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


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Al-Rafidain for the citizens: Do not hoard money ... the benefits await you

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Baghdad -  IQ

A publicly Rafidain Bank on Friday (11 December 2020), continue to open accounts for citizens to deposit their money in the bank .

The bank’s media office stated, in a statement received by  IQ NEWS , that "the bank continues to open accounts (saving and checking) for citizens and deposit their money in exchange for interest."

He called on "citizens to visit bank branches for the purpose of viewing special instructions and placing their money in the bank and not hoarding it in homes in light of the positive benefits set by the bank in return for that."

Al-Rafidain Bank provides, from time to time, services to citizens, including loans for residential investment units, and advances for employees, retirees and owners of small projects in Iraq.

 

 

 

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Al-Rafidain gives "financial benefits" to those wishing to open an account Monday 02nd November 2020 54    

We added the"POW" feature since you left. Not much has changed here, we are still checking in watching these guys try to get their act together. 😃

Financial crisis ... Fact or fabrication ?! SAT, 26-12-2020, AM 1:15   KARRAR AL-ASADI   215   http://non14.net/public/ima

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hate to sound negative but banks been offering a little dab of interest to get the iqd out of hiding for a long time not sure if its just a rerun of articles but its clearly not working , its a trust issue and not sure how that gets restored probably each iraqi has their own thoughts like everyone should ... how about reinstate the iqd , exchange for the crisp new powerful Low Denom currency , bet that would have walls in houses opened up .... letsroll

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1 hour ago, 3n1 said:

hate to sound negative but banks been offering a little dab of interest to get the iqd out of hiding for a long time not sure if its just a rerun of articles but its clearly not working , its a trust issue and not sure how that gets restored probably each iraqi has their own thoughts like everyone should ... how about reinstate the iqd , exchange for the crisp new powerful Low Denom currency , bet that would have walls in houses opened up .... letsroll

Perhaps if the bank upped the perks... a toaster, Ninja Blender & a George Foreman Camel meat smoker ??? Hard to pass that up, huh:lol:

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4 hours ago, horsesoldier said:

Perhaps if the bank upped the perks... a toaster, Ninja Blender & a George Foreman Camel meat smoker ??? Hard to pass that up, huh:lol:

 

... Funny but a high up banking source has revealed what will bring the iqd in is the above items plus ,

 the kicker the source stated is putting kebab and falafel carts at all banking locations all-u-can-eat 

 

Shish Kebab Cart — Stock Photo © andykazie #13318891image.jpeg.7cd68571935c393f64654e5080e1f0a2.jpeg

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22 minutes ago, 3n1 said:

 

... Funny but a high up banking source has revealed what will bring the iqd in is the above items plus ,

 the kicker the source stated is putting kebab and falafel carts at all banking locations all-u-can-eat 

 

Shish Kebab Cart — Stock Photo © andykazie #13318891image.jpeg.7cd68571935c393f64654e5080e1f0a2.jpeg

HEY, You got ME thinking about this deal

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5 hours ago, 3n1 said:

 

... Funny but a high up banking source has revealed what will bring the iqd in is the above items plus ,

 the kicker the source stated is putting kebab and falafel carts at all banking locations all-u-can-eat 

 

Shish Kebab Cart — Stock Photo © andykazie #13318891image.jpeg.7cd68571935c393f64654e5080e1f0a2.jpeg

 

Where do I Sign ?????? Who could say NO to Camel Kebabs !!!!  

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 2020-12-15 03:00
 

Shafaq News / Al-Rasheed Bank announced on Tuesday that it will grant interest at a rate of (7% ٪) to fixed deposits.

The media office stated in a statement received by Shafaq News that "the specified period for these deposits is two and a half years." 

He added that "citizens, individuals, companies, associations and other sectors can open the aforementioned deposit accounts and obtain interest at our bank branches spread in the governorates of Iraq."

Governmental banks seek to invest the hoarded money with citizens, which, according to the Central Bank, is estimated at more than 77% of the money circulating in the market.

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Al-Mustaqila .. a consultant to Islamic banks, Bashar Qaddouri, said that the decline in exchange rates after approval by the Council of Ministers on the 2021 budget is due to a number of reasons related to dealing in the black market.

