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


yota691
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Bank accounts in Iraq have not reached the level of ambition

 
 Baghdad: Farah Al-Khafaf 
The former director general of Al-Nahrain Bank, Abdul-Hussein Al-Mandhari, confirmed that the number of current bank accounts in Iraq, estimated at 4.8 million, “did not reach the level of ambition,” although it promotes financial inclusion ... and the legislative and executive authorities are betting on the banking sector to achieve a boost to the suffering Iraqi economy The state of most world economies is due to the repercussions of the Corona virus, but what made matters worse is that the economy of Iraq was built for decades on traditional concepts, and despite the attempts during recent years to free them and move to a market economy, which has always been repeated as a term and heard by citizens, but touched His results, in real terms, were not up to his ambition.


Al-Mandhari says: "4.8 million bank accounts means approximately one person out of ten owns a bank account."

 
Financial inclusion
He added that “most bank accounts are for state institutions, and banking services according to financial inclusion must reach every Iraqi and citizen’s home,” indicating that “according to the statistics of the Central Bank and until August 31, 2020, the issued cash mass amounted to more than 62 trillion dinars, of which banks own As deposits up to 25 percent, or nearly 17 trillion dinars, and the remainder is outside the banks with the public ». Regarding the recent move of some banks, especially the government, to raise the interest of savings accounts and fixed deposits and the extent to which they attract the hoarded funds, Al-Mandhari said: “Raising bank interest does not make a difference to the public, because of the citizen’s fear of the future vision of the currency, and the majority is directed to dollarization, in exchange for an economic threat, It is inflation, which is one of the reasons for the devaluation of the Iraqi dinar against the dollar.
 
Savings accounts
The Ministry of Finance had directed government banks to increase interest rates, as Rafidain Bank announced that savings accounts would be raised to 5 percent and fixed deposits reached 7 percent.
 Regarding solutions and proposals, Al-Mandhari pointed out that, "In order to encourage citizens to go to banks and deposit their money, banks should reduce the conditions for depositing money with them." 
The Association of Iraqi Private Banks announced that the number of bank accounts in banks operating inside Iraq amounted to more than 4.8 million bank accounts. 
 
High interest
The Executive Director of the Iraqi Private Banking Association, Ali Tariq, said in a statement: “Bank accounts amounted to more than 4.8 million accounts, which is a very good percentage, and is witnessing a great annual growth, which is more than 44 percent thanks to the program of localizing salaries of state employees and opening new companies, as well as On the need of 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 amounts to more than 11.2 million cards, while the number of ATMs is 1,170 devices, explaining that the point of sale devices known as POS amount to about 4,000 devices, and electronic payment companies are working on an increase to include all stores throughout the country during Coming years. Tariq pointed out that the activated electronic wallets amount to more than 3.5 million wallets, and that the points of cash payment amount to about 13 thousand devices spread throughout Iraq. 
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Al-Rafidain announces the outcome of saving and current accounts open to citizens

Economie09:04 - 01/04/2021

 
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Baghdad - Mawazine News

Al-Rafidain Bank announced, on Thursday, that the number of accounts opened for citizens and other groups in its branches in Baghdad and the provinces during last February amounted to 3895 savings and current accounts.
The media office of the bank said in a statement that Mawazine News received a copy of, that "the number of current accounts that were opened for citizens and other groups in February reached 233 accounts, while the number of savings accounts for citizens reached 3662 accounts."
He added, "The bank continues to provide its services and open accounts for citizens who wish to deposit their money in the bank and obtain interest in accordance with conditions and controls set in place. The bank’s customers can visit its branches in Baghdad and the governorates to review them."

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 2021-04-17 03:07
 

Shafaq News / Al-Rafidain Bank announced on Saturday that it would raise the interest rate for citizens' saving accounts to 4.5 percent. 

The bank’s media office said in a statement today that, 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 4.5 percent. 

