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

[6ly410]

A reading of the Central Bank's strategy for the next stage to advance the banking sector

Al-Eqtessad News Agency - A reading of the Central Bank's strategy for the next stage to advance the banking sector (economy-news.net)

   

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Economy News-Baghdad

The Governor of the Central Bank, while speaking at the closing conference of the project to activate lending programs in Iraq, revealed the directions and plans of the Central Bank for the next stage to advance the banking sector, overcome obstacles to its work, develop and reform the foundations and work contexts that it is currently following, and enter a new stage that adopts the standards of real banking work on the local and international scale and proceeds according to an analytical view of the Governor of the Central Bank's march since 2003 and his experience when his years of direct responsibility in managing the bank for the years 2015-2020, economic variables and challenges. And the crises that faced the national economy during the previous years and so far, the effects of changes in the global economy, the requirements of international standards for external transfer, instability in the exchange rate and the current gap between the official rate and the parallel rate, despite the adjustment of the exchange rate of the Iraqi dinar at its new prices.

In this regard, I concluded from the speech of the Governor the features of building a new strategy for the Central Bank for the next stage, as follows:

First: Preparing the national strategy for bank lending with analysis, study and accurate evaluation of current lending initiatives, focusing on financing small and medium enterprises and putting them in the right directions and achieving specific goals such as developing, expanding and activating lending to renewable energy projects, the agricultural, industrial and service sectors, and addressing the reasons for the low lending rates in them. This strategy will not be limited to the Central Bank and banks, but must be joint with the government and the relevant authorities and presented to them in order to unify legal, procedural and executive efforts and the regulatory aspects of the currently unstable work environment and issue decisions that support the national lending strategy.

Second: Enabling the banking sector to be able to create bank financing by attracting deposits and balancing its deposits and loans granted, and that it does not rely mainly on the initiatives of the Central Bank of Finance and depends on its own financial capacity.

Third: The banking sector must be a key partner with the Central Bank in implementing the strategy of the national effort for the electronic payment strategy, reviewing the banking products and services it provides to the public, overcoming complex procedures in opening accounts and providing services, expanding banking density and achieving the geographical spread of banking work, which helps attract currency in circulation, which is outside the banking system to inside the banking system, which is also reflected in the high rate of financial inclusion, and this also requires diversifying the credit portfolio. On a specific sector in order to overcome the default in the payment of loan dues and thus overcome the collapse in some banks, as happened in 2009 in America and occurs today in the collapse of some banks because of their focus on specific sectors in lending.

Fourth: The establishment of the Loan Guarantee Company for the purpose of reducing credit risks, which has become an urgent necessity after the high ratio of non-performing debts to the total cash credit granted, which is difficult to recover.

Fifth: Strict adherence to international standards for external transfer and continuing the procedures of the Central Bank in issuing facilitation packages to introduce small traders and importers to the foreign transfer platform, while encouraging the adoption of the method of opening documentary credits and motivating them to go to the banking system by making greater efforts from banks to achieve this goal.

72 Views

Added 2023/03/22 - 10:06 AM

[yota691]

Samir Al-Nusairi, Advisor to the Association of Private Banks: Economic reform begins with banking reform

Expenses
   

The advisor of the Association of Iraqi Private Banks, Samir Al-Nusairi, confirmed that comprehensive and radical economic reform begins with the reform and development of the banking sector in line with what was stated in Article 12 in Paragraph (7) of the government curriculum, which clearly and accurately stated that (banking reform provides a real and effective basis for advancement In the Iraqi economy and revitalizing investment through restructuring and mechanization of government banks, reviewing their work, stimulating private banks and enabling them to be able to support real investment and development.

 

In a lecture held by the Faculty of Business Economics at Al-Nahrain University, Al-Nusairi touched on the importance of the banking sector, which occupies a vital position in the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform.

