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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Advisor to the Association of Banks: The Central Bank is following a consistent approach to achievin

    Rocky
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    Bank - Advisor to the Association of Banks: The Central Bank is following a consistent approach to achievin Empty Advisor to the Association of Banks: The Central Bank is following a consistent approach to achievin

    Post by Rocky Wed 13 Mar 2024, 5:16 am

    Advisor to the Association of Banks: The Central Bank is following a consistent approach to achieving banking reform  

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    Economy News _ Baghdad
    Advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, explained today, Wednesday, that the Central Bank is following a consistent approach to implementing its strategy for banking reform, with the cooperation and support of the Prime Minister and the government, as the management of the Central Bank of Iraq plans to gradually cancel the window for selling foreign currency during the year 2024, until it leaves it completely. At the end of the year, and maintaining it for audit and statistical purposes, in an effort to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international banking standards and their requirements.
    Al-Nusairi stressed, in an interview with Al-Iqtisad News, that Iraqi banks should be “prepared and able” to access and deal with foreign correspondent banks through which financial transfers arrive, through opening inter-accounts between the two parties.
    Al-Nusairi praised the Central Bank’s procedures and financial plans for this year, in order to regulate banking systems and safe external transfer methods in line with global banking standards, with regard to regulating foreign trade financing.
    He said that the strategy of the Central Bank of Iraq for this year is to gradually cancel the electronic platform in line with its procedures and negotiations with the US Federal Reserve and international banks to regulate foreign trade financing. These procedures obligated Iraqi banks to open bank accounts in global correspondent banks after providing all the requirements required of them by these banks. Al-Nusairi pointed out that the number of Iraqi banks that have accounts, understandings, and transactions with these banks reached approximately 25 banks, which opened more than 40 accounts with correspondent banks, and it is expected during the next two months that other banks will join, so that the number will increase to what was planned by the management of the Central Bank.
    The advisor to the Iraqi Private Banks Association concluded his speech by saying that the regulatory and reform steps that he is working on this year are to control the exchange rate of the cash dollar in the parallel market and return it to the equilibrium price in the cash trading market. And to open dealing in local currencies to countries with which Iraq has important trade exchange, such as China and Turkey. The UAE and India in light of special agreements concluded with them and currently being implemented.


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