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The Central Bank: The new 20,000 dinars currency will be introduced at the end of 2023


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Central Bank Governor: We look forward to cooperating with Britain in three areas

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The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, on Tuesday, the aspiration of the banking sector in Iraq to cooperate with Britain in three areas.

The media office of the Central Bank said in a statement, received by (Aloula News), that "the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, received today, the British Ambassador to Iraq Mark Bryson Richardson."

During the meeting, Makhif stressed during the meeting, according to the statement, "strengthening banking and economic relations between the two friendly countries," stressing that "the Central Bank of Iraq has played a major role during the past years in revitalizing the Iraqi economy."

"The banking sector in Iraq is looking forward to strengthening cooperation between the two countries in the fields of banking, combating money laundering and terrorist financing," he said.

For his part, British Ambassador Mark Bryson Richardson praised "the initiatives of the Central Bank of Iraq and its role in providing renewable energy loans, which enhances Iraq's commitment to the climate change agreement."

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New decline in dollar exchange rates on the local stock exchange

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Baghdad /Nina/ The local stock exchange witnessed, on Tuesday, a new decline in the exchange rates of the dollar.The selling price of the dollar recorded 149,600 dinars per 100 dollars, while the purchase price of the dollar recorded 149,500 dinars per 100 dollars.”
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After the fluctuation of oil prices.. a new rise in the price of the dollar against the Iraqi dinar

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The Independent/- The exchange rates of the dollar witnessed, today, Tuesday, a new rise in the local stock exchange.

The selling price of the dollar was 149,600 dinars per 100 dollars, while the buying price of the dollar was 149,500 dinars per 100 dollars.

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance reached 1450 dinars, while the price of selling it to banks was set at (1460) dinars per dollar, while the sale price to the citizen is (1470). dinars per dollar.

The post After the fluctuation of oil prices... a new rise in the price of the dollar against the Iraqi dinar appeared first on the Independent Press Agency.

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MP for Sadiqoun calls on the government and the governor of the Central Bank to reduce the exchange rate of the dollar - Earth News (earthiq.news)

 

A Deputy From Al-Sadiqoun Calls On The Government And The Governor Of The Central Bank To Reduce The Dollar Exchange Rate

06/12/2022

  

Earth News / MP for the Sadiqoun bloc, Rafiq Al-Salhi, on Tuesday, called on the government and the governor of the Central Bank to reduce the exchange rate of the dollar.

Salhi said during a press conference held at the parliament building, attended by the Earth News correspondent, that "with the rise in crude oil prices and the growth of oil revenues, the governor of the Central Bank is still insisting on raising the dollar exchange rate and tightening the restrictions on citizens, especially low-income people."

Al-Salhi added that "we followed with great surprise during the past days about the inability of the Central Bank to change the exchange rate of the dollar, and that the decision was taken in consultation with the International Monetary Fund, and we do not know whether the governor of the Central Bank lives in Iraq or in another country, which is not aware of the size of the damage suffered by the simple citizen over the past two years in a crazy rise in the prices of consumer goods, which added another burden on the shoulders of the poor."

"Mortgaging the Iraqi economy to the dictates of the International Monetary Fund represents a dangerous turn that affects the future of the country," al-Salhi said.

Al-Salihi continued, based on that:

First.. We call on the government and the Governor of the Central Bank to speed up the reduction of the dollar exchange rate to what it was previously, and we affirm that the House of Representatives has the final word, otherwise it is possible to correct the decision by the legislative authority, even if it is necessary to amend the Central Bank Law.

Secondly.. The House of Representatives is required to assume its moral and constitutional responsibility and work to correct the decision to raise the dollar exchange rate and look at the magnitude of the injustice and damage caused to millions of poor and incomeless people.

Thirdly.. In the event that the Governor of the Central Bank does not respond by restoring the dollar exchange rate to the old rate, we have no choice but to collect parliamentary signatures to question the Governor of the Central Bank inside the dome of Parliament.

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Economy news

Central Bank: We have nothing to do with installing lecturers and wage earners

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News source / Al Oula News Agency

 

(Encyclopedia of Iraq News for News)

The Central Bank of Iraq confirmed that it has nothing to do with the issue of installing lecturers and wage earners working in state institutions.

An authorized source in the Central Bank told the official agency, followed by (Al-Oula News), that “some social media sites are circulating the issuance of an opinion by the Central Bank that does not support the installation of lecturers and wage earners,” stressing that “nothing has been issued by the Central Bank or its governor, in addition to The bank has nothing to do with this issue, which is related to the government’s tasks, options, and economic, financial and social vision.”

