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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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    A government advisor announces the start of implementing the reform plan in government and private b

    Rocky
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    A government advisor announces the start of implementing the reform plan in government and private b Empty A government advisor announces the start of implementing the reform plan in government and private b

    Post by Rocky Fri 12 Apr 2024, 4:37 am

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    [size=52]A government advisor announces the start of implementing the reform plan in government and private banks[/size]

    [size=45]Adviser to the Prime Minister for Economic and Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Thursday, that Prime Minister Muhammad Shiaa Al-Sudani is interested in reforming the course of the private and government banking system, while indicating the start of implementing the reform plan for government banks.[/size]
    [size=45]Saleh said, “The banking market has a great division. For example, the capital of private banks, or their share of capital from the government, is about 78 percent, while the capital of government banks is 22 percent.”[/size]
    [size=45]He continued, “While government banks account for 85 percent of activities and assets, while private banking activity is 15 percent, so there are large disparities between private and government banks.”[/size]
    [size=45]He explained, “Private banks have almost coexisted on government allocations, whether through the window or by opening letters of guarantee for projects, meaning that any vibration exposes private banks to serious problems, so approximately 29 banks have been deprived of dealing in foreign currency.”[/size]
    [size=45]Saleh added, “Prime Minister Muhammad Shiaa Al-Sudani is very interested in reforming the course of the private and governmental banking system,” stressing that “there is a reform plan for government banks, and there is a foreign company that evaluates banking work, its capital, and its functions until they are parallel to the work of international banks.”[/size]
    [size=45]He stated, “Private banks are facing a dilemma, especially after being deprived of trading in foreign currencies, even though they have coexisted with this issue. Therefore, the government is trying to create an internal environment that is supportive of them, and they need to correct their situations first.”[/size]
    [size=45]He went on to say: “The Prime Minister is correctly supportive of private banks, on the condition that these banks improve their course of work,” stressing that “there is a reform plan to correct the course of private banks that will be implemented soon.”[/size]
    [size=45]A government source revealed, the day before yesterday, Tuesday, that Prime Minister Muhammad Shiaa Al-Sudani issued a set of measures and steps to revitalize the private banking sector, while directing a study of the possibility of strengthening the needs of private bank branches abroad in foreign currency.[/size]
    [size=45]The source told the Iraqi News Agency (WA): “Within the framework of the Iraqi government’s efforts to formulate a strategy that stimulates the activity of the private banking sector during the next stage, allowing it to engage more in efforts to diversify the economy and strengthen its foundations, Prime Minister Muhammad Shiaa Al-Sudani directed the adoption of a set of measures and steps in this regard.” The matter, including:[/size]
    [size=45]1 - The Ministerial Council for the Economy studies a proposal to increase deposits of government institutions and the central government with private banks, enabling them to provide more banking operations and contribute to the development of various vital sectors and increase their ability to provide various financing services inside and outside Iraq.[/size]
    [size=45]2- The support of the Iraqi government and the Central Bank of Iraq to private Iraqi banks through foreign institutions and banks, taking into account the credit rating of each bank.[/size]
    [size=45]3- Study the possibility of enhancing the needs of private bank branches abroad in foreign currency for the purposes of financing foreign trade - the private sector and in accordance with the applicable contexts.[/size]
    [size=45]4 - The Board of Directors of the Central Bank of Iraq determines the contribution of foreign capital to Iraqi banks and evaluates the reality of the situation in a way that benefits the Iraqi economy and in accordance with what is stated in Banking Law No. 94 of 2004.[/size]
    [size=45]5- Participation of representatives from the private banking sector when discussing relevant issues in all state institutions, including meetings of the Board of Directors of the Central Bank of Iraq.[/size]
    [size=45]6- Studying the reactivation of the financing initiative presented by the Central Bank of Iraq and in accordance with the contexts proposed by the Central Bank in this regard.[/size]
    [size=45]7- The Competition and Monopoly Affairs Council shall take the necessary measures under Law No. 14 of 2010 to prevent monopoly in banking services, provided that the Council shall submit reports to the Central Bank of Iraq and in coordination with it periodically and in accordance with the aforementioned law.[/size]
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