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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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    An advisor to the Association of Banks warns of harm to the private banking sector due to US sanctio

    Rocky
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    advisor - An advisor to the Association of Banks warns of harm to the private banking sector due to US sanctio Empty An advisor to the Association of Banks warns of harm to the private banking sector due to US sanctio

    Post by Rocky Sun 25 Feb 2024, 7:11 am

    An advisor to the Association of Banks warns of harm to the private banking sector due to US sanctions and restrictions

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    Economy News - Baghdad
    Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, warned of the great harm that will befall private banks that have been deprived of dealing in the US dollar.
    Al-Nusairi said, in a comprehensive televised interview, that “the Iraqi economy faced many crises and challenges, extending to the years before 2023, but the government, the Central Bank of Iraq, and the banking sector faced a new, complex crisis at the end of 2022, which was represented by the sudden fluctuation in the prices of the Iraqi dinar.” against the US dollar.
    He added, "The government and the Central Bank began in a harmonious manner, and with high coordination, in order to know and determine the causes of this crisis, and what are the solutions and treatments for the purpose of quickly overcoming it," pointing out that "the Central Bank began at the beginning of 2023, using many measures, Such as using the electronic platform application for foreign transfers in accordance with new standards and controls, which is regulating foreign trade financing in directions that make the Iraqi banking sector regulated by international banking standards.
    He stressed, "These measures were fruitful during the year 2023, and the Central Bank's policy succeeded in opening solid foreign correspondent banks for banks that lacked these banks."
    Regarding the sanctions on Iraqi banks, Al-Nusairi confirmed, “There are 28 banks whose dealings in the US dollar have been stopped at the level of international foreign transactions and transfers, for reasons that were not mentioned,” pointing out that “these banks are currently outside the electronic platform and the currency window in Iraq.”
    He stated, “The deprivation of these banks is due to transactions in previous years, which began in 2018 and ended in 2022, for reasons that were not mentioned, but rather merely due to doubts and audit, administrative, and regulatory procedures.”
    He added: “These banks constitute 50% of the Iraqi private banking sector, the total of which is 60 commercial and Islamic banks, which cause great harm to the banking sector, because the total assets of the above banks that were punished and prohibited from dealing in US dollars constitute approximately 47%. The total deposits constitute 36%, and the same applies to capital, 37%, in addition to the presence of more than 245 branches in Iraq, which constitute 51%, while the number of employees working in the branches of these banks constitutes approximately 40%.
    Regarding the impact of border crossings on exchange rates, Al-Nusairi said, “One of the reasons for the fluctuation of the exchange rate in Iraq is due to the lack of previous control over unofficial border crossings and illegal imports.”
    He continues, "These matters push speculators to turn to the cash dollar, which is allocated for travelers and treatments outside Iraq and the wages of students studying abroad, and try to obtain it through unlicensed money exchanges and outlets for disbursing pensioners' salaries."
    This makes controlling the market very difficult,” noting that “the Iraqi government, in cooperation with the Central Bank, has taken several steps in this direction, the most important of which is the automation of the tax system and the customs system.”
    Regarding the possibility of imposing new sanctions on the banking sector, he stated that they are “just rumors and have absolutely no basis in truth.”
    Regarding the “Riyadah” initiative, Al-Nusairi pointed out that “Riyadah represents one of the important initiatives taken jointly by the Central Bank and the government, as it began with the Prime Minister, which begins by assigning government banks to lend to young people and graduates after they enter special training courses in universities to learn how to They choose their projects in terms of economic feasibility and their impact on economic development.”
    He stated, “In implementation of this measure, the Central Bank, which has the idea of ​​preparing and launching within the next few weeks, the national lending strategy, which adopts the establishment of Riyada Bank, in which private banks contribute, has reached important stages in its establishment.”
    He noted, “The capital of this bank amounts to 100 billion dinars, and it will be a digital bank and in cooperation with international organizations to complete this important project,” pointing out that “the new mechanism concerns small projects and is considered a new model for the initiative to finance small and medium enterprises, which was launched in 2015.” .


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