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The Governor of the Central Bank reveals a step with a “negative effect”: the historical necessity requires it
 
 

  

Baghdad - people   

Central Bank Governor Mustafa Ghaleb Mokhif confirmed, on Wednesday, that he is working with the Ministry of Finance to reform government banks and enhance financial inclusion.   

  

 

  

In a speech during his participation in the Financial and Banking Services Exhibition and followed by "NAS" (September 22, 2021), he said, "The Central Bank has an important role in achieving macroeconomic balance through various monetary policy tools, especially after the financial and economic challenges that Iraq faced."   

He added, "This bank, in order to stimulate economic activity and reduce unemployment, launched an initiative with an amount of more than 5 trillion dinars, in addition to the previous initiative launched in 2015, in addition to the Central Bank's deduction of treasury transfers 2020 and 2021 for the necessary funding for the Ministry of Finance despite the increase in debt and impact." negative, but historical necessity demands it.   

He stressed that "the Central Bank is working with the Ministry of Finance to reform government banks, enhance financial inclusion and develop infrastructure for technical services and cybersecurity."   

He concluded his speech by saying that "the Central Bank supports the establishment of a sovereign fund for future generations in which state institutions and oil revenues contribute," noting that "the presence of this fund mitigates the potential risks in light of oil price fluctuations and contributes to building a secure future for future generations."   

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 2021-09-22 07:36
 

Shafaq News/ The Governor of the Central Bank of Iraq announced on Wednesday the deduction of state treasury transfers in the years 2020-2021 to finance the Ministry of Finance.

This came during the participation of the Governor of the Central Bank, Mustafa Ghaleb Mukhief, in the Financial and Banking Services Exhibition, held in Baghdad this Wednesday, along with His Excellency the Minister of Finance and a number of representatives of the banking and financial sector.

He stressed during his speech, "The Central Bank has an important role in achieving macroeconomic balance through various monetary policy tools, especially after the financial and economic challenges that Iraq faced."

He pointed out that this bank, in order to stimulate economic activity and reduce unemployment, launched an initiative with an amount of more than 5 trillion dinars, in addition to the previous initiative launched in 2015, in addition to the Central Bank deducting treasury transfers 2020 and 2021 for the necessary funding for the Ministry of Finance despite the increase in debt and impact. passive, but historical necessity requires it.

The governor stressed that the Central Bank is working with the Ministry of Finance to reform government banks, enhance financial inclusion and develop infrastructure for technical services and cybersecurity.

The governor concluded that the central bank supports the establishment of a sovereign fund for future generations in which state institutions and oil revenues contribute, indicating that the presence of this fund mitigates the potential risks in light of oil price fluctuations and contributes to building a secure future for future generations.

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The Central Bank: We are working to reform government banks and support the establishment of the Generations Fund
  
{Local: Al-Furat News} Central Bank Governor Mustafa Ghaleb Makheef said, on Wednesday, that we are working to reform government banks and support the establishment of the Generations Fund

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, participated in the financial and banking services exhibition held in Baghdad this Wednesday, along with the Minister of Finance and a number of representatives of the banking and financial sector.

He stressed during his speech, "The Central Bank has an important role in achieving macroeconomic balance through various monetary policy tools, especially after the financial and economic challenges that Iraq faced," noting that "this bank, in order to stimulate economic activity and reduce unemployment, launched an initiative in the amount of more than 5 trillion dinars, in addition to the previous initiative launched in 2015, as well as the central bank’s deduction of treasury transfers 2020 and 2021 for the necessary financing for the Ministry of Finance, despite the increase in debt and the negative impact, but the historical necessity requires that.” 

The governor stressed that "the Central Bank is working with the Ministry of Finance to reform government banks, enhance financial inclusion and develop infrastructure for technical services and cybersecurity."

The governor concluded, "The central bank supports the establishment of a sovereign fund for future generations, in which state institutions and oil revenues contribute." Noting that "the existence of this fund mitigates the potential risks in light of oil price fluctuations and contributes to building a secure future for future generations."

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  •  Time: 09/22/2021 11:01:15
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The Minister of Finance reveals the first economic fund of its kind in Iraq
  
{Economic: Al Furat News} Finance Minister Ali Allawi revealed that the first economic fund of its kind in Iraq is close to working.

Allawi stressed, during his speech at the Finance and Banking Services Conference in Iraq, that "the Ministry of Finance is promoting the first fund to support economic digitization, which will be implemented in the coming weeks."

He added, "Iraq must develop its economy, or the so-called 'green economy'."  

