The International Monetary Fund urges Morocco to proceed with the floating of the Dirham

On Tuesday, the International Monetary Fund (IMF) reiterated its call for Morocco to move forward to increase exchange rate flexibility, with the aim of enhancing the economy’s resilience to external shocks and enhancing competitiveness.

In January 2018, Morocco expanded the dirham exchange rate against foreign currencies to 2.5 percent of the reference price, from 0.3 percent.

“The first phase of the transition to greater exchange rate flexibility has been successful, and the current conditions are still favorable for pursuing this reform for preventive purposes, as it will help the economy absorb potential external shocks and maintain its external competitiveness,” the IMF said in a report on economic and financial developments in the country. “He said.

The authorities informed the International Monetary Fund that the next phase of the dirham flotation would be launched when economic conditions allowed.

The central bank has not intervened in the foreign exchange market since March 2018.
The IMF also called on the authorities “to continue financial consolidation to maintain debt sustainability while protecting priority investments and social spending over the medium term.”

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The global economy should avoid recession

Capitals/agencies – The World Economy needs to avoid “self-harm” that could lead to economic stagnation, the International Monetary Fund (IMF) has said.

“The time has come for the world to avoid causing stagnation, and that means dealing with trade and technological tensions through dialogue so that there is no self-harm, but also a willingness to respond if the economy slows down,” Acting IMF Chief David Lipton said in a press release.

Concerns about global trade tensions have once again focused on how central banks might stimulate the economy.

In its latest forecast, the IMF believes the global economy will grow by about 3.3 percent this year.

Lipton noted that in the event of a global recession (although the IMF does not expect this), central banks and governments should be prepared to deal with monetary and financial policy.

“We don’t have expectations of a recession, but in light of trade and technological tensions and financial markets, weaknesses are rising,” he said.

Alsabaah.iq

Massacre” of the dollar in Iraq … Official movement against fraud at the auction “Central”

The auction did not support the value of the dinar (AFP)

Baghdad – The file of the “auction of hard currency” in Iraq to the forefront after the comments of deputies in parliament, demanding the Prime Minister and the Supreme Judicial Council and the public prosecution in the country, put an end to the massive corruption carried out through the auction of hard currency organized by the Central Bank of Iraq every day.

The bank sells between 140 million and 160 million dollars for public and private companies and banks, as part of a plan adopted since 2004 to control the exchange rate of the Iraqi dinar and prevent its collapse in the market.

In 2004, during the Coalition Provisional Authority formed by the United States after the US-British occupation of Iraq, the Central Bank of Iraq established the so-called “daily auction of hard currency,” in an effort to raise the value of the Iraqi dinar, and sales amounted to more than 200 million dollars Sometimes this amount is usually from Iraqi oil revenues sold.

The auction has continued this way since. Iraqi observers and officials estimate the value of the dollar sold in this auction over the past 15 years by more than $ 300 billion, most of which went from Iraq to other countries without benefiting the Iraqi dinar and its value, which is still under the logic of the fifth largest oil producer in the world (1200 dinars per dollar).

The Central Bank of Iraq allows only limited companies and banks to enter the auction and buy the dollar. The word “auction” here is not a metaphor for what is happening on a daily basis, as the bank pre-determines its selling price to the dollar by 1180 dinars per dollar for banks and companies to sell at 1200 dinars to the dollar. Finally, the bank specified who is allowed to enter the auction, and the number was reduced to less than 50 banks and financial companies that are licensed by the Central Bank of Iraq and all are private or private.

A senior Iraqi official in Baghdad told the “New Arab” that the government is considering the dollar auction, which turned into a black hole to smuggle the dollar out of the country without achieving its goal of strengthening the strength of the dinar. He added that “Iran is the first beneficiary of the dollar auction, followed by Turkey, Lebanon and Jordan The conversion of the dollar is under the cover of the import of materials and goods and the purchase of shares and investments in those countries and some of them transferred through private offices and the Iraqi citizen does not benefit from this massacre.

The official stressed that the government is considering several options to strengthen the dinar, such as the deletion of zeros or determine the price globally, as do many countries in the Arabian Gulf. The survival of the dollar inside Iraq is better than removing it, and the continuation of this primitive formula cost the country large losses.

He pointed to the existence of a committee of experts studying reasonable options, after confirming documents and documents that Iraqi oil money in hard currency easily flow abroad because of this auction.

The Iraqi official revealed that the Integrity Commission is currently investigating the largest case of money laundering in Iraq up to two billion dollars accused of banks and companies, some of them linked to political parties “and we hope that there are other files close to the search and investigation of the Integrity Commission on the same subject, Difficult of Iraq “.

Expert on the Iraqi market for securities Ali al-Saadawi explained to the “new Arab”, that “stop the auction may not be able to the government now that a large part of the dollar ends in Tehran,” saying that committees, experts and financial observers advised the Central Bank to stop the auction, “He said.

