KTFA
FRAN26: "THE SECOND PHASE OF THE MONETARY REFORM OF THE IQD... 'WILL BE REFLECTED IN THE STABILIY OF THE EXCHANGE RATE AND THE RECOVERY OF THE IRAQI DINAR INEVITABLY' !!! !!! !!! (INEVITABLY MEANS IT HAS TO HAPPEN... IN CONCLUSION: A SANCTIONED PROGRAM RATE DOES NOT REFLECT STABILITY !!! !!! !!!)"..........F26
The Central Bank begins the second phase of its banking reform strategy
Samir Al-Nusairi
5/20/2024
Baghdad
The Central Bank announced that it will launch the national lending strategy on 5/25/2024, which is a clear announcement of the beginning of the second phase of its banking reform strategy.
This means that it has completed the first phase of it by achieving tangible and important results in the field of regulating foreign trade financing and regularization of the global financial system through strict adherence to standards. International compliance, building solid international banking relationships with international banks and correspondent banks, and introducing the local currencies of countries with which there is significant trade exchange into cash dealing in their local currencies, in addition to dealing in the US dollar.
As well as activating and strengthening its procedures for transitioning from a cash economy to a digital economy and cooperating with the government in expanding the use of electronic payment tools and spreading the culture of transition to a cashless society. Certainly, the above tasks occupied a large part of the efforts at the local and international levels.
In the second phase, the focus will be on restructuring banks, especially government banks, and starting to implement new policies to support and develop micro, small, and medium enterprises, initiating the establishment and licensing of the Riyada Bank, and licensing the Green Bank, which will specialize in sustainable financing for renewable energy projects, as well as moving toward licensing digital banks to keep pace with progress in the field of banking products. Modern digital. The electronic platform will also be gradually left this year.
One of the tasks that will begin work is to rehabilitate the banks restricted from dealing in the US dollar to comply with international standards in light of the work of the joint committee between the Central Bank and the US Department of the Treasury, through which the work of these banks in foreign transfer activity for previous years will also be analyzed and audited, with the hope that it will be increased. Restrictions on it.
What we expect from the procedures and policies adopted by the Central Bank in the first phase and what was achieved from them and what will be achieved from the second phase of the banking reform strategy will be reflected in the stability of the exchange rate and the recovery of the Iraqi dinar inevitably.
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