Home
Central Bank Harvest 2021-2022
[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]
The year 2020 has come to an end, and Iraq is suffering from complex political and economic conditions due to the many challenges it faces, which stand in the way of implementing the plans of the government and the private sector in economic and financial reform. In addition to this, the effects of international economic changes, the slowdown in global economic growth, indicators of the economic conflict between America and China, the Russian-Ukrainian war, instability in global oil prices, ups and downs, and the repercussions of mutations and waves of the Corona pandemic.
All of these subjective and objective repercussions did not prevent the Central Bank during 2021 and 2022 from implementing its ambitious reform plan to overcome the challenges of stability in the financial and monetary system and stimulate the economy with the aim of achieving economic stability. The Central Bank has begun its reform measures and initiatives as follows:
First - launching its second strategy For the years (2021-2022).
The new strategy drew a roadmap with clear objectives and policies for a period of 3 years. It identified the main goals with 5 goals and the secondary goals with 75 goals. It charted the way for banking reform according to the following main goals:
1- Support and achieve monetary and financial stability.
2- Promoting and strengthening the banking sector and financial institutions.
3- Promoting digital transformation in the Central Bank and the banking sector.
4- Developing the organizational structure and human resources of the Central Bank.
5- Activating and integrating the internal and external relations of the Central Bank.
Second - Procedures for controlling the exchange rate of the dinar.
Focus has also been placed on controlling the new exchange rate of the Iraqi dinar and fixing it as a clear goal during the years 2021 and 2022, with several measures, most notably the issuance of new instructions for buying and selling foreign currency for the year 2021 and the electronic platform for external transfer, which are new instructions to banks and exchange companies and mediate in the sale and purchase of authorized foreign currencies. The instructions are based on The amended Central Bank Law No. 56 of 2004 aims to strengthen the role of the banking system and non-banking financial institutions in securing foreign currency to beneficiaries and controlling its movement internally and externally, which leads to controlling and maintaining the stability of the exchange rate and compliance with the requirements of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 .Despite the stability of the targeted exchange rate during the above two years, the new US restrictions on foreign transfers led to the instability of the exchange rate, and the Central Bank took several measures to increase the supply of dollars in the currency market towards returning the price to its previous rates.
Third - Financing and lending initiatives to stimulate the economy.
The Central Bank also issued several initiatives to revitalize the national economy and support citizens, as indicators and official data indicate the success of the Central Bank’s economic and lending initiatives, which are a number of reform measures that were planned and put into effect by the Central Bank, which coincided with the decision to reduce the exchange rate of the dinar with the aim of easing the burdens that are expected to Citizens with low incomes suffer from it and for the purpose of creating monetary balance in the trading market and facing the repercussions that can occur as a general case facing countries that lower the exchange rate of their local currency and investing in positive cases to enhance the financial position of the government and reduce the budget deficit and overcome the causes of internal and external borrowing, in addition to protecting and supporting the product Governmental and private banks have contributed to the implementation of the Central Bank’s initiatives referred to above with care and accuracy, which has led to good results in activating, facilitating and simplifying procedures to increase financing and loans for small projects.And to individuals and companies, as 18 trillion dinars have been allocated to finance small, medium and housing projects, as well as large development projects and renewable energy projects, while continuing to grant employees whose salaries are less than one million dinars and whose salaries are based in banks, loans in the amount of 15 million dinars without interest and without a guarantor in addition To reduce the interest rate for all types of loans, with the continuation of government banks specialized in lending industrial, agricultural and housing projects from the five trillion dinars initiative, which was employed by up to 60 thousand unemployed, and it constitutes an advanced lending rate. Housing loans were also increased, for which 10 trillion dinars were allocated, and it benefited from the bank’s initiatives Central until 2022, with a limit of 150,000 beneficiaries.
Fourth - the development in indicators of financial inclusion.
