Official: CBI News 05/01/2023

[6ly410]

Announcing a wide plan for electronic payment

Central Bank Governor: We have more than 70 trillion dinars outside the banking system for trading

Economy | Today, 13:45 | 

v=Central Bank Governor: We have more than 70 trillion dinars outside the banking system for trading » Baghdad Today News Agency

 

Baghdad Today - Baghdad

The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed on Monday that there are more than 70 trillion dinars outside the banking system for circulation.

The Governor of the Central Bank of Iraq, Ali Al-Alaq, said in a speech at the conference on activating lending programs in Iraq and followed by (Baghdad Today), that "we thank the Association of Banks and the United States Agency for Development for keeping pace with the banking sector and attempts to promote it and push it with trends that achieve the desired goals of the Iraqi economy."

"Bank lending is the cornerstone of the banking sector's work, whether in terms of its revenues, profits and operation, or with regard to economic activities in all their forms," he said.

He pointed out that "the Central Bank was a pioneer in stimulating the lending capabilities of the banking sector, as we launched in 2015, an initiative that is perhaps the largest in the history of Iraq, and was represented by allocating 5 trillion dinars for industrial, agricultural and housing projects, as well as one trillion dinars for small and medium enterprises," noting that "this initiative was able to stimulate the Iraqi economy significantly, whether at the level of some projects or in solving the housing problem by providing lending to the housing sector."

He pointed out that "the amounts that have been lent so far amounted to about 13 trillion dinars, which is a very large amount," adding: "We are now in the process of evaluating these initiatives, benefiting from lessons and putting them in the right directions and focusing them on specific goals."

"There will be a great focus in the next phase on financing small and medium enterprises, as well as with regard to projects or loans for renewable energy in an attempt to contribute to the central bank's contribution to addressing the challenges of climate and clean energy," he added.

He stressed that "stimulating the banking sector towards enabling it to borrow policies should not depend on the central bank, because this role of the central bank is an exceptional role dictated by some circumstances, but the first and basis is that the banking sector is able to take over and provide lending possibilities by bringing deposits and through its own financial capacity."

"We will soon work on developing a national lending strategy, and I presented the paper last month when I was outside the central bank, but in recognition of the importance of bank lending, I presented a paper at a conference at Al-Mustansiriya University on building rules for lending policies or a national lending strategy," he said.

He pointed out that "these issues are very important and national because the issue of lending is not only related to the financial capabilities of banks, but is related to the work environment, regulatory and legal conditions and many factors that fall outside the banking system, so the strategy will be shared to the government and other parties to be the issue of their participation in supporting this plan to provide the necessary decisions and procedures for its success."

He explained that "some of the signals that we must focus on in the next stage were highlighted, which is that the ability of banks to lend depends on their capabilities in bringing deposits, and this is the role of the banking sector to balance deposits and lending," noting that "indicators and data indicate that the banking sector has reached the upper ceiling for lending because the percentage specified according to the instructions of the Central Bank is 70% of deposits, and almost the banking sector has reached this percentage, which requires that there be efforts Great for attracting deposits to the banking sector."

"Many talk about the limitations of bank lending, so that we do not blame the banking sector just because these are the capabilities it has, which requires that there be a broad comprehensive plan to attract deposits so that the banking sector can mobilize them towards granting loans," he said.

He continued: "We have more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of GDP, so we must focus in the next stage on finding the necessary means to activate the deposit movement through several measures in this regard, after we have completed the development of a comprehensive plan and a broad strategy for electronic payment to expand the link between these funds that are located outside the banking system and their uses, which can be large and extensive in the event of attracting these funds. to the banking sector."

The Governor of the Central Bank called on the banking sector to "be a key partner with the Central Bank in what it will do in providing electronic payment methods at a wide national level," adding: "Also, one of the things that falls on the banking system in this regard and direction is to reconsider banking services in quantity and quality, because banking services have come a long way despite the short life of some banks, but some have reached advanced stages and others still need to be upgraded. at the level of banking services in different types and in the way of presentation."

He added: "It is striking that the survey conducted by the Arab Fund in studying the reluctance of the public to deal in the banking sector, contrary to expectations, the first reason was that the services are complex and not comfortably available to the citizen in the banking sector, and this fact exists and needs to mobilize the banking system in lending to the citizen and providing the necessary services with the best methods and techniques, and it is unfortunate that he noticed that the citizen in some bank branches as if he were reviewing a complex administrative department or one of the courts in the method of depositing or withdrawing the amounts."

He pointed out that "the Central Bank has issued a broad circular to the banking sector in this field, and it will be the focus of our attention and monitoring on the ground of banking services and the extent to which they keep pace with standards and achieve the goals we have referred to."

