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The Central Bank confirms the safety and accuracy of external transfer operations on the electronic platform in 2023


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Samir Al-Nusairi 

 

On the occasion of the end of 2021, and in view of the special and new circumstances that our beloved country is going through due to the interactions with the formation of the new government after the approval of the election results by the Federal Court and the legitimate popular demands for change and economic and financial reform and because our banks are the first basic link in the national economy, we must clarify the results by analysis and evaluation The priority for banking activity in 2021.

That it faced the challenges of an unstable work environment, the non-performing debts reaching more than (6) trillion dinars, the continued decline in the prices of shares traded in the Iraqi stock market by (80%), the decrease in liquidity of some banks to the minimum limits set by the Central Bank, and the decrease in the realized revenues and deposits of some banks and the impact Others delayed approving the 2021 budget, which affected the investment side of development projects and the lack of clarity in financial policies, laws, tax and customs instructions. It should be noted here. To the role played by the Central Bank in 2021 to confront these challenges and to lead and organize the banking sector and reform some of its links towards helping it overcome those challenges. challenges.

Our banks affirmed their sobriety and enhanced the public’s confidence in them during 2021 and the continuation of their daily activities and work despite the administrative, logistical and technical difficulties, which made an effective contribution to the implementation of the Central Bank’s policy in achieving stability in the money market and perpetuating internal and external banking operations, which enhanced international confidence in our international banking transactions. This is evident when comparing the state of our banks with other countries experiencing the same conditions as happened in Lebanon, Syria and Iran, for example, and this confirms that our banks are moving in the right direction.

And its procedures and development towards its establishment and under the supervision of the Central Bank, to set its plans for attracting deposits, granting credit and banking facilities, implementing the Central Bank’s financing and lending initiatives that it launched in 2021, and increasing the rate of financial inclusion by raising the number of open accounts to the equivalent of 12 million issued credit cards, while increasing the number of ATMs to 3000 Automated teller machines, the trend for real banking work, the increase in the cash credit rate, and the activation of the central bank’s lending initiatives, especially the initiative to finance small, medium and housing projects, and the central bank’s assignment of additional funds for the initiative in 2022, especially after the rate of implementation of loans granted by one trillion exceeded more than 85% in 2021 and the expansion in providing Modern systems, programs and technologies in the field of digital transformation. And the implementation of the Payments Department's proposal to expand the provision of banking services and reach the smallest administrative unit at the level of all governorates.
The banks’ completion of their plans for 2022 in accordance with the above visions requires them, under the supervision and control of the Central Bank, to work in quick steps, which is to move the Iraqi banking sector to a sober and developed economic sector that is committed to international regulations, rules and standards for compliance, combating money laundering, financial reporting and risk management, and thus moving from the role of banking to a developmental role Contribute to revitalizing the economic cycle by activating and supporting the financing of small and medium projects and large development projects, through which the building of a solid national economy and sustainable development is achieved, ultimately serving the Iraqi people and their aspirations for a better life.This requires that each bank have a plan with specific goals for 2022 in the areas of technical development and work in accordance with international standards to achieve financial inclusion, attract deposits, work on capacity-building, train and qualify human resources, achieve the goal of investing in human capital and develop the structural structure of the banking sector, in addition to the banks paying attention By applying the financial stability criteria, which are indicators of financial safety such as the capital adequacy ratio, the liquidity ratio, the profitability ratio such as the ratio of profit and net profit to capital, the ratio of return on assets, the ratio of return on shareholders’ equity, the ratio of activity costs, financial leverage and the ratio of investment of funds in addition to the adoption of indicators for measuring performance efficiency and the creation of statistical units Studies, analysis and financial forecasting to indicate monthly, quarterly and annual deviations in the drawn plans.

This requires the government and the Central Bank to support the banks and enable them to continue banking activity, and to implement the decisions of the Council of Ministers and the Economic Affairs Committee related to revitalizing banking work, especially in the field of credit, bank financing, loans and banking facilities, and giving a key role to private banks and their involvement in making central economic decisions.

 

* Advisor to the Association of Iraqi Private Banks

 
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Economy News _ Baghdad

 The economic and banking advisor to the Association of Iraqi Private Banks, member of the Banking Advisory Committee in the Central Bank of Iraq and member of the International Union of Arab Bankers, Mr. Samir Al-Nusairi, has been interested for several years in analyzing and diagnosing the challenges facing the Iraqi economy and the banking sector and his proposals for policies, programs and visions to overcome them, in addition to his expectations of the effects and repercussions of economic variables The international community will affect the Iraqi economy in the coming years, especially in 2022On the occasion of the end of 2021, we conducted a specialized dialogue with him about his predictions for the banking sector and the national economy in 2022, and the Nusayri consultant replied as follows:-

 On the occasion of the end of 2021, and in view of the special and new circumstances that our beloved country is going through due to waiting for the formation of the new government after the approval of the election results by the Federal Court and the legitimate popular demands for political and economic change and reform, and because our banks are the first main link in the national economy
, we must clarify by analyzing and evaluating the results The initial business of the banks in 2021.
That it faced the challenges of an unstable work environment, the non-performing debts reaching more than (6) trillion dinars, the decline in the prices of shares traded in the Iraqi stock market by (80%), the decrease in the liquidity of some banks to the minimum limits set by the Central Bank, the decrease in the realized revenues and deposits for some banks, and the impact of some The other is the delay in approving the 2021 budget, which affected the investment side of development projects, legislative shortcomings, and the lack of clarity in financial policies and the determinants of instructions that regulate the economic process, as well as tax and customs laws and instructions.

Al-Nusairi pointed to the role played by the Central Bank in facing these challenges, leading the banking sector, organizing it and reforming some of its links towards helping it overcome those challenges.
Through its financing procedures and initiatives to stimulate the economy and support banks. And that our banks confirmed their sobriety and strengthened the public’s confidence in them during 2021 and the continuation of their activities and daily work despite the administrative, logistical and technical difficulties, which made an effective contribution to the implementation of the Central Bank’s policy in achieving stability in the banking market and perpetuating internal and external banking operations, which enhanced international confidence in our international banking transactions. This is evident when comparing the state of our banks with other countries experiencing the same conditions as happened in Lebanon, Syria and Iran, for example, and this confirms that our banks are moving in the right direction. 

Therefore, it requires it to complete its plans for 2022 in the light of the analysis of the results of its activities and activities in light of the current conditions and expectations in 2022 after the formation of the new government and the requirements of the new situation and in accordance with the objectives of the second central bank strategy for the years (2021-2023) with a focus on contributing to the implementation of strategic banking projects Which the Central Bank planned, developed and set its objectives, which are about 15 main objectives and 75 sub-targets (technical, financial, administrative and developmental).
Stressing the need to reach policies and procedures according to their actual needs in the sustainability of their banking products, and to complete the preparation of these plans in coordination with the specialized departments of the Central Bank in cooperation with the Association of Iraqi Private Banks and to develop policies and procedures to meet the major challenges facing banks.
The banks’ completion of their plans for 2022 requires them, under the supervision and control of the Central Bank, to work in quick steps, which is to move the Iraqi banking sector to a sober and developed economic sector that is committed to international regulations, rules and standards for compliance, combating money laundering, financial reporting and risk management, and thus moving from the role of banking to a developmental role and
contributing to the revitalization of The economic cycle is to activate and support the financing of small and medium projects and large development projects, through which the building of a solid national economy and sustainable development is achieved, ultimately serving the Iraqi people and their aspirations for a better life.

This requires work in the areas of developing the structural structure of the banking sector, in addition to paying attention to the application of financial stability standards, which are indicators of financial safety such as the capital adequacy ratio, the liquidity ratio, the profitability ratio such as the ratio of profit and net profit to capital, the ratio of return on assets, the ratio of return on shareholders’ equity, the ratio of activity costs and leverage Finance and money investment ratio, in addition to adopting indicators to measure performance efficiency and creating units for statistics, studies, analysis and financial forecasting to indicate monthly, quarterly and annual deviations in the drawn plans. Relevant to revitalizing banking work, especially in the field of credit, bank financing, loans and banking facilities, giving a key role to private banks and involving them in central economic decision-making.

