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Central Bank Governor: We Have Started Implementing The Banking Sector Reform Plan !


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He announced his efforts to remove Iraq from the European list of high risks ... Central Bank: The exchange rate of the dinar is fixed and the currency reserves are "good"

 

News source / Al-Zawra Newspaper
Posted 52 seconds ago

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Baghdad / Al-Zawra: 

 

The Central Bank of Iraq issued a clarification yesterday, Sunday, regarding the news that has spread recently regarding the reduction of the Iraqi dinar exchange rate against the dollar. 

The bank said in a statement that Al-Zawraa received a copy of: “The statements that have spread recently regarding (lowering the exchange rate of the Iraqi dinar against the dollar) represent the viewpoint of those who stated it, and do not represent the official position of the Central Bank. This was accompanied by a number of rumors launched by speculators. This affected the price (temporarily). ”

The statement added that "the exchange rate is fixed and has not changed, and its monetary policy is clear and transparent," indicating that "its foreign currency reserves are" very good "according to all international indicators, and in a way that enables it to overcome the current crisis the country is going through. 

The bank hopes that "the media will use the sources of the Central Bank exclusively in this regard."

On the other hand, the Central Bank of Iraq revealed, yesterday, Sunday, the participation of its governor in the delegation headed by Prime Minister Mustafa Al-Kazemi to visit several European countries. 

A statement by the Media Office of the Central Bank of Iraq stated: “The Governor of the Bank, Mustafa Ghaleb Mukhaif, participated, accompanied by a high-level government delegation headed by the Prime Minister, yesterday, Sunday, in a visit to France, Germany and the United Kingdom.

The statement indicated that frightening will meet "during the four-day visit with counterparts to discuss a number of common issues, especially removing Iraq from the European Union's high-risk list, as well as discussing the development of banking relations and financial investment between Iraq, and these countries because they constitute from Economic weight in Europe and the world ”.

A government source previously reported that the Prime Minister, Mustafa Al-Kazemi, had made a European tour at the head of a high-level government delegation.

He indicated that the tour includes all of London, Paris and Berlin, during which a number of agreements are concluded at various levels.

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Finance issues an explanatory statement about the "white paper" and its positive points https://alahadnews.net/123474/العراق/محليات/   Author: AhadNA3 On 10/21/2020 - 3

Hurry up, hurry up ..... HURRY THE HELL UP ALREADY !!!!   okay, I’m calm..... we’ll, not so much as I thought. Yes, I’m very impatient these days.

GOOD!

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Positive indicators of the dollar war against the Iraqi dinar ... The "latent" foreign currency reserve is a good number


2020-10-18
 
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Yes Iraq - Baghdad

 

The Economic Advisor to the Prime Minister Mazhar Muhammad Salih confirmed that the intervention of the Rafidain Bank in the activities of buying and selling may provide stability in the exchange market.

Saleh said, in statements monitored by "Yass Iraq": The development of windows for selling the dollar through the first governmental commercial bank, that is, the Rafidain Bank, is the embodiment of the money market operations that the bank practices to buy and sell dollars with its customers from banking companies on behalf of the monetary authority.

Saleh added that: This matter is a new direction to develop the operations of the (wholesale) money market for foreign currency. The intervention of Al-Rafidain in the activities of buying and selling may provide stability in the exchange market, but depends on meeting the new window for the total foreign cash demand (from outside the remittance market) because it is feeding Demand by way of remittances is still one of the tasks of the window of sale and purchase of foreign currency for the Central Bank of Iraq, which constitutes more than 90% of the need for foreign exchange in order to finance foreign trade for the private sector.

He explained: There is a correlation in the formation of the exchange rate and its movements in the secondary market between the remittance market and the dollar cash market. The latter market is highly correlated and highly sensitive to the information market and is affected by it quickly, so the cash dollar market is considered one of the most sensitive markets in driving the price in the parallel market for exchange, but it is encouraging at the same time to form an effective and highly flexible offer from outside the Rafidain monetary window.