He continued: "One of the issues that we call for to reduce the risk of borrowing due to high ratios, default in debt repayment, and we will present the project to establish a loan guarantee company, and this is very important and provides a great deal and high flexibility for the banking sector to provide loans," stressing that "the banking sector needs more geographical spread," adding: "We commend some banks that have extended to wide networks inside Iraq and call on other banks to strengthen this spread in the regions of the country."

He warned that "in order to reduce risks in relation to lending and in order to have a balance in sectoral growth, it is necessary to diversify the credit portfolio or loans, and this constitutes security for the banking system and a balance in sectoral growth, and we note that there is a discrepancy in this area and this requires taking into account, and the best evidence of this is the collapse that Silicon Bank was exposed to, due to a very clear credit concentration in a particular sector, and this was the main reason for the collapse of the bank."

Al-Alaq stressed that "the sectors in Iraq need to be stimulated, grown and constructed, so focusing on a specific sector should not be the goal and the final result of bank loans, as happened now, we notice there is a focus on the real estate sector and housing, which is important, but on the other hand, we note that lending related to the agricultural, industrial and services sector is still at its lowest levels."

He concluded by saying: "We need to build a national strategy for bank lending, led by the Central Bank and presented to the private banking sector for comments and opinions, and then start working on it to achieve the goals mentioned."

 

[yota691]

Central Bank Governor: We will soon work on developing a national lending strategy

• Time: 03/20/2023 13:44:26
•  
• Read: 663 times

  

 

Governor of the Central Bank of Iraq Ali Al-Alaq:

- Bank lending is an essential pillar in the work of the banking sector

- The Central Bank was a pioneer in stimulating the lending capabilities of the banking sector

- We will soon work on developing a national lending strategy

- We are now in the process of evaluating these initiatives, benefiting from lessons and putting them in the right directions

Our focus in the next phase will be on financing small and medium enterprises

- The banking sector has reached the highest ceiling for lending 

- We have more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product

- We have completed the development of a comprehensive plan and a broad strategy for electronic payment

- We will monitor in the field the banking services and the extent to which they comply with the standards

- We will present a project to establish a loan guarantee company

- The banking sector needs more geographical spread, and we commend some banks that have extended to wide networks

Inside Iraq, and we call on other banks to promote this expansion in the country's regions 

- Lending related to agriculture, industry and services sectors is still at its lowest levels 
 
- We need to build a national strategy for bank lending led by the central bank

[yota691]

Central Bank Governor: We have more than 70 trillion dinars outside the banking system for circulation

 

- 20-03-2023 02:37 PM - Number of readings: 1501

 

Today, Monday, the Central Bank of Iraq announced the size of the lending amounts within its initiatives for projects, while revealing the existence of more than 70 trillion dinars outside the banking system for circulation.

The Governor of the Central Bank of Iraq, Ali Al-Alaq, said in a speech at a conference on activating lending programs in Iraq: “We extend our thanks to the Association of Banks and the American Agency for Development for keeping pace with the banking sector and attempts to advance it and push it with directions that achieve the desired goals of the Iraqi economy.”

Al-Alaq added, "Bank lending represents the main pillar in the work of the banking sector, whether with regard to its revenues, profits, and operation, or with regard to economic activities in all its forms."

He pointed out that "the Central Bank was a pioneer in stimulating the lending capabilities of the banking sector, as we launched in 2015 an initiative, perhaps the largest in the history of Iraq, and it was represented by the allocation of 5 trillion dinars for industrial, agricultural and housing projects, as well as a trillion dinars for small and medium projects," noting that "this initiative It was able to greatly stimulate the Iraqi economy, whether at the level of some projects or in solving the housing problem by providing lending to the housing sector.

He pointed out that "the amounts that have been lent so far amounted to about 13 trillion dinars, which is a very large amount," adding, "We are now in the process of evaluating these initiatives, benefiting from lessons, putting them in the right directions, and focusing them on specific goals."

He continued, "There will be a great focus in the next phase on financing small and medium enterprises, as well as with regard to projects or loans related to renewable energy in an attempt to contribute to the Central Bank in facing climate challenges and the field of clean energy."

He stressed, "Stimulating the banking sector towards enabling it to lend policies should not depend on the central bank, because this role of the central bank is an exceptional role dictated by some circumstances, but the first and foremost is that the banking sector is able by itself to assume and provide lending capabilities by bringing deposits and through his own financial capacity.

Al-Alaq continued: "We will soon work on developing a national strategy for lending, and I presented the paper last month when I was outside the central bank, but realizing the importance of bank lending, I presented a paper at a conference at Al-Mustansiriya University on building rules for lending policies or the national strategy for lending."

And he indicated that “these are very important and national issues because the issue of lending is not only related to the financial capabilities of banks, but rather is related to the work environment and its regulatory and legal conditions and many factors that fall outside the banking system, so it will be a joint strategy presented to the government and other parties to be a matter of their participation in supporting This plan is to provide the necessary decisions and procedures for its success.

