Economy News – Baghdad
The Association of Iraqi Private Banks held a seminar on “Managing Monetary Policy in the Current Economic Conditions” on Saturday, the third day of the Baghdad International Book Fair under the theme “One book more than life”.
The symposium began with the participation of the Governor of the Central Bank of Iraq, Dr. Ali Al-Alaq and the President of the Association of Iraqi Private Banks Wadih al-Hanal, and was interviewed by banking expert Samir Nusairi.
The symposium was attended by a distinguished audience from the Deanship of the Faculty of Information and a number of academics from the University of Baghdad and the University of Mustansiriya and a number of those interested in the economic and banking affairs and a distinguished presence of local and Arab media. The Council of the Faculty of Business Economics also participated in this scientific symposium represented by the Dean of the College Wafaa Jafar Amin and her assistants. The Dean also extended her thanks and appreciation to the Governor of the financial grant granted to the College to expand the classrooms and the library of the College.
The symposium began with a question by the Governor of the Central Bank about how the bank faced the challenges after the events of 2014, between the Governor that the economic side is significantly affected by the economic, social and political events, the most affected by others, as Iraq was subjected to a war with ” Oil to 50 or 70%, and there was also another challenge to the exposure of the Central Bank and the banking sector in the provinces that entered, calling for the loss of its total existence of human and material resources, for example branch of Nineveh and branches of banks amounted to loss of about 2 trillion dinars.
“The other challenge is the fear of the country being in a state of recession and instability,” he said. “The other challenge concerns the security aspect by controlling the movement of funds and preventing them from subverting terrorists. So the central bank has taken measures to prevent this .
The governor also said during the seminar that the bank had to maintain the exchange rate, because the dinar’s decline against the dollar is a blow to citizens. We succeeded in this challenge and maintained the exchange rate.
The governor said that in these difficult circumstances, the bank launched lending initiatives, including real estate and housing, for 2 trillion dinars in order to move the economic situation in the country, considering that these policies were no less important than confrontations in the battlefields .
Asked about the achievements achieved by the bank within the strategies for the years 2016 to 2020, the governor said that the strategy that was developed is the first that received the exact timing and was focused from the reality to reality, the transfer of the Central Bank from one era to another horizontal and vertical development is the expansion of tasks The Central Bank , and the development of units and formations within its organizational structure and training its employees in order to keep abreast of development.
The bank has established the National Payments Board and has introduced new sections that are in line with the strategic development, such as TQM as well as other departments such as risk management and compliance management. The strategy has also worked to combat financial crimes, terrorism financing and money laundering.
After that, the axes moved to the President of the Association of Iraqi Private Banks Wadih al-Hanalal asking him about the goals achieved by the Association during the past years. He answered the goals of the Association at the Baghdad International Book Fair is to promote the project of financial coverage to be launched by the Central Bank. Dissemination of legal concepts. One of the achievements of the Association is our focus on training and development of human resources, and here it must be lame that the US Treasury provided a shield for the first time in the training area of the Association of Private Banks .
He continued by saying that there are three things we focus on are human resources, operational risks and auditing, because if these factors converge, the institutions will take their natural and effective role in all parts of the state. The important factor that helped us is the confidence of the central bank.
He said that the good partners are the basis for funding community initiatives. The Association has worked on many social initiatives such as rehabilitation of bridges, Baghdad initiative, providing study trips to schools and supporting many projects such as the Academy of Cancer Warriors Basra, as well as the project of the station, which won the approval of international bodies