He added, "The Central Bank's policy has always been supporting the state's visions of bringing about economic and social development and securing job opportunities through its development initiatives, whose funds exceeded the amount of (18) trillion Iraqi dinars," calling on the media to obtain information through reliable official channels.

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Central Bank: We have nothing to do with installing lecturers and wage earners

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Baghdad /Nina/ The Central Bank of Iraq confirmed that it has nothing to do with the issue of installing lecturers and wage earners working in state institutions.An authorized source in the Central Bank told the official agency that "some social networking sites are spreading the issuance of an opinion from the Central Bank that does not support the installation of lecturers and wage earners," stressing that "nothing was issued by the Central Bank." or its governor, in addition to that the bank has nothing to do with this topic, which relates to the government's tasks, options and economic, financial and social vision.

He added that "the policy of the Central Bank has always supported the state's visions in bringing about economic and social development and securing job opportunities through its development initiatives, whose funds exceeded the amount of (18) trillion Iraqi dinars,"
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19 hours ago, 6ly410 said:

In the event that the Governor of the Central Bank does not respond by restoring the dollar exchange rate to the old rate

If the Governor of the CBI doesn't respond, that means the Governor doesn't want to return to the old rate of 1170, 1160 , 1190 and may be the Governor already make up his own mind and intend to return to the old rate of $3.22 ( during saddam's era ).

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Economist: The government should control the exchange rate of the hard currency. The poor are the victims

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Baghdad /NinaThe expert in economic affairs Malath Al-Amin stressed the importance of controlling the concerned and government authorities on the exchange rate of hard currency, stressing that the rise of the US dollar will reflect negatively on the poor classes in Iraqi society.The Secretary said in a statement to the Iraqi National News Agency (
) that the Iraqi market depends mainly on imported goods after the deterioration of the productive sector - agricultural and industrial - so Iraq has become a popular market for foreign goods, but the East Asian Countries and Turkey have established factories that export their production to Iraq in particular and have identified the expansion of their exports to Iraq as an important primary source for the development of their economy.
He added, "Political factors play an important role in making Iraq a consumer and non-productive country, as it eats what is grown and produced in other countries, which exposes Iraq's economy to major imbalances in the event of any major event in exporting countries." , or the exposure of shipping lanes to security risks, which requires officials to direct attention to return Iraq to its former state by relying on what it produces significantly and rationing imports.He pointed out that "the increase in imports means an increase in the quantities of hard currency coming out of the country, which increases the amount of demand for it, which leads to a rise in its price and thus a rise in the prices of imported materials, or the so-called market rise.”

“The source of hard currency in Iraq is oil exports, the greater the amount of oil export, the greater the amount of hard money entering Iraq, which leads to a rise in the value of the Iraqi dinar against the dollar and cheap prices .. But this will not last long because traders control the market with the intention of getting more profits, not caring about the poor who may not be able to make ends meet.

He continued, "The government should take measures to protect the poor class by controlling the exchange rate of hard currency or by finding a financial mechanism to support the poor classes by supporting the social protection network, and that the rise in the value of the Iraqi Currency against foreign currencies has a significant impact on the poor class, which will benefit from the low price of imported materials, including basic foodstuffs.”
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The Central Bank of Iraq denies that the Federal Reserve has punished Iraqi banks
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Economy News-Baghdad

The Central Bank of Iraq denied the existence of trends by the US Federal Reserve to punish some Iraqi banks.

An authorized source in the Central Bank of Iraq confirmed to the Iraqi News Agency, today, Thursday, that "there is no truth to this news that threatens the reputation of the banking sector and the business sector in Iraq."
The Central Bank of Iraq called on those who report the news to be cautious in transmitting inaccurate information, stressing that all Iraqi banks comply with the laws and instructions issued by the Central Bank, especially those related to combating money laundering and terrorist financing.


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Added2022/12/08 - 9:09 AM
Update2022/12/08 - 12:02 PM

    
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Iraq today

US Ambassador: We are working hard to support anti-corruption measures in Iraq

Posted 32 seconds ago
 
US Ambassador: We are working hard to support anti-corruption measures in Iraq (iraqakhbar-com.translate.goog)
 
News Source /Mawazine News
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Political|11:44 - 08/12/2022

Baghdad - Mawazine NewsThe US Ambassador to Iraq, Alina Romanowski, stressed support for anti-corruption
measures in Iraq and the Treasury Office is working with the Central Bank of Iraq to support and strengthen the banking system.

