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.

Join the forum, it's quick and easy

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

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    A wide welcome for the policies of the Central Bank: Contributed to achieving monetary stability

    Rocky
    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 281403
    Join date : 2012-12-21
    • Post n°1

    A wide welcome for the policies of the Central Bank: Contributed to achieving monetary stability Empty A wide welcome for the policies of the Central Bank: Contributed to achieving monetary stability

    Post by Rocky Sun 09 Oct 2022, 9:27 am

    [rtl]A wide welcome for the policies of the Central Bank: Contributed to achieving monetary stability[/rtl]

    [rtl]Posted 21 seconds ago
     
    [/rtl]

    [rtl][You must be registered and logged in to see this image.][/rtl]
    [rtl][You must be registered and logged in to see this image.]
    News source / [You must be registered and logged in to see this link.][You must be registered and logged in to see this link.][/rtl][/size]
    [rtl]In this regard, the observer of economic affairs, Hassan Al-Hajj, confirms that the policy of the Central Bank and the plans that it developed in the past months contributed directly to achieving monetary stability and raising the level of Iraq's strategic reserve of hard currency , in addition to the flexibility of the plans and in line with the size of the economic challenges locally and globally.


    Al-Hajj said in an interview with Alsumaria News, “The Central Bank's procedures in dealing with the global economic crisis were very clear in a positive and professional manner, what happened in many countries of the world, where we saw a significant increase in the bank's hard currency reserves from 50 to 76 billion dollars. It will reach $90 billion before the end of this year, which has a positive impact on the stability of the currency price in the market and the inability of traders to manipulate it.”
    He added, "The Central Bank adopts flexible policies and plans that are consistent with all the variables of the economic situation in the local and global market, and they are in remarkable progress, especially with regard to the issue of containing cases of corruption or currency smuggling that occurred in previous periods through the currency sale auction, where we saw a clear decline in these violations are a result of the new controls set by the Central Bank to contain those negative cases during the past six months, and we hope that they will be completed in the next stage completely.”
    The economic expert explained, “The raising of the exchange value of the dinar against the dollar, which had some negative repercussions on the citizen, but in the end was positive to supplement the state's reserves of currency to face crises, but in general it needs more powerful government measures to support the fragile and middle classes, which can actually be achieved in if the government draws up a coordinated policy and joint cooperation with the Central Bank in this file.”
    He continued, "The policy of the Central Bank is in great improvement, and we expect that new measures will be taken by it in the coming months to ensure that the reserve level is maintained and developed to be a strategic reserve for the Iraqi state and in line with the rise in oil prices globally, which are all positive indicators that ultimately serve the interest of the state treasury.”
    In addition, the Iraqi Stock Exchange confirmed that its cooperation with the Central Bank and the stock market achieved 5 goals and gains.
    The Executive Director of the market, Taha Ahmed Abdel Salam, said to the official agency that “cooperation with these two parties has achieved goals and gains, represented first by working to oblige the brokerage offices owned by banks to convert to brokerage companies starting from 2008 -2009, to be financially independent in accordance with the Companies Law and in line with the law. With the rules of the Securities Commission, and secondly, the cooperation resulted in obligating banking companies and money transfer companies to be listed in the Iraqi Stock Exchange based on the decision of the Ministerial Economic Committee in 2013 and meeting the standards of the Securities Commission for listing, which made the banking sector the largest sector listed in the Iraqi Stock Exchange”.
    He added, "The third gain includes holding joint committees between the three parties periodically, which would develop the securities sector continuously, while the fourth gain includes the use of the payments system in implementing financial settlements between Iraqi banking banks, in addition to activity between the bank and its branches, which increased the Stock liquidity through examination and audit of the sources of funds upon purchase.
    And he added, "In this context, the due diligence of banking for dealers through banks, is offset by due diligence for stock dealers in the Iraqi Stock Exchange since 2015, especially since the Iraqi Stock Exchange does not accept cash dealings for buying shares or Paying, except with limits of less than 15 million.
    He stressed that “the fifth gain is the cooperation of the three parties in the framework of supporting banks to provide the service of safe custody of securities, and during 2022 the Central Bank of Iraq granted approvals to four Iraqi banks that submitted their papers to the Securities Commission to practice the activity of safe custody of securities, and all of them were approved at the beginning of the month November 2022.
    He concluded by emphasizing that there will be mechanisms of cooperation and joint action to enhance the role of the securities sector in supporting economic activity in Iraq.
    At the end of last year, the Central Bank of Iraq announced the completion of the payment of compensation to the State of Kuwait.
    The Central Bank said in a statement received by Alsumaria News, “The payment of the last remaining installment of the State of Kuwait's compensation amounting to (44) million US dollars has been completed, and thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council under the resolution No. (687) for the year 1991, with a total of (52.4) billion US dollars for the State of Kuwait.
    It is hoped that ending the payment of compensation, according to the statement, will contribute to “exiting Iraq from Chapter VII, as well as its impact on re-integrating the Iraqi banking system with the global banking system and benefiting from the financial abundance that will be achieved.”
    The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.
    Iraq stopped making payments in 2014 during the war on ISIS, which controlled large parts of the country, but resumed payments in 2018.
    [You must be registered and logged in to see this link.]
    [/rtl]
    • Back to top
      Current date/time is Wed 27 Nov 2024, 8:58 pm