QUESTION: Does a rate change need parliament approval or just CBI governor announcement?
MZ: According to parliament and the president of their country it only requires the CBI governors announcement. The government has already done everything they needed to do. We heard this last week.
QUESTION: Would someone please explain Basal 3 ? I'm sorry if this is a repeat. Thanks.
MZ: In a nutshell-Basel 3 is stricter reserve requirements for banks so that they are better able to deal with downturns. or loses or problems in the markets. They have to have more assets in order to pay share holders, depositors ect…… .to have enough reserves in case there is a problem . But imo…its not enough reserves….but its more than what they required before.
QUESTION: Mark Do we need to sigh an NDA at our exchange?
MZ: I was told the need for an NDA for currencies is getting slimmer and slimmer. But you may have one for the humanitarian projects. I could be wrong
The Union Of Arab Banks Proposes 4 “Important” Points For Iraqi Banks To Meet Compliance Standards
Economy News – Baghdad Today, Monday, the Secretary-General of the Union of Arab Banks, Wissam Al-Futouh, presented four proposals to confront Iraqi banks with compliance standards and stimulate their relationship with correspondent banks.
Al-Futuh said, in his speech during the conference “The Challenges Facing Arab Banks in Complying with State Laws and Legislation and Meeting the Requirements of Correspondent Banks,” that “the financial and banking challenges that Iraq has suffered recently are many, despite the efforts of the Central Bank of Iraq,” considering that “Iraqi banks deal With a complex network.
He added, "The Arab region is going through fateful dangers resulting from wars and other political conflicts, and this conflict would increase the risks of uncertainty in the prospects of the Middle East and North Africa, resulting in severe economic impacts on many Arab countries."
Al-Futuh proposed a set of points for Iraqi banks to meet compliance standards, stimulate their relationships with correspondent banks, and enhance confidence in Iraqi banks, including: “Iraqi banks must invest in strong infrastructure.”
He continued: The other thing is adopting advanced technology, which leads to changing the rules of the game in the field of compliance, as there are many programs that rely on artificial intelligence to help analyze data and comply.
As for the third matter, Al-Futuh focused on “the necessity of adopting the principle of transparency in banking operations and preparing financial reports, to build sustainable trust with the international community,” pointing out that “the last and most important matter is the preparation of a comprehensive national plan for capacity development, training and qualification, especially in the field of compliance with... During the establishment of a committee under the name of the National Committee for Capacity Development, Training and Qualification, which will be in cooperation between the Union of Arab Banks and the Association of Iraqi Private Banks, under the supervision of the Central Bank of Iraq.
He pointed out, “The tasks of this committee also include 4 important points. The first revolves around training and qualification of Arab cadres and capacity building on the subject of compliance, while the second revolves around providing advice and support and choosing a compliance program specific to each bank. ”
The third point “represents the formation of a continuous force of influence to develop Iraqi banks’ relations with international bodies, especially the American ones.” The fourth point is “documenting policies and internal controls for banking compliance.”
🇮🇶The Iraqi Cabinet is set to deliberate and APPROVE the budget law for this year in its upcoming session tomorrow TUESDAY. Mazhar Mohammed Saleh, Financial Advisor to the Prime Minister's office.
Saleh indicated that the budget would be promptly forwarded to Parliament. However, "the deficit percentage in the budget is yet to be finalized."🤥🙄
The Sudanese adviser explained that "the percentage of deficit in the budget schedules is unknown, and will be determined according to the schedules that will be approved by the Council of Ministers, before sending them to the House of Representatives."
According to Law No. 13 of 2023, lists and schedules of the Tripartite General Budget Law should be submitted to the House of Representatives.
PM Al-Sudani, Central Bank of Iraq Governor & President Barzani already HAVE the NEW DINAR RATE & are keeping the NEW RATE tight lipped & waiting until last minute (imo).
“The Shocks Have Changed.” The Governor Of The Central Bank Explains The Impact Of The Openness Of Iraqi Banks On Their International Counterparts
Economy News – Baghdad On Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, highlighted the impact of the openness of Iraqi banks on their international counterparts, while noting that the global economy has begun to face a phase characterized by rising levels of public and private debt.
Al-Alaq, in his speech at the conference “The Challenges Facing Iraqi Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” followed by “Al-Iqtisad News,” said, “Central banks have faced increasing challenges after decades of appearances and are closer to quiescence starting with the decline in interest rates.” and inflation,” pointing out that “the global economy has begun to face a phase characterized by rising levels of public and private debt.”
He added, "The nature of local, international and historical shocks has changed due to an increase or decrease in demand, with the exception of supply shocks, in addition to new challenges represented by financial stability in public financial policy and the financial control decision that requires reducing spending or increasing domestic revenues."
The Governor of the Central Bank explained, “Over the past years, the Iraqi banking sector has opened up to local financial institutions over their international counterparts, and to the extent that all of this achieves communication and attention with the outside world, it undoubtedly carries many challenges and impacts.”
Ali Al-Alaq continued: “We hope that this conference will succeed in reaching effective solutions to this challenge and devoting cooperation and coordination between Arab central banks, Arab expenditures and non-banking financial institutions to achieve stability and growth.”
The conference will succeed in reaching effective solutions to this challenge and devoting cooperation and coordination between Arab central banks. Arab expenditures and non-banking financial institutions to achieve stability and growth.” 05/06/2024 - https://economy-news.net/content.php?id=43178
