Friday, August 2, 2024
Adviser To The Prime Minister: We Are Heading Towards Reforming The Government Banking Sector, 2 AUGUST
Economical 08/01/2024 Baghdad: the mainstay of the emirate The Financial Advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, stated that
reforming the banking system is one of the most prominent priorities of the government’s approach, because of its positive effects in all aspects of the economy, indicating that the
first steps of that reform began through the government banking sector,
which currently dominates more than Of 85 percent of the assets of the banking system, its
banking operations and activities account for approximately the same percentage of total deposits and credit.
Earlier, Prime Minister Muhammad Shiaa Al-Sudani chaired a special meeting to develop the work of government banks, and directed to resolve the procedures for developing the work of Rafidain Bank.
The Prime Minister's Media Office said that Al-Sudani was briefed during the meeting, which was attended by representatives of Ernst & Young for auditing and financial consulting, on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period that followed the signing of the contract with the company specialized in structuring and developing work in the banking sector.
It is noteworthy that the development plan of Rafidain Bank includes a comprehensive review and evaluation of the bank’s work, and the implementation of structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, in which advanced electronic programs and modern technology are adopted in all banking transactions, and the optimal use of human and technical resources, and the transition to... Automated work, which helps the bank’s ability to meet banking requirements Globalism. Counselor Saleh told “Al-Sabah”:
“the reform principles upon which the government program was founded and which the House of Representatives approved are based on On regular executive priorities, at the forefront of which is reforming the banking sector, as the Prime Minister’s vision was focused on economic reform through reforming the government banking sector, which currently dominates more than 85 percent of the assets of the banking system, and its banking operations and activities account for approximately the same percentage of total deposits and credit. "The banker."
Saleh pointed out that this beginning came because these banks are large and important, but
they are burdened with a legacy left by the conflicts of the past half century and their repercussions on the efficiency of this large banking system, whose capital base still constitutes only a low percentage that does not exceed 22 percent of the total capital of the banking system, indicating that
“In view of this banking dominance, which is burdened with inherited problems, our country suffers from limited growth in the activity of the banking market and its division between private banks, the number of which exceeds more than 50 banks, but
they are limited in their activity in deposits and credit, but
they do not have a unified and homogeneous competitive banking market with government banks, as they dominate
“Governmental banks are in great pain in their market shares and in their banking activity, and
they live in their activity on sovereign banking liquidity, as
they are banks of a purely rentier nature that deal with large government deposits that affect their liquidity.” The government advisor explained,
“In order to advance the Iraqi banking market, the
first reform steps have inevitably begun with government banks, especially major commercial banks such as Al-Rafidain Bank, and
based on the above, with the aim of making government banks operate in accordance with capital efficiency standards and lead financing and development activity in the country and with competitive foundations that provide Financial inclusion
At the same time, the study, which is being prepared by the international auditing and accounting firm Ernst Young, is based on the principle of creating a highly efficient government commercial banking sector that takes the lead with the rest of the banking market in financing market activity and with digital foundations and financial and accounting technologies in accordance with modern financial engineering. He pointed out that
this leads to the
birth of a government bank that
specializes in managing government banking operations exclusively and
is considered a cornerstone in organizing the treasury account and stabilizing government cash flow budgets, meaning that
it will at the same time be the public finance arm of the government banking organization. Saleh believes that
these steps can achieve the
goals that lead to “the birth of a homogeneous banking market that
operates according to competitive principles and can
integrate with the local and international financial and banking system with
high credit and banking efficiency required by the sustainable development goals and the
requirements of the availability of market institutions and their
integration between financing services on the one hand and real investment.” And production growth on the one hand Other. https://alsabaah.iq/100342-.html
RV UPDATE BY MIKE BARA, 2 AUGUST
MIKE BARA
UPDATE
Here is the situation as I understand it, Friday morning 8/2/2024. "They" are still processing German historic bonds. They are finding many fakes. They have a quota to meet for "real" authentic German bonds before they can move onto the Chinese (Dragon) bonds.
"They" (UST) expect that threshold to be reached sometime this weekend. Once "They" move to Dragon bond payouts, that's when the "bondholder" should receive his commission. That's when we're on, because my understanding is that is the "end" of Tier 3 and Tier 4a. None of this is connected to the revaluation of the Iraqi Dinar, which could still happen anytime. UST is said to want that to happen imminently.
The Cabal is broke and needs the influx of funds from Tier 4 to continue the war. But the reality is the war is all but over. I suggest you think of this terms of World War II. It's late 1944. The Battle of the Bulge (Trump assassination attempt) has just failed.
