Al-Rafidain gives "financial benefits" to those wishing to open an account

[davis411]

3 hours ago, Half Crazy Runner said:

I wish my bank paid that kind of interest 😲

Mmmm

maybe if. Can get there

set up a account

deposit and gain that rate ??

 

will need a name 

ummm

davis big camal ballzzzz 

[CSM (R) Thack]

55 minutes ago, davis411 said:

Mmmm

maybe if. Can get there

set up a account

deposit and gain that rate ??

 

will need a name 

ummm

davis big camal ballzzzz 

😂🤣😂🤣😂🤣😂🤣😂🤣🤣😂🤣😂🤣😂🤣😂👍🇺🇸
 

[nannab]

OMG   Another Davis vision is this with or without leopard print.   

1 hour ago, davis411 said:

will need a name 

ummm

davis big camal ballzzzz

 

[screwball]

I will certainly keep mine in  Iraq at that rate 

[yota691]

Iraq .. Fear of depositing money in government banks

l 56 minutes ago

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Abu Dhabi - Sky News Arabia

Many Iraqis are afraid of depositing their money with government banks, for several reasons, most notably the unstable security and political situation in the country. Iraqis say they are also worried in this regard.

[yota691]

Al-Rafidain Bank raises the interest for savings accounts and fixed deposits

Monday 18, January 2021 14:36 | EconomicalViews: 74

Baghdad / NINA / Al-Rafidain Bank announced raising the interest rate for citizens' saving accounts to 5%, after it was 4%.
.

The bank stated that it decided to increase the interest rate on deposits for a period of six months to become 5%, and to increase the interest rate on fixed deposits for a period of one year to be 6%, in addition to increasing the interest rate on deposits for a period of two years to become 7%. ”The

bank also decided to pay interest on fixed deposits. To be granted in advance, provided that the citizen undertakes not to break it and withdraw it, otherwise the interest granted will be deducted from the principal amount of the deposit, and this will be the basis for the comparison between the deposit and the savings account and the customer, indicating that the next one is better to increase the benefits and the benefits will be high in the coming days. / End 5

[yota691]

Al-Rafidain Bank raises the interest on savings accounts to 5%

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•  January 18, 2021
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•  8

Baghdad/

Al-Rafidain Bank announced today, Monday, that the interest rate for citizens' saving accounts will be raised to 5 percent.

The bank’s media office said in a statement, “Based on the bank’s policy aimed at maximizing revenue in order to attract cash and encourage customers to save their money instead of hoarding it at home, the bank decided to increase the interest rate on savings accounts to 5 percent from 4 percent.”

He added, "The bank also decided to increase the interest rate on deposits for a period of six months to become 5 percent and to increase the interest rate on fixed deposits for a year to be 6 percent, in addition to increasing the interest rate on deposits for a period of two years to become 7 percent."

He pointed out that "the bank has also decided to pay interest for fixed deposits to be granted in advance, provided that the citizen undertakes not to break and withdraw it, otherwise the interest granted will be deducted from the principal amount of the deposit and this will be the basis for the comparison between the deposit and the savings account and the customer." Days are coming. ”

[CSM (R) Thack]

Would be nice to get 5% here!!

[yota691]

Al-Rafidain raises the savings accounts interest to 5 percent

Tuesday 19 January 2021 62

 

 Baghdad: Ahmed Abd Rabbo

 

On Monday, the Rafidain Bank began raising the interest rate for citizens' savings accounts to 5 percent. A statement of the bank said, "Based on the bank’s policy aimed at maximizing revenues in order to attract cash and encourage customers to save their money instead of hoarding it in homes, the bank decided to increase the interest rate on savings accounts to 5 percent after it was 4 percent." He added, "The bank decided to increase the interest rate on deposits for a period of six months, to become 5 percent, and to increase the interest rate on fixed deposits for a year to be 6 percent, in addition to increasing the interest rate on deposits for a period of two years to become 7 percent."

[yota691]

An economist to NINA: Returning to the old exchange rate ... the currency loses confidence in it and creates big problems

Tuesday 19, January 2021 10:21 | EconomicalViews: 371

Baghdad / NINA / Economist Hammam Al-Shamaa affirmed that: Returning to the old exchange rate ... the currency loses confidence in it and creates big problems.