And at the level of developing banking work, digital transformation, and increasing the percentage of financial inclusion, as a growth of about 50% was achieved in the new accounts opened, and the number of accounts became about 8 million accounts, and banks issued about 15 million electronic cards, and the percentage of financial inclusion increased to 33.5%. It also implemented the Central Bank's second strategy regarding the development of electronic payment systems and the transition to a cashless society. The number of ATMs operating in our banks has reached 1,600, points of sale around 8,329, and activated electronic wallets at around 3,500,000 wallets. The other important aspect that has been achieved is adherence to international rules and standards. For compliance, anti-money laundering, financial reporting and risk management.
Fifth - Activating and strengthening international banking relations
at the level of foreign banking relations and building banking cooperation and coordination relations with banks of Arab and regional countries based on continuous and permanent communication with the governors of banks and financial and banking institutions in these countries, based on drawing a road map and reaching agreements and understandings with the Central Bank of Saudi Arabia The Turkish, Emirati, Bahraini, Egyptian, Jordanian, French and British Central Banks, and international financial institutions such as the World Bank, the International Monetary Fund and the Arab Monetary Fund, in order to enhance banking transactions between the two sides, benefit from the successful experiences in these countries, and enhance and activate cooperation with them.
Sixth: Paying Iraq's obligations to the State of Kuwait regarding Security Council Resolution 687 of 1991.
The Central Bank announced that Iraq has paid the last installment of the compensation amounts approved by the Security Council in Resolution 687 of 1991. This means that Iraq has paid the full amount of compensation amounting to $52 billion, and thus approximately two billion dollars will be saved annually.
Seventh: Building the Central Bank's foreign exchange reserves. Where it was announced that the foreign cash reserves of the Central Bank amounted to about 96 billion dollars, and that the observer and the specialist are well aware that reaching this rate of foreign reserves is due to the increase in oil prices and the Central Bank’s adoption of safe investment policies, which strengthened the credit position of Iraq internationally and restored confidence in the economy Iraqi and its international banking relations.
Eighth - Community Initiatives Fund (Tamkeen).
And what confirms the soundness and success of the bank’s second strategy (2021-2023) and the implementation of its monetary policy in the years 2021 and 2022 is its interest in achieving the societal goal of the banking sector, which is financing the Tamkeen Fund for community projects, as the number of rehabilitation, cultural and humanitarian projects since the start of the initiative has reached 1,200 projects in Baghdad and the provinces.
Ninth - Enhancing gold reserves, the Central Bank of Iraq became the latest bank to add a large amount of gold to its gold reserves this year 2022, as it bought 34 tons of gold. This is the first increase in gold reserves by the Central Bank of Iraq since its purchase of 7 tons in 2018, and the Central Bank of Iraq now possesses more than 130 tons of gold, thus being the first in the world for the year 2022 in the amount of purchase out of the total of 59 tons purchased from the countries of the world. The gold reserve in the Central Bank of Iraq ranks fourth in the Arab world and thirty in the world. Building foreign cash and gold reserves is an important precaution to face the global economic crisis.
Tenth: The electronic platform for letters of guarantee at the Central Bank.
In implementation of the strategy of the Central Bank of Iraq to develop internal and external banking operations, control and control, and automate the means of reducing banking risks in all areas of banking work, the Central Bank established the central electronic platform for recording letters of guarantee with the aim of working to reduce the phenomenon of issuing letters of guarantee without recording them in the bank’s records by registering them in This platform is available to banks and beneficiaries via the Internet, where banks access it and record data and a copy of the letters of guarantee to obtain a registration number, and then all data is available to the Central Bank to compare it with the financial statements of the banks, and the beneficiary can obtain the validity of the issues by inquiring about the data of the letter of guarantee through the platform And that the above mechanism, after its implementation, has achieved good and accurate results to control and monitor the control of the movement of issuing letters of guarantee, in a way that guarantees the rights of the orderer and the beneficiary in accordance with the law in force, but with audit mechanisms that enhance confidenceexchanged between our banks and the ministries and departments of the state benefiting from the implementation of various development projects in all sectors, as the electronic platform achieved important results in 2021, as the number of letters of guarantee issued reached more than 30 thousand letters of guarantee, the value of which exceeds 9 trillion dinars, which confirms the success of the strategy to organize the issuance of letters of guarantee and increase Confidence of the beneficiaries in the banking sector in accordance with the new approved mechanism.
