KTFA Members "Sunday News" 9-15-19
Samson: The Central Bank holds a workshop in preparation for the classification of banks operating in Iraq internationally
15th September, 2019
As part of the efforts of the Central Bank of Iraq to develop the performance of banks and keep them in line with international standards, this bank held a workshop on the requirements of classification of banks operating in Iraq by international agencies
The workshop included assessment requirements from international rating agencies, most notably
-Challenges faced by banks to prepare evaluation within international standards.
- The positive impact of the evaluation with international banking relations and correspondent banks.
- The impact of evaluation in increasing the principle of transparency of shareholders and the application of corporate governance.
- Risk assessment of banks in neutral terms and its importance in correcting gaps and increasing future hedges.
It is noteworthy that the Board of Directors of the Central Bank of Iraq approved in its resolution No. (113) of 2019 to the adoption of international credit rating agencies for banks operating in Iraq and work from 2020
Central Bank of Iraq information Office 2019/9/15
Samson: Iran announces the participation of its companies in the 46th session of the Baghdad International Fair
15th September, 2019
Announced Iran's trade promotion organization, Sunday, he is scheduled to participate Iranian companies in the forty - sixth to be held in the Iraqi capital Baghdad early next November International Trade Fair.
Mehr news agency in the news of his translation / information / quoted that "the Iranian wing aims to strengthen the presence of Iranian companies in target markets, and the establishment of mutual relations with foreign companies to participate in exhibitions, and promote a successful and sustainable presence in the regional markets in the end."
He added that "Iranian companies It will showcase different types of products, including the food industry, textiles, detergents, cosmetics, ceramic ware, metal products, machinery and crafts. ”
The Baghdad International Fair, founded in 1968, is the largest international exhibition and annual promotion in Iraq. LINK
Samson: Parliamentary Commission reveals many problems in the Trade Bank Visa Card
The head of the parliamentary information and communications committee, Naim al-Aboudi, criticized the technical and technical problems in the "Visa Card" issued by the Iraqi Trade Bank.
Al-Aboudi said in a tweet on his Twitter account: "One of the advantages of developed countries offer banking transactions, but unfortunately is still a visa card issued by the Trade Bank of Iraq (TBI) where many technical and technical problems require accelerated treatment in order to contribute to the development of the banking sector in Iraq and rid it of Bank literacy virus". LINK
Pdids: THE WORDING ABOVE IS IN " PAST TENSE ", THEREFORE, IT LOOKS AS IF THE " VISA CARD " IS IN CIRCULATION......JUST NEEDS TO HAVE SOME KINKS WORKED OUT!
Samson: Kiki: Baghdad owes Kurdistan $ 9 billion in international loans
15th September, 2019
The Kurdish Democratic Party MP Bashar al-Kiki said on Sunday that Baghdad owes the Kurdistan Regional Government about $ 9 billion.
"There are dues to the federal government on the federal government, including the share of the territory deducted from the years 2014-2018, which is estimated at about $ 80 billion," Al-Kiki was quoted as saying about the Kurdistan government's financial dues due to the federal government. Haider al-Abadi not to deliver federal funds to the region only after the delivery of the latter's share of oil extracted in the region to Baghdad.
Al-Kiki added that "Baghdad owes the region about $ 9 billion as a result of the failure of Baghdad to cover the region by a percentage of international loans," pointing to "a practical and real dialogue between Baghdad and Erbil in order to settle the corresponding obligations, and the provincial government is serious in reaching a reassuring agreement for both sides, and within those The agreements make an adjustment in the structure of the Sumo Company (the North Federal Oil Company) in terms of making decisions and opening an account for the value of 250 thousand barrels according to the budget in the region.
Kiki also expressed "the willingness of the region to present its final accounts, provided that this is before the Parliament of the region exclusively." LINK
Don961: China and the financial sector
Sunday 15 September 2019
When it comes to economic development, depending on the existence of the elements to achieve this goal, the task requires priorities to be taken into account, in order to reach the desired integration in all parts of the local economy.
In any case, the construction process requires international contact with economies that are weighted around the globe, which is obvious among the world economies seeking mutual benefit for sustainability.
Today, we have a broader orientation towards the Chinese economy, although the trade cooperation between the two countries is not the result of the moment. Financial.
Indicators confirm that the volume of trade exchange with China touched 37 billion dollars, and adopt mechanisms dealing through regional banks, and here we must in fact have a banking system capable of managing this process, through the adoption of correspondent banks or the opening of branches of Chinese banks inside Iraq, as can The adoption of bilateral partnerships in the financial sector, the result of which banks are sober leading to the mutual benefit of the economies of the two countries.
The existence of a sound financial sector under the joint management of the owner of advanced financial technology is truly a cornerstone for the development of the national economy in all the details and puts the country in a position commensurate with its capabilities on the global list.
The partnership with China, which has an advanced economy and has an active presence in the region is important, taking into account the communication with major international economic companies, especially as the Iraqi labor market accommodates the efforts of major international companies, and can be a starting point for major international industries are established inside Iraq It will arrive in the West markets within five days.