 

He added that the measures currently being taken by the Central Bank, with the support of the government, to prepare its new comprehensive strategy to reform, develop and classify banks according to several axes, most notably completing and implementing digital transformation projects and internationally approved payment systems, launching a financial inclusion strategy, working to adhere to international standards of the global financial system, and focusing on controlling transfers. Foreign Ministry and encourage and motivate merchants and importers and those who need US dollars and other foreign currencies for commercial transactions to enter the electronic platform for external transfer and benefit from the new instructions for external transfer for the year 2023 and the three packages issued by the Central Bank to facilitate joining the services provided by the platform.

 

He went on to draw up a national plan for lending that adopts new mechanisms to organize the granting of loans for the development of small and medium enterprises, relying on the banks’ own financial capabilities and attracting deposits to provide liquidity and invest it in accordance with the instructions of the Central Bank, directing the initiative to finance small and medium enterprises towards the economic and productive sectors that have the most influence on contributing to development, and creating a guarantee company. Loans and activating the work of the deposit guarantee company, and continuing the procedures and using monetary policy applications by controlling the exchange rate and reducing the gap between the official rate and the parallel rate, which has begun to narrow towards reaching the target and balanced exchange rate.

 

 Al-Nusairi added that had it not been for the many services provided by the banking system in developed countries, these countries would not have been able to reach their level of economic progress and growth, and that the strength of the banking structure has become one of the necessities of building a prosperous economy that adopts modern systems and sound sustainable development. And the development of banking habits and awareness of the importance of developing the banking facility in a way that secures the building of the national savings base and develops the necessary financial resources to build the economy has become a priority for the decision-maker.

 

Al-Nusairi concluded his speech, "The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards the development and modernization of banking systems ensures the achievement of momentum in the world of real and financial investment, which revives the financial and monetary markets, which leads to attracting foreign capital looking for profit, which is worthy of a maker The decision to take the necessary measures to fortify and strengthen the local banking systems in a way that makes them able to face the challenges of transferring capital to and from abroad without causing money laundering or smuggling of foreign exchange, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, and this is what they are active in. government and the central bank now.

 

 

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Views 43

Added 03/31/2023 - 3:43 PM

[6ly410]

Managing the Central Bank of Iraq from the margins of the past to the board of the future

Al-Eqtisadi News Agency - The management of the Central Bank of Iraq from the margins of the past to the board of the future (economy-news.net)

Samir Al-Nasiri's Articles

 

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The book was released in December 2022

The book discusses scientifically and analytically an important stage of the challenges experienced by the Central Bank of Iraq in the darkest exceptional circumstances that Iraq suffered economically, security and politically for the period from (2015-2020), a period in which he addressed the responsibility after being assigned as Governor of the Central Bank of Iraq.

The relationship with scientific, economic and monetary analysis deals with the most prominent challenges that faced monetary policy and stood as an obstacle to achieving stability in the financial system and the monetary system and its relationship to the economic reality of the country and its rent and its dependence mainly on oil revenues and its impact on international economic variables, especially the instability in oil prices and the deficit in non-oil revenues at the local level and the deficit in the balance of payments and public budgets and the Central Bank's bearing to face the crises that faced our national economy and fill the deficit in public budgets by restoring The book included an introduction and nine chapters, the first chapter dealt with strategic planning and change management, as the objectives that emerged in central banks is to shift from rule-based control to risk-based control and move from the goal of fighting inflation to stimulating economic growth, and the second chapter presented the functions, tools, programs and standards that aim to achieve the above two goals. And the application of prudential control standards and the third chapter included the management of foreign central bank reserves, which lead to a set of basic objectives in enhancing confidence in monetary policy and the exchange rate, and the fourth chapter included the features, determinants and indicators of the independence of the central bank, and the fifth chapter dealt with the subject of selling foreign currency through the central bank window, as well as the justifications, facts and economic, legal, financial, commercial and monetary phenomena that stand behind the window of selling currency.

