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

[6ly410]

Al-Nasiri calls on the Iraqi media to be competent, professional, monitoring and transparent of the economic reality

Al-Nasiri News Agency - Al-Nasiri calls on the Iraqi media to be competent, professional, monitoring and transparent of the economic reality (economy-news.net)

   

Economy News-Baghdad

The economic and banking expert, Samir Al-Nasiri, called for the national media to be competent, monitored, accurate, professional and transparent, and to be really the fourth authority in diagnosing political, social and economic imbalances and problems, and to be a real contributor to proposing solutions to decision-making authorities and supervisory and supervisory authorities, and not to be a media that is satisfied with directing criticism and accusations without relying on accurate sources, information and data.

Al-Nasiri referred to the Prime Minister's speech on 2023/2/14 during his meeting with a group of media professionals and newspaper editors, in which he stressed the important role that our national media must play in helping the government diagnose problems, monitor failures, and benefit from the open-door policy to communicate with it and the concerned authorities to find solutions and treatments.

Al-Nasiri stressed that the media should be a committed media and be monitored and analyzed to access accurate information and reliable sources for the purpose of benefiting the government for the purposes of treatment and accountability.

Al-Nasiri warned in the current economic situation that our country is going through regarding the exchange rate and budget for the year 2023 that some non-economic media (or non-specialized media) that promote and host analysts who are not specialized in monetary policy and fiscal policy present unrealistic news marred by lack of transparency in the transfer and analysis of the news according to special visions, intentionally or unintentionally, which greatly harmed the Iraqi economy, which already suffers from many problems, which made the non-committed media contribute to adding a problem Another affects the backbone of the Iraqi economy, which is the creation of a state of economic instability and confusion of the movement of monetary and commodity circulation and the high prices of commodities and basic and necessary materials such as food and medicine, and this also led to imbalance and stability in trading in the money market despite the important measures taken by the Central Bank and the government, and therefore it is necessary here that workers in the media are aware of all its fields.

He explained that the competent economic media has an important and essential role in creating economic stability, and this goes beyond contributing to economic reform and enabling and assisting the relevant state agencies and institutions to control economic problems, spread economic culture and avoid failures because the economic media must be a national economic media in word and meaning.

Al-Nasiri explained that the media and the economy are in a multifaceted partnership and permanent relationship, and they are in the same front to face the challenges they face together, and if we assume that the economy can make a successful media, it is certain that the media can also make a successful economy, and this is what results in the success of the media institution if it has specialized economic leaders and aware of the role of the national media.

He considered that the experience of Iraq in this area is considered modern and actually began after 2003 when the media was in the hands of the state and was directed centrally, but now the media is moving in multiple directions, a media direction that serves the directions of the government and a direction that serves political parties and blocs, and an independent direction that constitutes a quantity and quality of influential space in the political and economic life in Iraq.

He believed that the economy needs support and support in promotion, analysis, planning and support in order to deliver a distinguished media message to the audience, whether through the press, television, radio, modern media and social media channels through Twitter, Facebook and YouTube.

Al-Nasiri concluded by saying: Therefore, the economic media, which can provide a meaningful message and serve the economy and economic institutions, is the one that attracts an important segment of society that will remain, continue and achieve the strategic goals in supporting the national economy and developing the work of productive, financial and banking institutions.

He stressed the need for the economic media to participate positively in the process of development and economic reform and contribute to the implementation of the government program by providing a picture of the nature of the future directions of the economy, introducing economic and development activities and events and available energies, and encouraging the movement of economic and investment exchange in all its fields and forms.

11 Views

Added 2023/02/19 - 10:58 AM

Update 2023/02/19 - 11:08 AM

[yota691]

The dinar is recovering and will return strong and stable

 articles

 

•  Today, 15:47

Sameer Al-Nusairi

When the exchange rate crisis began to intensify and worsen more than two months ago, extremist and pessimistic opinions were spreading here and there that the crisis will continue, and our situation will be like that of Lebanon, Iran, Syria and Turkey when the dollar devoured the local currencies of these countries.

 

But through our accurate knowledge of the monetary situation of the Central Bank and its escalating reserves of foreign exchange, and its balance exceeded 100 billion dollars and 15 billion dollars in government reserves, which covers up to 145% of the exported local currency and 130 tons of gold, and what is available continuously and daily as revenues from oil sales in addition to its assets in the exported national currency And what is available in the bank’s coffers will make it dominant by implementing its procedures to cover the demand for the dollar in the trading market and through its various official outlets.  

