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https://www.alsumaria.tv/news/اقتصاد/434654/ترحيب-واسع-بسياسات-البنك-المركزي-ساهم-في-تحقيق-الاستقرار-النقدي
A wide welcome for the policies of the Central Bank: Contribute to achieving monetary stability
Economie 2022-10-09 | 08:18
2,209 views
The policy of the Central Bank was widely welcomed by the economic circles, stressing that the
plans developed by the bank in the recent period contributed a lot to achieving monetary stability.
In this regard, the observer of economic affairs, Hassan Al-Hajj, confirms that
the policy of the Central Bank and the plans that it has set in the past months have directly contributed to
achieving monetary stability and
raising the level of Iraq’s strategic reserve of hard currency, in addition to the
flexibility of the plans developed in line with the size of the economic challenges locally and globally.
Al-Hajj said in an interview with Alsumaria News,
"The Central Bank's measures in dealing with the global economic crisis were very clear in a positive and professional manner, unlike what happened in many countries of the world, where we saw a significant increase in the bank's hard currency reserves from 50 to 76 billion dollars.
It will reach $90 billion before the end of this year, which has a positive impact on the stability of the currency price in the market and the inability of traders to manipulate it." He added,
"The Central Bank adopts flexible policies and plans that are consistent with all the variables of the economic situation in the local and global market, and
they are in remarkable progress, especially with regard to the issue of containing cases of corruption or currency smuggling that occurred in previous periods through the currency sale auction, where
we saw a clear decline in These violations are a result of the new controls set by the Central Bank to contain these negative cases during the past six months, and
we hope that they will be completed in the next stage completely.” The economic expert explained,
"The raising of the exchange value of the dinar against the dollar, which had some negative repercussions on the citizen,
but in the end was positive to supplement the state's reserves of currency to face crises,
but in general it needs more powerful government measures to support the fragile and middle classes,
which can actually be achieved in If the government draws up a coordinated policy and joint cooperation with the Central Bank in this file.” He continued,
"The policy of the Central Bank is in great improvement, and
we expect that new measures will be taken by it in the coming months to ensure that the
reserve level is maintained and developed to be a
strategic reserve for the Iraqi state and
in line with the rise in oil prices globally, which are
all positive indicators that ultimately serve the interest of the state treasury."
In addition, the Iraqi Stock Exchange confirmed that its cooperation with the Central Bank and the stock market achieved 5 goals and gains.
The Executive Director of the market, Taha Ahmed Abd al-Salam, told the official agency that
"cooperation with these two parties has achieved goals and gains, represented
first by working to oblige the brokerage offices owned by banks to convert to brokerage companies starting from 2008-2009,
to be financially independent in accordance with the companies' law and in line with the law. With the rules of the Securities Commission, and
secondly, the cooperation resulted in obligating banking companies and money transfer companies to be listed in the Iraqi Stock Exchange based on the decision of the Ministerial Economic Committee in 2013 and meeting the standards of the Securities Commission for listing, which made the banking sector the largest sector listed in the Iraqi Stock Exchange". He added,
"The third gain includes holding joint committees between the three parties periodically, which would develop the securities sector continuously, while
the fourth gain includes the use of the payment system in implementing financial settlements between Iraqi banks, in addition to banking activity between the bank and its branches,
which increased the Liquidity of shares through examination and audit of sources of funds upon purchase. And he added,
"In this context, the due diligence of banking for dealers through banks, is offset by due diligence for stock dealers in the Iraqi Stock Exchange since 2015, especially since the
Iraqi Stock Exchange does not accept cash dealings for the purchase of shares or payment except with limits of less than 15 million. Dinars per investor per session. He stressed that
"the fifth gain is the cooperation of the three parties in the framework of supporting banks to provide the service of safe custody of securities, and
during 2022 the Central Bank of Iraq granted approvals to four Iraqi banks that submitted their papers to the Securities Commission to practice the activity of safe custody of securities, and
all of them were approved at the beginning of the month November 2022.
And he concluded by emphasizing that there will be mechanisms of cooperation and joint work coming to enhance the role of the securities sector in supporting economic activity in Iraq.”
At the end of last year, the Central Bank of Iraq announced the completion of the payment of compensation to the State of Kuwait.
The Central Bank said in a statement received by Alsumaria News,
"The payment of the last remaining installment of the State of Kuwait's compensation amounting to (44) million US dollars has been completed, and thus
Iraq has completed the payment of the full compensation amounts approved by the United Nations Compensation Committee of the UN Security Council under the resolution No. (687) for the year 1991, with a total of (52.4) billion US dollars for the State of Kuwait.
It is hoped that ending the payment of compensation, according to the statement, will contribute to "exiting Iraq from Chapter VII,
as well as its impact on re-integrating the Iraqi banking system with the global banking system and benefiting from the financial abundance that will be achieved."
The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.