As for the expectations of the effects of changes in the global economy on the Iraqi economy, Al-Nusairi spoke, reviewing the reality of the Iraqi economy, noting that since the first quarter of 2020, the Iraqi economy has faced challenges and stifling economic and financial crises due to changes in the global economy and the slowdown in global economic growth due to the conditions of the American-Chinese conflict, the Corona pandemic and the decline International oil prices in 2020, reaching a drop of more than 70%, economic stagnation, and most countries of the world were affected by these repercussions, which had their effects on the Iraqi economy, and what concerns us is what are the results of these repercussions and what are the expectations, effects and repercussions on the current economic reality in Iraq in 2022.

In the light of the study and analysis, Al-Nusairi expected: the repercussions of the changes in the global economic system on the Iraqi economy in 2022, as follows:-

 1 - The economic growth rate will not exceed 3%, the annual inflation rate will exceed 5%, the foreign cash reserve will maintain a level of no more than 65 billion dollars, and the contribution of oil to the gross domestic product will be up to 60%, and it will constitute up to 91% of the revenues of the general budget, and the external debt will be formed And the interior is at 50% of the GDP. As for the growth rate of the gross domestic product at constant prices, it is around 3%
 2‐ He sees, with an insightful analytical look at the current economic reality, that we urgently need a radical comprehensive economic change that adopts the following main axes:-

* Re-change the map of
 national income resources by reducing dependence on oil as a major resource by activating other resources to bring them to 30% within the next ten years of the total resources.
* A radical and comprehensive change of agricultural, industrial, commercial, oil and water policies by adopting local resources in securing food security, encouraging, protecting and supporting the local Arab and Iraqi products, setting programs and strategies in consumer protection, and emphasizing Arab economic integration.
* Supporting, developing and motivating the private sector and benefiting from its capabilities, capabilities, capital and investments in building the national economy and involving it in economic decision-making and management of the economy.
* Develop a new methodology to overcome the challenges of instability in the financial system and the monetary system, and this means developing coordinated and balanced plans to overcome the challenges of monetary policy and the challenges of deficit in non-oil revenue and deficit in the balance of payments and trade balance and increasing the contribution rate of the productive sectors (real economy in GDP).

 

 
 
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Samir Al-Nusairi*

At the beginning of the year 2020, our economy entered a new phase of complex crises, suffering and complex conditions due to the Corona pandemic and the economic recession and slowdown in growth in the global economy, a drop in oil prices and a drop in demand levels for it due to the complete and partial closure and its effects on what our economy already suffers from from many known problems. For professionals and economic elites. 
Therefore, I found, on the occasion of the end of 2021, to show the role of the effective economic institutions in 2021 to revitalize and stimulate the economy and overcome the failures, challenges and foggy pages in managing the economy, such as the loss of methodology, the lack of clarity of policies and programs, and the inconsistency of strategies prepared in partnership with international organizations and Iraqi experts and consultants, which numbered about 17 strategies with the reality of The single-source Iraqi economy, which depends mainly on oil rents, has caused a structural defect in the economy that has caused economic instability over the past eighteen years.

Added to this is the mismanagement and distribution of public money and the failure to give an effective role to the private sector and to involve it in economic decision-making. The failure to provide a stable business environment, the war on terrorism, and political tensions led to a lack of visions to build a solid national economy capable of drawing the prerequisites for the transition to a market economy.
Despite all these challenges, there were bright spots, promising experiences, policies and procedures, and success experiences carried out by some economic institutions during the years 2020 and 2021.
One of the most prominent bright points in this process is the experience of the Central Bank of Iraq in supporting the national economy while maintaining its independence, functions and objectives specified in Law 56 of 2004, and its contribution to supporting the national economy and the state treasury with an amount of up to 30 trillion dinars by re-discounting treasury bonds issued by the Finance in 2020 and allocating sums of 15 trillion dinars as stimulus and rescue initiatives for the economy for the years (2015-2021) and achieving economic resilience in the hope that the economic ministries, on their part, will activate the productive sectors in agriculture, industry, tourism and renewable energy, which the Central Bank has contributed to launching an initiative to support it recently.
In addition to its executive and development procedures and policies and building balanced relations with Arab and regional banks, where the Central Bank was able to implement its strategy for the years (2016-2020), in the year 2020 and launched its second strategy for the years (2021-2023) and what was achieved this year confirms the bank’s efforts to implement its five main objectives And the results achieved on the scope of the applications of monetary policy internally and the persuasion of international financial institutions and organizations, and this is confirmed by the official reports issued by them, which confirm the success of the Central Bank’s policy in achieving an important transition for the economy.
And that the Central Bank played a great role and with a clear and prominent professional effort, relying on its team, its national economic and financial cadres, its experts and its board of directors to re-establish coordination bridges between the financial and monetary policies and to propose new economic and structural policies to classify banks according to international standards that enabled some banks to obtain an international classification, which strengthened From the reputation of our banking sector internationally and to restore confidence in it.
The management of the Central Bank has demonstrated its clear ability to interact, analyze obstacles to work and create conditions to overcome challenges
and draw a road map that will inevitably lead to achieving its goals contained in its law and achieving stability in the monetary system.

 

* Advisor to the Association of Iraqi Private Banks

 
Views 154   Date Added 12/29/2021
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 Samir Al-Nusairi*

The golden dream is a slogan for a joyful celebration and an overwhelming joy that was held on a beautiful Iraqi evening sponsored by the Central Bank, the Department of Non-Governmental Organizations and the Association of Banks, which was inaugurated by the Governor of the Central Bank to select 3 young winners out of 10 who reached the final rounds of charitable and humanitarian projects out of a total of 2,400 young people who participated in the competition from various Iraqi governorates The winning youth and makers of hope were honored. The Governor announced in the celebration the provision of financial support to all the youth who reached the final stages and the distribution of prizes won by the successful and pioneering projects presented by promising youth in various fields.

The winning projects were selected by a jury of specialists and experts. These projects were distributed in multiple areas that dealt with societal and humanitarian problems, and all of these projects are pioneering and innovative projects that provide great services to the community.

What is important in the celebration is to support the Tamkeen Fund and the attendance of members of the Fund’s Board of Directors, the President of the Association of Iraqi Private Banks, the Director General of the Non-Governmental Organizations Department and the Executive Director of the Association, and that this initiative comes to confirm the goal of the Tamkeen Fund initiative in sponsoring, supporting and attributing to community, cultural and development projects, and was preceded by many initiatives, most notably in This year, the rehabilitation of Al-Mutanabbi Street, which represents the cultural mind of Iraq, and this celebration also comes in line with achieving the goal of community initiatives in empowering youth and entrepreneurs and helping them to secure an appropriate business environment to start, finance and develop projects in a way that contributes to achieving sustainable development.

Emphasizing that Iraq does not build it and restore its glory and brilliance and build its new future, except for its sons and national entrepreneurs in it. And work to provide business incubators to support young people, develop their skills and build their capabilities in order to develop their small and medium projects and achieve the developmental and economic goal. The most prominent thing that caught my eye and the celebrants’ eyes in the celebration were the cases of joy and hope. Yes, I was shaken by this true patriotic feeling when young people win and realize the dream they had when they saw it on the ground. 

 And that the celebration confirmed that such initiatives are patriotic practices to serve the national economy and serve the youth in order to take their positions in the leadership of society, because Iraq is on the verge of moving to a new stage in overcoming the stage of the financial and economic crisis to an important new stage after the elections.

It makes us draw lessons and lessons from the experiences of peoples and developed countries politically and economically by relying on the competent, ambitious and enlightened Iraqi youth to lead the institutions of the national economy, especially the economic market, with a new methodology that depends on vitality and insistence on overcoming challenges and focusing on the youth who believe in the destiny of their beloved Iraq and its proud Iraqi people in the sound construction of the economy With a new spirit that carries all the aspirations of young people and provides the best services and products to the public according to a view based on keenness to develop policies, programs and visions.

