Clare: THE GOVERNOR OF THE CENTRAL BANK ANNOUNCES THE IMMINENT TRANSITION TO THE “DIGITAL BANK”
Today, Tuesday, the Governor of the Central Bank announced the imminent transition to the “Digital Bank”.
The Media Department of the House of Representatives stated, in a statement received by the “National News Center”, that “the committee to monitor the implementation of the government program, headed by Representative Hazem Al-Khalidi, the head of the committee, and in the presence of its members, hosted the Governor of the Central Bank, Mustafa Ghaleb, and a number of government bank managers to discuss what has been accomplished from the ministerial curriculum, and a meeting was held In the constitutional hall of the House of Representatives, in the presence of a number of members of various parliamentary committees, as well as the Minister of State for Parliament Affairs, Hayam Al-Haidari.
The committee indicated, according to the statement, that it “held several meetings to evaluate the work of the government and submitted in a previous period a detailed report to the House of Representatives in which it touched on the percentages of achievement and areas of failure,” noting that “the government has not yet presented its government program, which led to a lack of coordination between institutions different country.”
The statement continued, “The committee raised a number of questions regarding a number of related issues that fall within the work of the Central Bank, the most prominent of which are the negative effects of the decision to raise the exchange rate, as well as the absence of the reasons and justifications mentioned for this, especially with the increase in the bank’s sales through the currency sale window and the possibility of filling the deficit after the increase in The price of oil is in addition to the lack of necessary conditions to preserve the local product, and there are many exceptions to this, and a clear delay for a project made in Iraq.”
The statement said, “The stages of completion of the ministerial curriculum and the application of mechanization were discussed, in addition to the measures taken by the central bank and government banks regarding administrative reform.”
The statement continued, “The committee discussed the foundations adopted by the Central Bank in classifying banks, closing banks that violate the law, and the consequences of raising the exchange rate on the poor and middle class,” stressing “the need for coordination between the government and the Central Bank to start drafting a bill for the bank.”
With regard to supporting housing projects and granting loans, the committee noted the “low percentage of completion in this area.”
In answering the committee’s inquiries, the Central Bank Governor praised “the effective role of the committee by exercising its oversight role and striving to diagnose weaknesses and work to fix them.”
The governor of the bank added that “all government banks are administratively affiliated to the Ministry of Finance and he has no choice in managing those banks,” noting that “the government is addressed regarding the central bank’s role in choosing the management of government banks as well as eligibility.”
And the governor of the Central Bank said that “the banking sector in Iraq went through two important turns in 2012 and the other in 2019 led to a rise in the granting of licenses to banking companies and banks,” noting that “the bank demanded from the government to automate border crossings to control the imports of the ports, whose imports are considered to come after oil. in terms of importance.”
In the same context, the Governor of the Central Bank indicated “the imminent creation of an electronic collection system, which the bank has been working on since 2019, in addition to working on the digital identity that organizes the opening of an account for citizens from their homes and the transition from paperwork to the (Digital Bank) system.”
For their part, the bank managers provided, according to the statement, “an explanation of the questions and inquiries raised by the deputies about the banking system, stressing that there are problems facing a number of banks and the need for actual reforms.” link
Will: nice one. push the button
Courtesy of Dinar Guru
Frank26 Article, I've got a picture of it I was so impressed with it. I said, "WHAT!" Holy cow, they just told the world that they are making a change to their exchange rate. What have we been saying this entire time? The only reason the Kuwait conference failed was because they didn't go Article VIII. Now the only reason those same companies, those same countries are pouring in is because they are Article VIII which is attached to the fact that they made a change to the exchange rate for their currency. For them to say it...oh my goodness! That was it!
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