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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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    The Central Bank begins the second phase of its banking reform strategy

    Rocky
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    • Post n°1

    The Central Bank begins the second phase of its banking reform strategy Empty The Central Bank begins the second phase of its banking reform strategy

    Post by Rocky Mon 20 May 2024, 4:37 am

    The Central Bank begins the second phase of its banking reform strategy

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    Economy News = Baghdad
    [rtl]Samir Al-Nusairi[/rtl]
    [rtl]The Central Bank announced that it will launch the national lending strategy on 5/25/2024, which is a clear announcement of the beginning of the second phase of its banking reform strategy. This means that it has completed the first phase of it by achieving tangible and important results in the field of regulating foreign trade financing and regularization of the global financial system through strict adherence to standards. International compliance, building solid international banking relationships with international banks and correspondent banks, and introducing the local currencies of countries with which there is significant trade exchange with them to cash dealing in their local currencies, in addition to dealing in the US dollar.[/rtl]
     
    [rtl]As well as activating and strengthening its procedures for transitioning from a cash economy to a digital economy and cooperating with the government in expanding the use of electronic payment tools and spreading the culture of transition to a cashless society. Certainly, the above tasks occupied a large part of the efforts at the local and international levels.[/rtl]
     
    [rtl]In the second phase, the focus will be on restructuring banks, especially government banks, and starting to implement new policies to support and develop micro, small, and medium enterprises, initiating the establishment and licensing of the Riyada Bank, and licensing the Green Bank, which will specialize in sustainable financing for renewable energy projects, as well as moving towards licensing digital banks to keep pace with progress in the field of banking products. Modern digital. The electronic platform will also be gradually left this year.[/rtl]
     
    [rtl]  One of the tasks that will begin work is to rehabilitate the banks restricted from dealing in the US dollar to comply with international standards in light of the work of the joint committee between the Central Bank and the US Department of the Treasury, through which the work of these banks in foreign transfer activity for previous years will also be analyzed and audited, with the hope that it will be increased. Restrictions on it.[/rtl]
     
    [rtl]What we expect from the procedures and policies adopted by the Central Bank in the first phase and what was achieved from them and what will be achieved from the second phase of the banking reform strategy will be reflected in the stability of the exchange rate and the recovery of the Iraqi dinar inevitably.[/rtl]


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    Rocky
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    • Post n°2

    The Central Bank begins the second phase of its banking reform strategy Empty The Governor of the Central Bank announces the start of the second phase of the banking sector restr

    Post by Rocky Tue 21 May 2024, 4:20 am

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    [size=52]The Governor of the Central Bank announces the start of the second phase of the banking sector restructuring plan[/size]

    [size=45]Central Bank Governor Ali Mohsen Al-Alaq announced the start of the second phase of the banking sector restructuring plan.[/size]
    [size=45]The media office of the Central Bank of Iraq said in a statement, “Al-Alaq received a delegation from the World Bank headed by the Regional Director for Equitable Growth, Finance and Institutions for the Middle East and North Africa, Nader Muhammad,” noting that “during the meeting, strengthening bilateral relations between the Central Bank of Iraq and the World Bank was discussed, in particular Restructuring government banks, launching the Riyada Bank project and its economic and social importance. The two parties also discussed the experiences of neighboring countries in confronting climate change and its impact on the national and regional economy.”[/size]
    [size=45]He added, “The meeting discussed small and medium enterprises and their support by the Central Bank, and the development of the financial and banking sector, non-banking financial institutions, financial markets and the insurance sector, as well as benefiting from the World Bank’s experiences in digital transformation, financial inclusion, and digital banks,” noting that “the governor reviewed during the meeting “The Central Bank of Iraq’s plan to restructure the banking sector,” noting that “this bank has completed the first phase of the plan, and has begun the second phase.”[/size]
    [size=45]Al-Alaq stated - according to the statement - that “the Board of Directors of the Central Bank licensed the Green Bank, which will be the nucleus of renewable energy and sustainable financing initiatives,” revealing “the Central Bank of Iraq’s intention to license a number of digital banks.”[/size]
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