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Central Bank: We do not plan to change the dollar exchange rate


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 Baghdad: Huda Al-Azzawi 
 
Under the auspices of the Ministry of Finance, the Central Bank of Iraq and the Association of Private Banks in Iraq, the largest exhibition of banks will be held on the grounds of the Baghdad International Fair next Saturday, July 2 .
The Director of the Media Office of Rafidain Bank, Wissam Muhammad, said in an interview with "Al-Sabah" that "the bank is preparing to participate in the exhibition."
After completing all logistical and technical procedures. 
And he indicated that "this important event in the banking sector is complementary to the activities of financial inclusion, and the bank will present its various and diverse banking services and products and marketing banking products to customers in this event, which aims to increase banking culture, open bank accounts, use modern systems in banking and promote small and medium enterprises for individuals and companies." and other facilities and everything related to spreading the banking culture.
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"Iraq Finance Fair and Conference" kicks off tomorrow in Baghdad

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Baghdad /Nina/ Kicks off on the ground of the Baghdad International Fair, on Saturday, the events of the "Iraq Finance Conference Exhibition" sponsored by the Ministry of Finance, the Central Bank of Iraq and the Association of Private Banks, which will last for two days and in the presence of government officials, economists, finance and representatives of the departments of government and civil banks in Iraq.
 

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Al-Rafidain participates in the largest financial exhibition in Iraq, which will start tomorrow
  
{Economic: Al Furat News} Al-Rafidain Bank is preparing to participate in the Iraq Finance Conference and Exhibition, which will be held on the grounds of the Baghdad International Fair tomorrow, Saturday, and will last for 3 days.

The media office of the bank stated, in a statement, that the agency {Euphrates News} received a copy of it, that "this important event is one of the largest exhibitions in Iraq, and alongside Rafidain Bank, many banks and other financial companies will participate in an event organized annually and collecting expertise in the banking field."

He pointed out, "This important financial forum in the banking sector is complementary to the activities of the Financial Inclusion Week, and the bank will present its many and varied products and services and marketing banking products to customers in this event, which aims to increase banking culture, open bank accounts, and promote small and medium enterprises for individuals, companies and other facilities, and everything else." related to spreading the banking culture.

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 2022-07-02 05:14
 

Shafaq News/ The Central Bank of Iraq revealed today, Saturday, the size of the gold reserves in the country, and while it expected the hard currency reserves to reach 90 billion US dollars, it confirmed that it was not possible to change the exchange rate.

Deputy Central Bank Governor Ammar Khalaf said in a statement to a number of media outlets, including Shafak News Agency, that "it is hoped that the bank's reserves of hard currency will reach 90 billion US dollars," explaining, "We now have more than 70 billion dollars."

Khalaf pointed out that "Iraq's gold reserves are currently more than 100 tons, after we bought more than 30 tons during this period."

As for changing the exchange rate, the Deputy Governor of the Bank affirmed that "the exchange rate cannot be changed," stressing that "there is no justification at present to change it."

He explained that "changing the exchange rate confuses the markets at the present time, pointing out that" its change depends on the economic situation and within the monetary policy of the country."

He stressed that "the ruler and the economic circumstance determine the appropriate decision to change the exchange rate."  

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  • Time: 07/02/2022 10:46:04
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Finance presents a study to reform government banks
  
{Economic: Al-Furat News} Finance Minister Ali Allawi announced, today, Saturday, the submission of a study to reform government banks.

Allawi said in a speech during the Fifth Finance and Banking Exhibition Conference in Iraq, "The banks went through difficult circumstances from the beginning of 2020 after the drop in oil prices to unprecedented levels and the impact on the economy," noting that "the banking and financial sector is the most important pillar in the economy, not just state resources. Diversifying the economy is an urgent necessity.

He added: "There are 3 basic elements for the stability of the economy, the higher policies of the state and the central bank, and secondly, the international situation and direct and indirect external influences on the Iraqi economy, and the third is the institutional element."

He continued: "The banking sector has grown in terms of deposits and loans, and the ratios between the public and private banking sector are still the same, 75% of deposits are in government banks."

He pointed out that "reforming government banks is a vital issue and an essential part of transforming the economy from rentier to diversified."

And he indicated that "companies outside the oil sector cost the state billions of dollars."

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 2022-07-02 04:07
 

 

Shafaq News/ Today, Saturday, Iraqi Finance Minister Ali Allawi considered that there is something he described as "unhealthy" in government banks that has no parallel in the world, for their acquisition of 70% of deposits, stressing that "the time has come to fix it" in cooperation with the bank. central.