And Saleh continued that: By virtue of the current monetary behavior of individuals in the local economy that is semi-dollarized and the composition of the demand for foreign currency, which is based on the hoard of individuals in foreign currency or their bank deposits in the same foreign currency, we find that there is a foreign reserve (latent) and prepared for effective supply in the cash dollar market estimated by Some, in total, about not less than 7-10 billion dollars, which are saturated sums that are kept with individuals, most of them outside the local banking system, and are sometimes used in settling large internal transactions such as dealing with real estate, land, transport, gold, and others.

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Consultant: The Reasons For The Rise In The Dollar Are Contrived To Embarrass The New Governor Over The Greed Of Corrupt Money

 

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18th October 2020


The consultant of Islamic banks, d. Bashar Qaddouri said the reasons for the rise in the dollar are "fabricated, not real."

Kaddouri said in a statement to (Al-Mustaqilla) that "the exchange rate is fixed and stable in the Central Bank. What happened is that the black market outside the authority of the Central Bank is the one who caused this crisis in the phantom rise."

He pointed out that "the rise was behind it by corrupt money and some speculators who do not want the exchange rate to stabilize, for reasons such as undermining the confidence of citizens in the central bank, as well as embarrassing the new governor before the government, especially after a wave of objections by some corrupt politicians with banking and commercial interests."

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Economist: The government's white paper is behind the dollar's rise

 
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17:09 - 10/18/2020
 
 

The economic expert, Ahmed Jassim, confirmed, on Sunday, that the white paper presented by the government is behind the rise in the exchange rates of the dollar, expecting the rates of increase to increase unless the Central Bank addresses the matter.

"The white paper put forward by the government indicated a decrease in the reserves of the Central Bank, which discusses the Central Bank's statement issued today," Jassim told Al-Maaloumah.

He added that "the white paper included reducing salaries and adopting austerity in monetary policy," noting that "the matter raised the concerns of traders and capital owners and pushed them to withdraw hard currency from the market, which led to its rise."

Jassim explained that "the solution can be bypassed with simple steps through the central injection of the dollar currency to the market more than demand, to restore stability in its price within the normal rates," noting that "failure to implement this step will push the dollar to a further rise."

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Filled Sheet

Sunday 18 October 2020


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Yasser Al-Metwally 
 
 

Now that the white paper has been completed and the government submitted it to Parliament, it seems that the paper is full and not white .. How?


Those who follow the scheduling of organizing the paper will find it truly integrated in form and as a strategic plan to save the country's economy, distributed according to the basic economic theory in the content of economic plans, which are divided into three plans, the first of which is a short-term plan and its duration is a calendar year, the second is a medium-term five-year plan, and the third is a long-term plan. 

And its duration is a quarter of a century.


There are some observations that are taken on the content of the paper. While this paper was called (the final report of the emergency cell for financial reform), it was more appropriate to call it (the final report of economic reform) due to its comprehensiveness in developing strategic plans and financial reform is part of the reform, and even dealing with it does not suggest the specialization of the paper.

There are other shortcomings that we will come to in the context of this press column or in a later column.
Well what is required now to do?

To begin with, it is necessary to start with the short plan, which is more important because it is the beginning of the journey and the pursuit of the objectives of the country's strategic economic plan.

It is clear that the contents of the white paper will invite Parliament to approve it because it clearly identified the challenges and clearly explained the reality of the economy as it is, and then presented real solutions that cannot be overlooked and formulated with clear specialized ideas for that which I called the full paper.

The most important challenge now with the beginning of the implementation of the reforms implicit in the essence of the paper is how to address the provision of the necessary revenues to meet the necessary needs of salaries and basic living outside the oil resource, because the fluctuation of oil prices has no end except with the end of the Corona pandemic.

This means that the focus of the short-term plan will focus on seeking to diversify sources of income by controlling customs revenues, controlling tax collection and the revenues of producing companies, and on the other hand, pressure public expenditures and rationalizing consumption, in addition to following an austerity policy at the beginning.

