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Rafidain: Central Bank introduces modern technology banking transactions
09:14 - 08/04/2019
Al-Rafidain Bank announced on Monday that it received offers from five countries to open branches including France and Britain, noting that the Central Bank is currently working to introduce modern technology in banking transactions.
"The Central Bank is currently working on introducing modern technology in banking transactions through the introduction of electronic administration to reach the e-government, and the banking system in Mesopotamia is in this direction," said the director of the bank Khawla Talib al-Asadi in statements reported by the official newspaper "Al-Sabah" "He said.
Asadi added that "the beginning of September will see the launch of 14 branches of electronic management across the country."
"Two branches in Jordan recently received a letter of thanks and appreciation from the Central Bank of Jordan for making the highest profits, in addition to branches of the bank in Lebanon, Egypt, Bahrain, UAE and Yemen," Al-Asadi said.
Al-Asadi pointed out that "there is an intention to open other branches after the completion of the banking system and electronic payment," revealing "invitations from France, Britain, China, Turkey and Saudi Arabia to open branches in their countries to Rafidain Bank, which is one of the oldest banks in the region." Ending / 25
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Popeye7: This inclusion week seminar would go over really well if an increase in their currency were to take place first... Like about this week... Anytime between right now, and before weeks end... Think about it!... It would give them time to want to go to the bank with their newly valued dinar, and from a psychological standpoint, give them a confidence in their currency that has not been for a long time... Again IMO...
Don961: Financial Inclusion Week
Monday 08 April 2019
Mohamed Sherif Abu Maysam
On the 25th of this April, the Financial Inclusion Week will be launched as part of a program aimed at reaching banking services to all citizens across the country and to various community groups.
It seems that the relevant authorities prepared the preparations for an economic demonstration over the course of the week, which includes activities that promote the new banking products and contribute to the delivery of services easily and promote banking awareness, and thus contribute to enhance confidence between working banks and the general public to a stage in which the culture of saving in the hope of withdrawing The cash-strapped mass into the banking arena.
Financial inclusiveness means creating more opportunities for the public to access banking services, making the financial trading arena accessible to all, and a stimulating environment for withdrawing the accumulated cash mass through the provision of various financial services through the Sharia channels represented by banks and other financial institutions, ensuring that non-official means of trading and transactions Unregulated and supervised finances, which often expose the public to cases of extortion and extortion.
Many countries in the world have resorted to similar programs of financial inclusion in order to achieve the goals of sustainable development through an endless function when reaching the targets. Financial institutions are committed to providing the best services and creating more banking products that satisfy customers and encourage them to deal with them continuously.
Because the financial coverage is directed by the relevant official bodies, especially the Central Bank, it is necessary to use this week to review the vocabulary of the annual financial coverage program, which has been in operation since 2016, and not only the manifestations of the celebration, And the introduction of technologies in banks operating in the country.
Since there is no real financial coverage without standards of measurement, what is the benefit of introducing technologies in banking unless it is reflected in the rates of deposits and credit rates? And what is the benefit of conferences, training workshops, disbursements and development workshops, unless this is reflected in the rates of dealing with the public?
Salary settlement of bank employees unless reflected in current account opening rates for the general public? What can be said about public protection unless the public receives fair and transparent treatment in proceedings that are still complex and routine in government banks in particular? link
MilitiaMan: One thing I wonder about where they say making the financial trading arena accessible for all. We haven't heard from the NASDAQ lately... Financial inclusion and coverage may include that arena as well. As they are telling us they have new technologies. The link below speaks of some of those related to financial inclusion.
I wonder what they mean by manifestation of the celebration? lol I can just imagine them manifesting a new celebration once they get the new smalls and all the purchase power that comes with it.. They are introducing new products. Well, the new currency may have or do have high tech security features. regardless of that they tell us they have been working on this since 2016.
Now don't forget they told us they were to pay citizens starting today payments for the salaries and for them to bring identification certificates, just like they say to do in the Financial Management Law.