 

In contact with Al-Mustaqilla, he pointed out that the first reason is “market instability due to shock and price discrepancy,” noting that the official government and central bank rate is 1460, but the market needs some time to absorb that shock and reduce the natural difference, which is usually A difference of 5-6 tiger from the government price.

 

As for the second reason, it follows from the first reason, and it is related to not "the speculators' risk of buying the dollar a lot and adopting it at a price of 1400 or 1380 to be a safety price for itself with a difference of 6-5 tiger, which made the supply less than the demand."

He stated that the third reason is due to "the saving of merchants, citizens and depositors in the largest possible amount of dollars and hoarding it because they know in advance that the exchange rate will rise with the entry into force of the budget."

Kaddouri expected a gradual rise early next year to settle at an average rate of 1500 if the central bank’s exchange rate stabilized at 1460, and “This is the common sense and the correct interpretation.”

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Financial crisis ... Fact or fabrication ?!

  • SAT, 26-12-2020, AM 1:15
  •  
  • KARRAR AL-ASADI
  •  
  • 215
  •  

http://non14.net/public/images/large/8-1608934549.jpg

Written by: Qassem Al-Ajrash

 

For the purpose of approaching any problem, and then trying to solve it, it is necessary to begin by describing it in a realistic and accurate manner, determining its size, anticipating the ceiling of its development, probing its temporal ranges, its potential effects, and its societal regressions, and after that it is confronted with appropriate tools, and appropriate people are assigned to the confrontation, so that the treatments come smoothly. Realistic, not on the way the Iraqi state is facing the current complex crisis ...!


The state, with its legislative, executive, judicial and presidential elements, and with it the confused Iraqi media, did not reach the nature of the complex problem in which we found ourselves, so all the elements approached it, confused, confused and random.


actually; And because of the exacerbations of our complex crisis, the economic and social conditions in Iraq seem to go towards more complexity, so that difficult questions about the future of stability in the country have become proliferating, searching for those who understand them simply by understanding, after we despair of having someone to answer them!


We have not heard from the Central Bank and the Ministry of Finance so far, what is the size of the monetary mass in circulation, and what is the amount of sums deposited in government banks, and the same in private banks, and the same in banks in the Kurdistan region By citizens and companies, to clarify the size of the saved sums; By citizens in their places of residence..and on the basis of those numbers; Can we know the effects of the devaluation of the Iraqi dinar on the citizens.


Moreover, even the blue jin does not know the amount of money saved by citizens in Iraqi dinars, in their homes or outside banks, but the governor of the Central Bank cannot measure the size of the Iraqi monetary mass, and he also does not know the amount of foreign exchange, and in whose hands ?!


The sin of the apparatus that manages our financial and economic affairs is that it has over-borrowed without heartache, and the state has accumulated, due to the many factors we know, such as corruption, waste and mismanagement of expenditures, with billions of dollars of debt; Which these agencies cannot disclose, either because of the huge numbers, or because they do not know the size of the debt in the first place, and the Central Bank also played an important role in the growing volume of debt, by borrowing from banks at very high interest rates and lending to the government at much lower rates.


The calamity, which only a few have seen, is that the World Economic Bulletin, issued on 12/21/2020 in New York, revealed that the value of the Iraqi dinar was tampered with, and it was a major fraud by the Iraqi government, not to the global economy and global financial markets, that is. A role in reducing its market value, as it still maintains its value, which amounts to $ 100 = approximately 120,000 Iraqis, in all global financial markets.


The global bulletin said that the Iraqi dinar has not been devalued, and that what was issued by the Iraqi stock market lacks economic science and expertise.


Words before peace: We ended up with a very large stock of debt, which has become unsustainable, knowing that the problem of bad debts is that the creditors who lent money want to recover it, so we have to face reality, and accept that losses have occurred. Everyone accepts some concessions, until we find the most reasonable and acceptable solution.


Hello ..

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Iraqi banks undertake overdue reforms

Iraqi banks have undertaken reforms, coinciding with the Iraqi government's measures to reform the economy.

 
 

Dec 28, 2020

The Central Bank of Iraq announced in a statement Dec. 19 the devaluation of the Iraqi dinar to 1,450 to help reduce the country’s fiscal deficit in the state budget for 2021 from 70 trillion to nearly 30 trillion dinars.

