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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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    Al-Nusairi: My expectations in 2024 are to overcome the challenges of stability in the financial and

    Rocky
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    financial - Al-Nusairi: My expectations in 2024 are to overcome the challenges of stability in the financial and Empty Al-Nusairi: My expectations in 2024 are to overcome the challenges of stability in the financial and

    Post by Rocky Wed 03 Jan 2024, 5:09 am

    Al-Nusairi: My expectations in 2024 are to overcome the challenges of stability in the financial and monetary systems to ambitious proportions

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    Economy News - Baghdad
     
    [rtl]The economic and banking advisor, Samir Al-Nusairi, said in a statement to Al-Iqtisad News Agency, that Iraq faces 2024 with great optimism regarding the level of economic reform and overcoming the challenges of stability in the financial and monetary systems in accordance with the ambitious goals set centrally, which begins with financial and banking reform, reducing the deficit in non-oil revenues, and maintaining the level The year 2023 was the beginning of the reform steps of the government and the Central Bank in confronting the challenges facing economic instability. According to the road map for a new strategy for managing monetary policy and financial policy and with continuous cooperation and coordination, the above steps will be completed with executive procedures of the Central Bank and with the full support of the Prime Minister and the government in 2024, as the Central Bank will focus on implementing the new visions, directions and policies for banking reform, which are thus consistent with the government’s approach. Especially with regard to the transition from the cash economy to the digital economy through the development and dissemination of electronic payment devices in directions that achieve the Fourth Global Revolution by moving to a cashless society.” And an increase in the rate of financial inclusion.[/rtl]
     
    [rtl]He added, "The Central Bank of Iraq will pay exceptional attention to managing monetary policy due to the fluctuation that occurred in the Iraqi dinar exchange rate at the end of 2022, so there will be new priorities to control the exchange rate and ensure its stability."[/rtl]
     
    [rtl]He continued, "Among these priorities is to continue and communicate to strengthen international banking relations to regulate the financing of foreign trade and regulate the Iraqi banking sector in accordance with the standards of the global financial system followed in most of the developed countries of the world in the banking aspect and to completely end the battle with speculators who play a harmful role in the national economy from Through dealing in dollars on the black market, in addition to reconsidering the structure of bank financing and lending policies according to what was called the National Lending Strategy, and establishing a Riyada Bank to finance small and medium enterprises according to new mechanisms to support young people to choose and develop their projects.”[/rtl]
     
    [rtl]He pointed out, “The administrative, procedural and negotiating efforts of the Central Bank, which have continued since the beginning of 2023 with the US Treasury, the Federal Reserve Bank and international banks with which Iraq has important trade exchanges, resulted in allowing agreements, arrangements and understandings that allowed the entry of new currencies to deal with external transfers, including the Chinese yuan, the Emirati dirham and the rupee.” Indian, euro and Turkish lira,” noting, “These agreements are implemented successfully, which was reflected in the exchange rate and led to its decline.”[/rtl]
     
    [rtl]Al-Nusairi added, “An agreement was recently reached with Turkish banks to enhance the balances of Iraqi banks in euros and Turkish lira, and the Central Bank will enhance the balances of the euro currency, according to a mechanism to encourage small merchants to import from Turkey under the supervision and control of the Central Bank of Iraq and Turkey and at the official exchange rate in addition to the agreement.” With First Abu Dhabi Bank, the Emirati dirham will be dealt with to finance Iraqis’ trade with the Emirates, and it is currently making efforts to directly open bank accounts with India to deal in the Indian rupee. Thus, the 2023 procedures at the level of regulating foreign trade have allowed more than 20 Iraqi banks to open up to 40 bank accounts with banks. "We expect the number of banks and the number of accounts opened with correspondent banks to increase this year."[/rtl]
     
    [rtl]He concluded, "All these measures will continue to be developed and expanded, and through joint efforts with the government, they will lead to a continued gradual decline in the exchange rate with the aim of reaching the equilibrium price in the money market, which is not allowing the official price to be equal to the exchange rate on the black market."[/rtl]
     


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