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Relationship: the central actions of interest to the UN Security Council.

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Relationship: the central actions of interest to the UN Security Council.

15/11/2017 12:00 am

During discussions on money laundering and terrorist financing

Baghdad: Tareq al-araji

Efforts by the Central Bank of Iraq to communicate with major international economic organizations, primarily the World Bank and the International Monetary Fund to review joint programmes and organize the Iraqi financial sector and the extent of progress.

The Iraqi Central Bank Governor on the relationship in an interview for "morning" he said: "Iraq the World Bank and the International Monetary Fund demanded and specialized international organizations to support the Organization of a donor conference in Kuwait,

As well as helping Iraq on alleviating the banks correspondence, revealing the Bank completed national competitive strategy against money laundering to fund terrorism "which will be transferred soon to the Cabinet for approval.

Quarterly meeting

Alert "relations the visit to Washington and New York were to hold talks with the International Monetary Fund and participate in the quarterly meeting between the Fund and the countries that Iraq, as have programs with the Fund, as has a program for seven years, beginning in 2016, there are periodic review To conduct the program and focus discussions on balancing 2018.

The International Monetary Fund, preferably tailored budget program that was agreed upon, and that there be public debt and deficit ceilings and operational expenditures while maintaining social and health-related expenses and security, such as health care and salaries, on the contrary there is a follow up to The Government is committed to the planned customizations for these sectors.

Deficit reduction

He noted that "discussions in Oman, Jordan earlier on the first draft of the budget deficit, and since then the Government has worked under the guidance of the Prime Minister to reduce the deficit and unnecessary expenses and tried to increase local revenue and deficit reduction program goal Between domestic revenue and local expenses to him past always country risks of fluctuations in the price of oil and that there should be some kind of safety valve at the very least."

He added that "the United States visit included a number of meetings, notably with Bank Governors Meeting IMF Director, explained in our course program with the Fund and we asked for more flexibility and understanding in some requirements and conditions, depending on the circumstances of Iraq, And support a donors' Conference in Kuwait, as well as help Iraq alleviate the problem of correspondent banking abroad and side events have occurred with many central banks Governors."

Money laundering.

"Lecture on competitive strategy for the Near East Studies, illustrate the economic and financial situation and the Central Bank's actions regarding the issue of money laundering and terrorist financing, and there was an impression among the Security Council on the basis of previous reports submitted by the Central Bank of Companies that have been included in the list of international urban Security Council vote, these cases concern by the Security Council, especially since it was in concert with other countries.

Successful models were considered international cooperation."

He said the relationship "has been presenting on Central Bank actions and steps involved in the past three years regarding the subject in all its dimensions, and also distributed copies of the national competitive strategy to combat money laundering and terrorist financing, which is over the Bank and are important alstratigiat, They are now at the stage of course and you will be transferred to the cabinet soon but we have distributed their models are offered to members and welcome and attention, especially that the strategy is built on consultations with organizations with international expertise in this subject in all its phases."

Three billion

And on the IMF budget said: "the IMF aims to be the federal budget deficit by 2018 year Iraq later than 15 trillion dinars and that what we seek and think we imply that figure in the budget, as the barrel was adopted by 43 dollars in same quantities Export balancing 2017", adding that

"the International Monetary Fund after the completion of the budget and some other simple requirements submitted early December next to his Board meeting recommendations and if positive report and consistent with the program will be launching other payments and begin launching Payment before the end of this year by 150 million dollars from the International Monetary Fund Delta-Phi billion of World Bank and other payments from the seven major industrialized countries to collectively amounts to approximately 3 billion by the end of this year."

Requests for establishing

On the horizontal expansion of the relationship, "said banks lack requests to establish commercial banks and specific applications to establish Islamic banks, because they benefit from the law, House bill granting facilities to the banks, because it made its capital 100 billion dinars instead of 250 billion dinars and then raised to 250 In three years, and this encouraged many requests for establishing such banks with Central Bank kept on the amount of capital that has a point that capital could by law but sets conditions and requirements."

He said that the Central has a lot of requests for establishing Islamic banks, but the Bank's Board at its previous meeting realized that this number cannot be added for banks because it is unaffordable and the market potential, therefore requested further study.
Subject to the final decision.

Merger of banks.

Regarding commercial banks pointed out that "a large number and the future integration of these banks will, as in all countries of the world, beginning with the large number and ending with set number, but they are large banks, stressing that" can't pay and forcing central banks to merge, but with practice and experience to adopt In the future integration and narrowing."

The relationship was confirmed having the Central Bank's directives to open branch in Erbil awalslimanih and held meetings with the Government a year ago on this section should have the authority to perform its oversight role and the oversight and funding of the banking sector and financial institutions and procedures for combating money laundering and financing of terrorism Territory agreed months ago after clarifying the dimensions and the risks entailed by having part of Iraq uncensored what external and organizational problems of this sector within the territory and we reached that agreement was signed in this regard have already been working on opening a branch in Arbil as a first step, with events that happened And the decision of the House of representatives shut down financial transactions and the sale of foreign currency to the Bank implemented resolution territory and territorial transfers stalled."

Branches of the supermarket.

The Central Bank takes its decisions independently but takes into consideration the circumstances and procedures exist and hope that things get back and overcome the crisis, and we stress the need for the Central Bank to return to Mosul, where the banking sector and the banking companies besides many commercial activity Payroll, and necessary back there but the Bank building was destroyed and now looking for a temporary place and try to return to open branch in Mosul, "indicating that" the central plan includes opening a branch of the Central Bank of the Middle Euphrates and agreed to be in Najaf.

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