 

* Advisor to the Association of Banks

 
Views 96   Date Added 12/30/2021
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*Samir Al-Nusairi


By analyzing the preliminary financial statements of the activities of government and private banks for the year 2021 and comparing them with the results of the activity

For the year 2020 at the total level and at the level of the type of activity, it became clear that the most prominent indicators on the overall level are the banking sector achieving good annual business results in complex economic conditions and the spread of Corona and the global economic closure and the repercussions of international economic variables and the instability in international oil prices on the Iraqi economy, in addition to the crises And these results come due to the strong commitment of the banks

On the instructions of the Central Bank to continue working daily and provide banking services and products to the public and companies, in addition to implementing the Central Bank’s initiatives to revitalize the economic cycle and stimulate the economy. Small and medium, which contributed to the employment of 40,000 unemployed citizens, and from analyzing the indicators and comparing them to the year 2020 at the total level of public and private banks combined, it is clear that the banks' capital increased by 6 %.

deposits at 10%, cash bank credit at 6%, and pledge credit at 4 %

Total assets increased by 10% and bad debts increased by 5.5 %.

At the level of private banks, their capital amounted to 13 trillion dinars, which means that they invest up to 71% of the total capital of the banking sector, both governmental and private, and deposits increased by 9% and cash credit by 9 %

and total assets by

12 %.

It was also indicated that the amounts of bad debts increased by 2% compared to last year due to the non-commitment of some borrowers to repayment .

And from the analysis of the data in comparison between government and private banks, the imbalance and the large differences in the distribution of deposits remain

Cash and pledge credit and assets are present, and the share of private banks for deposits is 15%, for credit is 18%, and for pledge is 41%, for total assets is 11%, and for profits is 17%. Therefore, the redistribution of powers and the granting of flexibility and adequate facilities to private banks and the implementation of decisions to support the private banking sector

Issued by the Council of Ministers and the Economic Affairs Committee and the contents of the second central bank strategy in its main and subsidiary objectives. In addition to what was stated in the white paper on the objectives of banking sector reform, which is to allow private banks to take their role as levers of the economy and to end the role of government banks as an arm for banking finance and consider them the lever of sustainable development and the first main link in the economy .

 

 

* Advisor to the Association of Iraqi Private Banks

 
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Samir Al-Nusairi 

 

The Honorable Iraqi Council of Representatives hosted the Governor of the Central Bank of Iraq to discuss the exchange rate of the Iraqi dinar and the monetary policy of the Central Bank to control the foreign currency in the daily selling window. And that this hosting is the third or fourth in the series of hosts for the governor during 2020 and 2021, and certainly he has explained to the deputies, with high transparency, the reasons that led to the change of the exchange rate in December 2020, which are known to all specialists and non-specialists, which are the challenges and economic crises that Iraq was suffering from In the last quarter of 2020, the government was unable to pay the salaries of employees, retirees and social welfare, in addition to the government’s other obligations to pay its external debts and internal obligations, and address the real deficit in filling government expenditures, the absence of government reserves in the public treasury, and the weak financial position of the government, and it was the duty of the Central Bank to do so Circumstances to support the national economy in accordance with its objectives and tasks contained in its law and by using monetary policy tools and applications to save public finances and save the national economy that was suffering from economic depression than if the situation continued, it would lead to A great financial and political disaster, and the topic was presented to all the political blocs represented in the House of Representatives in an expanded meeting and their approval was obtained to change the exchange rate, so the central bank issued its statement to amend the exchange rate. A plan has been developed to address this to ease the burdens on this category, to be implemented jointly by the Central Bank and the relevant ministries 

Unfortunately, the plan was not adhered to by all parties except for the Central Bank, which launched several initiatives to stimulate and revitalize the economic cycle and allocated up to (9) trillion dinars to finance small, medium, housing and strategic projects in 2021, in addition to (6) trillion dinars previously allocated and allocated at the beginning of this The year was an additional two trillion dinars to sustain his incentive initiatives, which was able to employ more than 40,000 unemployed people, in addition to his support to the state treasury, amounting to 30 trillion dinars in the years 2021 and 2022. The percentage of loans granted to the private sector amounted to about 30% of the total loans granted to it, and he issued instructions for the sale and purchase of foreign currency for the year 2021, which are instructions to control the window for selling foreign currency, prevent its smuggling, maintain exchange rate stability, combat money laundering and terrorist financing, and with all these efforts he made The Central Bank with its new administration in just 15 months 
We note from time to time that the Central Bank directed a wave of criticism with the aim of creating a state of confusion and instability and trying to drag the money market into instability and the failure of the Central Bank’s plans to control the rates announced by the Central Bank for the exchange rates set for the Ministry of Finance, banks and the public  
 Although Iraq adopts a fixed exchange rate, the stability of the exchange rate is largely determined by supply and demand according to the effects and repercussions of the economic reality in a country like Iraq that suffers from challenges, repercussions, economic, financial and political crises, and structural and systematic defects in managing the economy and money that the central bank does not bear alone because its role is clear, specific and independent It is focused on stimulating the economy according to the tools and applications of monetary policy, but this cannot be achieved without joint coordination with fiscal policy and other economic sectors, activating the real economy, diversifying sources of national income, and leaving the unilateral economy based on oil as a major resource, which constitutes 93% of the revenues of the general budget, 60% of GDP.
Therefore, I call upon the people’s representatives and politicians to do justice to their independent national sovereign institution (the Central Bank of Iraq) and not to expose it to international reputation risks and thus negatively affect the reputation of the Central Bank and the Iraqi banking sector internationally, and then Iraq will be re-listed under the “high-risk country” In the Financial Action Organization and by the European Union because economic matters and fiscal policy are not discussed in front of the media, but through legal and constitutional institutions and in closed meetings because the topic is hosting and discussion, not interrogation. It requires all parties to return to the statement of the Central Bank in which it determined the new exchange rates on December 19, 2020, in which it clearly and with high transparency specified the reasons and rationales for determining the price and what measures it will take and what other parties must take in order to maintain the stability of the new rate because the bank cannot Working alone without a coordinated governmental economic and financial methodology supported by the Central Bank, according to the tasks and objectives stated in Law 56 of 2004.

Where the bank announced in its statement that during the last months of 2020, intensive deliberations took place with the Prime Minister, the Minister of Finance and the legislative authority, regarding the economic situation in general and the financial crisis that the public finances are going through due to the drop in oil prices and production, and the economic and health challenges.

The Board of Directors of the Central Bank also held a number of meetings, some of which hosted the Minister of Finance for the same purpose. He explained that the reasons for adjusting the exchange rate and maintaining its stability in the future are as follows:-

1- It is the structural distortions in the Iraqi economy that have impoverished public finances and restricted the reform capacity that the government and the Ministry of Finance are seeking. It
 is no coincidence that the financial situation is so bad, but it has been rooted for more than a decade and a half due to the policy leadership of the economy and the supremacy of political thinking over economic thought and development priorities. And the rules of the relationship, so the fiscal policy failed to perform its roles, and the monetary policy was preoccupied with restoring the outputs of the confused fiscal policy.

2- The dependence of economic and financial policy on the ambitions and concerns of politicians led to the latest accepted models of financial management in Iraq, and the role of that administration was limited to distributing oil resources to life-sustaining requirements such as salaries and operational requirements. 

3- Because of these combined conditions, the Central Bank had no choice but to intervene on more than one occasion to support public finances and save critical public spending requirements., 

4- The Central Bank understands the difficulties facing the government’s reform intentions, but this does not prevent it from tying any steps that the monetary authority can take to effective steps to carry out reforms that inevitably affect the financial authority’s institutions, especially the effective collection institutions, customs and tax institutions, and other institutions. The other public levying, and that spending be streamlined and rationalized, and all of this depends on the political will of the higher state institutions that support the financial authority’s directions to achieve this.
This requires the government's direction to support the vulnerable groups, who will inevitably be directly affected, especially by any measure to change the exchange rate.
5- The legislative authority will have an important role in supporting the Central Bank’s direction to adjust the foreign exchange rate, as failure to take such a decision may make us obliged to take difficult decisions that may put Iraq in a situation similar to what neighboring countries have been exposed to.

