Saturday AM Iraq CBI News Highlights 11-19-22
The Central Bank Has Lost Confidence Internationally.. The US Treasury Is Holding A Closed Meeting With Iraqi Private Banks Regarding “Currency Smuggling”
2022-11-18 Yes Iraq: Baghdad A banking source revealed today, Friday, a closed meeting that took place between the representative of the US Treasury and representatives of 35 Iraqi private banks, to warn them of issues of smuggling dollars from Iraq and adherence to instructions regarding hard currency transfers for the purpose of import.
The source said, “Yesterday, Thursday 11/17/2022, the representative of the US Treasury at the US embassy met with representatives of 35 Iraqi private banks represented by the authorized director with the compliance director of each bank, warning them of the importance of adhering to the instructions regarding transfers in the currency auction and adhering to the anti-money laundering instructions, otherwise it will be affected.” The sanctions affected other banks, as well as the four banks that were finally sanctioned by the US Treasury.
The source explained that “the representative of the US Treasury touched on that most of the imports fixed in the currency auction, especially those related to foodstuffs, sugar and others, are exaggerated,” stressing “the importance of auction transfers being correct and pertaining to the last beneficiary, who must be carefully scrutinized by the banks.”
According to the source, “the meeting lasted for two hours, from one o’clock until three o’clock in the afternoon, in the guesthouse,” noting that “it is strange that no representative of the Central Bank was invited to attend this meeting, noting that the Central Bank is the institution responsible and supervising the work of Iraqi banks.”
And the source considered that “not inviting the Central Bank is evidence that this institution is losing confidence internationally because of the service between its management and some corrupt banks, such as the four banks sanctioned by the US Treasury.” LINK
More Than 700 Million Dollars Sales Of The Central Bank Of Iraq In A Week
Shafaq News/ The Central Bank of Iraq’s sales of hard currency for dollars during the currency auction last week amounted to more than 700 million dollars.
Shafaq News Agency reporter stated that the Central Bank sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, the amount of 735 million and 252 thousand and 435 dollars, at a daily rate of 147 million and 50 thousand and 487 dollars, up by 23.53% from the previous week.
Indicating that the rise came as a result of the increase in the bank’s sales during the first days of more than 170 million dollars from last week.
Our correspondent added that the highest dollar sales during the past week were on Monday, when sales amounted to 180 million and 893 thousand dollars, while the lowest sales were on Thursday, when sales amounted to 117 million and 140 thousand dollars.
He pointed out that most of these sales went in the form of remittances abroad to finance foreign trade, while the sale price of dollars transferred to bank accounts abroad, in addition to cash sales, amounted to 1460 dinars per dollar. LINK
Our National Economy, Our Banks, And Reputational Risk
Articles
Our national economy, our banks, and reputational risk 101Sameer Al-Nusairi
At a time when the Central Bank and the Iraqi banking sector celebrate the 75th anniversary of the founding of the Central Bank of Iraq. This anniversary culminated this year with great achievements at the level of supporting and stimulating the national economy.
And revitalizing the economic cycle and securing allocations that exceeded 18 trillion dinars to finance small, medium, housing, investment and renewable energy projects.
The World Bank, the International Monetary Fund and international organizations commended the developments in
In the Iraqi economy and expectations of an increase in the growth rate in the gross domestic product this year to 9.3% and the arrival of foreign cash reserves to the limits of 90 billion dollars and 130 tons of gold due to the rational procedures in the applications of monetary policy and safe investments, which had a major role in achieving the above achievements. Unfortunately we noticed
Some yellow and non-competent means of communication and media, and personalities with special interests these days, are spreading rumors and fabricated news that are not based on reliable and official sources that harm our banks.
And the official body that must be approved is the Central Bank of Iraq exclusively. to the applicable law.
And he is concerned with the implementation of international sanctions imposed on some banks that violate internationally approved standards, as happened a few days ago by stopping the dealings of only four banks in foreign currencies with circulars issued by the Central Bank.
We must not forget that our country is now going through complex crises and great challenges facing the new government, which requires everyone to cooperate with it in order to achieve its governmental approach to achieving economic reform.
And the effects of the global economic and financial crisis and its negative repercussions on our economy in the coming months, as expected.
