“New Banking Laws” – Sun. AM TNT Thoughts/News 10-17-21



Bank restructuring.. Measures to develop the financial sector

Within the procedures of the reform program and the contents of the white paper, the Ministry of Finance decided to restructure the Rafidain Bank, amid praise for this step and calls for other banks and departments to be included in this step. 

According to the Ministry of Finance, the reform package consists of several axes, including: creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq in which the board’s management is independent of the bank’s management, strengthening the independence of its work, supporting efforts to complete the application of the comprehensive banking system, as well as strengthening The bank’s relationship with banking service providers and its regulation.

 In a statement to Al-Sabah, the financial expert Thamer Al-Azzawi promised that the Ministry of Finance’s move is “positive”, and that it is on the right path to developing the financial and banking sector.

He pointed out that {Iraqi banking systems lag behind their counterparts in the world and adopt routine procedures that are boring and unattractive to the citizen}.

The package of measures also includes a review of the bank’s policies and making them more in line with the developments of the modern banking system to ensure the provision of the best and quality services by adopting a technical system to facilitate banking operations and carry out banking activities of economic feasibility in various sectors, in a manner that serves economic activity and guarantees the rights of depositors and owners interests.

Al-Azzawi added that “banks should update their systems, deal intelligently with the customer, reduce procedures while providing facilities, as well as review interest rates and other matters that attract customers.”

advanced performance

And the Ministry of Finance announced the possibility of transferring the data of the bank’s customers whose salaries are settled with the bank and those who received advances and loans from the service provider to the comprehensive banking system. With regard to human resources, it was emphasized, in accordance with the reform package, the necessity of contracting with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of high-quality banking services, in line with the advanced performance of the banking sector worldwide.

The restructuring measures are part of the reforms designed to bring the government banking sector into line with the standards of governance of the Central Bank of Iraq. modern systems

Al-Azzawi called for “the introduction of modern technologies and systems to develop performance while raising the efficiency of workers in the context of keenness to provide the best competitive services, which tempts citizens who hoard their money outside banks, which may contribute to the recycling of billions of dinars.” 

The white paper states: Rehabilitation of the banking system through the development of private banks, reform of government banks and the introduction and activation of the {basic banking system} in Rafidain and Rashid Banks and its activation, as well as accelerating the pace of development of electronic banking services.  link

This is a rejection to the recount that was done Sadr still came out on top 

State forces: We reject the election results and will resort to the Federal Court

A member of the General Authority of the Wisdom Movement, Rahim Al-Aboudi, confirmed on Sunday that more than 60 percent of the political blocs objected to the results of the current elections, indicating that the coalition of state forces will resort to the Federal Court to object to the results.
Al-Aboudi said in a televised interview, which was followed by “Mawazine News”, that “there is an external scenario that was implemented inside Iraq during the elections,” noting that there are “parties that want to create chaos and push towards internal fighting.”

Al-Aboudi explained that “the coalition of state forces has a popular base and the best electoral machine,” noting that “the coalition of state forces rejected the election results and will resort to the Federal Court soon.”

He added, “There is evidence that proves there have been violations in the election results,” noting that ” Al-Aboudi pointed out that “the coalition of state forces was expected to obtain 20 seats in the current elections.”  link

Oil: We are committed to the OPEC Plus agreement to achieve the highest financial revenues

The Ministry of Oil confirmed that Iraq aims to achieve the highest financial revenues by adhering to the OPEC Plus agreement.

The official spokesman for the ministry, Assem Jihad, said in a statement reported by the official “Al-Sabah” newspaper and seen by “Economy News”, that “Iraq was one of the active members in reaching an agreement to reduce production for OPEC Plus, after the great recession that hit the global economy as a result of the repercussions of the spread of Covid-19.” And it is caused by the inflation of the oil surplus in global markets and the decline in demand for crude as a result of countries’ actions to restrict the movement of their citizens, land and air transport, the decline of the industrial sector and other negative repercussions from the spread of the epidemic.