It should also be emphasized here that this change (devaluation) in the value of the Iraqi dinar will be for one time only and will not be repeated.

6- The financial crisis that Iraq was exposed to due to the Corona pandemic and the resulting deterioration in oil prices and the decline in oil revenues, this led to a large deficit in the general budget and the Ministry of Finance was forced to borrow from banks and re-discount them with the Central Bank in large amounts, for the purpose of paying salaries. And meet the other spending needs related to services provided 
to citizens.

 

* Economic and banking consultant

 
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Samir Al-Nusairi 

 

The Honorable Iraqi Council of Representatives hosted the Governor of the Central Bank of Iraq to discuss the exchange rate of the Iraqi dinar and the monetary policy of the Central Bank to control the foreign currency in the daily selling window. And that this hosting is the third or fourth in the series of hosts for the governor during 2020 and 2021, and certainly he has explained to the deputies, with high transparency, the reasons that led to the change of the exchange rate in December 2020, which are known to all specialists and non-specialists, which are the challenges and economic crises that Iraq was suffering from In the last quarter of 2020, the government was unable to pay the salaries of employees, retirees and social welfare, in addition to the government’s other obligations to pay its external debts and internal obligations, and address the real deficit in filling government expenditures, the absence of government reserves in the public treasury, and the weak financial position of the government, and it was the duty of the Central Bank to do so Circumstances to support the national economy in accordance with its objectives and tasks contained in its law and by using monetary policy tools and applications to save public finances and save the national economy that was suffering from economic depression than if the situation continued, it would lead to A great financial and political disaster, and the topic was presented to all the political blocs represented in the House of Representatives in an expanded meeting and their approval was obtained to change the exchange rate, so the central bank issued its statement to amend the exchange rate. A plan has been developed to address this to ease the burdens on this category, to be implemented jointly by the Central Bank and the relevant ministries 

Unfortunately, the plan was not adhered to by all parties except for the Central Bank, which launched several initiatives to stimulate and revitalize the economic cycle and allocated up to (9) trillion dinars to finance small, medium, housing and strategic projects in 2021, in addition to (6) trillion dinars previously allocated and allocated at the beginning of this The year was an additional two trillion dinars to sustain his incentive initiatives, which was able to employ more than 40,000 unemployed people, in addition to his support to the state treasury, amounting to 30 trillion dinars in the years 2021 and 2022. The percentage of loans granted to the private sector amounted to about 30% of the total loans granted to it, and he issued instructions for the sale and purchase of foreign currency for the year 2021, which are instructions to control the window for selling foreign currency, prevent its smuggling, maintain exchange rate stability, combat money laundering and terrorist financing, and with all these efforts he made The Central Bank with its new administration in just 15 months 
We note from time to time that the Central Bank directed a wave of criticism with the aim of creating a state of confusion and instability and trying to drag the money market into instability and the failure of the Central Bank’s plans to control the rates announced by the Central Bank for the exchange rates set for the Ministry of Finance, banks and the public  
 Although Iraq adopts a fixed exchange rate, the stability of the exchange rate is largely determined by supply and demand according to the effects and repercussions of the economic reality in a country like Iraq that suffers from challenges, repercussions, economic, financial and political crises, and structural and systematic defects in managing the economy and money that the central bank does not bear alone because its role is clear, specific and independent It is focused on stimulating the economy according to the tools and applications of monetary policy, but this cannot be achieved without joint coordination with fiscal policy and other economic sectors, activating the real economy, diversifying sources of national income, and leaving the unilateral economy based on oil as a major resource, which constitutes 93% of the revenues of the general budget, 60% of GDP.
Therefore, I call upon the people’s representatives and politicians to do justice to their independent national sovereign institution (the Central Bank of Iraq) and not to expose it to international reputation risks and thus negatively affect the reputation of the Central Bank and the Iraqi banking sector internationally, and then Iraq will be re-listed under the “high-risk country” In the Financial Action Organization and by the European Union because economic matters and fiscal policy are not discussed in front of the media, but through legal and constitutional institutions and in closed meetings because the topic is hosting and discussion, not interrogation.It requires all parties to return to the statement of the Central Bank in which it determined the new exchange rates on December 19, 2020, in which it clearly and with high transparency specified the reasons and rationales for determining the price and what measures it will take and what other parties must take in order to maintain the stability of the new rate because the bank cannot Working alone without a coordinated governmental economic and financial methodology supported by the Central Bank, according to the tasks and objectives stated in Law 56 of 2004.

Where the bank announced in its statement that during the last months of 2020, intensive deliberations took place with the Prime Minister, the Minister of Finance and the legislative authority, regarding the economic situation in general and the financial crisis that the public finances are going through due to the drop in oil prices and production, and the economic and health challenges.

The Board of Directors of the Central Bank also held a number of meetings, some of which hosted the Minister of Finance for the same purpose. He explained that the reasons for adjusting the exchange rate and maintaining its stability in the future are as follows:-

1- It is the structural distortions in the Iraqi economy that have impoverished public finances and restricted the reform capacity that the government and the Ministry of Finance are seeking. It
 is no coincidence that the financial situation is so bad, but it has been rooted for more than a decade and a half due to the policy leadership of the economy and the supremacy of political thinking over economic thought and development priorities. And the rules of the relationship, so the fiscal policy failed to perform its roles, and the monetary policy was preoccupied with restoring the outputs of the confused fiscal policy.

2- The dependence of economic and financial policy on the ambitions and concerns of politicians led to the latest accepted models of financial management in Iraq, and the role of that administration was limited to distributing oil resources to life-sustaining requirements such as salaries and operational requirements. 

3- Because of these combined conditions, the Central Bank had no choice but to intervene on more than one occasion to support public finances and save critical public spending requirements., 

4- The Central Bank understands the difficulties facing the government’s reform intentions, but this does not prevent it from tying any steps that the monetary authority can take to effective steps to carry out reforms that inevitably affect the financial authority’s institutions, especially the effective collection institutions, customs and tax institutions, and other institutions. The other public levying, and that spending be streamlined and rationalized, and all of this depends on the political will of the higher state institutions that support the financial authority’s directions to achieve this.
This requires the government's direction to support the vulnerable groups, who will inevitably be directly affected, especially by any measure to change the exchange rate.
5- The legislative authority will have an important role in supporting the Central Bank’s direction to adjust the foreign exchange rate, as failure to take such a decision may make us obliged to take difficult decisions that may put Iraq in a situation similar to what neighboring countries have been exposed to.

It should also be emphasized here that this change (devaluation) in the value of the Iraqi dinar will be for one time only and will not be repeated.

6- The financial crisis that Iraq was exposed to due to the Corona pandemic and the resulting deterioration in oil prices and the decline in oil revenues, this led to a large deficit in the general budget and the Ministry of Finance was forced to borrow from banks and re-discount them with the Central Bank in large amounts, for the purpose of paying salaries. And meet the other spending needs related to services provided 
to citizens.