And he stated, "I shed light on some signs that we must focus on in the next stage, which is that the ability of banks to lend depends on their ability to bring in deposits, and this is the role of the banking sector balancing between deposits and lending," explaining that "indicators and data indicate that the banking sector It has reached the highest ceiling for lending because the percentage specified according to the instructions of the Central Bank is 70% of deposits, and the banking sector has almost reached this percentage, which requires that there be great efforts to attract deposits to the banking sector.

And he added, "A lot talks about the limited bank lending, so that we do not blame the banking sector only because these are the capabilities available to it, which requires that there be a comprehensive and broad plan to attract deposits so that the banking sector can mobilize them towards granting loans."

And he continued his speech: “We have more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product, so we must focus in the next stage on finding the necessary means to activate the deposit movement through several procedures in this regard, after that We have completed the development of a comprehensive and broad strategic plan for electronic payment to expand the connection between these funds that lie outside the banking system and their uses, which can be large and wide in the event that these funds are attracted to the banking sector.

The Governor of the Central Bank called on the banking sector to “be a key partner with the Central Bank in what it will do in terms of providing electronic payment methods on a broad national level,” adding: “Also, among the matters that fall on the banking system in this regard and direction, It is a review of banking services in quantity and quality, because banking services have come a long way despite the short life of some banks, but some of them have reached advanced stages and others still need to upgrade the level of banking services in different types and in the way of presentation.

He noted that "one of the remarkable things is that the survey conducted by the Arab Fund to study the public's reluctance to deal in the banking sector, and contrary to expectations, the first reason was that the services are complex and not comfortably available to citizens in the banking sector, and this is an existing fact and needs to mobilize the banking system to lend to the citizen." And provide the necessary services with the best methods and techniques, and unfortunately he noticed that the citizen in some bank branches as if he is reviewing a complex administrative department or a court in the way of depositing or withdrawing amounts.

He pointed out that "the Central Bank has issued a wide circular to the banking sector in this field, and it will be the focus of our attention and field monitoring of banking services and the extent to which they keep pace with the standards and achieve the goals that we referred to."

He continued: "One of the issues that we call for is to reduce the risks of borrowing due to the high rates, defaulting on debt payments, and we will present the project to establish a loan guarantee company, and this is very important and provides a great deal and high flexibility for the banking sector to provide loans."

He stressed that "the banking sector needs more geographical spread," adding: "We commend some banks that have extended to wide networks inside Iraq, and we call on other banks to strengthen this spread in the regions of the country."

And he warned that "in order to reduce risks with regard to lending and in order for there to be a balance in sectoral growth, the credit portfolio or loans must be diversified, and this constitutes safety for the banking system and a balance in sectoral growth, and we note that there is a discrepancy in this area and this requires taking into account Consideration, and the best evidence of that collapse suffered by the Silicon Ghali Bank, due to a very clear reason, which is the credit concentration in a specific sector, and this was the main reason for the collapse of the bank.”

He stressed that "the sectors in Iraq need stimulation, growth and construction, so focusing on a specific sector should not be the goal and end result of bank loans, as happened now. We note there the focus on the real estate and housing sector, which is important, but in return we note lending related to the agricultural, industrial and service sectors." It's still at its lowest point."

He concluded by saying, "We need to build a national strategy for bank lending, led by the Central Bank and presenting it to the private banking sector to express observations and opinions, and then we start working on it in order to achieve the aforementioned goals."

[nannab]

Well Sir Ali you can have my outside Dinars for .50 per. I would be ever so grateful my roof was talking

to me and it is now using bad words. .25 my final offer. 😵

Thank you Yota and 6ly. Good morning DV 😁

 

[T B]

yea , i will help them out for 50 

[horsesoldier]

This is a real funny guy. Book this guy at The Comedy Club Baghdad.

[DinarDavo]

I liked their former lending policy....take out large sums of USD for imaginary projects and send it to foreign bank accounts.         

[NMP2017]

Hmmm...Did ya "lend" or pay any monies to Warka Bank as you were ordered to by the Iraqi courts way back in 2013/2014 as part of the "compensation and rehabilitation" the CBI was supposed to do for Warka? HIGHLY DOUBTFUL! Instead you screwed over the clients of the biggest private bank in the country at the time for the last 10+ years.

 

But hey, I'm sure Iraqi's know they can TRUST the CBI! 🤣

[3n1]

5 hours ago, yota691 said:

We have more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product, so we must focus in the next stage on finding the necessary means to activate the deposit movement through several procedures in this regard,

 

as long as the iqd is way undervalued from the USD the cbi will be hard pressed to ever get that dinar inside the banking system ... make the iqd powerful again and the dinar is all that will be used why is it so difficult .......

[Laid Back]

3 hours ago, 3n1 said:

 

as long as the iqd is way undervalued from the USD the cbi will be hard pressed to ever get that dinar inside the banking system ... make the iqd powerful again and the dinar is all that will be used why is it so difficult .......