In contrast, accused the Iraqi parliamentarian Alia Nassif, the Iraqi banks did not call the exploitation of the auction sale of currency in ways that twisted to achieve rich rich at the expense of the Iraqi people, “according to a statement issued on Wednesday She said the statements of former Finance Minister Hoshyar Zebari said that there are six billion dollars disappeared and Turning it into a fictitious account. It is now time for regulators to retrieve stolen people’s money and pursue corrupt people. ”

And called on the Prime Minister to prosecute what she described as “whales of corruption,” promising to open the file of the auction of hard currency to the prosecution, “and that it has” all the evidence and information to expose these thieves. ”

In contrast, a member of the Finance Committee, Majida Tamimi, people said that they belong to Political corruption department in the Central Bank, and vowed to disclose corruption files belonging to government banks soon.

Alaraby.co.uk

The central bank goes beyond the technical gap and the challenges of digital transformation

With the utmost confidence and confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq has suffered due to the repercussions of the siege, wars and instability during the period of the information revolution.

The Governor of the Central Bank of Iraq, in his opening speech at the Digital Transformation Forum in the financial sector, held in Baghdad with the joint cooperation between the Association of Iraqi Private Banks and the Jordanian-Iraqi Economic Association, in a broad presence of the Jordanian specialized companies, which exceeded 30 companies led by the Jordanian Minister of Digital Economy and Entrepreneurship, And the measures taken by the Central Bank to overcome them and to stand in the right direction in the near economic and security conditions suffered by our country during the past years and chart a sound road to catch up with technical developments in the countries of the world.

The follower of the situation of Iraq during the past five years shows the extent of faith in the capabilities and competencies of Iraq on the events of change and bridging the technical gap between us and the developed world and this is evidenced by the achievements of the important and as follows:

1. The methodology adopted by the Central Bank has always focused on working under a sound legislative, regulatory and legal framework, as well as promoting the concepts of governance and international standards regarding information technology and financial techniques.

2. Issuance of the electronic payment system for funds No. 3 of 2014, establishment of the National Payments Council, corporate governance and corporate governance regulations for information and communication technology, and legal regulations and regulations governing the operation of banks and electronic payment service providers.

3 – The Central Bank plays a central role in the establishment of advanced infrastructure and pursuit of the latest global technologies and the development of the bank’s financial and banking systems and payment systems and advanced communications networks according to the latest technologies.

4 – the possession of the central bank for advanced payment systems as well as payment structures retail and was the national division of the most important parts.

5 – Granting work permits to many electronic payment providers (card issuers, collectors, processing of mobile payment companies, bill payment and payment gateway through different channels).

6 – Extensive attention to the implementation of the first objective of the strategy of the Bank for the years (2016-2020) is to achieve financial stability through a sound financial system with attention to achieving financial inclusion and reduce risks as well as the adoption of the project to settle the salaries of employees.

It is clear from the above achievements that the Central Bank has overcome the challenges of the technical gap due to the siege, occupation and terrorism. It is currently at a steady pace to achieve the digital transformation in the financial sector towards achieving financial stability and moving from the monetary society to the society of money. It is also one of the objectives of the government platform in the fourth axis ).

Bank advisor
Samir Al Nusairi

Economy-news.net

Deputy: Auction sale of currency outside the control of the Central Bank

Baghdad  – The auction of currency outside the control of the Central Bank, between the latter sells 150-200 million dollars on a daily basis. “There are problems and irregularities recorded on the sale of the currency by the Central Bank as well as the currency exchange rate, which is often moving and unstable in most cases,” pointing out that “any candidate for the post of governor to sit with the Finance Parliamentary to discuss these two things” .

Representatives of different blocs and components often speak of a uncle The Supreme Judicial Council has decided to set up a judicial investigation body in 2015 to look into documents relating to money laundering operations, but has not yet announced the results of its investigations.

The deputy for the province of Dhi Qar that “there is a complete conviction is available in the parliamentary finance confirms the existence of corruption in the window selling the currency because of the way of selling the dollar and the parties dealing with the Central Bank.”

Al-Saadawi proposed “solve the problem of selling the currency and reduce the phenomenon of corruption by monitoring all banks Al-Ahlia and banking companies in the issue of selling the currency, “pointing out that” the Central Bank’s sales of the dollar range from 150 to 200 million dollars on a daily basis.

“He said that” there are annual reports, quarterly and monthly, received by the Finance Committee of the Parliamentary Bureau of Financial Supervision and Integrity Commission since 2014 confirms the existence of manipulation and practical Major corruption in the window of selling the currency, “adding that” these reports indicate the lack of control of the central bank management on the window selling the currency. ”

Iraqakhbar.com

Rafidain Bank launches its approach to change and renewal at the station

Samir Nusairi – The fourth goal of the goals of the Central Bank ‘s strategy for the years (2016 – 2020 ) is the investment in human capital has turned this goal into reality embodied in the celebration of joyful and joy ventured organized by the Iraqi Association of private banks at the station in partnership with the Bank of Iraq and the international company for the smart card and a set of joint efforts Jordan, which carried out the training for the graduation of 120 bank employees representing 14 branches of the Rafidain Bank in Baghdad in the two sessions of customer service and the development of skills of staff Teler and organized by the Association of banks for employees of Rafidain Bank for the purpose of preparing the bank to start the banking system The new Ktrona.

