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Achievements of the Department of Foreign Investments and Remittances in the Central Bank of Iraq
164 views•Mar 5, 2021
Press release about the foreign reserves performance report for 2019
The data of the annual report of foreign reserves showed a positive performance in 2019 compared to 2018, as these reserves grew by 5.52% in 2019 from what they were in 2018, as a result of the increase witnessed by the central bank purchases from the US dollar from the Ministry of Finance compared to its sales through a sale window Currency, in addition to the profits accrued from the returns of the investment portfolio in its various classes.
On the level of investment portfolios, the value of these portfolios achieved net growth in 2019 by 18.4% compared to 2018, accompanied by a growth in returns on these portfolios in 2019 by 59% compared to 2018, and the proportion of these returns to investment portfolios in 2018 was approximately Almost 1.7%, while the rate of returns to investment portfolios increased in 2019, to approximately 2.3%.
As for the gold segment, it grew in 2019 by 18.8% compared to 2018, despite the fact that this bank has not increased its investment in this asset during this year, but the increase in the value of these holdings came as a result of the significant increase in the price of gold globally. Iraq is ranked 38th in the world with its gold holdings, and 5th in the Arab world, with a total of 96.3 tons.
As part of this bank’s plan to enhance returns on reserves and build capacity in the field of reserves self-management, this bank established during the year 2019 many international banking relationships and entered into agreements and memoranda of understanding with a number of international banks and major financial institutions, such as the International Bank for Reconstruction and Development and the Arab Monetary Fund, As well as international institutions concerned with investment management.
The Central Bank of Iraq
The central bank announces a rise in currency sales to 29 million dollars
02:05 - 12/08/2018
BAGHDAD (Reuters) -
The Central Bank of Iraq (CBE) announced on Sunday that its currency sales rose to 166.83 million dollars, compared with 137.98 million dollars last Thursday, a 28.85 million dollar increase.
"The exchange rate reached 1190 dinars per dollar, in the auction held with the participation of 35 banks, and one company only for financial transfer," the central bank said in a statement.
The bank said that "these sales are the results of the auction on Monday," explaining that "total sales totaled $ 200.43 million."
Amounts sold to strengthen bank balances abroad amounted to $ 165.33 million, while total cash sold was estimated at $ 35.1 million.
The Central Bank, "the sale of amounts transferred to the accounts of banks abroad at the price of 1190 dinars per dollar, while the sale of cash will be at the same price." Ended 29 / a 43
The Central Bank is finalizing a document related to auditing and IT governance at banks
Economy News _ Baghdad
The Central Bank of Iraq (CBE) governor Ali Al-Aalak said the Central Bank is about to issue a detailed document on auditing and IT governance at banks.
"The document is currently in the final review stage and is being discussed with banks and will be binding on the relevant parties," Al-Aalak said at the inaugural ceremony of the ISACA branch for auditing and monitoring information systems in Iraq.
He added that "the work of the ISACA is very important and we will interact with him and support him with all that is needed, because we recognize the importance of work in this aspect and the seriousness of the delay in its application." He pointed out that the financial institutions have opened in their financial transactions remarkably, "Until recently, On the service of those inside the institution, but today many of these systems are open to the outside world, "stressing the need to meet this development with the development of risk management resulting from these systems.
Al-Alaq stressed that "the Central Bank, as a result of its supervision and control, has evolved from the traditional control to the control that takes advantage of and employs modern technology in its operations," pointing out that there is a shift in the central bank towards electronic auditing.
