Iraq Economic News and Points To Ponder Sunday Afternoon 6-23-24
Iraq Economic News and Points To Ponder Sunday Afternoon 6-23-24
Advisor To The Association Of Banks: The Central Bank's Third Strategy Is A New Methodology For Financial And Banking Reform
Economy News – Baghdad Mecca – Exclusive Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed that the Central Bank's third strategy has drawn up a road map and programs with clear goals and initiatives for a period of three years in a special, complex, and risk-filled economic and financial situation.
Al-Nusairi said, in an interview from Makkah Al-Mukarramah, exclusively for “Al-Iqtisad News,” that “the Central Bank’s third strategy for the years (2024-2026), which derived its main and subsidiary objectives from the general economic policies of the state and its strategy for financial and banking reform that the government adopted in the government curriculum and from Central Bank Law No. 56 of 2004, and the new strategy has drawn up a road map and programs with clear objectives and initiatives for a period of three years in a special and complex economic and financial circumstance full of risks and challenges at the level of internal and external economic and financial relations.”
He pointed out, “What concerns us as specialists in economic, financial, and banking affairs is what are the new mechanisms and policies that the Central Bank has adopted in its monetary policy and banking reform? According to the approach of the fundamental change desired for the national economy, in which the banking sector constitutes the first and basic link and the implementer of monetary policy applications.”
Al-Nusairi explained that “the Central Bank’s third strategy set the basic goals at 7 goals, the sub-goals at 80 goals, and 75 initiatives to achieve the basic and subsidiary goals and charted the way for banking and financial reform in accordance with the following strategic goals: -
1- Supporting and enhancing monetary stability.
2- Promoting digital transformation and activating electronic payment.” Strengthening cybersecurity in the Central Bank and the banking sector.
3- Promoting financial inclusion.
4- Maintaining a sound financial system that guarantees the rights of its customers.
5- Developing the organizational structure and developing human resources capabilities in the central bank.
6- Strengthening the position of the central bank locally and internationally.
7- Strengthening the compliance of the banking sector Non-banking institutions in line with international standards.
He added, “These strategic objectives have been defined as programs and policies to achieve the primary and subsidiary objectives and their most prominent initiatives in achieving the first strategic objective, which is the national lending strategy, which will restructure banking financing in Iraq and the initiative to leave the electronic platform and adopt correspondent banks in Iraq.”
External transfers and the goals emphasize protecting the financial system, enhancing financial inclusion, managing monetary and financial stability, developing control and supervision, developing regulation in the banking sector, completing the development of the organizational structure in the central bank in accordance with the frameworks and techniques adopted in international central banks, raising the capabilities of human resources, developing banking operations, and enhancing bank relations. internal and external, and to represent him locally and internationally.”
Al-Nusairi concluded, “By analyzing the mechanisms and action points to achieve the above goals, we note that the strategy identified the planning team, the implementation team, the implementation mechanisms, and responsibility. It also identified clear priorities for achieving reform. Certainly, these priorities were diagnosed in light of the challenges facing the monetary policy and the banking sector, the implementation steps, and the results achieved by the strategy.”
The first is for the years 2016-2020 and the second strategy is for the years 2021-2023 and the stifling economic and financial challenges that Iraq has suffered over the past years.
Work through this strategy is to clearly identify opportunities to overcome the challenges for this and for the purpose of implementing the banking reform methodology according to what was stated in the strategy and according to an insight into the priorities and challenges that The Iraqi banking sector is suffering from it.
The Central Bank made exceptional efforts during this year and last year, completing the first phase of it and began implementing the second phase.
Many of the primary and secondary objectives were achieved, and it is trying to complete the achievement of all the objectives in the second half of 2024 and the years 2025 and 2026 of the plan that has been proven to have been prepared and planned. It has identified advanced steps on the path to systematic implementation of the desired financial and banking reform in Iraq.
283 views 06/23/2024 - https://economy-news.net/content.php?id=44513
The World Bank Predicts Iraq's Economic Future In 2026
Economy | 12:19 - 06/23/2024 Baghdad - Mawazine News The World Bank expected, today, Sunday, that Iraq will achieve economic growth of more than 5% in the year 2026.
The bank stated in a report followed by Mawazine News, that “Iraq’s economic growth for the year 2022 reached 7.6%, and in 2023 it decreased.” To reach - 2.9%.
He expected Iraq's economic growth to decline in 2024 to reach 0.3%, to achieve growth in 2025 of up to 3.8%, and to achieve growth in 2026 of up to 5.3%.
The bank's report indicated that "oil exporting countries from outside the Gulf Cooperation Council will help the expected recovery in the oil sector in 2025 boost growth in Iraq and Algeria." https://www.mawazin.net/Details.aspx?jimare=250086
Iraq's Oil Exports To America Declined Last Week
Sunday 23, June 2024 10:44 | Economical Number of readings: 238 Baghdad / NINA / Iraq's oil exports to the United States recorded a decline during the past week.
The US Energy Information Administration stated in a report, “The average US imports of crude oil during the past week from 8 major countries amounted to 6,028 million barrels per day, down by 21 thousand barrels per day from the previous week, which amounted to 6,120 million barrels per day.”
She added, "Iraq's oil exports to America amounted to 164,000 barrels per day last week, down by 64,000 barrels per day from the previous week, which amounted to 228,000 barrels per day."
She continued, "Most of America's oil revenues during the past week came from Canada, followed by Mexico, then Saudi Arabia and Colombia, while American imports of crude oil continued, from Brazil, Ecuador and Nigeria, and it did not import any quantity from Libya."/End 11 https://ninanews.com/Website/News/Details?key=1133630
Find Out The Exchange Rate Of The Dollar In Local Markets
Economy | 10:59 - 06/23/2024 Baghdad - Mawazine News The exchange rates of the dollar against the dinar recorded a slight increase today, Sunday, on the main stock exchange in the capital, Baghdad.
The price of the dollar in the Kifah and Al-Harithiya stock exchanges recorded 146,850 dinars for every 100 dollars.
Prices in the exchange shops in the local markets in Baghdad also recorded an increase, as the selling price reached 147,750 dinars, while the purchase price reached 145,750 dinars for every 100 dollars.https://www.mawazin.net/Details.aspx?jimare=250079
Currency Auction: Central Bank Sells $273 Million
Economy | 06/23/2024 Baghdad - Mawazine News The Central Bank revealed, on Sunday, its hard currency sales for today, confirming that they amounted to more than 273 million dollars in the currency auction.
In its auction today, the bank sold 273 million, 244 thousand and 330 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for external transfers.
According to the bank’s data, the total internal cash withdrawals amounted to $22,970,000, while the total amounts of transfers abroad, which include transfers and credits, amounted to $250,274,330. https://www.mawazin.net/Details.aspx?jimare=250106
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Provoking Thoughts and Points To Ponder On Adversity:
The virtue of prosperity is temperance; the virtue of adversity is fortitude, which in morals is the heroical virtue. - Francis Bacon
The keenest sorrow is to recognize ourselves as the sole cause of all our adversities. - Sophocles
No untroubled day has ever dawned for me. - Seneca
You can't have more bugs than a blanketful. - Spanish proverb
Even in the deepest sinking there is the hidden purpose of an ultimate rising. Thus it is for all men, from none is the source of light withheld unless he himself withdraws from it. Therefore the most important thing is not to despair. - Hasidic saying
http://famousquotesandauthors.com/topics/adversity_quotes.html