Home
[size=36]Central Bank Governor: The banking sector is witnessing major qualitative developments[/size]
Economy | 11:26 - 06/05/2024
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]
Mawazine News - Baghdad
Central Bank Governor Ali Al-Alaq announced on Monday that the banking sector is witnessing major qualitative developments, while calling for cooperation and coordination between Arab central banks, banks and non-banking financial institutions to achieve stability and economic growth.
Al-Allaq said during the conference “The challenges facing Arab banks in complying with international laws and legislation and meeting the requirements of correspondent banks,” held in Baghdad in the presence of a large number of Arab banking and economic officials: “I am pleased to welcome you to your second country, Iraq, and I extend my thanks and gratitude to the Board of Directors of the Union of Banks.” The Arab League, the Secretary-General of the Association of Iraqi Private Banks, and everyone who contributed to enabling the holding of this conference, the importance of which is not hidden from everyone, is within the framework of the many cooperation and partnerships that the Central Bank of Iraq establishes with various Arab and international organizations and institutions and its openness to them, with the aim of exchanging experiences and improving performance in the banking and financial sector. .
He added, "This reflects the compatibility of development visions and strategic objectives with regard to the topics being addressed, which focus on fundamental and essential areas, such as supporting economic development, combating money laundering and terrorist financing, digitizing financial and banking services and products, electronic payments, and achieving financial inclusion goals." Pointing out that "these issues directly affect the economy and the lives of citizens, as it is not possible to research the reality of the banking sector and the reality of banks apart from the overall economy."
Al-Alaq stressed that “central banks faced increasing challenges after decades of traditional functions and tasks, which could be close to static, until each period brought different challenges that required a special approach to confront them,” pointing out that “after long periods of decline in interest rates and inflation, The global economy has begun to face a phase characterized by high inflation and high levels of public and private debt, which has called on central banks to sense the urgent need to include financial stability and concerns about deflation within their economic models and to develop unconventional tools to deal with them.
He continued, "The financial crisis in 2008 was followed by a series of challenges, as public debt rose and the rush to raise interest rates to confront inflation threats made servicing the public debt more expensive. Here, it is difficult to balance in achieving intersecting goals that make it difficult to approach them," pointing out that "since... “The Corona crisis has become clear that public financial policy can correct one of the factors driving increased inflation.”
He stated that "the nature of shocks and the frequency of their occurrence have changed locally and internationally, as shocks historically occurred due to increased or decreased demand, with the exception of supply shocks, which is known as stagflation in the 1970s of the last century," pointing out that "there are many shocks today, including demand versus supply, and special risks versus Systemic risks, transient versus permanent shocks, which requires a modified approach in the face of sudden and unexpected changes.”
He stated that "central banks face new challenges in the interaction between financial and monetary stability, in light of the dominance of general financial policy and the necessity of central banks to facilitate excessive government debts, in accordance with financial control, which requires reducing spending or increasing domestic revenues, or both."
He stated that "over the past 10 years, the Iraqi banking sector has witnessed significant qualitative developments in response to the adoptions and policies of the Central Bank of Iraq, as it introduced and applied for the first time the concepts and practices of compliance rules, governance, risk management, prudential oversight, risk-based oversight, comprehensive quality management, business continuity, digital services, and financial inclusion."
He stated that "despite all these developments, there remain major and mounting challenges represented by the challenges of compliance with international laws, legislation, requirements and standards," explaining that "these challenges have a direct connection and impact on the openness of local financial institutions to their international counterparts."
He stressed that “to the extent that all of this achieves communication and connection with the outside world, it undoubtedly carries many challenges and implications,” expressing his hope that “this conference will succeed in satisfying it, reaching effective solutions to this challenge, and devoting cooperation and coordination between Arab central banks and Arab banks.” and non-banking financial institutions, to achieve stability and growth.”
Al-Allaq said during the conference “The challenges facing Arab banks in complying with international laws and legislation and meeting the requirements of correspondent banks,” held in Baghdad in the presence of a large number of Arab banking and economic officials: “I am pleased to welcome you to your second country, Iraq, and I extend my thanks and gratitude to the Board of Directors of the Union of Banks.” The Arab League, the Secretary-General of the Association of Iraqi Private Banks, and everyone who contributed to enabling the holding of this conference, the importance of which is not hidden from everyone, is within the framework of the many cooperation and partnerships that the Central Bank of Iraq establishes with various Arab and international organizations and institutions and its openness to them, with the aim of exchanging experiences and improving performance in the banking and financial sector. .
He added, "This reflects the compatibility of development visions and strategic objectives with regard to the topics being addressed, which focus on fundamental and essential areas, such as supporting economic development, combating money laundering and terrorist financing, digitizing financial and banking services and products, electronic payments, and achieving financial inclusion goals." Pointing out that "these issues directly affect the economy and the lives of citizens, as it is not possible to research the reality of the banking sector and the reality of banks apart from the overall economy."
