yota691 Posted October 13, 2020 Report Share Posted October 13, 2020 The Central Bank Governor chairs a meeting to discuss anti-money laundering controls Tuesday 13th October 2020 - 15:27 Baghdad - conscious Today, Tuesday, the Governor of the Central Bank, Chairman of the Council for Combating Money Laundering and Terrorist Financing, Mustafa Ghaleb Makheif chaired the first regular session of the Council for the year 2020, which included members of the Council from relevant ministries and departments not associated with a ministry. A statement of the Central Bank of Iraq received by the Iraqi News Agency (INA) stated that "the council discussed several topics within the agenda, including the due diligence controls for the anti-money laundering and terrorist financing operation of the NGO Department in the General Secretariat of the Council of Ministers, and the due diligence controls for combating operations Money laundering and terrorist financing of the Companies Registrar Department - the Ministry of Trade, in addition to discussing the measures taken with regard to the national assessment process for money laundering and terrorist financing risks. The Council affirmed, "The necessity to enforce the work of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the instructions and controls issued pursuant thereto, along with the necessity to activate workshops related to the presentation of the work of the Anti-Money Laundering and Terrorism Financing Office, the mechanism for reporting suspected cases and how to deal with these cases in a way that contributes to Spreading the culture of combating money laundering and terrorist financing. " 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 14, 2020 Author Report Share Posted October 14, 2020 The Central Bank of Iraq raises the alarm of declining foreign currency reserves 2020-10-14 00:52 Shafaq News / Central Bank Governor, Mustafa Ghaleb Makhif expected, the country's foreign currency reserves to decline due to the increase in import financing and the decrease in the dollar at the Ministry of Finance due to the drop in oil prices in global markets and Iraq's commitment to the OPEC agreement. The semi-official newspaper, Al-Sabah, quoted in its issue issued today, Wednesday, Khaweb as saying that “the decline in the global price of oil and the reduction in production in Iraq, based on the OPEC agreement, led to a decrease in crude oil revenues, and thus a decrease in the dollar amounts that the Finance Ministry was selling to the bank. The Iraqi Central Bank in exchange for the Iraqi dinar that it uses to finance its expenses locally . The governor added, "This led to a decline in the accumulated quantities of foreign currency at the central bank, in addition to the process of discounting the securities issued by the Ministry of Finance, for the purpose of bridging the deficit witnessed by the government in financing its spending, especially the current spending by the Central Bank of Iraq for the benefit of government banks ." "Most of the current spending will turn into a consumer demand that ultimately represents a demand for the US dollar, and as the central bank meets this demand to finance imports, foreign reserves are expected to witness a decline in addition to the decline resulting from the decline in oil revenues if the current data do not change," he said. 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 14, 2020 Author Report Share Posted October 14, 2020 The Central Bank is "upset" ... and affirms that its foreign currency reserves have declined 2020-10-14 Yes Iraq: Baghdad The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, complained, on Wednesday, about the “decline” of his foreign currency reserves, attributing the reason to the increase in import financing and the decline in dollar revenues from the Ministry of Finance. “The decline in the global price of oil and the reduction in production in Iraq, based on the OPEC agreement, led to a decrease in crude oil revenues, and thus the dollar amounts that were sold by the Ministry of Finance to the Central Bank of Iraq in exchange for the Iraqi dinar that it uses to finance its expenditures locally,” he said. . He added, "This led to a decline in the accumulated quantities of foreign currency at the central bank, as well as the process of discounting the securities issued by the Ministry of Finance, for the purpose of bridging the deficit witnessed by the government in financing its spending, especially the current spending by the Iraqi Central Bank for the benefit of government banks." He noted that “the majority of current spending will turn into a consumer demand that ultimately represents a demand for the US dollar, and with the central bank meeting this demand to finance imports, foreign reserves are expected to witness a decline in addition to the decline resulting from the decline in oil revenues if the current data do not change. “. Earlier, the Minister of Finance revealed that the cash reserve at the Central Bank is $ 53 billion, while late last year the reserve reached $ 67.6 billion, which means that the reserve has lost about $ 15 billion. 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 14, 2020 Author Report Share Posted October 14, 2020 The Central Bank complains about the "decline" of foreign currency reserves and diagnoses its causes Economie 2020-10-14 | 1:50 5,661 Views The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, complained, on Wednesday, about the "decline" of his foreign currency reserves, attributing the reason to the increase in import financing and the decline in dollar revenues from the Ministry of Finance. “The decline in the global price of oil and the reduction in production in Iraq, based on the OPEC agreement, led to a decrease in crude oil revenues and thus the dollar amounts that were sold by the Ministry of Finance to the Central Bank of Iraq in exchange for the Iraqi dinar that it used to finance its expenditures locally,” he said. According to the official "Al-Sabah" newspaper. He added, "This led to a decline in the accumulated quantities of foreign currency at the central bank, as well as the process of discounting the securities issued by the Ministry of Finance, for the purpose of bridging the deficit witnessed by the government in financing its spending, especially the current spending by the Iraqi Central Bank for the benefit of government banks." He noted that "most of the current spending will turn into a consumer demand that ultimately represents a demand for the US dollar, and with the central bank meeting this demand to finance imports, foreign reserves are expected to witness a decline in addition to the decline resulting from the decline in oil revenues if the current data do not change." ". 