Wednesday, August 7, 2024
The adviser to the Association of Banks calls for the implementation of the Prime Minister’s decisions in supporting private banks and lifting US restrictions on them, 7 AUGUST
The economy news _ Baghdad
The advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, called for the implementation of the seven resolutions issued on 2024/4/4 in implementation of the directive of Prime Minister Mohammed Shiaa Al-Sudani and the private to support our private banks, which confirm the government’s vision in its government’s platform in financial and banking reform.
As well as activating and accelerating the implementation of the agreements that were concluded in the rounds of negotiations between the Central Bank and the US Treasury in Washington and Baghdad to remove the US restrictions from the use of the US dollar because the continuation of the current situation harms our national economy.
Al-Nusairi explained that the decisions of the Prime Minister supporting private banks dew the executive procedures for the comprehensive reform of the banking sector, which forms the basis and the real beginning of the completed economic reform. These decisions included:
1- Preventing monopoly in banking services.
2- Activating the financing initiatives of the Central Bank.
3- Increasing cooperation between private banks and the Central Bank in discussing decision-making related to supporting and developing banking work.
4- Determining the contribution of foreign capital in Iraqi banks.
5- Participation of government institutions and financing funds with private banks and expanding by opening branches for them in other countries.
6- Supporting the government and the Central Bank of private banks in foreign institutions and banks.
7- Increasing reliance on private banks by the Iraqi state and activating the deposit of government deposits and the deposits of government banks with private banks.
Al-Nusairi stressed that the implementation of the decisions, which came as a result of an in-depth study of the Ministerial Council for the Economy and in the presence of the Central Bank of Iraq, the challenges facing private banks, especially after 28 private banks were exposed to the restrictions of the US Treasury by stopping their dealing in US dollars in foreign transfers, are practical applications to motivate private banks to develop their internal and external banking operations, which contributes to economic reform.
He pointed out the importance of the Central Bank accelerating procedures to rehabilitate and structure these banks, as well as the necessity of the international audit company to complete its agreed work in order to lift the limits and restrictions imposed.
He pointed out that this file is certainly the focus of the concerns of the government, the Central Bank, the Association of Iraqi Private Banks and the banking sector in general, hoping that efforts will succeed in finding new balanced relations with the American side in the field of regulating and developing clear foundations for the parties in banking relations in accordance with compliance with international standards.
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Added 2024/08/06 – 9:48 AM
https://economy-news.net/content.php?id=45956
"Hold on to your Zim-Notes" BY ARIEL, 7 AUGUST
As I have told you all before. Hold on to your Zim-Notes. The return value will be insurmountable.
Because what is the basis for nations who want to join the BRICS? They all must have a national currency. GOLD TELEGRAPH
BREAKING NEWS
ZIMBABWE'S CABINET HAS APPROVED A ROADMAP TO REPLACE THE US DOLLAR WITH ITS GOLD-BACKED CURRENCY FOR TRANSACTIONS
Interesting 
Many thought this was impossible.
IMPORTANT IRAQ NEWS: PARLIAMENT RETURNS THE OIL AND GAS LAW TO THE GOVERNMENT: IT MUST ADD PARAGRAPHS THAT KEEP PACE WITH GLOBAL DEVELOPMENTS BY MNT GOAT, 7 AUGUST
PARLIAMENT RETURNS THE OIL AND GAS LAW TO THE GOVERNMENT: IT MUST ADD PARAGRAPHS THAT KEEP PACE WITH GLOBAL DEVELOPMENTS
The Parliamentary Oil and Gas Committee has returned the draft oil and gas law to the government and is awaiting its return to the House of Representatives, after amending paragraphs in it and reaching political consensus on it.
Committee member, Dhurgham Al-Maliki, said in a press statement that “the oil and gas law is currently outside the halls of the House of Representatives after it was returned to the government,” noting that “the committee is studying the law in detail to achieve the political agreement.”
He explained that “the government must work on amending and adding new paragraphs to the law that keep pace with the tremendous development in the global oil field and then send it to the House of Representatives,” explaining that “political differences still exist and that is why it was not voted on.”
(WOW! This is excellent news. This article shows us the Oil and Gas Law is actually farther ahead than the news has been telling us. It actually did reach parliament and the readings were conducted so far. Will they vote on it and pass it once these changes are made and it returns to parliament? Can they get a political consensus finally after 19 years of stalling?)
I don’t believe this for one second! BY MNT GOAT, 7 august
AN ECONOMIST LIKELY TO EASE THE SANCTIONS IMPOSED ON IRAQI BANKS
Today, Friday, economic affairs researcher Safwan Qusay suggested easing the sanctions imposed on Iraqi banks and making them financial only.
Qusay told Al Mada, “The Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn how to comply with international requirements.”
He added, “Everyone is keen on the process of stopping the use of Iraqi banks for the purpose of money laundering. The private Iraqi banks are not the owners of corrupt money, but rather there are those who acquire the Iraqi dinar illegally and are trying to use the banks for the purpose of money laundering and smuggling hard currency.”
Qusay continued, “As for the restricted banks, they will be rehabilitated through merger, mitigation of these penalties, or making them financial penalties during the coming periods.”
(I don’t believe this for one second…..! ☹)
