Wednesday, February 28, 2024
Parliamentary Finance presents 7 proposals for the development of the Iraqi banking system, 29 FEB
Parliamentary Finance presents 7 proposals for the development of the Iraqi banking system
Mawazine News – Baghdad
The Finance Committee in the House of Representatives announced today, Wednesday, the proximity of three of its final stages of legislation to develop the financial system and banking institutions in Iraq, while it submitted 7 proposals for the development of the Iraqi banking system.
The Chairman of the Committee, Atwan Al-Atwan, said during the annual conference on Finance and Banking Services, which was held on the grounds of the Baghdad International Fair, “the conference is an important opportunity to discuss files and issues of high importance, and to hold future financial and economic partnerships between Iraqi banks and companies with their counterparts in neighboring countries and the world.”
He added, “The banking system is one of the main tools for the process of economic growth of any country, given its effective role in stabilizing the financial system in general and achieving growth in particular, by financing productive projects as a link between investors and depositors.”
He continued, “As well as by transferring money from people who own it and do not have an opportunity to the people who need it and have investment opportunities, thus contributing effectively to raising the level of economic activity, achieving economic growth and easing and addressing economic problems, until banks have become indispensable institutions in any economic system.”
He pointed out that “the Iraqi economy suffers from many problems, so it is necessary to go to the banking sector, to achieve economic growth of productive projects in the private sector, in order to alleviate and address economic problems, especially the problem of financial deficit in the budget, through the use of financial tools in order to achieve economic and social goals.”
He pointed out that “local public and private banks have a long history and a prestigious position, but unfortunately, during the era of the early regime, these financial institutions were subjected to a decline in their capabilities, due to the wrong policies that negatively affected the level of their services, and their interruption from the progress of the global banking industry.”
He went on to say: “Wars and siege are the hanger on which the wrongding regime has suspended its mistakes for the purpose of justifying them, which put our local banks in complete isolation from openness and cooperation with Arab and foreign banks.”
Al-Atwani explained that “the goal we seek today is how we can achieve a qualitative leap in the development of our banking services, in order to ensure that it is caught up with developed countries in this field,” pointing out that “this mission requires a high national effort from our concerned institutions, by the relevant authorities and open to external banking developments.”
Al-Atwani presented a number of development proposals, which are:
First: Providing the banking institution with efficient financial and technical staff and ensuring the development of its skills and capabilities by involving them in training courses outside Iraq and training it on modern methods of banking dealing and completing banking transactions in modern ways while training them on the use of advanced technical devices.
Second: Equipping banks and banks with advanced modern devices in all fields and financial activities, and introducing an ATM service in all branches to ensure disbursement with ease and ease for all account holders.
Third: Establishing quality measurement centers in all banks and activating their role in receiving development ideas and opinions, while honoring the owners of those ideas that are proven in the practical fields and their results reflected positively on the development of the performance of banks in order to evaluate the innovators and urge them to present other creative ideas that achieve a comprehensive risevival in all banks and refineries.
Fourth: Opening the horizons of cooperation and coordination between Arab and international banks and banks, for the purpose of benefiting from the experiences of those financial institutions that preceded us in developing, achieving qualitative leaps in the performance of our banks and reducing the time factor to ensure that we join the advanced ranks of the regional and international banking industry.
Fifth: Encouraging scientific studies and research aimed at developing outstanding performance in our financial institutions and ensuring the transformation of those recommendations, studies and research from their theoretical reality into a concrete practical reality that reflects positively on economic, commercial and future developments.
Sixth: Studying the possibility of opening branches for local Iraqi banks, for the purpose of expanding the circle of banking activity, providing the best services and attracting more customers from banks as a means of attracting capital.
Seventh: Approving the basic principles of using interest to ensure increased deposits as well as giving the process the integrity of the national currency from counterfeiting, and addressing issues related to money laundering in order to preserve the value of the national currency, and the economic interests of the country.
