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The CBI Governor’s interview at Columbia University / New York 22nd October, 2017


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The CBI Governor’s interview at Columbia University / New York 22nd October, 2017

Post by rocky on Sun Oct 22, 2017 3:23 pm

The CBI Governor’s interview at Columbia University / New York 22nd October, 2017 

Corresponding text by Mr. Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq at Columbia University / New York on 17-10-2017

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 Don961:  (Translation)  Ali Mohsen Ismail Alalak Governor of the Central Bank of Iraq Chairman of the Board Chairman of the Council against money laundering and terrorism financing 

CBI © Ali Mohsen Alalak 2017 

The historical stages of the Central Bank: Functions and policies (1947-1987): The first covenant • Establishment and traditional monetary policy • The Central Bank was established after the abolition of the Iraqi currency council, which was founded in Britain in 1931.% Foreign currency by q was the transition from the link of the Iraqi currency Pound sterling to the dollar in 1955 q $ per dinar 2.80 US price The government of Iraq nationalized all banks and insurance companies 1964 in q(1990-2003): • The Second Covenant • The dominance of fiscal policy and the loss of the bank • Serious challenges and government intervention in the bank’s work during the Gulf War • Loss of independence • Use of the Central Bank of Iraq to finance the war machine through the cash issue • Total depletion of bank reserves Centralized q dinars against the dollar) and the arrival of 3000 (collapse of the dinar exchange rate and the Iraqi dinar q Rankings 3 Inflation to the Central Bank of Kuwait lost its role in achieving the general stability of prices due to hyperinflation q(2004-2014): The Third Covenant • The Central Bank obtained independence under its new law and the achievement of general stability • Prices: A new political system that establishes a competitive market economy • The new law of the bank attended the government intervention in the work of the bank, including attended by the government. % And the currency auction 20 The use of the central bank interest rate (reached more than q foreign to curb inflation. The objectives of the Bank are to achieve stability in domestic prices and to maintain a stable financial system based on competition in the market. In line with the above objectives, the Bank is committed to promoting development and providing opportunities Working and Achieving Prosperity in Iraq: The Vision of the New Testament q The Central Bank of Iraq (CBE) focuses on macroeconomics, monetary stability, price stability, and the achievement of overall objectives by maintaining financial stability and payment system, banking system and system functioning. Mali underbody on a large scale. • The Fourth New Covenant • Transition from monetary stability to financial stability and economic growth The central bank has started a new era with a new vision, moving from 2015 to 2015, focusing on one or more goals. Monetary stability is a multi-dimensional institution with a number of objectives and tasks in response to developments and challenges in central banking in the world. And tools of the twentieth century to the environment and tools of the twenty-first century. “What we know is that for a good and effective economic performance inflation must be at a low and stable level maintained by the monetary authority, certainly now we know that this is a mistake, as the damage caused by the financial crises is much greater than the damage that can be caused by an outbreak Inflation New functions: financial stability and economic growth . Financial stability. Protection of the Financial System. Stimulate economic growth. Financial and Financial Sector . Containment of the financial crisis Financial stability is the case where the financial system is capable of performing a convincing performance of the three functions. First, the financial system facilitates the efficient and smooth allocation of resources from savers to investors; second: the outlook for financial risks is well managed; If not with the fluency of containing surprises and shocks. Economic development FO is absolutely essential to support financial development and economic growth. The existence of an improper banking sector can lead to systemic financial risks and economic collapse. 225, 2007, Economic Growth of Financial Stability and the Role of Law, Douglas E. Warner, University of Cambridge 2 In the following pages you will find the achievements of the Central Bank of Iraq relating to the pillars of financial stability above during the first time 2017-2015 : A) Financial stability (solid financial sector and security) Stimulation and support of private banks and opening of accounts for state institutions in private banks v For government depository Documentary credits Upgrading the payment system through the establishment of the national division and the integrated infrastructure v Electronic payment companies 9 for retail payment systems and licenses to establish a protection unit Customer and Deposit Guarantee Corporation v Establish National Payments Board v Establish Financial Stability and Risk Management Units v Linking the financial system in the Kurdistan region with the Central Bank of Iraq (cancel the sub- v Central Bank in Erbil and Sulaymaniyah linked to the Ministry of Finance of the region and the establishment of two new branches linked to the Central Bank of Iraq) Stimulate tight control, disclosure, government representative of the civil sector v • Include financial Preparation of the financial inclusion strategy Establishment of the Deposit Guarantee Company Depositing employees’ salaries in accounts opened to them in public and private banks Development of payment system and payment by mobile phone . Establishment of the National Bureau of Credit Inquiries Contributing to the development of the capital market Forming a permanent coordination committee between the Central Bank and the Ministry of Finance to coordinate the financial and monetary policies. The transition from the current accounting system to the application