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Allawi: We are working on the independence of government banking departments


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Finance Minister Ali Abdul Amir Allawi "Internet"
  

 Banks


Economy News - Baghdad

The Minister of Finance, Ali Allawi, revealed the existence of a proposal to make government bank departments independent of the government, in order to develop their work.

Allawi said to "Al-Iqtisad News" that in the 2021 budget there will be a tendency to separate government bank departments from the Ministry of Finance and become independent departments, in order to develop their work.

He added that the TBI bank model would be similar to, and more sophisticated, in managing other government banks, explaining that the Ministry of Finance is responsible for the work of government banks, while the Central Bank is responsible for the work of private banks.

 
 
Number of observations 98   Date added 11/27/2020
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So this will take another 13 years after a committee is created to review the committee then that committee needs to review the veracity of that committee so they can send it to the preview committee who in turn will send it to the minister committee who will send it to the final committee for approval.  Based on all the vacations and holidays the review will be completed in approximately 13-15 years give it take 10 years.  At the end of the review it will be determined that that further review will be needed.

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38 minutes ago, currenzcraze said:

So this will take another 13 years after a committee is created to review the committee then that committee needs to review the veracity of that committee so they can send it to the preview committee who in turn will send it to the minister committee who will send it to the final committee for approval.  Based on all the vacations and holidays the review will be completed in approximately 13-15 years give it take 10 years.  At the end of the review it will be determined that that further review will be needed.

10-15 is too long. We all are getting old. May be we all can't wait that long. Hopefully sooner is much better.

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Headed by the Minister of Finance, the Association of Private Banks is organizing a meeting for the banking sector

 

https://economy-news.net/content.php?id=22898

 

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Banks

Economy News _ Baghdad

The Iraqi Private Banks Association, in the presence of the Deputy Prime Minister for Economic Affairs, Minister of Finance, Dr. Ali Abdul Amir Allawi, held a meeting that includes all banks operating in Iraq to discuss the mechanisms for developing the banking sector according to the white paper.

The Minister of Finance, Ali Abdul Amir Allawi, said during the meeting, I thank the Iraqi Private Banks Association for this invitation, because the banking sector is the most important economic sector, and the state is working to support it in order to move the economy, stressing that the current economic reform movement is the most serious and will continue to the governments Coming.

He added that the Ministry of Finance is working to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq, explaining that the Ministry of Finance does not see any alternative but to strengthen the banking sector and push it forward by removing obstacles in front of it.

He noted that the Ministry of Finance is seeking to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar, and we expect private and government banks to buy them.

He pointed out that the exchange rate of the dinar against the dollar will be fixed when bonds are issued, in order to avoid any losses in bond purchases by banks and citizens.

He stressed that the Ministry of Finance, through the White Paper, will reform the fiscal policy and monitor the economy, and change it to keep pace with the global economy, explaining that the political decisions that were taken in the past affected the economy.

On the other hand, the head of the Iraqi Private Banking Association, Wadih Al-Handal, thanked the Minister of Finance for accepting the invitation, stressing that the white paper accurately diagnosed the economic problems, and solutions became available to all officials.

Al-Handal noted that Iraq is now at a crossroads, and if the rapid reforms necessary to lift the country out of its crisis are not implemented, this crisis will worsen in the coming year and the years that follow, calling for the adoption of reform policies and contributing to their implementation, whether at the level of the public or private sector.

He pointed out that the Association of Private Banks praises the reforms related to the banking sector included in the white paper, praising the procedures of the Central Bank of Iraq that contribute continuously to support the private banking sector.

 

Number of observations 149   Date of addendum 11/27/2020

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2 hours ago, rvmydinar said:

10-15 is too long. We all are getting old. May be we all can't wait that long. Hopefully sooner is much better.

Staring at 80 next year, I too, find waiting another 10 years is pushing possible limits.  But I am probably a little less worried about this thing dragging out into the future because I am still fully on the Kazemi Express!   The man is the "anointed one" for Iraq and any opposition seems cuffed and taped into submission.

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On Friday, Finance Minister Ali Allawi announced that his ministry is seeking to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar.
 

"The association held a meeting in the presence of the Deputy Prime Minister for Economic Affairs, Minister of Finance Ali Abdul Amir Allawi, and it also included all banks operating in Iraq to discuss the mechanisms for developing the banking sector in accordance with the white paper," said a statement by the Iraqi Private Banks Association, which Alsumaria News received.
 