Agree with you 3n1

Hope the “next stage” is to give real market value to the dinar.

 

Go CBi

Go new monetary policy 

Go Stronger dinar $1+ 

[Dretown39]

53 minutes ago, Laid Back said:

Agree with you 3n1

Hope the “next stage” is to give real market value to the dinar.

 

Go CBi

Go new monetary policy 

Go Stronger dinar $1+ 

No doubt! With all this recent movement one would be lead to believe that this will be the year for all dinar holders outside of Iraq to head to the bank! Hopefully 2023 is it!

[yota691]

The Central Bank: large financial allocations to suppor t green economy projects

Economy |   12:14 - 21/03/2023

 

 

 

 

Baghdad - Mawazine News,
the Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed, on Tuesday, large financial allocations to support green economy projects.

Al-Alaq said in a speech during a conference to launch the first electronic financial application (E-Donate), that "the central bank meets the trend towards green Iraq, and the central bank is also focusing on it at the present time through its democratic initiatives for projects related to the green economy and climate change." Pointing out that "there are large allocations to support and finance projects related to this aspect."

Al-Alaq added, "The Central Bank meets with the Unified Iraqi Medical Society for Relief and Development in more than one direction and more than one level in coordination, cooperation and support," noting that "the Unified Iraqi Medical Society for Relief and Development has presented many initiatives and achievements that serve the people of the country."

[6ly410]

CBI Governor expects a decline in the "parallel" dollar exchange rate
The Governor of the Central Bank expects a decline in the exchange rate of the "parallel" dollar (economy-news.net)

   

Economy News - Baghdad

Central Bank Governor Ali Al-Alaq said on Tuesday that the central bank has launched multiple packages of measures.

Al-Alaq added in an interview with the agency "Shafaq News" and followed by "Economy News", that "the packages that were launched are dealt with seriously to control the exchange rate of the parallel dollar."

"The central bank's measures are continuing to control the exchange rate, and we expect a decline in the parallel exchange rate," he said.

Views 322

Added 2023/03/21 - 8:31 PM

[BETTYBOOP]

How long have they been saying this? Granted rates fluctuations are normal but it has never remotely came back to anywhere near the cbi rate. Yeah these measures will take time to be affective but it is just not doing enough in my opinion. 

[6ly410]

Association of Banks and Central Bank. Towards a National Lending Strategy

Economic News Agency - Association of Banks and Central Bank. Towards a National Lending Strategy (economy-news.net)

Economy News-Baghdad

The Association of Iraqi Private Banks held the closing ceremony of the "Activating Lending Programs in Iraq" program supported by the United States Agency for Development (USAID) within the Ever-Adaptive Communities and Economic Opportunity support Project "Tahfeez", which lasted for 6 months.

The program focused on launching a policy paper that includes a work map to increase access to finance, training a group of employees of credit departments in banks, preparing 7 trainers in the field of credit and credit analysis, in addition to submitting recommendations to the Central Bank and the government in order to take decisions that facilitate the lending process.

The Governor of the Central Bank, Ali Al-Alaq, said in his speech that "the Central Bank is working to establish a loan guarantee company to provide high flexibility for the banking sector for lending," noting that "the Central Bank has lent through its initiatives about 13 trillion dinars."

He added that "the banking sector is responsible for lending and should not rely on the central bank in the lending process, explaining that "the central bank is working on a national strategy to build lending bases that are joint between the banking sector, the central bank and the government."

For his part, the President of the Association of Private Banks, Wadih Al-Handal said in his speech delivered on his behalf by the Association's advisor Samir Al-Nasiri, that "the program is very important to accelerate the lending process in Iraq," adding that "the banking sector has a major role in accelerating growth in economic sectors, which reflects positively on the gross domestic product."

The Executive Director of the Association of Banks, Ali Tariq, gave "a presentation that included the objectives of the project, the method of its implementation, and the volume of lending in the banking sector, which amounted to more than 60 trillion dinars at the end of 2022."

The conference concluded with a discussion session moderated by the Advisor at the Association, Samir Al-Nasiri, and included a representative of the Operations Department at the Central Bank, Hussein Atwan, Chairman of the Credit Committee in the Association, Alaa Faeq, the Company's Director for Bank Guarantees, Hussein Thamer, and the representative of the Iraqi Company for Financing Small and Medium Enterprises, Ahmed Sabah.

Views 149

Added 2023/03/22 - 10:33 AM

[yota691]

Central Governor to «Al-Sabah»: 70 trillion dinars outside the banking system

Economical  2023/03/22

 

 

 Baghdad: Hussein Thaghb Al-Tamimi 

The Governor of the Central Bank, Ali Al-Alaq, believes that stimulating small and medium enterprises by providing financing represents the most important steps in moving the wheel of the national economy, while revealing the existence of 70 trillion dinars outside the banking system.

