Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the

renewed understanding with the US Federal Reserve will allow the monetary authority to restore an internal banking market, while he indicated that the

results of the discussions between the Central Bank and the Federal Reserve are good and consistent with business rules, and pointed out that

it will allow the implementation of a precise path between… Iraqi and international banks.  Saleh said to the Iraqi News Agency (INA):

“We notice from the statement of the Central Bank of Iraq that there is optimism about the results of his delegation’s discussions with the Federal Reserve in the United States of America in particular and consultations with the parties of the main banking system in the United States, specifically (the large international banks concerned with banking operations). international cross-market), and that

an advanced model of understandings has been achieved at this stage.”  He added,

“This came to document the path of steps and banking mechanisms adopted in external transfer, especially related to

financing foreign trade for the benefit of the Iraqi market, and to
ensure a degree of streamlines and high flexibility in the scope of external transfer operations and

through the active role that will be played by global correspondent banking entities that have high standards in terms of strong compliance.” Disclosure and Governance.  He added,

“Such correspondent banking entities around the world will undoubtedly be a counterpart to the 13 private commercial banks referred to in the statement of discussions issued by the Central Bank of Iraq, which dealt with the results of the discussions between the monetary authorities of both Iraq and the United States of America.”  He stressed,

“This matter will allow the implementation of a clear and precise path in accelerating payments and settlements between Iraqi banks and global correspondent banks, as well as the final beneficiary in the trade financing cycle in the international trade and exchange areas that Iraq deals with by paying in different reserve currencies,” noting that

“In addition to the dollar as a payment and settlement currency, other global currencies such as the euro, the British pound, and the Chinese yuan will take over the task, as well as important stable currencies such as the Emirati dirham and the Indian rupee, and the

basis of this coordination with the monetary authorities in the United States comes from the source of the country’s basic reserves before going. To diversify into other international currencies is the United States dollar itself, verified from oil receipts deposited in the petrodollar currency at the Federal Reserve Bank.”

He stated,   “Based on the above, such a renewed understanding, in accordance with the road map, will provide the monetary authority in our country with a clearly defined and highly flexible plan to rebuild the internal banking market and on solid reform foundations that are consistent with the standard work rules adopted in international banking, especially in the issue of Building external banking relationships and safely moving funds across the global financial and banking systems.”

An Economist Talks About New Measures After Stopping Transfers

Economic expert Osama Al-Tamimi said:   “The statements and interviews conducted by the Governor of the Central Bank of Iraq, Ali Al-Alaq, in New York over a period of three days with US Treasury officials gave a new impetus and confidence to the Iraqi banking system.”

According to his speech to Mawazine News Agency, Al-Tamimi described the advanced steps to join the global banking system in terms of expanding experience and international banking relations, which will increase knowledge in control procedures for foreign transfers and direct sales of the dollar.  The economic expert explained:

“This will lead to the development of systems in line with international and local standards and the development of a system for covering foreign trade and protecting the banking and financial sector from money laundering and terrorist financing operations.”  He went on to say:

“The Central Bank of Iraq will stop dealings in the future with foreign correspondent banks and reduce reliance on them, after developing the network of Iraqi banking relationships, gaining the necessary experience, reducing commissions generated as a result of external coverage transactions, and terminating the work.”

Gradually using the electronic platform for transfers and replacing them with direct banking relationships between Iraqi banks and the network of international correspondent banks, as well as achieving stability in the exchange rate in the local market.
https://www.mawazin.net/Details.aspx?jimare=254412

Specialists: Governance And Transparency Are “Important Axes” For Activating Banking Performance

Economic specialists believe that governance and transparency are important axes for activating banking performance in the country. Islamic banking expert Sadiq Al-Shammari said on the sidelines of a session of the General Council of Islamic Banks and Institutions, attended by Al-Sabah:

The importance of governance as a modern means aims to preserve the financial system.

We stop at governance in Islamic banks, its importance, its mechanisms, and the guiding principles issued by the General Council of Banks and Financial Institutions.  Al-Shammari added to “Al-Sabah” that

“the financial technology revolution and

the great development in digital transformation, such as the
spread of electronic payments,
artificial intelligence, and
data analysis,

have contributed to facilitating the provision of financial services directly by financial technology institutions,”

noting the importance of “banks working to adapt themselves.” With the rapid digital changes, changing work methodology, and creating flexible solutions to serve its customers more effectively.”

He called for “adopting a number of initiatives and activities that contribute to the growth and development of Islamic banks and financial institutions, for example the growing interest in cybersecurity and major risks.”

He pointed to the necessity of issuing the Islamic Economic Encyclopedia, which includes all the Sharia provisions that Islamic banks need to be a reference for fatwa and Sharia oversight bodies in strengthening governance in Islamic banks, as well as conducting more studies and research on governance, especially in the Islamic sector, to deepen its understanding and importance, especially with regard to The role of members of Sharia supervisory boards in enhancing governance in Islamic banks.

He stated that the importance of governance is clear from its objectives, which are to

achieve transparency and
justice and
grant the right to hold the managements of banks and financial institutions accountable, thus
achieving protection for all shareholders and shareholders,
taking into account the interests of business and workers, and
limiting the exploitation of power for purposes other than the public interest, leading to the
development of investments and savings,
maximizing shareholders’ profits, and
achieving Sustainable development for the development of society, and

the presence of an effective system capable of providing trust and combating corruption in Islamic financial institutions, including Islamic banks, will bring them greater success and support the expansion of their operational operations, although

this requires supporting what the departments related to governance within financial institutions do.

In turn, Islamic banking expert Mohamed El-Beltagy pointed out the importance of adhering to Sharia controls, the nature of the relationship with depositors, and

the multiple financing formulas that are part of the focus of Islamic banking and have become the focus of attention of a wide segment of the world’s societies, leading to the application of the rule of sharing in profits and losses and correcting the money document.

Al-Beltagy warned that governance and transparency are important axes in solidifying the performance of the banking system of any country, enhances the development of work joints, and leads to achieving goals according to what was planned.    https://alsabaah.iq/102145-.html