Chapter VI also clarifies the phenomenon of money laundering and terrorist financing in the background, risks, channels, sources and difficult conditions experienced by the Central Bank administration in liquidating the observations of the Financial Action Task Force (FATF) and changing its classification from the gray list to the usual follow-up. The seventh chapter dealt with an overall presentation on the banking sector in Iraq as the main component of the financial system and subject to the supervision and control of the Central Bank, as the chapter also dealt with the strategic projects completed to organize and stimulate the sector and mechanisms to enhance financial stability and a clear reference to bank credit and its utmost importance in achieving economic and banking reform, and the eighth chapter presented a presentation of the great efforts that spanned five years (2015-2020) with the International Monetary Fund to reveal the main axes and phenomena very related to the Iraqi economy and public finances in a way In particular, and what has been achieved within the framework of economic reform and financial discipline, and between Chapter IX with high transparency, features of Iraq's funds before and after 2003 in its total form, as the chapter included Iraq's debts before and after 2003, the assets of the Central Bank, and what took place in its treasury of foreign currency, and the chapter also included matching Iraq's funds for a period from 2004 to 2019 and the nature of the relationship between total revenue and total spending.

Through my reading very carefully of what was included in the book in nine analytical chapters for a range of topics related to monetary and financial policies, which are the two main pillars of the economic policy of Iraq, I found that Professor Al-Alaq has made a great intellectual and economic effort in an accurate diagnostic presentation of the most prominent challenges, achievements and structural, structural and technical developments in the management of the Central Bank, which had a fundamental and important role in drawing the road map for the new fifth era of the Central Bank, which began in 2015 and is still continuing with an approach and steps Fixed to achieve the objectives of monetary policy, support and stimulate the national economy and achieve financial stability, which is the central goal of comprehensive and radical economic reform.

Mr. Al-Alaq addressed the challenges and repercussions faced by the monetary policy with clear and distinguished efforts of the cadres of the Central Bank in a high national spirit and keenness to make a change in the programs and policies that moved the Mercury Bank from working methods in the twentieth century to working methods in the twenty-first century with all its insistence on achieving the achievements achieved at all levels and in all banking, technical, technical and administrative fields.

The book discusses in 554 pages the scientific, economic and monetary measures and policies adopted by the Central Bank in achieving the objectives contained in its law 56 of 2004.

It is noted from what is mentioned in the book that the Central Bank of Iraq has proven to be a sober sovereign financial economic institution, which is competent to draw paths and policies for the applications of monetary policy, supervision and control of the banking sector and is considered the financial advisor to the government and its role was essential in managing the economic process in Iraq after the change in 2003. The Central Bank of Iraq and the banking sector have made great development steps towards moving from banking activity to real and developmental activity, especially during the years discussed in the book.

 

Where great achievements were made in the field of reducing inflation that Iraq was suffering from and bringing it to good rates for the years 2107-2019, amounting to less than 2%, as indicated by financial data and indicators, and was able to maintain for several years the exchange rate of the Iraqi dinar against the US dollar in a balanced manner within the target rate despite the fluctuation and variation up and down according to the difficult economic conditions, the financial and economic crisis due to the decline in oil prices, the war on terrorism and speculation that occur in the markets. It is noted that the daily intervention of the Central Bank of Iraq in managing the sale of foreign currency in the light of the data of monetary policy, despite the many criticisms and observations, contributed significantly to maintaining monetary stability and facing any quantities needed by the market for the purpose of financing trade for the private sector and meeting the needs of the Ministry of Finance of local currency.

 

In order to counter these criticisms, the Bank issued instructions and controls in line with international standards and the requirements of compliance regulations and rules through its application of the electronic platform for external transfer, controlling the violations that were occurring, and focusing on the safety and credibility of foreign transfers operations by auditing, reviewing, evaluating and classifying banks for the purposes of the currency sale window in order to control the movement of foreign currency and limit its disposal contrary to the economic objectives specified for the applications of monetary policy. As dealing with the sale of foreign currency is one of the largest open market operations in controlling local liquidity levels and putting the cash surplus on its proper tracks, which is a good economic indicator that the exchange rate is stable despite the difficult economic conditions that Iraq went through

 

The Central Bank of Iraq was also able to maintain a good foreign exchange reserve, currently amounting to $ 110 billion, despite the instability of global oil prices and economic recession conditions, yet it formed a safe cover for the Iraqi dinar and to cover foreign trade according to the standard rate adopted