 

Al-Alaq added to "Al-Sabah", during a conference on activating lending programs in Iraq, that "the banking system is required to diversify the lending portfolio for more than one sector to stimulate all sectors and make them a contributor to the development process, as well as protecting the banking system from any future risks that expose its existence to collapse," pointing out He pointed out that "the collapse of the Silicon Bank was caused by the concentration of credit in a specific sector, which leads us to benefit from this experience." 

 

He pointed out that "bank lending is a basis for banking work with its returns, profits, and operation, or in relation to economic activities in its various forms, and that the Central Bank was a pioneer in stimulating the lending capabilities of the banking sector, as we launched in 2015 an initiative that is perhaps the largest in the history of Iraq, and it was represented by the allocation of 5 trillion dinars for industrial, agricultural and housing projects, as well as one trillion dinars for small and medium projects,” noting that “this initiative was able to contribute to solving the housing problem by providing lending to the housing sector.” He stressed that "the sums lent through the banking system touched 13 trillion dinars, and we are working to evaluate these initiatives and benefit from lessons and put them in the right directions," noting that "

 

And he warned that "there are more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product, so it is necessary to focus in the next stage on finding the necessary means to activate the deposit movement through several procedures in this regard," referring to The importance of reviewing banking services in quantity and quality, because banking services have come a long way despite the short life of some banks, but some of them have reached advanced stages and others still need to upgrade the level of banking services in different types and in the way of presentation.

 

As for the Association of Iraqi Private Banks, and through the speech of its president, Wadih Al-Handal, which was read on behalf by the Advisor of the Association of Private Banks, Samir Al-Nusairi, it indicated the inevitability of activating the lending program that includes 6 stages and 10 goals, and working to implement the Central Bank’s plan to achieve economic stability, and its initiative contributed to increasing financing Residential projects.

 

He pointed out that "Iraqi private banks, which provide their various banking services in all governorates, have proven their ability, sobriety, and national stances during the last period, as Iraq suffered from crises, economic challenges, and the Corona pandemic," stressing "activating the lending program in Iraq and increasing the volume of borrowing in general and projects." productivity and services in particular, and expanding the geographical area of lending to include all governorates.

 

He said, "The development steps, in cooperation with the Central Bank and the Association of Iraqi Private Banks, have raised the performance levels of the banking system, which is working to implement the central bank's plan to stimulate the economy, achieve economic stability, and implement its financing initiatives, for which 18 trillion dinars have been allocated." As for the representative of the incentive project funded by USAID, Omran Choudary, he said: "We discovered that there is a gap between the banking system and the owners of small and medium enterprises after we studied the requirements of the lending process, and of course this led to the failure to advance the business due to the lack of a financial portfolio."

 

He referred to "the role of the Association of Private Banks in providing assistance in order to meet the requirements of small and medium-sized companies and to train the concerned persons, and the banking sector is the core of this approach," stressing that "there are more than 600,000 small and medium-sized companies, many of which were unable to access the credit of the banking system." Joudry: "The Central Bank's role is important in developing a strategy to support the banking system and to deliver banking services to the largest segment of small and medium enterprises." The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, confirmed to "Al-Sabah" that "activating the reality of loans for small and medium enterprises is a national mission, and we realize the extent of their economic importance and their role in stimulating the national labor market in more than one production and service joint," pointing to "the need to work on finding A loan guarantor entity that encourages the banking system to go to provide lending for this type of project.

 

He cautioned that "lending in the poorest governorates is low, and this matter must be studied and implemented in these areas that have different talents." 

 

He referred to the stimulus program supported by the USAlD and implemented in cooperation with the Central Bank of Iraq and aims to spread lending in all regions of Iraq, pointing out that many workshops were held with the relevant institutions to develop lending operations to facilitate procedures, accompanied by an intensive program to train those involved in this program, stressing That “opportunities to obtain loans during the coming period will be greater.” Tariq reviewed the growth of the lending portfolio in Iraq during the past five years, as the indicators confirm its rise to acceptable levels, but the ambition is for financial services to reach all members of society.

[yota691]

Al-Alaq: 70 trillion dinars outside the banking system, and our next focus is on small projects

• Time: 03/22/2023 08:42:32
•  
• Read: 1,768 times

{Economic: Al Furat News} The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed that there are 70 trillion dinars outside the banking system.

Al-Alaq said in a press statement, “The banking system is required to diversify the lending portfolio for more than one sector to stimulate all sectors and make them a contributor to the development process, as well as protect the banking system from any future risks that expose its existence to collapse,” pointing out that “the collapse of the Silicon Bank was caused by Concentrating credit in a specific sector, which leads us to benefit from this experience. 

Al-Alaq stressed that "the amounts that were lent through the banking system touched 13 trillion dinars, and we are working to evaluate these initiatives and benefit from lessons and put them in the right directions."

