"Tidbits From TNT" Friday Morning 4-14-2023

TNT:

CandyKisses: The Governor of the Central Bank of Iraq participates in the meetings of the World Bank and the IMF in Washington and confirms his endeavor to enhance the position of national banks

Baghdad - Iraq today:

The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, stressed that the intention of restructuring the Iraqi banking sector is to strengthen and develop government banks, considering the strengthening and restructuring of these banks as a real reconstruction of the banking sector in Iraq.

During the participation of an Iraqi delegation in the meetings of the World Bank and the International Monetary Fund in Washington, D.C., Al-Alaq said that the assets and assets of government banks constitute more than 80% of the Iraqi banking sector.

The governor revealed that the Central Bank has a program to restructure government banks and has been working on it for years in cooperation with relevant international organizations, the World Bank and the International Monetary Fund, stressing that there is harmony between the Iraqi government and the Central Bank in the process of reforming the banking sector.

He added that there are several possibilities related to the restructuring of government banks, as these possibilities depend on the results of analyzes of the financial statements of some banks that have the problem of final accounts, adding, that all possibilities including mergers and acquisitions exist, and that any formula that is useful we will study with the competent authorities and international organizations that have experience and long experience in this field.

It is noteworthy that the Governor held many bilateral meetings on the sidelines of the participation of the Iraqi delegation in the meetings of the World Bank and the International Monetary Fund that took place in Washington, DC.

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Tishwash:  Parliament is preparing to host the Sudanese before the session to pass the budget law

A member of the Parliamentary Economy and Industry Committee, Mowaffaq Hussein Qadir, suggested the possibility of hosting the Prime Minister and a number of ministerial figures inside Parliament on discussing the details of the 2023 budget.

Qadir said in a press interview, “The differences between some parliamentary blocs over specific articles within the 2023 budget bill may prompt an official request to host the prime minister and a number of ministers to discuss these points during the second reading of the budget bill under the dome of Parliament,” pointing out that “Some points within the draft budget are still a matter of controversy among the parliamentary blocs, but that does not mean that passing the budget has been delayed.”

And Qadir added, “The Parliamentary Economy Committee records its observations on the amounts allocated to investment projects within the budget,” noting that “the amounts of investment projects are not commensurate with the budget funds, amounting to 199 trillion dinars.” link

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Tishwash:  Governor of the Central Bank: We are on alert to control the exchange rate of the dinar

Today, Thursday, the governor of the Central Bank, Ali Al-Alaq, stressed the government's commitment to not reaching the dollar's exchange rate to countries with which the United States prohibits dealing in the American currency, pointing out that Iraq is on alert to control the dinar's exchange rate.

Al-Alaq said in a press statement on the sidelines of the meetings of the World Bank and the Monetary Fund in Washington, reported by "Bloomberg" and viewed by NRT Arabia, that "the American requirements for controlling transfers do not classify them as restrictions, but rather all that is required is the application of the money laundering and combating terrorism law."

He added, "We are on alert in the central bank to control the exchange rate of the dinar," explaining that "this problem is not related to an internal financial crisis, but rather related to pre-audit procedures for external transfers of hard currency."

Al-Alaq explained that "external transfers through the platform" multiplied very quickly, which created a balance in supply and demand for the dollar, "disclosed," the US treasury agrees with us on the need to expand external transfer channels.

He stressed, "The new system does not aim to restrict responding to legitimate requests, as much as it aims to provide protection for the banking and financial system from illegal or suspicious operations, and supports the implementation of the Anti-Money Laundering and Terrorist Financing Law and the instructions related to it."

With regard to structuring banks, Al-Alaq pointed out that “the target of structuring banks is government banks that represent more than 80% of the sector, and the positive thing is that there is harmony between the government and the central bank to reform the banking sector,” revealing that “all options are available to structure and develop the sector in a manner that Including mergers.

Yesterday, Wednesday, the US Treasury Department showed great flexibility and willingness to assist the Central Bank of Iraq in achieving stability in the exchange rate of the dollar against the dinar.

The media office of the Central Bank said in a statement, NRT Arabia received a copy of it, that "this came during a meeting with the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, today, with Assistant Secretary of the US Treasury Brian Nelson, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank."

The statement added, "The two parties discussed facilitating the procedures of the Central Bank of Iraq in the process of financial transfers, while the US Treasury showed great flexibility and willingness to assist the Central Bank of Iraq in its efforts to achieve stability in the exchange rate."

The governor of the Central Bank confirmed, according to the statement, that he "agreed with the Assistant Secretary of the US Treasury to intensify communication between the technical teams of the two parties to implement the facilitation steps that were agreed upon during the meeting, within a short period."

In the same context, it was agreed with the International Monetary Fund and the World Bank to hold a "non-financial" program that includes the Fund providing technical and advisory support for the economic reform adopted by the Iraqi government in achieving financial and monetary stability.

And began in the American capital, Washington, the meetings of the Iraqi delegation with the International Monetary Fund and the World Bank, in the presence of the Governor of Iraq in the Fund, Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq, Minister of Finance Taif Sami, and the technical delegation accompanying them.

He explained, "The meeting witnessed a discussion of Iraq's direction towards concluding a (non-financial) program that includes the Fund providing technical and advisory support for economic reform adopted by the Iraqi government in achieving financial and monetary stability," noting that "it was agreed to prepare a draft agreement on the program and start implementing it in the coming days.”

According to the statement, Al-Alaq called on the fund to "provide support to the Central Bank of Iraq in its measures to achieve stability in the exchange rate in accordance with international practices, and the Iraq agreement with the International Monetary Fund, which was ratified by the Iraqi parliament in 2008."  link   

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