Globally, the calculated and bold economic and financial measures taken by the Central Bank and its successful experience in providing continuous support to the Iraqi economy, in addition to its initiative to stimulate the economic cycle and allocate six trillion dinars to finance and operate small and medium enterprises in the sectors of housing, agriculture and industry at the time, which has developed to 18 trillion dinars currently, support the liquidity of banks and achieve two economic and social goals at the same time, all of this was accompanied by structural and structural developments in all departments of the bank specialized and qualitative and focus on Total quality management, institutional development, adoption of international standards, compliance with compliance rules and regulations, risk management, combating money laundering and terrorist financing, banking awareness, technical developments in payment systems, electronic payment and information technology.

Therefore, this book, which is a transparent, analytical, neutral and professional documentation, stems from the national keenness of Professor Al-Alaq to shed light on the bright points and areas that emerged on the surface and achieved economic resilience in the harshest economic and financial crises that our country has experienced in its modern history. It is a document of national action in the economic field in Iraq documents an important stage of economic resilience and aims to achieve financial stability and economic growth, which is suitable to be one of the curricula of colleges that have departments of finance and banking, which is an invitation to the Ministry of Higher Education and Scientific Research to adopt it within its curricula specialized in finance and banking.

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52 Views

[yota691]

Al-Nusairi: Iraq's accession to the World Trade Organization contributes to the development of the financial and banking system

money and business
   

Economy News _ Baghdad
Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed during his participation in the workshop on the strategy of joining the World Trade Organization, which was set up by the Association in partnership and cooperation with the Ministry of Trade and trade unions, federations and private sector organizations.

Al-Nusairi said that one of the most important returns and benefits achieved by the financial and banking system in Iraq from Iraq's accession as a full member of the World Trade Organization is regularity in the global financial system in accordance with the criteria for liberalizing financial services, entering the circle of financial globalization and exchanging experiences with member states in the field of electronic technologies. Modern banking, financing and development of micro, small and medium enterprises.

Al-Nusairi referred to the new transitional phase for the banking sector, in accordance with the government's approach. In particular, paragraph 7 of Article 12, which emphasizes the empowerment, development and reform of banks in order to contribute to investment and development in accordance with the plans and adoptions of the Central Bank, which it works to include in its next strategy, which adopts a national strategy for lending, the establishment of a Riyada Bank for social development, support for young entrepreneurs and low-income segments, the establishment of a financial and business center and the establishment of Loan guarantee company, control of the safety of foreign trade, access to foreign transfers in foreign currency to the real beneficiary, and compliance with the standards of the global financial system.

 

 

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Views 58

Added 07/04/2023 - 11:03 AM

[Danishere4news2]

On 7/4/2023 at 6:20 AM, yota691 said:

Al-Nusairi: Iraq's accession to the World Trade Organization contributes to the development of the financial and banking system

money and business
   

Economy News _ Baghdad
Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed during his participation in the workshop on the strategy of joining the World Trade Organization, which was set up by the Association in partnership and cooperation with the Ministry of Trade and trade unions, federations and private sector organizations.

Al-Nusairi said that one of the most important returns and benefits achieved by the financial and banking system in Iraq from Iraq's accession as a full member of the World Trade Organization is regularity in the global financial system in accordance with the criteria for liberalizing financial services, entering the circle of financial globalization and exchanging experiences with member states in the field of electronic technologies. Modern banking, financing and development of micro, small and medium enterprises.

Al-Nusairi referred to the new transitional phase for the banking sector, in accordance with the government's approach. In particular, paragraph 7 of Article 12, which emphasizes the empowerment, development and reform of banks in order to contribute to investment and development in accordance with the plans and adoptions of the Central Bank, which it works to include in its next strategy, which adopts a national strategy for lending, the establishment of a Riyada Bank for social development, support system" rel="">support for young entrepreneurs and low-income segments, the establishment of a financial and business center and the establishment of Loan guarantee company, control of the safety of foreign trade, access to foreign transfers in foreign currency to the real beneficiary, and compliance with the standards of the global financial system.

