Central Bank of Iraq reveals rise in deposits and bank credit

2024-02-28 

Shafaq News/ The Central Bank of Iraq revealed, on Wednesday, that the volume of deposits in the banking sector had increased to more than 180 trillion dinars, as well as an increase in bank credit to 69 trillion dinars, indicating that the volume of foreign cash reserves had reached 148 trillion dinars.

The Deputy Governor of the Bank, Ammar Hamad, said during a speech at the Finance and Banking Services Conference in Iraq, attended by a Shafaq News Agency correspondent, that “The Central Bank of Iraq faced all challenges with high responsibility and was able, through various monetary policy tools and its correct decisions, to achieve its goals set forth in its law, which is the main goal.” Achieving stability in the general level of prices through a decrease in the inflation rate since the beginning of 2023 from 7% to 4% at the end of last year and activating various monetary policy tools, in addition to issuing various financial instruments, including bank transfers and Islamic certificates of deposit instruments.”

He added, “These Islamic securities and certificates of deposit were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to using various monetary policy tools, including raising the mandatory reserve ratio from 15% to 18%. The purpose of all these tools was to manage excess liquidity in the Iraqi economy.” “.

He continued, “In addition, during the past year there was a clear growth in most monetary changes, for example the increase in the volume of deposits in the banking sector from 129 trillion dinars last year to 131 trillion dinars, as well as the increase in private sector deposits in the banking system from 54 trillion dinars to 55 trillion dinars.” Trillion dinars.

Hamad also pointed out “an increase in the volume of credit in the banking sector from 60 trillion to 69 trillion dinars in 2023, as well as an increase in the completion of the private sector from 35 trillion dinars to 40 trillion dinars, in addition to an increase in the volume of foreign cash reserves from 140 trillion dinars to 148 trillion dinars.” “.

He stressed that “the efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to the use of electronic payment tools, and there was a clear rise and growth in electronic payment tools in Iraq. For example, the number of POS points of sale increased from 10 thousand devices in 2023 to more than 20 thousand devices, and the number of ATM machines increased from 2,223 devices to about 3 thousand devices, and as for the various cards, their number increased from 15 million cards to 18 million cards, and the number is increasing.”

Hamad pointed out that “the past year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank, and we notice that there is less use of foreign currency in daily transactions, in contrast to increased reliance on The national currency in local transactions”

He stated that “the use of electronic payment tools has been enhanced and expanded, as well as the development of private banking institutions to build sound and sound banking institutions, and the Central Bank of Iraq emphasizes the importance of enhancing commitment to compliance standards for all financial institutions in accordance with local and international standards.”

He added, “External transfer operations witnessed great discipline during the past year, and a high response from all banks to facilitate the operations of financing foreign trade and various external transfers, especially after the issuance of external transfer controls at the beginning of 2023. The Central Bank of Iraq was also able to strengthen its banking relationships with a number of… A large number of Arab and foreign financial and banking institutions will open wider areas to ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or in addition to the US dollar.

Hamad explained, “The Central Bank seeks to strengthen banks by increasing their capital from 250 billion dinars to 400 billion dinars, and this increase will last until the end of the current year.”

He stated that “one of the most important projects launched by the Central Bank of Iraq last year and work is still underway during the current year is the establishment of Riyada Bank, which will specialize in providing financing for small and medium enterprises and preparing a national strategy for banking purposes due to the importance of the financial depth of the Iraqi economy and the importance of the role of finance in enhancing Production and investment opportunities in Iraq.

He concluded by saying, “This also aims to strengthen the role of non-banking financial institutions that support financial and banking stability in Iraq by strengthening the role of the Deposit Guarantee Company as well as the Loan Guarantee Company, in addition to starting to establish the National Company for Electronic Payment Systems, and we believe that this company will have a major role.” “Very important in regulating electronic payment operations in Iraq.”

shafaq.com

International Monetary Fund confirms Iraq’s progress in non-oil GDP growth

  • Time : 2024/02/28 16:46:02
  • Read: 104 times

  

The Iraqi delegation headed by the six Minister of Finance, Taif Sami Mohammed, held discussions with IMF experts within the framework of the Article IV consultations, held in the Jordanian capital Amman during the period from February 27 to 29.

