News Rumors and Opinions Wednesday Morning 6-17-2020
TNT:
Tishwash: The development of the banking system can foster economic development
The banking sector is one of the main economic sectors in all countries of the world because it contributes to the growth and development of economies by financing projects in various disciplines, but in Iraq the banking system suffers from many problems, some organizational, administrative and technical, which have made most private banks have no financial effectiveness in the commercial market. A number of banking and financial specialists called for the iraqi banking system to be supported for its contribution to promoting economic development by financing production projects in the country.
"The Central Bank has played a major role in the development of the banking system in recent years, applying all international standards that can be implemented to the banking system in Iraq, especially in terms of risk, credit, governance and others," said Central Bank board member Majed Al-Souri, an economist.
"The Iraqi economic environment does not allow for moderate and comprehensive growth of the Iraqi banking system," he said, noting that there are several things that the Central Bank has put in place, including empowerment, salary localization, etc., but that the main problem is not banks, but in the government's fiscal policy and the financial corruption that exists in the state."
He explained that banks are a reflection of the economic situation in Iraq, and since the economic situation exists is the trend towards trade and not towards economic development and local production, so we see most banks moving towards trade and dealing with traders and imports in particular, not export.
He continued: The obstacles facing the work of private banks in relation to foreign trade in terms of opening credits and dealing with government institutions, so we see the monopoly of banking in general for government banks, which are the monopoly of banking in general, especially the aspect of government deposits and other government transactions.
He pointed out that confidence in private commercial banks, including Islamic, is not strong, because of some practices that some banks have worked with as a result of the control of some politicians who have become emergency on banking, so the banking business has interfered with the policy to a very large extent.
He added: Moreover, international confidence in Iraqi banking is very weak despite the presence of some international correspondents at some banks in Iraq, pointing out that the main reason for this is to address the issue of the Central Bank and banks and integrate them with political topics.
He pointed out that the political squabbles related to the work of the Central Bank and banks led to the distrust of the Iraqi public and international banks in the Iraqi banking system, pointing out that the laws of the Central Bank and banks so far are good but there are some incomplete shortcomings.
He pointed out that there are violations of the laws in force, whether on the law of the central bank or banks, stressing that the comprehensive system has not yet been applied between the central bank and banks and every existing bank has an electronic system, but this system has not connected to the banking system except some channels and not in terms of control.
He stressed that the control so far from the electronic point of view is weak and therefore the Central Bank should make very great efforts in the issue of linking banks to the electronic system that exists in all respects, especially in terms of budget reports, pointing out that the Central Bank tried, with the help of the World Bank to find an appropriate system for this subject and was implemented, but it was not effective to the extent Big.
Abdul Aziz Hassoun, an expert on banking, said the Iraqi banking system needs to be reorganized because the number of banks in Iraq has reached an unreasonable number, pointing out that these large numbers of banks do not have sufficient access to banking marketing.
Hassoun said in a statement to "Al-Sabah": Most banks are small and their capital is small and do not exist in the market and can not do any reasonable effectiveness and contribute to financial and financial work, calling for a review of the large number of Banks.
He noted that the central bank's authority to operate banks under the current circumstances is very limited, as we see the central authority as reluctant, because it cannot go beyond many matters governing the financial, banking and economic process.
He explained that the existing legal legislation was not effectively enforced, so the banking sector needed legislation but regulatory action by the Central Bank as the relevant authority and its responsibility to regulate the functioning of the banking system. link
Courtesy of Dinar Guru https://www.dinarguru.com/
Delta ...we know something is up. The value has to change. It's no secret anymore. Of course we don't know the exact date but it looks like we're on the verge of seeing something happen...all good news in Iraq. We're just waiting for them to flip the switch...
Frank26 ...The Central Bank of Iraq is going through the process of the monetary reform for the currency and they made it very clear there isn't anymore hiding - Anymore innuendos - Anymore hoping to see the evidence ...they are talking about the new small category notes - A change in their exchange rate - A rate of 1 to 1. Yeah, a lot of things. Today, it turns out the trickling of the information that's going down to the citizens is continuing... [Post 1 of 2
Frank26 The central bank of Iraq is talking to the citizens and explaining what they're doing with the GOI (the government of Iraq)...a new plan is being prepared and will be presented to the government..."we've got a new exchange rate and a new currency", says the CBI, "and we're going to throw that fast ball to you GOI because you need it for the budget to run the country." [Post 2 of 2]
************
Iraqi Dinar News update for 06/16/20 (a lot is happening)
Pimpy’s Investment Chat: Jun 16, 2020
From Recaps Archives:
Jim Willie - Debt Jubilee & RESET Almost Here - Part 1
Jun 4, 2020
https://youtu.be/WSCedqrWaOY?t=8
*******
Jim Willie - Debt Jubilee & RESET Coming Soon - Part 2 - Force Majeure
May 27, 2020
https://youtu.be/5_QyP-fFm7Y?t=3
*******
Jim Willie - Debt Jubilee & RESET Almost Here - Part 3 - Coup De Gras
May 27, 2020