He told the Iraqi National News Agency ( NINA ) that: In chaotic Iraq and under the shadow of the state, everything is possible, except that returning to the old price creates great problems and the Iraqi currency loses confidence in it. 

Al-Shamaa added that: Some of these problems are the financial losses that resulted from the reduction of the exchange rate for everyone who had savings hoarded in the dinar, as it lost 20% of its value. If the exchange rate returns to its previous era, the losses will result for the dollar holders.

He explained: Debt relations will also result in losses, as the merchant who was in debt in dollars was forced to pay a larger amount of dinars when the exchange rate was lowered, and conversely, the debtor now in dinars will have to bear a larger amount of dollars to pay off his debt.

[screwball]

Love it 

 

everyonewho had savings hoarded in the dinar, as it lost 20% of its value. If the exchange rate returns to its previous era, the losses will result for the dollar holders.

[3n1]

2 hours ago, yota691 said:

If the exchange rate returns to its previous era, the losses will result for the dollar holders.

 

here's hoping the previous era rate is not the 1190 value but the saddam and pre saddam era value ....

[screwball]

We will know soon enough 

[rvmydinar]

7 hours ago, yota691 said:

Returning to the old exchange rate ... the currency loses confidence in it and creates big problems

 

Returning to the old exchange rate create big problems? That depends on the rate. If the old rate is 1190, then it will create problem. If the rate is $3.22 , then it will give triple benefits. 1. make the imported goods in iraq very very cheap. 2. also give the purchasing power to the iraqi citizens. 3. Make dinar investors very happy.

[screwball]

13 minutes ago, rvmydinar said:

Returning to the old exchange rate create big problems? That depends on the rate. If the old rate is 1190, then it will create problem. If the rate is $3.22 , then it will give triple benefits. 1. make the imported goods in iraq very very cheap. 2. also give the purchasing power to the iraqi citizens. 3. Make dinar investors very happy.

Reduce inflation and prices for goods adjusted to allow for increase in purchasing power if the spend huge on budget and reconstruction without balancing the balance sheet and removing zeros inflation will be out control 

[screwball]

They have to adjust balance sheet by removing zeros and adjust currency accordingly devalue will not work and inflation will occur 

[rvmydinar]

14 minutes ago, screwball said:

They have to adjust balance sheet by removing zeros

So if iraq returned to the old rate =1190( previous rate ), then Delete 3 zeros=1.190 just round it to 1.2 or 1 iqd=0.86 usd. Not bad for a fresh start  and then raise until reaching $3.22. This is more like it. Works for me.

[screwball]

14 minutes ago, rvmydinar said:

So if iraq returned to the old rate =1190( previous rate ), then Delete 3 zeros=1.190 just round it to 1.2 or 1 iqd=0.86 usd. Not bad for a fresh start  and then raise until reaching $3.22. This is more like it. Works for me.

Well yes allowing for inflation they could come in 1:1 at a minimum or every 3.22

[screwball]

1.4-1.5 or any where upto 3.22

[screwball]

This is why people should try and jump onboard the share train because you get the rise in share price and change in rate, not to mention cash dividends and or free shares win win should never putceggs in one basket should always spread your risk and increase chance of being a winner 

[rvmydinar]

51 minutes ago, screwball said:

1.4-1.5 or any where upto 3.22

1.4-3.22 i love it. But the unsolved mystery is the exact date. Because most of the articles from iraq only mention about deleting zeros or removing zeros from the exchange rate. on the other hand, none of the articles ever mention about the exact date when it is going to delete the zeros. I know folks will disagree with me because If iraq mentions the exact date, then dinar investors will buy up the dinar. For me  actually, the first most important is the exact date, after that the second most important is the rate. Because if the first most important is the rate, then the articles always mention about deleting or removing zeros many many times, and usually iraq will end up talking and talking and talking BS and never implement it seriously. I could be wrong though.