 

 

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Views 58

Added 07/04/2023 - 11:03 AM

I would like opinions from others here. I got this article from a friend yesterday & who has a friend currently on Frank's site. Frank is claiming that Iraq is now a full member of the WTO & his sheeple believe him without legit proof other than this article. Many who know of Frank realizes he lives to deceive & is his understanding of articles is far less than a child. With that said......I read this article as planning a strategy to becoming a full member. Furthermore, I searched online & the WTO website & I found ZERO evidence that Iraq is now a full member.

[dinarham]

Iraq is not yet listed as a member of the WTO.

[mally2]

20 minutes ago, Danishere4news2 said:

I would like opinions from others here. I got this article from a friend yesterday & who has a friend currently on Frank's site. Frank is claiming that Iraq is now a full member of the WTO & his sheeple believe him without legit proof other than this article. Many who know of Frank realizes he lives to deceive & is his understanding of articles is far less than a child. With that said......I read this article as planning a strategy to becoming a full member. Furthermore, I searched online & the WTO website & I found ZERO evidence that Iraq is now a full member.

Considering these remarks are made at “a workshop on the strategy of joining the wto” I’d say not quite done. 

[horsesoldier]

These fools are excellent at saying or flexing the narrative that something is done when it ain't done by a long shot.

All this crap ( private sector, RV, banking etc. ) is going to be dragged through the weeds: no telling how long but we're here 20 years on and where are we/Iraq really!?

 

[Danishere4news2]

6 minutes ago, mally2 said:

Considering these remarks are made at “a workshop on the strategy of joining the wto” I’d say not quite done. 

Exactly!!

[3n1]

1 hour ago, Danishere4news2 said:

I would like opinions from others here

 

iraq was granted observer status in feb. 2004 and requested to become a full member in that same year... 

iraq has been as everyone knows unstable since then ,last part was my added babble ... cheers dv'ers

[horsesoldier]

Slo Joe has a better chance of ascending the stairs into Air Farce One than these knuckle dragging banana brains have of ascending to the WTO anytime soon...there, I said it !!!! SOON !!!BUH WAHH HAHHAHA 

[nannab]

 Horsesoldier you have such a way with words  

[WheresmyRV?]

They still have a ways to go before they get accepted into the WTO.

[yota691]

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

Articles
Sameer Al-Nusairi
   

Against the backdrop of media news that some banks were denied dealing in US dollars due to their violation of international standards for foreign transfers in 2022.

 

The Central Bank confirmed that the implementation of its instructions issued in 2023 for external transfers using the electronic platform will ensure the safety and accuracy of external transfers and achieve benefit for its dealers from dealing at the official fixed price, which is 1320 dinars. The important thing is that dealing by entering the electronic platform will protect our banks and financial institutions from penalties later.

 

And that the US Federal Reserve and the US Treasury, while praising and supporting the central bank’s commitment to using the platform, had previously warned last year that it was conducting an audit of banks’ dealings with foreign transfers of the US dollar, and news came out at the time from US media sources confirming this, and indeed it turned out that the news was correct and the fourteen banks were actually included not to deal in their national currency, which is of wide international use.

 

Although the restricted banks from dealing constitute only 8% of their dealings, this will not affect the dealings of our other banks, and the manipulation of speculators in the black market in manipulating the exchange rate of the Iraqi dinar will not continue and will stop soon due to the central bank’s call to the government to the necessity of monitoring, auditing, and establishing a mechanism to link the imports entering Iraq and what proves the existence of a fundamental and sound external transfer corresponding to its value in order to prevent the use of the black market to obtain cash dollars, which is the only source in which manipulation of the exchange rate occurs after using the electronic platform because remittances Foreign affairs and the opening of documentary credits and cash dollars through them are at the official rate.

 

Therefore, I call on our banks, all exchange and money transfer companies, all financial institutions and related parties to encourage and motivate their customers, especially merchants and businessmen, to enter the electronic platform in order to ensure that they are not later deprived of dealing in US dollars because the recent sanctions of banks confirm the soundness of the Central Bank’s procedures to preserve the Iraqi banking system. In addition to the subjection of dealers to obtain dollars from the black market under Iraqi law.

