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By 6ly410
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.
https://cbi.iq/news/view/1431
The Central Bank of Iraq
information Office
02/20/2020
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By yota691
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
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By yota691
The Central Bank is finalizing a document related to auditing and IT governance at banks
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 -
By normala rashid
tommy opinion
I think you fail to understand the relationship between the Vietnamese dong and the US dollar. Although the dong is not freely convertible, it remains loosely pegged to the dollar in an arrangement known as a ‘crawling peg’. The USA is Vietnam’s top trading partner, so why would they jeopardise that foreign investment coming in by making it more expensive for them to buy Vietnamese goods?
Fluctuations in Vietnamese inflation also alter the difference in the inflation rates of Vietnam and its trading partners. This will have an impact on the exchange rate of the two currencies. If Vietnam’s inflation rate exceeds that of its trading partner then there will be upward pressure on the real exchange rate. There would be a consequent deterioration of Vietnam’s competitive position, with all the subsequent negative effects on the economy. To prevent a rise in the real exchange rate, the dong has to depreciate relative to the foreign currency in order to reflect the inflation differential.
However, since the beginning of 2013, the real exchange rates of the dong with the US dollar and the renminbi have both been larger than one. This means that Vietnam’s competitive positions in its bilateral export markets with China and the United States have deteriorated. To improve competitiveness, the SBV could tighten monetary policy to reduce inflation. Alternatively, it could allow its currency to depreciate faster. Both entail short-term pain and long-term gain. The SBV will likely justify this by saying that it is necessary to bring jobs to Vietnam in the age of globalisation.
my opinion
Iraq as big export of crude oil . Inflation will less faster than you expected. I have seen a once that cbi put 1.2 dollar rate in the website . I think iraq will make adjustments rate and delete 3 zero and reduce the rate and peg dollar to boost export .
I really hope global currency reset could be happens and vietnam reinstant their currency . I will put my money in vietnam stock before gcr be happens .
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By Half Crazy Runner
Can anyone explain to me why must they pass the HCL law before there can be a revaluation of the dinar? What is the connection? It certainly doesn’t look like the GOI will ever agree on this or even bring it up for a vote. They keep pushing it off to the “next session” year after year... Is it at all possible that we can ever see an RV without the HCL law passing?
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