The Minister of Finance, Ali Abdul Amir Allawi, said during the meeting, according to the statement, "I thank the Iraqi Private Banks Association for this invitation, because the banking sector is considered the most important economic sector, and the state is working to support it in order to move the economy, stressing that the current economic reform movement is the most serious." It will continue to the next governments. "
 
He added that "Ministry of Finance It works to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq Explaining that Ministry of Finance You see no alternative but to strengthen the banking sector and push it forward by removing the obstacles in front of it. "
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40 minutes ago, GreedyDinar07 said:

Wow this is very interesting news!! "He pointed out the exchange rate of the dinar against the dollar will be fixed when bonds are issued"

i agree with you on this, but i have to wait and see because i don"t understand the true and real meaning of word " fixed " according to iraq's vocabulary/dictionary. . eventhough this is a good news, i can"t believe 100% the article they write, but i really want to see what they are doing ( more action ).

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6D9DE6B6-C87B-4C1F-B85E-7CF08E5307D0.jpe

The Iraqi Private Banks Association, in the presence of the Deputy Prime Minister for Economic Affairs, Minister of Finance Ali Abdul Amir Allawi, held a meeting that includes all banks operating in Iraq to discuss the mechanisms for developing the banking sector according to the white paper.


"The banking sector is considered the most important economic sector, and the state is working to support it in order to move the economy, stressing that the current economic reform movement is the most serious and will continue to the next governments," Allawi said, according to a statement of the Association.


He added that the Ministry of Finance is working to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq, explaining that the Ministry of Finance does not see any alternative but to strengthen the banking sector and push it forward by removing obstacles in front of it.


He noted that the Ministry of Finance is seeking to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar, and we expect private and government banks to buy them.


He pointed out that the exchange rate of the dinar against the dollar will be fixed when bonds are issued, in order to avoid any losses in bond purchases by banks and citizens.


He stressed that the Ministry of Finance, through the White Paper, will reform the financial policy, monitor the economy, and change it to keep pace with the global economy, explaining that the political decisions that were taken in the past have affected the economy.


On the other hand, the head of the Iraqi Private Banking Association, Wadih Al-Handal, thanked the Minister of Finance for meeting the invitation, stressing that the white paper accurately diagnosed economic problems, and solutions became available to all officials.


Al-Handal noted, according to the same statement, that Iraq is now at a crossroads, and if the rapid reforms necessary to pull the country out of its crisis are not implemented, this crisis will worsen in the coming year and the years that follow, calling for the adoption of reform policies and contributing to their implementation, whether at the level of the public or private sector

.
He pointed out that the Association of Private Banks praises the reforms related to the banking sector included in the white paper, praising the procedures of the Central Bank of Iraq that contribute continuously to support the private banking sector.

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 Banks


Economy News - Baghdad

The Minister of Finance, Ali Allawi, praised the efforts of the Iraqi Private Banking Association in supporting and revitalizing the banking sector in Iraq.

A statement by the Ministry of Finance, seen by Al-Iktissad News, quoted Allawi as saying that he “discussed with the Iraqi Private Banks Association during a meeting, held on Thursday 26/11/2020, the conditions related to the work of the banking sector and ways to achieve financial reforms to advance the economic reality and put forward visions for exit from The current crisis. "

During the meeting, Allawi stressed, according to the statement, "the importance of the role of the banking sector and its effective contribution to implementing the comprehensive financial reform steps stipulated in the white paper."

The Minister of Finance praised "the efforts of the Association in organizing the meeting and its role in the success of the economic reform process."

He called at the same time to "the continuation of joint cooperation between the private and government sectors in order to change the compass of the national economy to address the financial crisis and the availability of cash, which is one of the most important challenges facing the current economic reality."

 
 
Number of observations 121   Date of addendum 11/29/2020
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In the presence of the Minister of Finance, the Banking Association is organizing a meeting for the banking sector

 
 Baghdad: Morning 
 


The Iraqi Private Banks Association organized a meeting that includes all banks operating in Iraq, in the presence of the Deputy Prime Minister for Economic Affairs, Minister of Finance Dr. Ali Abdul-Amir Allawi, to discuss mechanisms for developing the banking sector according to the white paper. 
The Minister of Finance, Ali Abdul Amir Allawi, said: “The banking sector is the most important economic sector, and the state is working to support it in order to move the economy.” . 

 
Infrastructure
He added that "the Ministry of Finance is working to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq, explaining that" the Ministry of Finance does not see any alternative but to strengthen the banking sector and push it forward by removing obstacles in front of it. He noted that the Ministry of Finance is seeking to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar, and we expect private and government banks to buy them. 
 
