The Recovery Of The Iraqi Dinar !

[DinarThug]

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Keywords: $ 200 billion worth of assets in banks

 

26th April, 2018 - Governor of the Central Bank Ali Al-Alaq during his speech at the Forum 
 

The governor of the Central Bank of Iraq, Ali Alalak, the total assets in banks operating in the country is 200 billion dollars

Al-Alak said in his speech at the meeting of the "partnership in investment" within the Forum on investment and reconstruction opportunities in Iraq and attended by "Economy News", "The credit provided by banks amounting to 30 billion dollars and weaken this figure of credit contract," noting that " The amendment of the organizational structure, the establishment of risk units, combating money laundering and the financing of terrorism, among others. "

He added that "the central bank has developed the system of payments and will soon launch payment by mobile phone," asserting "Last year we launched the unified system known as the IBAN for all accounts and Iraq is one of the 47 countries in the world implement this system, which facilitates the process of financial transfer "He said

He pointed out that "MasterCard will establish a school in Iraq to develop young people to use credit cards and others," adding that "the inflation rate in Iraq does not exceed 2%

[DinarThug]

25 minutes ago, DinarThug said:

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With the participation of 150 Arab and foreign companies .. Launch of the Forum of investment opportunities in Baghdad

 

 

 

26th April, 2018

 

On Thursday morning, the Investment Opportunities Forum in Baghdad opened with the participation of 150 Arab and foreign companies.

The conference will discuss investment opportunities in the liberated areas and reconstruction efforts, as well as investment opportunities in the southern regions.

The meeting was attended by the representative of Prime Minister Mahdi Al-Alaq and Ali Al-Alaq, Governor of the Central Bank, Oil Minister Jabbar Ali Al-Laibi, Minister of Planning and Trade Salman Al-Jumaili and representatives of Arab and foreign companies.

 

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Foreign companies sign agreements to establish projects at the investment forum in Baghdad

 

2018-04-26 at 11:48 (Baghdad time)

 

 

The National Investment Authority signed on Thursday agreements to establish investment projects with foreign and Arab companies during the Investment Opportunities Forum in Baghdad.

"On the sidelines of the Investment Forum in Baghdad, the Authority, represented by its chairman, Sami al-Araji, signed contracts with investment with foreign and Arab companies to invest in Iraq," the correspondent of Mawazin News said.

He added that "the conference is still going on," pointing out "the presence of government figures at the conference."

On Thursday morning, the Investment Opportunities Forum in Baghdad opened with the participation of 150 Arab and foreign companies.

 

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Signing memorandums of understanding for investment projects in the forum of investment opportunities and reconstruction

 

26th April, 2018 - Secretary General of the Council of Ministers, Mahdi Al-Alak, opened on Thursday the work of the Forum of Investment and Reconstruction Opportunities in Iraq. 

 

"On behalf of the Prime Minister, Haidar al-Abadi, Secretary-General of the Council of Ministers Mehdi Al-Alak opened the work of the Forum on Investment and Reconstruction Opportunities in Iraq," the statement said.

 

"The government's interest in the private sector stems from a clear vision of the role of the sector in achieving a great economic development to provide a comprehensive development guarantee that will raise the standard of living of citizens in the economic, health, educational, environmental and other sectors," he said. 

He pointed out that "the success achieved by the Kuwait International Conference did not reflect the alignment of the countries of the world and international organizations to the side of Iraq, but stressed the desire of sincere and resolute to dozens of Iraqi companies, and foreign to enter the fields of investment in all provinces, especially in the reconstruction of the affected areas." 

He pointed out that "the coming months will witness a broad activity supported by the State in all its joints and will address the difficulties and obstacles that will face the battle of reconstruction and investment launched by the Prime Minister."

The meeting was accompanied by the signing of a number of agreements and memorandums of understanding for a number of investment projects, particularly in the fields of health, education and tourism, and the development of a number of economic, industrial, commercial and technical sectors. 

