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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

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    Al-Nusairi: The government and the Central Bank have yielded results in financial and banking reform

    Rocky
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    Al-Nusairi: The government and the Central Bank have yielded results in financial and banking reform Empty Al-Nusairi: The government and the Central Bank have yielded results in financial and banking reform

    Post by Rocky Mon 27 Nov 2023, 7:14 am

    Al-Nusairi: The government and the Central Bank have yielded results in financial and banking reform in 2023 

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    Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi



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    Economy News - Baghdad
     Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, announced that the bank’s efforts during 2023 resulted in a new strategy that will begin to be implemented as of 2024, stressing that the current government is working to implement what is stated in the government’s approach to financial and banking reform and to enable private banks to contribute to development and investment.
    This came in the first conference of the five-year national development plan, which was held yesterday morning, Sunday, by the Ministry of Planning in cooperation with the United Nations Development Programme, and its work continues for the period from 26-28 November this year.
    Al-Nusairi said, “The first basic link in the economy is the banking sector, as it is the financing sector that must contribute to development and investment, so this sector will certainly be affected by the challenges facing the macroeconomy.”
    He added, "The Iraqi economy in 2014 entered a state of economic recession due to the non-issuance of the 2014 budget and the decline in oil prices by 70%, and in 2015 it reached a state of economic depression" and the cessation of investment projects. 
    He continued, "This had a significant impact on the government and private banking sector in obtaining deposits, attracting deposits, securing liquidity, and contributing to investment."
    Wan stated, "The duties of the central bank are specified in its law. Among them are achieving stability in the financial system and the monetary system and achieving economic stability."
    Al-Nusairi stated, “The initiative to finance small and medium enterprises launched by the Central Bank in 2015 allocated 5 trillion dinars, one trillion dinars to private banks, and 4 trillion to government specialized banks, with the aim of stimulating the economic cycle and stimulating the economy. It has now reached 18 trillion dinars” in 2023.
    He stated that "10 trillion dinars were allocated to the housing sector, and 4 trillion dinars were allocated to private banks," noting that "the government and private banking sector practiced short-term financing but also granted long-term credit for housing for a period of 15 years."
    Al-Nusairi said, “According to what was stated in Axis 12 of the government program, Paragraph 7, this paragraph emphasized that the government will enable the private sector to contribute to development and investment,” indicating that “Therefore, when the new administration began managing the Central Bank from the beginning of 2023, it reviewed all its old policies.” . New policies and procedures for banking reform were drawn up. Implementing the national lending strategy and the Riyada initiative, 
     regulating trade financing, and maintaining exchange rate stability.


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    Added 11/27/2023 - 2:29 PM
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