They even tell those that haven't the finger print set up yet, to go to exchange centers to get it resolved for payment. They, have put in place imo circumstances that is driving the chunky cash (mass cash) into the banks now, as if they the citizens want payments they have to bring in identification and their bank information to get paid.
So, it looks to me this is under way now setting the stage for what we expect them to show the world. imo ~ MM
Don961: Financial Disclosure and Transparency: A Strategic Approach for the Central Bank
Sunday, April 07, 2019
Central banks in the world are aiming mainly at achieving economic stability through achieving monetary and financial stability in accordance with their programs and strategies aimed at maintaining stability in the exchange of their local currencies against other foreign currencies and building sufficient foreign reserves in accordance with international special standards issued by the International Monetary Fund.
Banks based on other criteria related to the response to crises and challenges and shocks of economic and political in their countries and control stable rates of inflation rates and interest rates and the implementation of rules and rules of compliance and combating money laundering and TamoTerrorism.
The Central Bank of Iraq's march during the last four years has proved that it is moving steadily to achieve the objectives of monetary policy and a consistent approach and strategy depends on transparency and disclosure of financial statements and deal with international financial organizations and institutions out of the concern to restore confidence in the international banking transactions suffered by Iraq before 2014 because of the risks Reputation and negative media impact on the damage to the Iraqi economy and the diversion of data and information is inaccurate and fabricated.
Which led to the management of the Central Bank to draw a strategy for the next five years was one of the main objectives of the main and subsidiary, the adoption of transparency and disclosure locally and internationally on the progress of the results achieved for the financial sector and banking and adherence to international standards standard applied by the banks of the world, which led to the construction of a new relationship And balanced with banks and international banking institutions based on confidence in the financial statements provided by the central bank.
For example, a detailed report on Iraq's revenues and expenditures for the years (2005-2017) was announced earlier. The Central Bank is the financial advisor to the government, which manages the accounts of the Ministry of Finance from foreign exchange of Iraqi oil exports, which constitutes the main source of foreign currency. Total budget revenues and 65 percent of GDP.
The report showed transparency and high disclosure accuracy data as revenues totaling 706 billion dollars and government expenditures totaling 703 billion dollars and the remaining was converted as the opening balance of the Ministry of Finance for 2018.
The most important thing in this report is that it clarified the doors of government expenditure during the mentioned years, which focused on operating expenses by a large percentage, security expenditures, war on terror and government revenues in light of the contracts concluded by the ministries, in particular electricity, oil and service ministries.
As for the investment expenditure, it was only a small percentage compared to operating expenses, which occupied salaries and wages, the highest percentage of them. It also notes that the report clearly indicates that the highest oil revenues achieved in 2012 and the highest spending achieved in 2013 and the lowest revenues achieved in 2016.
The central bank also announces daily sales of the dollar in the window selling the currency distributed to banks that enter the window according to the classification of each bank and comprehensive disclosure.
In addition, the Central Bank, through its monthly meeting of banking leaders, is always committed to obligating banks to adopt transparency, continuous disclosure and all means available for their results periodically and to adopt international accounting standards that ensure transparency of financial statements.
From all this, we note that the Central Bank of this strategy and approach to public opinion and local and international:
1 - The statements issued by him and the Iraqi banking sector confirm the transparency and disclosure of the Central Bank of Iraq for the first time since 2003, at least to declare reports approved and transparent total revenue from foreign currency and total expenditures of the foreign currency of the government according to approved exchange doors.
2 - The data contained in his daily reports on his official website refutes all the media statements authorized by non-specialists in the various media. In particular the currency sale window.