With the achievement of these results, the Central Bank tries from time to time to conduct an evaluation of the process and amend some instructions that facilitate banking operations and develop them to serve the orderer and the beneficiary, and thus achieve the legal guarantees that protect all parties.
407 views
Added 12/31/2022 - 9:03 PM
Updated 01/01/2023 - 1:11 PM
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]
The year 2020 has come to an end, and Iraq is suffering from complex political and economic conditions due to the many challenges it faces, which stand in the way of implementing the plans of the government and the private sector in economic and financial reform. In addition to this, the effects of international economic changes, the slowdown in global economic growth, indicators of the economic conflict between America and China, the Russian-Ukrainian war, instability in global oil prices, ups and downs, and the repercussions of mutations and waves of the Corona pandemic.
All of these subjective and objective repercussions did not prevent the Central Bank during 2021 and 2022 from implementing its ambitious reform plan to overcome the challenges of stability in the financial and monetary system and stimulate the economy with the aim of achieving economic stability. The Central Bank has begun its reform measures and initiatives as follows:
First - launching its second strategy For the years (2021-2022).
The new strategy drew a roadmap with clear objectives and policies for a period of 3 years. It identified the main goals with 5 goals and the secondary goals with 75 goals. It charted the way for banking reform according to the following main goals:
1- Support and achieve monetary and financial stability.
2- Promoting and strengthening the banking sector and financial institutions.
3- Promoting digital transformation in the Central Bank and the banking sector.
4- Developing the organizational structure and human resources of the Central Bank.
5- Activating and integrating the internal and external relations of the Central Bank.
Second - Procedures for controlling the exchange rate of the dinar.
Focus has also been placed on controlling the new exchange rate of the Iraqi dinar and fixing it as a clear goal during the years 2021 and 2022, with several measures, most notably the issuance of new instructions for buying and selling foreign currency for the year 2021 and the electronic platform for external transfer, which are new instructions to banks and exchange companies and mediate in the sale and purchase of authorized foreign currencies. The instructions are based on The amended Central Bank Law No. 56 of 2004 aims to strengthen the role of the banking system and non-banking financial institutions in securing foreign currency to beneficiaries and controlling its movement internally and externally, which leads to controlling and maintaining the stability of the exchange rate and compliance with the requirements of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 .Despite the stability of the targeted exchange rate during the above two years, the new US restrictions on foreign transfers led to the instability of the exchange rate, and the Central Bank took several measures to increase the supply of dollars in the currency market towards returning the price to its previous rates.
Third - Financing and lending initiatives to stimulate the economy.
The Central Bank also issued several initiatives to revitalize the national economy and support citizens, as indicators and official data indicate the success of the Central Bank’s economic and lending initiatives, which are a number of reform measures that were planned and put into effect by the Central Bank, which coincided with the decision to reduce the exchange rate of the dinar with the aim of easing the burdens that are expected to Citizens with low incomes suffer from it and for the purpose of creating monetary balance in the trading market and facing the repercussions that can occur as a general case facing countries that lower the exchange rate of their local currency and investing in positive cases to enhance the financial position of the government and reduce the budget deficit and overcome the causes of internal and external borrowing, in addition to protecting and supporting the product Governmental and private banks have contributed to the implementation of the Central Bank’s initiatives referred to above with care and accuracy, which has led to good results in activating, facilitating and simplifying procedures to increase financing and loans for small projects.And to individuals and companies, as 18 trillion dinars have been allocated to finance small, medium and housing projects, as well as large development projects and renewable energy projects, while continuing to grant employees whose salaries are less than one million dinars and whose salaries are based in banks, loans in the amount of 15 million dinars without interest and without a guarantor in addition To reduce the interest rate for all types of loans, with the continuation of government banks specialized in lending industrial, agricultural and housing projects from the five trillion dinars initiative, which was employed by up to 60 thousand unemployed, and it constitutes an advanced lending rate. Housing loans were also increased, for which 10 trillion dinars were allocated, and it benefited from the bank’s initiatives Central until 2022, with a limit of 150,000 beneficiaries.
Fourth - the development in indicators of financial inclusion.