 

Allawi said during a speech at the Fifth Finance and Banking Exhibition Conference, which was held today, in the capital, Baghdad, and was attended by Shafak News Agency, that "the time has come for change and reform of government banks in cooperation with the Central Bank," noting that "these banks account for 70 percent of the Deposits, and this is not healthy in a system based on market foundations, and there is no ratio of this size in any country in the world, even in the socialist world.”

 

Allawi added, "If we do not reform the banks, they will not play their role in providing the economy with loans, financial and advisory support in the productive sectors, including industries, transportation and tourism."

 

Allawi pointed out that "investment is only made through savings, and this only comes from three sources, either from the state, the savings of people and companies, or from the external flow," explaining that "the external flow is subject to the political and global situation and cannot be relied upon."

 

And he indicated that "foreign investment is nothing," explaining that "the reception of the outflow must completely change the environment."

 

Allawi was considered that "the activity of the government's economic institutions has failed, except for the financial ones," noting that it is not possible to "create profits that support government investment."

 

 

Allawi stressed the need for "the existence of competition for the private banking sector over deposits equally with government banks," noting that this "does not exist, and therefore one of the government's most important priorities is reforming banks, which can only be reformed by changing their legal systems, especially the internal ones with regard to a bank." Al-Rafidain and Al-Rasheed.

 

Allawi pointed out that "the privatization process lasted for a year and a half, as it required a review of laws and legislation," explaining that "the State Council recently gave the position that we can change the banking system of government banks towards not privatization, but rather changing the percentage of our representatives in the private sector in these banks."

 

He explained, "We dismissed the board of directors and the executive management and used the banking and commercial law," stressing that "all the concepts of governance of the Central Bank will be applied to government banks as a first step."

 

He continued, "The second step is related to restructuring the banks, which is not an easy step, as these banks have been isolated from international banks for 40 years."

 

 

Allawi believed that "the first process to reform government banks and to be a qualitative leap to an independent reality that supports the financial institution needs at least three years," noting that "the next government must continue with this achievement for the other step, to reform government banks, and it will be for another 2-3 years, The focus is on the profitability of these banks."

He wondered, "What is the meaning of profit if the outputs are subsidized by the government and the inputs are also subsidized," stressing the need for "there to be competition with the private banking sector."

At the conclusion of his speech, Allawi expressed optimism about "the reform of government banks and a qualitative leap for them."

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money and business
   

Economy News-Baghdad
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, confirmed, on Saturday, that the assets of the banking and credit sector grew significantly during the period from 2019 to 2022.

Khalaf said in a speech during the Fifth Finance and Banking Services Exhibition in Iraq, which was attended by "Al-Iqtisad News", that "the assets of the banking sector grew by 21%, as well as total credit by 25% during the period from 2019 to 2022."

He added, "Accounts doubled to more than 7 million open bank accounts, as well as electronic payment cards, which rose from 10 million to more than 14 million cards, and ATMs increased to more than 1,500 machines and points of sale to more than 7,000."

Khalaf pointed out that "increasing the level of financial inclusion requires the cooperation of all institutions," calling for "developing the payments system in the government sector is one of the effective solutions in developing the banking sector."

He pointed out that "there is strong cooperation between the Ministry of Finance and the Central Bank to reform the banking sector," noting that "the beginning of cooperation was the formation of a committee to monitor the industrial bank, and the committee achieved the organization of the bank."

He cautioned that "the banking sector has witnessed remarkable developments since 2015."

 
 

Observations 160
Added 07/02/2022 - 11:06 AM
Update 07/02/2022 - 3:51 PM
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banks
   

Economy News-Baghdad
Finance Minister Ali Allawi confirmed, on Saturday, that the ministry is cooperating with the Central Bank to reform the Rasheed and Rafidain banks, pointing out that 75% of deposits are in government banks.

Allawi said in a speech during the Fifth Finance and Banking Exhibition Conference in Iraq, which was attended by "Economy News", "Iraqi banks have gone through difficult circumstances now since the beginning of 2020 after oil prices fell to unprecedented levels and the impact on the economy," adding that "the banking and financial sector is the most important pillar in The economy, not just the state’s resources, and diversifying the economy is an urgent necessity.”

He explained that "there are 3 basic elements for the stability of the economy, the supreme policies of the state and the central bank, and secondly, the international situation and direct and indirect external influences in the Iraqi economy, and the third is the institutional element," noting that "the banking sector has grown in terms of deposits and loans, and the ratios between the public and private banking sectors are still the same. 75% of deposits are in government banks.