* Economic and banking consultant

 
 
 
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Economy News _ Baghdad

Recently, in the Association of Iraqi Private Banks, the new book of the Association’s advisor, Professor Samir Al-Nusairi, entitled (The Central Bank of Iraq in Facing Crises and Stimulating the Economy), is the tenth book in the series of books authored by the author. Adopted by the Central Bank and the Egyptian sector in overcoming crises and stimulating the economy. 
Al-Nusairi dedicated his book to the Central Bank and the banking sector, and presented what was mentioned in his new book in a special interview to the "Economy News" agency today, Monday, reviewing my belief that the future of Iraq and its proud people must be a prosperous future despite the challenges, repercussions and suffering that its national economy has suffered during the course of nineteen years. years ago.
With continuous effort and hope that does not fade, I continued with enlightened scientific giving with the background of experience and expertise, and daily living with the reality of our dear country, especially in the economic and banking aspect.
 Since 2003 until the present time, the Iraqi economy has suffered greatly from the loss of the curriculum, the lack of economic planning, the weakness of strategies, the dispersion of policies and chaos in the management of the affairs of the economy and its various productive sectors, which led to a weak contribution to the gross domestic product. The focus was on oil as the main resource for economic resources, where it formed within limits (60%) of the gross domestic product and (93%) of the total revenues of the general budget.
What contributed to the exacerbation of Iraq's problems is the mismanagement and distribution of public money, which encouraged the exacerbation of financial and administrative corruption, marginalization and failure to give the appropriate opportunity for national economic cadres and expertise to manage effective economic institutions. In addition to this, the effects of external economic conditions, including instability in oil prices, their rise and decline, and the inability of successive governments that assumed responsibility to establish a sovereign fund when oil prices rise, like other oil-producing countries. Pointing out that what confused the
economic process in Iraq and increased its complexities, is the structural imbalance in the economy and the challenges that led to instability in the monetary system and the financial system and thus the inability to achieve complete economic stability due to the deficit in non-oil revenue, the deficit in the balance of payments and the deficit in the general budget. so no
Stimulating, encouraging, supporting and involving the private sector in making economic decisions, with the vision confused and the financial policies unclear. He also stressed the shortcomings in the legal environment regulating economic life issued in 2004. Experience has proven that they are deficient laws and need to be reformulated and amended, and that the set of challenges and repercussions above, despite Iraq's high oil resources and the growing numbers of public budgets, has not achieved anything at the level of reform and sound economic construction, and that it is currently going through severe and stifling economic, political and epidemiological crises due to the spread of the Corona virus in most Countries of the world, including Iraq, and this unfortunately is the reality of the current situation. 
Al-Nusairi explained that the strategy for the advancement and reform of the Iraqi economy after all these years needs exceptional efforts, programs, mechanisms and government measures in partnership with the private sector and competent national competencies, and the most important is the sincere and real intentions of change towards the desired economic reform. Drawing and implementing a strategy for economic transformation and reform during the next ten years in accordance with Iraq’s 2030 vision. With a focus on finding quick solutions and treatments to enable the elements of implementing economic reform, and that these treatments have a quick effect to create relative stability in the financial and monetary system and restore control over the distribution of public money and get rid of Mismanagement and choosing the right man in the right place will facilitate the way to implement the reform strategy as a central goal that achieves sustainable development.
Therefore, the Central Bank had its vision and procedures in facing challenges and crises, stimulating and supporting the national economy, through which it adopted clear policies, plans, programs and specific instructions during the years 2020 and 2021 that were analyzed and documented their success paths to revitalize the economic cycle and try to address the repercussions of decreasing the exchange rate of the dinar and its effects on the low-income groups. And revitalizing the economic cycle through a series of lending policies and initiatives.
Al-Nusairi concluded his speech for this, as the book included two chapters and (25) chapters with a number of (196) pages of medium pieces and an appendix to official documents and regulatory and regulatory instructions to facilitate the implementation of the financing and lending initiatives launched by the Central Bank based on diligence and transparency in presenting the results and achieved achievements.
And the failures and the opinions of international and local organizations, although we have reservations about some of the visions and treatments contained therein. 
I hope that the contents of the book will be discussed and studied by academics and experts in the government and the private sector, and the analysis, visions, proposals and treatments contained in it will be discussed and studied to overcome our economic and banking crises on the desired path of reform. To receive their copies of the book as a gift from me.

 
 
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Samir Al-Nusairi 

 

 In light of the parliament’s discussion yesterday of the exchange rate of the dinar, we noticed, for the first time in nineteen years, that the people listened yesterday to a clear and analytical political and economic intervention with numbers, data and facts from the Speaker of the Iraqi Council of Representatives bearing the secretariat of responsibility by taking care of the government’s economic plans to overcome external and internal economic and financial challenges and crises and moral honesty The representatives of the people in the Iraqi parliament should be keen and adopt the rights of the Iraqi people, especially the poor groups that have been negatively affected by the devaluation of the Iraqi dinar exchange rate.

The observer, observer and expert analyst of the intervention of the Speaker of the House of Representatives clearly sees that the broad spectrum of politicians knows very well the real and urgent reasons that forced the government to reduce the exchange rate and the stages the decision went through before it was taken in the kitchens of the government, the Ministry of Finance and Parliament, and the approval of the political blocs in an official meeting requested to be held The government in the last quarter of 2020, which the Central Bank indicated in its statement issued on 12/19/2020, in which it explained the reasons for the reduction and the treatments through which the damage to the poor and low-income groups, which the Speaker of Parliament referred to in the intervention, will be overcome.

It was supposed to be implemented by the government and fiscal policy, but unfortunately, only the initiatives and procedures of the Central Bank were achieved to stimulate and revitalize the economy, through which it allocated up to 9 trillion dinars to finance projects of all kinds and to lend to citizens with low incomes without interest and without a guarantor and for a repayment period that ranged between (4-15). ) years and focus on small, medium and housing projects and achieved high implementation results, but the ministries and authorities concerned with relieving the affected groups did not perform their required duty, which showed the decision to change the exchange rate with its negative side and made politicians and parliamentarians focus on the negatives and not refer to the positives.

But the intervention of the Speaker of the House of Representatives honestly clarified the moral responsibility towards the people that the government and the financial policy had failed to implement what was agreed upon to mitigate the damage before the decision was made despite the requirements being secured, but nothing important to support the citizen was achieved except the rescue and financing measures of the Central Bank.

Therefore, the Ministry of Finance and the government were asked to submit a plan for effective solutions in 2022 to overcome the harm done to the citizen in 2021 in terms of securing food and medicine, support for the poor, and setting a specific time period to save the citizen and reform the economy.

 


* Economic and banking consultant

 
Views 668   Date Added 01/03/2022
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Samir Al-Nusairi
  

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* Samir Al-Nusairi


The Community Initiatives Fund (Tamkeen) is preparing for the days leading up to the blessed month of Ramadan by preparing to implement a wide program in this holy month. The most important thing in the program is to finance the distribution of 18,000 food baskets to needy families in Baghdad and all governorates in coordination with youth volunteer teams under the supervision of the Central Bank and the Association of Banks Iraqi special. These events come in order for the Tamkeen Fund to crown its various activities and events during the past and continuing nucleus to serve development and society .

 

The Community Initiatives Fund “Tamkeen” was established to achieve the economic and societal objectives of the Central Bank of Iraq contained in Law 56 of 2004, which include achieving economic stability and promoting sustainable development and community service. This is achieved with the community’s economic, humanitarian and cultural support, through the initiatives provided by the Central Bank, banks and supporting authorities to achieve the economic and societal goal at the same time and support the humanitarian cases of citizens, in light of the complex and accumulated critical economic conditions that the country has witnessed. Because of the decline in public services provided, as well as because of the drop in oil prices, on which the Iraqi economy depends almost mainly. The spread of the Corona pandemic .

 

The Community Initiatives Fund "Tamkeen" is financed through monthly subscriptions from Iraqi private banks, exchange companies, and electronic payment companies, and these funds are deposited in an independent account within the Central Bank of Iraq, and they are spent through a specialized committee whose membership includes the Central Bank, banks and the Organizations Department in the General Secretariat of the Council of Ministers .

 

The importance of the “Tamkeen” Initiatives Fund stems from its endeavor to support the community through: reviving the social and economic situation , employing manpower, empowering youth and supporting humanitarian, cultural, community, technical and environmental cases.

The total number of initiatives supported by the "Tamkeen" Fund since its inception until now has reached hundreds of economic, humanitarian, cultural and societal initiatives. The initiatives depended on supporting and developing Iraqi youth in various educational, service, health and other sectors. and highlight

 

The areas in which the Tamkeen Fund contributed are :

 

1 - Humanitarian and social cases .

Which increased in the past years as a result of economic and social conditions .

 

2 ‐ Social Domains

Supporting the education sector .

 

3 ‐ Environmental Protection

Combating desertification in cooperation with the Ministry of Agriculture .