The rumors and fabricated news currently circulating from some social networks and some satellite channels whose orientations are well known and intended to deliberately offend the national economy and national economic institutions that have clear success experiences and work with national Iraqi cadres, and that these parties are driven by special interests and projections.
They target our national economy and its institutions that have achieved clear achievements. During the economic and security shocks that Iraq went through after mid-2014 until the present time, it contributed to achieving economic resilience and supported our national economy. Their posts and press and media reports have preoccupied us these days by targeting our banks
And involving it in organizational, administrative and technical problems and exploiting leaks to amplify fabricated information that has not been audited and verified. Its aim is to blackmail and cover up the achievements made during the years of crisis. So why target?
The reason, as I see it, is that the Central Bank insists on the need for all banks responsible for supervision and control and related financial institutions to carry out their daily work, internally and externally, to adhere to the instructions, controls, and regulations in accordance with its objectives contained in its law, which maintain economic stability in the country.
Although I respect the other opinion issued by non-specialists or those specialized in economics and monetary policy in particular, but I may disagree with the opinion that tries to harm the reputation of the Iraqi banking sector
And the reflection of reputational risks on our international banking dealings. Therefore, I call on the media to look, even for once, at preserving the reputation of the Iraqi economy internally and externally, because it is illogical for us to allow the targeting of our economic institutions that are directly responsible for achieving steadfastness and economic stability. Because directing accusations against our banking sector is an insult to Iraq’s economic reputation internationally without scrutiny and investigation of the leaked information.
These authorities know before others through evidence, facts and business results that banks are the first basic link in the economy and without a sound banking sector it is not possible to build a sound economic sector.
I also call on the boards of directors of all our banks and their executive departments to strictly adhere to the rules of compliance and the fight against money laundering and terrorist financing and to pay attention to accuracy To implement the controls and instructions issued by the Central Bank, to give due diligence to all internal and external banking operations, and to operate openly under the spotlight of the internal and external supervisory authorities, in order to preserve the reputation of our national economy and the achievements of the Central Bank during the past twenty years.
91 views Added 11/19/2022 – 11:38 AM Updated 11/19/2022 – 2:27 PM
https://economy-news.net/content.php?id=30886
Learn About The Sales Of The Central Bank Of Iraq During The Week
Economie| 10:06 – 11/19/2022 Baghdad – Mawazine News The Central Bank of Iraq’s sales of hard currency for dollars during the currency auction last week amounted to more than 700 million dollars.
And the Central Bank said, “It sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, the amount of 735 million and 252 thousand and 435 dollars, at a daily rate of 147 million and 50 thousand and 487 dollars, up by 23.53% from the previous week, indicating that The increase came as a result of the increase in the bank’s sales during the first days of more than 170 million dollars from last
week.Our correspondent added that the highest dollar sales during the past week were on Monday, when sales amounted to 180 million and 893 thousand dollars, while the lowest sales were on Thursday, which amounted to Sales are 117 million and 140 thousand dollars.
He pointed out that most of these sales went in the form of transfers abroad to finance foreign trade, while the sale price of dollars transferred to bank accounts abroad, in addition to cash sales, amounted to 1460 dinars per dollar. https://www.mawazin.net/Details.aspx?jimare=211690
The Head Of The “Arab Monetary” Congratulates The Anniversary Of The Founding Of The Central Bank Of Iraq And Calls For “Strengthening Ties”
Money and business Economy News – Baghdad The Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Abdul Rahman bin Abdullah Al Hamidi, sent a cable of congratulations to the Governor of the Central Bank, Mustafa Ghaleb Makhaif, on the occasion of the 75th anniversary of the founding of the Central Bank.
Al-Hamidi wrote in his telegram, “I am pleased to express my sincere congratulations on the occasion of the 75th anniversary of the founding of the Central Bank of Iraq, wishing the Central Bank of Iraq and our dear country, the Republic of Iraq, further development and prosperity.”
He added, “Looking forward, through you, to strengthening the bonds of cooperation between the Arab Monetary Fund, the Arab Trade Financing Program, the Bani Arab Payments Platform, the Central Bank of Iraq and the concerned authorities in our dear country, the Republic of Iraq.”
Views 112 Added 11/17/2022 – 3:54 PM Updated 11/18/2022 – 8:29 AM
https://economy-news.net/content.php?id=30863
