More Iraqi News Late Tuesday PM 10-5-21
More Iraqi News Late Tuesday PM 10-5-21
TLM724 Administrator BondLady’s Corner
The Death Of A Beggar With A Balance Of 400 Million Dinars
There are no accurate statistics about the number of beggars in Iraq
Money and business Economy News – Baghdad On Monday, an informed source reported the death of a beggar with a bank balance of 400 million dinars.
The source, who preferred not to be named, said in an interview with "Al-Iqtisad News", that "the beggar was moving between the densely populated areas of the capital and its markets crowded with shoppers."
He added that "she has been married to an Egyptian citizen since the eighties of the last century and had 8 children from him," noting that "her husband's share of the wealth amounted to 100 million dinars, according to the legal qassam."
The source added, "The beggar was claiming that her son, who resides abroad, is the source of her wealth, as he sends her money from time to time."
He stressed that "the bank handed over the balance of the beggar to the legal heirs after they proved it with official papers, and one son received 28 million dinars, while one girl received 14 million dinars."
He pointed out that "most banks in Iraq include in their records very large bank accounts belonging to beggars, which is normal because banks work with everyone equally."
There are no accurate statistics about the number of beggars in Iraq, except for statistics published by some civil society organizations, which cannot be officially adopted.
The phenomenon of beggary is prevalent among both groups of women and children in Iraq, which prompted the government to prepare a draft general law for "child protection", in cooperation with the Commission for Human Rights and UNICEF, and referred it to Parliament for discussion and legislation before its implementation, as the government pledged that the law would be the final solution to this phenomenon. Views 1125 Date Added 10/04/2021 https://economy-news.net/content.php?id=26500
Banking Reform And Fiscal Stimulus
Tuesday 05 October 2021 216 Samir Al-Nusairi Several months ago, the government issued the white paper, which is the roadmap for the desired macroeconomic reform for the coming years. The white paper, on pages 56 and 57, identified the main objectives of banking sector reform in the medium and long term, between 3-5 years. In fact, it is an accurate diagnosis of the problems that have already been diagnosed by the Central Bank and the World Bank.
It has already developed urgent and strategic solutions and mechanisms for it, as is evident in the Central Bank’s strategy (2016-2020) and strategic banking projects for the years (2019-2023).
The paper focused on the basic objectives of private banking reform.
In turn, we identify proposals for a number of urgent measures and solutions for banking reform Come:
First - take decisions on financial policy to restore balance between government banks and private banks in terms of capital, activity and tasks, and focus on starting to restructure the Rafidain and Rasheed Banks, according to what was stated in agreement with the World Bank since several years.
Second, through an analytical view of the reality of the Iraqi economy and the challenges facing the fiscal and monetary policies, in particular stimulating and revitalizing the economy with bank financing requires clarity of financial policies and coordination with monetary policy in stimulating Economy.
Third - Take immediate measures to redistribute the banking density of private banks in proportion to the actual need of the Iraqi economy and towards stopping the granting of new licenses to establish new banks and start rehabilitating troubled banks, and studying the economic feasibility of continuing to work or merging them according to the merger guide issued by the Central Bank in 2019.
Fourth - that the nature of the activities of banks depends on the nature of the activities of other economic sectors, and as long as the economic activity is concentrated in trade (imports), the activity of banks remains focused on external transfer, and this means that the problem of the currency window is not in the supply of the dollar from the central bank, but rather the reason is the demand for the dollar ..
Therefore, unless other sectors (industry, agriculture, tourism and others) move, we do not expect diversification of banking activity.
Fifthly, it is necessary to provide a legal environment and extend the rule of law in order to eliminate the phenomenon of default in the payment of loans, as the non-performing debts amounted to (5 trillion dinars), 70% of which are the debts of government banks and 30% of the debts of private banks, which constitute a large percentage of the total monetary credit granted.
Sixth – Activating the implementation of the decisions of the Council of Ministers and the Economic Affairs Committee in the Council of Ministers, which were previously directed to support the banking sector, in particular private banks by opening accounts for ministries and government departments, accepting certified instruments and opening documentary credits to the government in the amount of 50 million dollars without going through the Ministry of Finance and the Iraqi Trade Bank and decisions Others pertain to borrowing for investment projects, collecting taxes and customs duties, and settling salaries.
Seventh- Considering the cases of bad debts owed by customers in private banks are urgent cases and excellent debts, similar to the debts governmental.
Eighth – Working to provide conditions and take measures to help private banks obtain the internationally approved credit rating, and then strengthen international banking relations with correspondent banks. LINK
The Banking System And Development
Wednesday 06 October 2021 54 Mustafa Ahmed Hassan Local, regional and international consensus on the role of the banking sector in the development process sought by all countries of the world, and this makes the Iraqi banking system double responsibilities in supporting the development process.
With the emergence of banks and the expansion of their commercial banking business, which is an economic necessity from the necessities of contemporary life in its economic aspect, the desire to develop and expand the work of government and private banks has increased under the direct supervision and care of the parent bank, and by it we mean {the Central Bank Iraqi}.
The phenomenon of Islamic banks has emerged, due to the expansion of the banking system and its contribution to the developmental advancement processes with the services it provides. Iraqi.
It is worth noting that the first premises and pillars of Islamic banks were based on a new idea, which is to convert interests and deposits into a system that contributes to development, and in accordance with the philosophy of the appointed Islamic bank and its legally approved internal system, as well as supporting the economy in various products.
The expansion of the Central Bank of Iraq in allowing some of the major “financial transfer” companies with high efficiency to convert to Islamic banks, made the matter progress advanced steps on the way to support the banking sector in Iraq, which now provides many services within strict legal frameworks of follow-up, auditing and monitoring within contexts It ensures the provision of banking services to depositors and investors, in a manner that contributes effectively to the advancement and the desired progress along with the activities of banks and banks.
Government And Civil.
The banking business, since its emergence in the developed countries and then its spread and expansion in the Arab countries, has worked to enhance the citizen’s confidence in dealing with it, and it has been providing services to the public of depositors and to the working effort in the country in order to support the process of economic development, and this is the role that our banking system must aspire to In light of the evaluation control exercised by the Central Bank of Iraq.
Today, Iraq has a large banking system, which must be the best supporter of the development process that the country seeks, especially since we have seen a clear development in the reality of electronic payment, but the ambition requires more products that are in harmony and the major investments required by the country. LINK
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