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Economist: There is no relationship between the devaluation of the dinar and the central bank's retention of cash reserves

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Baghdad / NINA / - The expert in economic affairs, Raad Twij, confirmed: "The devaluation of the Iraqi dinar is not a reason for the Central Bank to maintain cash reserves."

Twig said in a statement to the National Iraqi News Agency / NINA /: “There have been increasing statements from Iraqi officials that the devaluation of the Iraqi dinar has worked to preserve the cash reserves of the Central Bank of Iraq, but in fact, from a practical point of view, there is no evidence for that relationship, and the real relationship is the correlation Between what is sold in the currency window of foreign currency and the price at which that currency is sold in the local currency.

He added: "The pressure caused by the demand for foreign exchange in the currency auction forced the decision makers to take a measure to raise the exchange rate as a result of the high marginal propensity to import and the marginal propensity to consume in Iraq by more than 0.9%."/ End 8
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 2021-12-08 05:13
 

 

Shafaq News/ The Central Bank decided to ban dealing with the director of the National Bank of Iraq, Khaled Ahmed Al-Shawaqfeh.

According to a letter signed by the Deputy Governor of the Central Bank, Imad Hamad Khalaf Agency, and reviewed by Shafak News Agency, it was decided to permanently prevent Al-Shawaqfeh from working in the Iraqi banking sector due to grave violations and non-compliance with the laws, regulations and circulars issued by the bank, the Anti-Money Laundering Office, and financing terrorism.

 

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The Central Bank of Iraq announces the permanent suspension of the director of the National Bank of Iraq

The Central Bank of Iraq announces the permanent suspension of the director of the National Bank of Iraq

in a: In: 52 views
 

The Central Bank issued today the suspension of the Director of the National Bank of Iraq, “Khaled Ahmed Al-Shawaqfeh” from working in the Iraqi banking sector.

A source said that the bank decided to permanently ban (Khaled Ahmed Mahmoud Al-Shawaqfeh), the name of the mother (Turkiah Saleh), from working in the Iraqi banking sector.


The document indicated, "The reason for the ban is due to the bank's manager committing several violations and non-compliance with the laws, regulations and circulars issued by this bank and the Anti-Money Laundering and Terrorist Financing Office."

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 2021-12-09 04:07
 

Shafaq News/ On Thursday, the National Bank of Iraq denied its relationship with Khaled Al-Shawaqfeh, who was prevented by the Central Bank of Iraq from working in the Iraqi central sector in general.

A statement issued by the bank stated that what was recently circulated through social media and some news websites related to the decision of the Central Bank of Iraq to prevent Khaled Al-Shawaqfeh from working in the banking sector, which was incorrectly referred to in those websites as the authorized director of the National Bank of Iraq, is a disgrace. about health.

The statement added that the authorized director of the National Bank of Iraq is Ayman Omran Abu Dhaim, who has held his position since 2018 until now, noting that the bank represented by its authorized director Abu Dhaim has nothing to do with what was circulated and that the name of the bank was incorrectly mentioned by those media outlets. .

In its statement, the bank noted that "through its strong commitment to standards of transparency and integrity, it enjoys the confidence of the supervisory authorities in Iraq, especially the Central Bank of Iraq, and enjoys a reputable reputation in the Iraqi market, through which it was able to expand its customer base and gain their trust."

The bank continued that it was able to become the fastest growing bank for individual services in Iraq with its advanced services, which the bank provides through its 19 branches located in all Iraqi cities. It provides its services to individuals and companies through its advanced digital platform based on the latest technologies.

The bank also indicated that it had recently obtained the approval of the Iraqi and Saudi Central Banks to open a branch of the bank in the Kingdom of Saudi Arabia, and this step comes as a continuation of the expansion plans pursued by the bank. Note that the National Bank of Iraq is part of the Capital Bank Group - Jordan, which is considered one of the most important financial institutions in the region.

And the Central Bank decided to ban dealing with the so-called Khaled Ahmed Al-Shawaqfeh.

According to a letter signed by the Deputy Governor of the Central Bank, Imad Hamad Khalaf Agency, and reviewed by Shafak News Agency, it was decided to permanently prevent Al-Shawaqfeh from working in the Iraqi banking sector due to grave violations and non-compliance with the laws, regulations and circulars issued by the bank, the Anti-Money Laundering Office, and financing terrorism.

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Muage 

 

Forecasts of 5.5% growth for the Iraqi economy in 2022

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 Economy
 
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Baghdad-INA
 
The Arab Monetary Fund (AMF) released the 17th edition of the Arab economic outlook report" The Horizons of Arab Economy” including macroeconomic forecasts for Arab economies including Iraq for 2022 and 2023.
 
The report, which was followed by the Iraqi News Agency (INA), anticipated that the Iraqi economy would recover, achieving a growth of 5.5 percent this year, and a relative decline in economic growth to 4.4 percent in the year 2023.
 
