Monday, May 6, 2024
Arab banks: Iraq supports the transition from dependence on oil revenues to a diversified economy, 6 MAY
Arab banks: Iraq supports the transition from dependence on oil revenues to a diversified economy
The Union of Arab Banks confirmed on Monday that the Iraqi government supports the country's transition from dependence on oil revenues to a successful diversified economy, while putting forward four proposals to enhance the compliance environment for Iraqi banks.
The Secretary-General of the Union of Arab Banks, Wissam Hassan, said during the conference “The Challenges Facing Arab Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” held in Baghdad in the presence of a large number of Arab banking and economic officials, and attended by the correspondent of the Iraqi News Agency (INA): "Enhancing international confidence in Iraqi banks requires additional effort on multiple fronts, to enhance the compliance environment for Iraqi banks."
He pointed out, “There are four proposals to enhance the compliance environment in Iraqi banks. First, Iraqi banks must invest in a strong compliance infrastructure, and the second proposal is to adopt advanced technology, which leads to changing the rules of the game in the field of compliance, as there are many programs, including It relies on artificial intelligence, which helps in the compliance process and data analysis.”
He added, "The third proposal is to adopt the principle of transparency in banking operations and the preparation of financial reports, in order to build sustainable trust with the international community. The last and most important proposal, in our opinion, is to prepare a comprehensive national plan for capacity development, training and qualification, especially in the field of affiliation."
He continued, "Here the Union of Arab Banks proposes that a committee be established under the name of the National Capacity Development, Training and Qualification Committee, in cooperation between the Union of Arab Banks and the Association of Iraqi Private Banks and under the supervision of the Central Bank of Iraq, and its tasks will be training and qualifying Iraqi cadres and building capabilities in the subject of compliance and combating money laundering and terrorist financing." And combating corruption, to become what is called a certified director for combating financial crimes.”
He went on to say: "The committee's mission is also to provide consultation and technical support to develop and choose the special compliance program for each bank, in addition to forming an influence and communication force to develop Iraqi banks' relations with international banking and regulatory authorities, especially American ones, in addition to documenting policies, procedures and internal controls related to compliance for each bank." .
In turn, member of the Board of Directors of the Union of Arab Banks, Ziad Khalaf, said during the conference: “Compliance with international laws and legislation is not just a legal necessity, and not just an obligation, but rather an investment in confidence and economic stability, an investment that reflects our commitment to transparency and integrity, and our responsibility to ensure the protection of interests.” Finance, which is, in short, the basis of success and sustainability in mid-range businesses.”
He added, “If the Arab world wants to achieve integration and economic renaissance in the region, economists must recognize the historical moment in Iraq, which is the fourth largest economy in the Middle East and North Africa,” expressing his regret that “our Arab region is one of the least integrated regions in the world, as there is no Two-way trade represents only 18 percent of total trade, as well as of total exports.
He explained, "The Iraqi government today supports the country's transition from dependence on oil revenues to a diversified economy, as a single economy is fraught with risks, while a diversified economy is guaranteed success."
He pointed out that "activating the banking sector requires expanding electronic payment services and ensuring the granting of credit formations and loans by developing work mechanisms, including control and oversight, and enhancing their flexibility while adopting digital solutions, in addition to enhancing information security, combating fraud operations, and ensuring compliance with financial and banking legislation and laws," calling for "Enhancing cooperation in order to build strong foundations for sustainable growth in our Arab region link
"BANKING INTEL" BY GOLDILOCKS, 6 MAY
GOLDILOCKS
Banking Intel
Commercial Lenders (Relationship Managers) are currently receiving electronic messages to sign up for Foreign Currency Training.
Commercial and Investment Banks are a fundamental part of the Foreign Exchange Market.
Essentially, they are the ones that push trades through on behalf of their customers and high dollar clients.
Commercial Lenders (Relationship Managers) are the go-between by which all participants must trade when it comes to Foreign Currency Exchanges.
Since they are the principal sellers (Wealth Managers) within the Forex Market, they are the person who gives someone else authority to act on a client's behalf.
© Goldilocks
https://www.streetdirectory.com/travel_guide/145431/banking/role_of_commercial_banks_in_trading_currencies.html#:~:text=Commercial%20and%20investment%20banks%20are,sellers%20within%20the%20Forex%20market.
https://learn.org/articles/Commercial_Lender_Salary_and_Career_FAQs.html#:~:text=What%20Is%20a%20Commercial%20Lender,clients%20through%20various%20loan%20processes.
https://study.com/academy/lesson/the-principal-agent-relationship-duties-in-real-estate.html#:~:text=The%20person%20who%20gives%20someone,as%20a%20seller%20or%20buyer.
The launch of the conference of the Union of Arab Banks in Baghdad, 6 MAY
The launch of the conference of the Union of Arab Banks in Baghdad
Monday 06, May 2024
Baghdad / Nina / The activities of the Union of Arab Banks Conference, sponsored by the Central Bank of Iraq, were launched in the capital, Baghdad, under the title "Challenges facing Arab banks in complying with international laws and legislation and meeting the requirements of correspondent banks."
The two-day conference, which was held at the Babylon Hotel, was attended by Central Bank Governor Ali Al-Alaq, government and parliamentary figures, and a number of Arab banking and economic officials.
"About the RV and the Redemption of Zim Bondholders" , (ENGLISH AND SPANISH) , 6 MAY
Saturday May 4, 2024
Mark Zee: Says
— All my contacts in IRAQ 🇮🇶 say that the trigger is now on the CBI (CENTRAL BANK IRAQ) and that they will pull it soon.
They are informing people... they are educating people and telling Iraqi citizens to be prepared for the change in values. We just don't know the moment..!
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"REDEMPTION" - DATE UNKNOWN
This is how ZIM bondholders are compensated! They are compensating us in dollars pegged to the Zimbabwean currency! Interestingly, they are supporting it with "gold".
I have heard that numerous African nations or regions are backing their currencies with diamonds, while the Middle East depends on oil, and so on!
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TRANSLATION SPANISH
Sábado 04 Mayo 2024
dicen que el gatillo está ahora en la CBI ( CENTRAL BANK IRAQ) y que lo apretarán pronto.