"The forum, organized by the General Secretariat of the Iraqi Council of Ministers and the National Investment Authority, in cooperation with Al-Iktissad Wal-Aamal Group, was attended by a number of ministers and officials in the governmental bodies. The forum included a wide participation of businessmen and investors as well as a group of Arab and international companies.

It is worth mentioning that the forum is being held in light of the new stage Iraq is going through and the security and political stability it is witnessing. It aims at informing the Iraqi, Arab and international private sector institutions about the economic situation in Iraq and the new investment climate under the legislation and procedures adopted and adopting new economic orientations such as public-private partnership And opportunities in key sectors, which will provide promising opportunities for the private sector, with the pillars of the economic reform program.

[DinarThug]

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Abadi from Kurdistan: Victory needs unity and the survival of corruption will threaten wealth

13:09 - 26/04/2018    

 

 

The Prime Minister, Commander-in-Chief of the Armed Forces Haider al-Abadi, on Thursday, to support the victory against the organization "calling" criminal more unity, while warned that the survival of corruption will threaten the wealth of the country.

Abadi said in a speech during a celebration of his electoral list in the province of Arbil in the province of Kurdistan and its follower / information, "that many of the heads of state and leaders of the world confirmed to me that what Iraq has achieved victory on a daisy is a miracle," noting that "no one imagined that we will achieve this Victory so quickly. "

He added that "victory must be supported, which achieved greater unity among the Iraqi people," expressing his aspiration for "the advent of a political class is keen on wealth and citizen."

Abadi stressed the need for "broad participation in the upcoming parliamentary elections and not to underestimate them," warning that "wealth will be threatened if financial and administrative corruption continues."

Edited April 26, 2018 by DinarThug

[DinarThug]

1 hour ago, DinarThug said:

This Is From Samir Nusairi The Author And Economist Who Had The CBI Governor Alak Attending His Signing At The Baghdad Book Fair Last Month ...

Banking integration is one of the pillars of the advancement of the banking sector

 

 

26th April, 2018

In the last monthly meeting of the banking leaders with the governor and officials of the Central Bank, stressed the sovereignty of the expectations of the continuation of the exchange rate and the recovery of the Iraqi dinar and this goal will remain one of the central bank's basic objectives, which requires banks sooner or later leave the total dependence on the window selling foreign currency and Time to move on to the practice of real banking which is to provide modern banking products to the public and provide the best services to customers and work to increase the proportion of financial coverage. And that the banking sector has a key role in the development and revitalization of the economic cycle. He pointed out that the stability of the exchange rate should not make banks fear for their future in the banking market and should begin by practicing their banking activities regardless of the existence of the window or stop it. Which is to be addressed by the Governor and what we should address here is the suffering of the Iraqi banking sector, in particular the private banking sector (private) of the aggravation of its problems and inflation because of the shocks of economic and security suffered by Iraq during the years (2015-2017) And thus led to the weakness and suspension of the economic cycle in the country, which was the weakness in the financial banking activity, its clear implications on the macroeconomic movement if not find solutions to effective and rapid all the repercussions and economic challenges in addition to the adoption of most of the For banks on the window selling foreign currency in the receipt of their revenues and through the study and analysis of the reality and the reasons and expected results during 2018

The study and analysis of the results of the private banks in light of their official financial indicators in 2017 compared to last year, we note the decline in its financing and investment in the service of the national economy through the weakness of its contribution to GDP, which amounted to 16% cash credit to GDP and the continuation of deposits and assets at the same rates Compared with the government banks as well as the decline of shares in the Iraqi market for securities by (50% - 75%), which involved the work of banks in providing the best services to citizens, so there must be quick and radical solutions to promote private banks and their development

We believe that one of the important and fundamental solutions to overcome the problems of the Iraqi banking sector, which is currently faced by most private banks, is to seriously consider the direction to study and analyze the results of business and financial indicators of the Iraqi banking sector and its assessment and classification according to international standards by international companies specialized as other countries and focus on the assessment on deposits, Financial, capital and reserves, revenues of internal and external banking operations, realized profits and more importantly the economic expectations of the continued repercussions of the financial crisis experienced by the country in light of the changes and Global economic fluctuations based on the involvement of banking experts in the private sector and benefit from their experience and the World Bank reports on the overall financial situation in Iraq to come out of the outcome of the decisions important to the development of the Iraqi banking sector and one of the first solutions

Classification of banks to three levels :

First: Large banks, their financial position and their financial and financial position are good .

