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 September 12, 2021
Instructions and controls that must be available to occupy the leadership positions of all approved banks

 



The Central Bank of Iraq issued, based on the decision of its Board of Directors No. (160) for the year 2021, which includes the approval of the issuance of the manual of controls on the conditions that must be met to occupy leadership positions for banks operating in Iraq.
 
» To view the instructions and controls .. Click here
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part of the workshop
  

 banks


Economy News - Baghdad

On Sunday, the Central Bank of Iraq organized a workshop for the banking and insurance sectors to twinning banking and insurance activities. 

The Central Bank said in a statement received by "Al-Iqtisad News", that the workshop discussed "several axes, the most prominent of which was the reality of the insurance sector in Iraq and its contributions for the next stage in revitalizing banking and economic work, including strengthening the roles of banks in granting loans within the initiative of the Central Bank as well as its credit activity." of its resources in granting housing and personal loans, car loans, and others.

The statement added, "The workshop dealt with the importance of updating the legal provisions, instructions and controls that govern the work of banks and insurance companies in cooperation with the Central Bank of Iraq to develop the regulatory framework governing these important institutions."

 
 
Views 486   Date added 12/09/2021
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Step by step they are following the White Papers aka reforms project .

They are working on Rehabilitation of Financial sectors.

 

(1) Rehabilitation of Financial sectors
private banks, developing the insurance sector, and upgrading the stock exchange market.
1) Addressing the capitalization level of all government banks, regulating the process of increasing their capital, if needed, and establishing and operationalizing the Core Banking System in Al-Rafidain and Al-Rasheed Banks.
2) Accelerate the development of electronic banking and mobile banking services.
3) Activate the deposit insurance system in order to enhance the confidence of the people in the private banking sector.
4) Finalize roll-out of international accounting systems (IFRS) to all banks, to improve their transparency practices.
5) Increase insurance thresholds that enable insurance companies to cover large economic projects.
6) Enacting a new securities law and review the guidelines of establishing a Custodian bank.
7) Opening other specialized markets such as the commodity market and the currency exchange market (Forex)

 

They need an international recognized currency to open a currency exchange market (Forex) 

 

(IFSR) International Financial Reporting Standards.

The IFRS Foundation is a not-for-profit, public interest organisation established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards (IFRS Standards ) and to promote and facilitate adoption of the standards.

 

 

Go Iraq 

Go financial sector 

Go international 

Go RV

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Yep it all sounds good for now however we all better hope Kazemi is voted in as the PM! Otherwise all this will go by the wayside count on it. Since Iraq and it’s dictators has learned very well from our own corrupt government here all Maliki has to do is have his name on the ballot and he would win by a landslide since he is so beloved by millions of people there! With technology these days it’s super super easy to steal an election!! Come on RV either way we better hope Kazemi gets in as PM or somehow they RV their currency before the election!!

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