 

This is what I confirmed in more than ten previous articles that the dinar will recover and the crisis is temporary despite all the external and internal causes because we know very well that the central banks in the countries of the world mainly aim to achieve economic stability by achieving stability in the monetary system and the financial system through their programs and strategies aimed at preserving Stability in the exchange of its local currencies against other foreign currencies and the building of sufficient foreign cash reserves to cover its local currency in trading and hedging for expected risks in accordance with special international standards issued by the Financial Action Task Force (FATF) and other international organizations and the follow-ups of the US Treasury and the US Federal Reserve concerned with the safety of dealing internationally with their currency (the US dollar ) to comply with the rules of compliance, combating money laundering and terrorist financing, controlling foreign transfers, and ensuring that they reach the real and final beneficiary.

 

Therefore, the Central Bank's measures to increase the demand for the dollar and the negotiating and shuttle rounds of the Central Bank in Istanbul and Washington and the understandings that were reached support the bank's procedures by not creating any restrictions on the external transfer process as long as the purposes and sources of funds are legitimate, and whenever the entry of merchants and those who need dollars into the electronic platform Soon; Balance is achieved in the money market as well as reforming and developing the banking sector and facilitating the procedures for external transfers to China directly through JPMorgan Bank, which was formed up to $ 53 billion in 2022, and the right decisions of the Central Bank’s Board of Directors to issue the first package of facilities and flexibility to mitigate the crisis and its important decision to raise the exchange rate For the dinar and adjusting the price to 1300 dinars for the financial and 1310 for banks through the platform and 1320 for the public and the speed in the government’s approval of the new price and immediately proceeding to deal with it, which led and will lead to the return of the money market to a situation

 

Therefore, we hope that the next stage will be an evaluation and analytical stage for the reasons that led to the exacerbation of the crisis and the re-evaluation of public financial policies, because the real reform begins with it as well as the evaluation and classification of some licensed and unlicensed banks and exchange offices, which still play a role opposite to the procedures of the Central Bank, with an emphasis on the inclusion of new categories of financial institutions. Merchants and importers, especially small traders, to practice their import activities in an open and flexible way to deal in dollars in accordance with international and local standards and requirements through the platform.

[rvmydinar]

18 hours ago, yota691 said:

the dinar will recover and the crisis is temporary despite all the external and internal causes 

Hmmm Just wonder , How and when is the CBI going to do to recover the dinar? That's still a million dollar question.

[screwball]

40 minutes ago, rvmydinar said:

Hmmm Just wonder , How and when is the CBI going to do to recover the dinar? That's still a million dollar question.

All we can do is hope and 🙏 

[screwball]

19 hours ago, yota691 said:

Balance is achieved in the money market as well as reforming and developing the banking sector and facilitating the procedures for external transfers to China directly through JPMorgan Bank, which was formed up to $ 53 billion in 2022, and the right decisions of the Central Bank’s Board of Directors to issue the first package of facilities and flexibility to mitigate the crisis and its important decision to raise the exchange rate For the dinar and adjusting the price to 1300 dinars for the financial and 1310 for banks through the platform and 1320 for the public and the speed in the government’s approval of the new price and immediately proceeding to deal with it, which led and will lead to the return of the money market to a situation

Anytime they talk about external transfers to China I hope this mean international and forex swift…we 🙏 

[rvmydinar]

2 hours ago, screwball said:

All we can do is hope and 🙏 

Yep. And, keep hope alive no matter what. And , we're still waiting for the miracle to happen in our time, too.

[6ly410]

Advisor to the Prime Minister sets the approved standards for the Iraqi credit rating

•  Today, 12:46

Baghdad – Waa – Nassar Al-Hajj

The financial adviser to Prime Minister Mazhar Mohammed Saleh said on Monday that Iraq has maintained a stable credit rating during the last eight years, noting that Iraq has a rating that includes countries most of which are emerging economies.

Saleh told the Iraqi News Agency (INA): "Iraq's credit rating has been adopted since 2015 in our country, which led to reducing the cost of external borrowing by 50%, when Iraq issued the European bond called (Al-Furat), which Iraq borrowed then from the international capital market by about one billion dollars, currently traded in European secondary markets."