He pointed to “the efforts of the executive and legislative authorities at the moment in developing the financial system and banking institutions through their quest to complete and legislate the relevant laws, which have reached their final stages, which are first: the draft securities and commodities law, which seeks to regulate the work of financial markets and commodities and control trading operations in cash and commodities in a way that enhances economic activity, strengthens the investment environment and encourage the process of capital formation.”
He continued, “The second project is the law of the Center for Banking Studies, which aims to develop the scientific work of banking work, and raise the level of technical and professional performance in the banking system, and the third project is the Islamic Investment Sukuk Law, which aims to create and diversify investment tools in the Iraqi financial market and enable Islamic banks and Islamic financial companies to contribute to the development of economic projects.”
"RV UPDATE" BY MILITIAMAN, 29 FEB
Militia Man
Everything we've been seeing in the news...is quite intense in respect to a lot of the things we've been talking about... Article: "Iraq's Minister of Trade: We seek to join the World Trade Organization and expand our economic relations with the world" That's pretty bold. Quote: "...Iraq is now able to enter the global trade market through the organization on a large scale." There you have it...That is a massive quote.
Article quote: "Deleting the zeros...does not conflict with its value but needs educational campaigns to proceed it and a traditional period for trading the currency with zeros and the new currency to know the two currencies are equal in value." If they are going to be equal in value...a dinar is a dinar is a dinar. A dollar is a dollar. When it comes to an international stage a dinar is not a dollar, nor is a dollar a British pound or a Japanese yen. There's a difference in value. Are they one of each? Of course they are...But are they valued the same? Absolutely not...
They're talking about deleting the zeros again...We're not talking 1, 2 or three articles...
Article quote: "The issue of deleting the zeros and splinting the dinar has become a topic that causes a lot of reflection and controversy in economic circles..."
If you go from 1310 to something back to a 'previous era'...is a big move ...Article quote: "When this is done correctly we can expect...a strong dinar that is considered a store of value and perhaps even stronger than the dinar that was before 1980."
Iraq is going to explode with growth. We all know that...You're going to provide thousands and thousands of jobs and build 10 industrial cities, millions of homes...it creates a lot of growth. It creates a lot of jobs...
https://dinarevaluation.blogspot.com/2024/02/rv-update-by-militiaman-26-feb_02070859503.html
https://dinarevaluation.blogspot.com/2024/02/rv-update-by-militiaman-28-feb.html
Al-Rasheed launches the deposit and transfer service on electronic cards, 29 FEB
Al-Rasheed launches the deposit and transfer service on electronic cards
Economy News – Baghdad
Al-Rasheed Bank announced, on Wednesday, the launch of the deposit and transfer service on electronic cards.
A statement of the bank, seen by “Economy News”, said that “in line with the directives of the government and in implementation of the government program, Al-Rasheed Bank announces the launch of the electronic payment card deposit and transfer service from (Nakheel).”
He added that “all Al-Rasheed Bank card holders from the bank’s employees, state departments, security forces and retirees can make deposits and withdrawals in the electronic card,” specifying “a number of its branches to receive all those wishing to deposit.”
"ANALYSIS OF IRAQ NEWS" BY GOLDILOCKS, 29 FEB
Goldilocks
Vietnam is showing trading statistics that indicate a self-sustaining economy that is growing, and even has, greater potential going forward. At this point, Vietnam is showing momentum. When a country starts to show a trade surplus, it indicates that a demand for a country's goods and currency is in higher demand. Thus, creating the need for an increase in a country's currency value.
Article quote: “Iraq is participating for the first time since 2004 in the Ministerial Conference of the World Trade Organization, which is held in... The capital, Abu Dhabi,” Iraq is currently participating in the World Trade Organization.
Their potential membership is moving forward. As a full member of the WTO, they will need a rate to fully participate in this inclusion.
This is truly a monumental achievement for Iraq and something the world has been waiting for for a long time. ...There are high expectations that full acceptance into the WTO for Iraq will happen during this meeting taking place...
https://dinarevaluation.blogspot.com/2024/02/analysis-of-iraq-news-by-goldilocks-27.html
Koger: The budget schedules have not reached us yet, and we will start the sessions as soon as they arrive., 25 NOV
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