Mon. AM TNT News Articles 12-6-21

376

TNT

Tishwash:
Governor of the Central Bank welcomes the opening of branches of British banks inside Iraq

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, welcomed the opening of branches of British banks in Iraq.

A statement issued by the Central Bank, received by Al-Iqtisad News, said, “The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, met the British Ambassador in Baghdad and discussed banking relations and ways to develop them. The Governor welcomed the opening of branches of British banks in Iraq and the opening of opposite accounts to facilitate trade exchange between the two countries. “

For his part, the ambassador stressed the necessity of banking cooperation and providing technical assistance to the Central Bank of Iraq, especially in the field of financial digitization. The Ambassador also touched on the white paper document, economic reform and the priorities for implementing this plan, where His Excellency the Governor emphasized the implementation of reforms regarding the automation of border crossings, customs and taxes .

The ambassador praised the new building of the Central Bank, as the governor invited him to attend the opening ceremony of the building upon its completion  link

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THE CENTRAL BANK ANNOUNCES THE IMPLEMENTATION OF AUTOMATION FOR THREE GOVERNMENT INSTITUTIONS

Today, Monday, the Governor of the Central Bank, Mustafa Ghaleb Mokhif, confirmed the implementation of automation for three government institutions.

And the media of the Central Bank of Iraq said in a statement received by the “National News Center”, “The Governor of the Central Bank, Mustafa Ghaleb, met the British Ambassador in Baghdad, Mark Bryson, and banking relations and ways to develop them were discussed.”

He added, “The governor welcomed the opening of branches of British banks in Iraq and the opening of opposite accounts to facilitate trade exchange between the two countries.”

The governor stressed the need to “implement reforms regarding the automation of border crossings, customs and taxes.”

While the ambassador stressed “the importance of banking cooperation and providing technical assistance to the Central Bank of Iraq, especially in the field of financial digitization,” praising the “new building of the Central Bank   link

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International Monetary: The Iraqi economy is recovering from a sharp downturn

A team of IMF experts, led by Tokher Mirzoev, held a virtual mission with the Iraqi authorities from November 28 to December 2 to discuss the latest economic developments and prospects, as well as policy priorities for the period

And Mirzoev said: {The Iraqi economy is recovering from the sharp contraction it witnessed last year, supported by the rise in oil revenues and the easing of measures to contain the Covid-19 virus. Vaccination rate. It is expected that the real non-oil GDP will grow by 12% in 2021, and that oil production will gradually rise in line with the agreements OPEC+}.

Oil prices

The inflation rate had reached 7.2 percent in September, with expectations of a decline in the coming months, and it is expected that the public finance and current account balances will witness a significant improvement in 2021, from a double-digit deficit in 2020, mainly as a result of the rise in oil prices. The recovery is expected to continue in the medium term but is subject to exposure to significant downside risks, particularly related to the volatility of the oil markets and the repercussions of the COVID-19 pandemic.- 19″.

Climate Challenges

He added, “The rise in oil revenues represents an important opportunity to address the major weaknesses in the Iraqi economy, enhance resilience to face climate challenges and other challenges in the future, and move forward with implementing the most important social and economic priorities. Achieving these goals requires strengthening public funds while creating fiscal space {the spending area from public finance}, for the much-needed investment and social safety nets, as well as working to promote the development of the private sector. Rationalizing energy, diversifying fiscal revenues, stopping losses in the electricity sector, and strengthening governance the rational.” 

The financial sector

He pointed out that “improving the coverage and targeting of social assistance provides better protection for the most vulnerable groups, and in addition, the restructuring of large state-owned banks and improving their governance will be of paramount importance in revitalizing the financial sector and ensuring private sector access to financing. The Fund confirms its readiness to support Iraq.” In this  Efforts”.

The IMF team of experts would like to thank the Iraqi authorities for the frank and fruitful discussions they held with it over a period of time mission.  link

Source: Dinar Recaps

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