He pointed out that "there is a bond (Tigris) guaranteed by the United States government in the amount of one billion dollars as well, as well as a European bond for Iraq in the name of (Iraq / 2028), which is related to the settlement of foreign private sector debts under the settlement of the Paris Club Agreement and an amount issued by about $ 2.7 billion."

He explained that "the credit rating of Iraq generally depends on the aforementioned bonds on important macroeconomic criteria mainly to achieve the so-called (creditworthiness of Iraq) and the ability of the economy to pay its debt services and external obligations without much failure."

He added that "economic capabilities are determined by the issues of deficit or surplus in the current account of the balance of payments and the deficit or surplus in the public budget at least, in addition to the role and efficiency of foreign reserves as an indicator in covering outstanding debts and their short-term services."

He stressed that "Iraq has maintained over the past eight years a stable credit rating whose indicators are issued by more than one of the international credit rating agencies such as (Globe Fitch) and others on a semi-annual basis, which indicates the great capabilities of Iraq to meet its external obligations to creditors and others across the world."

He pointed out that "the classification that Iraq enjoys today, which is in the B level, places Iraq among an important international group of at least 60 countries in the world, most of which are emerging market countries and emerging economies

[screwball]

7 hours ago, rvmydinar said:

Yep. And, keep hope alive no matter what. And , we're still waiting for the miracle to happen in our time, too.

as  long as it takes...it will happen in our lifetime....just look at whats going on, i have no doubt the push for iraq to stop using USD was part of the plan to crush the USD and force the collapse. The US Treasury acted quickly. I always look at the ISX, they have been dormant for years, they have signed MOU's with the NASDA, advertised in times square and now we are waiting on them to fully implement swift. I am told that the new app for Bank of Baghdad and Al Karmal is still in trial and yet they were set to launch on Jan 29. This tells me we are still waiting on activation fully of swift and them being on the forex for this to happen. Yes they could just launch in country maybe the have launched the app in country, I dont know and just not opened to International Investors. We know its coming we just wait. We watch for the budget and oil law. we have a 3 month time frame for something we dont know what.

[rvmydinar]

12 hours ago, screwball said:

as  long as it takes...it will happen in our lifetime...

🙏👍

[yota691]

The Cabinet’s decision to publish the use of point-of-sale (POS) devices and implementation requirements

 

Articles
Sameer Al-Nusairi
   

Referring to the Cabinet’s decision to spread the use of point-of-sale (POS) devices widely in financial transactions and to move from a cash society to a cashless society in line with what was stated in the government program to develop banking work and the Prime Minister’s affirmation, during his meeting with a delegation from the global Visa company, to proceed with financial inclusion plans And digitization of banking transactions in a manner that meets international standards and specifications in force at the international level. 

While we support the decision of the Council of Ministers in this regard and stress the need for strict adherence to the parties mentioned in the implementation of the decision in accordance with the procedures and mechanisms specified in the paragraphs of the decision, we must, on this occasion, clarify the efforts made and are being made by the Central Bank since its launch of the technical revolution for digital transformation in the banking sector since 2016 in implementation For the objectives of his first and second strategy and until the present time in achieving banking reform and development and with determination and high confidence in the ability of the Iraqi financial and technical cadres working in the Central Bank to overcome the challenges of the technical gap in the information systems that Iraq suffered from due to the repercussions of the blockade, wars, terrorism and instability during the period of the information revolution. Where the Central Bank was able to overcome the challenges of digital transformation and development in banking technologies, establish infrastructure in banks, and lead an advanced system of payments at the level of the state's financial system.

 It is certainly an important national effort for the employees of the Central Bank and banks, and this comes because of the procedures and developments that the Central Bank has taken, to stand in the right direction in the darkest economic conditions that our country suffered from, and to draw a sound road map to catch up with technical developments in the countries of the world. 

The Central Bank and the banking sector believe that the decision of the Council of Ministers is moving in a direction and steps consistent with the strategy of the Central Bank in digitizing and developing daily financial and banking transactions with the latest developments, developments and standards in the developed countries of the world in this field, but we believe that setting the date of implementation on 1/6/2023 needs to be Technical discussions with specialists in the Central Bank and electronic payment companies in the private sector with the aim of determining the foundations, standards and technical infrastructure and the availability of the necessary number of (POS) devices, of which the current availability is about (8500) devices and the number of activated electronic cards exceeds (15) million cards and a number Automated teller machines (ATMs) with a limit of more than 1566 ATMs. It also requires great educational, media and advertising efforts, and for a time that exceeds the currently specified times, and in partnership with banks and electronic payment companies, because the banking culture of citizens using this modern technical means to move from cash payment toPaying in this way is very weak, in addition to the lack of knowledge and means of motivation for the owners of malls, commercial and service stores, agencies and areas that can use this type of daily financial and banking transactions.

