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DINAR REVALUATION REPORT : Al-Alak Signs Agreement with the International Finance Corporation on Banking Sustainability Roadmap IRAQ 2024, 24 SEPT

Al-Alak Signs Agreement with the International Finance Corporation on Banking Sustainability Roadmap IRAQ 2024

Overview

On September 23, 2024, a significant milestone was achieved in the Iraqi banking sector as Ali Al-Alak, the Governor of the Central Bank of Iraq (CBI), signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group [2]. This agreement aims to develop environmental and social risk management guidelines for the banking sector and launch a seven-year Sustainable Finance Roadmap [2]. The roadmap, covering the period from 2023 to 2029, is designed to enhance the performance of Iraqi banks in various areas, including environmental and social risk management, encourage the availability of sustainable banking products, and increase the competitiveness of the banking sector [2].

Objectives of the Agreement

The Sustainable Finance Roadmap and Environmental, Social, and Governance (ESG) Code, launched as part of this agreement, are crucial steps towards improving sustainable financing for the banking sector and strengthening Iraq's financial infrastructure [2]. The objectives include: Enhancing the performance of Iraqi banks in environmental and social risk management. Encouraging the availability of sustainable banking products. Increasing the competitiveness of the banking sector. Supporting financial stability. Reducing environmental and sustainable risks. Promoting social development [2].

Key Highlights

1. ESG Code Development: The new ESG Code sets specific standards and practices that Iraqi banks can integrate into their business strategies and investment decisions, paving the way for greater mitigation of ESG risks across the banking sector [2].
2. International Commitment: IFC's partnership with the CBI represents a significant milestone in Iraq's strategic approach towards sustainable finance, demonstrating IFC's commitment to strengthening the country's financial infrastructure and increasing the competitiveness of its banks [2].

Impact and Significance

The signing of this agreement and the launch of the Sustainable Finance Roadmap are significant for several reasons: Global Demand for Sustainable Finance: The global demand for sustainable financial products highlights the need for banks to consider ESG issues in their risk management framework to attract investments [2].Role of the Central Bank: As a Central Bank, the CBI plays a key role in sustaining the development, growth, and financial stability of Iraqi banks, ensuring their ESG performance matches international standards [2]. Sustainable Economic Pathways: The agreement is particularly important as Iraq faces challenges posed by climate change, requiring approximately $233 billion by 2040 to address the developmental gaps necessary for pursuing sustainable economic pathways [1].

Conclusion

The agreement between Al-Alak and the International Finance Corporation marks a pivotal moment for the Iraqi banking sector, setting a strategic course for sustainable finance and environmental, social, and governance standards. This collaboration not only aims to strengthen the banking sector's resilience and competitiveness but also supports Iraq's broader goals of financial stability and sustainable development in the face of environmental and social challenges.

New York.. Sudanese urges UNICEF to cooperate with the Iraqi private sector, 24 SEPT

 Shafaq News / Iraqi Prime Minister Mohammed Shia Al-Sudani urged UNICEF to cooperate with the Iraqi private sector.

His media office said in a statement received by Shafak News Agency that the Sudanese received yesterday evening, Sunday (Baghdad time), the Executive Director of the United Nations Children’s Fund / UNICEF, Catherine Russell, on the sidelines of his participation in New York in the meetings of the United Nations General Assembly at its 79th session.

The meeting witnessed a discussion on childhood issues and rights and international laws related to them, and the progress achieved by Iraq in this field.

The Prime Minister urged the international organization to cooperate with the Iraqi private sector in the field of education and higher education, stressing the readiness of Iraqi public and private universities to benefit maximum from cooperation with UNICEF in various available fields.

For her part, Russell expressed her appreciation for the meeting in order to open paths of work and a broader partnership between Iraq and the programs of the international organization, and expressed her welcome and readiness to meet the Sudanese invitation to visit Iraq, pointing out that the organization recorded important developments in the family and children in Iraq during the work of the current government.

https://shafaq.com/ar/سیاسة/نيويورك-السوداني-يحث-اليونيسيف-على-التعاون-مع-القطاع-الخاص-العراقي

DINAR GURUS HIGHLIGHTS, 24 SEPT

Summary of "Iraqi Dinar Guru News Highlights (9/23/24)"

HERE ARE various updates from Dinar Gurus are discussed regarding the Iraqi Dinar and recent developments surrounding its exchange rate.