Allawi explained that "Iraq cannot be separated from technological changes, especially in the time of transition to a technological economy," adding, "We aspire for government banks to start digitization and support all business owners and digital payment systems."  

He pointed out, "The state relies on a non-diversified rentier economy," noting that "the standards of governance are unstable and the high rates of corruption all impede economic reform."  

The Minister of Finance indicated, "The launch of the large Al-Faw construction project and a deal with Total that includes water, gas and water injection for Basra and other major initiatives launched by the government," stressing that "there are major strategic investments that are subject to international project management advice."  

And he indicated that "Iraq is witnessing a good recovery in 2021," noting that "the World Bank Fund supported our reform program, but the white paper will have a significant impact on the economic track."  

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The Central Bank of Iraq supports the establishment of a sovereign fund for future generations

The Central Bank of Iraq supports the establishment of a sovereign fund for future generations
Central Bank of Iraq
 

Mubasher: The Central Bank of Iraq confirmed, today, Wednesday, its support for the establishment of a sovereign fund for future generations.

 

A central bank statement said today, Wednesday, that "the Governor of the Central Bank, Mustafa Ghaleb, participated in the financial and banking services exhibition held in Baghdad, along with the Minister of Finance and a number of representatives of the banking and financial sector."

In his speech, he stressed that the Central Bank has an important role in achieving macroeconomic balance through various monetary policy tools, especially after the financial and economic challenges that Iraq faced.

He pointed out that "this bank - and in order to stimulate economic activity and reduce unemployment - launched an initiative with an amount of more than 5 trillion dinars in addition to the previous initiative launched in 2015, in addition to the fact that the Central Bank deducted treasury transfers 2020 and 2021 for the necessary funding for the Ministry of Finance despite the fact that Debt increase and negative impact, but historical necessity requires it.”

He added that "the bank is working with the Ministry of Finance to reform government banks, enhance financial inclusion and develop infrastructure for technical services and cybersecurity."

The governor continued, "The Central Bank supports the establishment of a sovereign fund for future generations, in which state institutions and oil revenues contribute," noting that "the presence of this fund mitigates the potential risks in light of oil price fluctuations, and contributes to building a secure future for future generations."

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 money and business


Economy News - Baghdad

Finance Minister Ali Abdul-Amir Allawi confirmed, on Wednesday, that the collapse of oil prices caused a crisis in the Iraqi economy, and when the government assumed its duties, there was a billion dollars in its accounts, noting that the series of measures taken by the government led to the stability of economic conditions.
Allawi said in his speech during the annual finance and banking services conference, which was held in Baghdad and attended by "Al-Iqtisad News", that the collapse of oil prices caused a crisis in the Iraqi economy, and when the government assumed its duties, there was a billion dollars in its accounts and the financial surpluses of the previous year were spent on Excess expansion in the public sector.
He added that the government struggled to manage the subsequent effects of the economic and security crises, and the problems were exacerbated by the lack of a budget in 2020, the expansion of public sector obligations and previous accumulations, while we were trying to absorb employment obligations and pensions, and economic activity shrank sharply, noting that the Iraqi economy suffered from a decline. to 11% of GDP in 2020.
He explained that the series of measures taken by the government led to the stabilization of economic conditions, including the devaluation of the local currency, which had an important impact on the recovery of the domestic product, in addition to that, the price of oil began to recover in the fall of 2020, as it reached 62 dollars in the first eight months.
And he indicated that the 2021 budget was passed and our credit rating was preserved and the public sector payroll and pension obligations became more under control than before, noting that the government took the start of reform and put the reform of the public sector and the entire public administration and the white paper is the first real evidence to restore the prestige of the economy and we showed our serious determination to Issues that have been outstanding for years, through the provision of services and the ability to create good jobs for young people whose number is increasing by more than one million annually, and we still depend on oil revenues.
He noted that our financial sphere is constrained by a serious stagnation because the economy is not diversified and relies heavily on a single resource and a large degree of the state budget, the difficulty of creating jobs from the private sector, corruption is very high in all parts of the government and the political repercussions and public protests, although the government has reduced internal tensions We promised to hold early elections and we will fulfill these promises on the tenth of next October. Iraq will vote to elect a new House of Representatives.
He stressed that the government approved major projects, including G4 licensing rounds, the Total project, the Faw port, a number of renewable energy projects, and the Al-Bidaa Canal to pump water in Basra, which is the first water desalination project, and there are quite a few projects and initiatives launched by the government.
He added, “We have taken a new decision to subject large investments and are subject to scrutiny by the advisors of the competent departments. As for the financial sector, we were able, in cooperation with the Central Bank, to control the side effects that resulted from the new exchange rate and the emergence of positive effects with the registration of requests for investment licenses and new industrial projects,” he added. The UN Trade Organization project to automate customs, as well as reform government banks, was approved.
Allawi said, that Iraq is witnessing a good recovery during the year 2021, and in the medium term we must have positive results through the support of the International Monetary Fund for our reform program represented by the White Paper. Separating the future of Iraq from the massive technological changes and opportunities towards the digital economy. The digital economy will not lead to job creation, but rather contribute to a basic diversification of our economy. We need to develop the environment for the telecommunications sector, by creating a digital environment, supporting digital skills, creating digital platforms, digital financial services, and supporting pioneers Business and Finance Ministry is interested in the latter two aspects of the five pillars.
And he indicated that the Ministry of Finance is promoting a fund to support youth, and we have allocated 30 billion dinars in the 2021 budget, and work will begin in the coming weeks, and the adoption of high-speed and affordable Internet and the provision of government services. That country has to restore its economy to the global energy market, which is the main challenge.
He noted that the government launched a high-level committee on climate change and the environment, preparing a green paper and rationalizing us towards alternative energy.

