New standards for Central Bank dealings with banks achieve transparency and disclosure
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Banking Advisor smiralnseri, Wednesday, that the Declaration of the Iraqi Central Bank Governor relationship during a meeting with Bank leaders adopt the Central Bank in 2017 new visions for monetary policy applications for the purpose of achieving specific objectives in its 56 year 2004 the most important of these objectives maintain the dinar and the U.S. dollar capped value by building a foreign cash reserve in accordance with international standards in calculating the external reserves to cover imports coverage dinar to Iraq and other key goal is to maintain its currency Non-use of foreign economic and developmental purposes.
Al Nassiri said that the Central Bank during the past two years with deliberate steps and sequenced and coordinated with government agencies concerned with maintaining his independence contained in its terms of policy waltnzobmet and structural and procedural issued his strategy for the years 2014-2020 and select their targets to achieve financial stability and banking development technically and structurally and organizationally towards financial inclusion where the 2016 year prepare and develop appropriate financial and technical bases for the reality of the Iraqi economy banking mechanisms, which form a solid base inside and out wide, leading to the transfer The Iraqi economy basic workshops and notably the financial sector from proceeding to grey phase based on the ILO report.
All that has led the Central Bank to start new phase 2017 based on the following basic pillars:-
1. new mechanisms dealing with banks and raise her radical past and giving instructions pressure elasticities and numerous facilities and Tolerancing to achieve the central objectives in economic and banking reform adopt transparency and disclosure.
2. dealing with banks based on that of new banking products and services and high level and restore public confidence in the banking sector as well as the results of their work and their commitment to the implementation of the Central Bank's monetary policy orientations and the reflection on the actual contribution to GDP and its contribution to sustainable development and its role in development banking role.
3. dealing with banks as standard rated by the Central Bank as of 2017 and actually started dealing with banks accordingly.
4. the Central Bank issued on 15 January 2017 new mechanisms to regulate banking mediation between importers and the Bank adopt facilitating procedures and controls and adopt transparency and disclosure of ultimate beneficiaries in order to achieve the Bank's goal to maintain the exchange rate and foreign currency outflows in order to meet the needs of the economy and the market, development and other purposes and not to reduce the criticisms and accusations and rumors that guide daily from the media is not competent and non-competent people knowingly or unknowingly.
Al Nassiri concluded by the Central Bank introduced new operational mechanisms, policies and visions of smooth but monitor daily and careful within Iraq and outside aimed at achieving economic goals above, which requires banks and in cooperation and coordination between the Central Bank and Iraqi private banks Association and national economic information to the Central Bank's plan is implemented in 2017 service to our national economy and banking sector.
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