Second: Medium-sized banks, their position and their financial position are medium and capable of developing .

Third: It includes banks that suffer from weakness in their banking activity and the drop in liquidity rates

After the announcement of the results of the assessment, the Central Bank shall notify the third-ranked banks of optional merger in agreement with another bank or more of the same rank in accordance with Article 150 of the Companies Registration Law No. 21 of 1997 and within a period not exceeding the first half of this year. Compelling these banks to compulsory integration and in both cases must be defined concepts and procedures for the integration of banking as follows :

1. Definition of banking integration

(A decision of the Central Bank) and dissolve it in a single banking entity and that the new entity has the ability and effectiveness to achieve the goals of integrated bankers and the objectives of monetary policy and the national economy .

2 - Types of banking integration

(A) Optional (friendly ) integration

This kind of merger is done by agreement and the will of one or more bankers matches after negotiations and agreements between the board of directors and the public bodies of the two banks or more after the economic feasibility study in all respects and what the new entity will achieve with all the obligations and obligations of previous customers .

B. Compulsory (compulsory )

This is done by issuing a decision from the Monetary Authority (Central Bank) after reaching full conviction that the target bank is faltering and in order to preserve it from imposing or liquidating it for the purpose of preserving the shareholders' rights and the extraordinary circumstance experienced by the Iraqi economy. With the help of the monetary authority to provide incentives to the troubled bank such as tax exemptions and grant aid loans in return for clear and specific guarantees .

3. For the purpose of success of the process of banking integration requires :

Provide data and information in accordance with the principle of disclosure and transparency of each of the banks involved in the merger

Feasibility study and expected results at the time of merger. These studies shall be evaluated by the Monetary Authority before the merger decision is taken .

4 - to carry out financial and administrative structure of the target banks before the merger process and identify the technical and administrative manpower needed to manage the new entity .

5 - The banking mergers if carried out in accordance with the above will achieve the following : -

A - Increase the capacity of the new bank to activate its banking activities in all fields, most notably the rise in capital and revenues of banking operations and financial center .

B - Increase the net profits that result in increasing the value of its shares in the stock exchange and increase deposits and increase the number of customers and increase the number of depositors and thus enhance confidence, which is the most important thing in banking .

C- The new bank's commitment to fulfill all its previous obligations towards financial institutions and customers .

 

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What after the forum of investment and reconstruction ?

 

 

26th April, 2018  by Samir Nusairi

On the occasion of the Investment Forum and reconstruction in Iraq today So let to show some of the visions and proposals in activating the role of government and the partnership with the private sector in the implementation of planned projects which according to my view through the implementation of the roadmap after finishing the forum his and issue recommendations, as follows: -         
  
 1. the Government To improve the business environment in Iraq and provide an encouraging investment climate to attract national and foreign capital and encourage the achievement of partnerships between the public and private sectors. 

 2. Creating a new legislative environment based on Article 25 of the permanent constitution, which focuses on encouraging, motivating and developing the private sector to ensure its activation and leadership of the investment market, in particular granting it the flexibility and facilities to contribute to the programs and road map for reconstruction.

3. Sustain and activate partnership, dialogue and cooperation between the private sector and the government. The important activation of the law of the partnership and the suspension implemented several years ago. 

4- The contribution of the private sector in the field of housing projects and infrastructure has been made available and it has previous successful experiences in implementing these projects. 

 5 - To encourage the establishment and development of small and medium enterprises to achieve comprehensive and sustainable development, including the formation of specialized institutions for this purpose. And the establishment of a national fund to finance these projects contribute to government and private banks. 