Discussions focus on the reform program of the Iraqi economy and the steps adopted by the Iraqi government towards strengthening fiscal and banking policy, digital infrastructures, financial inclusion and public debt issues, along with measures taken to mitigate the repercussions of international conflicts and their effects on the economy.

During the consultations, the delegation is also holding discussions related to a road map towards increasing non-oil revenues and strengthening coordination between fiscal and monetary policies in Iraq, in addition to identifying joint work programs that include the provision of the IMF with the necessary technical and advisory support for economic reform adopted by the Iraqi government in achieving financial and monetary stability, improving the level of financial planning for budgets and the continuity of implementation of important development projects.

The Fund’s expert mission praised the government’s measures to improve the business climate and stimulate the investment environment, noting that Iraq is making progress in the growth of non-oil GDP and strengthening the management of public finances, pointing out the importance of maintaining economic stability and supporting social protection, praising the remarkable progress in maintaining economic and financial stability. This is represented by low inflation rates, an improved balance of payments, as well as stimulating economic diversification and private sector-led job creation.
 

https://alforatnews.iq/news/النقد-الدولي-يؤكد-تقدم-العراق-في-نمو-الناتج-المحلي-غير-النفطي

Al-Rasheed launches the deposit and transfer service on electronic cards

Electronic cards “Internet”

Banks

   


Economy News – Baghdad

Al-Rasheed Bank announced, on Wednesday, the launch of the deposit and transfer service on electronic cards.

A statement of the bank, seen by “Economy News”, said that “in line with the directives of the government and in implementation of the government program, Al-Rasheed Bank announces the launch of the electronic payment card deposit and transfer service from (Nakheel).”

He added that “all Al-Rasheed Bank card holders from the bank’s employees, state departments, security forces and retirees can make deposits and withdrawals in the electronic card,” specifying “a number of its branches to receive all those wishing to deposit.”

https://economy-news.net/content.php?id=40966

Parliamentary Finance calls on banks to open branches outside Iraq

Banks

   


Economy News – Baghdad

The head of the parliamentary finance committee, Atwan Al-Atwani, presented eight proposals to develop banking services for Iraqi banks, while he called on banks to open branches outside Iraq and finance investment opportunities.

Al-Atwani said, during the “Finance and Banking Services” conference, which was attended by the correspondent of “Economy News”, “It is necessary to move towards the banking sector, to address the problems of the Iraqi economy, by financing productive projects, and the use of financial tools to finance the budget deficit.”

Al-Atwani stressed the need for banks to finance investment opportunities, which contributes to the growth of the economy, and turn them into indispensable institutions.

The head of the parliamentary finance committee warned that Iraqi banks have a long history and prestigious status, but they were subjected to the wrong policies of the former regime, which led to their scaling.

Al-Atwani suggested 8 points for the development of banking, which are:
1- Providing banking institutions with efficient financial and technical staff, and ensuring the development and rehabilitation of their tools and capabilities by involving them in training courses outside Iraq on modern methods of banking dealing, and completing banking transactions by modern methods.

2- Equipping banks and banks with modern advanced systems in all fields and financial activities and introducing the ATM service for all banks.

3- Establishing quality measurement centers in all banks and activating their role by receiving developmental ideas and visions, while honoring the owners of ideas that prove their success in practical fields.

4- Opening the horizons of cooperation and coordination between Arab and international banks and banks; for the purpose of benefiting from the experiences of those financial institutions that preceded us in development in order to achieve a qualitative leap in Iraqi banks and reduce the time factor to ensure that we join the advanced in the banking industry.

5- Encouraging scientific studies and research aimed at developing outstanding performance in our financial institutions, and by translating those studies and research from a theoretical reality into a tangible practical reality reflected positively at the economic level.

6- Studying the possibility of opening new branches for local banks, outside Iraq for the purpose of expanding the circle of banking activity, providing the best services and attracting more customers to these banks.

7- Approving the basic principles for the use of interest, to ensure increased deposits, and to ensure that the process is safe from the national currency from counterfeiting and addressing issues related to money laundering.

8. It should be referred to the efforts of the legislative and executive authorities at the present time in developing the financial system and banking institutions through their quest to achieve and approve the relevant laws, which have reached final stages, which are:

A- The draft securities and commodities law, which seeks to regulate the financial markets and control trading operations in a way that enhances the process of the economy.

