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TNT
Tishwash:
Financial inclusion and banking restructuring
The current government ‘s interest in the banking sector has become striking to the point that it can be said that the government is actually undertaking the “financial inclusion program, whose founders aim to deliver services to all regions of the country and include all societal and age groups with these services with the aim of encouraging all citizens to open bank accounts, and then withdraw the cash mass hoarded by the public, which the Central Bank estimates at about 70 percent of the issued cash, and circulate it in the banking arena activities, with the aim of raising credit rates and contributing to creating real development.
On this basis, the Prime Minister’s Office’s statement came in this regard recently, which referred to some of the challenges facing the efforts to reform the financial and banking system, as one of the priorities of the government program, while the statement identified a number of steps with the aim of confronting these challenges and ensuring the strengthening of confidence in the financial and banking sectors, facilitating the process of economic development, and raising indicators of financial inclusion.
However, the clear intersection between the government’s direction and the banking restructuring program indicates a number of observations that are directly related to these steps, such as the contradiction between what was stated in the content of these government steps, and the banks’ procedures regarding restructuring, as some government banks have taken steps The issue of restructuring, which was apparently limited to the merger of large numbers of branches of operating government banks, included branches on the outskirts of governorate centers and in the middle of them, which undermined the service area in which these banks operate.
This completely intersects with the financial inclusion program, one of the tools of which the statement specified is “providing banking services to different segments of society, including districts and sub-districts in villages and rural areas.”
The steps mentioned in the statement, which are in the process of intensifying efforts, did not indicate the issue of the conditions previously set regarding raising the capital rates of banks to about 450 billion dinars by the end of December 2024, which obligated all private and government banks in this regard, otherwise these banks will be merged or liquidated, if we know that some government banks whose many branches have been merged still have a large number of branches, and these branches still provide their daily services to large numbers of the public, while they are exposed to merger or liquidation
Even some administrations are unable to make some decisions related to developing services, because they realize that the fate of their banks will end in merger or liquidation, and this is what makes the intersection clear in the government’s direction regarding developing the performance of banks and expanding the scope of services with the restructuring program implemented by the relevant authorities. link
IMF praises positive developments in Iraq in financial and banking aspects
The International Monetary Fund praised, on Wednesday, the positive developments witnessed by Iraq in the financial and banking aspects.
A statement by the Presidency of the Republic received by “Mil” stated that “President of the Republic, Abdul Latif Rashid, received today, Wednesday, at his residence in the Azerbaijani capital, Baku, the Director of the International Monetary Fund, Kristalina Georgieva, as part of His Excellency’s participation in the United Nations Climate Conference (COP29).”
He added, “During the meeting, the cooperation relations between Iraq and the International Monetary Fund and ways to enhance them in the context of supporting the development path in Iraq were reviewed. During the meeting, His Excellency the President of the Republic stressed Iraq’s endeavor to implement integrated programs and plans to stimulate the economy and support the financial and banking reform process .”
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Rashid thanked the International Monetary Fund for what it did to support Iraq’s budget during the crises it faced and overcame, stressing the “importance of completing coordination and joint cooperation in order to continue efforts to combat c********n, support investment, and develop the private sector, leading to building a strong, cohesive, and recovering economy .”
For her part, Kristalina explained that “the primary mission of the International Monetary Fund is to provide support to countries’ budgets during crises, and this is what the Fund did with Iraq during a difficult period, but it overcame it,” praising “the positive developments that Iraq witnessed in the financial and banking aspects and in the field of stimulating the investment environment, which contributed to a decrease in the inflation rate, growth in the non-oil GDP, and implementation of controls that contribute to combating money laundering.” link
Among them is the population census.. Revealing the details of Al-Sudani’s visit to Kurdistan
Political analyst Ali Al-Baydar confirmed, today, Wednesday (November 13, 2024), that Prime Minister Mohammed Shia Al-Sudani’s visit to Kurdistan includes 5 files.
