Thurs. AM TNT News Articles 12-30-21



A government bank closes its doors for one day

Al-Rasheed Bank announced, on Thursday, directing its branches in Baghdad and the governorates to close the bank’s doors and stop withdrawal and deposit operations for Sunday, January 2, 2022.

The bank’s media office explained in a statement received by Mawazine News, that “the directive came for the purposes of implementation.” It is applied annually.

The statement added, “The bank will resume its business the next day.” Ended 29/N33  link

The Central Bank suspends the operations and activities of several banks in order to “improve performance and secure liquidity

Today, Wednesday, the Central Bank of Iraq suspended the activities and operations of several banks, pending improvement in performance and securing full liquidity.   

And the bank said in a statement that “Nass” received a copy of it (December 29, 2021): “The Board of Directors of the Central Bank of Iraq hosted, during its session on 12/29/2021, the President of the Association of Iraqi Private Banks and his two deputies, and His Excellency the Governor, Mr. Mustafa Ghaleb, presented The conditions of the banking sector are frightening in light of the reform plan adopted by the Central Bank in early 2021 to reform the sector and the directions of the Board of Directors to take corrective administrative measures for the purpose of compliance by some banks with the controls and instructions before proceeding with legal procedures against them.  

He added, “The attendees supported this approach to ensure that banks improve their financial conditions and avoid the effects resulting from their negative performance and its reflection on the reputation of the banking sector, despite granting them sufficient periods to improve their conditions and perform their obligations.”  

He continued, “The Council decided to stop all banking operations and activities of these banks, while giving them a deadline of three months to improve their performance and secure the necessary liquidity to fulfill their obligations and increase their capital to the required limits.”   

He pointed out that “it was stated in the Board of Directors’ decision that banks that are unable to secure what is required of them must merge with other banks, and in the event that the above is not met, the license will be withdrawn and legal measures will be taken against it.  link

Likely to change the dollar exchange .. Saleh: The government will amend the 2022 budget, and the entitlements of Resolution 315 are guaranteed

The Economic Adviser to the Prime Minister, Mazhar Muhammad Salih, said that the next government will amend the 2022 budget, although it is properly prepared by the Ministry of Finance to be one of the first tasks of the new government, indicating that those covered by Resolution 315 will continue to pay their dues because they approved a law in 2021 budget.

Saleh said, in a press statement, that “the next year’s budget was prepared in the Ministry of Finance, but there is a constitutional path and it was supposed to be submitted to the Council of Ministers last October to be referred immediately to the House of Representatives, but due to the dissolution of Parliament, there was no opportunity to discuss it, and the budget is waiting.” The formation of the next government and parliament to be the first law to be discussed. 

He added, “The next government will discuss the budget, amend and add, and may make changes to the exchange rate according to the oil markets, and may add new projects to the investment budget,” noting that “all these things will not be delayed because the budget is prepared correctly, but there are some adjustments here and there that may be made. by the next government. 

And he continued, “Even if the approval of the budget is delayed, the disbursement will be according to 12/1 of the actual expenses, and those covered by Resolution 315 approved their entitlements in the 2021 budget, and it became a reality and prepared for disbursement,” expecting “its disbursement in the 2022 budget. Finance provided that it is legally approved, meaning that if it is approved in the 2021 budget, it will be added in the 2022 budget. If there is no budget, it is likely to be covered by the Financial Management Law. 

Mazhar pointed out that “Kuwait’s money was deducted from oil money and Iraq’s revenues, and these funds will be added to the budget, which makes a good financial space.”   link

Source: Dinar Recaps


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