Al-Alaq stressed that “central banks faced increasing challenges after decades of traditional functions and tasks, which could be close to static, until each period brought different challenges that required a special approach to confront them,” pointing out that “after long periods of decline in interest rates and inflation, The global economy has begun to face a phase characterized by high inflation and high levels of public and private debt, which has called on central banks to sense the urgent need to include financial stability and concerns about deflation within their economic models and to develop unconventional tools to deal with them.
He continued, "The financial crisis in 2008 was followed by a series of challenges, as public debt rose and the rush to raise interest rates to confront inflation threats made servicing the public debt more expensive. Here, it is difficult to balance in achieving intersecting goals that make it difficult to approach them," pointing out that "since... “The Corona crisis has become clear that public financial policy can correct one of the factors driving increased inflation.”
He stated that "the nature of shocks and the frequency of their occurrence have changed locally and internationally, as shocks historically occurred due to increased or decreased demand, with the exception of supply shocks, which is known as stagflation in the 1970s of the last century," pointing out that "there are many shocks today, including demand versus supply, and special risks versus Systemic risks, transient versus permanent shocks, which requires a modified approach in the face of sudden and unexpected changes.”
He stated that "central banks face new challenges in the interaction between financial and monetary stability, in light of the dominance of general financial policy and the necessity of central banks to facilitate excessive government debts, in accordance with financial control, which requires reducing spending or increasing domestic revenues, or both."
He stated that "over the past 10 years, the Iraqi banking sector has witnessed significant qualitative developments in response to the adoptions and policies of the Central Bank of Iraq, as it introduced and applied for the first time the concepts and practices of compliance rules, governance, risk management, prudential oversight, risk-based oversight, comprehensive quality management, business continuity, digital services, and financial inclusion."
He stated that "despite all these developments, there remain major and mounting challenges represented by the challenges of compliance with international laws, legislation, requirements and standards," explaining that "these challenges have a direct connection and impact on the openness of local financial institutions to their international counterparts."
He stressed that “to the extent that all of this achieves communication and connection with the outside world, it undoubtedly carries many challenges and implications,” expressing his hope that “this conference will succeed in satisfying it, reaching effective solutions to this challenge, and devoting cooperation and coordination between Arab central banks and Arab banks.” and non-banking financial institutions, to achieve stability and growth.”
[You must be registered and logged in to see this link.]
» utube 10/9/24 MM&C Iraq Dinar News-Optimization-Automation-Digital-Schedule Date-Secured Salaries
» IV Fluid Shortage: Hospital Group Asks Federal Government to Declare National Emergency
» utube 10/7/24 MM&C Iraq Dinar News-Iraqi Dinar-Liquidity-Sudani Report-Digital Phase-Supreme Court
» Rafidain announces contracting with a specialized company and experts in combating money laundering
» Al-Sudani stresses the importance of setting standards for partnership between the Iraq Development
» Parliamentary Oil Committee warns: The region is causing a reduction in Iraqi oil revenues
» MP: Court's comment on the phrase "sovereign" obligates the government and region to end foreign pre
» Iraq continues negotiations with British BP to start developing Kirkuk oil fields
» Iraq is the second largest oil supplier to India in nine months
» The Council of Ministers decides to increase the financial costs of a number of stalled projects
» Association of Banks: More than 600 government institutions adopt electronic payment
» Iraqi oil approaches $80 per barrel
» Electricity: Supply hours are declining for this reason
» Parliamentary Committee stresses the need to continue the school feeding project
» The Central Bank continues the actual implementation of banking reform plans
» World Trade Organization
» Parliamentary report: The government has achieved accomplishments in several files
» Government spokesman: We are continuing our efforts to stop the aggression and we reject the logic o
» The government completes the file to join the "WTO"
» Opening of two residential complexes in Babylon
» Facilitating the procedures for issuing a retirement card in Wasit
» Conducting labor market surveys
» Soon.. Opening of (38) new public transport lines
» Education: Announcement of the imminent elimination of illiterate employees from state institutions
» The Ministry of Interior receives more than (1200) requests within the {Your Plate for Your Home} se
» Baghdad Governorate to {Sabah}: Efforts to resolve the file of violations in the capital
» The Iraqi government rejects the accusations of treason directed at Arab brothers and insulting them
» Analysis of the Iraqi government statement on “Arab brothers”: I felt embarrassed after the threats
» Due to lack of jurisdiction.. Federal Court rejects Parliament’s lawsuit regarding withdrawal of coa
» The regional finance department talks about a deficit of about 305 billion dinars in September salar
» Iraq in the grip of its neighbors.. The absence of defensive means puts it at risk
» Iraqi analyst reveals the secret of Biden's document regarding Iran: 4 points that protect Tehran fr
» Al-Sudani stresses the importance of setting standards for partnership between the Iraq Development
» US Embassy Sends Five Warning Letters to Baghdad Within 72 Hours - Urgent
» Iraq's budget breathes a sigh of relief with rising oil prices..may witness other "jumps"
» Iraq adopts prepayment for Turkmen gas supply via Iran
» Rafidain clarifies the Cabinet’s decision to approve the contract with K2 Integrity
» Iraqi Trade Announces Strategic Stockpile and Launches “Hypermarket” Markets in Baghdad
» The countdown begins for the US withdrawal from Iraq.. Will it affect the country's security?