He explained, "The focus of financing for the next stage will be towards small and medium-sized projects, as well as with regard to projects or loans related to renewable energy in an attempt to meet climate challenges and move seriously towards clean energy."  
He said, "The next stage will witness the development of a national strategy for lending, which will be jointly presented to the government and other parties, so that the issue of their participation in supporting this plan will be to provide the necessary decisions and procedures for its success."

Al-Alaq explained, “Indicators and data indicate that the banking sector has reached the highest ceiling for lending, because the percentage specified according to the instructions of the Central Bank is 70% of deposits, and the banking sector has almost reached this percentage, which requires that there be great efforts to attract deposits to the banking sector.”

And he warned that "there are more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product, so it is necessary to focus in the next stage on finding the necessary means to activate the deposit movement through several procedures in this regard."

The Governor of the Central Bank pointed to "the importance of reviewing banking services in quantity and quality, because banking services have come a long way despite the short life of some banks, but some of them have reached advanced stages and others still need to upgrade the level of banking services in different types and in the way of presentation." .  

 

[yota691]

Ali Al-Alaq to Shafaq News: Wait for a decrease in the exchange rate of the parallel dollar

2023-03-21 12:48

 

 

Shafaq News/ The Governor of the Central Bank of Iraq, Ali Al-Alaq, expected, on Tuesday, a decrease in the parallel dollar exchange rate (the market price and local exchange rates) during the coming period.

 

Al-Alaq told Shafaq News agency, "The Central Bank launched several packages of measures, and the packages that were launched are being dealt with seriously to control the exchange rate of the parallel dollar."

 

 

Al-Alaq indicated that "the central bank's measures are continuing to control the exchange rate, and we expect a decrease in the parallel exchange rate."

 

The parallel price means the exchange rate of the dollar in the market and exchanges, and not the official price set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers.

 

And the Central Bank of Iraq issued  three reform packages, which it said came with the aim of addressing the rise in dollar exchange rates.

 

Despite the procedures of the Central Bank and its approval of the exchange rate of 1132 dinars to one dollar, but the exchange rates of the dollar still range in the markets between 1155 and 1158 dinars to the dollar.

[yota691]

The Central Bank of Iraq issues a clarification regarding the loans of its various initiatives

 

  

 May 01, 2023

 

---

---

In continuation of the developmental role of the Central Bank of Iraq and its contribution to promoting economic growth, and achieving various monetary policy goals, especially the stability of the general level of prices, this bank issued a clarification regarding its various initiatives,

Emphasizing the continuation of financing small and medium enterprises within the initiative of (4) trillion dinars according to the remaining allocation and an amount not exceeding (50) million dinars for each loan, and for a maximum period of (5) years, provided that the benefits, commissions and the rest of the same procedures are approved according to the unified controls of this initiative.

He explained that the initiative to finance the purchase of electric power generation units from renewable sources is also continuing, as part of an initiative to allocate an amount of (1) trillion dinars.

Stressing that continuing to provide financing to the Real Estate Bank and the Iraqi Housing Fund to grant housing loans to citizens and according to the previously allocated amounts, and this bank has not stopped providing its initiatives to the aforementioned parties within the amounts allocated since the launch of the initiatives, noting that the value of the initiative has increased since 2015 until now, and reached More than (18) trillion Iraqi dinars.

He called this bank, the real estate bank owned by the Federal Ministry of Finance, and the Iraqi Housing Fund of the Ministry of Housing and Construction to increase their capital, to maximize their financial resources and increase their lending capacity.

 

Central Bank of Iraq
Media Office

1 - May - 2023

[yota691]

The Central Bank of Iraq issues a clarification regarding the loans of its various initiatives

• Time: 05/01/2023 19:01:16
•  
• Read: 4,030 times

  

{Economic: Al Furat News} Today, Monday, the Central Bank of Iraq issued a statement regarding the loans of its various initiatives, in which it confirmed the continuation of financing small and medium enterprises within the 4 trillion dinars initiative.

 

And it came in the text of the statement, that {Euphrates News} received a copy of it, that: “In continuation of the developmental role of the Central Bank of Iraq and its contribution to promoting economic growth, and achieving the objectives of various monetary policy, especially the stability of the general level of prices, this bank issued a clarification regarding its various initiatives,” stressing "The continuation of financing small and medium enterprises within the initiative of (4) trillion dinars according to the remaining allocation and an amount not exceeding (50) million dinars for each loan, and for a maximum period of (5) years, provided that the benefits, commissions and the rest of the same procedures are approved according to the unified controls of this initiative."

And he explained, "The initiative to finance the purchase of electric power generation units from renewable sources is also continuing, as part of an initiative to allocate an amount of (1) trillion dinars," stressing "the continuation of providing financing to the Real Estate Bank and the Iraqi Housing Fund to grant housing loans to citizens and according to the previously allocated amounts." He denied, “The bank has stopped providing its initiatives to the aforementioned parties within the amounts allocated since the launch of the initiatives, noting that the value of the initiative has increased since 2015 until now, and has reached more than (18) trillion Iraqi dinars.”