 

There are no legislations that oblige citizens as well as service providers to implement digital transformation and motivate them to use electronic payment methods to pay bills. Noting that the esteemed Council of Ministers’ decision allowed citizens to use electronic payment along with cash, in addition to the lack of infrastructure integration, through networking between The ministries and agencies referred to in the decision. ...and the need to develop communication services and facilitate the use of Internet services.

Therefore, it requires government support for the process of expanding the use of electronic cards and points of sale by obliging the ministries to cooperate with the Central Bank of Iraq. The work has been completed and all routine procedures have been facilitated. It also requires the provision of incentives to service providers and the provision of banking facilities. We propose to develop a plan to implement the decision gradually and with time limits agreed upon by all concerned authorities in the government, the Central Bank and electronic payment companies operating for the purpose of completing the implementation requirements in full.

 

 

---

Views 230

Added 03/05/2023 - 10:54 AM

[Officiallytook]

 oh lawd 💰💰💰, Amen

[horsesoldier]

Can't but ponder what their definition of strong & stable is. With the tremendous amount of hoopla they better come through for the people in a big way this time & NO EXCUSES !!

20 years of their  is quite enough. If these criminals pull the rug out again, IMO there's just liable to be the biggest country wide meltdown & anarchy.

[Half Crazy Runner]

6 minutes ago, horsesoldier said:

Can't but ponder what their definition of strong & stable is. With the tremendous amount of hoopla they better come through for the people in a big way this time & NO EXCUSES !!

20 years of their  is quite enough. If these criminals pull the rug out again, IMO there's just liable to be the biggest country wide meltdown & anarchy.

Exactly!! I read  “strong and stable” and thought, do they really think 1350 is strong and stable..???? 😆

[nannab]

6 hours ago, horsesoldier said:

Can't but ponder what their definition of strong & stable is.

 

AKA In the near future/SOON???  🙃 Do I win???? 😀

[Carrello]

I love these articles about POS and a digital currency and Iraqis getting bank accounts because when the RV does take place and transactions with a debit or credit card take place, the poor people and less educated will not be able to be cheated on the street. RV conversion corruption has always been a problem with regard to the uneducated. 

 

The rate is 1300. Stabilize it. Secure the new system.  If you have been in this investment for a while, then you must have thoroughly researched your investment, researched the financial and economics of it, understand the risks and didn't investment more than you could afford to lose, observed the politics of the ME, and understand countries outside of the ME know the importance of stabilizing and securing Iraq as a cornerstone in the ME for stabilization and security. Investors like that. Nobody invests in insecure countries. 

 

I would say stability and security was Dr. Shabibi's mantra. But he was a highly educated man and did not use words that had no meaning or displayed the lack of understanding of a situation.

Edited March 6, 2023 by Carrello

[southbeach]

2 hours ago, Carrello said:

I love these articles about POS and a digital currency and Iraqis getting bank accounts because when the RV does take place and transactions with a debit or credit card take place, the poor people and less educated will not be able to be cheated on the street. RV conversion corruption has always been a problem with regard to the uneducated. 

 

The rate is 1300. Stabilize it. Secure the new system.  If you have been in this investment for a while, then you must have thoroughly researched your investment, researched the financial and economics of it, understand the risks and didn't investment more than you could afford to lose, observed the politics of the ME, and understand countries outside of the ME know the importance of stabilizing and securing Iraq as a cornerstone in the ME for stabilization and security. Investors like that. Nobody invests in insecure countries. 

 

I would say stability and security was Dr. Shabibi's mantra. But he was a highly educated man and did not use words that had no meaning or displayed the lack of understanding of a situation.

….and we certainly are educated consumers

[screwball]

On 2/20/2023 at 10:08 PM, rvmydinar said:

Hmmm Just wonder , How and when is the CBI going to do to recover the dinar? That's still a million dollar question.

