Iraq Economic News and Points To Ponder Late Sunday Evening 5-26-24
Iraq Economic News and Points To Ponder Late Sunday Evening 5-26-24
The Central Bank Of Iraq "Denies" Issuing A Currency In The Category Of (100) Thousand Dinars
May 26, 2024 The Central Bank of Iraq denies issuing a new currency in the denomination of (100) thousand dinars, indicating that the image of the new currency circulated on social networking sites is a “fake” image bearing the image of the late Iraqi architect Zaha Hadid.
The bank called on citizens to be careful and not deal with it if some offer it for the purpose of fraud.
The Central Bank confirms that there are no intentions to print a new currency at the present time, stressing that it will take legal measures against violators and promoters of this counterfeit currency.
Central Bank of Iraq information Office 26 - May – 2024 https://cbi.iq/news/view/2591
The Center For Banking Studies Concludes A Course To Prepare Leaders For The Banking Sector
May 26, 2024 Today, Thursday, the Banking Studies Center at the Central Bank of Iraq concluded a training course entitled (Preparing Leaders in the Banking Sector), which was held at the Professional Counselor and Trainer Center in the capital, Baghdad, for the period from 5/19-23/2024, with the participation of a number of employees working in the banking sector..
It covered the detailed objectives of the training course program, which was lectured by the expert trainer, Dr. Tawfiq Abdel Ghani, consolidating the
concept and principles of governance,
its concepts and importance, the
ability to employ and evaluate it, a
deep understanding of plans and priorities, and the
ability to direct various resources and
deal with the challenges facing implementation.
At the conclusion of the course, certificates of appreciation were distributed, which witnessed great interaction from the participants throughout its days.
It is noteworthy that the Center for Banking Studies at the Central Bank of Iraq provided many training courses in various banking fields during the current year, which comes within the center’s annual plan to develop cadres working in the Iraqi banking sector.
Central Bank of Iraq information Office May 26, 2024 https://cbi.iq/news/view/2590
Specialists: Iraq Is Committed To Applying Anti-Money Laundering Standards
Posted On05-26-2024 By Sotaliraq 05/26/2024 Economic circles specialized in financial affairs welcomed what was stated in the mutual evaluation report of the Republic of Iraq, regarding Iraq’s role in combating money laundering and the financing of terrorism, and that strengthening the financial performance in Iraq represents an important step in harmony with the government’s directions aimed at attracting major investments. To the country, which requires a developed and ideal financial sector that ensures money flows in the right direction.
In its general meeting held in the Kingdom of Bahrain, the Middle East and North Africa Financial Action Task Force (MENAFATF) adopted the mutual assessment report for the Republic of Iraq, which reflects its great commitment to applying international standards to combat money laundering and terrorist financing.
The report reflects the solid system in Iraq to combat money laundering and terrorist financing. Terrorism, and the important efforts undertaken by the state to combat these crimes in accordance with international standards in this regard.
Executive Director of the Iraqi Banks Association, Ali Tariq, said: This evaluation did not come out of nowhere, but was preceded by great work and concerted efforts to adopt global performance standards that continued for years, and the Central Bank had the most important role in this matter, by working to invest risks and laying solid foundations. To combat money laundering and terrorist financing.
Tariq added that regulating the financial sector in Iraq represents the goal of everyone, in order to create a banking system capable of providing services that rise to global standards, and reflect a positive image of Iraq’s financial reality in front of the major international banks, pointing out that Iraq is in dire need of developing its performance, as we have A large, broad and growing business, and this requires the presence of a highly organized financial sector.
He pointed out that training human resources and involving them in specialized courses in the field of money laundering and combating terrorism has created Iraqi expertise that has weight within the banking system, and today it is comparable to international expertise in this important detail.
He pointed out that Iraq's presence within the international financial system represents an inevitable necessity and a goal that has begun to be achieved gradually, and with the development of our financial performance, which has become the goal of many banks, as they have included in their development plans the adoption of the best financial work systems that safeguard the performance of our banking system.