 
 
Views 183   Date Added 09/22/2021
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 banks


Economy News _ Baghdad

The Governor of the Central Bank of Iraq, Mustafa Ghaleb, stressed, on Wednesday, that we need to combine the state’s measures to ease and reduce by launching a clearly defined strategy and starting with commodities that have an advantage such as agricultural products, noting that it is not hidden from everyone that the Central Bank plays an important role in achieving balance. Macroeconomic conditions that have passed since 2019 until now.

In his speech during the annual exhibition of finance and banking services, attended by "Economy News", he said that it is not hidden from everyone that the central bank plays an important role in achieving macroeconomic balance in light of the conditions that have passed since 2019 until now through monetary policy tools. We have faced many challenges, the most important of which are the drop in oil prices and domestic production, the high budget deficit of the state and the high volume of the internal public debt.

He added that to stimulate economic activity and reduce unemployment, the bank launched an initiative worth more than 5 trillion dinars, in addition to the previous initiative launched in 2015 to stimulate the various industrial and agricultural sectors, services and housing in a balanced manner with reduced interest rates and sometimes without interest, as in the housing sector to achieve an economic renaissance.

And between the governor of the Central Bank, we need to combine the state's measures by reducing and launching a clear strategy and starting with goods that have an advantage, such as agricultural products.

And he indicated that the Central Bank deducted treasury transfers 2020 and 2021 to finance the dues of the Ministry of Finance, despite the increase in debt and the negative impact, but it is a historical necessity to find a solution to the financial crisis that the country went through and to cross to safety.

He stressed that the Central Bank is working with the Ministry of Finance to reform government banks, as well as activating payment systems by activating financial inclusion and access to services to all citizens, as the number of accounts doubled from 3 million in 2019 to 6 million in 2020, and the number of electronic cards also increased From 10 million to 12 million cards.

He pointed out that as part of the Central Bank's efforts to combat money laundering and terrorist financing, it has succeeded in establishing an integrated system through the issuance of the Anti-Money Laundering Law No. 39 of 2015 and the Anti-Money Laundering and Terrorist Financing Office was established and issued several decisions that contributed to Iraq's exit from the gray area it issues. You missed, and the Central Bank seeks to establish a sovereign fund for future generations in which state institutions and oil revenues contribute. The presence of the sovereign fund reduces the potential risks in light of oil price fluctuations and contributes to building a secure future for future generations.

With regard to the issue of digital transformation, the Governor of the Central Bank confirmed that the bank is working on developing technical infrastructure and cybersecurity, automating services, and setting and opening electronic wallets .

 
 
Number of Views 170   Date Added 09/22/2021
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Central Bank Governor: The Generations Fund will contribute to mitigating the potential risks to the economy

 