B. The draft law of the Center for Banking Studies, which aims to develop the scientific banking business and raise the level of professional performance of the banking system.

T- The draft law of Islamic investment instruments, which aims to create and diversify investment tools in the Iraqi financial market.

https://economy-news.net/content.php?id=40960

Parliamentary Finance presents 7 proposals for the development of the Iraqi banking system

Political| 02:16 – 28/02/2024

Mawazine News – Baghdad
The Finance Committee in the House of Representatives announced today, Wednesday, the proximity of three of its final stages of legislation to develop the financial system and banking institutions in Iraq, while it submitted 7 proposals for the development of the Iraqi banking system.
The Chairman of the Committee, Atwan Al-Atwan, said during the annual conference on Finance and Banking Services, which was held on the grounds of the Baghdad International Fair, “the conference is an important opportunity to discuss files and issues of high importance, and to hold future financial and economic partnerships between Iraqi banks and companies with their counterparts in neighboring countries and the world.”
He added, “The banking system is one of the main tools for the process of economic growth of any country, given its effective role in stabilizing the financial system in general and achieving growth in particular, by financing productive projects as a link between investors and depositors.”
He continued, “As well as by transferring money from people who own it and do not have an opportunity to the people who need it and have investment opportunities, thus contributing effectively to raising the level of economic activity, achieving economic growth and easing and addressing economic problems, until banks have become indispensable institutions in any economic system.”
He pointed out that “the Iraqi economy suffers from many problems, so it is necessary to go to the banking sector, to achieve economic growth of productive projects in the private sector, in order to alleviate and address economic problems, especially the problem of financial deficit in the budget, through the use of financial tools in order to achieve economic and social goals.”
He pointed out that “local public and private banks have a long history and a prestigious position, but unfortunately, during the era of the early regime, these financial institutions were subjected to a decline in their capabilities, due to the wrong policies that negatively affected the level of their services, and their interruption from the progress of the global banking industry.”
He went on to say: “Wars and siege are the hanger on which the wrongding regime has suspended its mistakes for the purpose of justifying them, which put our local banks in complete isolation from openness and cooperation with Arab and foreign banks.”
Al-Atwani explained that “the goal we seek today is how we can achieve a qualitative leap in the development of our banking services, in order to ensure that it is caught up with developed countries in this field,” pointing out that “this mission requires a high national effort from our concerned institutions, by the relevant authorities and open to external banking developments.”
Al-Atwani presented a number of development proposals, which are:
First: Providing the banking institution with efficient financial and technical staff and ensuring the development of its skills and capabilities by involving them in training courses outside Iraq and training it on modern methods of banking dealing and completing banking transactions in modern ways while training them on the use of advanced technical devices.
Second: Equipping banks and banks with advanced modern devices in all fields and financial activities, and introducing an ATM service in all branches to ensure disbursement with ease and ease for all account holders.
Third: Establishing quality measurement centers in all banks and activating their role in receiving development ideas and opinions, while honoring the owners of those ideas that are proven in the practical fields and their results reflected positively on the development of the performance of banks in order to evaluate the innovators and urge them to present other creative ideas that achieve a comprehensive risevival in all banks and refineries.
Fourth: Opening the horizons of cooperation and coordination between Arab and international banks and banks, for the purpose of benefiting from the experiences of those financial institutions that preceded us in developing, achieving qualitative leaps in the performance of our banks and reducing the time factor to ensure that we join the advanced ranks of the regional and international banking industry.
Fifth: Encouraging scientific studies and research aimed at developing outstanding performance in our financial institutions and ensuring the transformation of those recommendations, studies and research from their theoretical reality into a concrete practical reality that reflects positively on economic, commercial and future developments.
Sixth: Studying the possibility of opening branches for local Iraqi banks, for the purpose of expanding the circle of banking activity, providing the best services and attracting more customers from banks as a means of attracting capital.
Seventh: Approving the basic principles of using interest to ensure increased deposits as well as giving the process the integrity of the national currency from counterfeiting, and addressing issues related to money laundering in order to preserve the value of the national currency, and the economic interests of the country.
He pointed to “the efforts of the executive and legislative authorities at the moment in developing the financial system and banking institutions through their quest to complete and legislate the relevant laws, which have reached their final stages, which are first: the draft securities and commodities law, which seeks to regulate the work of financial markets and commodities and control trading operations in cash and commodities in a way that enhances economic activity, strengthens the investment environment and encourage the process of capital formation.”
He continued, “The second project is the law of the Center for Banking Studies, which aims to develop the scientific work of banking work, and raise the level of technical and professional performance in the banking system, and the third project is the Islamic Investment Sukuk Law, which aims to create and diversify investment tools in the Iraqi financial market and enable Islamic banks and Islamic financial companies to contribute to the development of economic projects.”

