KTFA:
Clare: For 3 reasons.. Changing the relationship is “not enough” to improve the performance of the Central Bank
8/7/2024 Special
Economic consultant, Ziad Al-Hashemi, confirmed today, Wednesday, that changing the governor of the Central Bank, Ali Al-Alaq, will not be sufficient alone to bring about the required change and improvement in the performance of the Central Bank, but rather the issue requires a broad and large screening and development of its work style, updating its management structure, and giving it the independence it needs, like other central banks.
Al-Hashemi told Al-Jarida, “The Central Bank of Iraq suffers from several major and fundamental problems, the first of which is that there is a defect in the structure of the Central Bank of Iraq, and this defect is clear in the method and style of the bank’s work. There is also weakness in the performance of the administrative system within the Central Bank as a whole, and there is also weakness in the independence of the Central Bank.”
He explained that “these factors of administrative weakness, structural defects, and weakness in the independence of the Central Bank mean that any change at the level of the leadership as individuals will not make a significant difference in bringing about a qualitative shift or positive development in the performance of the Central Bank as a whole.”
He stressed that “the Central Bank needs a broad and extensive screening, developing its work model, updating its management structure, and giving it the independence it needs, just like other central banks, to work comfortably, make its decisions, manage, implement, and monitor monetary policies with complete independence, without political interference or interference from any other party.”
Al-Hashemi concluded by saying, “Changing the governor of the Central Bank will not be enough alone to bring about the required change and improvement in the performance of the Central Bank, but rather the issue requires other requirements.” LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Mnt Goat ...what is actually occurring between the CBI, the Feds and the US Treasury. If you read the headlines today you might begin to panic...you might say things are looking really bad for Iraq. But I assure you that this is all actually VERY GOOD news for us investors... this recent move by the US Treasury was made for the benefit of the currency reform process so that they could move to the next step of the currency reform once these issues are fixed...
Militia Man Article: "Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?" Do we really think at this stage of where the reforms are now and how far they have come to even suggest Al-Alaq is going to go to Al-Sudani and give his resignation? ...Al-Alaq in present terms has kept the country in a state of financial stability to date...This is a hit piece. One that is not surprising as the dollar auctions have dried up. That is very painful to those that lived off the cash cow... We shall see if it arrives and he steps aside as they put it...
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TNT:
Tishwash: A government bank manager replaces Al-Alaq: Will the new option be controversial?
The representative of exchange companies, Diaa Al-Taie, revealed today, Wednesday, his expectations regarding the possible alternative to the Governor of the Central Bank, Ali Al-Alaq, highlighting a set of necessary qualities that should be available in the new governor.
Al-Taie explained in his statements that “the expected replacement for the governor of the Central Bank, Ali Al-Alaq, will be the director of a government bank,” adding that this director has negative indicators according to informed sources. These expectations come amidst reports that Al-Alaq has submitted a request to Prime Minister Mohammed Al-Sudani to relieve him of his position, based on a number of issues and problems in the Iraqi financial and banking sector, and the inability to control the dollar exchange rate on the black market.
Al-Taie pointed out that the new governor must have four basic qualities to ensure the effectiveness and success of the Central Bank’s work. He explained that “the new governor of the Central Bank must be non-controversial, professional, honest, and acceptable domestically and internationally.” These qualities are essential to ensure the stability of the financial sector and achieve the desired economic goals.
These developments come at a critical time when Iraq is facing significant economic challenges, including controlling exchange rates and strengthening confidence in the banking system. The selection of a new governor for the Central Bank is a crucial step in addressing these challenges and ensuring the stability of the national economy. link
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