The Governor of the Central Bank, Ali Al-Alaq, said in a press statement regarding the Middle East and North Africa Financial Action Task Force (MENAFATF), that the report focuses on understanding the risks of money laundering and terrorist financing, and the effectiveness of implementing measures to combat these crimes, including international cooperation, confiscation of criminal proceeds, and procedures for combating these crimes. Investigation and prosecution.
On this occasion, he thanked Mr. Prime Minister Muhammad Shiaa Al-Sudani and Mr. President of the Judicial Council for the support they provided for the evaluation process, as well as to the members of the Anti-Money Laundering and Combating the Financing of Terrorism Council, the Anti-Money Laundering and Combating the Financing of Terrorism Office, and all judicial and governmental bodies and Central Bank formations that contributed and worked.
Over the past two years, we have provided evaluation requirements in a way that reflects the real reality of effective judicial and government procedures in developing the system to combat money laundering and terrorist financing.
Financial affairs specialist Raghad Nabil Al-Alusi said: The adoption of international standards has begun to reflect a positive image of the local financial sector, which has begun to adopt advanced systems in its daily performance and in providing services to customers, pointing out that when the evaluation comes internationally, this is an indication that Iraq is on the right path. The right thing to do is to strengthen its financial sector and move to a new stage that is compatible with global trends.
She stated that the global effort that wants to enter the Iraqi market is interested in such reports that change the view of international companies about Iraq and its financial sector, and such reports represent the presence of serious Iraqi work to develop the financial sector, and we see the presence of a great effort being made by the Central Bank under the guidance of Prime Minister Muhammad Shia Al-Sudani to improve the performance of the Iraqi financial sector. LINK
Increase In Sales Of The Iraqi Central Bank At The Dollar Auction
Time: 05/26/2024 13:58:24 Read: 676 times {Economic: Al-Furat News} Sales of the Central Bank of Iraq increased today, Sunday, compared to sales last Thursday, which during its auction for buying and selling US dollars amounted to 277 million.
Today, during its auction for buying and selling the US dollar, the Central Bank sold 281 million, 212 thousand and 839 dollars, which the bank covered at a base exchange rate of 1,310 dinars, for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,305 dinars per dollar in cash.
Most of the bank’s dollar sales went to strengthening balances abroad in the form of (transfers, credits) which amounted to 256 million 72 thousand and 839 dollars, an increase of 90% over cash sales amounting to 25 million 140 thousand dollars. LINK
Al-Sudani To Plasschaert: The Request To End The Work Of The UNAMI Mission Comes Based On Political Stability In Iraq
Political | 11:41 - 05/26/2024 Today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani stressed to the Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine-Plasschaert, that the request to end the work of the UNAMI mission comes based on political stability in Iraq.
The Prime Minister's Media Office stated in a statement received by Mawazine News, "Al-Sudani received Plasschaert on the occasion of the end of her work duties, and during the meeting, he expressed the government's appreciation to Plasschaert for her efforts throughout her work in Iraq."
Al-Sudani stated, “The request to end the work of the UNAMI mission comes based on the political and security stability that Iraq is witnessing, and the progress it has achieved in several areas,” noting that “the Iraqi government continues to cooperate with international agencies affiliated with the United Nations, in accordance with the government program.” And its development goals at all levels and fields, especially with the progress achieved in the areas of economic reform and infrastructure reconstruction, and the growing capabilities of our various types of armed forces.”
For her part, Plasschaert renewed her praise for the important steps and promising initiatives presented by Iraq during the last eighteen months, especially in the areas of service provision, infrastructure reconstruction, investment, plans to mitigate environmental impacts, and reduce dependence on imported fuel. https://www.mawazin.net/Details.aspx?jimare=248651
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Provoking Thoughts and Points to Ponder on Money
The man who invented slow-motion movies got his idea while watching a Scotsman reach for a check in a restaurant. - Anonymous
When asked to borrow money: "I'll see what my lawyer says. . . . And if he says yes, I'll get another lawyer." - W. C. Fields
Money won't buy happiness, but it will pay the salaries of a large research staff to study the problem. - Bill Vaughan
By the time a man is rich enough to sleep late, he's too old to enjoy it. - Anonymous
Money can't buy you happiness, but it does bring you a more pleasant form of misery. - Spike Milligan
http://www.famousquotesandauthors.com/topics/money_quotes.html