Al-Baydar said in an interview with Baghdad Today that “Al-Sudani’s visit to Kurdistan aims to mediate between the Kurdish parties, with the aim of forming the next Kurdistan government, in addition to the file of the general population census, and reassuring the Kurds about the concerns they have.”
He added, “The other file is the Turkish efforts to revive peace with the Kurdistan Workers’ Party, the Sinjar issue, and the implementation of the agreement with Iran regarding the presence of Iranian opposition parties within the borders of the region.”
Al-Baydar pointed out that “the Kurds are a key player and an important partner in the political process, and everyone is trying to win their favor, and Al-Sudani deals as a statesman, and comprehensively with the issues of the homeland, with the region or even the files within Kurdistan.”
Prime Minister Mohammed Shia al-Sudani arrived in the Kurdistan Region of Iraq today, Wednesday (November 13, 2024), on a visit that includes the cities of Erbil and Sulaymaniyah.
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The visit comes within the framework of the federal government’s efforts to enhance cooperation with the Kurdistan Regional Government, and find solutions to issues affecting the relationship between the region and the central government. link
Source: Dinar Recaps
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Tishwash:
Will Iraq be the savior of the countries of the region if oil prices fall?
Economic expert Safwan Qusay spoke about Iraq’s ability to confront the decline in global oil prices, pointing out that leaving the single economy and focusing on non-oil imports has become a necessity to restore the Iraqi economy.
Qusay said, “If oil prices rise by a hundred dollars, it is possible that the quantities that were voluntarily reduced by OPEC will be re-pumped, noting that “there are no less than two million two hundred thousand barrels that have been voluntarily reduced.”
He added, “It is not in the interest of oil producers to raise oil prices above $100 because that will support investments in shale oil, indicating that the producing countries are trying to control the price between $70 and $100.”
Qusay pointed out that “Iraq will be the greatest savior for the countries of the region because it has dollar reserves and has a strategic reserve in terms of oil production,” indicating that “if the government succeeds in containing the conflict and not being dragged directly into the region’s unrest, the Iraqi economy will be pulled from the war zone to the development zone.”
Qusay explained that “Iraq is able to confront the decline in oil prices, knowing that there is no decline in prices below seventy dollars because OPEC is the one that determines the quantities of production and is determined to remain within the region of 70-100 dollars per barrel.”
He added, “The surplus that accumulated during the previous period of this year, in which Iraq sold at no less than $80 per barrel, enables Iraq to confront price changes.”
He pointed out that “Iraq has begun to diversify its economy by investing in oil derivatives and stopping the burning of associated gas, in addition to stopping the import of materials that could be included in the ration card, noting that “the government has opportunities in the matter of sustainable financing through the reserves of the Central Bank or through the sale of oil shares if revenues fail to reach their goals.” link
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Sudanese advisor indicates an increase in the Central Bank’s foreign exchange reserves
The Prime Minister’s Financial Policy Advisor, Mazhar Mohammed Salih, confirmed today, Wednesday, the increase in the accumulation of foreign reserves of the Central Bank of Iraq.
Saleh said in an interview with Al-Maalouma Agency, “There is a direct correlation between the current account surplus of the Iraqi balance of payments and the development of the foreign reserves of the Central Bank of Iraq.”
He explained that “as long as there is a surplus in the current account of the balance of payments that has been achieved during the current year, which is positively indicated by the accumulation of the foreign reserves of the Central Bank of Iraq during 2021, with a change rate towards an increase of more than 20% compared to the levels of 2020.”
He pointed out that “foreign currency coverage of the Iraqi dinar has increased and is approaching matching its coverage of the basic currency.”
He added that “the monetary policy of the Central Bank of Iraq enjoys the availability of a strong foreign reserve tool that can maintain the purchasing power of the Iraqi dinar and confront inflationary expectations with high and comfortable capacity through the power of intervention in imposing stability in the exchange market through open market operations practiced by the monetary authority to achieve the operational goals of monetary policy with ease and flexibility.” link
Source: Dinar Recaps
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