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Saturday, June 3, 2017

DINAR IRAQ & DONG VIETNAM UPDATE, 3 JUNE

Several parties in international institutions and Iraqi economic experts expressed their interest and support for the adoption by the Central Bank of Iraq mechanisms and controls for the sale and purchase of foreign currency.
These authorities considered that the recent instructions of the Central Bank included passing standards of personal governance were based on scientific foundations distinguishing between banks in accordance with their performance and their commitment to the bases of compliance, foremost of which is combating money laundering and financing of terrorism, providing liquidity and contributing to development.
They expected compliance controls to contribute to raising the performance of banks as they would enhance competitiveness among banks at levels of compliance with their concepts and controls.
A large delegation from the Central Bank of Iraq and other Iraqi institutions participate in meetings with experts of the International Monetary Fund to review the credit readiness agreement and the bank is making progress in meeting the requirements of that agreement, including the formulation of instructions ideal to sell the dollar.
Alsumaria.tv
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Samson: World Bank suggestions to resolve Vietnam’s bad debts June, 02/2017 – 10:49 HÀ NộI — Experts from the World Bank have made four key recommendations to resolve Việt Nam’s problem of non-performing loans (NPLs). The four suggestions are: modernisation of the financial sector; promotion of bank regulations and supervision; restructuring and resolution of sub-standard banks and assets; and enhancement of macro safety supervision. The suggestions were shared at a meeting between Ceyla Pazabassiouglu, senior director of Finance and Markets Global Practice, World Bank Group, and State Bank of Việt Nam’s (SBV) representatives in Hà Nội earlier this week. The World Bank believes that these four recommendations, which are all necessary and will support each other, will contribute towards helping resolve the issue of NPLs. With stronger participation of the Government and the National Assembly, Việt Nam must map out efffective policies to tackle the NPL problem and restructure credit institutions, it said. 

Experts said that NPL management is a complex issue that will involve many agencies and bodies such as the ministries of finance, justice, planning and investment, banks, as well as supervisory, tax and auditing bodies. If bad debts are not fully resolved, the economy will stagnate and lending will decline. Besides, commercial banks will not operate effectively, which can lead to loss of liquidity and cause chain disruption in the banking system. The need of the hour is co-operation of the public sector linked to bad debt management and resolution. The World Bank said it has designed a four-year technical co-operation programme to help Việt Nam resolve the issue of NPLs. Negotiations is underway with donors for the programme’s capital source. At the meeting, SBV deputy governor Nguyễn Kim Anh said the restructuring of credit institutions and resolution of NPLs have been a priority for the Government and the SBV since the past few years. 

The SBV has shared a scheme on restructuring the system of credit institutions and resolving weak credit institutions with the Political Bureau; it has been submitted to the National Assembly for a resolution on resolving NPLs (it is expected to be approved in June); and has submitted a draft law to the National Assembly on revising a number of articles in the Law on Credit Institutions, Anh said. However, Anh said, there are still many challenges to resolving the bad debt problem, and the central bank needs to learn from other countries’ experience and calls for support and advice from international organisations, including the World Bank, to meet the target of restructuring the banking system and resolving the NPL issue in the 2016-20 period.
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Security Council 7854th Meeting (AM) Security Council Authorizes Continued Maintenance of Iraq Escrow Account, Unanimously Adopting Resolution 2335 (2016) The Security Council today authorized the Secretary-General to continue to maintain the escrow account authorized by resolution 1958 (2010), and to retain the funds contained therein until 30 June 2017, at which time all remaining funds would be transferred to the Government of Iraq.
Unanimously adopting resolution 2335 (2016) under Chapter VII of the United Nations Charter, the 15-member Council also requested that the Secretary-General continue to pursue implementation of paragraph 7 and other relevant aspects of resolution 1958 (2010).
Paragraph 4 of resolution 1958 (2010) authorized the Secretary-General to ensure the retention of $20 million from the Iraq Account in the escrow account until 31 December 2016, exclusively for United Nations expenses relating to the orderly termination of the residual activities of the oil-for-food programme.
Paragraph 5 authorized the Secretary-General to ensure that up to $131 million of the Iraq Account were retained in the escrow account for the purpose of providing indemnification to the United Nations, its representatives, agents, and independent contractors for a period of six years with regard to all activities in connection with the Programme since its inception.
Michele Sison (United States), whose delegation submitted the text, said that the short-term extension brought the United Nations a step closer to closing the book on the programme and to tying up a few outstanding issues.
The Government of Iraq and the United Nations had made progress in several areas, including some legal issues, she said, adding that the Government of Iraq should see today’s extension as the Council’s unwavering support for closing the file once and for all.
The Security Council also took note of a letter (document S/2016/1126) dated 29 December 2016 from the Secretary-General to the President of the Council.
The meeting began at 10:02 a.m. and ended at 10:05 a.m. Resolution The full text of resolution 2335 (2016) reads as follows: “The Security Council, “Recalling its resolution 1958 (2010), “Acting under Chapter VII of the Charter of the United Nations,
“1. Reaffirms its call in paragraph 2 of resolution 1958 (2010) for the Government of Iraq to provide without delay payments referred to therein;
“2. Authorizes the Secretary-General to continue to maintain the escrow accounts authorized in paragraphs 3, 4 and 5 of resolution 1958 (2010) and to retain the funds in those accounts until 30 June 2017, at which time all remaining funds are to be transferred to the Government of Iraq; “
3. Requests the Secretary-General to continue to pursue implementation of paragraph 7 and other relevant aspects of resolution 1958 (2010); “

4. Requests the Secretary-General to report on implementation of this resolution no later than 30 March 2017 and with a final report three months after the transfer of any remaining funds pursuant to paragraph 2 to the Government of Iraq, unless otherwise authorized by the Security Council; “5. Decides to remain actively seized of the matter.”
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