[size=36]Central Bank: Iraqi banks still face challenges in complying with international laws and standards
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01:39 - 05-06-2024[/size]
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Al-Youm Al-Akhbariya - Baghdad
Central Bank Governor Ali Al-Alaq announced on Monday that the banking sector is witnessing major qualitative developments, while calling for cooperation and coordination between Arab central banks, banks and non-banking financial institutions to achieve stability and economic growth.
Al-Allaq said during the conference “The challenges facing Arab banks in complying with international laws and legislation and meeting the requirements of correspondent banks,” held in Baghdad in the presence of a large number of Arab banking officials and economists, that “central banks have faced increasing challenges after decades of traditional functions and missions, which can be Closer to quiescence, until each period brought different challenges that required a special approach to confronting them,” pointing out that “after long periods of decline in interest rates and inflation, the global economy began to face a phase characterized by high inflation and high levels of public and private debt, which called on central banks Until the urgent need is felt to include financial stability and concerns about deflation within its economic models and to develop unconventional tools to deal with them.”
He continued, "The financial crisis in 2008 was followed by a series of challenges, as public debt rose and the rush to raise interest rates to confront inflation threats made servicing the public debt more expensive. Here, it is difficult to balance in achieving intersecting goals that make it difficult to approach each other," pointing out that "since... “The Corona crisis has become clear that public financial policy can correct one of the factors driving increased inflation.”
He stated that “the nature of shocks and the frequency of their occurrence have changed locally and internationally, as shocks historically occurred due to increased or decreased demand, with the exception of supply shocks, which is known as stagflation in the 1970s,” pointing out that “there are many shocks today, including demand versus supply, and special risks versus Systemic risks, transient versus permanent shocks, which requires a modified approach in the face of sudden and unexpected changes.”
He stated that “central banks face new challenges in the interaction between financial and monetary stability, in light of the dominance of general financial policy and the necessity of central banks to facilitate excessive government debts, according to financial control, which requires reducing spending or increasing domestic revenues, or both.”
He stated that “over the past 10 years, the Iraqi banking sector has witnessed significant qualitative developments in response to the adoptions and policies of the Central Bank of Iraq, as it introduced and applied for the first time the concepts and practices of compliance rules, governance, risk management, prudential oversight, risk-based oversight, comprehensive quality management, business continuity, digital services, and financial inclusion.”
He stated that “despite all these developments, there remain major and mounting challenges represented by the challenges of compliance with international laws, legislation, requirements and standards,” explaining that “these challenges have a direct connection and impact on the openness of local financial institutions to their international counterparts.”
He stressed that “to the extent that all of this achieves communication and connection with the outside world, it undoubtedly carries many challenges and implications,” expressing his hope that “this conference will succeed in satisfying it, reaching effective solutions to this challenge, and devoting cooperation and coordination between Arab central banks and Arab banks.” and non-banking financial institutions, to achieve stability and growth.”
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Economy
[size]01:39 - 05-06-2024[/size]
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Al-Youm Al-Akhbariya - Baghdad
Central Bank Governor Ali Al-Alaq announced on Monday that the banking sector is witnessing major qualitative developments, while calling for cooperation and coordination between Arab central banks, banks and non-banking financial institutions to achieve stability and economic growth.
Al-Allaq said during the conference “The challenges facing Arab banks in complying with international laws and legislation and meeting the requirements of correspondent banks,” held in Baghdad in the presence of a large number of Arab banking officials and economists, that “central banks have faced increasing challenges after decades of traditional functions and missions, which can be Closer to quiescence, until each period brought different challenges that required a special approach to confronting them,” pointing out that “after long periods of decline in interest rates and inflation, the global economy began to face a phase characterized by high inflation and high levels of public and private debt, which called on central banks Until the urgent need is felt to include financial stability and concerns about deflation within its economic models and to develop unconventional tools to deal with them.”
He continued, "The financial crisis in 2008 was followed by a series of challenges, as public debt rose and the rush to raise interest rates to confront inflation threats made servicing the public debt more expensive. Here, it is difficult to balance in achieving intersecting goals that make it difficult to approach each other," pointing out that "since... “The Corona crisis has become clear that public financial policy can correct one of the factors driving increased inflation.”
He stated that “the nature of shocks and the frequency of their occurrence have changed locally and internationally, as shocks historically occurred due to increased or decreased demand, with the exception of supply shocks, which is known as stagflation in the 1970s,” pointing out that “there are many shocks today, including demand versus supply, and special risks versus Systemic risks, transient versus permanent shocks, which requires a modified approach in the face of sudden and unexpected changes.”
He stated that “central banks face new challenges in the interaction between financial and monetary stability, in light of the dominance of general financial policy and the necessity of central banks to facilitate excessive government debts, according to financial control, which requires reducing spending or increasing domestic revenues, or both.”
He stated that “over the past 10 years, the Iraqi banking sector has witnessed significant qualitative developments in response to the adoptions and policies of the Central Bank of Iraq, as it introduced and applied for the first time the concepts and practices of compliance rules, governance, risk management, prudential oversight, risk-based oversight, comprehensive quality management, business continuity, digital services, and financial inclusion.”
He stated that “despite all these developments, there remain major and mounting challenges represented by the challenges of compliance with international laws, legislation, requirements and standards,” explaining that “these challenges have a direct connection and impact on the openness of local financial institutions to their international counterparts.”
He stressed that “to the extent that all of this achieves communication and connection with the outside world, it undoubtedly carries many challenges and implications,” expressing his hope that “this conference will succeed in satisfying it, reaching effective solutions to this challenge, and devoting cooperation and coordination between Arab central banks and Arab banks.” and non-banking financial institutions, to achieve stability and growth.”
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