Simultaneously, Iraqi banks have undertaken additional measures to optimize the Iraqi economy. In the past weeks, government banks intensified calls for citizens to deposit their money in their bank branches instead of hoarding it at home.

Local media published calls by Rasheed Bank and Rafidain Bank along with the interest rates they pay for deposited money.

In less than a week, state-owned Rafidain Bank raised the interest rate on deposited money from 4% to 5% so as to encourage people to deposit funds in Iraqi branches.

Rasheed Bank, however, is paying a 7% interest rate on fixed deposits for 2.5 years. Rasheed Bank's offer involves individuals, businesses, associations and other sectors.

According to the Central Bank, funds citizens have hoarded at home are estimated at 77% of those circulating in the local market.

Rasheed Bank, established in 1988, and Rafidain Bank, which opened in 1942, are the largest government banks in Iraq and have branches in most of the 18 Iraqi governorates.

The two banks, among others, have faced financial pressure due to government borrowing as a means to meet the large financial deficit the country has suffered since the outbreak of the COVID-19 pandemic and the drop in oil prices, which is Iraq’s main source of revenue.

Rasheed Bank spokesperson Amal Shuwaili told Al-Monitor, “Our bank is trying to raise awareness among citizens about the importance of depositing money in banks.”

Shuwaili does not have stats on deposits after the call was made, but she pointed out that the bank is increasingly opening new accounts and more and more funds are being deposited.

She explained that “the interest rates are withdrawn on a monthly, not a yearly basis" and "the funds will be protected at all times.”

The Iraqi banking system is underdeveloped, as Iraqis still pay most of their daily financial transactions in cash.

Salary domiciliation for ministry and state institution employees started a few years ago; banks provided them with debit cards, enabling them to withdraw cash.

Shuwaili stated that “as soon as the salary is deposited in the account, the bank sends an SMS notifying the employer that the salary has been deposited in the account.”

Amer Abd Ali, an employee at the Interior Ministry, noted that he only believes in cash and withdraws his entire salary as soon as it enters the account.

He explained to Al-Monitor, “I can only use the card in specific places. … To be honest, I do not trust the banks with my money.”

Citizens' lack of trust in banks is the main reason behind hoarding money, but it is not the only reason.

Bureaucracy prevails over the banking system, especially government banks, when it comes to opening new accounts and depositing funds. Add to that the interest rate depositors receive.

Shuwaili affirmed that, on the contrary, "… We have started to reduce this bureaucracy, and things have become easier now." Depositing funds "has become an easy task … but money withdrawal may seem a complicated process for clients. This process is designed to protect the money. Is it a kind of bureaucracy to ask for the client’s ID?” she added.

Shuwaili attributed Rasheed Bank's call to its ambitious plan to increase loans and encourage investments. “That is why Rasheed Bank is encouraging clients to deposit their hoarded funds.”

Shuwaili's remarks did not seem to be in line with the international data on the Iraqi government banks’ participation in boosting investments and the economy.

According to the World Bank, only 5% of small- and medium-sized enterprises obtained loans from local Iraqi banks, while businessmen and investors borrowed from family and friends to bridge their financial deficits or expand their businesses.

Iraq was ranked 172 out of 190 in the World Bank's Ease of Doing Business Index, followed by poor countries devastated by war, such as Syria and Afghanistan.

Nabil al-Marsoumi, professor of economics at the University of Basra, said that "the banks’ calls on citizens does not seem more than a prelude to a new round of government borrowing from these banks."

Marsoumi, who has written research papers on the defects of the Iraqi economy, identified major defects in the banking system including bureaucracy, underdeveloped e-systems and the fear that these banks could collapse at any moment due to the stifling financial crisis that Iraq is going through. He indicated to Al-Monitor, however, that “Iraqis deposit their money in neighboring countries due to the interest rates — in Turkey and Iran, for example, which are higher than those in the Iraqi banks."

Annual interest rates in Turkish and Iranian banks hit 20% on fixed deposits.

 
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Economic welcome to the trend of raising the deposit rate

 
 Baghdad: Haider Al-Rubaie and Muhannad Abdul-Wahab
 

The economic circles welcomed the initiative of the Rafidain and Rasheed banks, who raised the interest rates on deposited funds, stressing that this step is necessary to absorb the "hoarded money", and while a banking expert called for an increase in the interest rate to 12 percent on deposited funds, he emphasized that about 85 percent Of the currency circulating in Iraq, chunky with the owners of capital.