He called on the bank, the real estate bank owned by the Federal Ministry of Finance, and the Iraqi Housing Fund of the Ministry of Housing and Construction to "increase their capital, to maximize their financial resources and increase their lending capacity."

[yota691]

50 million dinars to suppor t small and medium enterprises

Economical  2023/05/04

 

 

 Baghdad: The Emad of the Emirate 

Specialists in economic affairs praised the government's steps aimed at eradicating poverty, creating job opportunities for the unemployed, and supporting vulnerable and low-income groups, stressing that these trends would increase sustainable development rates and revive the economy in general, stressing the need to intensify efforts aimed at moving the wheel of production in the private sector. Supporting the agricultural and industrial aspects and encouraging the establishment of small and medium industries.

Government positions aimed at reviving the economic reality have expanded remarkably. Days after the Prime Minister issued directives to support the agricultural sector and provide all its needs, the Central Bank renewed "yesterday the first" its position in support of the establishment of small and medium enterprises.

In a statement, a copy of which “Al-Sabah” obtained, the bank affirmed that it will continue to finance small and medium enterprises within the initiative of (4) trillion dinars, according to the remaining allocation, with an amount not exceeding (50) million dinars for each loan, and for a maximum period of (5) years, provided that interest and commissions are approved. And the rest of the procedures are the same according to the unified controls of this initiative.

The statement indicated that this step comes "in continuation of the developmental role of the Iraqi Central Bank and its contribution to promoting economic growth, and achieving the objectives of various monetary policy, especially the stability of the general level of prices."

 In order to support government efforts, specialists in economic affairs believe, during their interviews with "Al-Sabah", that "tackling unemployment requires setting a number of solutions and procedures, including restructuring the labor market in order to accommodate the increase in the national workforce, through the adoption of various programs concerned with training the unemployed and reinstating them." Rehabilitate them and encourage young people to work in the productive and service sectors through developing technical skills and rebuilding the economic sectors and infrastructure. 

The academic specialist in economic affairs, Dr. Thaer Al-Ani, told Al-Sabah: “Creating and providing a suitable climate for foreign and local investment is a factor that can double employment opportunities, especially in the case of focusing on major investments that need more labor and are able to absorb part of the investment.” Lots of unemployed.

For his part, the academic and economic researcher, Abd al-Karim al-Issawi, explained to "Al-Sabah" that the means to address unemployment in the country, especially graduates, lie by encouraging young people to work in the productive and service sectors, and through the development of technical skills, as well as the expansion of industries in populated areas. The dense number to install the labor force in its original areas.

The researcher, Al-Issawi, warned of the continued migration of labor force from poor governorates towards economically active cities, pointing out that this step could greatly double the poverty rates in those governorates. It can contribute to creating job opportunities for young people in the long term, as the tourism sector has many front and back links with other economic sectors such as airports, hotels and restaurants.

Al-Issawi believes that the main factor in reducing unemployment lies in giving the private sector real opportunities to work and participate in all economic decisions, and to equate it with the public sector in all fields of production and services, provided that the private sector guarantees labor rights from retirement and compensation for psychological and physical harm.

The speaker believes that it is important for the government to move towards supporting productive projects in the countryside by granting loans to workers in animal production, especially women and recent graduates, noting at the same time that among the important things that can help reduce unemployment is the provision of facilities. Legal and financial to encourage the work of multinational companies to open full or partial productive branches in Iraq.

[6ly410]

CBI Governor announces imminent launch of entrepreneurs' initiatives

 

•  Today, 13:47

The Governor of the Central Bank of Egypt Ali Al-Alaq announced today, Wednesday, the imminent launch of entrepreneurial initiatives, while pointing out that there are initiatives and great efforts to solve the problems obstructing the work of the private sector.

Al-Alaq said in a speech during the launch of the Europe for Iraq (Tawfiq) initiative to support diversified, sustainable and comprehensive economic development in Iraq, and attended by the correspondent of the Iraqi News Agency (INA): "The economic reality and the diagnosis of phenomena and ills that it suffers from have become recognized facts, especially with regard to the state's rent and dependence on cash resources as a basis for financing the increasing consumer expenditures, which only increase the economic reality more sagging and decline in growth and employment."

He added that "initiatives related to supporting private sector projects and entrepreneurs come as a rescue of the economic situation, achieve diversification and expand the productive base in the country and stimulate growth and employment in real economic directions, and this is what the Central Bank has been deeply and clearly felt through the lending initiatives launched since 2015, and the volume of loans amounted to about $ 15 billion so far, which is the largest amount in the history of financing in Iraq."