By adding additional currencies….euro and usd…

[rvmydinar]

6 hours ago, screwball said:

By adding additional currencies….euro and usd and..........

Kuwaiti dinar ( the highest rate in the world )?

[Carrello]

On 3/6/2023 at 4:26 AM, rvmydinar said:

Kuwaiti dinar ( the highest rate in the world )?

 

A benefit of a currency basket is providing "stability" for a country's currency. Value has nothing to do with it. 

 

"The Kuwaiti currency is pegged to a basket of currencies as opposed to one currency. The basket of currencies is not disclosed but is expected to be heavily weighted towards the U.S. dollar."

 

"A currency basket is a portfolio of selected currencies with different weightings.^[1] A currency basket is commonly used by investors to minimize the risk of currency fluctuations^[2] and also governments when setting the market value of a country’s currency.^[3]...

 

A well-known measure is the U.S. dollar index, which is used by Forex traders. There are six currencies forming the index: five major currencies – Euro, Japanese yen, British pound, Canadian dollar, and Swiss franc – and the Swedish krona.^[7]"

[rvmydinar]

15 minutes ago, Carrello said:

 

A benefit of a currency basket is providing "stability" for a country's currency. Value has nothing to do with it. 

 

"The Kuwaiti currency is pegged to a basket of currencies as opposed to one currency. The basket of currencies is not disclosed but is expected to be heavily weighted towards the U.S. dollar."

 

"A currency basket is a portfolio of selected currencies with different weightings.^[1] A currency basket is commonly used by investors to minimize the risk of currency fluctuations^[2] and also governments when setting the market value of a country’s currency.^[3]...

 

A well-known measure is the U.S. dollar index, which is used by Forex traders. There are six currencies forming the index: five major currencies – Euro, Japanese yen, British pound, Canadian dollar, and Swiss franc – and the Swedish krona.^[7]"

Thanks for the clarification. Hopefully, the Iraq dinar is pegged to the dollar.

[southbeach]

7 hours ago, Carrello said:

 

A benefit of a currency basket is providing "stability" for a country's currency. Value has nothing to do with it. 

 

"The Kuwaiti currency is pegged to a basket of currencies as opposed to one currency. The basket of currencies is not disclosed but is expected to be heavily weighted towards the U.S. dollar."

 

"A currency basket is a portfolio of selected currencies with different weightings.^[1] A currency basket is commonly used by investors to minimize the risk of currency fluctuations^[2] and also governments when setting the market value of a country’s currency.^[3]...

 

A well-known measure is the U.S. dollar index, which is used by Forex traders. There are six currencies forming the index: five major currencies – Euro, Japanese yen, British pound, Canadian dollar, and Swiss franc – and the Swedish krona.^[7]"

Good one Carrello

[yota691]

Al-Nusairi: The return of the exchange rate to its target rates is achieved through government suppor t for the Central Bank's measures and stimulating and reforming the economy

 

money and business
   

Economy News _ Baghdad
Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed today, Wednesday, that the return of stability in the exchange rate to its target rates from the central bank is achieved with the suppor t of the concerned authorities in the government and the assignment of the banking, commercial and productive private sector with its unions and professional organizations to the procedures of the central bank, revitalization and reform of the economy and drawing clear financial policies and coordination With the monetary policy and its applications and tools currently approved and overcoming the challenges of achieving economic stability.

Al-Nusairi said in an interview with "Al-Iqtisad News", that achieving stability in the financial system and the monetary system is not only the duty of the Central Bank alone, but rather it is a basic duty for fiscal policy and the government's methodology in managing the economy, activating non-oil sources of national income, supporting, protecting and encouraging local production and generalizing dealing in dinars. Iraqi in all internal cash trading activities and expansion by using electronic payment methods whenever possible.

Al-Nusairi explained that entering the money market with a new challenge of monetary policy in the last month of 2022 is the rise in the exchange rate of the dinar against the US dollar from the previous price specified and targeted by the Central Bank, which is 1470 dinars for sale to the public, merchants, businessmen and importers due to international and local requirements and standards that led to The decrease in the daily rates of foreign currency sales in the window, and the exploitation of speculators and the yellow media by trying to benefit personally and harm the relative stability that was achieved during 2022.