» The spread of drug farms in Iraq... a new threat that exacerbates security concerns!
» Launching a package of medical and social guidelines to raise awareness of the dangers of breast can
» The government approves the issuance of the second amendment to the investment system
» Integrity Commission reveals readiness of the law to recover corruption proceeds
» How did the Federal Court interpret the phrase “fully sovereign” in the Constitution?
» Al-Sudani directs the Tax Reform Committee to write a draft law for the sales tax
» Mawazine News publishes the text of the Cabinet decisions in its second session today
» Al-Sudani chairs the regular meeting of the Board of Directors of the Iraq Development Fund
» Dollar prices fall in Baghdad stock exchanges
» Al-Sudani Advisor: The Ministry of Finance is preparing the 2025 budget tables
» New Cabinet decisions, including those related to “Iraqis deported” from abroad
» List of dollar exchange rates against the dinar in Iraq today
» Ranked 29th out of 100 countries, Iraq raises its gold holdings to more than 152 tons
» The Bank of Iraq extends working hours to complete money transfer transactions
» Central Bank Governor: National Bank Lending Strategy Aims to Stimulate and Activate Economy
» utube 10/5/24 MM&C Iraqi Dinar Update - Iraq Dinar News -World Bank - Report - Central Bank Govern
» MM&C 10/6/24 Digital Banks in Iraq
» Kurdistan employees' salaries due to arrive within three days from Baghdad
» Revealing the features of the 2025 budget tables
» Campaign to stop exporting Iraqi oil to Jordan
» Makkah: Climate investment map may be launched within two months
» Trade: Iraq transformed from a wheat importer to an exporter
» "Our Baghdad" is an electronic platform that provides 25 services to citizens
» 40 - 100 million dinars fine for violating vertical construction
» Closure of 400 “unlicensed” tourism companies
» Speculators
» Minister of Trade to Al-Sabah: We are working to achieve food sustainability in Iraq
» Parliamentary Security: Our forces are ready to defend the country
» Iraq mobilizes the world to stop aggression
» Fines for owners of vertical buildings in violation
» Tourism Authority to {Al Sabah}: Concluding agreements with Arab and regional countries
» Prime Minister directs to pursue speculators in the currency market
» Launching the e-shopping service for social protection beneficiaries
» Civil Aviation and Sustainable Resources
» The Ministerial Council recommends adopting a schedule of values and rates of customs duties for m
» The Iraqi government rejects the accusations of treason directed at Arab brothers and insulting them
» The Council of Ministers holds its first regular session, headed by Al-Sudani
» Trade Bank of Iraq addresses Iraqis: Here is the mechanism for donating to Gaza and Lebanon
» BP in talks to invest in 3 oil projects in Iraq
» In the presence of a number of European Union ambassadors.. Minister of Migration chairs an importan
» After Al-Sudani’s message... “Roadmap” for Iraq to avoid the repercussions of Gaza and southern Leba
» American newspaper: The United States will not withdraw from Iraq
» What is the relationship between regional tension and the rise of the dollar in Iraq?
» "Cancellation of Iraqi privileges granted to Jordan" on the table of Parliament next session
» Oil expert to Al-Zawraa: OPEC counts smuggled oil from Iraq as part of its daily production
» Palestinian Ambassador Thanks Iraq for Political, Financial and Humanitarian Support to His Country
» With a $3 million grant… Iraq and the United Nations sign the “Peace and Stability” document in Sinj
» Baghdad Governor reveals population increase and confirms: Explosive budgets will not cover service
» Al-Sudani directs the prosecution of speculators who exploit crises in the region to manipulate the
» The fate of the three-year budget is unclear: most of the allocations have not been spent and Parlia
» Economist calls on government, confirms: Flaring associated gas costs state billions of dollars
» Al-Karkh Investigation Court issues arrest warrant against acting head of the Integrity Commission,
» Emirates resumes flights to Iraq tomorrow
» Water Resources: Basra Pipeline Water Project continues to be implemented at 55%
» Al-Sudani directs the formation of a working group to prepare packages to deal with the economic and
» Government Advisor: Release of 99 billion dinars as a new payment of compensation to Sinjar
» Foreign Minister Fuad Hussein invites his British counterpart to visit Iraq
» What are the reasons for the rise in the dollar price in Iraq? A specialist answers
» How did social media users react to the decision to include household items in the population census