Privatization is an effective way to provide large revenues, and here it means liquidating some losing companies that cost the budget huge sums without economic benefit, as well as encouraging private investment to restore life to idle factories (industrial reform) that did not take up space consistent with its importance as the industry is the strongest source in generating resources, in addition to Activating the national product protection law, which provides job opportunities for many of the unemployed workers.
There is another source that contributes to solving the problem of revenues, which is the work to return the looted capital, strike the sites of corruption and accelerate the resolution of this file.

In conjunction with these priorities, future oil revenues must be directed towards transforming economically feasible investments that help complement economic reforms, in addition to establishing sovereign funds that will be a safety valve in times of shocking crises. Can the government implement the contents and objectives of its filled out paper? The answer is yes in only one case, which is the concerted efforts and support of the legislative and judicial authorities and the fourth authority for the government's attempts to implement accurately its steps. In return, the government needs the citizen’s patience and given it the opportunity to save the country's economy from its difficult ordeal.
We watch to see how things will go and keep talking

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Delayed employee salaries have caused the dollar to rise

 

Monday 19 October 2020
 

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Baghdad: Mustafa Al-Hashemi 

 

 

Economists believe that the white paper presented by the government includes radical reforms to the rentier economy, noting that it has defined a clear economic vision for the government to move towards activating the productive sectors, diversifying the country's non-oil resources and achieving sustainable development, while they called for adding some proposals that would maximize the state’s financial resources.

The markets witnessed during the past week a noticeable increase in the price of selling the dollar on the Kifah Stock Exchange, ranging between 127 and 130 thousand dinars for one hundred dollars, while a specialist in financial affairs saw that this increase is temporary, as it is related to the delay in paying employees' salaries for more than a month, which prompted speculators and hard currency traders To take advantage of this situation to raise the exchange rate of the dollar against the dinar.

At the same time, the Central Bank confirmed that the recent statements regarding (lowering the exchange rate of the Iraqi dinar against the dollar) represent the viewpoint of those who stated it and do not represent the bank’s official position. This was accompanied by a number of rumors released by speculators, which affected the price (temporarily). ).
 
 
exchange rate
 
The bank announced in a statement, which Al-Sabah received a copy of, that “the exchange rate is fixed and has not changed, and that the bank’s monetary policy is clear and transparent, noting that its foreign currency reserves are“ very good ”according to all international indicators, enabling it to overcome the current crisis it is going through. Country".
The bank "expressed its hope that the media would approve the sources for the central authority exclusively in this regard." In turn, banking advisor Ammar al-Samarrai stated that “the rise in the dollar’s exchange rate over the past few days comes as a natural result of the impact of circumstances, news and general conditions,” stressing that this rise in the dollar’s price is temporary and will return to its normal rates, but it will take several days.
 
 
Supply and demand
 
Al-Samarrai added to “Al-Sabah” that “this rise will continue until the supply and demand gap in the market shrinks,” stressing “the importance of not acquiring the dollar and dealing with it in buying and selling, in small transactions, and relying on the dinar in daily commercial dealings, because that will reduce the demand for it. Width increases ”.
Indicating "the need to support the dinar at this economic stage that Iraq is going through, in a way that would relieve the burdens of those with limited income and the poor segments of society."
He stressed that "the central bank is a solid institution capable of dealing with such imbalance, and that Iraq is a rich country and its revenues from oil exports have not been cut off from it despite the fluctuation of the price of a barrel globally," stressing that prices will return to their normal rates after a period of time.
 