He pointed out that the expectations of the Central Bank and the specialists for the return of the exchange rate to a state of stability needs time, which we hope will not be long, despite the daily and new measures that the Central Bank adopts in launching the first and second packages of facilities and opening up to all segments that need the US dollar in daily transactions and adjusting the exchange rate to 1,300 dinars for finance, 1,310 dinars for banks, and 1,320 dinars for the public, and the issuance of foreign transfer instructions for the year 2023, after holding a series of negotiations and agreements with the US Treasury, the US Federal Reserve, and some international correspondent banks to regulate foreign trade with China. And adherence to the standards of international banking transactions, as well as the preparations and preparations currently underway to receive the Financial Action Task Force (FATF) team on 3/31/2023 to assess the extent of implementation of Iraq’s obligations to the group’s commandments as far as it pertains to combating money laundering and terrorist financing.

He noted that the criterion approved and confirmed by the Central Bank and the specialists in achieving this is the availability of cash reserves of foreign currency exceeding 100 billion dollars and the continued flow of dollar revenues from oil sales on a daily basis according to the quantities planned to be marketed in 2023 and at the prices of the product and expected to continue at their current limits or as expected by energy experts. That prices exceed $100 due to the recovery of the Chinese economy.

Al-Nusairi believes, through economic analysis, that the decisive solution to control the money market is to find immediate and strategic solutions to the complex and accumulated challenges and repercussions that the Iraqi economy suffers from, for systematic and structural economic reasons, and for the government agencies concerned to stimulate and activate the productive economic sectors, which official data indicate that the percentage of the contribution of the agricultural sector The industry in the gross domestic product does not exceed 4.77% and 1.67%, respectively, which are very weak percentages, just as the 2023 budget has not had its features and indicators clear yet, and we expect that it will not be approved before the end of April of this year.

 

And the statistics announced by the Ministry of Planning on the numbers of the population and their classifications, especially the youth group within the working age, which constitutes up to 60% of the total population, and the high poverty rate at a rate of 25% and exceeded 40% in some southern governorates such as Nasiriyah, Maysan and Muthanna, and the high unemployment rate at an average rate exceeding 31% of Those who are able to work with a clear deficit in the balance of payments and the rise in the inflation rate to more than 7%, which led to a state of stagnation and economic contraction, is considered one of the most prominent greetings of monetary policy and requires suppor t and suppor t for the plans and procedures of the Central Bank, clarity of financial policies and continuous coordination with monetary policy.

 

 Al-Nusairi concluded his speech by saying that the methodology of advancing and reforming the Iraqi economy and achieving economic growth and stability in 2023 requires exceptional efforts, programs, mechanisms and governmental procedures in partnership with the private sector and specialized national competencies, and the most important thing is sincere and real intentions for change towards the desired economic advancement. With an emphasis on supporting, developing and classifying the banking sector as the first basic link in the economy.

 

---

Views 225

Added 03/08/2023 - 11:10 AM

[yota691]

Paying off the internal debt of the Central Bank from the government's fiscal surplus supports the national economy

 

Articles
Sameer Al-Nusairi
   

The Ministry of Finance announced that the government’s total revenues for the year 2022 exceeded 161 trillion dinars, expenditures amounted to 119 trillion dinars, and the fiscal surplus exceeded 41 trillion dinars, and the total oil revenues amounted to 154 trillion dinars, with an actual revenue rate of 95% of the total revenues, and other revenues amounted to 7 trillion dinars, or 5%.

 

 This confirms that the government will not be able to deviate from the limits of these revenue ratios and change the revenue ratio equations in the 2023 budget, and oil rents will dominate as a basic resource in the budget, despite the government's plan to activate other productive sectors and diversify sources of national income.

 

And because the expectations of changes in the global economy are still unstable due to the ups and downs in global oil prices and the effects of the Russian-Ukrainian war and for the purpose of facing potential risks and to enable the central bank to maintain its foreign monetary reserves at their current levels or increase them as it is the only entity capable of facing the risks of the economy in times of crisis and as This happened during the economic and security shocks in 2014 until 2017 when the state treasury was supported with up to 16 trillion dinars, and in 2020 and 2021 with up to 30 trillion dinars due to the Corona pandemic, the drop in oil prices, the closure and the global economic recession, which led to the food and energy crises, and with this support and the use of monetary policy tools and applications by rediscounting transfers The treasury issued by the Ministry of Finance was able to avert risks and protect the economy from collapse.Unfortunately, despite the announcement of the financial abundance or cash surplus currently available in the state treasury and the current good financial situation, the government has not paid anything from the internal debt of the Central Bank.