Jihad added that “the commitment of the producing countries in OPEC and OPEC Plus to reduce production led to their success in controlling the oil surplus in global markets, and raising the price of a barrel below $20 to current prices, as OPEC and OPEC Plus hold their periodic and emergency ministerial meetings as required.” The conditions and developments of the oil market, preceded by meetings of the governors (representatives of the producing countries in OPEC), and they discuss the developments of the oil market and review reports for the concerned authorities and research centers in OPEC, and in light of this it submits its recommendations to the ministerial meeting.

careful handling

Regarding the future outlook, the official spokesman saw that “challenges to the oil market are still present, due to the lack of final control by the countries of the world on the Corona virus and new strains, as well as other conditions, including security and political tensions, economic conflicts, natural conditions, and others in multiple regions of the world.” , indicating that “it requires careful handling by the oil-producing countries with the changes in the oil market, and for this the situation of the oil market can be described as fragile as a result of its great influence on conditions and changes.”

Oil prices in global markets continued their rapid rise, and prices grew by about 1 percent, to exceed the price of a barrel of Brent crude benchmark, the level of 84 dollars for the first time since 2018.

oil strategy

Jihad explained that “the strategy of OPEC and OPEC Plus restricts production to the end of 2022 in order to achieve more stability and balance in the oil market,” stressing that “Iraq aims to achieve the highest financial revenues by adhering to the agreement.”

He also found that the increase in prices to more than $ 80 is a “positive indicator”, but this requires stability for a long period in order to achieve good financial revenues, warning the need to deal with the requirements of the oil market and prices realistically, and not to rely on the prices of the “bubble” that are generating and declining As a result of a circumstance or event.

oil price

Regarding the prices of Iraqi crude oil, Jihad explained that “the price of Iraqi oil and the producing countries depend on the monthly price of the exported oil and is not subject to daily variables…Unfortunately, despite the ministry’s notice, many media professionals and observers fall into the error of calculating the daily oil and refer to the daily price figures for the barrel, although Iraq has achieved significant financial revenues for the state treasury by exporting smaller quantities of crude oil compared to the quantities previously exported, which proves the ministry’s success in implementing its plans and directions   link

Source: Dinar Recaps

So whats the news for the day?

dd2001: Over weekend, bankers were told to put staff on alert.

has anyone heard if anything is happening in Iraq…. like the policies that are to go into effect yet?

Yes the cbi did enter into force the new rules for hard currency sale today that’s about it so far

cutebwoy,Since we have no real banking news, Maybe their new banking laws didn’t really have that much to do with the new rate?

New banking laws have nothing to do with the rate. They just make corruption a little more difficult.. crooked folks have to be a bit more inventive now.

Central bank sales decline with the entry into force of the new instructions

Sales of the Central Bank of Iraq decreased significantly, on Sunday, from hard currency, to record 52 million dollars, with the entry into force of the new instructions of the bank regarding sales of hard currency.

Informed sources stated, that the Central Bank witnessed today, during its auction for buying and selling US dollars, a decrease in its sales by 74.76% to reach 52 million, and 70 thousand US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar, compared to yesterday, Wednesday, which sales amounted It has 206 million and 422 thousand and 600 US dollars.

The purchases amounting to 51 million dollars went to strengthening balances abroad in the form of remittances and credits, while the remaining amount of one million and 70 thousand dollars went in cash. She pointed out that 8 banks fulfilled requests to enhance balances abroad, and two banks to meet cash requests, in addition to 11 mediation companies.

It is noteworthy that the Central Bank issued on September 26 last new instructions for the sale and purchase of foreign currency for authorized banks and mediation companies, which will be applied as of today, Sunday, 17 of October this year, indicating that the goal behind this is to maintain the stability of currency exchange rates. Comply with the requirements of the Anti-Money Laundering and Terrorist Financing Act.  link

Source: Dinar Recaps


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