The bank also decided to increase the interest rate on deposits for a period of six months to become 4.5 percent, increase the interest rate on fixed deposits for one year to 5.5 percent, in addition to increasing the interest rate on deposits for two years to become 6.5 percent.

The statement indicated that the bank 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 is the basis for the comparison between the deposit and the savings account and the customer.

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  •  Time: 04/17/2021 10:10:32
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Al-Rafidain raises the interest of saving accounts for depositors their money
  
{Baghdad: Al Furat News} Today, Saturday, the Rafidain Bank announced that the interest rate for citizens' savings accounts will be raised to 4.5 percent.
 

The bank’s media office said in a statement that Al Furat News received a copy of, that “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 at home, the bank decided to increase the interest rate on savings accounts to 4.5 percent".

The statement added that "the bank decided to increase the interest rate on deposits for a period of six months to become 4.5 percent, and to increase the interest rate on fixed deposits for a year to be 5.5 percent, in addition to increasing the interest rate on deposits for a period of two years to become 6.5 percent."

The statement indicated that "the bank decided to pay interest for 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."

Hussein Hatem

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Al-Rafidain raises the interest of saving accounts for depositors

 
  Baghdad: Morning
 
Rafidain Bank raised the interest rate on saving accounts for depositors.
A statement of the bank said, "It decided to increase the interest rate on deposits for a period of six months to become 4.5 percent and to increase the interest rate on fixed deposits for a year to 5.5 percent, in addition to increasing the interest rate on deposits for two years to become 6.5 percent." The statement added that «the bank 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. This will be the basis for the comparison between the deposit and the savings account.
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Deposit interest rate

Tuesday 20 April 2021 71

Deposit interest rate

 
Muhammad Sharif Abu Maysam
deposits of the public are considered the main material in the banking business. Through these deposits, banks raise credit ratios and circulate funds for the benefit of the public in exchange for a profit margin after covering the administrative costs, through the interest rates collected on the amounts of loans granted. At that time, banks would contribute to economic development through the circulation of funds and motivating the public to deal and deal in the banking arena.  
Usually the interest rates granted to the public in return for depositing money in savings accounts and fixed deposits are much lower than the interest rates charged by the public in return for obtaining loans, and the difference between the two rates is that which covers the administrative costs of bank operations with achieving profit rates that contribute to developing work and raising cash reserve ratios And the capital, in addition to verifying the prices of banking operations and trading services (which today became free in the framework of competition in order to gain more of the public for the bank).
 However, there is a shift and what appears to have become clear in the performance of some banks reveals the adoption of a new method of attraction to the public regardless of the interest rates achieved, as the interest rates granted on deposited funds are raised to more than the interest charged on the loans granted. Interest rates in favor of savings accounts and deposits at Al-Rafidain Bank, despite the adoption of low interest rates in car loans.
As he announced the raising of the interest rate to 4. 5% for savings accounts and the same for fixed deposits for six months, and 5.5% for fixed deposits for one year and 6. 5 percent for deposits for a period of two years, explaining this policy "with the aim of maximizing revenues, attracting cash liquidity, and encouraging customers to save instead of hoarding it at home." 
Al-Rafidain had reduced the interest rate charged on auto loans to employees and citizens to about 4 percent of the loan amount granted last October. This confirms that Rafidain Bank is continuing to achieve the goal of attracting the monetary mass in the context of the financial inclusion program at the expense of achieving interest rates, and it is certain that the prices of banking operations will not be high in dealing with the public, with the aim of attracting more dealers and maintaining an attractive and non-repelling policy. This leads us to explore the financial situation in light of a fiscal policy that may cause great losses to the bank and make it among the public companies nominated for restructuring, as mentioned in the economic reform paper.
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Al-Rafidain announces the outcome of opening savings and current accounts for citizens to deposit their money
  
{Baghdad: Al Furat News} Today, Saturday, Al-Rafidain Bank revealed the outcome of accounts opened for citizens and other groups in its branches in Baghdad and the governorates during last March, indicating that it amounted to 3778 savings and current accounts.
 