The Rafidain Bank increased the financial interest rate to 5 percent for fixed deposits for citizens for a period of one year, and interest up to 4.5 for those who deposit for a period of six months, a step followed by the Rasheed Bank, which raised the interest rate by 7 percent for fixed deposits.

 
Economic welcome
The banking expert, Abd al-Rahman al-Sheikhly, confirmed during his speech to “Al-Sabah” that “Iraq has been suffering for years from the phenomenon of“ hoarding outside banking channels ”, as more than 85 percent of the currency circulating in Iraq is hoarded with the owners of capital,” indicating that "The reason for hoarding this money stems from the loss of trust between the banking institution and the citizen."
Al-Sheikhly expressed his astonishment at some banking policies that he described as “obstructing the deposit and withdrawal operations,” noting that “when a citizen needs money to go about his affairs, he clashes with several obstacles after reviewing banks, and many banks do not grant citizens who settle his money, when he needs "This is why most citizens were forced to keep their sums away from banks."
 
Interest increase
Al-Sheikhly praised the procedure of Al-Rafidain and Al-Rasheed banks, calling for an increase in the interest rate to 12 percent, attributing that to two aspects, the first being the withdrawal of liquidity from the street, and then investing it within the banking institution, as those funds can be operated in several areas, ”indicating that“ the second It is to restore confidence between the banking institution and the citizen.
 
Enhancing liquidity
In turn, the banking expert, Abdul-Hussein Al-Mandhari, said during his interview with Al-Sabah that “Al-Rafidain and Al-Rasheed Bankers took this step with the aim of encouraging citizens to place their savings in banks instead of saving them at home, in order to obtain benefits that compensate them for the decrease in their value against the dollar After the government and the central bank resorted to reducing the dinar exchange rate.
"This initiative will enhance the liquidity of banks, which have decreased as a result of customer and government lending and as a result of some customers' delay in paying their loan installments as a result of the economic recession that the country's economy suffers from due to the Corona pandemic that struck most sectors of the economy in the world," Al-Mandhari explained.
Al-Mandhari urged commercial and Islamic banks to motivate customers to deposit their money in dollars, taking advantage of its price fluctuation in the market.
 
Deposit in banks
For her part, the official spokeswoman for the Rasheed Bank, Amal Al-Shuwaili, stressed the need to educate citizens about the importance of depositing in banks, and not to hoard money in homes, as it may be subject to theft or some predestination.
Al-Shuwaili explained during her interview with “Al-Sabah”, that “the interest in increasing the interest rate to 7 percent by the Rasheed Bank for a period of two and a half years for fixed accounts came to stimulate and encourage capital owners and citizens to deposit their money and not hoard it,” explaining that “the sums of money For depositors, they are kept with us and are safe. They will be returned whenever requested by their owners, and the bank is obligated to preserve them. ”
As for the importance of depositing and attracting funds to banks, Al-Shuwaili confirmed, “This approach is definitely important and is in the interest of the government's approach to advance the economic reality in general,” stressing that “Al-Rasheed has put in his plan to support investment projects in accordance with the regulations in place to contribute to supporting (housing / health projects) / Educational / commercial / industrial).
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Iraqi banks undertake overdue reforms

Iraqi banks have undertaken reforms, coinciding with the Iraqi government's measures to reform the economy.

 
al-monitor An employee of a currency exchange counter shows a stack of local currency banknotes in the southern Iraqi city of Nasiriyah in the Dhi Qar province, on Dec. 20, 2020. A year of economic agony for pandemic-hit and oil-reliant Iraq is drawing to a close, but a draft 2021 budget involving a hefty currency devaluation could bring more pain for citizens. Iraq, which relies on oil sales to finance 90 percent of its budget, projects that its economy has shrunk by 11% this year, while poverty doubles to 40% of the country's 40 million residents. Photo by ASAAD NIAZI/AFP via Getty Images.
 

bureaucracy, world bank, iraqi economy, covid-19, oil prices, central bank of iraq, reform

Dec 28, 2020

The Central Bank of Iraq announced in a statement Dec. 19 the devaluation of the Iraqi dinar to 1,450 to help reduce the country’s fiscal deficit in the state budget for 2021 from 70 trillion to nearly 30 trillion dinars.