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Launching a platform to pay the salaries of Iraqi retirees residing in Arab countries
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Economy News - Baghdad

The Central Bank of Iraq announced on Thursday the launch of a platform to pay the salaries of Iraqi retirees residing in Arab countries.

"The Arab Monetary Fund, the Central Bank of Iraq, the Central Bank of Jordan, the Central Bank of Egypt and Buna have launched a joint Arab initiative to launch the service of paying the salaries of retirees residing in Arab countries using this platform," the bank said in a statement.

Central Bank Governor Mustafa Ghaleb Makhif said, according to the statement, that "Iraq is keen to provide the best financial services to its citizens," noting that "this initiative will provide distinguished financial services and solutions to Iraqi retirees residing in brotherly countries, Jordan and Egypt, upon receipt of their monthly dues directly through bank accounts with transparency, moderate cost and in a fast manner."

He added that "the initiative comes within the framework of our continuous efforts to employ financial technology and provide the banking sector with the best modern and secure solutions in the payments and financial inclusion sector, in order to enhance joint Arab economic cooperation."

According to the bank, "the initiative seeks as a first stage to include the category of Iraqi retirees residing in the Hashemite Kingdom of Jordan and the Arab Republic of Egypt from receiving their monthly salaries more quickly and effectively, by opening a bank account for each Iraqi retiree who wishes to benefit from this service in any of the banks participating in the initiative that have completed the technical readiness requirements to join Buna."

Buna is a payments system operated by the Arab Monetary Fund-owned Arab Clearing and Settlement Corporation (ARCT), an integrated system specialized in providing clearing and settling payments in Arab and international currencies, which aims to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-bank payments across the Arab region and beyond in a secure, reliable, cost-effective and efficient manner.
 


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Added2022/12/08 - 4:39 PM
Update2022/12/08 - 8:22 PM
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Launching a platform to pay the salaries of Iraqi retirees residing in Arab countries

Layla Waleed5 hours ago
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The Central Bank of Iraq announced on Thursday the launch of a platform to pay the salaries of Iraqi retirees residing in Arab countries.

"The Arab Monetary Fund, the Central Bank of Iraq, the Central Bank of Jordan, the Central Bank of Egypt and Buna have launched a joint Arab initiative to launch the service of paying the salaries of retirees residing in Arab countries using this platform," the bank said in a statement received by Al-Oula News.

According to the statement, Central Bank Governor Mustafa Ghaleb Makhif said that "Iraq is keen to provide the best financial services to its citizens," noting that "this initiative will provide distinguished financial services and solutions to Iraqi retirees residing in brotherly countries, Jordan and Egypt upon receipt of their monthly dues directly through bank accounts with transparency, moderate cost and in a fast manner."

He added that "the initiative comes within the framework of our continuous efforts to employ financial technology and provide the banking sector with the best modern and secure solutions in the payments and financial inclusion sector, in order to enhance joint Arab economic cooperation."

"The initiative seeks as a first stage to include the category of Iraqi retirees residing in the Hashemite Kingdom of Jordan and the Arab Republic of Egypt from receiving their monthly salaries more quickly and effectively, by opening a bank account for each Iraqi retiree who wishes to benefit from this service in any of the banks participating in the initiative that have completed the technical readiness requirements to join Buna," the bank said.

Buna is a payments system operated by the Arab Monetary Fund-owned Arab Clearing and Settlement Corporation (ARCT), an integrated system specialized in providing clearing and settling payments in Arab and international currencies, which aims to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-bank payments across the Arab region and beyond in a secure, reliable, cost-effective and efficient manner.

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Romanowski: My country supports anti-corruption measures in Iraq

Romanowski: My country supports anti-corruption measures in Iraq – Iraq News Network (aliraqnews.com)

Romanowski: My country supports anti-corruption measures in Iraq
Last Updated:8 December 2022 - 2:13 PM

Baghdad / Iraq News Network - The US Ambassador to Iraq, Alina Romanowski, stressed support for anti-corruption measures in Iraq and the Treasury Office is working with the Central Bank of Iraq to support and strengthen the banking system.The US Ambassador said in a television interview, "We are working hard to support anti-corruption measures in Iraq and the Treasury Office is working with the Central Bank of Iraq to support and strengthen the banking system and ensure that there is compliance with international standards and we look forward to doing the fight against corruption." Locations in Baghdad I found that the Iraqi people love us, and I tried a lot of Iraqi food, which is very delicious and I enjoy kebabs."She pointed out, "Iraqi traditions are beautiful and similar to many of our customs, such as emphasizing family, education and cultural exchange with Iraq is very important and we are in the process of rehabilitating the devastated monuments of Nineveh."Increasing business is an opportunity for people to show their creativity, we have provided $30 million in grants for entrepreneurs to start their projects in Iraq," she said. She pointed out that "my job is not limited to security only, we are here to work together for a better life for Iraqis, but to have relations covering all aspects with Iraq, whether economic or educational."