The advantage of this event is the participation of the general manager of the bank and its assistants and all the managers of the departments and branches and a large number of employees for the purpose of actually starting the process of change and renewal of work systems and programs and modern banking technologies and stimulate all sections and branches of the bank that their bank has already started the process of change and renewal and that the process started to move in the right direction of the bank The first government to practice banking business, which is considered throughout the years of his work as the home of expertise of the Iraqi banking sector and contributed to the private sector banking expertise and cadres, which are currently managed by employees of Rafidain who have already worked in the bank.

And that the important in the celebration is the supervision of the Central Bank of Iraq in sponsoring and supporting this celebration in line with the achievement of the goal of developing the banking sector and rehabilitation of young people and develop their abilities to start the banking business in accordance with the applications of the new electronic banking system.

That such initiatives are national practices to serve the national economy and serve young people to take their positions in the leadership of society because Iraq is about to move to a new stage in overcoming the stage of the financial crisis and economic to a new stage after a mission that inspires us to draw lessons and lessons from the experiences of peoples and developed countries politically and economically Depending on the Iraqi youth, efficient and ambitious and enlightened in the leadership of institutions of the national economy and in particular the banking market a new methodology depends on the vitality and determination to overcome the challenges and focus on young believers in the ability of his beloved country Iraq and its Iraqi people In the sound construction of the economy in a new spirit that carries all the aspirations of young people and provide the best services and products to the public in accordance with the look of the keenness on the development of policies, programs and visions.

* Economic and banking consultant

Economy-news.net

The Central Bank raises the ceiling of loans to small and medium enterprises to one billion dinars

To enhance the successes achieved by the one trillion dinars initiative, and in order to absorb more investment projects, the Central Bank of Iraq announces the raising of the ceiling of loans granted to finance small and medium enterprises, within this initiative, to (billion dinars), stressing that these loans will cover all sectors except The housing sector, giving more space to the industrial and agricultural sectors .

The Central Bank issued a set of controls on this lending, in which it stressed the possibility of each bank to submit projects worth up to 5 billion Iraqi dinars, in one go, depending on the form sent for each project, and that the bank will audit projects that will be funded after 6 months From the date of feeding the bank account to a maximum, without allowing the extension of the period .

The Central Bank shows that the term of the loan is up to 5 years and can be extended to 7 years, in case the bank asks the lender.

Central Bank of Iraq

Deputy: Budget looting and special grades divided by political agreement without taking into account the people

MP on the bloc of the wisdom stream Hassan Fedad, on Monday, that the financial budget was looted, noting that the special grades were divided by a political agreement without taking into account the people.

“The prime minister pledged to complete all levels and positions run by proxy on April 25, and today, after more than eight months, the government has not been able to pass or amend and change the managers of institutions and degrees administered by proxy,” he said at a press conference held in the parliament building and attended by Alsumaria News. .

“We asked the speaker of parliament to re-vote because we are not convinced of the number of voters on the proposal to amend the law of the general budget, according to the rules of procedure we collected 132 signatures, although the rules of procedure provided for the collection of 50 signatures, and Halbousi refused to re-vote again on the amendment proposal.”

He stressed the support of the bloc “wisdom stream also demanded an amendment to the budget law and obliging the Kurdistan Regional Government to hand over its oil exports to the federal government and not to spend any money to the region only after the payment of the region federal dues, but the presidency of the House of Representatives declined to do so despite the submission of signatures.

He pointed out that “the budget today, looted and distributed Balzagat and even grades and positions and grades were divided by a political agreement without taking into account the rights of the people,” noting that “all promises made previously in the government program on the exclusion of quotas are false promises and laughed at the Iraqi people.”

He explained that the House of Representatives does not meet the wishes of Iraqis, even if otherwise it has to distribute money and wealth to all Iraqis of all affiliations and to distribute to one party without another, and the declaration of the distribution of special grades to the people and not granted to the political parties.

The MP said the bloc of wisdom, that “so far continue to political parties in the acquisition of these degrees and distribution among them,” adding that “the House of Representatives does not represent the Iraqi people now.

Alsumaria.tv

The Central Bank raises the ceiling of loans to small and medium enterprises to one billion dinars

Economy News – Baghdad: The Central Bank of Iraq, on Monday, raising the ceiling of loans for small and medium enterprises to one billion dinars, indicating that the loan term of up to 5 years can be extended to 7 years.

The bank said in a statement read by “Economy News”, that “to enhance the successes achieved by one trillion dinars, and in order to absorb more investment projects, the Central Bank of Iraq announces raising the ceiling of loans granted to finance small and medium enterprises, within this initiative, (Billion dinars), “stressing that” these loans will include all sectors except the housing sector, giving more space for the industrial and agricultural sectors. ”

“The Bank has issued a set of controls on this lending, in which it confirmed the possibility that each bank will submit projects worth up to 5 billion Iraqi dinars, in one go, depending on the form sent for each project, and that the bank will audit the projects that will be funded after 6 months from the date of replenishment of the bank account to a maximum, without allowing the extension of the period.

“The loan period of up to 5 years can be extended to 7 years, in the event that the bank requested the lender.”

Economy-news.net