Saturday, June 29, 2024

ADVISOR TO THE ASSOCIATION OF BANKS: THE CENTRAL BANK’S THIRD STRATEGY IS A NEW METHODOLOGY FOR FINANCIAL AND BANKING REFORM

ADVISOR TO THE ASSOCIATION OF BANKS: THE CENTRAL BANK’S THIRD STRATEGY IS A NEW METHODOLOGY FOR FINANCIAL AND BANKING REFORM 

Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed that the Central Bank’s third strategy has drawn up a road map and programs with clear goals and initiatives for a period of three years in a special, complex, and risk-filled economic and financial situation.

Al-Nusairi said, in an interview from Makkah Al-Mukarramah, exclusively for “Al-Iqtisad News,” that “the Central Bank’s third strategy for the years (2024-2026), which derived its main and subsidiary objectives from the general economic policies of the state and its strategy for financial and banking reform that the government adopted in the government curriculum and from Central Bank Law No. 56 of 2004, and the new strategy has drawn up a road map and programs with clear objectives and initiatives for a period of three years in a special and complex economic and financial circumstance full of risks and challenges at the level of internal and external economic and financial relations.”

He pointed out, “What concerns us as specialists in economic, financial, and banking affairs is what are the new mechanisms and policies that the Central Bank has adopted in its monetary policy and banking reform? According to the approach of the fundamental change desired for the national economy, in which the banking sector constitutes the first and basic link and the implementer of monetary policy applications.”

Al-Nusairi explained that “the Central Bank’s third strategy set the basic goals at 7 goals, the sub-goals at 80 goals, and 75 initiatives to achieve the basic and subsidiary goals and charted the way for banking and financial reform in accordance with the following strategic goals: –


1- Supporting and enhancing monetary stability.


2- Promoting digital transformation and activating electronic payment.” Strengthening cybersecurity in the Central Bank and the banking sector.


3- Promoting financial inclusion.


4- Maintaining a sound financial system that guarantees the rights of its customers.


5- Developing the organizational structure and developing human resources capabilities in the central bank.


 6- Strengthening the position of the central bank locally and internationally.


7- Strengthening the compliance of the banking sector Non-banking institutions in line with international standards.


He added, “These strategic objectives have been defined as programs and policies to achieve the primary and subsidiary objectives and their most prominent initiatives in achieving the first strategic objective, which is the national lending strategy, which will restructure banking financing in Iraq and the initiative to leave the electronic platform and adopt correspondent banks in Iraq.”

External transfers and the objectives emphasize protecting the financial system, enhancing financial inclusion, managing monetary and financial stability, developing control and supervision, developing regulation in the banking sector, completing the development of the organizational structure in the central bank in accordance with the frameworks and techniques adopted in international central banks, raising the capabilities of human resources, developing banking operations, and strengthening bank relations. internal and external, and to represent him locally and internationally.”

 Al-Nusairi concluded, “By analyzing the mechanisms and action points to achieve the above goals, we note that the strategy identified the planning team, the implementation team, the implementation mechanisms, and responsibility. It also identified clear priorities for achieving reform.

Certainly, these priorities were diagnosed in light of the challenges facing the monetary policy and the banking sector, the implementation steps, and the results achieved by the strategy.”

The first is for the years 2016-2020 and the second strategy is for the years 2021-2023 and the stifling economic and financial challenges that Iraq has suffered over the past years.

Work through this strategy is to clearly identify opportunities to overcome the challenges for this and for the purpose of implementing the banking reform methodology according to what was stated in the strategy and according to an insight into the priorities and challenges that The Iraqi banking sector is suffering from it.

The Central Bank made exceptional efforts during this year and last year, completing the first phase of it and began implementing the second phase.

Many of the primary and secondary objectives were achieved, and it is trying to complete the achievement of all the objectives in the second half of 2024 and the years 2025 and 2026 of the plan that has been proven to have been prepared and planned. It has identified advanced steps on the path to systematic implementation of the desired financial and banking reform in Iraq.


LATEST FROM MNT GOAT, 29 JUNE

 


💥IRAQI DINAR NEW STORY & SUMMARY💥#iraqidinar #dinar #receivemiracles #ir...

