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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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    Central Bank: Washington praised Iraq's measures to resolve 80% of the financial transfer file

    Rocky
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    Central Bank: Washington praised Iraq's measures to resolve 80% of the financial transfer file Empty Central Bank: Washington praised Iraq's measures to resolve 80% of the financial transfer file

    Post by Rocky Fri 19 Apr 2024, 5:13 am

    [size=38]Central Bank: Washington praised Iraq's measures to resolve 80% of the financial transfer file[/size]


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    April 18, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: The Governor of the Central Bank, Ali Al-Alaq, revealed the agreement, during Prime Minister Muhammad Shia Al-Sudani’s current visit to Washington, with the Ministry of the Treasury and the Federal Bank to form a committee to address and correct the violations of the sanctioned banks.
    Al-Alaq said in a statement followed by Al-Masala, that the issue of the US Treasury’s sanctions on Iraqi banks was discussed during the visit of Prime Minister Muhammad Shiaa Al-Sudani to Washington by the Prime Minister and his accompanying delegation, and following the initial meetings that took place, an expanded meeting was held with the US Treasury and the Federal Reserve Bank. In order to translate the intentions and initial approvals, develop a road map for dealing with this issue, and determine the required procedures.
    He added that the issue was discussed in detail and we agreed to form a team of the three parties (the Central Bank of Iraq, the US Department of the Treasury, and the US Federal Bank), and we are reviewing reports from various audit sources to determine the nature of each violation against the banks and determine the corrective action required for the banks to be In good and correct condition.
    He continued: We will begin this plan through joint work to reach final results related to a report regarding the status of each of the banks that have been sanctioned, noting that the atmosphere of dialogues and discussions is very positive.
    He stated that it is very clear, in light of the ongoing relationship with the Ministry of the Treasury and the Federal Bank and reviewing the developments related to the measures taken, that there was great praise for Iraq’s measures, and the Undersecretary of the Ministry of the Treasury confirmed during his meeting with the Prime Minister that what the Central Bank did in the framework of financial transfers during the last period The completion of 80% of transferring these transfers directly from the old system of correspondent banks deserves to be celebrated, and this gives an important indication that there are steps taking place steadily, and they expect that we will end the traditional method of transferring through the Central Bank and the Federal Bank and that the relationship will be direct between the banks. Local and correspondent banks by the end of the current year, representing the remaining 20%.
    He pointed out that there is a positive outlook and praise from everyone, both inside and outside the United States, for the government’s measures related to the economic file, and optimism about achieving an economic and investment renaissance that advances several sectors, including infrastructure and services provided to citizens, and the financial and banking sector is part of this process, and as it expands, its role expands, and we have seen it. There is an interest from international financial institutions and banks in holding meetings with us to follow up on the existing conditions with the aim of expanding their activities and operations because there is a great opportunity for the scope of work to expand and the entry of these institutions into Iraq.
    Al-Alaq confirmed that, on the basis of this, we held continuous meetings with important international banks that expressed their desire and willingness to work, cooperate and coordinate within the framework of financial relations with Iraq.
    He explained that the financial and banking reform plan adopted by the government attracted the attention of international institutions, especially since it initially included government banks, which constitute 80% of the Iraqi banking sector, as questions were raised about this plan, which aims to transfer it to the level of international banks.
    He stated that there is a plan that has been drawn up and an international company is drawing a road map and the procedures applied, and there are initial approvals and signals from some important banks in the region to enter as a strategic partner because we need to develop bank departments and significantly raise their technical and professional level in order to gain global acceptance and make their way correctly, as most of Governmental banks do not have channels with international banks and international institutions, and this must be addressed. This plan receives the Prime Minister’s attention and follow-up. Because it requires the will of the government.
    The Governor of the Central Bank continued, “It is necessary for Iraq to have an ongoing relationship with the International Monetary Fund within a specific program for the purpose of giving positive signals to global financial institutions, given that the International Monetary Fund is more like an auditor of the economies of countries. We submitted a letter at the end of last month to the Fund’s management of Iraq’s desire to enter.” With a non-financing program, meaning that we do not need to borrow, but within the framework of coordination, technical and advisory support, and entering into a plan that is in keeping with and harmonious with the government’s plan for economic reform. We received an answer from the Director General of the Fund and it was very welcoming to enter into this program.
    He concluded by saying: In light of this, and in these meetings, we began to enter into the details of the program plan and procedures that will be present soon through a delegation that will visit Iraq.
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