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The Central Bank celebrates the 75th anniversary of its founding and is moving steadily in 2023
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Away from what the speculators in the foreign exchange market are planning and what the yellow media broadcast about insulting the reputation of the Iraqi economy, the Central Bank celebrates on Saturday the 75th anniversary of its founding, and a few days before the end of 2022, we welcome a new year, at a time when the countries of the world are suffering from economic and financial challenges. Food and energy crises, conflicts according to the interests of major countries, the Russian-Ukrainian war, and the global economy is still facing stagnant inflation. Neither the G20 nor the World Bank nor the International Monetary Fund could find solutions, and the local currencies in some countries are still declining at fantastic rates against the US dollar.
As for Iraq, the year ended without a budget for the year 2022, and the Iraqi economy is going through a number of internal and external challenges due to the fluctuations in the internal political situation and the delay in forming the new government after the elections for more than a year. The dispersion of policies and visions for the desired economic reform, in addition to the high rate of unemployment and the percentage of poor groups, especially in the central and southern governorates, which forced the Central Bank to continue its policy of supporting and stimulating the economy and revitalizing the economic cycle.
Therefore, the Central Bank of Iraq had an important role in facing these challenges, reforming the banking sector and helping it overcome these challenges as it is the first basic link in the economy through its financing procedures and initiatives amounting to 18 trillion dinars, which contributed to the employment of more than 60 thousand unemployed and benefited from its financing to run up to 30 thousand small projects The average and establishment of more than 150,000 housing units, and the total beneficiaries of these initiatives reached more than 200,000 beneficiaries. These allocations, which he launched, accounted for more than 30% of the total cash credit granted to the private sector, and constitute more than 8% of the GDP and 18.4% of the GDP. Total actual investment spending for the years 2016-2021, in addition to the contributions of the Tamkeen Fund, which is donated by banks and supervised by the Central Bank and the Association of Iraqi Private Banks in supporting, attributing and rehabilitating up to 1,100 community, humanitarian, cultural and development projects.
The Central Bank's technical, administrative and developmental procedures have contributed to the development of banking systems and the use of new systems that have achieved control over reporting on combating money laundering and terrorist financing and ensuring the safety of procedures that guarantee the rights of the orderer and the beneficiary through the application of the letters of guarantee platform, which achieved excellent results in 2022 and an electronic platform to control external transfer . This contributed effectively to the implementation of the Central Bank's policy in achieving stability in the banking market, sustaining internal and external banking operations, and enhancing international confidence in our international banking dealings. This confirms that the policies of the Central Bank and our banks are moving in the right direction.
The Central Bank is seeking to follow its firm approach after the formation of the new government and the requirements of the new situation to implement the objectives of its second strategy for the years (2021-2023), the main and secondary ones in 2023, after it was able to accomplish a large percentage of them in the years 2021 and 2022, with a focus on implementing the banking strategic projects that it planned and developed. Its objectives were set by the Central Bank, which are about 15 main objectives and 75 sub-objectives (technical, financial, administrative and developmental). Here, we stress the need for banks to develop their policies and procedures in accordance with their actual needs in sustaining the provision of their banking products in accordance with the financial inclusion strategy, and that the preparation of these policies be accomplished in coordination with the specialized departments of the Central Bank in cooperation with the Association of Iraqi Private Banks.
This requires the new government to support banks and enable them to continue banking activity, and to implement the decisions of the Council of Ministers and the Committee of Economic Affairs related to the revitalization of banking work issued during the previous years, especially in the field of credit, bank financing, loans and banking facilities, and giving a basic role to private banks and involving them in economic decision-making. central. And its representation in the economic committees formed in the Council of Ministers and in the Private Sector Development Council, which is intended to be formed in its permanent form.
Views 427
Added 12/09/2022 - 5:13 PM
Updated 12/10/2022 - 12:32 PM
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Away from what the speculators in the foreign exchange market are planning and what the yellow media broadcast about insulting the reputation of the Iraqi economy, the Central Bank celebrates on Saturday the 75th anniversary of its founding, and a few days before the end of 2022, we welcome a new year, at a time when the countries of the world are suffering from economic and financial challenges. Food and energy crises, conflicts according to the interests of major countries, the Russian-Ukrainian war, and the global economy is still facing stagnant inflation. Neither the G20 nor the World Bank nor the International Monetary Fund could find solutions, and the local currencies in some countries are still declining at fantastic rates against the US dollar.
As for Iraq, the year ended without a budget for the year 2022, and the Iraqi economy is going through a number of internal and external challenges due to the fluctuations in the internal political situation and the delay in forming the new government after the elections for more than a year. The dispersion of policies and visions for the desired economic reform, in addition to the high rate of unemployment and the percentage of poor groups, especially in the central and southern governorates, which forced the Central Bank to continue its policy of supporting and stimulating the economy and revitalizing the economic cycle.
Therefore, the Central Bank of Iraq had an important role in facing these challenges, reforming the banking sector and helping it overcome these challenges as it is the first basic link in the economy through its financing procedures and initiatives amounting to 18 trillion dinars, which contributed to the employment of more than 60 thousand unemployed and benefited from its financing to run up to 30 thousand small projects The average and establishment of more than 150,000 housing units, and the total beneficiaries of these initiatives reached more than 200,000 beneficiaries. These allocations, which he launched, accounted for more than 30% of the total cash credit granted to the private sector, and constitute more than 8% of the GDP and 18.4% of the GDP. Total actual investment spending for the years 2016-2021, in addition to the contributions of the Tamkeen Fund, which is donated by banks and supervised by the Central Bank and the Association of Iraqi Private Banks in supporting, attributing and rehabilitating up to 1,100 community, humanitarian, cultural and development projects.
The Central Bank's technical, administrative and developmental procedures have contributed to the development of banking systems and the use of new systems that have achieved control over reporting on combating money laundering and terrorist financing and ensuring the safety of procedures that guarantee the rights of the orderer and the beneficiary through the application of the letters of guarantee platform, which achieved excellent results in 2022 and an electronic platform to control external transfer . This contributed effectively to the implementation of the Central Bank's policy in achieving stability in the banking market, sustaining internal and external banking operations, and enhancing international confidence in our international banking dealings. This confirms that the policies of the Central Bank and our banks are moving in the right direction.
The Central Bank is seeking to follow its firm approach after the formation of the new government and the requirements of the new situation to implement the objectives of its second strategy for the years (2021-2023), the main and secondary ones in 2023, after it was able to accomplish a large percentage of them in the years 2021 and 2022, with a focus on implementing the banking strategic projects that it planned and developed. Its objectives were set by the Central Bank, which are about 15 main objectives and 75 sub-objectives (technical, financial, administrative and developmental). Here, we stress the need for banks to develop their policies and procedures in accordance with their actual needs in sustaining the provision of their banking products in accordance with the financial inclusion strategy, and that the preparation of these policies be accomplished in coordination with the specialized departments of the Central Bank in cooperation with the Association of Iraqi Private Banks.
This requires the new government to support banks and enable them to continue banking activity, and to implement the decisions of the Council of Ministers and the Committee of Economic Affairs related to the revitalization of banking work issued during the previous years, especially in the field of credit, bank financing, loans and banking facilities, and giving a basic role to private banks and involving them in economic decision-making. central. And its representation in the economic committees formed in the Council of Ministers and in the Private Sector Development Council, which is intended to be formed in its permanent form.
Views 427
Added 12/09/2022 - 5:13 PM
Updated 12/10/2022 - 12:32 PM
[You must be registered and logged in to see this link.]
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