Samir al-Nusairi: Rational management of the central bank and the sound application of monetary policy achieved economic resilience

The Iraqi Council of Representatives and the political and economic circles are preparing to evaluate the implementation of the government of Prime Minister Adel Abdul Mahdi from its government curriculum. In the midst of the ongoing discussions now requires the above to not separate between what has been achieved during the past years and what has been achieved during the year in which the government assumed the responsibility and bright points achieved by some of our economic and financial institutions during the economic and security shocks suffered by Iraq, which the Central Bank of Iraq had a leading and fundamental role In supporting the national economy and achieving economic resilience. In order not to overwhelm the rights of those who took direct responsibility to face those circumstances, difficulties and challenges.

The support provided by the Central Bank to the national economy during the economic and security shocks suffered by Iraq due to the economic and financial crisis and the war on terrorism is a bright spot and an honorable success experience in a country under harsh conditions and at a historic stage that is the most difficult in facing the economic and security challenges that no country has experienced. In the world, such as what Iraq went through as the management of the Central Bank of Iraq and his team and cadres proved that they had a prominent role in promoting economic resilience and moving steadily towards economic stability.

What are the steps taken by the Central Bank in drawing up its strategy?

Through the wise efforts and prudent measures in the application of monetary policy and development policies of the Central Bank in the difficult economic phase of Iraq were able to draw a strategy for the years (2016-2020) and a clear roadmap goals and ambitions in achieving economic stability and stimulate economic growth and promote financial inclusion and structural and institutional construction and investment optimum in Human capital through significant achievements during the years (2015-2019) and still ongoing most notably: Maintain inflation by not more than 2% and a level of adequacy of foreign reserves within acceptable rates according to the latest criteria Jmiei ( ( IMF )The International Monetary Fund (IMF) increased by more than 160%, which is considered a sufficiently high percentage internationally as the foreign currency reserves of Iraq amounted to 72 billion dollars until 30/6/2019, and maintain the stability of the exchange rate and stimulate the banking sector regulatory, supervision and control and the establishment of new units within the organizational structures of banks Such as compliance, combating money laundering, financing of terrorism, managing credit and operational risks, issuing money laundering law 39 for the year 2015, developing payment systems, implementing all retail and mobile payments, establishing a national exchange and working on applying international standards in reports. In line with the principle of transparency and disclosure in addition to the Bank’s daily efforts to stimulate financial inclusion operations and focus on the initiative to localize the salaries of employees for the purpose of raising the financial inclusion rate of the population who do not have accounts in the banking system, which actually increased from 11% to 22%.

According to the World Bank Bulletin. The Central Bank also announced recently to begin the completion of its investment banking projects for the years (2019-2023).

What about the measures taken by the Central Bank for the purpose of restoring public confidence in the banking and financial sector in Iraq?

For the purpose of restoring confidence in the banking sector, the Bank re-evaluated and classified banks in accordance with international standards and standards in evaluating business results and measuring the efficiency of performance. The bank is taking its initiative to finance small and medium projects and is currently taking measures to implement the Council of Ministers Resolution 245 for the year 2019, the second axis of it paragraph (1) concerning facilitating investment and reconstruction operations and presenting a new initiative. Satisfied with investment projects in addition to his supervision and leadership of community initiatives funded by banks such as the Baghdad project and support the Iraqi Drama Fund and the launch of Islamic finance pooled national funding for large projects and the establishment of a fund enable and take regulatory and structural measures and the establishment of a depository center in the Iraqi market for securities The establishment of a national center for credit information. And the Iraqi Payment Council.

What are the central tendencies to develop its relationship with Arab and foreign financial institutions that have been cooled by the financial crisis experienced by Iraq?

At the level of international banking relations, the Central Bank was able, with the exceptional efforts of the Governor and his team, to restore relations with Arab and foreign central banks and to deliver the achievements achieved during the past years to the ruling international financial institutions such as the Financial Action Organization, which contributed to the transition of Iraq’s classification from gray to normal follow-up and finally out The Governor’s visit in 2017 to the United Nations Security Council J, presented by the achievements and organizational and structural developments, technical and compliance with international standards in financial reporting and enhance confidence in the Iraqi economy and Iraq’s ability to adhere to international credit benefits and praises of the World Bank, the International Monetary Fund and the Financial Action Group have had a clear impact in promoting economic resilience and financial victory

All the successes above make the Central Bank of Iraq and its team deserve the right word neutral service to our national economy and our Iraqi banking sector.

Economy-news.net

Revealing a study to delete zeros from the Iraqi currency .. The reason?

BAGHDAD / .. The parliamentary Finance Committee, a study to delete zeros from the national currency, but they ruled out the application at the moment for several reasons.

“The proposal to delete the zeros has been submitted from the House of Representatives to the Parliamentary Finance Committee in order to study the change of the national currency and all categories and the printing of new coins, but the preliminary study showed that the costs needed by the project is great,” the committee’s rapporteur Ahmed al-Saffar told reporters.