 7 - The Central Bank and banks complete the legal procedures to establish the national financing companies to finance the reconstruction and development projects, which contribute to the Islamic and commercial banks, government and private 

 8- Activating the role of specialized banks and private banks to provide soft loans to the national private sector as well as finding solutions to the problems of taxes and accrued interest incurred by the owners of the projects suspended due to failure to pay the dues of contractors, especially projects that achieved 50% or more and the development of a financial policy and monitoring allocations in the budget to complete this Projects 

 9 - The Central Bank of the classification of Iraqi banks according to international classification standards and that these banks are classified internationally to form partnerships with Arab and foreign banks and the establishment of financing partnerships and investment for development projects and reconstruction.  

[DinarThug]

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The dollar exchange rate continues to decline against the
Iraqi dinar for the fourth day

 

 

26th April, 2018

 

The US dollar fell Thursday against the Iraqi dinar for the fourth day in a row. 

Where the price of selling the dollar in the stock market in Baghdad today 119 thousand and 550 dinars and the purchase price 119 thousand and 500 dinars compared to $ 100.

While the price of selling the dollar on the Arbil Stock Exchange 119 thousand and 850 dinars and the purchase price 119 thousand and 800 dinars compared to 100 dollars, while yesterday recorded 120 thousand dinars and the purchase price 119 thousand and 950 dinars to 100 dollars. 

The Basra Stock Exchange recorded a sale price today 119 thousand and 700 dinars, the purchase price 119 thousand and 650 dinars compared to $ 100, while yesterday recorded 119 thousand and 750 dinars, and the purchase price 119 thousand and 700 dinars to 100 dollars.

The exchange rate had recorded yesterday 119 thousand and 600 dinars and the purchase price 119 thousand and 550 dinars for one hundred dollars.

[bostonangler]

Keep that Dinar rising boys!!!

 

B/A

[boosterbglee]

Blow by blow.....Thanks Thugs!  It's like your right there with the up to date info!  

[DinarThug]

13 minutes ago, boosterbglee said:

Blow by blow.....Thanks Thugs!  It's like your right there with the up to date info!   

 

CNN. News Happens 24 Hours A Day - That’s Why We’re Up At The Crack Of Noon !  

 

     

 

Edited April 26, 2018 by DinarThug

[DinarThug]

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Organizing an exhibition for Iraqi banks at Al-Mansour University College

 

26th April, 2018

 

The Central Bank and the Association of Iraqi private banks, Thursday, an exhibition of Iraqi banks on the land of Mansur College University within the activities of financial inclusion

The Dean of Mansur College, Dr. Abdul Rasool Abdul Jassim, said in an interview with "Economy News" on the sidelines of the activities of financial inclusion, that "Mansur College in cooperation with the Association of Iraqi private banks organized today to introduce the students the importance of the concept of financial inclusion and the mechanism of the banks through the use of technologies Modern and approved by international banks and the use of electronic payment tools and the opening of bank accounts

He added that "many of our students today are suffering from lack of knowledge of the mechanisms used in opening accounts and the use of credit cards," explaining that the banks participating in the events are (the Rasheed Bank and the Union and Babil, Ashur, Kurdistan and commercial and the Iraqi Islamic south and Alahli) in addition to the two companies Amwal and the gate of Iraq

He pointed out that "the students of the College were able today to see the latest banking methods in place by government and private banks in the event held in cooperation with the Central Bank and the Association of Private Banks

[DinarThug]

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President of the Association of Private Banks: The strategy of the Central Bank has overcome difficulties in front of banks

 

26th April, 2018

 

The President of the Association of Iraqi private banks, Wadih al-Hanalal, that the strategy of the Central Bank of Iraq 2016-2020 has a great depth and helped to overcome difficulties in the work of banks

"The central bank's strategy for the years 2016-2020 has a very deep depth, which reflected positively on the work of banks and put difficulties in front of him," said Al-Hantal in his speech during the session of "Investment Partnership" within the forum of investment and reconstruction opportunities in Iraq. "The Central Bank applies the recommendations that come out of the conferences in addition to visions of the World Bank."