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 14, 2020 Author Report Share Posted October 14, 2020 Central Iraqi: a decline in the accumulated amounts of foreign currency The Central Bank of Iraq 14 October 2020 10:23 AM Mubasher: The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, suggested that the accumulated quantities of foreign currency would decline due to the increase in import financing and the decline in dollar revenues from the Ministry of Finance. “The decline in the global price of oil and the reduction in production in Iraq, based on the OPEC agreement, led to a decrease in crude oil revenues, and thus a decrease in the dollar amounts that the Ministry of Finance was selling to the Central Bank. Iraqi in exchange for the Iraqi dinar that it uses to finance its expenses locally. The governor added, "This led to a decline in the accumulated quantities of foreign currency at the central bank, as well as the process of discounting the securities issued by the Ministry of Finance, for the purpose of bridging the deficit witnessed by the government in financing its spending, especially the current spending by the Central Bank of Iraq in favor of government banks." He noted, “Most of the current spending will turn into a consumer demand that ultimately represents a demand for the US dollar, and with the central bank meeting this demand to finance imports, foreign reserves are expected to witness a decline in addition to the decline resulting from the decrease in oil revenues if the current data do not change. ". 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 14, 2020 Author Report Share Posted October 14, 2020 The governor of the central bank is sounding the alarm: the reserve will decline 09:01 - 10/14/2020 The information / Baghdad .. The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, suggested, on Wednesday, the decline in foreign reserves in the bank, due to the increase in import financing and the decline in dollar revenues from the Ministry of Finance. “The decline in the global price of oil and the reduction in production in Iraq, based on the OPEC agreement, led to a decrease in crude oil revenues, and thus the dollar amounts that the Finance Ministry was selling to The Central Bank of Iraq in exchange for the Iraqi dinar that it uses to finance its expenditures locally. The governor added, "This led to a retreat in the accumulated quantities of foreign currency at the central bank, as well as the process of discounting the securities issued by the Ministry of Finance, for the purpose of bridging the deficit witnessed by the government in financing its spending, especially the current spending by the Central Bank of Iraq in favor of government banks." He pointed out that “most of the current spending will turn into a consumer demand that ultimately represents a demand for the US dollar, and with the central bank meeting this demand to finance imports, foreign reserves are expected to witness a decline in addition to the decline resulting from the decline in oil revenues if the current data do not change. ». End / 25 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 15, 2020 Author Report Share Posted October 15, 2020 Iraq Is On The Verge Of A Shortage Of Foreign Currency Reserves On October 15, 2020 Independent ... Iraq is going through an economic period that can be seen and evaluated as one of the worst economic crises the country is going through. The most important cause of this economic crisis is the succession of successive governments in Iraq that did not properly manage its resources, or it might be the Corona crisis that is sweeping the whole world, not just Iraq, and the cause of that crisis could be the decline in Iraq's oil production. All of these reasons brought Iraq to where it is today, and it had recently suffered from delays in paying salaries to state employees. Despite all these reasons that plague the Iraqi economy, the governor of the Central Bank of Iraq, Mustafa Schaif, expected that Iraqi foreign reserves would decline during the coming period more. Where the Governor of the Central Bank of Iraq suggested that the decline in the global price of oil and the reduction in production in Iraq, based on the OPEC agreement, led to a decrease in crude oil revenues, and thus this decrease will lead to a decline in the dollar amounts that the Ministry of Finance was selling to the Central Bank of Iraq in exchange for the Iraqi dinar Which she uses to finance her spending locally “Frightening” stated that this led to a decline in the accumulated quantities of foreign currency at the central bank, as well as the process of discounting the securities issued by the Ministry of Finance, for the purpose of bridging the deficit witnessed by the government in financing its spending, especially the current spending by the Central Bank of Iraq in favor of government banks. And he added that the majority of current spending will turn into a consumer demand that ultimately represents a demand for the US dollar, and with the Central Bank meeting this demand to finance imports, foreign reserves are expected to witness a decline in addition to the decline resulting from the decline in oil revenues if the current data do not change. 1 1 Quote Link to comment Share on other sites More sharing options...
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