 
Effect of circumstances
 
As for the economic researcher Ammar Haider, he said that "such an imbalance in the exchange rate is possible as a result of the conditions that the country is going through," stressing that "this reality had previously gone through Iraq after stabilizing the dollar exchange rate during the years 2012 and 2013."
Haidar pointed out that "the high price of the dollar in Iraq is related to the economic threats and concerns that the country may be exposed to due to regional conditions and fears of the outbreak of conflicts in the region that may have repercussions on the country."
He explained that "Iraq is an oil-producing country and that the news reported by various media has created a state of unjustified panic among Iraqis." 
Pointing out that the market is now controlled by the central bank, and that some weak people are taking advantage of the situation to raise prices, which creates a state of general confusion in the exchange rates locally.
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Structuring the banking sector

Monday 19 October 2020


alsabaah-50421.jpg

 

Mohammed Sharif Abu Maysam
 
 

The concept of restructuring the banking sector is not limited to reviewing banks ’capital, in proportion to their role in the development process, with the introduction of technologies and electronic systems that contribute to the development of performance and the reduction of sagging rings, in addition to the training and development axis for raising the efficiency of workers in the context of ensuring the provision of the best services At a Competitive cost .


As the concept of restructuring withdraws to the process of merging between small banks to create large banks that can provide various and integrated banking services, while some observers see the concept of "restructuring the banking sector" as an indication of the possibility of privatizing government banks in the context of the transformation from the state's economic system towards a market system. 

In the second axis first of the white paper presented by the government, indicating that the level of capital of all government banks will be addressed, a sign that heralds the tendency towards a social market economy in which the state shares with the private sector in many circles and Economic axes.

However, government banks are legally described as public companies, and these companies are referred to in paragraph IV of the same axis with a paragraph that says (legislation of a law to restructure public companies and transform them into private companies) by studying the financial situation and assessing their viability, while this paragraph emphasized the evaluation of companies Among the successful companies that are totally or partially privatized, or converted into mixed joint-stock companies, which are distressed and restructured to turn them into successful companies within three years, and failed to be liquidated, with job slack in these companies being addressed after the previous procedures by transferring surplus labor to public works. 

This suggests to the reader that government banks, some of which suffer from financial imbalances, are expected to merge and do not exceed seven banks, or for privatization, within the time period specified by the paper, at a time when the private banking sector does not occupy more than ten percent of the area of banking transactions according to indicators Capital, credit rates and announced deposit ratios, at a time that is intended for him to lead the process of withdrawing the hoarded cash mass and rotating it in the trading arena, and to contribute to creating real development and paving the way for foreign capital flows. The adjustment stage in the financial reform the public mechanism.

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Parliamentary Finance identifies 3 reasons for the dollar's rise

 
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19:39 - 10/18/2020
 
 

On Sunday, a member of the Parliamentary Finance Committee, Sherwan Mirza, identified 3 main reasons behind the high exchange rate of the US dollar against the Iraqi dinar in recent days.

Mirza said to "the information", that "the exchange rate of the US dollar against the Iraqi dinar has witnessed a remarkable rise in the markets in recent days," pointing out that "there are three main reasons. The first is currency dealers speculation, accompanied by multiple rumors, in addition to the Central Bank’s endeavor to classify banks." And banking offices, in addition to a third reason, the most important of which is the central bank’s refusal to sell the US dollar.

Mirza added, "The dollar exchange policy is controlled by the Central Bank of Iraq as the other is an independent institution."

The exchange rate of the US dollar against the Iraqi dinar has witnessed a remarkable rise in the past 3 days, amid a state of concern that it will be the beginning of a higher rise, which affects the prices of basic materials. 

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The ministry clarifies the goal of the "white paper" ... Parliamentary Finance: The borrowing law secures salaries for the remaining months of 2020


October 18, 2020 11:39 pm |  Watch count: 92Author: alzawraapaper
 



Baghdad / Al-Zawraa:



The Parliamentary Finance Committee confirmed that the government requested the House of Representatives to finance the deficit that reached 41 trillion dinars, indicating that the borrowing law will secure salaries for the remaining months of the current year. While the Ministry of Finance clarified that the reform paper (the white paper) identified with a scientific and objective vision the economic and financial problems that have accumulated over decades, it said that these problems and cracks are a real challenge that can be overcome or overcome by a strategic planning method based on an objective analysis of reality.