And at the level of developing banking work, digital transformation, and increasing the percentage of financial inclusion, as a growth of about 50% was achieved in the new accounts opened, and the number of accounts became about 8 million accounts, and banks issued about 15 million electronic cards, and the percentage of financial inclusion increased to 33.5%. It also implemented the Central Bank's second strategy regarding the development of electronic payment systems and the transition to a cashless society. The number of ATMs operating in our banks has reached 1,600, points of sale around 8,329, and activated electronic wallets at around 3,500,000 wallets. The other important aspect that has been achieved is adherence to international rules and standards. For compliance, anti-money laundering, financial reporting and risk management.
Fifth - Activating and strengthening international banking relations
at the level of foreign banking relations and building banking cooperation and coordination relations with banks of Arab and regional countries based on continuous and permanent communication with the governors of banks and financial and banking institutions in these countries, based on drawing a road map and reaching agreements and understandings with the Central Bank of Saudi Arabia The Turkish, Emirati, Bahraini, Egyptian, Jordanian, French and British Central Banks, and international financial institutions such as the World Bank, the International Monetary Fund and the Arab Monetary Fund, in order to enhance banking transactions between the two sides, benefit from the successful experiences in these countries, and enhance and activate cooperation with them.
Sixth: Paying Iraq's obligations to the State of Kuwait regarding Security Council Resolution 687 of 1991.
The Central Bank announced that Iraq has paid the last installment of the compensation amounts approved by the Security Council in Resolution 687 of 1991. This means that Iraq has paid the full amount of compensation amounting to $52 billion, and thus approximately two billion dollars will be saved annually.
Seventh: Building the Central Bank's foreign exchange reserves. Where it was announced that the foreign cash reserves of the Central Bank amounted to about 96 billion dollars, and that the observer and the specialist are well aware that reaching this rate of foreign reserves is due to the increase in oil prices and the Central Bank’s adoption of safe investment policies, which strengthened the credit position of Iraq internationally and restored confidence in the economy Iraqi and its international banking relations.
Eighth - Community Initiatives Fund (Tamkeen).
And what confirms the soundness and success of the bank’s second strategy (2021-2023) and the implementation of its monetary policy in the years 2021 and 2022 is its interest in achieving the societal goal of the banking sector, which is financing the Tamkeen Fund for community projects, as the number of rehabilitation, cultural and humanitarian projects since the start of the initiative has reached 1,200 projects in Baghdad and the provinces.
Ninth - Enhancing gold reserves, the Central Bank of Iraq became the latest bank to add a large amount of gold to its gold reserves this year 2022, as it bought 34 tons of gold. This is the first increase in gold reserves by the Central Bank of Iraq since its purchase of 7 tons in 2018, and the Central Bank of Iraq now possesses more than 130 tons of gold, thus being the first in the world for the year 2022 in the amount of purchase out of the total of 59 tons purchased from the countries of the world. The gold reserve in the Central Bank of Iraq ranks fourth in the Arab world and thirty in the world. Building foreign cash and gold reserves is an important precaution to face the global economic crisis.
Tenth: The electronic platform for letters of guarantee at the Central Bank.
In implementation of the strategy of the Central Bank of Iraq to develop internal and external banking operations, control and control, and automate the means of reducing banking risks in all areas of banking work, the Central Bank established the central electronic platform for recording letters of guarantee with the aim of working to reduce the phenomenon of issuing letters of guarantee without recording them in the bank’s records by registering them in This platform is available to banks and beneficiaries via the Internet, where banks access it and record data and a copy of the letters of guarantee to obtain a registration number, and then all data is available to the Central Bank to compare it with the financial statements of the banks, and the beneficiary can obtain the validity of the issues by inquiring about the data of the letter of guarantee through the platform And that the above mechanism, after its implementation, has achieved good and accurate results to control and monitor the control of the movement of issuing letters of guarantee, in a way that guarantees the rights of the orderer and the beneficiary in accordance with the law in force, but with audit mechanisms that enhance confidenceexchanged between our banks and the ministries and departments of the state benefiting from the implementation of various development projects in all sectors, as the electronic platform achieved important results in 2021, as the number of letters of guarantee issued reached more than 30 thousand letters of guarantee, the value of which exceeds 9 trillion dinars, which confirms the success of the strategy to organize the issuance of letters of guarantee and increase Confidence of the beneficiaries in the banking sector in accordance with the new approved mechanism.