Launching the "Initiative to Combat Desertification". It is an initiative that includes planting two million seedlings in all governorates of the country that suffer from this problem, while equipping the cultivated areas with drip irrigation networks .

 

4 ‐ The support provided to culture, media and the arts. The most prominent cultural project is the completion of the rehabilitation and development of Al-Mutanabi Street (the heart of Iraqi culture ).

 

5- Financing economic , development and reconstruction projects .

 

* Economic and banking consultant

 
Views 576   Date Added 03/22/2022
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Samir Al-Nusairi*

We are now in the middle of the third month of 2022 and most countries of the world have issued their general budget for the aforementioned year, with the exception of Iraq, which we, the economic elites, did not know where the general budget is. Was it prepared? Is it still in the corridors of the ministries of finance and planning? In preparing them on the items as usual, or did they adopt economic programs and plans? In fact, no one knows and we only know that Iraq’s budget for several years is not approved and issued until several months after the budget year because of the problems and political quarrels between the political blocs and those who forgot that the budget is the budget of the Iraqi people and the budget for the implementation of investment projects and projects of reconstruction, construction and economic reform. How long will the patient people suffer this injustice and the encroachment on their rights in this repeated way every year?


The current and expected financial situation for Iraq until the end of the year is very good, as oil prices will not be less than $100 per barrel. It fulfills its obligations towards internal and external debts, establishes its sovereign fund, 
and overcomes a real budget deficit for the first time in years. Therefore, in the face of this reality requires taking quick measures by approving the budget by the new government and Parliament, with a date not exceeding the first half of this year, and to include the following priorities: ‐


1‐ Re Revenue structure towards activating and stimulating the productive sectors, especially agriculture, industry, housing, services and tourism, and increasing the proportion of the contribution of income sources other than oil to the budget revenues.

 

2 - Increasing the investment allocations in the budget, including at least the completion of projects whose implementation rate exceeded 50%.


3- Giving a role to the private sector in investing in reconstruction and infrastructure projects in Baghdad and the governorates

 

4- Allocating an amount to establish the Sovereign Fund (the Generation Fund) from the savings achieved from the increase in oil prices, and it is managed by a specialized board of directors, and its funds are invested under the supervision of the Central Bank and the supervision of the Financial Supervision Bureau.


5- Allocating a special amount to the Ministry of Commerce to secure strategic storage for foodstuffs covered by the ration card for a period of no less than 3 months.
Increasing the ration items to reach 10 items. Allocating funds to support the prices of flour, rice, sugar and baby milk.


6- Allocating an amount to activate and support the agricultural, industrial and tourism sectors and to support the local product.


7- Allocating an amount to the Ministry of Labor to cover the increase in the number of people covered by social care, to cover the increase in their salaries at a rate equivalent to the reduction in the Iraqi dinar exchange rate, to cover the financing of small and medium projects, and to include the displaced who cannot be returned to their homes 
with social care.

 

* Economic and banking consultant

 
 
Views 201   Date Added 23/03/2022
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The current and expected financial situation for Iraq until the end of the year is very good, as oil prices will not be less than $100 per barrel. It fulfills its obligations towards internal and external debts, establishes its sovereign fund, and overcomes a real budget deficit for the first time in years.”

 

Go Iraq 

Go budget 2022

Go open market economy 

Go stronger dinar $1+

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20 hours ago, Laid Back said:

The current and expected financial situation for Iraq until the end of the year is very good, as oil prices will not be less than $100 per barrel. It fulfills its obligations towards internal and external debts, establishes its sovereign fund, and overcomes a real budget deficit for the first time in years.”

 

Go Iraq 

Go budget 2022

Go open market economy 

Go stronger dinar $1+

 

Thanks Laid Backand a perfect time to decouple from the soon to crater U.S. Dollar! ;)

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Samir Al-Nusairi*
 Based on the financing initiatives stimulating the economy adopted by the Central Bank in the years 2020 and 2021 and implemented by banks with implementation rates of 100% per one trillion dinars allocated to private banks, 76% to real estate and 55% to the Housing Fund and with the contribution of 48 banks at the total level of the initiative and 21 banks at the level of implementation of the housing initiative .


And in line with the Central Bank’s plans to move the Iraqi banking sector from the banking role to the developmental role, with the aim of the banks’ participation in participating in revitalizing the economic cycle and supporting the financing of strategic and large development projects, through which building a solid national economy and sustainable development is achieved. The Central Bank had previously launched in May 2019 the combined Islamic finance program with the aim of creating a regular partnership between conventional and Islamic banks on the one hand and between the public and private sectors on the other hand under the umbrella of Standard (24) issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). To start the program with three projects to rehabilitate, build and develop chemical fertilizer plants in Baiji and Abi Al-Khasib, a project to rehabilitate and develop glass factories in Ramadi, and a project to rehabilitate and operate the white cement plant in Fallujah.


    To activate and implement this program in 2022, and that this claim comes after the success of the Central Bank in the success of its financing initiatives, achieving monetary stability during the crises that Iraq has experienced during the past three years, and revitalizing and supporting the national economy because banks must have a clear and fundamental role in economic development and be It has a contribution share in the GDP in difficult economic conditions and in conditions of détente. This cannot be achieved without investing the money of citizens and the government in the banking system and investing them together in financing large and strategic projects that have a clear impact and are reflected in the provision of important and basic services to society. Entering the sector This national effort will inevitably lead to the achievement of the following objectives:-                                                          
1- The increase in the contribution of the private sector to the gross domestic product. In the planned proportions in the private sector development strategy                                                          
2- Active participation in the implementation of the private sector development strategy for the years (2014-2030) to employ 50% of the unemployed workforce and absorb them in the completion of these projects and reduce the unemployment rate to acceptable limits during the next three years.                                             
3‐ Involve the private sector in making economic decisions and give a key role in the financing and investment field to the banking sector. And that bank financing is for development, and that banks are the lever of development.                               
4- Restoring confidence in the banking sector when banks participate in financing and participating in investment in the implementation of strategic projects in accordance with Islamic law and Islamic Banking Law (43) for the year 2015, which provide basic services to citizens in all areas of sustainable development in agriculture, industry, transportation, education, construction and tourism.
 Achieving the above goals requires that the Central Bank organize the process of banks’ participation among themselves under its direct supervision and control. The process of banks’ participation in sustainable development can be organized on an ongoing basis and within a plan that defines major infrastructure projects.

 

*Economic and banking consultant

 
Views 125   Date added 27/03/2022
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logo2.png  An invitation to activate the combined Islamic banking financing program
 
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Samir Al-Nusairi 
 

Samir Al-Nusairi*
 Based on the financing initiatives stimulating the economy adopted by the Central Bank in the years 2020 and 2021 and implemented by banks with implementation rates of 100% per one trillion dinars allocated to private banks, 76% to real estate and 55% to the Housing Fund and with the contribution of 48 banks at the total level of the initiative and 21 banks at the level of implementation of the housing initiative .
And in line with the Central Bank’s plans to move the Iraqi banking sector from the banking role to the developmental role, with the aim of the banks’ participation in participating in revitalizing the economic cycle and supporting the financing of strategic and large development projects, through which building a solid national economy and sustainable development is achieved. The Central Bank had previously launched in May 2019 the combined Islamic finance program with the aim of creating a regular partnership between conventional and Islamic banks on the one hand and between the public and private sectors on the other hand under the umbrella of Standard (24) issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). To start the program with three projects to rehabilitate, build and develop chemical fertilizer plants in Baiji and Abi Al-Khasib, a project to rehabilitate and develop glass plants in Ramadi, and a project to rehabilitate and operate the white cement plant in Fallujah.
    To activate and implement this program in 2022, and that this claim comes after the success of the Central Bank in the success of its financing initiatives, achieving monetary stability during the crises that Iraq has experienced during the past three years, and revitalizing and supporting the national economy because banks must have a clear and fundamental role in economic development and be It has a contribution share in the GDP in difficult economic conditions and in conditions of détente. This cannot be achieved without investing the money of citizens and the government in the banking system and investing them together in financing large and strategic projects that have a clear impact and are reflected in the provision of important and basic services to society. Entering the sector This national effort will inevitably lead to the achievement of the following objectives:-                                                          
1- The increase in the contribution of the private sector to the gross domestic product. In the planned proportions in the private sector development strategy                                                          
2- Active participation in the implementation of the private sector development strategy for the years (2014-2030) to employ 50% of the unemployed workforce and absorb them in the completion of these projects and reduce the unemployment rate to acceptable limits during the next three years.                                             
3‐ Involve the private sector in making economic decisions and give a key role in the financing and investment field to the banking sector. And that bank financing is for development, and that banks are the lever of development.                               
4- Restoring confidence in the banking sector when banks participate in financing and participating in investment in the implementation of strategic projects in accordance with Islamic law and Islamic Banking Law (43) for the year 2015, which provide basic services to citizens in all areas of sustainable development in agriculture, industry, transportation, education, construction and tourism.
 Achieving the above goals requires that the Central Bank organize the process of banks’ participation among themselves under its direct supervision and control. The process of banks’ participation in sustainable development can be organized on an ongoing basis and within a plan that defines major infrastructure projects.