Yesterday, Sunday, the reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, said in a press statement: “The government has sent the fiscal deficit financing law as a project to the House of Representatives, and it has been transferred to the Finance Committee, and we are awaiting the first and second reading and then the vote on it,” adding that the law It is considered like the 2020 budget, which is a mini-budget because it includes current and investment spending. ”He pointed out that“ there are about 38 items for current spending, including salaries, retirement, social welfare, medicine, ration card, debts, interests, oil licenses, and many other items that It is included in the budget, in addition to the existence of an investment budget that includes 72 items for stalled projects that have achieved a high percentage of completion. ”He explained that“ the law is a mini-budget, and in it the government requested funding for the deficit that reached 41 trillion dinars, meaning that there is a monthly deficit of more than 10 trillion. ”

Al-Saffar stated that “the approval of this law will secure the government budget for the remaining months of the current year, and it will secure salaries and all other expenditures included in the draft law.” For his part, Minister of Finance Ali Allawi said that the reform paper (the white paper) was “diagnosed with a scientific and objective vision.” The economic and financial problems that have accumulated over decades, which were not born out of the current stage due to wrong policies that were tired in the past.

Allawi said, in a press release, that Al-Zawraa received a copy of it: “These problems and cracks are a real challenge that can be overcome or overcome by a strategic planning method based on objective analysis of reality, and to extract strategic goals as urgent priorities to address these problems.”

He added, "The reform paper boldly identified the most important productive, economic and financial sectors, expanding the field of investment and upgrading the private sector in the short term to advance it quickly in support of improving income and creating decent job opportunities, which would reduce unemployment and poverty rates in society."

He stressed that "the ministry will also work to activate official institutions and civil society organizations to support the wheel of production, raise the level of productivity that is highly reliable, and reduce consumption rates."

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A government advisor explains the reasons for the rise in the dollar over the past two days

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19th October, 2020


Mazhar Muhammad Saleh, the financial advisor to the Prime Minister, explained the reasons for the high exchange rate of the dollar over the past two days.

Saleh said, "The monetary market in Iraq is sensitive and affected by economic and political information and news, which is reflected in the demand and supply process for the dollar."

He added, "We are a cash payments community that does not deal in instruments or bank transfers, and therefore this (monetary) policy affected the supply and demand of the dollar,"adding that "the lack of foreign currency revenues due to the drop in oil prices in global markets was matched by an increase in the purchase of dollars and this is what caused The rise in the exchange rate of the dollar in the markets."

The government consultant estimated that "the stock of foreign currency that people have (not deposited in banks or banks) ranges between (7 to 10) billion dollars, and therefore these large numbers are affected by rumors, news and information may also cause an increase in the exchange rate." 

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Parliamentary Finance clarifies the most prominent points to resolve the crisis between Baghdad and Erbil

 
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08:51 - 10/19/2020
 
 

The Parliamentary Finance Committee clarified the most important points necessary for resolving the financial dispute between the center and the region, pointing out that the situation needs to be settled and negotiated with oil companies, detailing the issue of border crossing revenues and legislating laws that serve both parties.

Committee member Jamal Ahmed told "the information", "The financial crisis between Baghdad and Erbil will be resolved through the inclusion of provisions for the two parties' agreement in the next year’s budget that includes their commitment to fulfill their duties in accordance with the law."

He added that "the solution to the crisis will be through the financial settlement between Baghdad and Erbil and ensure its validity in all future budgets, according to time limits for its solution."

He explained that "the solution to the revenue crisis of border crossings needs to be detailed between the two governments, while oil revenues need to legislate the oil and gas law and re-negotiate with companies operating within the region, as well as settle accounts on this file." 

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The Minister of Finance talks about the goals of the reform paper

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19th October 2020


Finance Minister Ali Allawi talked on Monday about the goals of the reform paper adopted by the government.

A statement of the ministry, which was received by Mawazine News, stated that "addressing important economic challenges is not easy, and the current crisis is not emerging today and is not related to this government and its measures because it needs real and radical reform and long-term plans to overcome it," referring to "the necessity of integration in work." Between the authorities to achieve what we seek."