He added, "The economic investigation must pass through supporting and financing the private sector and also because of the absence of other policies and the absence of the state's general budget over the past years of programs and a plan to finance and support the private sector, and here it is necessary to emphasize and focus on a basic and important issue that we have known through the lending initiatives of the Central Bank that financing alone is not enough to achieve the push towards expanding the number and quality of projects, but other factors must be combined and an appropriate environment for work to take off, such as These projects."

He pointed out that "Iraq needs to improve the ease of doing business index, as the World Bank report indicates that Iraq is at the bottom of the list," calling on "the government to give this issue exceptional and great attention in order to improve the index."

He continued, "Many projects that could have been launched within the framework of the Central Bank's initiatives were delayed due to the conditions of the working environment, and here comes the European Union's conciliation initiative touches this fact and touches the diagnosis."

He added that "the Tawfiq initiative is trying to touch the problems in order to provide an appropriate environment and productive management and treatments for cases that slow down the process of undertaking such projects," noting that "the situation now may be very suitable for the launch of such initiatives; as a result of the security and political situation and the progress made by the government represented by the Prime Minister by focusing on economic priorities and achieving general stability, which is an appropriate opportunity that now enjoys great international support in order for Iraq to take a path towards stability and development."

He added, "There are concerted efforts to take note of the problems and obstacles facing the work of the private sector and various initiatives, as well as to provide factors that lead to the coordination of some aspects, especially since the House of Representatives is close to the adoption of the retirement law for private sector employees, and this law constitutes a great achievement and an important basic base in focusing the pillars of work in the private sector."

He stressed that "the initiatives of entrepreneurs in cooperation with an international organization will be launched soon, and this time it will be in a different format that will be watched on television channels to push business initiatives and innovations towards receiving funding attention as well as participating in certain investments that stem from these initiatives

[horsesoldier]

Sounds great taken at face value, however, we must first look at the Iraqi interpretation of ' imminent '

We already know too well " in the coming days, soon, just around the corner " for example. Yes, tiresome & boorish after 2 decades of yap flapping.

They've used these for 20 years and we're still WAITING !

It bears keeping an eye 👁️ on this though.

[3n1]

4 hours ago, 6ly410 said:

The Governor of the Central Bank of Egypt Ali Al-Alaq

 

...... Wow Maliki's  guy is really working hard covering two central banks 🤣

 

[6ly410]

CBI prepares to launch entrepreneurial initiatives

Economic News Agency - The Central Bank is preparing to launch entrepreneurs' initiatives (economy-news.net)

  

The Governor of the Central Bank announced the imminent launch of entrepreneurs' initiatives during his speech on the sidelines of the launch of the Europe for Iraq Initiative (Tawfiq) for sustainable, diversified and comprehensive economic development, explaining the reasons and obligations for these initiatives in accordance with the Central Bank's development vision in support of the private sector and providing the appropriate and stable business environment to carry out its economic projects in the productive sectors to achieve the Central Bank's goal of activating the economic cycle, stimulating the economy, activating income-generating sectors, and moving from a rentier economy to a productive one in financing. The general budget and supporting the government to activate the ease of business index, and thus will achieve what is stated in the government curriculum with regard to supporting the private sector, raising the rate of economic growth and employment, and involving it in economic reform efforts, economic decision-making and market leadership, and that its reform measures now in issuing the law of partnership between the public sector and the private sector and the law of retirement and social security for workers now presented to the House of Representatives will support strategies to guide the initiatives of entrepreneurs (and Tawfiq) for diversified and sustainable economic development.
What must be emphasized here is that the Central Bank has been aware since 2015 that financing and developing private sector projects in accordance with its vision launched with its lending initiative, which was mainly aimed at achieving sustainable economic development and revitalizing the economy through financing and developing small and medium enterprises and reducing unemployment for young graduates and those with professional and craft skills with the ability to establish and manage development projects and began to allocate 6 trillion dinars and rose to 18 trillion dinars and financed small and medium projects. Housing up to 14 trillion dinars and an implementation rate of 78% so far, but it has not reached the goal of the Central Bank as planned due to the lack of a stable work environment in the country and the lack of interaction with the initiative from the representatives of the productive sectors, for example, the allocation for the agricultural and industrial sector has not been implemented in the required proportions, as achieved, for example, in the housing sector, which has exhausted the allocation from the initiative. And its own capabilities in granting loans to projects and relied only on the initiative of the Central Bank.
Therefore, the new management of the Central Bank two months ago focused on the return of stability in the exchange rate of the Iraqi dinar and studied its experience and previous financing initiatives and analyzed and diagnosed the obstacles to achieving the goals for which it was launched and reached the features of a new strategy after the availability of a stable political and security environment that helps to start launching initiatives to support and support the private sector and provide the appropriate and stable environment for entrepreneurs and start creativity and innovation projects that serve sustainable development in accordance with a national lending strategy that constitutes initiatives Entrepreneurs The new phase of supporting the private sector for Iraq.

Views 81

Added 2023/05/11 - 11:32 AM