 

And since the government has not yet sent the general budget for the year 2023 to the House of Representatives and for the important measures taken by the Central Bank to control the exchange rate and its return to its target rates in conjunction with banking reform operations and adherence to international banking standards approved to enter the circle of the global financial system disciplined by international standards and in a manner Especially in the field of foreign transfers and the regulation of foreign trade. It makes us call on the government and the Ministry of Finance to invest this abundance with high transparency and with great care to achieve the requirements of financial security for Iraq and to pay what it owes to the Central Bank as an internal debt that must be paid, amounting to about 46 trillion dinars with interest.

 

And the repayment of the internal debt will inevitably contribute to achieving flexibility with the central bank in controlling the exchange rate, reducing inflation and increasing foreign cash reserves. On the other hand, it will lead to a decrease in the ratio of total debt to GDP to less than the current high ratio.

 

 Therefore, the Ministry of Finance is required to start paying the internal debt owed to the Central Bank according to a timetable to be agreed upon, and that achieving this is one of the important pillars of the government program in economic and banking reform.

 

---

Views 112

Added 03/12/2023 - 12:08 PM

[southbeach]

On 3/8/2023 at 9:31 AM, yota691 said:

Al-Nusairi: The return of the exchange rate to its target rates is achieved through government suppor t for the Central Bank's measures and stimulating and reforming the economy

 

money and business
   

Economy News _ Baghdad
Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed today, Wednesday, that the return of stability in the exchange rate to its target rates from the central bank is achieved with the support system">suppor t of the concerned authorities in the government and the assignment of the banking, commercial and productive private sector with its unions and professional organizations to the procedures of the central bank, revitalization and reform of the economy and drawing clear financial policies and coordination With the monetary policy and its applications and tools currently approved and overcoming the challenges of achieving economic stability.

Al-Nusairi said in an interview with "Al-Iqtisad News", that achieving stability in the financial system and the monetary system is not only the duty of the Central Bank alone, but rather it is a basic duty for fiscal policy and the government's methodology in managing the economy, activating non-oil sources of national income, supporting, protecting and encouraging local production and generalizing dealing in dinars. Iraqi in all internal cash trading activities and expansion by using electronic payment methods whenever possible.

Al-Nusairi explained that entering the money market with a new challenge of monetary policy in the last month of 2022 is the rise in the exchange rate of the dinar against the US dollar from the previous price specified and targeted by the Central Bank, which is 1470 dinars for sale to the public, merchants, businessmen and importers due to international and local requirements and standards that led to The decrease in the daily rates of foreign currency sales in the window, and the exploitation of speculators and the yellow media by trying to benefit personally and harm the relative stability that was achieved during 2022.

He pointed out that the expectations of the Central Bank and the specialists for the return of the exchange rate to a state of stability needs time, which we hope will not be long, despite the daily and new measures that the Central Bank adopts in launching the first and second packages of facilities and opening up to all segments that need the US dollar in daily transactions and adjusting the exchange rate to 1,300 dinars for finance, 1,310 dinars for banks, and 1,320 dinars for the public, and the issuance of foreign transfer instructions for the year 2023, after holding a series of negotiations and agreements with the US Treasury, the US Federal Reserve, and some international correspondent banks to regulate foreign trade with China. And adherence to the standards of international banking transactions, as well as the preparations and preparations currently underway to receive the Financial Action Task Force (FATF) team on 3/31/2023 to assess the extent of implementation of Iraq’s obligations to the group’s commandments as far as it pertains to combating money laundering and terrorist financing.

He noted that the criterion approved and confirmed by the Central Bank and the specialists in achieving this is the availability of cash reserves of foreign currency exceeding 100 billion dollars and the continued flow of dollar revenues from oil sales on a daily basis according to the quantities planned to be marketed in 2023 and at the prices of the product and expected to continue at their current limits or as expected by energy experts. That prices exceed $100 due to the recovery of the Chinese economy.

Al-Nusairi believes, through economic analysis, that the decisive solution to control the money market is to find immediate and strategic solutions to the complex and accumulated challenges and repercussions that the Iraqi economy suffers from, for systematic and structural economic reasons, and for the government agencies concerned to stimulate and activate the productive economic sectors, which official data indicate that the percentage of the contribution of the agricultural sector The industry in the gross domestic product does not exceed 4.77% and 1.67%, respectively, which are very weak percentages, just as the 2023 budget has not had its features and indicators clear yet, and we expect that it will not be approved before the end of April of this year.