He pointed out that "the Central Bank introduced the follow-up department and had a significant impact in the implementation of its decisions, which reflected positively on the banking sector."

He pointed out that "the visit of the Bahraini banks to Iraq has not occurred since 1980 and has opened important doors and we hope that the Bahraini banks to be correspondent banks."

He pointed out that "the Central Bank is the strategic partner and the big tent of the banks and because of its directions, Iraqi banks have international accounting standards in addition to the implementation of the requirements of the global financial system."

He noted that "the Association of Iraqi private banks trained 1800 people to the best international standards, in addition to training the youth through the course of empowerment and employment in the banking sector."

"For the first time, banks have participated in community initiatives, and the initiative of Baghdad to rehabilitate 20 fields has been funded by the private banking sector as well as the initiative support fund."

[DinarThug]

Rafidain Bank determines the amount of loans granted to purchase cars

 

April 25, 2018

 

Rafidain Bank set the amount of loans granted to citizens and employees to buy modern cars by installments, noting that the loan period is five years.

 

The bank’s information office said that the type of loan granted to purchase cars by installments has been determined from the branches of the bank spread in Baghdad and the provinces, which will be from 20 million to 40 million dinars.

 

The loan amount of 20 million dinars will be guaranteed by a civil servant from the government departments, while more than 20 to 25 million dinars will be on bail of two civil servants from the government departments, noting that “the amount of the loan, which increases from 25 million dinars to 40 million JD shall be secured by pledge of a property (house or piece of residential land), the loan period is five years, including three months grace.

 

http://en.economiciraq.com/201.....hase-cars/

[DinarThug]

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Keywords: Abadi is just around the corner from the second term

 

 

26th April, 2018

The leader of the Dawa party, MP Ali al-Alak, expected on Thursday that Prime Minister Haider al-Abadi will have a second term as prime minister. 

"Prime Minister Haider al-Abadi has a strong chance to take over as prime minister again after the May elections," al-Aalak told Al-Ghad Press.

 

"Abadi is the favorite among all the political figures for this position and is therefore just around the corner from the second term," he said. 

He explained that "through the extrapolations of political figures, the person Abadi has the qualifications to renew confidence as prime minister, especially as he led the country in a critical period and succeeded."

[FROSTYJACK]

33 minutes ago, DinarThug said:

 

CNN. News Happens 24 Hours A Day - That’s Why We’re Up At The Crack Of Noon !  

 

     

 

 A man after my own heart. It is still a 24 hour cycle no matter what time of the day you start it 😎

[FROSTYJACK]

4 minutes ago, FROSTYJACK said:

 A man after my own heart. It is still a 24 hour cycle no matter what time of the day you start it 😎

 And like my dear  departed mother used to say. If you can't party all night long you are just starting to damn early. 😇

[NEPatriotsFan1]

1 hour ago, DinarThug said:

"the advent of a political class is keen on wealth and citizen."

Thuggy, you’re making me a wee bit emotional...... all this good news..... is likely to culminate in purchasing power for the average Iraqi and sizable difference in our bank account. 

 

Go RV! Thanks for the play by play! 

 

You keep it it up and I may not have to go into work today

[3n1]

1 hour ago, DinarThug said:

Abadi is the favorite among all the political figures for this position and is therefore just around the corner from the second term

1 hour ago, DinarThug said:

Abadi has the qualifications to renew confidence as prime minister, especially as he led the country in a critical period and succeeded."

 

 

right on lets go ........ thanks cnn

Edited April 26, 2018 by 3n1

[dinarbeleiver]

thugster your on Iraqi news steroids keep going bro

[Wiljor]

30 minutes ago, dinarbeleiver said:

thugster your on Iraqi news steroids keep going bro

 

‘Yes, they’re called Thugeroids, that’s why the big............clown shoes 😜

[ChuckFinley]

18 minutes ago, Wiljor said:

 

‘Yes, they’re called Thugeroids, that’s why the big............clown shoes 😜

I he throws that shoe he could wipe out every one of those MP.  