Simultaneously, Iraqi banks have undertaken additional measures to optimize the Iraqi economy. In the past weeks, government banks intensified calls for citizens to deposit their money in their bank branches instead of hoarding it at home.

Local media published calls by Rasheed Bank and Rafidain Bank along with the interest rates they pay for deposited money.

In less than a week, state-owned Rafidain Bank raised the interest rate on deposited money from 4% to 5% so as to encourage people to deposit funds in Iraqi branches.

Rasheed Bank, however, is paying a 7% interest rate on fixed deposits for 2.5 years. Rasheed Bank's offer involves individuals, businesses, associations and other sectors.

 

 

According to the Central Bank, funds citizens have hoarded at home are estimated at 77% of those circulating in the local market.

Rasheed Bank, established in 1988, and Rafidain Bank, which opened in 1942, are the largest government banks in Iraq and have branches in most of the 18 Iraqi governorates.

The two banks, among others, have faced financial pressure due to government borrowing as a means to meet the large financial deficit the country has suffered since the outbreak of the COVID-19 pandemic and the drop in oil prices, which is Iraq’s main source of revenue.

Rasheed Bank spokesperson Amal Shuwaili told Al-Monitor, “Our bank is trying to raise awareness among citizens about the importance of depositing money in banks.”

Shuwaili does not have stats on deposits after the call was made, but she pointed out that the bank is increasingly opening new accounts and more and more funds are being deposited.

She explained that “the interest rates are withdrawn on a monthly, not a yearly basis" and "the funds will be protected at all times.”

The Iraqi banking system is underdeveloped, as Iraqis still pay most of their daily financial transactions in cash.

Salary domiciliation for ministry and state institution employees started a few years ago; banks provided them with debit cards, enabling them to withdraw cash.

Shuwaili stated that “as soon as the salary is deposited in the account, the bank sends an SMS notifying the employer that the salary has been deposited in the account.”

Amer Abd Ali, an employee at the Interior Ministry, noted that he only believes in cash and withdraws his entire salary as soon as it enters the account.

He explained to Al-Monitor, “I can only use the card in specific places. … To be honest, I do not trust the banks with my money.”

Citizens' lack of trust in banks is the main reason behind hoarding money, but it is not the only reason.

Bureaucracy prevails over the banking system, especially government banks, when it comes to opening new accounts and depositing funds. Add to that the interest rate depositors receive.

Shuwaili affirmed that, on the contrary, "… We have started to reduce this bureaucracy, and things have become easier now." Depositing funds "has become an easy task … but money withdrawal may seem a complicated process for clients. This process is designed to protect the money. Is it a kind of bureaucracy to ask for the client’s ID?” she added.

Shuwaili attributed Rasheed Bank's call to its ambitious plan to increase loans and encourage investments. “That is why Rasheed Bank is encouraging clients to deposit their hoarded funds.”

Shuwaili's remarks did not seem to be in line with the international data on the Iraqi government banks’ participation in boosting investments and the economy.

According to the World Bank, only 5% of small- and medium-sized enterprises obtained loans from local Iraqi banks, while businessmen and investors borrowed from family and friends to bridge their financial deficits or expand their businesses.

Iraq was ranked 172 out of 190 in the World Bank's Ease of Doing Business Index, followed by poor countries devastated by war, such as Syria and Afghanistan.

Nabil al-Marsoumi, professor of economics at the University of Basra, said that "the banks’ calls on citizens does not seem more than a prelude to a new round of government borrowing from these banks."

Marsoumi, who has written research papers on the defects of the Iraqi economy, identified major defects in the banking system including bureaucracy, underdeveloped e-systems and the fear that these banks could collapse at any moment due to the stifling financial crisis that Iraq is going through. He indicated to Al-Monitor, however, that “Iraqis deposit their money in neighboring countries due to the interest rates — in Turkey and Iran, for example, which are higher than those in the Iraqi banks."

Annual interest rates in Turkish and Iranian banks hit 20% on fixed deposits.

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On 12/12/2020 at 6:35 PM, unirod said:

It's been over 2 years since I have visited this site for the latest Iraqi news. Nothing has changed a bit. These guys are still all talk! We need a little less talk and a lot more action!!