[yota691]

An expert proposes a solution to `` absorb the sleeping money '' and address the suspension of investment in Iraq

 

 

1,080 Economie 01/2021/23 21:07 Baghdad today -

Baghdad Today, Saturday, the economic expert, Rasim Al-Akidi, proposed a solution to deal with the file of stopping strategic investment projects in Iraq, while indicating that the solution will work to absorb the dormant money, as he put it. In an interview with (Baghdad Today), Rasim Al-Aqidi said, "Hundreds of investment and strategic projects in various governorates of Iraq in various pieces have been suspended for years, some of them up to 10 years, despite the great material damages that result from stopping for a long period of time." Al-Aqidi added, "Funding is the biggest and most important reason for stalling the wheel of construction, in addition to other reasons," noting that "Iraq's financial situation and its exacerbating crises are pushing us to put forward a solution that includes inviting the government to present what we call in the economics world (social support bonds) or Investment bonds) ". The economic expert explained, "Social support bonds are offered by the government and sold to citizens with a financial interest of 10%, which is similar to treasury bonds," noting that "the bonds will lead to the absorption of money dormant in homes and the treatment of financial scarcity and moving the markets." He stated, "This process (social support bonds) will create a financial benefit for the citizen, because after a year the state will pay 10% of the money as interest," stressing that "the application of the principle (bonds of support) will create what we call a complex development environment, that is, the participation of the government and the private sector." Whether individuals or companies are involved in financing the construction of projects. " "This solution has been applied in many countries, including the Arab ones, but unfortunately, the government framework in Iraq resort to other treatment frameworks that create resentment and popular discontent and lead to future financial crises," said Rasim al-Aqidi. A member of the Parliamentary Services Committee, Representative Manar Abdul Muttalib, said Monday, December 14, 2020, that most investment companies that have projects in Iraq are blacklisted in their countries. In an interview with (Baghdad Today), Abdul-Muttalib said, "Most of the investing companies coming from neighboring countries in particular are failed companies that are placed on the blacklist in their countries and they are just bright names." She added that "the flow of these companies to Iraq came because they are aware of the weakness of oversight, accountability and law in the country," indicating that "Iraqi investors are much better than foreigners and they have important projects in vital sectors, and if sufficient support is provided to them, qualitative leaps in performance and projects will be achieved." She pointed out that "most of the Iraqi investors go abroad because of the security factor and the danger inside the country." Earlier, MP Riad Al-Tamimi, Chairman of the Investment Committee, called on Prime Minister Mustafa Al-Kazemi to hold a meeting to discuss the investment file. "I once again address Prime Minister Mustafa Al-Kazemi in his capacity as the first person responsible for the reform file in the country, and I talk about a disaster that kills investment after it plummets Iraq economically," according to a statement Al-Tamimi published and received (Baghdad Today). He continued, "His Excellency the President: Iraq needs to develop investment, revitalize it and support the general budget through the investment and economy files, but the surprise that is always repeated is the administrative changes that are from bad to worse." He added, "The director of state real estate was assigned to look at matters only without having the ability to actually work, and a vision that would stimulate investment, and it became a media tool for speech without real action." He pointed out that: The file of banks and banks has become a killing tool for investment, because their goal is personal interest without public interest. He cautioned, "Today we need a quick and extensive meeting with the relevant authorities to speak frankly to you about what is happening in the relevant departments in order to stimulate investment." Al-Kazemi called for "firm, quick and effective decisions that change reality and hit the heads of corruption, because the stage is sensitive, critical and dangerous, and there is no more risk and delay in decisions." A member of the Parliamentary Economic and Investment Committee, Nada Shaker Jawdat, Monday, November 16, 2020, accused influential parties suffering bankruptcy of trying to obstruct the entry of foreign investment companies into the country, as she put it. In an interview with (Baghdad Today), Jawdat said that "the bankrupt and influential people are trying to obstruct the entry of investment companies, whether Arab or foreign, out of fear for their interests and companies that have a monopoly on many bad projects." She added that "Iraq suffers from a significant rise in poverty and unemployment rates in light of the economic crisis afflicting the country." She added that "the solution is to support the private sector, open the way and provide a safe environment for Arab and foreign companies to enter to invest in the country."