168 Policy 2021/09/22 14:32 Baghdad today -

Baghdad Today, Wednesday, the Central Bank affirmed its support for the establishment of a sovereign fund for future generations, while pointing out that the Generation Fund will contribute to alleviating the potential risks to the economy. A statement of the Central Bank, which (Baghdad Today) received a copy of, stated, "The Governor of the Central Bank, Mustafa Ghaleb, participated in the Financial and Banking Services Exhibition, held in Baghdad, along with the Minister of Finance and a number of representatives of the banking and financial sector." In his speech, fearful stressed, "The Central Bank has an important role in achieving macroeconomic balance through various monetary policy tools, especially after the financial and economic challenges that Iraq faced." He pointed out, "This bank, in order to stimulate economic activity and reduce unemployment, launched an initiative with an amount of more than 5 trillion dinars, in addition to the previous initiative launched in 2015, in addition to the Central Bank's deduction of treasury transfers 2020 and 2021 for the necessary funding for the Ministry of Finance despite the increase in Religion and negative impact, but historical necessity requires it. He added, "The bank is working with the Ministry of Finance to reform government banks, enhance financial inclusion and develop infrastructure for technical services and cybersecurity." The governor concluded that "the central bank supports the establishment of a sovereign fund for future generations, in which state institutions and oil revenues contribute," noting that "the presence of this fund mitigates the potential risks in light of oil price fluctuations and contributes to building a secure future for future generations."

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Wednesday, September 22, 2021 2:44 PM

Baghdad / National News Center

Central Bank Governor Mustafa Ghaleb Makheif confirmed, on Wednesday, that the bank supports the establishment of a sovereign fund for generations, indicating that it mitigates the potential risks in light of oil price fluctuations and contributes to building a secure future for future generations.

In a speech during his participation in the Financial and Banking Services Exhibition, followed by the "National News Center", he said, "The Central Bank has an important role in achieving macroeconomic balance through various monetary policy tools, especially after the financial and economic challenges that Iraq faced."

He added, "This bank, in order to stimulate economic activity and reduce unemployment, launched an initiative with an amount of more than 5 trillion dinars, in addition to the previous initiative launched in 2015, as well as the Central Bank's deduction of treasury transfers 2020 and 2021 for the necessary funding for the Ministry of Finance despite the increase in debt and impact." negative, but historical necessity requires it.”

He stressed that “the Central Bank is working with the Ministry of Finance to reform government banks, enhance financial inclusion and develop infrastructure for technical services and cybersecurity.”

He concluded his speech by saying that "the Central Bank supports the establishment of a sovereign fund for future generations, in which state institutions and oil revenues contribute," noting that "the presence of this fund mitigates the potential risks in light of oil price fluctuations and contributes to building a secure future for future generations."

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15 minutes ago, ASUMama said:

So the Generations Fund is the HCL?  Sweet Jesus, please make it so! 🙏🙏🙏

I dont believe they are the same. My understanding is the generations fund is money set aside for future use to help future generations. These funds do partly come from Oil sales but I don't believe they are connected. I could be wrong though, not real sure.

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This is just my opinion. This is not the HCL, that is a stand alone piece of legislation but if and when we ever see the hcl it involves profit sharing for all Iraqi citizens to get paid based on oil sales. Just like all people in Alaska get a small check for oil sales. IMO this law is more closely related to and linked to the hcl than the budget law which gets celebrated as being the hcl dozens of times a year in dinarland every time a new one is negotiated and worked on. This law reads to me like they are getting things in order to profit share with the citizens from oil sales...thus we might be close to them legislating the hydrocarbon law. I believe this can will continue to be kicked until we see reforms involving their currency. 

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ERBIL, Kurdistan Region - Iraq on Wednesday held a US-funded finance conference to discuss economic policy and the promotion of electronic banking services across the country, as well as providing broader business opportunities in the financial sector. Several officials, including the US ambassador, were among the attendees.
 
The two-day Iraq Finance Expo was opened at Baghdad’s Al Rasheed Hotel on Wednesday, in coordination with the Central Bank of Iraq (CBI) and the Ministry of Finance, to allow access to new business opportunities in financial and banking sectors as well as financial technology and digital transformation in the country.
 
Iraq’s White Paper, a series of economic reforms introduced by the government in October, “identifies Iraq’s oil-dependent state-dominated command economy and weak private sector as central economic problems,” Ambassador Matthew Tueller said during the conference, reaffirming the US assistance to Iraq in its journey of rebuilding itself from years of war.
 
In the financial sector, the monopoly of Rasheed and Rafidain bank, and Trade Bank of Iraq “which holds 85% percent of deposits” was identified as an issue by the US official.
 
The Iraqi Central Bank announced in early February that it has given permission for a “first of its kind” electronic banking service to be rolled out across the country over the next few years. The new service seeks to revolutionize the way Iraqis spend money by providing an alternative to the cash economy currently prevalent across the country. 
 
Similar projects as part of a growing financial technology industry have been hugely successful across the world in countries where the cash economy was entrenched. In Kenya, M-Pesa, a mobile phone-based money transfer, payments, and financing service launched in 2007 has expanded into neighboring countries. 
 