He added that “the budget deficit for this year and Iraq’s debt is one of the most important reasons that will lead to delay the deletion of zeros (three zeros),” noting that “the Finance Committee has assigned specialized bodies of monetary policy to study the project carefully to submit to the Finance Committee to be the main lines of this project, which Its beginnings go back years. ”

Al-Saffar pointed out that “deleting the zeros is a project with psychological effects rather than being actual, as the citizen will feel that his money is compatible with the requirements of his life and the movement of supply and demand and equal to hard currency.”

Aynaliraqnews.com

BGG ~ This sounds a lot more like an OP ED piece from Al-Saffar. If so – I would tend to listen to  Al-Nusairi much more than some vague MP at the head of one of these rinky dink Parliamentary committees.

1) Al-Nusairi is still positive.

2) They are discussing the project right now (reportedly).

3) I am very skeptical the “hold-up” is the cost of printing and minting. I am assuming since they have had this project “in the hopper” since 2012 they have long ago had lower denoms printed and ready. Coins / fils? maybe not.

The Central Bank begins the steps to join the official forum of monetary and fiscal policies

The Central Bank of Iraq has begun steps to join the official forum of monetary and financial institutions (OMFIF), an independent global think tank for central banks, pension funds and financial institutions with investment assets worth $ 36.2 trillion.

“Membership in this forum provides insight into the key topics of investment in two integrated channels of analysis and meetings, through high-level practical exchanges and content, as well as participation in meetings held in cooperation with the IMF,” the bank said in a statement. International Bank of England and the German Central Bank. ”

“The accession process also benefits from capacity-building opportunities for mid-level and senior staff.

Alforatnews.com

The Central Bank Begins Steps to Join the Official Monetary and Financial Policy Forum (OMFIF)

The Central Bank of Iraq has begun steps to join the official forum of monetary and financial institutions (OMFIF), an independent global think tank for central banks, pension funds and financial institutions with investment assets worth $ 36.2 trillion.

Membership in this forum provides insight into the key topics of investment in two integrated channels of analysis and meetings, through high-level exchanges and content, as well as participation in meetings with the International Monetary Fund, the Bank of England and the German Central Bank.

The accession process also benefits from capacity building opportunities for mid-level and senior staff. OMFIF develops projects for members in London, Singapore, Washington and other global financial centers.

Central Bank of Iraq
Information Office

ARAB ACCOUNTING DINAR EXCHANGE RATES

The Arab Accounting Dinar (AAD) is the official and reporting currency of the Arab Monetary Fund. Its exchange rates are fixed by the Arab Monetary Fund (AMF) equivalent to three units of Special Drawing Rights (SDR) as determined by the International Monetary Fund (IMF).

Aamf.org.ae

Erbil is delivering oil and customs revenues to Baghdad

BAGHDAD – The leadership of the Patriotic Union of Kurdistan, Rizan Sheikh, an agreement within the Kurdistan Regional Government of Iraq, to ​​deliver oil revenues and revenues of the border outlets of the federal government in Baghdad.

She said: “The relationship now between the governments of Baghdad and Erbil is positive, and it can yield important results, the regional government wants to be close to the federal government, because it believes that the strength of the power of a unified Iraq.”

“The main Kurdish parties, the Kurdistan Democratic Party (KDP), the Patriotic Union of Kurdistan (PUK), and the Movement for Change, agreed to strengthen the relationship with Baghdad, end all tensions, and hand over oil and customs imports.”

Mawazin.net

Kurdish deputy: Baghdad and Erbil serious to resolve two files soon

Deputy Kurdish, on Sunday, the possibility of the Iraqi parliament’s role in resolving the contentious issues with Baghdad, expressing optimism to reach solutions close to a number of outstanding issues.

The deputy of the Patriotic Union of Kurdistan, Pistone Zangana of the new Arab, that “there is seriousness by the governments (Baghdad and Erbil) to resolve the differences that remained stuck between them over successive parliamentary sessions.”

He stressed that “a high-level Kurdish delegation will visit soon to Baghdad, to discuss and complete the results of the Baghdad delegation’s visit to Erbil recently, by the Minister of Oil and other officials in the government of Baghdad. There is a serious response from both parties, especially in the files of oil and gas and salaries of the region that we seek To resolve it. ”

Zangana pointed out that “there will be important topics on the table, including the budget of 2020, and we will endeavor with the beginning of the legislative chapter to resolve the outstanding differences on them, and those on the share of the region, salaries of the Peshmerga, and other financial allocations, in return for the commitment of the Government of Erbil to deliver oil imports to Baghdad, the border outlets. ”

He stressed “the possibility of the Iraqi parliament to play an important role in resolving differences, and the Kurdish parties had meetings and dialogues with other parties and blocs and leaders of political blocs, and reached some understandings on a number of files, and we held several previous sessions,” explaining that “there is an understanding within the parliament for the number Of laws that come into contact with the crises of Baghdad and Erbil, which are controversial laws between them, and seek to resolve them, and we await the new legislative chapter in the hope that follow-up on these important files. ”

Shafaaq.com

Parliamentary Finance announces the imminent entry into force of the oil law

[Baghdad-Where] A member of the Parliamentary Finance Committee revealed that the coming into force of the oil and gas law.

