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[size=36]The Central Bank decides to postpone the collection of loans granted to industrial and agricultural projects[/size]
Economie| 11:25 - 10/12/2022
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Baghdad - Mawazine News,
the Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed today, Saturday, that the Central Bank decided to postpone the collection of loans granted to industrial and agricultural projects until the end of the year 2024. And the Governor of the
Central Bank, Mustafa Ghaleb Makhaif, said in his speech during the celebration of the founding of the Central Bank of Iraq in its anniversary (75), "The Central Bank worked to establish balanced relations with international banking and financial institutions."
He added, "On these days, seven and a half decades ago, this institution that you are proud of today, the Central Bank of Iraq, was established under the name (The National Bank of Iraq in 1947), and it was not established without a foundation. In 1931, the Currency Affairs Committee, which is The nucleus of the monetary authority is the efforts of the patriots who believed that the country needed a monetary entity to complete the requirements of building the state.
He pointed out that "since then, a long journey began for this institution in establishing a solid monetary system in Iraq, and it contributed to strengthening the economic system and walked side by side with the financial authority to assign it as an advisor to the government, and to stand behind it in times of adversity," noting: "He was distinguished The performance of the Central Bank of Iraq for more than seven decades is that it is always at a sufficient distance from politics and its repercussions, powers and fluctuations, so we established authentic work traditions that were completely politically neutral about what our country went through in terms of fluctuations and well-known circumstances.
And Makhaif explained: "The financial administration of the state was, and still is, believing that the Central Bank of Iraq is the support and backer for it and other state institutions," noting that "
And he pointed out that "when our country went through complex circumstances from 1980 to 2003, the Central Bank played a leading role in it by taking the reasons to support public finances and state institutions, as if it was our destiny to restore what was cracked due to undisciplined policies and procedures."
And the Governor of the Central Bank stated, “After the year 2003, the new Central Bank Law was issued, as its independence was clearly enshrined, and its powers and position in the hierarchy of the economic system in Iraq were consolidated, and its oversight powers were also manifested, and its roles and tasks became more clear, so a reserve of foreign exchange was built to support our currency.” National and its support, and securing the requirements of foreign trade, and those reserves were also diversified in terms of their quality, investment sites, or deposits, and our banknotes were issued with the highest quality and the most reliable security features available in the techniques of printing banknotes globally through contracting with the best international printing companies, and we have a system To supervise the banking sector, based on the legal provisions contained in the Central Bank and Banking Laws and related laws, all of which guarantee the existence of a sober banking system despite the technical and security challenges surrounding this complex environment.
He stressed: "Since 2004, we started planning to establish advanced payment systems and gradually shift to digitization, and we established rules to achieve financial inclusion as one of our strategic goals, by working with the banking sector, which has become more confident that development, financial inclusion, and payment tools are intuitive options that are not It was necessary to delve into it, and we worked to establish balanced relations with international banking and financial institutions, so the Central Bank of Iraq became its affiliated positions with those institutions, and when the Corona pandemic came with its challenges and effects on life and economic activity, the Central Bank was at the head of Al-Nafida, as it donated, along with the banks, With sums of money to support the health effort of the Ministry of Health, and other sums for affected families, in addition to what has been allocated by the public finances.
He added, "To support bank dealers in those difficult circumstances, private banks were instructed to stop collecting loans from their customers for a period, and the Ministry of Finance did that with government banks. And we did that again in 2022 when it was decided to postpone the collection of loans granted from the funds of our initiative on industrial and agricultural projects to At the end of 2024, private banks, with the encouragement of the Central Bank, took the initiative to establish the Community Initiative Fund (Tamkeen), in which many problems were solved by financing projects for hundreds of widows, youth and entrepreneurs, and the construction of some educational, cultural and religious facilities, as banks have a new image. their desired social roles.
Makhaif continued: "When the Ministry of Environment launched its appeals regarding the risks of climate and environmental change and the transition to clean energy, we launched a large initiative with an amount of (1) trillion dinars to lend to the family and economic sector to acquire means of generating electricity from renewable energy, hoping that this initiative will contribute to transforming society's behavior towards Clean energy and taking into account the economics of its use,” explaining: “Central banks represent the largest repositories of financial and banking expertise, and consulting centers for their governments. In this regard, we hope that the concerned authorities will focus on several matters, which we see as a priority in implementing their development goals instead of dispersing efforts and resources.”
And he went on: "When corruption behaviors prevail in some parts of the state, the search for honest people to manage it is not enough to solve the problem. Rather, it is correct to adopt procedures and policies (transient to corruption), in a way that guarantees that it is not committed by corrupt people, and this requires national will and experience in designing Work procedures that lead to this, and we believe that priority strategic projects such as roads and railways are the keys to successful development, and that relying on state agencies to repair existing roads or construct new ones is unrealistic, and we suggest that investors be resorted to, in exchange for traffic fees It does not burden its users, and the same applies to railways. In the field of national development in its economic, human and cultural aspects, we believe that development should be done by stimulating targeting the less developed regions and groups.
And he stated, "In order to reduce the pressure on government jobs, it requires expediting the adoption of social security laws that provide guarantees for all business workers in the private sector to ensure a happy and secure life upon reaching the retirement age," stressing that "the economic recovery in the state begins with the private sector, and experimenting with Inducing recovery through the public sector has proven ineffective, and some public sector institutions have become a burden on the state.
