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[size=36][rtl]Financial Disclosure and Transparency: A Strategic Approach for the Central Bank[/rtl][/size]
Sunday, April 07, 2019
Sunday, April 07, 2019
Central banks in the world are aiming mainly at achieving economic stability through achieving monetary and financial stability in accordance with their programs and strategies aimed at maintaining stability in the exchange of their local currencies against other foreign currencies and building sufficient foreign reserves in accordance with international special standards issued by the International Monetary Fund.
Banks based on other criteria related to the response to crises and challenges and shocks of economic and political in their countries and control stable rates of inflation rates and interest rates and the implementation of rules and rules of compliance and combating money laundering and Tamo Terrorism.
The Central Bank of Iraq's march during the last four years has proved that it is moving steadily to achieve the objectives of monetary policy and a consistent approach and strategy depends on transparency and disclosure of financial statements and deal with international financial organizations and institutions out of the concern to restore confidence in the international banking transactions suffered by Iraq before 2014 because of the risks Reputation and negative media impact on the damage to the Iraqi economy and the diversion of data and information is inaccurate and fabricated.
Which led to the management of the Central Bank to draw a strategy for the next five years was one of the main objectives of the main and subsidiary, the adoption of transparency and disclosure locally and internationally on the progress of the results achieved for the financial sector and banking and adherence to international standards standard applied by the banks of the world, which led to the construction of a new relationship And balanced with banks and international banking institutions based on confidence in the financial statements provided by the central bank.
For example, a detailed report on Iraq's revenues and expenditures for the years (2005-2017) was announced earlier. The Central Bank is the financial advisor to the government, which manages the accounts of the Ministry of Finance from foreign exchange of Iraqi oil exports, which constitutes the main source of foreign currency. Total budget revenues and 65 percent of GDP.
The report showed transparency and high disclosure accuracy data as revenues totaling 706 billion dollars and government expenditures totaling 703 billion dollars and the remaining was converted as the opening balance of the Ministry of Finance for 2018.
The most important thing in this report is that it clarified the doors of government expenditure during the mentioned years, which focused on operating expenses by a large percentage, security expenditures, war on terror and government revenues in light of the contracts concluded by the ministries, in particular electricity, oil and service ministries.
As for the investment expenditure, it was only a small percentage compared to operating expenses, which occupied salaries and wages, the highest percentage of them. It also notes that the report clearly indicates that the highest oil revenues achieved in 2012 and the highest spending achieved in 2013 and the lowest revenues achieved in 2016.
The central bank also announces daily sales of the dollar in the window selling the currency distributed to banks that enter the window according to the classification of each bank and comprehensive disclosure.
In addition, the Central Bank, through its monthly meeting of banking leaders, is always committed to obligating banks to adopt transparency, continuous disclosure and all means available for their results periodically and to adopt international accounting standards that ensure transparency of financial statements.
From all this, we note that the Central Bank of this strategy and approach to public opinion and local and international:
1 - The statements issued by him and the Iraqi banking sector confirm the transparency and disclosure of the Central Bank of Iraq for the first time since 2003, at least to declare reports approved and transparent total revenue from foreign currency and total expenditures of the foreign currency of the government according to approved exchange doors.
2 - The data contained in his daily reports on his official website refutes all the media statements authorized by non-specialists in the various media. In particular the currency sale window.
I think that the central bank's disclosure of the financial statements, especially with respect to foreign currency, with the accuracy required will greatly help to restore confidence in our national economy and the Iraqi banking sector domestically and internationally, because disclosure, transparency and credibility will increase financial coverage.
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