"The number of current accounts opened for citizens and other groups in March reached 207 accounts, while the number of savings accounts for citizens reached 3571 accounts," the bank’s media office said in a statement.
He added that the bank continues to provide its services and open accounts for citizens who wish to deposit their money in the bank and obtain interest according to conditions and controls set in place. The bank’s customers can visit its branches in Baghdad and the governorates to review them.

Hussein Hatem

 
 
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Baghdad / National News Center

Al-Rafidain Bank announced today, Saturday, that the number of accounts opened for citizens and other groups in its branches in Baghdad and the provinces during last March amounted to 3778 savings and current accounts.

The media office of the bank said in a statement received by the "National News Center" that the number of current accounts opened for citizens and other groups in March reached 207 accounts, while the number of savings accounts for citizens reached 3571 accounts.

He added that "the bank continues to provide its services and 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 governorates to review them."

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A new decision from Al-Rafidain regarding fixed deposit interest rates for citizens
 

  

Baghdad - People  

On Friday, Rafidain Bank announced an increase in the fixed deposit interest rate for citizens who deposit their money in the bank.  

  

 

  

The media office of the bank said in a statement, which "Nas" received a copy of (May 7, 2021), that "it was decided to increase the interest rate on deposits for a period of six months to 4.5 percent, as well as to increase the interest rate on fixed deposits for a year to 5.5 percent."  

"The interest rate on deposits for a period of two years has been increased to 6.5 percent," the statement added. 

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Al-Rafidain: Increasing the fixed deposit interest rate for depositors with their money
  
{Economy: Al Furat News} Al-Rafidain Bank announced an increase in the fixed deposit interest rate for citizens who deposit their money in the bank.
 

The bank’s media office said in a statement that it had been decided to increase the interest rate on deposits for a period of six months to 4.5 percent. The interest rate on fixed deposits for one year was also increased to 5.5%. The statement added that the interest rate on deposits for two years had been increased to 6.5 percent

Raghad Daham

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27418.jpg
 
  

 Banks


Economy News _ Baghdad

 On Friday, Rafidain Bank announced an increase in the fixed deposit interest rate for citizens who deposit their money in the bank.

The bank’s media office said in a statement received by "Al-Eqtisad News" that it was decided to increase the interest rate on deposits for a period of six months to 4.5 percent, as well as to increase the interest rate on fixed deposits for a year to 5.5 percent. 

The statement added that the interest rate on deposits for two years had been increased to 6.5 percent.

 
 
Number of observations 63   Date added 05/07/2021
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Al-Rafidain announces raising the interest of saving accounts for depositors of their money
  
{Economical: Al Furat News} Al-Rafidain Bank announced that the interest rate for citizens' saving accounts will be raised to 4.5 percent
 

The bank’s media office said in a statement that Al Furat News received a copy of, that “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 at home, the bank decided to increase the interest rate on savings accounts to 4.5 percent".

The bank called on "citizens to deposit their money in the bank and benefit from that service provided to them." 

Forgiveness Al-Khalidi 

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Al-Rafidain announces the outcome of the number of accounts opened for citizens registered with it

Economie09:12 - 29/05/2021

 
image
 
 

 

BAGHDAD - Mawazine News
Al-Rafidain Bank announced, on Saturday, that the number of accounts opened for citizens and other groups in its branches in Baghdad and the governorates during last April amounted to 3,870 savings and current accounts.
The media office of the bank said in a statement that Mawazine News received a copy of, that "the number of current accounts that were opened for citizens and other groups in April reached 242 accounts, while the number of savings accounts for citizens reached 3628 accounts."
He added that "the bank continues to provide its services and open accounts for citizens who wish to deposit their money in the bank and obtain interest according to conditions and controls set in place, and the bank’s customers can visit its branches in Baghdad and the governorates to review them."