He added that "the reform paper adopted by the current government aims to restore balance to the Iraqi economy, and put it on a path that allows the state to take appropriate steps in the future to develop it into a diversified, dynamic economy that creates opportunities for citizens to live a decent life." He stressed that "the current stage should see more cooperation between the legislative and executive to serve the interests of the country and the citizen pointing to his concern authorities "to hold meetings continued with parliamentary committees and the House of Representatives, as this communication is reflected positively on the progress of the situation in Iraq."

He pointed out that "Mismanagement and absolute dependence on oil revenues is what brought us to the situation that we are currently witnessing and we seek to address it by working to activate the sectors of agriculture, industry, tourism, investment and others to maximize the country's imports." 

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What is the impact of the reform paper on the Baghdad and Erbil dialogues?

 

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19th October 2020


The Kurdish forces confirmed, on Monday, that the reform paper will positively affect our dialogues with Baghdad.

The deputy of the Kurdistan Democratic Party and the reporter of the Finance Committee, Ahmed al-Saffar, said, according to government media, that "the last thing reached from the dialogues of the delegation of the region and Baghdad, is the agreement on the oil file, and the ports file, where 250 thousand barrels per day will be delivered, in addition to 50 percent of the outlets imports," In exchange for the region’s share specified in the budget, which is 12.67, and this is what was agreed upon in the 2021 budget.

He added that "the government's strategy is to plan three budgets for the coming years. As for the 2021 budget, it will be binding and enforced, while the 2022 and 2023 budgets remain two plans and their drafts are ready for the government." He continued, "When we reach the year 2022, it will be presented and amendments made to it, as the budget is speculative and contains estimates, such as changes in oil prices, the general situation and needs."

He pointed out that "the 2021 budget as an agreed project, which remains until it is approved by the House of Representatives, and if approved, it will be binding on both parties." He stressed that "the visit of the delegation of the region to Baghdad continues, and meetings are continuing between representatives of the region in the budget preparation committee and the Ministry of Finance."

While the MP for the Patriotic Union of Kurdistan, Arzo Mahmoud, explained that "the economic situation has affected the conduct of dialogues between Baghdad and Erbil." He stressed "the importance of the reform paper, because it will work on major financial and administrative reforms," suggesting that "if the reform paper is completed, it will positively affect the dialogues between the center and the region, and the dialogues will start again."

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Parliamentary Finance reveals the date for the October salaries to be delivered

 
Parliamentary Finance reveals to {Al Furat News} the date for the October salaries to be delivered
 
 
10/19/2020 16:45:26
 
 
The Parliamentary Finance Committee revealed, on Monday, the date for the salaries to be delivered for the month of October.

 

A member of the Finance Committee, Jamal Cougar, told {Al Furat News} that "salaries will not be delayed, as happened last month, and our expectations are that they will be distributed in the last two days of the month and the Iraqi street, and the situation does not bear the repetition of the same scenario that happened last September." 

Cougar stressed that "the House of Representatives will in any case vote on the law and legislate it, but it is not in this form that was sent by the government," noting that "the House of Representatives and the legislation of the law do not have anything to do with salaries and that mortgaging the salaries of employees in the House of Representatives is incorrect."

He pointed out that "the numbers mentioned in the text are fictitious, amounting to 40 trillion, and this is greatly exaggerated." He stressed the financial decision parliamentary Ahmed al - Saffar earlier, the "Council of Representatives is determined to vote on the law of domestic borrowing, which is part of the reform paper, which will provide the employees' salaries until the end of the year.
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   Wow! Can you imagine the positive repercussions if the rv was pulled off before the election ?   Remember that "being paid back for the war in Iraq " was a campaign promise that Trump made . The USA would see at least a large chunk of the  National Debt paid off , all sorts of new money being poured into businesses , a rebirth of a solid middle class , and lots of money being donated to charities . It's all good ! God likes it !

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Parliamentary Finance clarifies the fact that there is a tendency to print the local currency
 

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12:52 - 10/19/2020

 

Member of the Parliamentary Finance Committee, Thamer Theban, denied, on Monday, the existence of the Central Bank’s intention to print local currency to cover expenses, warning of the risks of taking such a step without the availability of hard currency.

