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


yota691
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4 hours ago, yota691 said:

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

Translate with BING: "It is the governor and the economic situation that determines the appropriate decision to change the exchange rate," he said.

 

وأكد على أن “الحاكم والظرف الاقتصادي هو الذي يحدد القرار المناسب لتغيير سعر الصرف”

 

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1 hour ago, 6ly410 said:

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 system" rel="">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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They have a much younger population so I believe digital wallet adoption will happen much faster in places like Iraq than in older western nations. Thanks 

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7 hours 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

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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.”

Well, if they’re only cleaning the restrooms twice a year, they have bigger problems 🤢

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9 hours ago, yota691 said:

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."

Great progress

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 Baghdad: morning
 
Deputy Prime Minister and Minister of Finance Dr. Ali Allawi stressed the inevitability of reforming the banking sector in Iraq in line with global developments in a way that makes it supportive of the Iraqi economy. 
Allawi said during the Iraq Finance Exhibition and Conference: "We must create a real supportive banking sector, and make money go in the direction of creating new funds that are commensurate with sustainable development." 
He pointed out that "the future will be better with an international desire to be present in the Iraqi market, and this is what we see when international delegations attend." 
And he indicated that "the financial distress that Iraq went through called us to focus on adopting the rules of multi-economy and considering the state's financial policies and the external influences affecting the economy."
He stated that “financial institutions are an artery in every economy, and we cannot manage our affairs under the umbrella of the dual transition to a free economy, in light of the dominance of the public sector over the reality of the economy.” 
He pointed out that "since 2006, the government has been provided with studies from international organizations for reform." 
The Minister of Finance stressed, “It has become necessary to reform the financial sector, and that government banks’ acquisition of more than 75% of deposits is unhealthy.” “. 
He stressed the need to "improve the investment environment in the country to attract international companies to develop economic sectors." 
He pointed out that "the annual surplus must finance the investment sector, and this surplus is volatile from year to year due to the size of the budget and revenues."
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 Baghdad: morning 
The participants in the Iraq Finance Conference confirmed the acceleration of developments in the field of electronic payment, which represents an important axis in strengthening the financial market, which needs our banking sector to develop the reality of its work and achieve a qualitative leap that helps attract major investments to the country, especially in light of the cooperation of the Ministry of Finance. and the Central Bank of Iraq. Participants also focused on the need to benefit from successful global experiences.
Deputy Prime Minister and Minister of Finance Dr. Ali Allawi stressed that "the efforts are continuing to reform the public banking sector, advance the private banking sector, and reduce the dominance of the public sector over the economy," pointing out "the need to benefit from global experiences that have achieved great successes in this field, including the experience The Chinese, which dealt with the financial sector in particular, empowered it and made it a destination for advanced global companies that entered and contributed to raising the gross domestic product to a level considered the highest in the world, and achieved a revenue that is unique in its kind.
As for the Deputy Governor of the Central Bank of Iraq, Dr. Ammar Khalaf, he said: “The banking sector, since 2019 has witnessed remarkable developments, as assets grew by 19% and deposits by 18%, in addition to the expansion of financing initiatives that have a major role in the movement of the local market, which touched 18 trillion dinars.
Khalaf pointed out that "bank accounts exceeded 70 million in Iraqi banks, and the number of electronic cards exceeded the barrier of 14 million cards," noting that "the local market was supplied with 1,500 ATMs until mid-2021, and electronic wallets amounted to 2 million wallets by mid-2022." .
He stressed that "the strategy for developing electronic payment and financial inclusion requires the cooperation of all relevant parties," noting that "the development of electronic payment represents one of the most important paths for the advancement of the Iraqi banking system, especially since the Central Bank has an ambitious strategy to develop this important joint in order to build a healthy financial sector." .
The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, stressed the inevitability of “there is a belief among everyone in the importance of reaching high levels in the issue of electronic payment, which has achieved a boom in the country, but the ambition is that there will be a complete transition from paper-based transactions to electronic ones, which in turn makes the market Money is different, and secure technology is adopted that reflects an ideal image in front of the advanced global effort that the country needs to develop the joints of the national economy.”
Tariq urged "the banking system to give the issue of electronic payment great privacy and attention, commensurate with the country's need for advanced banking technologies, and to follow up on global developments in this important juncture."
In turn, the Executive Director of the Iraq Gate Company, which organizes the exhibition, Ahmed Al-Jader said: "The aim of organizing this conference is to support the efforts of the government and the financial sector, to keep pace with developments in the field of electronic payment." The development of work and performance within the Iraqi banking system, which is looking forward to adopting the best banking technologies in the world in order to reduce the gap between the Iraqi financial system and the rapid developments in the financial sector in the developed world in the field of electronic payment.
The international participation was present in the e-payment specialist from the Kingdom of Morocco, Youssef Prada, who said: “The world is witnessing a great development in the digital field and digital payments, and changes have accelerated due to the Corona pandemic, which prompted global institutions to develop performance, pointing out that “expectations indicate that payment Electronic mail is expected to grow 13% annually due to the interactions that 
the international market.”
He pointed out, "The inevitability of providing electronic services to the largest segment of society, and that the payment within the labor market should be freely and more streamlined, commensurate with the lifestyle of each segment, especially since the Corona pandemic has accelerated the emergence of new applications commensurate with the stage."
Prada warned that "the size of the Iraqi economy is large and has a lot of strength, and the volume of consumption is large, and here it is necessary to develop the reality of electronic payment, which achieves a great financial return."
As for the representative of the International Smart Card Company, Ghazi Al-Kinani, he pointed out that “electronic payment started in Iraq nearly 12 years ago and achieved great interaction between the citizen and the institutions specialized in this field, which facilitated financial transactions and secured receivables in a way that did not burden the beneficiary with great trouble, and eased the burdens of attendance.” To the banks and financial outlets through which he received his “electronic payment” dues, which contributes to the development of the services that are provided in order to gain the public’s confidence faster than it is, and to move towards the best among the institutions that provide this type of services.
Ahmed Al-Alouji, representative of the Union Bank Joint Stock Company, described the exhibition as an important step and said: “Iraq must keep pace with the developments that the world is witnessing in the field of electronic payment, which has become adopted in Iraq, but without the level of ambition, as we find it in some places and did not find it in All outlets of sale and provision of services to citizens.
Pointing out that "the reality of electronic payment needs intensive educational strategies targeting all segments of society to know how it spreads globally, and where the reality of electronic payment has reached, the mechanisms of its use and the levels of what the world has reached, which requires the concerted efforts of the government and the private sector in this field for greater education." A segment of citizens about the nature of the electronic card and its use locally and internationally.”
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3 hours ago, HowieC said:

