CandyKisses: Saleh appearance: Banking reform priorities include strengthening banks’ ability to attract money
Prime Minister Mazer Mohammed Saleh’s financial adviser said on Monday that priorities for banking system reform include strengthening the ability of banks to attract funds and encouraging individuals to open bank accounts and provide loans on concessional terms.
Saleh pointed out in an interview with the official agency, that “the fundamental problem in the current banking system is that 85% of the money is out of banking circulation, and this situation must be changed by making people deposit their money in banks and get loans easier and more attractively.”
He stressed, “Achieving this banking reform includes providing mechanisms that attract the public to banks and encourage them to open bank accounts, by providing rewarding benefits and facilities for loans,” stressing “the importance of achieving financial inclusion for all segments of society to increase bank deposits and stimulate the economy.”
He pointed out that “one of the challenges facing banking reform is how to make people trust the banking system and start putting their money in banks instead of keeping it outside the banking system,” noting that “legal and safe guarantees must be provided for funds deposited in banks.”
https://www.nrttv.com/ar/detail3/16484
Tishwash: 85% of it is in homes… “Hoarded cash” is the most difficult equation in reforming the banking system
Today, Monday (October 23, 2023), the financial advisor to the Prime Minister, Mazhar Mohamed Saleh, set the priorities for reforming the banking system and the conditions for achieving it.
Saleh told the official agency, “The basic function of the banking system is bank credit or granting loans and is based on a basic lever aimed at attracting hoarded funds from outside the banking system and pushing them into banking channels.”
He added, “Banking reform can play its effective role in searching for easy banking mechanisms that help at the same time strengthen credit activity or grant loans, and proceed with financing economic activity more broadly without stumbles in bank liquidity.”
He stressed that “this will achieve the goal of central banking reform in achieving easy, low-risk credit, through the availability of reform mechanisms capable of regularizing the flow of funds within the banking system and transferring them from economic surplus units (saved and hoarded) outside the banking system to become in the form of bank deposits that are protected.” Sufficient liquidity risks are then transferred through credit or lending operations to financial deficit units that are looking to obtain financing to carry out investment and economic activity.
He pointed out that “the fundamental problem that the banking system suffers from, and the aspiration to reform that system, lies in the following question, which is: How can banks reverse the hoarding equation represented by the public’s retention of about 85% of the issued currency, which is still in the form of hoarded balances outside the banking system and is considered inactive, unused balances?” Effective, and does not provide any important service to the national economy, and that some of it operates with very high usurious borrowing risks?
Saleh believed that “one of the priorities of banking reform is to work to reverse the hoarding equation to become a savings equation with which the public’s surplus funds flow in the form of safe bank deposits, which requires that banks compete to attract deposits and provide loans in accordance with the banking management requirements that banks must work with, whether they are Governmental or private?
The Prime Minister’s advisor continued, “Therefore, the basics of banking reform are for banks to search for adequate, effective and influential means that attract the public to open bank accounts, because the bank account is one of the basics of financial inclusion and encouraging individuals of all segments to make bank deposits, and by encouraging means the priority for the depositor to be obtained is On bank credit or banking facilities when needed before others, to ensure that the public is encouraged to make double deposits.
He noted that “the banking system still deals with only 15% of the monetary mass issued into circulation until today, which is called cash leakage outside the banking system, and it is one of the basic indicators from which banking reform begins.”
He pointed out that “the priorities of banking reform are achieved in providing competitiveness by winning public deposits by facilitating cash deposit procedures and creating an effective atmosphere of reassurance that the deposited funds are protected according to the law and that the Iraqi Deposit Guarantee Company is the primary protector of deposits against banking risks.”
He stated that “the first and final goal of reforming the banking system will remain based on quickly providing facilitated banking services to economic activity with the highest levels of facilitation, in addition to providing positive incentives to the public in order to deposit, whether with encouraging bank interest or facilitating (easy and safe) deposit and withdrawal methods for their money, in addition to obtaining loans.” “Before others.”
He pointed out that “the overall banking reform that we are looking forward to requires searching for means that embody the ability to transfer funds from the surplus units that hoard cash wealth (the public), which are mostly unemployed and hoarded, to be transferred to the investment forces that are searching for funds to complete the national income cycle and contribute to economic growth through… Granting credit and carrying out the real productive activity necessary to sustain development, which at the same time requires sustainable bank financing coupled with banking reforms as a precondition. link
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Courtesy if Dinar Guru www.dinarguru.com
Wolverine …Iraqi Rate is going to 1000, next is 1:1, then the CBI will give an In Country Rate, followed by an International Rate approved by the US. …The unlock codes arrived on Fri. 20 Oct. from the World Bank.
Pimpy I don’t think the government gives a crap about dinar holders because…the average dinar holder holds 250,000 dinars. That’s it. Sure if an RV happened tomorrow there would be a lot of rich people but just think about a lot of those lotto winners, they win all this money and then all of a sudden they lose it all within the year. Most people would spend it quickly. It would give a huge jump to our economy and they don’t care because the money would just go right back to them. I don’t think they care that much…
Salah again love this man IQD
Nader: 10-23-2023
The US Economy Is Staring At A Complete Economic Meltdown In 2024
Atlantis Report: 10-23-2023
Economic experts around the world are sounding the alarms, warning that a recession is looming on the horizon in 2023.
The Global Economy has faced unprecedented challenges in recent years,and the signals pointing towards an upcoming economic downturn have grown increasingly concerning. Geopolitical tensions, energy market imbalances, persistently high inflation and rising interest rates are the key factors at play.
It has been reported that economists are divided on what are the odds of the United States facing a recession in the next 12 months.
48 Percent of economists believe that a depression is likely, and 70 percent of consumers believe that it is inevitable.
This will have drastic effects on the broader economy and affect every American household.