https://www.mawazin.net/Details.aspx?jimare=242891

US State Department: Barzani discussed the repercussions of withdrawing our forces from Iraq

Political | 04:10 – 02/27/2024

Mawazine News – Baghdad

US State Department spokesman Matthew Miller announced that Secretary of State Anthony Blinken expressed, during his meeting with the Prime Minister of the Kurdistan Regional Government, his support for “constructive cooperation” between the Iraqi government and the Kurdistan Regional Government.



He described the relations between the two sides as “unique in the region” in many ways, noting that the Kurdistan Regional Government was “an important partner for stability in the region.”


  Miller stressed the importance of the American partnership with the Kurdistan region of Iraq. In the context of their enduring mutual commitment to regional security and their shared values, including good governance and respect for human rights. Minister Blinken expressed his support for constructive cooperation between the Iraqi government and the Kurdistan Regional Government, in addition to strengthening unity within the Kurdistan Region of Iraq to enhance stability and economic prosperity for all Iraqi people. This is not the first time the Minister has met the Prime Minister, as we have held meetings in other contexts. Regarding the timing of the meeting. There was nothing else on the topic and we wanted to continue the conversation.

https://www.mawazin.net/Details.aspx?jimare=242831

Territory Commercial Bank announces financing of Iraq’s trade with India in rupees

Banks

   


Economy News _ Baghdad

The Bank of the Commercial Region announced the financing of trade between Iraq and India in the currency of rupee.

“We announce the launch of a pioneering initiative to enhance trade exchange between Iraq and India, where trading partners can conduct their financial transactions in Indian rupees, this step aims to facilitate and accelerate trade operations between the two countries by providing simplified and effective financial solutions,” the bank said in a press release.

“As part of this initiative, the Bank of the Territory Trade has opened an account in Indian rupees with DBS Bank in New Delhi, allowing cross-border financial transactions to be implemented more easily and efficiently. This transformation aims to eliminate the challenges related to currency exchange and reduce transaction costs and the time required to complete them, which will reflect positively on the efficiency of trade between Iraq and India,” he added.

The bank indicated that we assure our customers that all transactions in Indian rupees will be conducted in accordance with the laws and directives set by the Central Bank of Iraq, to ensure complete security and transparency in all operations.

The bank called on companies operating in the field of trade between Iraq and India to take advantage of this service, which provides them with the opportunity to improve efficiency and reduce costs.

https://economy-news.net/content.php?id=40921

Parliamentary Finance calls on the World Bank to develop the Iraqi banking system

Banks

   


Economy News _ Baghdad

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, on Tuesday, called on the International Monetary Fund and the World Bank to provide the necessary support to Iraq in the areas of exchanging experiences and training national cadres, to develop the Iraqi banking system.

The media office of the Presidency of the Parliament said in a statement received by “Economy News”, that “the head of the Finance Committee, Atwan Al-Atwani, participated through a closed-circuit television, in the deliberative meeting of the International Monetary Fund on the financial and economic situation in Iraq.”

The office added that “Al-Atwani provided a briefing on the financial and economic situation and the provisions and programs included in the Triennial Budget Law (2023 _ 2025) in line with the government program to promote various sectors, activate the private sector, encourage investment and support investors, in order to achieve sustainable development.”

According to the statement, Al-Atwani stressed that “the adoption of the tripartite budget gave the government great comfort in terms of contracting, implementing projects and attracting foreign companies to implement major projects,” pointing out that “the Finance Committee, through monitoring spending, financing and implementing plans and programs, seeks integration between the legislative and executive authorities, because we want this government to succeed, especially as it is taking steady steps towards achieving the aspirations of the people.”