Committee member Sherwan Mirza said in a press statement, “One of the recommendations made by the Finance Committee to the Presidency of the House of Representatives after hosting the Minister of Finance is the legislation of the oil and gas law during the new legislative term.”

He added, “The oil and gas law has political dimensions as it is linked to relations between the Kurdistan region and the federal government and the province of Basra and Baghdad and all oil-producing provinces in addition to Kirkuk.”

Mirza pointed out that “the legislation of the oil and gas law will address part of the outstanding problems between the region and the center, in addition to addressing the problems of oil-producing provinces; so there is a trend within the House of Representatives to approve the oil and gas law during the next legislative term.”

Alliraqnews.com

Parliamentary Finance opens auction files selling currency and electronic payment companies: corruption in millions of dollars

Special – balance News: Revealed in the Parliamentary Finance Committee member, Saturday, opening an auction sale currency and central bank building files, while noting a source familiar with the existence of the corruption of millions of dollars.

Committee member Naji Redis Al-Saidi told Mawazine News that the committee meets even during the legislative recess.

He added, “The investigation will be presented at the beginning of the next legislative term and all details of the investigations will be revealed.”

For his part, said an informed source in an interview with / Mawazine News / “Corruption in the auction sale of currency continues so far, despite the measures taken by the Central Bank.”

He added, “There are companies electronically convert currency out of Iraq through electronic payment companies,” indicating that ”

The source pointed out, “These companies show invoices and lists of purchases from abroad, but they are participating in the auction of the sale of currency, which amounts to millions of dollars per month.”

Mawazin.net

Zebari: the presence of al-Maliki disrupted America’s move to help Iraq face ISIS .. This is what John Kerry told me

(BAGHDAD) – Former Foreign Minister Hoshyar Zebari disclosed the content of a conversation he had with former US Secretary of State John Kerry after he visited the latter in Baghdad at the beginning of the Islamic State’s takeover of large areas of Iraq in 2004.

Zebari said in a press statement, “Kerry told him that the United States wants to help Iraq from the threat of terrorism, but this will happen only by sending the Iraqi government a letter to the Secretary-General of the United Nations, asking Iraq for help.”

He added, “The Americans were reluctant to help Iraq in its war against terrorism, because of former Prime Minister Nuri al-Maliki, because they believe that Maliki has ruined their policy and must be replaced.”

Zebari said on Thursday (August 22, 2019), in an exclusive interview that former Prime Minister, Nuri al-Maliki, was “afraid”, from the demonstrations of Tahrir Square in 2011, which coincided with the outbreak of the Arab Spring.

Zebari said in an interview with The Independent in its Arabic version, that “we also have demonstrations within the wave of Arab Spring revolutions, in Tahrir Square, and beaten and arrests and prevented from crossing the bridge, and the security services threw grenades at the demonstrators.”

He added: “I saw that and I was going to the cabinet meeting, everyone was afraid, especially Prime Minister Nuri al-Maliki, I told them what is the reason for your fear, all these demands that they are demanding, we made, we have a peaceful transfer of power, there are elections, there Constitution, so why fear? We have freedoms, all these things exist.

He continued that “the demonstrations that took place in the Sunni areas of Iraq later, were not part of the wave of the Arab Spring, but a reaction to the behavior of the Iraqi authority” began in another direction, Sunni demonstrations were not with the Arab Spring revolutions, was a special case after the arrests, with the exclusion of Tariq Hashemi and others, and began in the Sunni cities more, excessive violence used, sectarian behavior of the government and the army and security forces and the killing in Kirkuk, Hawija and Ramadi, was rejected, according to the Constitution, which contains a article refusing to use military forces to resolve political differences, so I was opposed to this Behaviors. ”

And issued a coalition of the coalition of state law on Thursday (August 22, 2019), a statement on the statement of former Foreign Minister, Hoshyar Zebari, against the leader of the bloc Nuri al-Maliki.

The bloc expressed in a statement received (Baghdad today), “surprised by what was contained in the statements of former Minister Hoshyar Zebari in one of his interviews,” indicating that “those statements were not accurate and that Mr. Nuri al-Maliki was keen on two things, the first preserve the prestige of the state and the second not to target The demonstrators, and made sure that the handling of demonstrations demanded consistent with the provisions of the Constitution and the law, and there was no fear of them. ”

The bloc called “all political forces to renounce differences and work to unite ranks, and preoccupy with national concerns and work to stabilize the political situation under the Constitution in order to provide service to the Iraqi citizen.”

Iraqakhbar.com