*Economic and banking consultant

 
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Economy News - Special

On Sunday, the economic and banking advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, called for investing the financial abundance achieved from the rise in oil prices in achieving food security and paying internal and external debts.

 

Al-Nusairi said in a statement to “Al-Iqtisad News” that “the financial abundance achieved in Iraq during the current year due to the rise in oil prices and its reaching rates of not less than $100 per barrel due to the conditions of the Russian-Ukrainian war and the recovery of countries’ economies due to the decline in the effects of the Corona pandemic, makes us call on the government and the Ministry of Finance to This abundance is invested with high transparency and keenness to achieve the food security requirements of citizens in order to face the rise in prices, especially for foodstuffs.

 

He added, "The other main task is to pay what it owes to the Central Bank as an internal debt that must be repaid until 2021, which amounts to 72 trillion dinars, and external debt is up to 29 billion dollars."

Al-Nusairi expected that “financial savings exceeding $40 billion will be achieved in 2022, in the event that the price of oil in the budget is set at $75 a barrel, which will contribute to paying part of the internal and external debt to achieve flexibility with the Central Bank in controlling the exchange rate and reducing inflation.” and increasing foreign cash reserves.

 

He pointed out that paying the debts "will lead to a decrease in the total debt-to-GDP ratio to less than the current ratio of 45%," stressing that this "requires the Ministry of Finance to start paying what it owes from internal debt to the Central Bank according to a timetable to be agreed upon. on him".

 
 
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*Samir Al-Nusairi

The Central Bank of Iraq periodically announces its foreign cash reserves with the aim of informing the public and the concerned and competent authorities that the reserves are sufficient by 100% to cover the local currency in circulation and to cover Iraq’s import obligations to the government and the private sector in accordance with the standards of the International Monetary Fund, and that the gold reserve is up to 96 tons and occupies an advanced position in the Arab world And regionally. The Central Bank also announced the absence of the Libyan dollar in circulation in Iraq. It also announced the ban on dealing in encrypted currencies and warned against that. The Central Bank’s data and daily reports are consistent with the transparency and disclosure that characterizes international banks because banks

 

 The central bank in the countries of the world mainly aims to achieve economic stability by achieving monetary and financial stability in accordance with its programs and strategies that aim to maintain stability in the exchange of their local currencies against other foreign currencies and to build sufficient foreign reserves. Banks are also evaluated based on other criteria related to facing crises, challenges and shocks. Economic and political control in their countries, control over stable rates of inflation and interest rates, application of compliance regulations and rules, and combating money laundering and terrorist financing. The Central Bank of Iraq’s march during the past years has proven that it is moving at a steady pace to achieve the objectives of monetary policy and with a fixed and strategic approach that depends on transparency and disclosure of financial data and dealing with international financial organizations and institutions, based on the keenness to restore confidence in international banking transactions, which Iraq suffered before 2014 due to reputational risks And the negative media impact on the damage to the Iraqi economy and the leaking of inaccurate, fabricated and distorted data and information.

 

This led the Central Bank administration, which assumed responsibility in 2020 and 2021, to follow in the  footsteps of the Central Bank’s policy in the Bank’s first strategy for the years ( 2016-2020) .

And to draw up a second strategy for the years 2021-2023 , one of its main and subsidiary objectives was to adopt transparency and disclosure locally and internationally about the march of results achieved for the financial and banking sector , and to adhere to the standard international standards applied by sober international banks, which led to the creation of a new and balanced relationship with banks and banking institutions. It is based on confidence in the financial statements presented and announced by the Bank

 

Also, the Central Bank announces daily its sales of dollars in the foreign currency sale window, distributed among the banks that enter the window, according to the classification of each bank and with a comprehensive disclosure. Also, through its control and supervision of the banking sector, banks are obligated to adopt transparency and continuous disclosure and by all available means about the results of their work. And periodically and by adopting international accounting standards that ensure the transparency of financial statements.

 

From all of this, we note that the Central Bank, with this strategy and this approach, announces to local and international public opinion the following: 1- The statements issued by it and the Iraqi banking sector confirm the transparency and disclosure of the Central Bank of Iraq by announcing approved and transparent reports for the total revenues from the currency for the first time since 2003 at least. The foreign currency and the total expenditures of the foreign currency of the government according to the approved exchange chapters.   

      

 2- The statements contained in his daily reports on his official website refute all media statements made by non-specialists in the various media. In particular, the foreign currency sale window.        

               

   Through my analysis as a follower and specialist, I believe that the Central Bank’s disclosure of financial data, especially what is related to foreign currency, with the required accuracy, will greatly help restore confidence in our national economy and the Iraqi banking sector locally and internationally, because disclosure, transparency and credibility will raise the percentage of confidence in the Central Bank and banks’ procedures, which will contribute to the development of The banking sector and raising the percentage of financial inclusion.

 

* Adviser to the Association of Iraqi 8 Private Banks

 
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Sameer Al-Nusairi
   

We are accustomed, and the Iraqi viewer and reader is accustomed, from time to time, to some of the media, whose orientations and objectives are well-known, with a clear intent to offend the national economic institutions, our private banks, and the national personalities active in supporting and attributing the national economy through their responsibility in non-governmental and non-profit economic organizations such as the Association of Private Banks Al-Iraqiya, to which he belongs according to its bylaws and certificate of incorporation issued several years ago by the Non-Governmental Organizations Department in the Council of Ministers and through its membership in the Board of Directors of the Union of Arab Banks and the International Union of Arab Bankers. It has many books of thanks, evaluation and appreciation from a large number of Arab and international organizations, namely The most active at the level of leading services and efforts provided by private banks in activating the implementation and achieving the goals of the Central Bank’s lending initiatives, which are implemented through banks, and which contributed to the employment of 60 thousand unemployed, and thatThe role of the association is to encourage and motivate banks and provide assistance to citizens in guiding them to obtain loans to develop their small, medium and housing projects without charge because it is a non-profit voluntary organization. The same applies to the Tamkeen Fund, which is financially managed by the Central Bank of Iraq by donating its capital and money from banks, which provides its rehabilitation services. And cultural and humanitarian to citizens and institutions of the state and society and that the work team of the Association is a voluntary team of young people and experts, which has clear success experiences and works with competent Iraqi national cadres.

 

Unfortunately, the exploitation of media democracy and the space for freedom of opinion and the other opinion allowed the media to be free, non-competent and driven by special interests inside and outside Iraq. What they say and disclose is paid for, and they always hunt in troubled water and target our national economy and its institutions that have made clear achievements during the crises that Iraq went through after mid-2014. And it continues to step forward in serving the community and has contributed to achieving economic steadfastness and supported our national economy. We have been occupied with the headlines of these trumpets, their press and media reports, and their programs aimed at targeting the Central Bank, the banking sector, and the Association of Banks on repetitive and consuming topics, and that the aim of their criticisms and accusations from time to time is personal slander and public blackmail. Coverage of accomplishments.

