2022-10-09 | 08:18
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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 Economic Observer affirmsHassan HajjThe Central Bank’s policy and plans in the past months contributed directly 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 a manner that is consistent 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.”
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He added, “The Central Bank adopts flexible policies and plans that are consistent with all 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, confirmIraq Stock ExchangeHis cooperation with the Central Bank and the stock market achieved 5 goals and gains.
The Executive Director of the market, Taha Ahmed Abdel Salam, said to 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 included in theIraq Stock Exchangebased on a decisionMinisterial Economic CommitteeIn 2013 and to meet the standards of the Securities Exchange Commission for listing, which made the banking sector the largest sector listed in theIraq Stock Exchange“.
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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 matched by the due diligence of stock dealers inIraq Stock ExchangeSince 2015, especially sinceIraq Stock ExchangeThe cash transaction is not accepted for the purchase of shares or the payment, except within limits of less than 15 million dinars for the investor in one session.”
He stressed that “the fifth gain is the cooperation of the three parties in the framework of supporting banks to provide a safe custody service for securities, and during 2022 grantingCentral Bank of IraqApprovals for 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 November 2022.”
He concluded by stressing 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, he announcedCentral Bank of Iraq, for the completion of the payment of compensation to the State of Kuwait.
The Central said in a statement received byAlsumaria news, that “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 it will beIraqI have paid the full amount of compensation I approvedUnited Nations Compensation Commissionaffiliated to the UN Security Council under 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 “exitingIraqof the seventh item, as well as its impact on reintegrating the Iraqi banking system into the global banking system and benefiting from the financial abundance that will be achieved.”
A United Nations compensation committee was formed in 1991, obligating Baghdad to pay $52.4 billion in compensation to individuals, companies, government organizations and others who incurred losses directly resulting from The invasion of Kuwait.
Iraq stopped making payments in 2014 during the war on ISIS, which controlled large parts of the country, but resumed payments in 2018.
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