The Germans have been driven back to the Rhine, and it's only a matter of time before Patton gets across and finishes the job. TNT Tony's 48-hour window has passed. Let's see if he has any new or corroborating information on his call today. That's where we're at. At least as far as I can tell. — Mike
What Is The "ASYCUDA" System In Iraq And How Does It Serve The Iraqis? An International Report Detailing The Numbers , 2 AUGUST
Economy 2024-08-01 | 04:31 5,135 views Alsumaria News – Translation
The United Nations Trade and Development Organization (UNCTAD) confirmed that trade in Iraq - which was torn by war - has gained new activity as it continues efforts to revive the economy, while revealing the full details of the ASYCUDAWorld program specializing in customs.
The organization says in a report translated by Al-Sumaria News, that in October 2023, the Iraqi state launched ASYCUDAWorld - a pioneering customs automation program supported by the United Nations Trade and Development Organization (UNCTAD), to digitize customs clearance processes , reduce fraud risks, and facilitate cross-border trade.
According to the report, the program - which complies with international standards - aims to replace manual, paper-based customs clearance processes in Iraq, allowing traders to complete all necessary paperwork online to save time and cost.
The report adds that the business community has responded effectively to comply with the new procedures and regulations.
Since October 2023, more than 2,800 declarers have submitted approximately 65,600 declarations to customs through ASYCUDAWorld.
The program was run in the nine largest customs offices in Iraq, which together represent 81% of Iraq's international trade volume, according to the report.
These include customs operations located on the borders with neighboring countries such as Kuwait, Jordan and Saudi Arabia, as well as in the port of Umm Qasr leading to the Arabian Gulf.
According to the report, Iraqi Finance Minister Taif Sami praised the ASYCUDAWorld program for helping Iraq “achieve financial discipline, reduce errors, enhance the efficiency of government resources, and provide accurate information.”
*Long-term partnership with high-level political support
The report shows that an agreement to launch ASYCUDAWorld is planned for May 2021, as part of Iraq's partnership with the Automated System for Customs Data (ASYCUDA) program - the largest technical cooperation project managed by the United Nations Trade and Development Organization in more than 100 countries.
This cooperation enjoys the full support and strong commitment of the highest levels of the Iraqi government, including the Prime Minister’s Office, the Ministry of Finance , and the Director General of Customs, according to the report.
“The active participation of these and other government departments, including the General Authority of Customs, has been crucial in ensuring the success of the project so far,”
“ASYCUDA’s work in Iraq is ongoing, but even at this stage, we are already seeing an increase in trading volumes and a boost in government revenues,” says Siriman.
The Director General of Iraqi Customs, Hassan Hamoud Al-Aqili , adds:
“The ASYCUDA system unifies customs procedures at all crossings and ports and unifies the process of collecting fees.
It also provides accurate information to policy makers about imports and exports, control the movement of currencies, and the exchange of dollars between Iraq and other countries.” According to the report.
*Empowering national stakeholders to take the lead
ASYCUDA's work in Iraq brings together 6 staff from the United Nations Trade and Development Organization alongside a national project team including IT and customs experts.
In collaboration with the business team, the operation customized and installed the ASYCUDAWorld software prototype and adapted it to comply with Iraqi laws and regulations.
In addition, ASYCUDA staff trained the national team to use and maintain the system independently, including courses held in Baghdad and a field visit to customs offices in Jordan to learn from their experiences.
The Iraqi national team then in turn trained ASYCUDAWorld users in Iraq, helping key stakeholders such as logistics carriers, declarants and customs officers become familiar with the new system, according to the report.
According to the report, ASYCUDAWorld will be launched in Arar (which borders Saudi Arabia) and Trebil (which links Iraq to Jordan) and will largely be led by the Iraqi national team, with international ASYCUDA experts supporting remotely.
The Iraqi government seeks to implement the ASYCUDAWorld system in all customs locations across the country by mid-2025, according to the report, which confirms that after that, the focus will be on modernizing customs control and building an electronic “single window” for trade based on ASYCUDA technology.
This comprehensive platform, which links multiple government agencies involved in goods clearance, is expected to automate customs processes and enhance Iraq's logistical efficiency and trade competitiveness.
https://www.alsumaria.tv/news/economy/495884/ما-هو-نظام-الأسيكودا-في-العراق-وبماذا-يخدم-العراقيين؟-تقرير-دولي-يفصل
TIDBITS FROM GOLD TELEGRAPH, 2 AUGUST
Gold Telegraph
Throughout history, wars have often resulted in rapid devaluation and driven empires to bankruptcy.
It is as if the universe enacts retribution on those who commit violence, leading them to their own downfall.
Yes, I do believe in irony.
Gold Telegraph
@GoldTelegraph
Chinese yields hit record lows.
China’s central bank continues to warn of a potential sovereign bond bubble.This is going to get interesting.
Gold Telegraph
@GoldTelegraph
Since this post last week?
Nearly all of Japan’s stock gains for 2024 were wiped out in just three days.
There is a reason clowns are everywhere.
Gold Telegraph
@GoldTelegraph
Japan stocks plunge 5%.
What a performance.
These people are totally clueless.
-
Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...