[DinarThug]

1 hour ago, ChuckFinley said:

I he throws that shoe he could wipe out every one of those MP.  

 

And That’s Just From The Smell !   ☠️

 

     

 

 

 

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Central Bank Governor: Inflation rate does not exceed 2%

 

2018-04-26 at 19:03  

 

The governor of the Central Bank Ali Al-Alak, on Thursday, the arrival of total assets in banks operating in the country to 200 billion dollars, while he pointed out that the inflation rate in Iraq does not exceed 2%. 

Al-Alak said in a speech at a meeting of "partnership in investment" in the Forum of investment opportunities and reconstruction in Iraq, "The cash credit provided by banks amounting to 30 billion dollars and weaken this figure of credit contract."

He added that "the central bank ordered the banks to amend the organizational structure and the establishment of risk units and combating money laundering and the financing of terrorism and others, and the bank has developed the payment system and will soon launch payment by mobile phone."

"Last year, we launched the unified system known as IBAN for all accounts. Iraq is one of the 47 countries in the world that implements this system, which facilitates the process of transferring money," he said.

He added that "MasterCard will establish a school in Iraq to develop young people to use credit cards and others," adding that "the inflation rate in Iraq does not exceed 2%."

He pointed out that "the coming period will witness a decline in the rate of inflation in Iraq after controlling the exchange rate and the abolition of the marginal price of the dollar and make it equal to the official price and this measure by the Central Bank supports the purchasing power of citizens and provides an important indicator for businessmen through the stability of the working environment."

He pointed out that "the dollar exchange rate is considered at the current stage is the best because it has become an ideal price and gives confidence to investors in maintaining the return of their activities."

On Thursday, the National Investment Commission signed agreements to establish investment projects with foreign and Arab companies during the Investment Opportunities Forum in Baghdad.

 

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Iraq 's economy reveals the value of its assets at the Central Bank

 

 

 

26th April, 2018

 

The Central Bank of Iraq governor Ali al-Alak on Thursday revealed the total assets in banks operating in the country.  

"The total assets in banks operating in the country reached 200 billion dollars," Al-Alak said in a speech at a session of the investment partnership in the forum of investment and reconstruction opportunities in Iraq.

He added that "the monetary credit provided by banks amounts to 30 billion dollars, and this figure is less than the credit of the contract," noting that "the central bank ordered the banks to amend the organizational structure and the establishment of risk units and combating money laundering and financing of terrorism and others, and the bank has developed the system of payments and will be launched soon payment Mobile phone ".

"Last year, we launched the unified system known as IBAN for all accounts. Iraq is one of the 47 countries in the world that implements this system, which facilitates the process of transferring money," he said.

He added that "MasterCard will establish a school in Iraq to develop young people to use credit cards and others," adding that "the inflation rate in Iraq does not exceed 2%."

He pointed out that "the coming period will witness a decline in the rate of inflation in Iraq after controlling the exchange rate and cancel the marginal price of the dollar and make it equal to the official price and this measure by the Central Bank supports the purchasing power of citizens and provides an important indicator for businessmen through the stability of the working environment."

He pointed out that "the dollar exchange rate is considered at the current stage is the best because it has become an ideal price and gives confidence to investors in maintaining the return of their activities."

[navira45]

Gotta bump this over the top

[NEPatriotsFan1]

What was the significance of the 27th again regarding financial inclusion? I thought we thought that day had significance.... lost which thread we were looking at that

[navira45]

Given the flation rate not exceeding 2%, we have to have some rate close, if not, equally close to that of the former glory (with assets of 200 billion dollars worth). Man oh man...im literally falling off of the edge my seat now

[Floridian]

4 minutes ago, NEPatriotsFan1 said:

What was the significance of the 27th again regarding financial inclusion? I thought we thought that day had significance.... lost which thread we were looking at that

 

That's when the week of Financial Inclusion begins.

[navira45]

Last sunday i said there would be more good news from the CBI...Lookie lookie what we have here now..