Makhaif stressed "the importance of strengthening non-oil resources through automating the customs and tax sector, unifying border crossings, and drawing on the experiences of other countries that have introduced the private sector in these areas." Ended 29 / m99
the Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed today, Saturday, that the Central Bank decided to postpone the collection of loans granted to industrial and agricultural projects until the end of the year 2024. And the Governor of the
Central Bank, Mustafa Ghaleb Makhaif, said in his speech during the celebration of the founding of the Central Bank of Iraq in its anniversary (75), "The Central Bank worked to establish balanced relations with international banking and financial institutions."
He added, "On these days, seven and a half decades ago, this institution that you are proud of today, the Central Bank of Iraq, was established under the name (The National Bank of Iraq in 1947), and it was not established without a foundation. In 1931, the Currency Affairs Committee, which is The nucleus of the monetary authority is the efforts of the patriots who believed that the country needed a monetary entity to complete the requirements of building the state.
He pointed out that "since then, a long journey began for this institution in establishing a solid monetary system in Iraq, and it contributed to strengthening the economic system and walked side by side with the financial authority to assign it as an advisor to the government, and to stand behind it in times of adversity," noting: "He was distinguished The performance of the Central Bank of Iraq for more than seven decades is that it is always at a sufficient distance from politics and its repercussions, powers and fluctuations, so we established authentic work traditions that were completely politically neutral about what our country went through in terms of fluctuations and well-known circumstances.
And Makhaif explained: "The financial administration of the state was, and still is, believing that the Central Bank of Iraq is the support and backer for it and other state institutions," noting that "
And he pointed out that "when our country went through complex circumstances from 1980 to 2003, the Central Bank played a leading role in it by taking the reasons to support public finances and state institutions, as if it was our destiny to restore what was cracked due to undisciplined policies and procedures."
And the Governor of the Central Bank stated, “After the year 2003, the new Central Bank Law was issued, as its independence was clearly enshrined, and its powers and position in the hierarchy of the economic system in Iraq were consolidated, and its oversight powers were also manifested, and its roles and tasks became more clear, so a reserve of foreign exchange was built to support our currency.” National and its support, and securing the requirements of foreign trade, and those reserves were also diversified in terms of their quality, investment sites, or deposits, and our banknotes were issued with the highest quality and the most reliable security features available in the techniques of printing banknotes globally through contracting with the best international printing companies, and we have a system To supervise the banking sector, based on the legal provisions contained in the Central Bank and Banking Laws and related laws, all of which guarantee the existence of a sober banking system despite the technical and security challenges surrounding this complex environment.
He stressed: "Since 2004, we started planning to establish advanced payment systems and gradually shift to digitization, and we established rules to achieve financial inclusion as one of our strategic goals, by working with the banking sector, which has become more confident that development, financial inclusion, and payment tools are intuitive options that are not It was necessary to delve into it, and we worked to establish balanced relations with international banking and financial institutions, so the Central Bank of Iraq became its affiliated positions with those institutions, and when the Corona pandemic came with its challenges and effects on life and economic activity, the Central Bank was at the head of Al-Nafida, as it donated, along with the banks, With sums of money to support the health effort of the Ministry of Health, and other sums for affected families, in addition to what has been allocated by the public finances.
He added, "To support bank dealers in those difficult circumstances, private banks were instructed to stop collecting loans from their customers for a period, and the Ministry of Finance did that with government banks. And we did that again in 2022 when it was decided to postpone the collection of loans granted from the funds of our initiative on industrial and agricultural projects to At the end of 2024, private banks, with the encouragement of the Central Bank, took the initiative to establish the Community Initiative Fund (Tamkeen), in which many problems were solved by financing projects for hundreds of widows, youth and entrepreneurs, and the construction of some educational, cultural and religious facilities, as banks have a new image. their desired social roles.
Makhaif continued: "When the Ministry of Environment launched its appeals regarding the risks of climate and environmental change and the transition to clean energy, we launched a large initiative with an amount of (1) trillion dinars to lend to the family and economic sector to acquire means of generating electricity from renewable energy, hoping that this initiative will contribute to transforming society's behavior towards Clean energy and taking into account the economics of its use,” explaining: “Central banks represent the largest repositories of financial and banking expertise, and consulting centers for their governments. In this regard, we hope that the concerned authorities will focus on several matters, which we see as a priority in implementing their development goals instead of dispersing efforts and resources.”
And he went on: "When corruption behaviors prevail in some parts of the state, the search for honest people to manage it is not enough to solve the problem. Rather, it is correct to adopt procedures and policies (transient to corruption), in a way that guarantees that it is not committed by corrupt people, and this requires national will and experience in designing Work procedures that lead to this, and we believe that priority strategic projects such as roads and railways are the keys to successful development, and that relying on state agencies to repair existing roads or construct new ones is unrealistic, and we suggest that investors be resorted to, in exchange for traffic fees It does not burden its users, and the same applies to railways. In the field of national development in its economic, human and cultural aspects, we believe that development should be done by stimulating targeting the less developed regions and groups.
And he stated, "In order to reduce the pressure on government jobs, it requires expediting the adoption of social security laws that provide guarantees for all business workers in the private sector to ensure a happy and secure life upon reaching the retirement age," stressing that "the economic recovery in the state begins with the private sector, and experimenting with Inducing recovery through the public sector has proven ineffective, and some public sector institutions have become a burden on the state.
Makhaif stressed "the importance of strengthening non-oil resources through automating the customs and tax sector, unifying border crossings, and drawing on the experiences of other countries that have introduced the private sector in these areas." Ended 29 / m99
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