durgham Muhammad Ali In an interview with Alsumaria News that "Iraq No need for this number of private banks , especially as it does not contribute to the development and practice of banking mostly. "

Emphasizes that" step evaluation and classification of banks , if implemented properly without favoritism as banks owned by the parties , it is positive because banks now subsist on the auction only. "

Considered MP Nassif high In a press statement, "It is regrettable that the bank classification mechanism came upside down, as it placed the banks with limited activity in the highest classification, and the multi-activity banks that contributed to development and investments in the lowest classification."

She added, "This issue is not easy and is not limited to being a mere classification. Rather, it affects the economy directly in terms of granting confidence to ineffective banks at the expense of active and influential banks in the investment movement."

In a move described as "quick", the new central bank governor, in the first week of taking office, held a meeting of the bank’s board of directors to take a decision to reconsider the banks ’valuations and distribute the auction shares for the dollar according to the new assessment.

And he began The Central Bank of Iraq At the end of 2016, the adoption of specific weighting criteria related to the participation of banks in the window for selling foreign currency (dollars), by evaluating and classifying them into three categories, namely A, B and C.

 

[yota691]

ABC excludes Iraq from the global banking map

 

- 10-10-2020 03:14 PM - Readings: 3,985

 

The decision to reconsider the bank’s assessments and the distribution of the auction shares for the dollar sparked widespread debate among specialists in financial and economic affairs in Iraq, as it was a useless step, according to their belief.

 

Also, the decision was considered by some to be wrong, as most Iraqi banks are small, whether with their capital or with their management of banking operations, in what some consider suspicious of.

 

A professor of political economy at the Iraqi University, Abdul Rahman Al-Mashhadani, said: “The bank had previously set standards for the classification and evaluation of banks in 2016 for a period of three years on the basis of applying international banking standards to study the   status of banks and their data to produce a classification for them, but it did not include all banks. He excluded a group of them, but we were surprised today by the new governor of the Central Bank to take a decision to reclassify these banks within one week, which raises more than a question mark. "

 

He added: "The classification mechanism used (ie, B, C) is not clear and does not approach international classifications, and there is no disclosure in the local classification standards."

 

He also continued by saying: "The central bank was supposed to follow the example of global central banks by setting international standards for evaluation and classification so that banks know their place in the world, not to follow a classification of your own, which will not constitute anything on the map of global banks."