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Samson: Association of Iraqi private banks holds a preparatory meeting for the day of financial inclusion
4th April, 2019
The Association of Iraqi Private Banks on Thursday held a preparatory meeting for private banks, financial payment companies and the Central Bank of Iraq on the day of financial coverage, which starts on April 25, while the meeting was held at the station building in central Baghdad
At the beginning of the meeting welcomed the Executive Director of the Association Ali Tariq private banks that attended the meeting, indicating that the number of attendance today bodes well, stressing that the role of the private bank is the most important and the largest on the occasion of the day of financial inclusion, in addition to the support of the Central Bank of Iraq
Tarek pointed out that the reason for the establishment of financial inclusion is to address the weakness of the public in the banking culture, pointing out that this year will see an increase in access to larger provinces by adding the Kurdistan region of Iraq and the province of Basra, as well as intensify the exhibitions in Baghdad
The CEO of the Association noted that this year will see the establishment of a prize for the best bank participating in the day of financial inclusion, in order to motivate the rest of the banks to provide the best it has
Ali Tariq called on banks to make more efforts to produce a new product, and called on banks to come out with data to prepare a final report on the outcome of the day of financial inclusion
For her part, the Assistant Director General of Payments Department at the Central Bank, Iman Adnan, said that the award will be given to the bank to be the banking awareness department in the winning bank, calling to go to groups other than students, such as women
There were interventions by representatives of banks and inquiries and views on financial inclusion
For his part, Deputy Executive Director of the Association of Iraqi private banks, Ahmed Hashemi during the meeting to get down to the street and target the public is not familiar with this concept, pointing out that the lack of participation of private banks in the provinces will be a negative indicator
There were also interventions by banks, including ideas and proposals to serve the day of financial inclusion, and included the use of ministries as a target group in order to spread the culture of localization of salaries
It was agreed that next Sunday will be a date for a second meeting with private banks for the purpose of providing banks proposals for their activities to the Central Bank on the day of financial coverage, which starts on the twenty-fifth of this month LINK
Tommy17: IMO they r telling they’re banks something is gonna happen around the 25th.
MarkPam: IMO, "if" this is the day for banks to compete for business with the citizenry than a "reason for change" must be established well before the "event" itself. Change is difficult but can be managed which is what I perceived from the article. Banks are to submit their concepts to draw in customers to assist in adoption of the new financial system developed and ready in Iraq.
The key point: People need a "reason" to change and go into the bank...and they cannot announce it on the 25th and expect people to show up that day. Plan and purpose!!! Again, IMO
Popeye7: I was thinking the same thing MarkPam... They need a purpose to go into the banks.. They can plan, and try to entice them with all of gimmicks till they are blue in the face... But we all know the only way the average Iraqi is going to bring their currency into these banks is through a change in value in order for them to receive the lower denoms as well... IMO...
How long have they tried already to get their fellow citizens through enticements to utilize, and trust the banks within Iraq?...
There is only ONE way to get this done, and follow through with this inclusion plan set for the 25th of this month.. IMHO... And as you stated, it has to happen before April 25th to ensure this plan will be effective...
MilitiaMan: Financial Inclusion is a hot topic for not only the IMF but the Bank of International Settlements and the World Bank.
Think about it why are they working so close with Private Banks? Because, imo those that have a lot of wealth or will have a lot in the short term will use them.. They will bring in their wealth to the banks for to exchange it into the new products. Won't Private Banks need the new small category notes to facilitate their new beginning into a market economy?
The wealthy own businesses and will need new product for daily transactions. Grocery store owners, barbers, salons, cigar shops, liquor stores. (lol) They will also need the ability for the markets to do Foreign wire transfers for those that do international trade.
So lets go back to last week the IMF in an article imo implied or demanded Iraq to raise their exchange rate. Then after market closed on Monday the FED/UST was shut down for a period of time. Keep in mind that our Markets Rallied Monday and possibly trillions of dollars were said to have moved. (It takes a lot of money to move the DOW up 400 points+-)
The FED allocated 26 hours for what ever reason they felt appropriate starting at 5:55 pm EST, however, it may have only needed to be down as little as three hours, regardless it is imo an indicator, as it was in respect to or at leas in part for foreign wire transfer codes.
Then we see the World bank come out Tuesday and say that Iraq is to have a remarkable economic recovery in 2019. Then the next day sign MOUs with Iraq for reconstruction projects.
What we haven't heard much of is the extent of where the ISX is with the NASDAQ. Now recall the VP Pence told Halbousi to activate investments for reconstruction, then there was same circumstance from Pompeo and then McConnell speaking about American Businesses to get into Iraq now. See the connections?
FED Reserve preparing for international (foreign) trade through wires. Not uncommon, but, the timing is fascinating. Think about this too. All that money moved in the market Monday pre notification of the closure of the FED for a period of time on Monday/Tuesday?
It is like the markets new they were going to do that. Now here is something that has me thinking. The NASDAQ show cased the ISX in New York pushing three weeks ago now.
If the ISX /NASDAQ decide to go live and hook up in the short term, they would have had to let businesses know they have the ability to move large amounts of money in and out of foreign economies.
The implications to me are that if the ISX links to the Nasdaq the minimum open price for shares is $4.00, with qualifying circumstances at $3.00 and $2.00. That tells me a story. That has a chapter on exchange rates. We'll have to wait to read it though.. lol
What a way to support the IQD is by bringing in foriegn investors into their Stock Exchange. All those USA companies McConnell may have fired up can now move money in an out with ease. Something these Private Banks will be involved with! Enjoy your day, as mine is bright as can be!!
By the way thanks Frank for the shout out, sorry I am late.. Smile! ~ MM
"Functions of Private Banks
Private banking is banking, investment and other financial services provided by banks to high-net-worth individuals (HNWIs) with high levels of income or sizable assets. Private banking forms a more exclusive (for the especially affluent) subset of wealth management. "
fa·cil·i·tate /fəˈsiləˌtāt/ Verb make (an action or process) easy or easier.
"schools were located on the same campus to facilitate the sharing of resources"
make easy/easier, ease, make possible, make smooth/smoother, smooth, smooth the path of, smooth the way for, clear the way for, open the door for