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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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Al-Nusairi calls for fairness of the Central Bank and not to mix the papers

rocky
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Al-Nusairi calls for fairness of the Central Bank and not to mix the papers Empty Al-Nusairi calls for fairness of the Central Bank and not to mix the papers

Post by rocky Mon 28 Nov 2022, 6:15 am

Al-Nusairi calls for fairness of the Central Bank and not to mix the papers

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Economy News-Baghdad
The economic and banking advisor, Samir Al-Nusairi, called, on Monday, not to mix papers and do justice to the central bank because of the failure to blur the economic approach that Iraq has adopted since 2003 and the dispersion of policies and visions that draw financial management, ambiguity and lack of clarity in procedures.
Al-Nusairi said that controlling the management and distribution of public money and the chaos in managing economic and financial crises is considered one of the duties of the successive governments that ruled the country, which unfortunately were unable to overcome the challenges, especially during the economic and security shocks in mid-2014, the Corona pandemic, the drop in oil prices in 2020, and the changes in the global economy. And the food and energy crisis due to the Russian-Ukrainian war in 2022, which forced the Central Bank to intervene to save the Iraqi economy from collapse and use it as monetary policy applications by rediscounting the treasury transfers issued by the financial, which amounted to an internal debt owed by the government of up to 42 trillion dinars until 9/30/2022.
He stressed that banks in all countries of the world have specific and clear tasks and goals focused on achieving economic stability in their countries, assessing banking relations, cooperation, understanding and communication with central banks of other countries, supervising, controlling and directing the banking sector as the first basic link in the economy to contribute to achieving stability in the financial system and the monetary system based on From its applications of monetary policy and from its independence in setting and implementing its strategies in accordance with its applicable law.
Therefore, it is not the duties of the central bank to carry out the executive management of banks and to interfere in the daily executive procedures of government banks belonging to the Ministry of Finance and the government. Therefore, these banks bear sole responsibility for their violation of the instructions of the Ministry of Finance and the Central Bank of Iraq. He pointed out that contributing to overcoming economic and financial crises and challenges, stagnation and economic depression, stimulating the economy, revitalizing the economic cycle, reducing inflation, controlling the money supply and building foreign cash reserves are among the basic tasks of the Central Bank, which led to the Central Bank of Iraq exerting great efforts in the darkest circumstances. In order to carry out his tasks and achieve his goals contained in Law No. 56 of 2004, referred to above.
Al-Nusairi explained that the Central Bank launched its financing and lending initiatives since 2016 at an amount of 6 trillion dinars, and it has now reached 18 trillion dinars to finance small, medium, housing and large projects with a developmental dimension, which achieved good results at the level of contributing to the employment of the unemployed, the establishment of housing units and the financing of thousands of small and medium projects, which led to Contributing to more than 30% of the cash credit granted to the private sector, which constitutes 8% of the GDP and 18.4% of the actual investment spending for the years 2016-2022, in addition to building foreign cash reserves of about $90 billion, in addition to 130 tons of gold, which constitutes a precautionary reserve To face the expected economic crises, especially since these reserves are being invested safely in accordance with international standards.
In addition, the Central Bank's development measures in infrastructure and technology contributed to the digital transformation in all areas of work in the Central Bank and banks, which effectively contributed to the increase in the financial inclusion rate from 11% - 33.5%. It must be mentioned here the initiative of the Community Initiatives Fund (Tamkeen), whose sums were donated by banks and financial companies supporting banking work for the purpose of achieving the societal goal of the Central Bank and banks. All the above achievements did not come out of nowhere, but came to meet the challenges that Iraq has gone through since 2003 until the present time.
Al-Nusairi confirmed his call to politicians, parliamentarians, and the media directed not to mix papers, to do justice to the Central Bank, and not to involve it in accusations and executive violations in some banks and financial institutions that are not affiliated to it structurally and legally, and demanded support for the efforts of its national cadres in supporting our national economy and developing our banking sector. It is reported that Al-Nusairi issued He has his new book tagged (The Central Bank of Iraq..The Journey of Challenges and Achievements (2003-2022), which he gave to the Central Bank on the occasion of the 75th anniversary of its founding, and he gave copies of it to the Prime Minister, the Speaker of the House of Representatives, the President of the Ministerial Council for the Economy, the Parliamentary Finance Committee and the relevant authorities.


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Added 11/28/2022 - 10:12 AM
Updated 11/28/2022 - 2:50 PM
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