However, the Iraqi banking system riddled with bureaucracy only allows for citizens to open bank accounts in person and only after offering documents and going through a cumbersome process.
 
Only 23 percent of Iraqi households have access to an account at a financial institution, one of the lowest levels in the Arab world, according to data from the World Bank.  
 
Most companies in Iraq still operate in cash, with only 26 percent using the formal banking system. Roughly 98% of employers pay in hard currency and nearly half pay their suppliers that way. 

 
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Is this a new term being thrown around , Sovereign fund? My understanding is that in order to qualify as a sovereign nation , that nation must be in complete control of its currency and that this currency must hold value . 

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57 minutes ago, luvalife said:

I wanna say that this sounds like it might be part of GESARA.  HCL is completely different.  However, i do think that the HCL is also in play!  I'm gonna just put this out there (with a small disclaimer) We are VERY close!!!  as in the next couple of weeks.  I pray that I am correct.  I need this to happen really bad.

Praying for the RV to come to fruition soon!

Praying you’re right Luv. What makes you think two weeks?

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 Baghdad: morning
 
The Governor of the Central Bank, Mustafa Ghaleb Mekhif, confirmed that the Central Bank is working with the Ministry of Finance to reform government banks, enhance financial inclusion and develop infrastructure for technical services and cybersecurity. 
A statement by the bank stated, "Makhif participated in the exhibition of financial and banking services held in Baghdad, along with the Minister of Finance and a number of representatives of the banking and financial sector." 
And scary stressed, according to the statement, that "the central bank has an important role in achieving macroeconomic balance through various monetary policy tools, especially after the financial and economic challenges that Iraq faced." 
He added, "This bank, in order to stimulate economic activity and reduce unemployment, launched an initiative with an amount of more than 5 trillion dinars, in addition to the previous initiative launched in 2015, as well as the Central Bank's deduction of treasury transfers 2020 and 2021 for the necessary funding for the Ministry of Finance despite the increase in debt and impact. negative, but historical necessity demands it. 
He continued, "The Central Bank supports the establishment of a sovereign fund for future generations, in which state institutions and oil revenues contribute," noting that "the presence of this fund mitigates the potential risks in light of oil price fluctuations and contributes to building a secure future for future generations."
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 Baghdad: morning 
Finance Minister Ali Allawi stressed that the white paper represents the most important steps to achieve real reform that restructures the national economy, and addresses 
challenges facing the country.
He added in a speech he delivered during the Iraq Conference on Finance and Banking Services that {Iraq has begun to see the positive results of the decision to devalue the currency by increasing the demand for investment licenses that are presented to the authorities concerned with this.
command }.
He pointed out that the International Monetary Fund and the World Bank support the reform approaches adopted by the government, stressing the "importance of the digital economy, which has become the most important contributor to development processes around the world, and advances all aspects of development." 
Economy}.
And the Minister of Finance saw {the possibility of working to provide job opportunities for a large segment of the unemployed youth, which necessitates us to pay attention to this important hinge}. Al-Sabah will publish extensive details in the next issue.
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6 hours ago, stanleypower said:

Praying you’re right Luv. What makes you think two weeks?

because of the timeframe to implement NESARA/GESARA.  It has to be completed by a certain amount of time.. from the day implemented.  I don't know exactly what it is but it's close...Iraq is part of GESARA and they have their revalue.  It's why we are seeing tons of article going in the right direction.

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1 hour ago, luvalife said:

because of the timeframe to implement NESARA/GESARA.  It has to be completed by a certain amount of time.. from the day implemented.  I don't know exactly what it is but it's close...Iraq is part of GESARA and they have their revalue.  It's why we are seeing tons of article going in the right direction.

So when was this nesara implemented?  What is the start date?

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2021-09-23 | quarter to six
#Sumerian #Central_Bank of Iraq #The banking sector
The banking sector is heading to digitize its business... Will it restore confidence with the citizen?
24 views Sep 23, 2021
Source:
 
602 views
 
 

Towards digitizing the banking work, the Central Bank is taking steps supported by the Ministry of Finance, and this step is seen as being in the framework of developing the services provided to the citizen, as well as encouraging the insurance sector to be the support for these works.
 

Simultaneously with that, assertions are mounting on the need to restore the citizen's confidence in the banking sector, which is a very important matter that the competent government agencies are heading to achieve.

After a state of inactivity hit the banking sector in Iraq And made it lagging compared to international banks, work is currently underway to adopt modern technological means to achieve an expected breakthrough in this field.
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