With the achievement of these results, the Central Bank tries from time to time to conduct an evaluation of the process and amend some instructions that facilitate banking operations and develop them to serve the orderer and the beneficiary, and thus achieve the legal guarantees that protect all parties.
407 views
Added 12/31/2022 - 9:03 PM
Updated 01/01/2023 - 1:11 PM
[You must be registered and logged in to see this link.]
» utube 11/18/24 MM&C IQD News Report - Contracts - Projects - Non Oil Revenue Streams - Activating
» MM&C 11/17/24 For the first time in Iraq.. Efforts to establish an "Investment Association" to attr
» utube 11/16/24 MM&C-News Report-Iraq Dinar-Oil-Flow-Global Maritime Trade-Cross Border Transfer-Ex
» Global conflicts move to Iraq.. America and China fight economically in Baghdad
» Al-Sudani: Iraqi openness to comprehensive partnership with Türkiye and developing trade balance
» Accused of negligence, the Parliamentary Energy Committee calls on Al-Sudani to hold the “Baghdad El
» Al-Maliki's coalition notes Al-Sudani's performance in three files
» On charges of forgery... Al-Dulaimi complains about Al-Halbousi before the Integrity Commission
» Al-Karawi: The government mortgaged the port of Faw to companies affiliated with the Zionist entity
» Parliamentary Integrity: We will proceed with the ministerial amendment even if the government delay
» Reopening of applications to the morning private government education channel
» Bitcoin rises after weekly losses
» Al-Maliki Coalition: The government amendment does not exceed three ministerial portfolios
» Parliamentarian: Amending the Election Law is out of the question
» Israel threatens to target infrastructure in Iraq and assassinate "prominent figures"
» Parliamentary regions: Article 140 road is closed
» The Central Bank of Iraq's dollar sales increased
» Al-Alaq reviews to the President of the Republic the Central Bank’s plans to develop the banking sec
» Al-Atwani to the French Embassy delegation: Halting external borrowing indicates an improvement in I
» Parliamentary move against Kar Oil Company: Suspicions of "fake" electricity supply
» Parliamentary Health: Iraq suffers from a large surplus in the number of doctors and pharmacists by
» It causes a loss of one billion dollars per month.. A date has been set for the resumption of Kurdis
» Türkiye blames Iraq: You waste water and do not have good management in rationalizing it
» Iraq rejects “COP29” proposal: We will not get rid of fossil fuels, as they are the basis of our eco
» Bitcoin nears $90,000 after biggest drop since election
» For the first time, Iraq issues the commodity structure of exports and imports
» Procedures for (automating) the work of Baghdad International Airport
» Planning: No cuts to benefits or taxes due to census
» International organizations praise the government's national initiatives
» {Official platform} to combat rumors
» Al-Sudani: The census will be used exclusively to develop development plans
» Justice audits financial movements in its departments
» Al-Imar to {Sabah}: 3 residential cities in Baghdad to be referred soon
» Kurdistan Region of Iraq plans to receive 10 million tourists annually
» Discussion of mineral investment and export mechanisms
» Consensus on the importance of planning in achieving sustainable development
» Corporate Restructuring: Stimulating Economic Growth
» Iraq's commitment to OPEC decisions controls oil prices
» Delete zeros and evaluate the dinar
» Economists: Empowering the private sector requires a legislative system
» Preparations for holding meetings of the Iraqi-Egyptian Committee
» Parliamentary Legal Committee to Nina: Controversial and important laws will be passed in one go in
» Central Agency for Public Mobilization and Statistics to Nina: The census activities are completely
» Turkish Trade Minister to visit Iraq tomorrow, Monday, heading a delegation of businessmen
» Slight decrease in dollar exchange rates in local markets
» Basra Gas Company launches the “Safe Step” program to raise awareness of the dangers of mines and wa
» With high-level governmental and international presence... the activities of the Iraqi Digital Space
» Ministry of Oil: FCC project to produce derivatives to be completed in the middle of next year
» Does America influence the decisions to form the regional government?.. 5 critical months