The report reviewed part of the measures conducted by the Iraqi government and the Central Bank(CBI) to contribute to achieve growth in the country, noting that CBI had set among its priorities in its strategic plan for the years 2021-2023 to support digital financial and banking services by preparing for the “Know Your Customer Online” project, to adopt the use of digital identification to open bank accounts and integrate customers digitally, and obligating the banking sector to use digital applications, such as mobile phone applications and online banking services, in accordance with international best practices.
 
The report indicated that CBI launched, in coordination with the government, several initiatives in order to stimulate economic activity, especially in the field of financing small, medium and large enterprises, and in the field of housing and personal loans, and to enhance credit to the private sector by reducing the interest imposed on the granted loans.
 
 

 
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The Iraqi News Agency (INA) is the first news agency in Iraq, and the second to be launched in the region after the Egyptian Middle East News Agency. The agency was established during the era of former President Abdel Karim Qassem in March of 1959 as an official news agency.

All rights reserved © 2022.

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Planning Minister: Iraq is keen to strengthen relations with international Bank

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 politics
 
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Baghdad-INA  
Minister of Planning Khalid Battal Al-Najm affirmed today, Sunday, Iraq’s keenness to strengthen relations with the World Bank to serve development in the country.


The media office of the Ministry of Planning stated in a statement  that “Al-Najm received today the new Special Representative of the World Bank in Iraq Richard Abdel Noor and his accompanying delegation, and the meeting was attended by the Director General of International Cooperation in the Ministry of Planning, Saher Abdel Kadhim, the meeting discussed aspects of joint cooperation between the two sides in various economic and development issues, especially those related to the work mechanisms of the Recovery and Reconstruction Fund in Iraq and the Social Fund for Development.


 The minister indicated, according to the statement, "Iraq's keenness, and its strong desire to strengthen relations with the World Bank to serve the development of the country," noting that "all projects that are being implemented within the two funds should be among the priorities set by Iraq, according to the development gaps."


For his part, Abdel Noor expressed "the World Bank's readiness to provide more support for the efforts of the Ministry of Planning and the Iraqi government, in the field of supporting development and achieving economic reforms, which Iraq needs, after the crises it has faced in recent years."

 
  •  Yesterday, 19:52Edit

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The Iraqi News Agency (INA) is the first news agency in Iraq, and the second to be launched in the region after the Egyptian Middle East News Agency. The agency was established during the era of former President Abdel Karim Qassem in March of 1959 as an official news agency.

© 2022.

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INA – BAGHDAD 
 
Financial advisor to the Prime Minister, Mudhher Muhammad Salih explained the reasons that allowed Iraq to record the highest Arab growth rates this year, which exceeded 9%, according to a report by the International Monetary Fund, describing this percentage as the highest in the history of Iraq.
 
“The reason is due to the increase in Iraq’s exports by about one million barrels compared to the period of Corona pandemic emergence, and also the increase in oil prices by 40% as well as, the major reconstruction campaign in the liberated cities, said Salih to Al-Iraqiya News TV, and the Iraqi News Agency – INA.
 
He noted that "there is a fourth reason. It’s the due to the activity of the digital communications sector, and the fifth is due to the initiative of the Central Bank, which amounted to 19 trillion dinars and provided housing loans plus supporting youth projects."
 
Salih explained that “there are financial savings represented by the increase in the Central Bank’s reserves that support economic stability, and others related to the rise in oil prices. It ranges, according to our estimates, between $15-$20 billion, and this should be invested in a budget legislation for the next year, especially since the budget represents 50% of the value of the domestic product. It has an investment aspect that supports the development sector in the country and maintains .

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21 minutes ago, coorslite21 said:

INA – BAGHDAD 
 
Financial advisor to the Prime Minister, Mudhher Muhammad Salih explained the reasons that allowed Iraq to record the highest Arab growth rates this year, which exceeded 9%, according to a report by the International Monetary Fund, describing this percentage as the highest in the history of Iraq.
 
“The reason is due to the increase in Iraq’s exports by about one million barrels compared to the period of Corona pandemic emergence, and also the increase in oil prices by 40% as well as, the major reconstruction campaign in the liberated cities, said Salih to Al-Iraqiya News TV, and the Iraqi News Agency – INA.
 
He noted that "there is a fourth reason. It’s the due to the activity of the digital communications sector, and the fifth is due to the initiative of the Central Bank, which amounted to 19 trillion dinars and provided housing loans plus supporting youth projects."
 
Salih explained that “there are financial savings represented by the increase in the Central Bank’s reserves that support system" rel="">support economic stability, and others related to the rise in oil prices. It ranges, according to our estimates, between $15-$20 billion, and this should be invested in a budget legislation for the next year, especially since the budget represents 50% of the value of the domestic product. It has an investment aspect that supports the development sector in the country and maintains .

 

Great news. Thxs CL

 

   pp

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