 

And the statistics announced by the Ministry of Planning on the numbers of the population and their classifications, especially the youth group within the working age, which constitutes up to 60% of the total population, and the high poverty rate at a rate of 25% and exceeded 40% in some southern governorates such as Nasiriyah, Maysan and Muthanna, and the high unemployment rate at an average rate exceeding 31% of Those who are able to work with a clear deficit in the balance of payments and the rise in the inflation rate to more than 7%, which led to a state of stagnation and economic contraction, is considered one of the most prominent greetings of monetary policy and requires support system">suppor t and support system">suppor t for the plans and procedures of the Central Bank, clarity of financial policies and continuous coordination with monetary policy.

 

 Al-Nusairi concluded his speech by saying that the methodology of advancing and reforming the Iraqi economy and achieving economic growth and stability in 2023 requires exceptional efforts, programs, mechanisms and governmental procedures in partnership with the private sector and specialized national competencies, and the most important thing is sincere and real intentions for change towards the desired economic advancement. With an emphasis on supporting, developing and classifying the banking sector as the first basic link in the economy.

 

---

Views 225

Added 03/08/2023 - 11:10 AM

The subtitle tells it all, really.

[yota691]

The Association of Banks is the legitimate representative and first supporter of our banks in achieving their development goals

 

articles
Sameer Al-Nusairi
   

The Association of Iraqi Private Banks is a civil society organization specialized in banking. It was established in 2004 and most of the private banks, which number 67, have joined in their membership, as well as branches of Arab and foreign banks operating in Iraq.

 

The association, according to its by-laws, is strictly implemented in partnership and cooperation with the Central Bank of Iraq and private banks to strive to support, develop and develop the private banking sector, in a way that contributes to supporting the national economy and sustainable development through the development and financing of small, medium and large projects and what the Community Initiatives Fund (Tamkeen) provides in support and implementation Rehabilitation, humanitarian, community and development projects.

 

It is a fund funded by private banks under the supervision of the Central Bank and the Association of Iraqi Private Banks in all productive economic sectors. Official data indicate that private banks finance youth projects and create an appropriate and stimulating environment for entrepreneurship despite the complex circumstances and economic crises, as the total loans Small and medium-sized enterprises granted by the Central Bank initiative up to (2.5) trillion dinars by 50 private banks.

 

The Association has adopted the plans of the Central Bank in the face of recession and economic recession due to the complex economic conditions that Iraq is going through through daily follow-up of the efforts of banks to provide the best banking services and products to companies and individuals and their continuation of work despite the conditions of economic closure, and the Association was focusing on strict adherence to international standards in Accounting, compliance systems and rules, anti-money laundering and terrorist financing, and banking risk management.

 

Therefore, it has approved 8 specialized committees to manage the main links in banking activity since 2021, composed of experts and specialists in banks, cooperation with Arab banking federations and Islamic banking financial organizations, and signing memorandums of understanding with them to develop banking work in Iraq, and the steps, procedures and activities of the development association have contributed in cooperation with the Central Bank In improving the performance efficiency of most banks and the subject of good governance and management in accordance with the governance guide issued by the Central Bank and fruitful cooperation led to the development of clear policies for the supervision of banks and companies supporting banking work, which ensure the maintenance of the rights of boards of directors and shareholders and the achievement of transparency and disclosure and the separation of ownership from the executive management, as well as training Rehabilitation of banking human resources, focusing on youth and recent graduates, and training up to 5,000 trainees in training courses for capacity development, in coordination with the Center for Banking Studies at the Central Bank and Arab publishing centers.

 

Proceeding from the goal of investing in human capital in specialized courses in all areas of banking business.

 

And based on the Association’s keenness as a legitimate representative of the private banking sector and its selection as a member of the Private Sector Development Council, similar to the large professional associations whose work is regulated by law, which confirms that private banks constitute the first basic link in the economy.

 

To enhance the role of private banks in sustainable development and rehabilitate young people, based on the strategic reform and development goals mentioned in the government program, especially in the field of banking reform, and trying to address the risks identified in the recent World Bank reports on the advancement of the Iraqi economy.

 

---

Views 92

Added 03/15/2023 - 11:15 AM