Militia Man & Crew The International Monetary Fund welcomes Iraq's accession to a program that su

[size=36]The International Monetary Fund welcomes Iraq's accession to a program that supports economic reforms[/size]

1. "STRATEGY TO ENHANCE CONFIDENCE IN THE BANKING SECTOR"   by Samir Al-Nusairi On 6/23/2016, the Iraqi Banking Conference was held in Beirut under the title (Restoring Confidence in the Iraqi Banking Sector), in the presence of the Governor of the Central Bank at the time, Mr. Ali Mohsen Al-Alaq, and representatives of Iraqi private banks and branches of Arab banks in Iraq.  The number of all private Iraqi banks was not more than 30 banks, and they were the savings rate in the banking system was 23%, the hoarding rate among citizens was 77%, and the financial inclusion rate was 11%.  The reasons for this were attributed to the economic, financial and security challenges and shocks, the intertwining of policies, and the lack of clarity of vision in making decisions for financial reform despite all previous successive governments making efforts to do so, direction, but the desired reform was not achieved. .....
   
2. [7:34 AM]After 8 years, the Governor of the Central Bank announced at the regular meeting of banking leaders two days ago that the Central Bank will adopt a special strategy to enhance confidence in the banking sector, accompanied by strategies and plans that will be implemented in 2024 in the footsteps of financial and banking reform, which will be carried out with support and joint cooperation with the government and with the support of Mr. President, The Council of Ministers, where the map of expansion in the number of banks changed and became 72 banks, and the financial inclusion rate exceeded 33.5%, and the number of bank accounts opened and operating in banks is more than 10 million accounts, and the number of credit cards issued and in force is approximately 18 million cards, and the digital transformation in the banking sector is moving in the direction accelerating the adoption of modern banking technologies and comprehensive systems, in addition to establishing the Iraqi Deposit Insurance Company. ...... (edited)
   
3. [7:34 AM]Therefore, the deposits, which guarantee customers’ deposits at that bank, prevent it from performing its obligations towards them in accordance with the new amendment to its internal regulations.  However, mistrust is still prevalent within the culture of citizens, with their reluctance to deal with banks, and we believe that the reason that led to this is the faltering banks, the methods of some banks in dealing with customers, complex routine procedures, and some banks’ circumvention of the Central Bank’s instructions, which outline mechanisms for transparent and proper dealing with citizens.  Therefore, the new strategy to enhance confidence, as explained by the Governor on 1/11/2024, will depend on the following: 
   
4. First - Improving the level of banking services and products provided to customers. 
   
5. Second: The availability of the bank’s financial solvency and its ability to meet customers’ requests at the time of request without delay. 
   
6. Third: The bank’s control and direct supervision focus on measuring the level of service provided by banks to customers. 
   
7. Fourth - It provides external (international) confidence in the bank through its ability to adhere to international standards and obtain confidence from correspondent banks. 
   
8. Fifth - ""Increase the capital of banks"" on the new date of ""February 15, 2024"", which is the deadline specified for the increase.