of international accounting standards for the preparation of financial reports and the obligation of all banks to apply them through the use of international audit offices. . Full membership in the Islamic Services Council (Banks up to now 10) Facilitating the establishment of Islamic banks v Establish an account in the name of the Central Bank of Iraq in the Depository Center in the stock market v to facilitate the circulation of national bonds.Estimating the secondary stock market by buying the application of the trading system, • Liquidity of banks through the application of “liquidity coverage ratio” and “net fixed financing ratio” for the first time • Support and stimulate the application of business continuity management system standards and practices by issuing instructions according to standards issued by the UK Institute for Business Continuity and Basel II principles. G central depository and settlement systems and to reconcile v system clearing and settlement of securities trading operations with payment systems. “Bread and those who make it in constant demand, firefighters only ask in emergency situations, who make fiscal policy like bakers, keep an eye on macroeconomics and the cash situation they should always be in. Financial stability experts are firefighters, Alarms, walls and cutting equipment, and all fire controls are in place 16. Page 1 Richard Barley, Overview of Financial Stability and Central Bank 1 * B – Contain the fiscal deficit. % Contain the financial crisis in the last two years%% of reserves with the central bank to buy treasury transfers 50 Allow banks to use.. (4 trillion dinars) more than the proposal and develop a plan to pay the dues of contractors, processors and farmers accumulated and is being paid now under bonds organized by the Central Bank The central bank plays a key role in implementing the program of credit readiness with the International Monetary Fund for international loans and facilities. Financial Reform and Regression Plan for Maintaining Macroeconomic Stability Implementing the single treasury account system in coordination with the Ministry of Finance Protection of the financial sector from financial crimes and money laundering. . Preparing a national strategy to combat money laundering and terrorism financing , Enforcement of anti-money laundering and terrorist financing rules (regulations and regulations, regulations). To activate and strengthen the Anti-Money Laundering and Terrorism Financing Department and grant it independence and an independent budget (for the first time, cases of money laundering and terrorism financing offenses will be referred to the judiciary). • Strengthen cooperation, coordination and exchange of information with international partners Application of programs, systems, policies and procedures to control and control the movement of foreign currency (USD) T) Lending 5 launch initiative is the largest in the history of Iraq  small and medium enterprises to stimulate the real sector. . Establishment of a unit to support and control microfinance . Review and update relevant legislation . Working on the establishment of an investment fund with the participation of all banks . Grant banks the freedom to determine interest • Establishment of new structures • Financial stability unit • Economic forecasting unit Risk management unit • Compliance unit • Total quality management unit • Development of organizational structure of existing departments and configurations • Implementation of knowledge transfer program in coordination with international partners The Central Bank continues to implement its monetary policy : • Continuing to achieve the objective of monetary policy to preserve the value of the Iraqi dinar • Maintain the link of the Iraqi dinar to the US dollar in order to support economic stability and balance of payments. • The Central Bank’s success in maintaining the reserve level of the foreign currency in spite of the circumstances and the challenges of the large decline in dollar resources due to the low oil prices Samson:  Thanks for the translation Don Samson:  Mr. Governor’s speech in Washington 22nd October, 2017 The speech of the Governor of the Central Bank of Iraq Dr. Ali Mohsen Al-Alaq during his meeting with the Director General of the International Monetary Fund and the Governors of Central Banks in Washington on 15-10-2017 Thank you Mr. Laccard, the Director-General for hosting this meeting. Despite the difficult circumstances, the Iraqi government is committed to implementing its program with the International Monetary Fund and we hope that the third revision will be agreed under the program during our stay here. We appreciate the work of the IMF team and the flexibility of the policy of advising, as it is important to reach this degree of flexibility and understanding of the exceptional Iraqi situation, where this is important when it comes to balancing the financial situation with social considerations. The withdrawal of correspondent banks is an important issue for us. We also appreciate if the Middle East Division of the International Monetary Fund can share best practices and facilities and conduct a dialogue with shareholders to address this issue. Iraq, like other countries in the region, has a large number of refugees and displaced persons (about 3 million for displaced people). It would be helpful for the Middle East to provide assistance in assessing the economic impact associated with it. The international community has the opportunity to provide assistance. I would like to take this opportunity to express my thanks and appreciation to the Kuwaiti Government for their valuable support to Iraq, including hosting the Iraq Reconstruction Conference in the coming months. In this regard, we appreciate the technical support of the International Monetary Fund in preparing for this conference. There is a need for great efforts by the International Monetary Fund to develop the representation of our region’s staff and to ensure appropriate career opportunities and promotions to the highest levels, and we hope to see tangible progress in this regard at our next meeting. [You must be registered and logged in to see this link.]

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