He cautioned that "reforming government banks is a vital issue and an essential part of transforming the economy from rentier to diversified," noting that "companies outside the oil sector cost the state billions of dollars."

He pointed out that "since the middle of 2020, the Central Bank began cooperating with the Ministry of Finance in reforming government banking institutions," noting that "working with experts to reform the internal system of Rafidain and Al-Rasheed banks."

The Minister of Finance indicated that "government banks have been isolated from the world for 40 years," noting that "the white paper is not a media whirlwind."

He called for "allowing the private sector to compete in the acquisition process and benefiting from deposits to create an equal competitive base," noting that "reforming the government banking sector is a priority for the Ministry of Finance."

 
 

Views 165
Added 07/02/2022 - 10:52 AM
Updated 07/02/2022 - 3:31 PM
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For one thing they arent going to tell us they are going to raise the value, there would be huge push for the IQD if they did that.  I'm thinking anytime from now until the end of the year.  They have lot of gold stashed away and they are making billions every week off the price of oil.

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Any ideas what might be going on? Cleaning the restrooms?

For This Reason.. Al-Rasheed Will Close Its Doors Tomorrow, Sunday

7/22022

%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%B1%D8%B4%D9%8A%D8%AF.jpeg?v=1651045617

 

Earth News/ Al-Rasheed Bank announced today, Saturday, that it will close its doors to customers on Sunday 7/3 for the purposes of the semi-annual application.


The bank said in a statement, received by Earth News, that it “will close its doors on Sunday 7/3 for the purposes of the semi-annual application.”


He added, "Banking transactions for customers will be stopped with the continuation of the normal working hours for all branch employees, and work will resume on the second day." 

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42 minutes ago, DWS112 said:

Any ideas what might be going on? Cleaning the restrooms?

For This Reason.. Al-Rasheed Will Close Its Doors Tomorrow, Sunday

7/22022

%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%B1%D8%B4%D9%8A%D8%AF.jpeg?v=1651045617

 

Earth News/ Al-Rasheed Bank announced today, Saturday, that it will close its doors to customers on Sunday 7/3 for the purposes of the semi-annual application.


The bank said in a statement, received by Earth News, that it “will close its doors on Sunday 7/3 for the purposes of the semi-annual application.”


He added, "Banking transactions for customers will be stopped with the continuation of the normal working hours for all branch employees, and work will resume on the second day." 

Things that make you go hmmmm.....

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Urgent.. the central bank resolves the controversy over the dollar exchange rate

20211223_105735-935-810x471.jpg
 

Baghdad / SR

Today, Saturday, the Central Bank of Iraq revealed the size of the gold reserves in the country, and while it expected the hard currency reserves to reach 90 billion US dollars, it confirmed that it was not possible to change the exchange rate.

The Deputy Governor of the Central Bank, Ammar Khalaf, said in a statement carried by a reporter (Iraqi Media News Agency), that "it is hoped that the bank's reserves of hard currency will reach 90 billion US dollars," explaining, "We now have more than 70 billion dollars."

Khalaf pointed out that "Iraq's gold reserves are currently more than 100 tons, after we bought more than 30 tons during this period."

As for changing the exchange rate, the deputy governor of the bank stressed that “the exchange rate cannot be changed,” stressing that “there is no justification currently to change it.”

He explained that "the change in the exchange rate confuses the markets at the present time, pointing out that" its change depends on the economic situation and within the monetary policy of the country."

He stressed that "the ruler and the economic circumstance determine the appropriate decision to change the exchange rate." 

 

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Iraqi Central: We cannot change the exchange rate, and this is the size of gold and currency reserves

 

Today, Saturday, the Central Bank of Iraq revealed the size of the gold reserves in the country, and while it expected the hard currency reserves to reach 90 billion US dollars, it confirmed that it was not possible to change the exchange rate. Deputy Central Bank Governor Ammar Khalaf said in a statement to a number of media outlets, "It is hoped that the bank's reserves of hard currency will reach 90 billion US dollars," explaining, "We now have more than 70 billion dollars."

Khalaf pointed out that "Iraq's gold reserves are currently more than 100 tons, after we bought more than 30 tons during this period." As for changing the exchange rate, the deputy governor of the bank stressed that “the exchange rate cannot be changed,” stressing that “there is no justification currently to change it.” He explained that "the change in the exchange rate confuses the markets at the present time, pointing out that" its change depends on the economic situation and within the monetary policy of the country." He stressed that "the ruler and the economic circumstance determine the appropriate decision to change the exchange rate."