We added the"POW" feature since you left. Not much has changed here, we are still checking in watching these guys try to get their act together. 😃

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5 hours ago, Artitech said:

Plus no rv in sight for this lifetime! Same story just different actors! So much for an rv before the end of the year!  🤠

The RV would never happen before the end of the year it would make zero sense! The beginning of their New fiscal year is the optimal time to RV which is January 1st same as our here in America! However we also see the Iraqi Stock exchange is closed for an extra day and will not reopen until Monday Jan 4th, that will be the highest probability but the first week is still highly probable to me guess we shall see very soon! Happy New Year All!!!

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Economic welcome to the trend of raising the interest rate on deposits

Thursday 31 December 2020 96

Economic welcome to the trend of raising the interest rate on deposits
 
 Baghdad: Haider Al-Rubaie and Muhannad Abdul-Wahhab
 
The economic circles welcomed the initiative of the Rafidian and Rasheed banks, which raised the interest rates on deposited funds, stressing that this step is necessary to absorb the "hoarded money", and while a banking expert called for increasing the interest rate to 12 percent on the deposited funds, he confirmed that about 85 percent Of the currency circulating in Iraq, chunky with the owners of capital.


The Rafidain Bank increased the financial interest rate to 5 percent for fixed deposits for citizens for a period of one year, and interest up to 4.5 for those who deposit for a period of six months, a step followed by the Rasheed Bank, which raised the interest rate by 7 percent for fixed deposits.
 
Economic welcome
The banking expert, Abd al-Rahman al-Sheikhly, confirmed during his speech to “Al-Sabah” that “Iraq has been suffering for years from the phenomenon of“ hoarding outside banking channels ”, as more than 85 percent of the currency circulating in Iraq is hoarded with the owners of capital,” indicating that "The reason for hoarding this money stems from the loss of trust between the banking institution and the citizen."
Al-Sheikhly expressed his astonishment at some banking policies that he described as “obstructing the deposit and withdrawal operations,” noting that “when a citizen needs money to go about his affairs, he clashes with several obstacles after reviewing banks, and many banks do not grant citizens who settle his money, when he needs "This is why most citizens were forced to keep their sums away from banks."
 
Interest increase
Al-Sheikhly praised the procedure of Al-Rafidain and Al-Rasheed banks, calling for an increase in the interest rate to 12 percent, attributing that to two aspects, the first being the withdrawal of liquidity from the street, and then investing it within the banking institution, as those funds can be operated in several areas, ”indicating that“ the second It is to restore confidence between the banking institution and the citizen.
 
Enhancing liquidity
In turn, the banking expert, Abdul-Hussein Al-Mandhari, said during his interview with Al-Sabah that “Al-Rafidain and Al-Rasheed Bankers took this step with the aim of encouraging citizens to place their savings in banks instead of saving them at home, in order to obtain benefits that compensate them for the decrease in their value against the dollar After the government and the central bank resorted to reducing the dinar exchange rate.
"This initiative will enhance the liquidity of banks, which have decreased as a result of customer and government lending and as a result of some customers' delay in paying their loan installments as a result of the economic recession that the country's economy suffers from due to the Corona pandemic that struck most sectors of the economy in the world," Al-Mandhari explained.
Al-Mandhari urged commercial and Islamic banks to motivate customers to deposit their money in dollars, taking advantage of its price fluctuation in the market.
 
Deposit in banks
For her part, the official spokeswoman for the Rasheed Bank, Amal Al-Shuwaili, stressed the need to educate citizens about the importance of depositing in banks, and not to hoard money in homes, as it may be subject to theft or some predestination.
Al-Shuwaili explained during her interview with “Al-Sabah”, that “the interest in increasing the interest rate to 7 percent by the Rasheed Bank for a period of two and a half years for fixed accounts came to stimulate and encourage capital owners and citizens to deposit their money and not hoard it,” explaining that “the sums of money For depositors, they are kept with us and are safe. They will be returned whenever requested by their owners and the bank is obligated to preserve them.
As for the importance of depositing and attracting funds to banks, Al-Shuwaili confirmed, “This approach is definitely important and is in the interest of the government's approach to advance the economic reality in general,” stressing that “Al-Rasheed has put in his plan to support investment projects in accordance with the regulations in place to contribute to supporting (housing / health projects) / Educational / commercial / industrial
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