Friday, April 12, 2024
A Government Advisor Announces The Start Of Implementing The Reform Plan In Government And Private Banks,12 APRIL
A Government Advisor Announces The Start Of Implementing The Reform Plan In Government And Private Banks
Economy News – Baghdad Adviser to the Prime Minister for Economic and Financial Affairs, Mazhar Muhammad Saleh, confirmed on Thursday that Prime Minister Muhammad Shiaa Al-Sudani is interested in reforming the course of the private and government banking system, while indicating the start of implementing the reform plan for government banks.
Saleh said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “the banking market has a great division. For example, the capital of private banks, or their share of capital from the government, is about 78 percent, while the capital of government banks is 22 percent.”
He continued, "While government banks account for 85 percent of activities and assets, while private banking activity is 15 percent, so there are large disparities between private and government banks."
He explained, “Private banks have almost coexisted on government allocations, whether through the window or by opening letters of guarantee for projects, meaning that any vibration exposes private banks to serious problems, so approximately 29 banks have been deprived of dealing in foreign currency.”
Saleh added, “Prime Minister Muhammad Shiaa Al-Sudani is very interested in reforming the course of the private and governmental banking system,” stressing that “there is a reform plan for government banks, and there is a foreign company that evaluates the banking work, its capital, and its functions until they are parallel to the work of international banks.”
He stated, "Private banks are facing a dilemma, especially after being deprived of trading in foreign currencies, even though they have coexisted with this issue. Therefore, the government is trying to create an internal environment that is supportive of them, and they need to correct their situations first."
He went on to say: “The Prime Minister is correctly supportive of private banks, on the condition that these banks improve their course of work,” stressing that “there is a reform plan to correct the course of private banks that will be implemented soon.”
A government source revealed, the day before yesterday, Tuesday, that Prime Minister Muhammad Shiaa Al-Sudani issued a set of measures and steps to revitalize the private banking sector, while directing a study of the possibility of strengthening the needs of private bank branches abroad in foreign currency.
The source said, “As part of the Iraqi government’s efforts to formulate a strategy that stimulates the activity of the private banking sector during the next stage, allowing it to engage more in efforts to diversify the economy and strengthen its foundations, Prime Minister Muhammad Shiaa Al-Sudani directed the adoption of a number of measures and steps in this regard, including: -
1 - The Ministerial Council for the Economy studies a proposal to increase deposits of government institutions and the central government with private banks, enabling them to provide more banking operations and contribute to the development of various vital sectors and increase their ability to provide various financing services inside and outside Iraq.
2- Support by the Iraqi government and the Central Bank of Iraq for banks Iraqi private banks through foreign institutions and banks, taking into account the credit rating of each bank.
3- Studying the possibility of enhancing the needs of private bank branches abroad in foreign currency for the purposes of financing foreign trade - the private sector and in accordance with the applicable contexts.
4- The Board of Directors of the Central Bank of Iraq determining Contribution of foreign capital to Iraqi banks and assessment of the reality of the situation in a way that benefits the Iraqi economy and in accordance with what is stated in Banking Law No. 94 of 2004.
5- Participation of representatives of the private banking sector when discussing relevant issues in all state institutions, including meetings of the Board of Directors of the Central Bank of Iraq .
6- Studying the reactivation of the financing initiative presented by the Central Bank of Iraq and in accordance with the contexts proposed by the Central Bank in this regard.
7- The Competition and Monopoly Affairs Council shall take the necessary measures under Law No. 14 of 2010 to prevent monopoly in banking services, provided that the Council shall submit reports to the Central Bank of Iraq and in coordination with it periodically and in accordance with the aforementioned law. Views 174 04/11/2024 https://economy-news.net/content.php?id=42374
Monetary policy statement highlights of the new Zimbabwe Currency, the Gold backed ZIG FROM TELEGRAM CHAT, 12 APRIL
Thurs. 11 April Monetary policy statement highlights of the new Zimbabwe Currency, the Gold backed ZIG. …US Debt Clock on Telegram Thurs. 11 April
- Structured currency to be backed by reserves and royalties
- ZWL dollar currencies are to be converted to ZIG
- ZIG to circulate alongside other currencies.
- A multi-currency system is to stay until 2030 as per the law.
- All obligations are to be converted to ZIG.
- All banks are to accept old notes for the next 21 days.
- ZIG notes 1, 2, 5, 10, 20, 100 200
- Paper cash isn’t going anywhere for some time. People who will want to use paper will have these paper notes and will have a QR Code for tracking.
Coffee with MarkZ and the Codeman. 04/12/2024
Al-Sudani says his meeting with Biden is “an opportunity to put the partnership between the two countries on a new basis.”, 12 APRIL
Al-Sudani says his meeting with Biden is “an opportunity to put the partnership between the two countries on a new basis.”
Shafaq News/ Prime Minister Muhammad Shiaa Al-Sudani considered, on Thursday, the meeting that he will have with President Joe Biden during his upcoming visit to the United States of America in mid-April “will be an opportunity to put the American-Iraqi partnership on a new and more sustainable basis.”
This was stated in an article published in “Farn Affairs” magazine, today’s issue.
“Our discussions will emphasize the continuing importance of our economic relations, cooperation in combating money laundering and terrorist financing, and the use of political and diplomatic tools to defuse regional tensions,” he wrote in his article.
He added, "The war against terrorism will remain a central topic for our governments," adding, "We recognize and appreciate the critical role played by the United States and other members of the international coalition to combat ISIS in defeating terrorism."
Al-Sudani added: This support has helped Iraq achieve stability, make great strides on the path to democracy, the rule of law, and ensure the government’s monopoly on the use of force.
He continued, "The time is right for our relationship to become broader, while recognizing the growing capabilities of our forces to defend Iraq and ensure the safety of its citizens - and to contribute in essential ways to building a prosperous and stable Iraq."
The Iraqi Prime Minister concluded his article by saying that the relationship “in its new form, our partnership can represent a source of mutual benefit for both our countries, and a driving force for achieving stability in the Middle East.”
BRUCE NOTE, 12 APRIL
Thurs. 11 April Bruce, The Big Call The Big Call Universe (ibize.com)
667-770-1866, pin123456#:
“Yesterday (Wed. 10 April) a Source indicated that the window to receive notification for Tier4b (us, the Internet Group) was between now and Mon. 15 April.
A Bond Paymaster said that the Military would give the Green Light to the USA Treasury to release the email notification from Wells Fargo.
I think we can expect release overnight Sun. 14 April to Mon. morning 15 April.
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