Frank26 and Eddie's Report "Incoming" Thursday 10-14-2021

KTFA:

The Second Central Bank Strategy (2021‐2023) An Approach to Monetary and Financial Reform

13th October, 2021 by Samir Al-Nusairi

The Central Bank of Iraq launched its second strategy for the years (2021-2023) in conjunction with the economic and financial reform strategy adopted by the government in the white paper. The new strategy has drawn a roadmap with clear objectives and policies for the next three years in a special, complex and risky economic and financial situation

And the challenges at the level of internal and external economic and financial relations. What concerns us as specialists in economic, financial and banking affairs is what are the new mechanisms and policies adopted by the Central Bank in monetary policy and banking reform in accordance with the approach of fundamental change desired for the national economy contained in the white paper and the second strategy, which constitutes the banking sector The first and basic in the economy and the implementer of monetary policy applications

The strategy of the Central Bank set the main objectives at 15 objectives and the subsidiary objectives by 75 objectives and charted the way for banking reform in accordance with the following strategic objectives

1- Supporting and achieving monetary and financial stability

 2- Enhancing and strengthening the banking sector and financial institutions

3- Enhancing digital transformation in the central bank and the banking sector

4- Developing the organizational structure and human resources of the Central Bank

5- Activating and integrating the internal and external relations of the Central Bank

Since these strategic goals have been set for a period of three years to achieve the main and subsidiary goals, which emphasize the protection of the financial system, the strengthening of financial inclusion, the management of monetary and financial stability, the development of control and supervision, the development of regulation in the banking sector, and the completion of the development of the monetary structure in the Central Bank and its branches in accordance with work frameworks and techniques authorized in central banks, developing human resources, developing banking operations, strengthening the bank's internal and external relations, and representing it locally and internationally. 

By analyzing the mechanisms and points of action to achieve the above goals, we note that the strategy identified the planning team, the implementation team, the implementation mechanisms and responsibility, as well as clear priorities for achieving reform. Certainly, these priorities were diagnosed in light of the challenges they face

Monetary policy and the banking sector due to the suffocating economic and financial crisis that Iraq has suffered for subjective and objective reasons, which can be diagnosed as follows

* Work to achieve the objectives of monetary policy, the most important of which is the stability of the exchange rate, the preservation of the purchasing power of the Iraqi dinar, the inflation rate, and the building of a foreign cash reserve

* Work to restore the confidence of citizens and customers in the Iraqi banking sector

* Work to increase the percentage of savings for the monetary mass in circulation in banks to the percentage of hoarding outside banks, where the percentage of savings in the banking sector does not exceed 20%, and the percentage of hoarding is up to 80%. Increasing the percentage of financial inclusion and the delivery of banking services to the widest spread of geographical area at the level of governorates and districts aspects and the increase in banking density in this direction

* The need to complete the structural and technical foundations of proactive control

* Activate and reconsider the development of work mechanisms in the Deposit Insurance Company

 * Reconsidering the laws of the legislative environment that regulate banking work

* Reviewing and evaluating the results of banks' business and re-classifying them by accredited international companies. And to identify weak banks that need the intervention of the Central Bank of Iraq to rehabilitate them, restore their activity and protect them from bankruptcy

* Demanding government support in accordance with previous decisions and instructions issued by the Council of Ministers, the Economic Affairs Committee and the Ministerial Council for Economy

* Strengthening and activating the central bank's lending and financing initiatives for small, medium, housing and large projects, in a way that contributes to stimulating the economy, revitalizing the economic cycle and diversifying the resources of the public budget

* Developing the organizational, technical, and administrative structure of the Central Bank of Iraq and government and private banks, while emphasizing the principles of governance and determining the owners’ intervention in the banks’ executive departments

Therefore, and for the purpose of applying the banking reform approach, according to what was stated in the strategy, according to an insight into the priorities and challenges that the Iraqi banking sector suffers from, the Central Bank made exceptional efforts during this year 2021, and many goals were achieved from the main and subsidiary goals, and it is trying to complete the achievement of all goals in 2023, which is the last year of the strategy

Therefore, the strategy of the Central Bank has proven that it established, planned and identified advanced steps on the road to the systematic application of the desired banking reform  LINK

Frank26:   FROM EDDIE......

INCOMING:

Eddie:  Tv today showed CBI rep saying they now are in the second phase of strategy for economic and financial reforms in accordance with the white papers for years 2021 to 2023

They went on to talk about all the parts the CBI banks are and will do for the white papers then after that showed that this new parliament will have the most women seated ever as a record 97 women will be part of the 329 member parliament….

Kazemi on tv saying there are no losers but all winners from the elections and their will be no deviation from the legal elections and Iraq will not stand for any injustice and results are final and all are winners the Iranian back party that lost is trying cause a lot of issues but are not because sadr bloc took their seats !.....

 Wow mr frank Sadr back on tv saying the peoples oil is for the people and we will improve the dinar to be in the ranks of the international currencies gradually and activate the role of clams to support the stability of Iraq this in his interview he saying this again….

 Look look mr frank Saying Iraq’s people should be rich it’s in their constitution that the oil money belongs partly with the citizens it’s their right to have shares of the oil revenues….

 This Friday the CBI and finance minister and Kazemi all are scheduled for meetings at the main office of Kazemi this being expressed on the news and what this could be about…..

Frank26:  Eddie remember what I told you about Friday….

Eddie:  Yes sir we do also Tv saying the white papers reforms are being pushed and now we see the government activating what is needed to comply…..

Frank26:  Eddie Improve your currency to international levels …no kidding… and he says that Iraqi citizens are about to be rich… no kidding …Like we need to hear it from him lol but you will soon hear it from Kazemi and the governor of your CBI ….by the way look at the auctions today they are at a phenomenally low level for a phenomenal reason……

Eddie:  He did it again Mr. Frank look He said rv saying from finance minister Iraq needs to adjust dollar exchange rate as the price of oil exceeds 80 a barrel…..

 Hey He say lower lower exchange rate so that means dinar go up….

 Frank26:  smile……… I know….END…..FRANK26