Our economy is wide and we have to work according to these data and build with confidence and start from where the world ended. link
Don961: Central banks seek to save the global economy
Sunday 15 September 2019
Capitals / Agencies
Last week saw tough steps by the European Central Bank and others aimed at easing monetary policy in an effort to support the economy, but do they work?
The steps of the global central banks are to see some cuts in interest rates as Turkey did amid openness to further action, such as the quantitative easing programs once again as the ECB decided.
European Central Bank
The European Central Bank (ECB) cut interest rates on deposit facilities by 10 basis points to -0.5 percent, while keeping rates on major refinancing, refinancing and marginal lending at 0.00 percent and 0.25 percent respectively, according to the monetary policy statement.
ECB President Mario Draghi, who is preparing to step down next month, attributed the bank's decisions to three main factors: slowing economic growth, continuing downside risks in world trade and revising inflation expectations for a downturn.
Moreover, inflation in the euro zone, standing at 1 percent, is far from the central bank's target of just under 2 percent.
Looking at Turkey, the Turkish Central Bank has implemented a sharp rate cut with a 325bp cut, a move almost similar to its last meeting, bringing the total to 7.5% or 750bp.
The interest rate in Turkey is now 16.5 percent, after standing at 24 percent less than two months ago, which is in line with the desire and expectations of Erdogan.
Turkey's monetary policy decision coincides with the Middle East's largest economy avoiding a recession, slowing inflation to a 15-month low and inflation expectations are improving.
Similarly, Denmark's central bank has cut interest rates by 10 basis points to a record low of 0.75 percent, the same move Russia did a few days ago.
In the wake of the global financial crisis, central banks around the world have taken easing steps in their monetary policy to support the waning economy and stimulate economic growth, which has already been seen over the past few years.
But more than a decade after the crisis, amid strong signs that the global economy is slowing, will the central bank's cautious tone scenario succeed again? In other words, do steps to reduce interest and quantitative easing programs bear fruit ?.
Ella Barch, head of economics and market research at the Black Rock Institute, said there was an urgent need for unprecedented policies to deal with the downturn.
The reason for this is that monetary policy has already exhausted many of its instruments with global interest rates falling to zero or below.
No matter how many opinions analyze the effectiveness of repetition of the central bank response scenario, this question persists until the actual experience proves a clear and specific answer. link
Don961: Appearance of Mohammed Saleh: Iraq's financial situation is reassuring
Sunday 15 September 2019
Baghdad / morning
Certainly, the financial situation in Iraq is reassuring and the deficits that are talked about are hypothetical, and that financial sustainability is not threatened with the presence of reserves at the Central Bank of Iraq and the government estimated at $ 87 billion, as well as a surplus ranging between $ 13-12 billion and we in the last quarter From this year.
Financial Advisor to the Prime Minister d. The appearance of Mohammed Saleh said: "The deficits in the budget hypothetical, and that the financial situation of Iraq is reassuring and does not threaten financial sustainability and under control," pointing out that "Iraq in the fourth quarter of the year and there is a surplus liquidity between 13-12 billion dollars."
He added that "the public finances act according to priorities, and that the Ministry of Finance governs control of expenses, and recognizes the important thing that must be spent," stressing that in the "2018 budget there was a surplus of 20 trillion dinars, and thus a large opening balance"
He pointed out that "the fiscal deficit that is being talked about is hypothetical and not realistic, as ministries provide many requirements are taken important and required and determines the importance of disbursement according to the financial situation," pointing to the "rationalization of spending and this comes from the imperative to control liquidity."
He explained that "when preparing the budget requests are very large, so the figures appear large, but at the same time not all requests are taken, but are adopted important things that do not strain the country and maintain financial sustainability."
Saleh said: "The abundance of strategic crop production and cover local demand and the federal budget provided the amount of 10 trillion dinars were allocated to import from global markets, and will rotate these funds Within the joints of the national economy to activate the joint. "
He explained that "the reserve of the central bank along with the reserve of the government amounted to 87 billion dollars, and this is very positive gives a great resilience to the state in the most difficult circumstances."
Saleh pointed to the "need to encourage the private sector to take its right role in the management of the economy, and provide tools to activate it in a way that serves all sectors, and praised the mobility witnessed in the housing sector and its impact on the movement of the local labor market," pointing out that "the provision of funding for the private sector makes it able To activate a lot of sectors. "
In a press statement, MP Eng. Mohammed Sheaa Al-Sudani stressed the need to focus on legislating laws that support the non-rentier state and increase the economic activity by activating the industrial, agricultural, commercial and tourist sectors. Not to rely on the rentier economy in light of fluctuating oil prices and the possibility of the emergence of alternative sources
Al-Sudani pointed out to the importance of activating the supervisory role of the audit and internal control departments, the bodies of the Financial Supervision Bureau and the concerned departments in the ministries to prevent the risk of corruption spreading in many parts of the economy. link