"THE NEW GOV OF THE CBI DEMANDS THIS... AND ALAQ DOES THE 7 STEP CHA CHA CHA, LOL " BY FRANK26, 9 AUGUST

 KTFA

FRANK26: "THE NEW GOV OF THE CBI DEMANDS THIS... AND ALAQ DOES THE 7 STEP CHA CHA CHA, LOL ".............F26

Advisor to the Banking Association calls for implementing the Prime Minister’s decisions to support private banks and lift US restrictions on them 

8/6/2024

Baghdad
 

Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, called for implementing the seven decisions issued on 4/4/2024 in implementation of the directives of Prime Minister Mohammed Shia Al-Sudani, regarding supporting our private banks, which confirms
the government’s vision in its governmental program for financial and banking reform,
as well as activating and accelerating the implementation of the agreements that were reached in the rounds of negotiations between the Central Bank and the US Treasury in Washington and Baghdad to lift US restrictions on the use of the US dollar because the continuation of the current situation harms our national economy.

Al-Nusairi explained that the decisions of the Prime Minister supporting private banks outlined the executive procedures for comprehensive reform of the banking sector, which constitutes the basis and real beginning of the accomplished economic reform. These decisions included the following: 

1- Preventing monopoly in banking services.

2- Activating the Central Bank’s financing initiatives.

3- Increasing cooperation between private banks and the Central Bank in discussing decision-making related to supporting and developing banking work.

4- Determining the contribution of foreign capital to Iraqi banks.

5- Participation of government institutions and financing funds with private banks and expansion by opening branches in other countries.

6- Support from the government and the Central Bank to private banks in foreign institutions and banks.

7- Increasing the Iraqi state’s reliance on private banks and activating the deposit of government deposits and government bank deposits with private banks.

Al-Nusairi stressed that the implementation of the decisions, which came as a result of an in-depth study by the Ministerial Council for the Economy, in the presence of the Central Bank of Iraq, of the challenges facing private banks, especially after 28 private banks were subjected to US Treasury restrictions by stopping their dealings in US dollars in foreign transfers, are practical applications to encourage private banks to develop their internal and external banking operations in a way that contributes to economic reform,
pointing out the importance of the Central Bank accelerating the procedures to rehabilitate and restructure these banks, as well as the necessity for the international auditing company to complete its agreed-upon work in order to lift the imposed restrictions and limitations.
He explained that this file is certainly the focus of the government, the Central Bank, the Iraqi Private Banks Association and the banking sector in general, hoping that efforts will succeed in creating new balanced relations with the American side in the field of organizing and developing clear foundations for both parties in banking relations in accordance with international standards.

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