The head of the Association of Iraqi Private Banks, Wadih al-Hanalal, said in his speech on his behalf, the economic adviser, Samir Nusairi, that "Iraq is making great strides in the way of development and openness to the outside world in all fields, to take the historical and global prestige and knowledge it deserves, This world-class institution, which is present in more than 200 countries around the world, is only a vivid example of the openness of the world to Iraq and the openness of Iraq to the world. "
He pointed out that "the importance of the existence of such an international institution in Iraq, being one of the major references in the world in the establishment of the foundations of auditing on information systems and security and preservation," noting that "the world has become a small village, thanks to the tremendous development in the field of information systems, data processing and circulation, And the development of countries is measured by the development of electronic and information systems. "
He stressed that the role of the Iraqi Central Bank in the development of the banking sector in Iraq is a leading situation in Iraq as a whole, as the Iraqi Central Bank is actively pursuing the development and modernization of this sector, "pointing out that" the development of electronic technologies and information systems in banks is The best way to upgrade Iraqi banks to global. "
He stressed that "the Association of Iraqi private banks is following closely and as a strategic partner of the Central Bank of Iraq and work to improve the banking sector in all fields, so this event came in cooperation with the Association of Banks to the importance of the role played in this vital area."
Views 3 Date Added 09/08/2018
Central: We aim to complete all financial transactions electronically
09/1/2018 12:00 am
After the completion of the infrastructure of payment system retail
Baghdad / Hussein Thagb
The Central Bank of Iraq for the coming period to make all financial transactions through the banking system and electronic systems developed by the Central Bank in the field of payments, which contribute to make the monetary mass an active player in the process of sustainable development
Director General of Payments Department at the Central Bank of Iraq, said: "The central bank's goal for the next phase is to complete all financial operations in the country for the public and private sectors through the banking sector." She pointed out that "these operations are not through the deployment of equipment allocated in All places or issuing special cards and are pulling money through, but the integration of electronic collaboration is when the transactions in the public and private sectors as a whole through electronic cards so that this step will be complementary to the process of localization of salaries and become financial operations are Abraljhaz banking. dealing Ba Cash
She pointed out that the introduction of the private sector owner to a large block of cash to electronic transactions requires special products dealing with their trade and their needs for cash and be more flexible than dealing with cash, and here requires the introduction in the official channels of electronic transactions away from the complexity. To make all private sector institutions within the settlement of salaries, pointing out that this requires cooperation by public institutions such as taxes and departments of the
Ministry of Commerce. Infrastructure
"In view of the evolution of the Iraqi payment system, the launch of the salary settlement project, the remarkable progress in increasing the number of bank accounts and the completion of the retail payment infrastructure, which is one of the cornerstones of the improvement of the working environment, the aim is to attract deposits and manage remittances by banks On all levels (personal and commercial) and that all parties within the system and maintain the cycle of cash through the banking system and away from the circulation of cash "She drew Abdul Karim that"The opportunity for individuals of interest and crafts to register their entities from shops, shops, markets and workshops in the Registrar of Companies or any competent authority under the condition of the tax number and bank account are impossible if not accompanied by decisions to encourage, motivate and facilitate the formal procedures of registration to prevent manipulation and corruption at the same time Through cooperation between all parties, whether regulatory, security and municipal to be all these entities have a number / commercial record and a tax number and a bank account. "
director of a specialized companies weigh - Tamimi said: " The Partnership is working to provide e - wallet services through its network, and can co - pay bills, transfer money, buy electronic cards and more services," pointing out that the deposit operations and withdrawals made through thousands of centers "The citizen can register in the electronic wallet with high speed, so that he can register in the temporary portfolio by logging into a specific application, which is a link Live this wallet only sixty days. And can register in the wallet Aldaimip by going to the nearest authorized agent and submit the required documents and the identity of the Civil Status card housing. " Culture deal
He pointed out that the main objective of the localization of salaries is to spread the culture of dealing with the banking system, and that the salaries of employees guaranteed, because the banks dealt with by the Central Bank can be described as Almsrinp, "pointing out that" the central bank is the guarantor of salaries of employees, "
He pointed out that" salaries not withdrawn by employees (savings) increase the liquidity of banks and may be used as development loans and thus become the salaries of state employees a tributary of economic growth. "
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