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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Council of Ministers and the Central Bank are the first institutions in 2023 to achieve financia

    Rocky
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    bank - The Council of Ministers and the Central Bank are the first institutions in 2023 to achieve financia Empty The Council of Ministers and the Central Bank are the first institutions in 2023 to achieve financia

    Post by Rocky Sun 31 Dec 2023, 4:49 am

    The Council of Ministers and the Central Bank are the first institutions in 2023 to achieve financial and banking reform

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    Economy News - Baghdad
    Since the beginning of 2023, the new government’s measures have coincided in accordance with its governmental platform in its twenty-three axes, more than half of which were allocated to the detailed road map to address the lack of methodology and the dispersion of policies in the economic sectors and the chaos in managing the economy and to address the imbalance in the lack of coordination between the financial and monetary policies and the lack of clarity in the financial policy and these diagnoses. The solutions were accompanied by the Central Bank reconsidering the tools and applications of monetary policy, cooperation, harmony and continuous coordination between the government and the Central Bank. Therefore, there was a unification of visions and setting of the interim goals for the year 2023 and the strategy for the coming years.
    With permanent cooperation and continued support from the Prime Minister for the procedures of the Central Bank and a focus on supporting its plans in achieving the priorities that are based on achieving financial and banking reform first and thus reforming the other rings of the real economy, of which the banking sector occupies the first basic link in the economy, therefore the steps of cooperation and coordination and issuing reform decisions have yielded results. Joint efforts to enable the economy to advance at good growth rates, confirmed by international organizations, especially the reports of the World Bank and the International Monetary Fund, and their acknowledgment that the Iraqi economy in 2023 left its fragility to a gradual recovery and achieved an inflation rate at an annual rate of 3.7%, which is the lowest comparative rate of 7% in January 2023, which is The rate is the lowest compared to the rates of Arab and regional countries for the same period, and this is one of the goals of monetary policy by reducing inflation and maintaining the general level of prices despite the fluctuation in the exchange rate. In addition, there is an expectation to achieve growth in non-oil GDP by 5%.
    Also organizing the financing of foreign trade and moving banks to build trust relations with global correspondent banks and obtaining their approval to open up to 40 accounts with our banks for the first time in years and allowing commercial and banking dealings with them directly and gradually leaving the electronic platform and introducing new foreign currencies into dealing and trading for the purposes of foreign trade. With China, the Emirates, Turkey and India, in addition to the US dollar, which will help gradually stabilize the exchange rate in the parallel market, as well as the serious direction of the government and the central bank to move and transform from a cash economy to a digital economy and focus on developing electronic payment systems and securing the infrastructure for this by establishing a national company for payment systems and reconsidering the structure. Banking financing and preparing to launch the national lending strategy, establishing a leadership bank to finance small and medium enterprises, and reconsidering the structural, supervisory and supervisory functions of the bank’s specialized departments. The important and basic priority that the Central Bank is working on is preparing to launch the financial inclusion strategy, as the number of open accounts in banks has grown by 14% and has reached more than 10 million accounts. The number of credit cards issued reached more than 18 million cards.
    All these reform measures were completed under difficult and complex circumstances during 2023 and with continuous support, harmony, cooperation and support between Mr. Prime Minister Muhammad Shiaa Al-Sudani and Mr. Governor of the Central Bank Ali Mohsen Al-Alaq, which confirms the entitlement of the Council of Ministers and the Central Bank to be called the first institutions in 2023 for their leadership, supervisory and executive role. In pursuit of financial and banking reform in 2023 as a first stage in achieving complete economic reform.


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