Iraq stopped making payments in 2014 during the war against ISIS, which controlled large parts of the country, but resumed payments in 2018.
A wide welcome for the policies of the Central Bank: Contribute to achieving monetary stability
Economie 2022-10-09 | 08:18
2,209 views
The policy of the Central Bank was widely welcomed by the economic circles, stressing that the
plans developed by the bank in the recent period contributed a lot to achieving monetary stability.
In this regard, the observer of economic affairs, Hassan Al-Hajj, confirms that
the policy of the Central Bank and the plans that it has set in the past months have directly contributed to
achieving monetary stability and
raising the level of Iraq’s strategic reserve of hard currency, in addition to the
flexibility of the plans developed in line with the size of the economic challenges locally and globally.
Al-Hajj said in an interview with Alsumaria News,
"The Central Bank's measures in dealing with the global economic crisis were very clear in a positive and professional manner, unlike what happened in many countries of the world, where we saw a significant increase in the bank's hard currency reserves from 50 to 76 billion dollars.
It will reach $90 billion before the end of this year, which has a positive impact on the stability of the currency price in the market and the inability of traders to manipulate it." He added,
"The Central Bank adopts flexible policies and plans that are consistent with all the variables of the economic situation in the local and global market, and
they are in remarkable progress, especially with regard to the issue of containing cases of corruption or currency smuggling that occurred in previous periods through the currency sale auction, where
we saw a clear decline in These violations are a result of the new controls set by the Central Bank to contain these negative cases during the past six months, and
we hope that they will be completed in the next stage completely.” The economic expert explained,
"The raising of the exchange value of the dinar against the dollar, which had some negative repercussions on the citizen,
but in the end was positive to supplement the state's reserves of currency to face crises,
but in general it needs more powerful government measures to support the fragile and middle classes,
which can actually be achieved in If the government draws up a coordinated policy and joint cooperation with the Central Bank in this file.” He continued,
"The policy of the Central Bank is in great improvement, and
we expect that new measures will be taken by it in the coming months to ensure that the
reserve level is maintained and developed to be a
strategic reserve for the Iraqi state and
in line with the rise in oil prices globally, which are
all positive indicators that ultimately serve the interest of the state treasury."
In addition, the Iraqi Stock Exchange confirmed that its cooperation with the Central Bank and the stock market achieved 5 goals and gains.
The Executive Director of the market, Taha Ahmed Abd al-Salam, told the official agency that
"cooperation with these two parties has achieved goals and gains, represented
first by working to oblige the brokerage offices owned by banks to convert to brokerage companies starting from 2008-2009,
to be financially independent in accordance with the companies' law and in line with the law. With the rules of the Securities Commission, and
secondly, the cooperation resulted in obligating banking companies and money transfer companies to be listed in the Iraqi Stock Exchange based on the decision of the Ministerial Economic Committee in 2013 and meeting the standards of the Securities Commission for listing, which made the banking sector the largest sector listed in the Iraqi Stock Exchange". He added,
"The third gain includes holding joint committees between the three parties periodically, which would develop the securities sector continuously, while
the fourth gain includes the use of the payment system in implementing financial settlements between Iraqi banks, in addition to banking activity between the bank and its branches,
which increased the Liquidity of shares through examination and audit of sources of funds upon purchase. And he added,
"In this context, the due diligence of banking for dealers through banks, is offset by due diligence for stock dealers in the Iraqi Stock Exchange since 2015, especially since the
Iraqi Stock Exchange does not accept cash dealings for the purchase of shares or payment except with limits of less than 15 million. Dinars per investor per session. He stressed that
"the fifth gain is the cooperation of the three parties in the framework of supporting banks to provide the service of safe custody of securities, and
during 2022 the Central Bank of Iraq granted approvals to four Iraqi banks that submitted their papers to the Securities Commission to practice the activity of safe custody of securities, and
all of them were approved at the beginning of the month November 2022.
And he concluded by emphasizing that there will be mechanisms of cooperation and joint work coming to enhance the role of the securities sector in supporting economic activity in Iraq.”
At the end of last year, the Central Bank of Iraq announced the completion of the payment of compensation to the State of Kuwait.
The Central Bank said in a statement received by Alsumaria News,
"The payment of the last remaining installment of the State of Kuwait's compensation amounting to (44) million US dollars has been completed, and thus
Iraq has completed the payment of the full compensation amounts approved by the United Nations Compensation Committee of the UN Security Council under the resolution No. (687) for the year 1991, with a total of (52.4) billion US dollars for the State of Kuwait.
It is hoped that ending the payment of compensation, according to the statement, will contribute to "exiting Iraq from Chapter VII,
as well as its impact on re-integrating the Iraqi banking system with the global banking system and benefiting from the financial abundance that will be achieved."
The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.
Iraq stopped making payments in 2014 during the war against ISIS, which controlled large parts of the country, but resumed payments in 2018.