 

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Allawi indicates something

65320-810x456.jpg
 

Baghdad - Iraq today:

 Today, Saturday, Finance Minister Ali Allawi considered that there is something he described as “unhealthy” in government banks that has no parallel in the world, for their acquisition of 70% of deposits, stressing that “the time has come to reform it” in cooperation with the Central Bank.

Allawi said during a speech he delivered at the Fifth Finance and Banking Exhibition Conference, which was held today, in the capital, Baghdad, that "the time has come for change and reform of government banks in cooperation with the Central Bank," noting that "these banks account for 70 percent of deposits, and this is unhealthy." In a system based on the foundations of the market, and there is no percentage of this size in any country in the world, even in the socialist world.”

Allawi added, "If we do not reform the banks, they will not play their role in providing the economy with loans, financial and advisory support in the productive sectors, including industries, transportation and tourism."

Allawi pointed out that "investment is only made through savings, and this only comes from three sources, either from the state, the savings of people and companies, or from the external flow," explaining that "the external flow is subject to the political and global situation and cannot be relied upon."

And he indicated that "foreign investment is nothing," explaining that "the reception of the outflow must completely change the environment."

Allawi was considered that “the activity of the government’s economic institutions has failed, except for the financial ones,” noting that it is not possible to “create profits that support government investment.”

Allawi stressed the necessity of having “competition for the private banking sector over deposits equally with government banks,” noting that this “does not exist, and therefore one of the government’s most important priorities is reforming banks, which can only be reformed by changing their legal systems, especially the internal ones with regard to a bank.” Al-Rafidain and Al-Rasheed.

Allawi indicated, "The privatization process lasted for a year and a half, as it required a review of laws and legislation," explaining that "the State Council recently gave the position that we can change the banking system of government banks towards not privatization, but rather changing the percentage of our representatives in the private sector in these banks."

He explained, "We dismissed the board of directors and the executive management and used the banking and commercial law," stressing that "all the concepts of governance of the central bank will be applied to government banks as a first step."

He continued, "The second step is related to the restructuring of banks, which is not an easy step, since these banks have been isolated from international banks for 40 years."

Allawi believed that "the first process to reform government banks and to be a qualitative leap to an independent reality that supports the financial institution needs at least three years," noting that "the next government must continue with this achievement for the other step, to reform government banks, and it will be for another 2-3 years, It is the focus on the profitability of these banks.”

He wondered, "What is the meaning of profit if the outputs are subsidized by the government and the inputs are also subsidized," stressing the need for "there to be competition with the private banking sector."

At the conclusion of his speech, Allawi expressed optimism about "the reform of government banks and a qualitative leap for them."

 

 

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7 million open bank accounts .. registered by the Central Bank of Iraq

1656764828_20220702_013246-936.jpg
 
Sky Press  

Today, Saturday, the Central Bank of Iraq announced the registration of 7 million open bank accounts in Iraq, while noting that the assets of the banking sector grew by 21%.

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a banking conference held on the grounds of the Baghdad International Fair, that “the accounts doubled to more than 7 million open bank accounts, as well as the electronic payment cards, which rose from 10 million to more than 14 million cards.”

Khalaf added, "ATMs have increased to more than 1,500, points of sale have increased to more than 7,000, and electronic wallets have doubled from two million wallets."

He explained, "The banking sector's assets grew by 21%, as well as the total credit by 25% during the period from 2019 to 2022."

 

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Central Bank: These are the statistics of the electronic payments system for state institutions in Iraq

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البنك المركزي : هذه احصاءات نظام المدفوعات الالكترونية لمؤسسات الدولة في العراق (ninanews-com.translate.goog)

Baghdad / NINA / - The Central Bank of Iraq announced the work statistics of the electronic payment system in Iraq until the middle of this year, stressing the activation of work with its ambitious strategy to address solutions and problems of electronic payment tools.

The Deputy Governor of the Central Bank, Ammar Khalaf, said, during the Fifth Finance and Banking Services Conference and Exhibition in Iraq, today, Saturday: "There is cooperation between the Ministry of Finance and the Central Bank in order to reform the banking sector that will result in a real reform of the banking sector in the coming years."

He explained, "The cooperation with the Ministry of Finance came through the formation of a committee to monitor and supervise the industrial bank. The committee achieved its goals through evaluating the agricultural bank and increasing the realized loans."