I think that the central bank's disclosure of the financial statements, especially with respect to foreign currency, with the accuracy required will greatly help to restore confidence in our national economy and the Iraqi banking sector domestically and internationally, because disclosure, transparency and credibility will increase financial coverage. link
MilitiaMan: This article is looking to me to go hand in hand with what the Financial Management Law spells out and it meets international special standards issued by the IMF. ~ MM
" Article 4 First, the federal budget is based on economic development estimates, the pursuit of macroeconomic stability, economic policy, conformity with the government program, the challenges facing the national economy and the expected risks to ensure the assessment of the financial situation in Iraq and reduce fluctuations in government spending and the efficient completion of revenue collection in the light of moderate forecasts Oil prices, oil production, tax revenues, fees and other revenues.
MilitiaMan: They go on to show that they maintaining the stability of their exchange rate of the local currency to that of or against foreign currencies. Notice below that Article #3 of the Financial Management Law ( FML) speaks about a foreign exchange report. Below it, describes one. ~ MM
" Article 3 First, the Minister of Finance starting from the month of March of each year a report on the priorities of fiscal policy, strategy and the government program and the central recommendations of the trends of the federal budget of the State in terms of elements and size and distribution functionally and sectorally in addition to the foreign exchange report proposed by the Central Bank for a period of (3) Three years or more and submit it to the Economic Affairs Committee of the Council of Ministers at the beginning of May of the same year.
"Foreign Exchange Market Research Reports & Industry Analysis. Foreign exchange typically refers to the exchange rate or the foreign exchange market. ... International investments and trade are handled by the foreign exchange by converting currency from one currency to another."
MilitiaMan: They are also telling us they have been in the process for cleaning things up for years. They are also setting things straight back to 2014 where there was negative and inaccurate data out. Which lead them to do a five year plan that is an on going process of disclosure and transparency for the likes of even recent commercial banks around the world.
They go on to tell us they told us that revenues and expenditures from 2005-2017 was already announced earlier. Keep in mind that the CBI is an advisory for the Government of Iraq and they work in tandem if you will. Look at the surplus they have. It looks like 3 billion can go towards future generations.
That surplus will need to be reported for the 2019 budget by the 10th day of April if not already. The Foreign Exchange Report is a different matter and has it’s own set of time lines. Thus, why they just told they sorted many years and told us they have a surplus for 2018, that imo will be reported separately from anything in 2019 and may shed the light we have been waiting for here very shortly. The report they have states this. ~ MM
“The report showed transparency and high disclosure accuracy data as revenues totaling 706 billion dollars and government expenditures totaling 703 billion dollars and the remaining was converted as the opening balance of the Ministry of Finance for 2018”.
“ Article 46 First: The government departments shall submit their monthly financial statements to the Ministry of Finance within the first ten days of the following month for the purpose of auditing and unifying them with the rest of the State accounts. B) The Ministry of Finance shall prepare preliminary financial statements every four months submitted to the Council of Ministers and to the Council of Representatives. Second, the financial statements of the spending units and the final closing statement shall be audited by the Federal Audit Bureau. Thirdly, the Minister of Finance shall submit the Federal Financial Statements by the end of April of the following year to the Federal Audit Bureau in the light of the requirements determined by the Audit Bureau.”
MilitiaMan: We also see they are all about disclosure in respect to sales of the dollar, not to mention the the FML speaks of distribution. ~ MM
M. Disclosure of investment projects and financial achievement ratios distributed sectorally, geographically and administratively. N. Disclosure of investment projects prepared by the Ministry of Planning, showing the percentage of physical (technical) distribution sectorally, geographically and administratively. O Statements of the titles of the advances and trusts. Disclosure of the financial position and disclosure of revenues and expenses. Any statements and schedules required by the financial statements. Chapter IX
MilitiaMan: "The agenda of the session of the House of Representatives, which will be held next Wednesday, to vote on the rest of the candidates of the ministries. (04/10/2019)
Fwiw they called a holiday for the 04/09/2019 just before they would need to report (done imo) the surplus and say they will vote on the ministries again (effectively done, imo). ~ MM
MilitiaMan: From the looks of things our study is just about over. A new chapter may need to be opened. lol. ~ MM
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