 

Although I respect the other opinion issued by non-specialists or those who specialize in economics and monetary policy in particular, but I may disagree with the opinion that tries to dwarf, minimize and personalize the achievements made by the Central Bank, banks and the Association of Banks in facing the economic and financial crisis during the past years, which is the most difficult stage it went through Iraq .

Therefore, I invite them to look, even for once, at preserving the reputation of the Iraqi economy and its national institutions in front of the countries of the world, because it is illogical for us to allow abuse of our economic institutions and the national private sector without evidence and official documents proving that and through unreal and Hollywood-fabricated data and information.

 

In conclusion, I invite them to leave the successful economic institutions working with great energy and redoubled efforts for the sake of Iraq, because the institutions, organizations, and the national and real private sector will never submit to blackmail, and that the only and proper way is to always agree to serve Iraq and its patient and proud people.
 


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Articles
Sameer Al-Nusairi
   

Since last week, and in continuation of the efforts of the government and the Central Bank, specialized work cells and teams from the cadres of the Central Bank and banks, with the follow-up of the Prime Minister and the Parliamentary Finance Committee, and under the direct supervision and management of the Governor of the Central Bank, have begun to hold a series of meetings, discussions and reviews of instructions with the aim of simplifying the procedures that lead to To secure the US dollar in the quantities required to cover the foreign trade needs of merchants, businessmen and importers (companies and individuals) through the banking system, as well as covering the needs of citizens traveling outside Iraq for all purposes.

 

In addition, the tireless efforts of the Central Bank and the government to coordinate at a high level and directly with international technical requirements, in a manner that guarantees the arrival of the dollar to the real beneficiary, while preserving the bank’s foreign currency reserves with the bank and with other banks according to the highest levels of care, transparency and responsibility.

 

And from our analysis of the current situation of the money market in Iraq and the continued flow of the dollar according to the daily rates of oil imports and the availability of foreign cash reserves of about 115 billion dollars. It makes us reassured that the current exchange rate crisis is temporary, and the price will return to its targeted rates from the Central Bank in a short time. This requires governmental and parliamentary cooperation and support and keeping the crisis away from bickering, tensions and political conflicts, as well as media support for the Central Bank’s procedures and non-interference of non-specialized analysts who are hosted in Some media channels to harm the independence of the Central Bank and the reputation of our national economy internationally.

 

We commend here the government's measures to track down speculators in the currency market and unlicensed money changers who harm the money market and the commercial market, and we bet that the crisis will end in the short term.

 

We hope that the trolls understand that the duties and tasks of the Central Bank are clear and defined in its law in force and that it implements them in accordance with its independence and its monetary policy and its tools. It is not one of its tasks to control the border crossings and the customs system, nor to follow up and control speculators in the currency market, nor is it responsible for the lack of local production that covers the needs of citizens It is not responsible for increasing the ration ration or committing to distributing it on time to citizens, nor is the Central Bank responsible for providing sufficient social welfare allocations to meet the needs of the poor, and the Central Bank is not responsible for activating the productive sectors in agriculture and industry and diversifying sources of national income. Therefore, the responsibility to maintain the stability of the exchange rate is the responsibility of everyone, the central bank, the government, banks, the media and citizens.

 
 

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Added 02/01/2023 - 10:32 AM
Updated 2023/02/01 - 4:12 PM
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Reducing the exchange rate. Is Iraq moving into a "sanctioned currency" zone? -Urgent

Economy | Today, 18:57 | 

    Reducing the exchange rate. Is Iraq moving into a "sanctioned currency" zone? - Urgent » Baghdad Today News Agency

1676039067.png

Baghdad Today - Baghdad

Economist Salam Smaisim highlighted an issue related to the step of reducing the dollar exchange rate, noting that it "conflicts" with Iraq's post-2003 policy, which goes towards a system of "freedom of exchange" rather than restricting it, wondering whether the step comes within the context of "divorce of the dollar" and the transition to the punishable currency area.

Smaisem said in an article published by the Public Policy Making Forum - London, and seen by "Baghdad Today", that "the devaluation of the exchange rate is not a government decision, but rather the product of economic policies and reform measures that cause an adjustment of the exchange rate," noting that "this reduction will lead to some people getting a dollar at a reduced price and selling it at a higher price to people, and the difference between the two prices will be high, which leads to new inflation that hits the economy."

She pointed out that "Iraq after 2003 abandoned the policy of restricting the exchange rate to the system of freedom of exchange," while wondering whether "Iraq has retreated and decided to return to the former regime, or is it a step to divorce the dollar and move to the area of punishable currencies?

If the second goal is achieved, Smaisem found two facts: "The first is that no oil country is allowed to evaluate its oil without dollars, and those who dare to bear the consequences, such as Venezuela, Iran, pre-2003 Iraq."

The second is that "the international monetary system of the post-1945 world and so far is a system based on the dollar, as the Bretton Woods Agreement aims to create a kind of stability in monetary policies and exchange rates between the countries of the world by developing the infrastructure for the movement of capital between countries as a basis for facilitating global trade," noting that "Iraq does not need economic suicide, but rather a decision that recognizes the importance of Iraq and its great role."

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1 minute ago, 6ly410 said:

Reducing the exchange rate. Is Iraq moving into a "sanctioned currency" zone? -Urgent

Economy | Today, 18:57 | 

    Reducing the exchange rate. Is Iraq moving into a "sanctioned currency" zone? - Urgent » Baghdad Today News Agency

1676039067.png

Baghdad Today - Baghdad

Economist Salam Smaisim highlighted an issue related to the step of reducing the dollar exchange rate, noting that it "conflicts" with Iraq's post-2003 policy, which goes towards a system of "freedom of exchange" rather than restricting it, wondering whether the step comes within the context of "divorce of the dollar" and the transition to the punishable currency area.

Smaisem said in an article published by the Public Policy Making Forum - London, and seen by "Baghdad Today", that "the devaluation of the exchange rate is not a government decision, but rather the product of economic policies and reform measures that cause an adjustment of the exchange rate," noting that "this reduction will lead to some people getting a dollar at a reduced price and selling it at a higher price to people, and the difference between the two prices will be high, which leads to new inflation that hits the economy."

She pointed out that "Iraq after 2003 abandoned the policy of restricting the exchange rate to the system of freedom of exchange," while wondering whether "Iraq has retreated and decided to return to the former regime, or is it a step to divorce the dollar and move to the area of punishable currencies?

If the second goal is achieved, Smaisem found two facts: "The first is that no oil country is allowed to evaluate its oil without dollars, and those who dare to bear the consequences, such as Venezuela, Iran, pre-2003 Iraq."

The second is that "the international monetary system of the post-1945 world and so far is a system based on the dollar, as the Bretton Woods Agreement aims to create a kind of stability in monetary policies and exchange rates between the countries of the world by developing the infrastructure for the movement of capital between countries as a basis for facilitating global trade," noting that "Iraq does not need economic suicide, but rather a decision that recognizes the importance of Iraq and its great role."

So the question is when do they come off the sanctioned list and freely float against all other currencies?  That’s when I’ll be truly excited 

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On 2/28/2022 at 11:31 PM, yota691 said:

With a focus on finding quick solutions and treatments to enable the elements of implementing economic reform, and that these treatments have a quick effect to create relative stability in the financial and monetary system and restore control over the distribution of public money and get rid of Mismanagement and choosing the right man in the right place will facilitate the way to implement the reform strategy as a central goal that achieves sustainable development.

this is happening now at lightning speed

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On 2/11/2023 at 1:38 AM, NEPatriotsFan1 said:

that "the devaluation of the exchange rate is not a government decision, but rather the product of economic policies and reform measures that cause an adjustment of the exchange rate,"

 

On 2/11/2023 at 1:38 AM, NEPatriotsFan1 said:

Economist Salam Smaisim highlighted an issue related to the step of reducing the dollar exchange rate, noting that it "conflicts" with Iraq's post-2003 policy, which goes towards a system of "freedom of exchange" rather than restricting it, wondering whether the step comes within the context of "divorce of the dollar" and the transition to the punishable currency area.

looks like the here is the now

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