The head of the committee pointed out that “the national service government is serious about moving the wheel of the economy and development and has ambitious programs to promote various productive sectors and maximize non-oil revenues, to leave the state of excessive dependence on oil in the formation of the general budget.”

Al-Atwani called on the International Monetary Fund and the World Bank to “provide the necessary support to Iraq in the fields of exchanging experiences and training national cadres, to develop our banking system, especially as we are moving towards activating the digital financial transaction system, tax automation, customs and other service sectors that generate financial revenues for the country.”

https://economy-news.net/content.php?id=40915

The central bank expects to reduce the printing of the Iraqi currency in the coming years

  • Time : 2024/02/26 09:11:28
  • Read: 3,575 times

  

{Economic: Fret News} The Central Bank of Iraq expected that electronic payment operations would reduce the printing of fiat currencies in the coming years.

The Director of the Operations and Settlements Department at the Bank’s Information Technology and Payments Department, Zaid Hamid Rashid, said in a press statement that “the bank has provided the infrastructure for electronic payment operations, by spreading culture and awareness of this subject and applying the decisions of the Council of Ministers,” noting that “these decisions can be applied with settlement systems to activate a mutual through which these decisions are applied.”
He added that “every new work can face some obstacles, problems and mistakes at the beginning, and we are working to find solutions to these obstacles,” pointing to “establish workshops and meetings in this regard, to review a number of figures that proved the success of the project and the acceptance of citizens.”
Rashid continued that “any problem or disap is a complete cycle and each party has a role in that, such as the central bank and government banks that missed the existence of their own systems, which was the main reason for these problems,” Rashid continued.
“E-payment will reduce paper currency printing operations as well as the strategic benefits for the state in general and the citizen in particular,” Rashid explained.
 

https://alforatnews.iq/news/المركزي-يتوقع-تقليل-طبع-العملة-العراقية-في-السنوات-المقبلة

Blinken to Mesrour Barzani: This period has its share of challenges and our relationship with Kurdistan is unique

Kurdistan WomenBreakingMeetingHead Of The Kurdistan Regional GovernmentUS Secretary Of State

2024-02-26 11:42Font

Shafaq News / The Kurdistan Regional Government announced on Monday a meeting between the President of the Kurdistan Regional Government, Masroor Barzani and US Secretary of State Anthony Blinken, in Washington, DC.

“In Washington, the delegation of the Kurdistan Regional Government headed by Masroor Barzani and US Secretary of State Anthony Blinken was held at the US State Department’s headquarters,” the territorial government said in a brief statement reported to Shafaq News.

A US State Department statement quoted the US secretary as saying before the start of talks with the delegation of the Kurdistan Region as saying that “it is my pleasure that the Prime Minister of the Kurdistan Region is here, we saw each other a few weeks ago, but I am very happy to have you here today in Washington at the Ministry of Foreign Affairs as well as the whole team.”

He added that “the United States has a long partnership with the Kurdistan Regional Government, which is firmly established first and foremost in common values and common interests, as well as a common history of sacrifice together,” noting that “our support for the Kurdistan Regional Government is an integral part of our approach to Iraq. So today’s opportunity to reaffirm this support, and to reaffirm this partnership.”

“In many ways, this is a unique relationship for us in the region, and again, one that we greatly appreciate. The KRG has also been a crucial partner for stability in the region, including U.S. investments, which is also important. So we went through many periods together where we were side by side, side by side under the most difficult circumstances. This period has its share of challenges as well. But being able to face them together is very important.”

The US secretary of state called for “unity among the Kurds because interests are common,” noting that they “should work together as much as possible, I look forward to discussing that as well.”

The statement also quoted the prime minister of the territorial government, Masroor Barzani, as saying, “We are very proud to say that we are allies of the United States. We’ve had some very difficult times. We are very grateful and express our gratitude for the support that the United States has always provided to our people. And now we are facing some new challenges in the region,” we look forward to discussing developments in the region in Iraq and especially about bilateral relations with the United States.”

The head of the regional government, Masroor Barzani, arrived in Washington on Sunday on a visit to the United States of America by an official invitation and is scheduled to meet with a number of senior officials in the US administration.

https://www.shafaq.com/ar/كوردســتانيات/في-واشنطن-اجتماع-ر-يس-حكومة-اقليم-كوردستان-مع-وزير-الخارجية-ال-مريكي