Theban said in a statement to "the information", that "the government cannot print currency for several reasons," warning that "taking such a step affects the value of the Iraqi dinar in addition to an increase in prices."

He added that "the government itself cannot control the exchange of the dollar," noting that "there is no representative or governmental approach to take such a decision." He explained that "the salaries of employees and retirees and government expenditures are among the priorities of the government and that the issue of printing currency is just an opinion that does not fit with the Central Bank Law." To avoid financial and economic problems. 

The Central Bank issued a statement earlier indicating that its law does not allow that for the possibility of printing an Iraqi currency.
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9 minutes ago, dinarham said:

   Wow! Can you imagine the positive repercussions if the rv was pulled off before the election ?   Remember that "being paid back for the war in Iraq " was a campaign promise that Trump made . The USA would see at least a large chunk of the  National Debt paid off , all sorts of new money being poured into businesses , a rebirth of a solid middle class , and lots of money being donated to charities . It's all good ! God likes it !

I agree it would be very positive. I don’t think we would see the impacts before the election though. Two weeks away. And although some here will go on spending sprees, I think most who have been on this ride this long will take the time to make the right moves. 

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11 minutes ago, stanleypower said:

I agree it would be very positive. I don’t think we would see the impacts before the election though. Two weeks away. And although some here will go on spending sprees, I think most who have been on this ride this long will take the time to make the right moves. 

Part of my "right moves" includes a spending spree😎

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Know the rv is going to happen, but don't  count on it as  a factor in your budget.  However, when it does hit ,I'm buying some property and building a fabulous house ,not too big ,no marble floors or fake gilding. I will continue to drive my low profile car , dress in the same fashionable manner ,but I might have to buy some jewelry ,which doesn't take up alot of room .I also need a huge work space for myself with tall tall ceilings. Another need is to nail down what i want in my old age ,and I better do it while I still have my marbles . I will buy top shelf tequila to drink and share with my friends .

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Structuring the banking sector

Monday 19 October 2020 69

Structuring the banking sector
 
Mohammed Sharif Abu Maysam
 
The concept of restructuring the banking sector is not limited to reviewing banks ’capital, in proportion to their role in the development process, with the introduction of technologies and electronic systems that contribute to the development of performance and the reduction of sagging rings, in addition to the training and development axis for raising the efficiency of workers in the context of ensuring the provision of the best services At a cost 
Competitive.
As the concept of restructuring withdraws to the process of merging between small banks to create large banks that can provide various and integrated banking services, while some observers see the concept of "restructuring the banking sector" as an indication of the possibility of privatizing government banks in the context of the transformation from the state's economic system towards a system. 
market. 
In the second axis first of the white paper presented by the government, indicating that the level of capital of all government banks will be addressed, a sign that heralds the tendency towards a social market economy in which the state shares with the private sector in many circles and axes
 Economic.
However, government banks are legally described as public companies, and these companies are referred to in paragraph IV of the same axis with a paragraph that says (legislation of a law to restructure public companies and convert them into private companies) by studying the financial situation and assessing their viability, while this paragraph emphasized the evaluation of companies Among the successful companies that are totally or partially privatized, or transformed into mixed joint-stock companies, and faltering ones that are restructured to turn them into successful companies within three years, and failed companies that are liquidated, with job slack in these companies being treated after the previous procedures by transferring surplus labor to public works. 
This suggests to the reader that government banks, some of which suffer from financial imbalances, are expected to merge and do not exceed seven banks, or for privatization, within the time period specified by the paper, at a time when the private banking sector does not occupy more than ten percent of the area of banking transactions according to indicators Capital, credit rates and announced deposit ratios, at a time that is intended for him to lead the process of withdrawing the hoarded cash mass and rotating it in the trading arena, and to contribute to creating real development and paving the way for foreign capital flows. The adjustment stage in the financial reform mechanism
 
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