[yota691]

About 5 million accounts and 11 million cards .. The growth of banking attraction for citizens grows by 44%

2021-01-30

 Baghdad

 

The Iraqi Private Banks Association announced that the number of bank accounts in banks operating inside Iraq amounted to more than 4.8 million bank accounts, confirming that the number of activated bank cards is more than 11.2 million cards.

 

The Executive Director of the Association, Ali Tariq, said in a press release, that “bank accounts amount to more than 4.8 million accounts, which is a very good percentage, and witnesses a significant annual growth which is more than 44% thanks to the program of nationalizing salaries of state employees and the opening of new companies in addition to the need for citizens to save in Banks because of the high interest rate for fixed deposits and purchases from the Internet and others.

 

He noted that “the number of currently activated bank cards is more than 11.2 million cards, while the number of automatic teller machines is 1170 devices, explaining that the point-of-sale devices known as POS amount to about 4,000 devices. Coming years. ”

 

Tariq pointed out that "the activated electronic wallets amount to more than 3.5 million wallets, and the points of cash payment amount to about 13 thousand devices spread throughout Iraq."

 

He emphasized that "the strategy of the Central Bank of Iraq to enhance financial inclusion has contributed to increasing bank accounts, bank cards and electronic payment devices, in addition to being able to diversify banking services to all citizens in Baghdad and the provinces," noting that the Central Bank works with the International Monetary Fund and the Arab Monetary Fund. And the World Bank and the Association of Private Banks and other financial institutions to promote the concept of financial inclusion inside Iraq.

[yota691]

The Association of Banks identifies three reasons for the increase in bank accounts

Economie| 12:07 - 01/30/2021

 

 

 

 

Baghdad - Mawazine News
The Iraqi Private Banks Association revealed, on Saturday, that the number of bank accounts in Iraqi banks amounted to more than 4.8 million accounts, that the number of activated bank cards is more than 11.2 million cards, the reason being attributed to the employee salaries resettlement program and the increase in the interest rate for fixed deposits . 
The executive director of the Iraqi Private Banks Association, Ali Tariq, said in a statement that Mawazine News received a copy of, that "bank accounts amount to more than 4.8 million bank accounts registered in banks operating inside Iraq."
He added that "this percentage is very good, and it is witnessing a great annual growth of more than 44%," explaining the reason for the "nationalization program for state employees' salaries and the opening of new companies in addition to the need for citizens to save in banks because of the high interest rate for fixed deposits and purchases from the Internet and others. "
Tariq added that "the number of currently activated bank cards is more than 11.2 million cards, while the number of ATMs has reached 1170 devices," explaining that "POS devices known as POS amount to about 4 thousand devices, and electronic payment companies are working to increase the performance of devices to include all stores." Nationwide in the coming years. "
He pointed out that "the activated electronic wallets amount to more than 3.5 million wallets, and the points of cash payment amount to about 13 thousand devices spread throughout Iraq."
The Executive Director of the Banks Association confirmed that "the strategy of the Central Bank of Iraq to enhance financial inclusion contributed to increasing bank accounts, bank cards and electronic payment devices, in addition to that it was able to diversify banking services to all citizens in Baghdad and the governorates," indicating that the Central Bank is working with the IMF. The World Bank, the Arab Monetary Fund, the World Bank, the Association of Private Banks and other financial institutions to promote the concept of financial inclusion inside Iraq. ”Ended 29 / A 43

[yota691]

Al-Rafidain: opening more than 24,000 accounts to deposit citizens' money during 2020

Economie| 10:39 - 02/02/2021

 

 

 

 

BAGHDAD - Mawazine News
, Al-Rafidain Bank announced, on Tuesday, that the number of accounts opened for citizens and other groups in its branches in Baghdad and the provinces during the year 2020 amounted to 24,427 savings and current accounts.
The media office of the bank said in a statement, of which Mawazine News received a copy, that "the number of current accounts that were opened for citizens and other groups in the past year reached 3005 accounts, while the number of savings accounts for citizens reached 21,422 accounts."
He added that "the bank continues to open accounts for citizens who wish to deposit their money in the bank and obtain benefits according to conditions and controls set in place. The bank’s customers can visit its branches in Baghdad and the provinces to see them." Ended 29 / p4