Monday, November 27, 2023
Iraq Launches Major Banking Reform with Focus on Al-Rafidain Bank, 27 NOV
Iraq Launches Major Banking Reform with Focus on Al-Rafidain Bank
The Prime Minister of Iraq, Mohammed Shia’ al-Sudani, has taken a firm step towards revamping the country’s banking sector. The focus is on Al-Rafidain Bank, which is set to become the springboard for a comprehensive reform plan. This development comes as part of the government’s strategic alignment with the Sustainable Development Goals 2030 and is seen as a significant move towards economic diversification and digital transformation.
Launching the Reform
The Prime Minister’s Media Office confirmed that discussions took place around a well-thought-out banking reform plan. The overhaul begins with government banks, which are the backbone of the banking sector in Iraq, accounting for 80% of the total institutions. The reform of Al-Rafidain Bank represents the first phase of this ambitious process.
Ernst & Young’s Role
Global professional services firm Ernst & Young has been entrusted with the task of leading the reform of Al-Rafidain Bank. The firm presented its vision for the bank’s overhaul, outlining a plan that requires an implementation period of eight months. This involves a comprehensive review and evaluation of the bank’s operations, along with structural administrative reforms.
Reforming for the Future
The core of the reform plan is the provision of integrated banking services to citizens and corporations. The aim is to revolutionize the banking experience in Iraq, making it more user-friendly and efficient. The plan also aligns with the government’s commitment to good governance, combating corruption, and making a positive impact on vulnerable sections of society. It is part of a broader strategy that includes conducting a population census in 2024, further indicating the government’s commitment to comprehensive socio-economic reform.
https://bnn.network/world/iraq/iraq-launches-major-banking-reform-with-focus-on-al-rafidain-bank/
Governor of Central Bank of Iraq Confirms Financial Stability Amid Concerns, 27 NOV
Governor of Central Bank of Iraq Confirms Financial Stability Amid Concerns
In a move to address the growing concerns about the Iraqi dinar, the Governor of the Central Bank of Iraq, Ali Al-Alak, took to the Iraqi News Agency (INA) to affirm the financial stability of the country. Al-Alak stated that the country’s monetary condition is robust, with over 100 trillion dinars in circulation, 70% of which are actively traded.
Addressing Stalled Projects
Al-Alak highlighted the existence of numerous stalled projects within the country, assuring that the Prime Minister is paying significant attention to this issue. Rapid work is underway to address these projects and bring them to fruition, which will further bolster the country’s economy.
Investment Projects on the Rise
The Governor also emphasized a growing interest in investment projects within the country. This trend is being fueled by the current stability in financial and monetary conditions. Investors are finding Iraq an increasingly attractive destination for their ventures, which is a positive sign for the nation’s economic future.
Shift Towards Electronic Payments
In line with the global trend towards digital transformation, Al-Alak emphasized a strategic shift towards electronic payments. This move is geared to minimize cash-based transactions and align with the fourth industrial revolution. The Governor outlined a comprehensive strategic plan to expand electronic payment systems in Iraq, emphasizing the associated risks of holding cash and the importance of keeping pace with technological advancements. This approach will benefit the citizens, the state, and the economy.
"RV UPDATE" BY Nader From The Mid East , 27 NOV
Nader From The Mid East
Great news this morning...They start them leaving the country to discuss the exchange rates between countries. They're going to start with Turkey... Article "Delegation will head to Ankara Turkey tomorrow Monday to discuss regulating trade exchange between Iraq and Turkey"
Coffee with MarkZ. 11/27/2023
Iraq Embraces Carbon Economics: A Step towards Environmental Conservation, 27 NOV
Iraq Embraces Carbon Economics: A Step towards Environmental Conservation
In a significant step towards environmental conservation, Mohammed Shia’ Al Sudani, the Prime Minister of Iraq, has announced the creation of a public company dedicated to carbon economics. This initiative forms an integral part of a comprehensive strategy to mitigate carbon emissions within the nation.
Strengthening Ties with China
In a concurrent development, Iraq and China have pledged to strengthen trade and investment ties. The commitment was formalized with the establishment of the Iraqi-Chinese Business Council, announced during a ceremony in central Baghdad. The event was marked by the presence of Atheer al-Ghurairi, the Iraqi Minister of Trade, Chinese Embassy officials, and prominent Iraqi and Chinese entrepreneurs.
Addressing Climate Change’s Impact on Agriculture
A prominent international aid organization has expressed its concern about the escalating impact of climate change on Iraq’s agriculture sector. The organization has urged the Iraqi government to enhance the management of its water resources to prevent further deterioration of the agricultural landscape.
Commitment to Carbon Reduction
The Prime Minister has tasked the Ministry of Environment with the development of stringent guidelines for both ministries and private sector companies concerning carbon emissions. This directive underscores Iraq’s growing commitment to environmental protection and its pledge to reduce its carbon footprint in alignment with global efforts to combat climate change.
TIDBIT FROM MARKZ, 24 NOV
MarkZ [via PDK] Article: “ Economist: The total cost of the general population census amounted to $951 billion dinars ” This is abo...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...