 

 

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Views 136

Added 07/22/2023 - 2:49 PM

[yota691]

Association of Iraqi Private Banks: The rise of the dollar against the dinar on the black market is temporary, not permanent

Economy

21:59 - 2023-07-30

Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed today, Sunday, that the rise of the dollar against the dinar on the black market these days is temporary, and it will decrease back to the target rate of the Central Bank of Iraq.
Al-Nusairi said in a press interview that "one of the most prominent reasons for the dollar's rise is the news of depriving 14 banks of dealing in US dollars and what speculators have done by withdrawing the dollar and unauthorized money exchanges manipulating exchange rates, in addition to the failure of some small retailers to enter the electronic platform for external transfer."
He added, "Some media outlets and analysts exacerbated the confusion of the market by exaggerating unreal and incomplete data and information, and all the aforementioned reasons led to a rise in the exchange rate on the black market."
Al-Nusairi pointed out that "the Central Bank follows up and monitors the markets in cooperation with the concerned government agencies, and urgent measures are taken to address the situation and stop all actions counter to harming the national economy."
And he continued, "The Central Bank is working to diagnose and study the causes and obstacles to entering the electronic platform, and to make possible facilities and flexibility to accelerate external transfers in banks, the Central Bank, and in the relevant international banking agencies, and to ensure that foreign currencies reach the real and final beneficiary."
Al-Nusairi noted that "the measures have resulted in a decline in the dollar since yesterday and will continue to decline, especially since the Central Bank is currently working on adopting new mechanisms and work contexts to control monetary stability, and their results will appear soon, and we urge all government agencies, wholesalers and businessmen to support the Iraqi dinar and deal with it in all Domestic monetary activities and trades, as it is strong and covered by foreign monetary reserves exceeding $113 billion, and its purchasing power is gradually recovering, in addition to being a basic pillar of national sovereignty.
He pointed out that "the Central Bank constantly announces the possibility of securing the dollar in the quantities required by everyone who needs it at the official price and by the only way, which is the electronic platform of the Central Bank."

[yota691]

The Central Bank confirms the possibility of securing the dollar in the required quantities and takes measures that contribute to its decline: the results will appear soon

 2023/07/30

 

 4884

Baghdad / resource news

Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed today, Sunday, that the rise of the dollar against the dinar on the black market these days is temporary, and it will decrease back to the target rate of the Central Bank of Iraq.

Al-Nusairi said, according to the official media, that "one of the most prominent reasons for the dollar's rise is the news of depriving 14 banks of dealing in US dollars and what speculators have done by withdrawing the dollar and unauthorized money exchanges manipulating exchange rates, in addition to the failure of some small retailers to enter the electronic platform for external transfer." .

He added, "Some media outlets and analysts exacerbated the confusion of the market by exaggerating unreal and incomplete data and information, and all the aforementioned reasons led to a rise in the exchange rate on the black market."

Al-Nusairi pointed out that "the Central Bank follows up and monitors the markets in cooperation with the concerned government agencies, and urgent measures are taken to address the situation and stop all actions counter to harming the national economy."

And he continued, "The Central Bank is working to diagnose and study the causes and obstacles to entering the electronic platform, and to make possible facilities and flexibility to accelerate external transfers in banks, the Central Bank, and in the relevant international banking agencies, and to ensure that foreign currencies reach the real and final beneficiary."

Al-Nusairi noted that "the measures have resulted in a decline in the dollar since yesterday and will continue to decline, especially since the Central Bank is currently working on adopting new mechanisms and work contexts to control monetary stability, and their results will appear soon, and we urge all government agencies, wholesalers and businessmen to support the Iraqi dinar and deal with it in all Domestic monetary activities and trades, as it is strong and covered by foreign monetary reserves exceeding $113 billion, and its purchasing power is gradually recovering, in addition to being a basic pillar of national sovereignty.

He pointed out that "the Central Bank constantly announces the possibility of securing the dollar in the quantities required by everyone who needs it at the official price and by the only way, which is the electronic platform of the Central Bank."