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Neno's Place Established in 2006 as a Community of Reality


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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

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Established in 2006 as a Community of Reality

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


    Our national economy, our banks, and reputational risk

    Rocky
    Rocky
    Rocky
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    Posts : 280381
    Join date : 2012-12-21
    • Post n°1

    Our national economy, our banks, and reputational risk Empty Our national economy, our banks, and reputational risk

    Post by Rocky Sat 19 Nov 2022, 5:30 am

    Our national economy, our banks, and reputational risk

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    At a time when the Central Bank and the Iraqi banking sector celebrate the 75th anniversary of the founding of the Central Bank of Iraq. This anniversary culminated this year with great achievements at the level of supporting and stimulating the national economy.
    And revitalizing the economic cycle and securing allocations that exceeded 18 trillion dinars to finance small, medium, housing, investment and renewable energy projects. The World Bank, the International Monetary Fund and international organizations commended the developments in
    In the Iraqi economy and expectations of an increase in the growth rate in the gross domestic product this year to 9.3% and the arrival of foreign cash reserves to the limits of 90 billion dollars and 130 tons of gold due to the rational procedures in the applications of monetary policy and safe investments, which had a major role in achieving the above achievements. Unfortunately we noticed
    Some yellow and non-competent means of communication and media, and personalities with special interests these days, are spreading rumors and fabricated news that are not based on reliable and official sources that harm our banks. And the official body that must be approved is the Central Bank of Iraq exclusively. to the applicable law. And he is concerned with the implementation of international sanctions imposed on some banks that violate internationally approved standards, as happened a few days ago by stopping the dealings of only four banks in foreign currencies with circulars issued by the Central Bank.
    We must not forget that our country is now going through complex crises and great challenges facing the new government, which requires everyone to cooperate with it in order to achieve its governmental approach to achieving economic reform.
     And the effects of the global economic and financial crisis and its negative repercussions on our economy in the coming months, as expected.
     The rumors and fabricated news currently circulating from some social networks and some satellite channels whose orientations are well known and intended to deliberately offend the national economy and national economic institutions that have clear success experiences and work with national Iraqi cadres, and that these parties are driven by special interests and projections. They target our national economy and its institutions that have achieved clear achievements. During the economic and security shocks that Iraq went through after mid-2014 until the present time, it contributed to achieving economic resilience and supported our national economy. Their posts and press and media reports have preoccupied us these days by targeting our banks
    And involving it in organizational, administrative and technical problems and exploiting leaks to amplify fabricated information that has not been audited and verified. Its aim is to blackmail and cover up the achievements made during the years of crisis. So why target? The reason, as I see it, is that the Central Bank insists on the need for all banks responsible for supervision and control and related financial institutions to carry out their daily work, internally and externally, to adhere to the instructions, controls, and regulations in accordance with its objectives contained in its law, which maintain economic stability in the country.
    Although I respect the other opinion issued by non-specialists or those specialized in economics and monetary policy in particular, but I may disagree with the opinion that tries to harm the reputation of the Iraqi banking sector
     And the reflection of reputational risks on our international banking dealings. Therefore, I call on the media to look, even for once, at preserving the reputation of the Iraqi economy internally and externally, because it is illogical for us to allow the targeting of our economic institutions that are directly responsible for achieving steadfastness and economic stability. Because directing accusations against our banking sector is an insult to Iraq's economic reputation internationally without scrutiny and investigation of the leaked information.
    These authorities know before others through evidence, facts and business results that banks are the first basic link in the economy and without a sound banking sector it is not possible to build a sound economic sector. I also call on the boards of directors of all our banks and their executive departments to strictly adhere to the rules of compliance and the fight against money laundering and terrorist financing and to pay attention to accuracy To implement the controls and instructions issued by the Central Bank, to give due diligence to all internal and external banking operations, and to operate openly under the spotlight of the internal and external supervisory authorities, in order to preserve the reputation of our national economy and the achievements of the Central Bank during the past twenty years.
     

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    Added 11/19/2022 - 11:38 AM
    Updated 11/19/2022 - 2:27 PM
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