Issuing bonds
He pointed out that "the exchange rate of the dinar against the dollar will be fixed when issuing bonds, in order to avoid any losses in bond purchases by banks and citizens." 
He stressed that “the Ministry of Finance, through the White Paper, will reform the financial policy and monitor the economy, and change it to keep pace with the global economy.” For his part, the head of the Iraqi Private Banks Association, Wadih Al-Handal, thanked the Minister of Finance for responding to the call, stressing that “the white paper has accurately identified the economic problems. And solutions became available to all 
Responsible. "
 
Quick fixes
He pointed out that "Iraq is now at a crossroads, and if the rapid reforms necessary to pull the country out of its crisis are not implemented, this crisis will worsen in the coming year and the years that follow," calling for "adopting reform policies and contributing to their implementation, whether at the level of the public or private sector." 
He pointed out that "the Association of Private Banks praises the reforms related to the banking sector included in the white paper," praising the procedures of the Central Bank of Iraq that contribute continuously to support the banking sector.
 The private.
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Independence of government banks

Wednesday 02nd December 2020 20

Independence of government banks

 
Muhammad Sharif Abu Maysam is
almost the idea of separating the departments of government banks from the Ministry of Finance, which the Minister of Finance indicated, according to a news agency, to be a real test for the departments of these banks with the aim of breaking out of stereotypes in performance and activating their role in the development process, through the promotion of workers and the introduction Technologies and maximizing resources in line with local and international standards.
And this idea, which will make the administrations of these financial institutions independent of the government, starting in the year 2021, comes in line with what was stated in the white paper, regarding restructuring the financial and banking system, and making the work of these banks in a commercial context, which will make competition the most intense with private banks The latter is an opportunity to take a greater space in the arena of financial exchanges and dealings, and this is what the paper indicated in the second axis: First - a regarding reducing the dominance of government banks over the banking sector.
The matter that necessitates and necessitates activating the steps mentioned in this axis before the initiation of the independence decision, such as “addressing the level of capital of all government banks, and organizing the process of increasing their capital if necessary,” as the data indicate that the capital of Iraqi banks reached more than 15.3 by the year 2019. A trillion dinars divided into 3.3 trillion dinars for government banks, while the capital of private banks amounted to about 12 trillion dinars, "and if the number of these banks is more than the number of government banks by about five times, mergers between them under the restructuring program can produce financial entities much stronger than some State banks that currently dominate about 70 percent of the banking business. 
What is meant by the administrations of government banks, they have no choice but to work diligently on the axes of restructuring the capital, increasing the training and qualification of workers in line with the protection of the public and dealing with it well and giving the utmost importance to the axes of advertising and marketing and striving towards increasing the collection rates of outstanding and outstanding debts, especially since the data of the year 2019 indicates that the cash credit provided by government banks amounted to about 34.2 trillion dinars and pledge credit amounted to 17.2 trillion dinars, while the cash credit provided by private banks does not exceed 7.8 trillion dinars and pledge credit is 8 trillion dinars.
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An invitation to develop the banking system

Wednesday 09 December 2020 13

An invitation to develop the banking system

 
  Baghdad: Al-Sabah
called on the economist Haider Al-Baghdadi to work towards developing performance and creating an effective banking system that supports the aspirations aimed at bringing about comprehensive economic development. He pointed out that "the development of the national economy requires an effective banking system that possesses advanced technology that provides advanced services in line with the requirements of the international effort desiring To work in Iraq, as it requires continuous updating of the reality of banking products, to provide services to all segments of society without exception. He added that "banks are required to work according to the instructions of the Central Bank and to have a prominent role in supporting small and medium enterprises with effective economic viability, in a step aimed at raising local production and providing job opportunities for a segment of young people who represent work forces."
 Actor ". 
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Compliance, governance and digital transformation

 
Muhammad Sharif Abu Maysam
 

The vision regarding economic reform in the country may differ among politicians, specialists and observers according to their intellectual and ideological orientations, but they may converge on three basic concepts, namely: (compliance, governance and digital transformation) as unquestioned participants when implementing any reform program. The first of these concepts pulls us at first towards the banking sector, as a concept that refers to one of the important tools in the management system for this sector, according to which the compliance monitor and the entities affiliated with the central bank follow up and monitor the bank’s performance and the extent to which this performance conforms to the standards, laws and agreements that regulate the work of the banking industry. To achieve the goal for which the banking sector was found.

 the shift. As digital transformation does not mean the use of e-mail instead of paper mail, rather it means increased efficiency in performance in a way that reduces the possibility of error and increases productivity, as technologies are exploited in reducing the manifestations of corruption and reducing time in providing services and enhancing capabilities to keep pace with development as a transformation In the pattern of education and scientific research, it is not possible to go into this transformation by merely introducing technologies into institutional formations and public and private establishments, without upgrading the educational base that establishes the investment in human potential.
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