He added, "There is no dispute over the importance of financing for financial institutions, development projects and the private sector," noting that "the banking sector has witnessed catastrophic conditions since 2016 until today, as the banking sector's assets grew by 21%, compared to the years 2019 with mid-2022, as well as total credit 25 % ".

The Deputy Governor of the Central Bank stressed, "It is important to shed light on the development initiatives of the Central Bank that provide the necessary funding to finance projects of the private sector and individuals alike for various sectors," noting that the value of funding for the Central Bank's development initiatives amounted to 18 trillion dinars, "stressing that" The Central Bank continues to support private sector projects within concessional terms. "

He went on to say, that"

He pointed out that: "The number of open bank accounts has doubled to reach more than 7 million open accounts with all Iraqi banks," noting that "the number of electronic payment cards increased from 10 million in 2019 to 14 million cards until mid-2022, as well as the increase in the number of teller machines." From 1,000 devices in 2019 to more than 1,500 devices until mid-2022.”

He added, "The electronic wallet system increased from 4,000 electronic wallets in 2019 to more than two million electronic wallets until mid-2022, and the Central Bank launched its ambitious strategy to enhance electronic payments, which included 15 strategic programs that represent the most important challenges and solutions facing the electronic payments system." /finished5

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The Minister of Finance announces the submission of a study to reform government banks / expanded

985539-39e7e304-3402-43c5-9776-4c2233400
The Minister of Finance announces the submission of a study to reform government banks / expanded (ninanews-com.translate.goog)
Baghdad / NINA / - Minister of Finance Ali Allawi announced today, Saturday, the submission of a study to reform government banks.

Allawi said in a speech at the Fifth Finance and Banking Exhibition in Iraq: "Since we took over the Ministry of Finance, there have been several studies submitted to the government and the Central Bank of Iraq, and we took the challenge seriously to change and reform government banks."

He added, "The Ministry of Finance saw an urgent need to develop the resources of the economy," noting that "it is not possible to manage matters with the duplicity and dominance of the public sector, and in Iraq a free economy."

Allawi added, "In order to give way to the private sector, the competition base must be equal, and that reforming banks is one of the most important priorities of the banking sector," noting that "Iraq is very far from privatization in the banking field."

He stressed, "The most important step is to restructure the banks, which is not an easy process, and re-arranging government banks requires time and an economic vision."

He added, "The ratios between the private and public sector are the same for 20 years, and that the government sector accounts for 70% of the banking business, and this is unhealthy, and this ratio does not exist in any country."

He stressed that "resource mobilization is an essential part of the economy, and that the savings come from the state, corporate profits, or the outflow, and in Iraq the outflow is dependent, and this cannot be relied upon, and the environment must be changed to receive the outflow." / End 8

 
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Minister Of Finance: Government Banks Have Been Isolated From The World For 40 Years

%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9
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Information/Baghdad.
Finance Minister Ali Allawi said Saturday that government banks have been isolated from the world for 40 years, noting that work has begun with experts to reform the rules of procedure for rafidain and rashid banks.
"Government banks have been isolated from the world for 40 years," Allawi said at a banking conference held at the Baghdad International Fair.
"Since mid-2020, the Central Bank has begun cooperation with the Ministry of Finance in reforming government banking institutions," he said, adding that "the reform of government banks is a vital issue and an essential part of transforming the economy from rent to diversified."

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Al-Rafidain participates in the largest financial exhibition in Iraq, which will start tomorrow
 
 07/01/2022 10:55:33 
Al-Rafidain participates in the largest financial exhibition in Iraq, which will start tomorrow
{Economic: Al Furat News} Al-Rafidain Bank is preparing to participate in the Iraq Finance Conference and Exhibition, which will be held on the grounds of the Baghdad International Fair tomorrow, Saturday, and will last for 3 days.
The media office of the bank stated, in a statement, that the agency {Euphrates News} received a copy of it, that "this important event is one of the largest exhibitions in Iraq, and alongside Rafidain Bank, many banks and other financial companies will participate in an event organized annually and collecting expertise in the banking field."
He pointed out, "This important financial forum in the banking sector is complementary to the activities of the Financial Inclusion Week, and the bank will present its many and varied products and services and marketing banking products to customers in this event, which aims to increase banking culture, open bank accounts, and promote small and medium enterprises for individuals, companies and other facilities and everything that related to spreading the banking culture.
 
 
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