"INTRODUCING THE LOWER NOTES!!!". BY FRANK26, 29 JUNE

 KTFA

FRANK26: "INTRODUCING THE LOWER NOTES!!!...F26

Modify instructions

June 27, 2024


 Cancellation of Paragraph ( 5 / d ) of the instructions and standards for circulation and replacement of banknotes, and the counting and sorting mechanisms.. For more click  here

 

TRANSLATION OF THE DOCUMENT: 

Republic of Iraq Central Bank of Iraq Banking Supervision Department, Licensing, Controls and Instructions Section Issue: 291/4/9 Date: 6/22/2024 All approved banks provide good greeting … In addition to our Circular No. (9/4/34) dated 1/15/2024, we would like to inform you of the cancellation of Paragraph (5/D) of the instructions and standards for circulation and replacement of banknotes, and the counting and sorting mechanisms that include collecting an amount of (250) dinars on the banks innovations for the counting operations. Sorting for each bundle will be done starting on 7/1/2024. with respect. Mr. Dr. Ammar Hamad Khalaf Deputy Governor Wakana 02/22/2024 CBI Head Office: Al-Rasheed St. Baghdad - Iraq Bank Center: Al-Rasheed Street - Baghdad - Iraq

https://cbi.iq/news/view/2608

"RV UPDATE" BY MARKZ, 29 JUNE

 Thurs. 27 June 2024 MarkZ

 The new Iraqi Dinar Rate was not in the Wed. Gazette, but they did fully expect their new rate in the month of June. The country cannot function too long with the ATMs loaded with the new gold-backed Dinar Note. Banking contacts say it will happen sometime between July 4-8,  while outsiders were saying July 12-13.

---

MarkZ   

[via PDK]  My Iraqi contacts say there was not a rate in the Gazette yesterday. They expected to see a rate posted there yesterday but there was not one according to 3 sources on the ground there. They still expect to see the rate in the month of June and we have a few days left.

--

Tues. 25 June 2024 MarkZ

I am getting inundated with bank contacts telling me to expect that things have already started …but coming to fruition in banks after the 4th of July. With a rollout in the days immediately following. I believe the 4th is on a Thursday this year… so I was told the roll out around the 6th and 7th. That is the rumor. Remember, we don’t know the timing. I am sure getting a heck of a lot from the banking side that things are now moving quickly and that is what they are preparing them for.

---

 I did hear from 3 or 4 military sources and Reno and the Treasury…rumors that are all over the place, some saying it’s happening right now, to no – its tomorrow…to Its already started, to all kinds of timing rumors in an concerted effort to cloud timing.  …I think it’s a good things to see them in panic mode trying to cloud timing.

 I am getting inundated with bank contacts telling me to expect that things have already started …but coming to fruition in banks after the 4th of July. With a rollout in the days immediately following. I believe the 4th is on a Thursday this year... so I was told the roll out around the 6th and 7th. That is the rumor. But remember we don’t know the timing…but, I am sure getting a heck of a lot from the banking side that things are now moving quickly and that is what they are preparing them for..

https://dinarevaluation.blogspot.com/2024/06/rv-update-by-markz-26-june.html

IRAQI DINAR 💥Vietnam's WTO Success | IRAQI DINAR NEWS TODAY 2024 | IRAQI...

"THE MONETARY REFORM IS BEING SIGNED INTO LAW", 29 JUNE

KTFA

FRANK26:"THE MONETARY REFORM IS BEING SIGNED INTO LAW"............F26

The President of the Republic approves a number of laws, including the 2024 budget schedules

6/27/2024

 

Baghdad - 

Today, Thursday, the President of the Republic, Abdul Latif Jamal Rashid, approved a number of laws, including the 2024 budget schedules.

The Presidency’s Media Department said in a statement - received by the Iraqi News Agency (INA): “The President of the Republic, Abdul Latif Jamal Rashid, ratified a number of draft laws, which are the schedules of the Federal General Budget Law for the year 2024, the first amendment to the Anti-Prostitution and Homosexuality Law, and the Law Extending the work of the Independent High Electoral Commission, and the first amendment law to the law regulating the rent of agricultural lands and granting ownership of the right to dispose of them for agricultural and veterinary graduates.”
The statement added, "The laws were sent after their approval by the President of the Republic for publication in the Iraqi newspaper Al-Waqae' to enter into force."
The Presidency of the Republic confirmed - according to the statement - that it is “moving forward in supporting legislation and laws that are in the interest of the country and citizens, by approving the laws approved by the House of Representatives, as well as by submitting draft laws by the Presidency of the Republic to the House of Representatives for the purpose of discussing and approving them.”

 

LINK

###############

President approves laws including budget schedules, combating prostitution and homosexuality

 

6/27/2024

President Abdul Latif Jamal Rashid approved a number of bills, the presidency announced in a statement on Thursday. The statement stated that the approved laws are: the tables of the Federal Budget Law of 2024, the first amendment of the Law on Combating Prostitution and homosexuality, the law of extension of the work of the Independent High Electoral Commission, and the law of the first amendment to the law regulating the rent of agricultural land and owning the right to dispose of it for agricultural and veterinary graduates. The statement added that the laws were sent after their ratification by the President of the Republic for publication in the Iraqi Fact Sheet to enter into force. The Presidency of the Republic stressed that it is moving forward in supporting legislation and laws that are in the interest of the country and citizens, by ratifying laws approved by the House of Representatives, as well as by submitting draft laws by the Presidency of the Republic to the House of Representatives for the purpose of discussing and approving them.

LINK