More News, Rumors and Opinions Sunday PM 8-20-2023
KTFA:
Clare: International standards for training central bank employees
8/20/2023
Baghdad: Hussein Thaghb Al-Tamimi
The Central Bank revealed the adoption of international standards for training employees, and this aims to keep pace with the rapid developments taking place in the financial sector around the world.
The director of human resources at the bank, Falah Salim Faleh, said in an interview with “Al-Sabah” that “the goal of the Central Bank is moving towards achieving an improvement in performance by keeping pace with the rapid developments taking place in the global financial system in all its aspects, by involving human resources working in the Central Bank in all aspects.” The departments are in continuous training courses under the supervision of the best experts.
He stressed, "The continuation of qualifying human resources through a plan prepared for this purpose, as the Central Bank management believes in the importance of continuous education for all specializations, and that stopping education means moving away from the developments that the world is witnessing."
He pointed out that the Central Bank's strategies that it launched need qualified human resources with a high degree of experience to be able to master advanced technology, as human capital represents the basis in the process of developing performance, especially since the Central Bank differs from other state institutions and ministries and is the backbone of the economy. the National.
He stressed the launch of an advanced training vision that complies with international standards in training and within ISO 10015, and we have worked during the past few years to identify the gap between the desired goal and the one currently available, and we have worked today to bridge the gap through advanced qualitative training and global expertise.
He pointed out that "the good international relations of the Central Bank make the task of achieving the training goals easier than other institutions, as the human resources file receives great attention from the Governor of the Central Bank of Iraq, indicating that the banking sector environment is changing and witnessing rapid technological booms, in order to improve performance as a requirement." international, and this requires permanent training to keep abreast of the developments taking place in the global financial sector.
And he stated that "the human resources working in the Central Bank are highly interactive with the new information that enabled them to improve performance in more than one detail within the Central Bank, and we began to see the positive impact of training within the institution, and this is in line with our goals and aspirations." He urged the banking system to "empower their human resources in the administrative and technical aspects, to develop the performance of this sector to rise to the world in performance, and here it is necessary to preserve the trained employees whose skills were built according to international labor standards," pointing out the need for the training program for all banks to be continuous. And not to be complacent in this important joint.”
As for Rania Al-Amiri, the representative of House of Wisdom for Training and Consulting, she said: "The financial and banking sector needs a lot of internal and external training to develop current competencies and benefit from international experiences in order to invest in human capital and increase effectiveness in applying human resource management methodologies in accordance with international best practices."
And she indicated that "the training courses are continuing under the supervision of solid international expertise that has knowledge and knowledge of the needs of the Iraqi financial market, as work is underway to raise performance levels in all aspects of financial work and enable international standards in our banking sector in accordance with local laws and in a way that achieves benefit."
Al-Amiri indicated that "Tamkeen" The human resources working in the Central Bank of Iraq from the advanced technology gives them the opportunity to work in more than one detail within the departments of this institution that supervises the Iraqi money houses and works on evaluating them in a way that achieves the benefit of the country. LINK
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Clare: World Bank: Iraq's economy is "fragile" and its debts have risen to $152 billion
8/20/2023
The World Bank announced that the Iraqi economy is fragile, and that the country's debts have increased to 152 billion dollars, noting that the Central Bank auction caused the redirection of hard currency to the parallel market, which led to a decrease in the value of the dinar against the dollar.
The World Bank said in the report issued on the economy in Iraq and its debts, under the title: (Renewed Pressures: Iraq's Recovery is in Danger), that "the Iraqi economy suffers from stagnation in non-oil gross domestic product, industries, and agricultural activities, which was accompanied by high inflation rates, as it lacks Iraq, under its current government, for wide-ranging structural reforms that would strengthen its economy away from oil.
He stated that "the annual budget approved by the government authorities is witnessing a significant increase in the volume of public expenditures by 59% over the previous year, which represents 74.3% of total spending, which will lead to a large fiscal deficit of 51.6 trillion Iraqi dinars - equivalent to 39.7 billion dollars." - Which represents 14.3% of the volume of public imports, i.e. more than half of the recent record reserves that were accumulated in the wake of the boom in oil prices.
And regarding the policies of the (central bank) in devaluing the local currency, the World Bank stated that "the devaluation of the Iraqi dinar led to an increase in overall and basic inflation, due to the heavy dependence on import operations in light of weak local production that is not supported by government authorities, which exposed the country's fragile economy." ".
The World Bank report added that "the standards of transactions adopted by the (Central Bank) through auctions for the sale of currency; caused the redirection of hard currency to the parallel market, which caused a decrease in the value of the dinar against the dollar." LINK
Turk182: How does this help the revaluation of the Iraqi Dinar, when the WORLD BANK comes out and states that "IRAQ'a ECONOMY IF FRAGILE"?
Does changing the value of the Iraqi Dinar, make it less Fragile?
Several, not so encouraging, articles of late. IF they go into 2024 WITHOUT delivering on their Promise to the Iraqi Citizens (Dinar worth more the USD) will they still actually follow-thru and make their Budget Retro for a full year?
Scarlette18: In my opinion, this is all just part of the smoke and mirrors show. In my opinion, I think now is a good time to revisit something I mentioned a yr or 2 ago about this probably now happening until the global economy crashes; and it seems as though the world's second largest economy just kicked it off with their real estate and "shadow banking" markets.
Won't be long before that contagion spreads across the globe, in my opinion. Many countries have already been in a recession for a while now and seems about time that we go hunting for a market bottom and deflation sets in, in my opinion.
With inflation where it currently is, it never really made sense to me to create millions of new millionaires and thousands of new billionaires that would just push inflation even higher, in my opinion. What makes sense to me is global economy crashes, rate changes, and all these fresh new millionaires and billionaires get the economic engines moving again, in my opinion.
How far out are we talking... not sure but things have been in the process of breaking for a while but now that the PRC has finally broken it doesn't seem like it will take long, in my opinion.
But all we can do is wait and see, and while we wait, accumulate, in my opinion of course. Happy Sunday everyone
Courtesy of Dinar Guru
Mnt Goat ...We wait for more news on the progression of the currency reforms being instituted by the CBI and the coming second “official” rate change to around 1000. But they are not there yet and I do not expect this will take too long now that the budget is released. What if they do experience inflation? They will also have to take more reform measures to combat it. Also, to coincide with the RV they would have to conduct the Project to Delete the Zeros thus the redenomination... there is no mistake on the CBI plan...
Militia Man Article: "Iraq is looking to accelerate its accession to the World Trade Organization" It's pretty exciting because they have come a long way...getting to the final end stage of being a full member has been ongoing for...about 3 years and they're in advanced stages... they're going to need to be Article VIII compliant with that. That's one of the major things we're hoping to see in the near future.
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In 48 hours EVERYTHING changes for the U.S. dollar and Putin and China are ready | Morris Invest
Tuesday is a MASSIVE day for the future of the U.S. dollar as the BRICS nations come together for their first face to face summit in South Africa since the start of the pandemic.
The main focus of this event is moving away from the U.S. dollar and moving towards a gold backed BRICS currency to settle trade transactions.