Iraq Economic News and Points to Ponder Monday Afternoon 12-30-24
The Collapse Of Monetary Policy In Iraq.. Investment In Banks Is Almost Non-Existent And The Central Bank Is Going Against The Grain
Economy | Today, 12:13 | Baghdad today – Baghdad Financial and economic expert Mustafa Akram Hantoush commented today, Tuesday (December 31, 2024), on the performance of the Central Bank of Iraq for the current year.
Hantoush said in an interview with "Baghdad Today",
"The reality of monetary policies in Iraq is heading in the opposite direction to the process of building monetary policies, and there have been problems for years that have led to a clear collapse in Iraqi monetary policies."
He added, "For years, the banking system has been subjected to near annihilation. 32 banks are subject to sanctions, and the rest are banned from receiving the dollar only in specific currencies, and the mechanism is still unclear."
He pointed out that "there are more than 70 Iraqi banks without lending, because the central bank did not establish a clear lending policy of loans, categories, and guarantees."
He continued, “The policy of attracting deposits is more than 80 to 85% of the currency issued by the Central Bank, and it does not appear in the monthly transactions in the monthly banking system, so this currency is supposed to be offered as marketing deposits, so the banking system does not enter into this process,” indicating that “The investment policy of the Iraqi Bank is almost non-existent.”
Hantoush explained that the policy of investment banking operations is not specific in direction, and the remittance policy also has a problem with the cancellation of the platform, “so I see a clear collapse in Iraqi monetary policies.”
Hantoush called on the Central Bank to reform its monetary policy, set new standards for developing the Islamic banking system, and go further to keep pace with the requirements of the current and future economic stage.
https://baghdadtoday.news/264928-انهيار-السياسية-النقدية-في-العراق.-الاستثمار-في-المصارف-شبه-معدوم-والبنك-المركزي-يسير-عكس-التيار.html
The Central Bank Decides To Stop Withdrawals And Deposits (Document)
Sweeteners 2024-12-31 | 11:52 Source: Alsumaria News 5,252 views The Central Bank of Iraq decided, on Tuesday, to stop withdrawals and deposits for a period of four days. According to a document, the bank decided to close its doors on January 2, 2025 and stop conducting banking transactions for customers.
The bank also decided to stop withdrawals and deposits on savings accounts in bank branches for the period from 12/30/2024 to 1/2/2025 for the purpose of completing annual budgets.
Below is the text of the document
https://www.alsumaria.tv/uploadImages/ExtImages/Images1/ExtImage-7471324-690056192.jpg
' https://www.alsumaria.tv/news/localnews/511467/البنك-المركزي-يقرر-إيقاف-عمليات-السحب-والإيداع-وثيقة
Integration Requirements
December 31, 2024
In order to speed up the procedures and complete the merger transactions for the exchange companies of categories (A and B) under establishment and all brokerage companies for buying and selling foreign currencies, please provide us with the attached merger requirements at once ..
For more, click here. https://cbi.iq/static/uploads/up/file-173564321769246.pdf
https://cbi.iq/news/view/2754
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[approximate and incomplete translation of https://cbi.iq/static/uploads/up/file-173564321769246.pdf
DATE : 2024/12/27
Exchange companies for the two categories (A,B) under all establishment
Mediation companies by selling and selling all foreign currencies
M/ Integration requirements
In order to accelerate procedures and complete the completion of your companies’ integration.
Please provide us with the accompanying integration requirements, so that this directorate can proceed with this directorate.
Integration without delay or delay, as the delay in completing the requirements of integration will lead to the delay in granting you Nbfi.supervision@cbi.iq.
To abide by what was mentioned above. With appreciation
For accompanying/
- Schedule of number (3) with integration requirements.
A schedule with documents to be submitted for the purpose of integration and obtaining the final license
[three page table in Arabic listing required documents, followed by…]
With the presentation that all the aforementioned forms are published on the website of the Central Bank of Iraq On the link below: https://cbi.iq/news/view/1223
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