Key Points:

1. Leadership Update: Ali Al Alak remains the acting director of the Central Bank of Iraq (CBI), despite submitting his resignation, as confirmed by a CBI contact.

2. Currency Goals: The focus is on eliminating black market corruption related to the dollar. Initial plans aim to set the Dinar at par with the official CBI exchange rate before any further adjustments.

3. Recent Articles: There were four articles in the news about removing zeros from currency, signaling that an exchange rate change could happen soon.

4. Budget Changes: Militia Man shared insights that important budget contents, which include Article 140 and the hydrocarbon law, necessitate a new official exchange rate.

5. Ground Reports: Frank 26 highlighted that there is a three-year budget in progress, emphasizing the need for a new exchange rate to support citizen purchasing power.

6. Exchange Process: It’s suggested that once the exchange of larger bills occurs, individuals will have a three-week window to convert to smaller denominations.

7. Banking Regulations: Fulu mentioned the importance of having uniform exchange rates across banks to comply with the law of One Price.

8. Supplemental Budget: Jeff pointed out that the actual operating budget is ready but requires amendments to include supplementary funding for development plans.

9. Public Sentiment: Frank noted that there's growing public discussion indicating negative views about changing the exchange rate, primarily driven by individuals aware of imminent changes.

10. Banking Growth: Al Alak reported a significant increase in the number of bank cards, totaling approximately 19.75 million, reflecting growth in banking activity.

This summary encapsulates the main discussions and highlights potential upcoming changes in Iraq's currency management and economic policies.

DINAR GURUS HIGHLIGHTS!!! @DINARREVALUATION

Al-Alak signs an agreement with the International Finance Corporation on {Banking Sustainability Roadmap}, 24 SEPT

 Al-Alak signs an agreement with the International Finance Corporation on {Banking Sustainability Roadmap}

 The Governor of the Central Bank, Ali Al-Alak, signed an agreement with the International Finance Corporation (IFC) on (Financial Sustainability Roadmap).

“We are addressing this day as an important and fundamental aspect in the development of the banking sector in Iraq, as the term environmental, social and governance standards and governance has witnessed turbulent growth since its launch for the first time in 2005,” Al-Alak said in a speech during the launch ceremony of the financial sustainability project and the manual for banking, indicating that “environmental aspects and response related to climate change are key factors driving the development of environmental, social and governance standards, in addition to the growing importance of other basic elements, especially social ones.”

He added, “If these standards are important for any economic entity or company, regardless of their activity, mission and products, their importance to the financial sector is a very important issue, as the social and environmental changes represent a significant impact on the reality of this sector and what is required to manage it according to regulatory, supervisory and technical rules that avert the risks to ensure the rights of shareholders and stakeholders in a framework of transparency, disclosure, and above all, contributing to achieving financial stability, which reflects the repercussions of the crises on the economic, social environment and general stability, as well as the environmental and social repercussions on stability.”

“We are pleased to announce a roadmap for the financial sustainability of the banking sector in Iraq for the years 2023 to 2029 and social and institutional standards,” he said, pointing out that “this project is part of the ongoing efforts of the Central Bank of Iraq to improve the banking sector based on international best practices as well as keep pace with developments in the banking industry.”

He stated that “with this announcement, the Central Bank of Iraq is the first in the region by applying this guide.”

Al-Alak praised “the role played by the international experts in the International Finance Corporation of the World Bank Group and their active contribution in preparing the road map for the financial sustainability of the banking sector in Iraq,” appreciating “the effective and continuous partnership and fruitful cooperation with the institution.”

He thanked “for the fruitful and distinguished efforts of the Central Bank team as well as for the support provided by the Kingdom of the Netherlands in this context to push towards helping Iraq implement these necessary important programs.”

https://alforatnews.iq/news/العلاق-يوقع-اتفاقية-مع-مؤسسة-التمويل-الدولية-بشأن-خارطة-طريق-الاستدامة-المصرفية-