 
 
 
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  •  Time: 05/29/2021 08:38:00
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Al-Rafidain announces the outcome of the savings accounts
  
{Economic: Al Furat News} Al-Rafidain Bank announced that the number of accounts opened for citizens and other groups in its branches in Baghdad and the governorates during last April amounted to 3,870 savings and current accounts.
 

The media office of the bank stated in a statement that the Euphrates News Agency received a copy of it that the number of current accounts that were opened for citizens and other groups in April reached 242 accounts, while the number of saving accounts for citizens reached 3628 accounts, 
adding that the bank continues to provide its services and open accounts for citizens. Those wishing to deposit their money in the bank and obtain interest in accordance with the conditions and controls laid down, and the bank’s customers can visit its branches in Baghdad and the governorates for a review.

Raghad Daham

 
 
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  •  Time: 06/04/2021 09:15:17
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Al-Rafidain: Increasing the interest rate on deposits
  
{Economic: Al Furat News} Rafidain Bank announced that it will continue to open savings and current accounts for citizens to deposit their money in the bank instead of hoarding it in homes and obtaining rewarding financial returns.
 

The media office of the bank said in a statement that {Euphrates News} received a copy of it that it was decided to increase the interest rate on deposits for a period of six months to become 4.5 percent. As well as increasing the interest rate on fixed deposits for a period of one year to 5.5 percent. The statement added that the interest rate on deposits for two years was increased to 6.5 percent.

Raghad Daham

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ir1.jpg?resize=696%2C416&ssl=1

Yes Iraq: Baghdad

 

Al-Rafidain Bank announced, on Friday, that it will continue to open savings and current accounts for citizens to deposit their money in the bank instead of hoarding it in homes and obtaining rewarding financial returns. 

The bank's media office said in a statement, "It was decided to increase the interest rate on deposits for a period of six months to become 4.5 percent." Also, increasing the interest rate on fixed deposits for a period of one year to 5.5 percent.

The statement added, "The interest rate on deposits for two years has been increased to 6.5 percent."

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New banking instructions for those wishing to deposit their money

  • SATURDAY, 06-05-2021,PM 1:39
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  • KARAR AL ASADI
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http://non14.net/public/images/large/8-1622889577.jpg

Today, Saturday, Al-Rafidain Bank issued new instructions to facilitate procedures for citizens wishing to open current and savings accounts to deposit their money in the bank.


And the bank’s media office said in a statement, “The bank has canceled the requirement to see identification for customers who wish to open current accounts, with the aim of attracting the largest number of customers, with a commitment to applying the principle of knowing your customer and taking due diligence measures.”


According to the statement, the bank reiterated its "obligation to submit one supporting document when opening savings and current accounts."

He explained that "the unified card dispenses with the rest of the documents, and there is no need to wait for the validity of its issuance, while the civil status identity, passport, housing card, or housing support for those who were not issued a unified card are approved."

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Al-Rafidain cancels the identification witness for citizens wishing to open accounts to deposit their money

Economie10:13 - 05/06/2021

 
image
 
 

 

Baghdad - Mawazine News
, Al-Rafidain Bank issued, on Saturday, new instructions to facilitate procedures for citizens wishing to open current and savings accounts to deposit their money in the bank.
And the media office of the bank stated in a statement that Mawazine News received a copy of it, that "the bank has canceled the requirement to see identification for customers wishing to open current accounts, with the aim of attracting the largest number of customers, with a commitment to applying the principle of knowing your customer and taking due diligence measures."
The bank renewed, according to the statement, its "obligation to submit one supporting document when opening savings and current accounts."
The statement clarified that "the unified card dispenses with the rest of the documents, and there is no need to wait for the validity of its issuance, while the civil status identity, passport, housing card, or housing support for those who were not issued a unified card are approved." Ended 29/A43

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Source:
 
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Today, Thursday, Al-Rafidain Bank issued new instructions to facilitate procedures for citizens wishing to open savings and current accounts to deposit their money in the bank.