» Search for remains of the eight-year war postponed until 2025.. Diggers await spring
» US forces reposition in the "Desert Triangle" in western Iraq
» Al-Dahlaki: The general amnesty law is not just an election slogan as the "forgers" want it to be
» Date set for resuming oil exports from Kurdistan via Turkish port of Ceyhan
» 2025 budget between the government and parliament corridors
» Parliamentary Finance: Population census is a criterion for distributing resources and financial all
» Dollar prices in Iraqi markets
» A source reviews the factors that "undermine" the goals.. What is behind the efforts to form the "Ce
» What are the most controversial paragraphs in the general amnesty law? Al-Saadi reveals to Sumaria
» Al-Sudani chairs the fifth session of the Supreme Coordination Committee between the governorates
» A fruitful international-Japanese partnership produces its eighth batch... Celebrating the success o
» The President of the Republic stresses the need to develop a future strategy for financial policy ac
» Tomorrow.. Turkish Trade Minister visits Baghdad to discuss several files
» Rashid and Al-Alaq discuss the future of the Iraqi banking sector
» US Ambassador assures Maliki of her country's support for Iraq's stability
» Parliamentarian addressing the Judicial Council: When will corruption files be resolved?
» Economist: Re-exporting Kurdistan oil will cause Iraq to lose $5 billion and a budget deficit
» Financial Advisor: Good performance of fiscal space reflects government’s ability to increase spendi
» The President of the Republic stresses the need to develop a future strategy for financial policy
» Parliament determines the most important laws it will work on before its legislative break in a few
» Dollar exchange rates against the dinar in Iraqi stock exchanges
» Government correspondence to install 8 thousand electricity meter readers
» utube 11/13/24 MM&C MM&C News-Private Sector- Electronic Payments-Reconstruction-Development-Digit
» utube MM&C 11/15/24 Update-Budget-Non Oil Resources-CBI-USFED-Cross Border Transfers-Oil
» Al-Sudani is besieged by lawsuits over the “wiretapping network”... and Al-Maliki heard “inappropria
» Tens of thousands of foreigners work illegally in Basra... and the departments will bear the respons
» 4 reasons for the Sudanese government’s silence in the face of the factions’ attacks.. Will Baghdad
» PM's advisor: Government able to increase spending without inflation or fiscal deficit
» Prime Minister stresses the need to complete 2024 projects before the end
» Minister of Labor sets date for launching second batch of social protection beneficiaries in the pol
» Al-Sudani approves 35 new service projects, stresses the need to complete 2024 projects
» Minister of Labor: The population census will provide accurate calculations of poor families covered
» Electricity announces its readiness for the winter peak
» Economist: Parallel market remains pivotal to financing Iraq’s trade with Iran, Syria
» Trump: Iraq: A subsidiary or the focus of major deals?
» Counselor Mazhar Saleh: The government is able to increase spending without causing inflation or a f
» Al-Sudani's advisor to "Al-Maalouma": We do not need to bring in foreign workers
» Parliamentary Rejection.. Parliamentarian Talks About Jordanian Agreement That Harms Iraq’s Economy
» Al-Sudani chairs the periodic meeting of the service and engineering effort team
» Al-Sahaf: Washington continues to support terrorist organizations in Iraq
» Al-Maliki Coalition: America is trying to make Iraq hostile to its neighbors by violating its airspa
» Close source: Al-Sudani failed to convince Al-Hakim and Al-Amiri to carry out the ministerial reshuf
» Al-Sayhoud on Postponing Parliament Sessions: Bad Start for Al-Mashhadani
» Peshmerga Minister: The survival of the Kurdistan Region depends on the presence of a strong Peshmer
» Al-Maliki Coalition: US pressures prevent Israel from striking Iraq
» Nechirvan Barzani calls for keeping Peshmerga out of partisan conflicts, urges formation of 'strong
» US Institute: Trump administration may prevent Iraq from importing Iranian gas as part of pressure o
» The meter will visit families again.. Planning details the steps for conducting the population censu
» Government clarification: Is Iraq able to increase spending?