I've  gotta be delusional at this point. Haven't they been reforming the banking sector for like over 10 years? 

They’ve been trying to get their banking system caught up to the 21st century for many years but until they reform what the IMF and World Bank has proposed they still have a ways to go. 
I’m on my cell phone so can’t direct you to any links but I know doing away with their multiple currency and reorganize the two government banks into public owned is two things that needs to be addressed.The doing away with the auctions could be another…

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20 hours ago, yota691 said:
It has become necessary to reform the financial sector, and that government banks’ acquisition of more than 75% of deposits is unhealthy.” “. 
He stressed the need to "improve the investment environment in the country to attract international companies to develop economic sectors." 

stronger currency will do that

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17 hours ago, HowieC said:

I've  gotta be delusional at this point. Haven't they been reforming the banking sector for like over 10 years? 

Just like when they have been talking about " deleting 3 zeros " and " increasing dinars against the dollars " for over 10 years and they have never been implementing them until now. Don't be surprised when they just talk talk talk ( no actions ) and don't have balls to implement it.

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The Central Bank of Nina: There are currently sufficient justifications to change the exchange rate of the dollar against the dinar

986435-fe43626f-4c3f-4e30-9647-3f4d8d124
Baghdad / NINA / - The Central Bank of Iraq has settled the controversy over the parliamentary and societal demands to change and restore the exchange rate of the dollar against the Iraqi dinar.

The Deputy Governor of the Central Bank, Ammar Khalaf, stated, in a statement to the National Iraqi News Agency ( NINA ), that "there is no justification for changing the exchange rate at the present time, and we, as a monetary authority, do not find that there is a sufficient justification to change the currency exchange rate for the time being."

He added: "The currency exchange rate has changed more than once since 2004 until now, due to monetary policy tools and economic conditions, whether they were to strengthen the value of the dinar or reverse it."/ End 5
 
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21 minutes ago, 6ly410 said:

The Central Bank of Nina: There are currently sufficient justifications to change the exchange rate of the dollar against the dinar - The Deputy Governor of the Central Bank, stated, in a statement, that "there is no justification for changing the exchange rate at the present time, and we, as a monetary authority, do not find that there is a sufficient justification to change the currency exchange rate for the time being."

 

The heading of the article is contradictory to what his statement actually states. Ron ... Thanks for posting Yota..!

