The Government And The Central Bank Win The Battle For Financial And Banking Reform In 2023, 24 DEC

  The Government And The Central Bank Win The Battle For Financial And Banking Reform In 2023, 24 DEC

Financial and banking advisor, Samir Al-Nusair   The data, indicators, achievements and preliminary results achieved in 2023 indicate that the government of the Prime Minister, Mr. Muhammad Shia Al-Sudani, and the Central Bank, in continuous cooperation and coordination between them, have resulted in their comprehensive reform steps contained in the government curriculum in the axis of financial and banking reform and in the strategy of the Central Bank, which focused on regulating foreign trade financing. Opening direct dealings between Iraqi banks that secured the necessary requirements to deal with correspondent banks and opening new foreign currencies in addition to the US dollar.

 Such as the Chinese yuan, the euro, the UAE dirham, the Indian rupee, and the Turkish lira. To be traded for external transfers with these countries in accordance with understandings and agreements with the US Reserve and the US Treasury Department.

The role of the Central Bank will be supervisory and supervisory. The other achievement is the compliance of Iraqi banks with the global banking system and regularity within the system of international banking relations, which has restored confidence in the integrity of banking transactions with Iraq. This is an important and basic goal.

The other important goal, which the government is working to implement in cooperation and coordination with the Central Bank and the Association of Banks. Electronic payment companies are moving and transforming from the cash economy to the digital economy and the issuance of a number of decisions from the Council of Ministers and several instructions and executive procedures from the Central Bank to achieve this in a record period.

And work to complete the necessary infrastructure to achieve digital transformation in the banking sector. The government is working seriously on governance and automation of the tax system, the customs system, and networking with the Central Bank of Iraq.

The new thing in the Sudanese government is that it draws up plans and follows up implementation on a daily basis with the parties concerned with implementation and participates in facilitating procedures and overcoming obstacles first and foremost. It consults continuously with the Central Bank as an advisor to the government.

Since we are in the last week of 2023, the Central Bank and the government have set before them in 2024 the completion of financial and banking reforms in a way that achieves complete financial and banking reform and controlling and maintaining the stability of the exchange rate of the Iraqi dinar in a way that does not allow the official rate to be equal to the exchange rate in the parallel market. And that the planned goals for the year are Mentioned as follows:

First - Building a stable financial system lies in accompanying financial electronic systems.

Second: Commitment to establishing the rules of compliance, risk management, transparency, and soundness of financial operations.

Third: Working to strengthen international relations, including establishing a network of relations with foreign correspondent banks.

Fourth: Establishing a Riyada Bank and redirecting work on initiatives to finance small and medium enterprises in accordance with standards

New banks contribute to its capital and management. In line with the initiative of the Prime Minister (Riyada).

Establishing a loan guarantee company.

Fifth: Prepare and launch a financial inclusion strategy and put it into practice in coordination with the relevant authorities.

Sixth - Launching the national lending strategy, relying on the banks’ own financial capabilities to attract deposits and invest them in providing the best banking products to customers and contributing to development.     Views 51 12/23/2023  https://economy-news.net/content.php?id=38767