In a statement received by Alsumaria News, the bank’s media office stated, “The bank canceled the requirement to see identification for customers who wish to open current accounts, with the aim of attracting the largest number of customers, with a commitment to applying the principle of knowing your customer and taking due diligence measures.”
 
 
 

The bank reiterated its commitment to submit one supporting document when opening savings and current accounts.

The statement explained that "the unified card dispenses with the rest of the documents, and there is no need to wait for the validity of its issuance, while adopting the civil status identity, passport, housing card, or housing support for those who were not issued a unified card."
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Thursday, July 1, 2021 8:44 AM

Baghdad / National News Center المركز

Today, Thursday, Al-Rafidain Bank issued new instructions to facilitate procedures for citizens wishing to open savings and current accounts to deposit their money in the bank.

And the bank’s media office stated in a statement received by the “National News Center” that “the bank canceled the requirement to see the definition for customers who wish to open current accounts, with the aim of attracting the largest number of customers, with a commitment to applying the principle of knowing your customer and taking due diligence measures.”

According to the statement, the bank reiterated its "obligation to submit one supporting document when opening savings and current accounts."

The statement explained that "the unified card dispenses with the rest of the documents, and there is no need to wait for the validity of its issuance, while adopting the civil status identity, passport, housing card, or housing support for those who were not issued a unified card."

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Al-Rafidain: The procedures for opening bank accounts do not need to see the definition
  
{Economy: Al Furat News} Rafidain Bank announced, today, Tuesday, new instructions to facilitate procedures for citizens wishing to open current and savings accounts to deposit their money in the bank.

The media office of the bank said in a statement that {Al-Furat News} received a copy of it, that the bank canceled the requirement to see the definition for customers who wish to open current accounts, with the aim of attracting the largest number of customers, with a commitment to applying the principle of “know your customer” and taking due diligence measures. The bank reiterated its obligation to submit one supporting document when opening savings and current accounts. The statement explained that the unified card dispenses with the rest of the documents, and there is no need to wait for the validity of its issuance, while the civil status identity, passport, housing card, or housing support for those who have not been issued a unified card are approved.

Hazem 

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  •  Time: 07/21/2021 10:13:30
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Al-Rafidain tempts citizens to raise the interests of savings and current accounts
  
{Economic: Al Furat News} Rafidain Bank announced that opening savings and current accounts for citizens will be in the bank’s branches in order to deposit their money in the bank instead of hoarding it in homes and obtaining rewarding financial returns.
 

The bank's media office said in a statement that it was decided to increase the interest rate on deposits for a period of six months to become 4.5 percent. As well as increasing the interest rate on fixed deposits for a period of one year to 5.5 percent. The statement added that the interest rate on deposits for two years was increased to 6.5 percent

Raghad Daham

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11782.jpg
Rafidain Bank logo
  

 banks


Economy News - Baghdad

Rafidain Bank revealed, on Tuesday, new instructions to facilitate the procedures for opening accounts in the bank.

And the bank’s media office said in a statement seen by “Al-Iqtisad News”, that “the bank has canceled the requirement to see identification for customers who wish to open current accounts, with the aim of attracting the largest number of customers, with a commitment to applying the principle of knowing your customer and taking due diligence measures.”

The statement stressed, "the obligation to submit one supporting document when opening savings and current accounts."  

The statement clarified that "the unified card dispenses with the rest of the documents, and there is no need to wait for the validity of its issuance, while adopting the civil status identity, passport, housing card, or housing support for those who were not issued a unified card."

 
 
Views 607   Date Added 07/20/2021
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37 minutes ago, yota691 said:

The statement added that the interest rate on deposits for two years was increased to 6.5 percent

 

a 2year CD rate in the USA is less than 1 percent maybe US banks need a comedy team to promote  .... thanks yota 

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  • yota691 changed the title to A Record Rise In The Rate Of “Domestic Cash” Outside Iraqi Banks In 2021
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