Edited by ronscarpa
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The Central Bank of / NINA /: There are currently no sufficient justifications to change the exchange rate of the dollar against the dinar / expanded

986447-7ad690d9-bf5a-4a87-be6a-bc6ae729c
Baghdad / NINA / - The Central Bank of Iraq has settled the controversy over the parliamentary and societal demands to change and restore the currency exchange rate against the Iraqi dinar.

The Deputy Governor of the Central Bank, Ammar Khalaf, stated, in a statement to the National Iraqi News Agency ( NINA ), that "there is no justification for changing the exchange rate at the present time, and we, as a monetary authority, do not find that there is a sufficient justification to change the currency exchange rate for the time being," noting He pointed out that "the currency exchange rate has changed more than once since 2004 until now, due to monetary policy tools and economic conditions, whether to strengthen or reverse the value of the dinar."

He added, "The economic circumstance is the main ruler in the currency exchange rate, as there is no time limit planned for five years or less or more for changing the exchange rate, which is subject within monetary policy to the competence of the Central Bank exclusively."

He explained, "When the Central Bank sees that there is a necessity, the exchange rate is changed, but at the present time we do not find a necessity or justified need to modify the current exchange rate."

He continued, "The economic conditions determine the appropriate decision-making and in a manner appropriate to the time period," noting that "the monetary policy is characterized by flexibility, but in general it is not good for the exchange rate to be changed quickly because it confuses local markets and weakens the wheel of the economy."

And the government official considered, “It is incorrect for the central bank to change the exchange rate during a convergent time limit, as it will affect the movement of the markets and reduce investment and production,” noting that: “During the first quarter of 2021, we took steps to change the exchange rate when we found a quasi-economic stagnation. In business."/ End 5
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1 hour ago, jeepguy said:

SO ! We can't have both !!!

Which is it ?

Sufficient or not Sufficient?

That is the question  🤪

Confusing the readers / dinar holders are what they like to do and they are good liars too. Usually , There are more confusing articles  to come. If there is no smoke, there is no fire.

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1 hour ago, jeepguy said:

Hopefully these are 2 different guys talking on subject!

And the guy with a lot of power in the currency group,  says " there is enough to change the  value "  even Steven 1to1 values ! 

Doesn't seem like 2guys talking here. After 19 years of this you pick up on a few things. Such as, realizing these liars are EXTREMELY adept at talking out of both ends, thus the contradictory & confusing rhetoric.

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2 hours ago, 6ly410 said:

The Central Bank of / NINA /: There are currently no sufficient justifications to change the exchange rate of the dollar against the dinar / expanded

986447-7ad690d9-bf5a-4a87-be6a-bc6ae729c
Baghdad / NINA / - The Central Bank of Iraq has settled the controversy over the parliamentary and societal demands to change and restore the currency exchange rate against the Iraqi dinar.

The Deputy Governor of the Central Bank, Ammar Khalaf, stated, in a statement to the National Iraqi News Agency ( NINA ), that "there is no justification for changing the exchange rate at the present time, and we, as a monetary authority, do not find that there is a sufficient justification to change the currency exchange rate for the time being," noting He pointed out that "the currency exchange rate has changed more than once since 2004 until now, due to monetary policy tools and economic conditions, whether to strengthen or reverse the value of the dinar."

He added, "The economic circumstance is the main ruler in the currency exchange rate, as there is no time limit planned for five years or less or more for changing the exchange rate, which is subject within monetary policy to the competence of the Central Bank exclusively."

He explained, "When the Central Bank sees that there is a necessity, the exchange rate is changed, but at the present time we do not find a necessity or justified need to modify the current exchange rate."

He continued, "The economic conditions determine the appropriate decision-making and in a manner appropriate to the time period," noting that "the monetary policy is characterized by flexibility, but in general it is not good for the exchange rate to be changed quickly because it confuses local markets and weakens the wheel of the economy."

And the government official considered, “It is incorrect for the central bank to change the exchange rate during a convergent time limit, as it will affect the movement of the markets and reduce investment and production,” noting that: “During the first quarter of 2021, we took steps to change the exchange rate when we found a quasi-economic stagnation. In business."/ End 5

What he says and what he really is saying are two different things. Allow me to clarify and misinterpret...

"...there IS justification for changing the exchange rate at the present time, and we, as a monetary authority DO find there is a sufficient justification to change the currency exchange rate at this time." 

Ok. You can see how obvious it is that the RV is upon us toot sweet!

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