 

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The Central Bank denies the punishment of some Iraqi banks by the US Treasury

The Central Bank denies the punishment of some Iraqi banks by the US Treasury
Last Updated:8 December 2022 - 2:21 PM

Baghdad / Iraq News Network - The Central Bank of Iraq denied the existence of trends at the US Federal Reserve to punish some Iraqi banks.An authorized source in the Central Bank of Iraq confirmed to the official news agency, on Thursday, that "there is no truth to this news that threatens the reputation of the banking sector and the business sector in Iraq." and terrorist financing.

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Central banks of Iraq, Egypt, Jordan launch joint pension service for retirees residing outside their countries

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2022-12-08 08:16
 

 

Shafaq News/ The central banks of Jordan, Iraq, and Egypt, as well as the "Buna" platform, announced a joint Arab initiative on Thursday to launch a service to pay the pensions of retirees living in Arab countries via the platform.

The initial phase of the initiative includes Jordan, Iraq, and Egypt, enabling Iraqi retirees residing in Jordan or Egypt to receive their monthly salaries in Jordanian dinar or Egyptian Pound more efficiently. Those who wish to take advantage of the new service can open a bank account with any of the participating banks in order to receive their monthly salary. Moreover, retirees can keep up with the latest news from various banks in order to request additional information.

 

 

Plans are being made to launch the Buna initiative in other Arab nations in coordination with their central banks as more banks sign up for the platform, with the goal of enhancing retirees' experiences in the Arab world and improving the efficiency of payments in a variety of contexts, such as allowances for scholarship students, allowances for health care recipients, transfers of diplomatic missions, and other government payment initiatives.

The Central Bank of Jordan's Governor, Adel Sharkas, stated that the bank's support for the initiative is a continuation of the bank's approach to supporting joint Arab initiatives aimed at boosting economic and social integration in the Arab region.

"Iraq is keen on providing the best financial services to its citizens," the governor of Iraq's Central Bank, Mustafa Makhif, said, "this initiative will provide distinguished financial services and solutions to Iraqi retirees residing in Jordan and Egypt."

Makhif highlighted the bank's "relentless efforts to employ the country's banking sector with top technology and enhance the Arab economic cooperation."

The Arab Monetary Fund (AMF) established Buna, a cross-border and multi-currency payment system, in 2018 to promote greater economic and financial integration among Arab nations and increase trade and investment activities with international trading partners.

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The Central Bank celebrates its 75th anniversary and is moving steadily in 2023
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Away from what speculators in the foreign currency market are planning and what the yellow media broadcasts to harm the reputation of the Iraqi economy, Saturday the Central Bank celebrates the 75th anniversary of its founding and a few days before the end of 2022 we welcome a new year, at a time when the countries of the world are suffering economic and financial challenges, food and energy crises, conflicts according to the interests of major countries, the Russian-Ukrainian war, and the global economy is still facing recessionary inflation, and neither the meetings of the G20 countries nor the World Bank could The IMF does not find solutions and local currencies in some countries are still depreciating at fantastical proportions against the US dollar.

At the level of Iraq, the year ended without a budget for 2022, and the Iraqi economy is going through a number of internal and external challenges due to the fluctuations of the internal political situation and the delay in forming the new government after the elections for more than a year, and the desired benefit from the financial abundance was not made due to the rise in oil prices globally, as well as the instability of the business environment and the dispersion of policies and visions for the desired economic reform, in addition to the high unemployment rate and the percentage of poor groups, especially in the central and southern governorates, which forced the Central Bank to continue With its policy of supporting and stimulating the economy and activating the economic cycle.

Therefore, the Central Bank of Iraq had an important role in facing these challenges and reforming the banking sector and helping it to overcome these challenges as the first basic link in the economy through its procedures and financing initiatives amounting to 18 trillion dinars, which contributed to the employment of more than 60 thousand unemployed and benefited from its financing to operate up to 30 thousand small and medium projects and the establishment of more than 150 thousand housing units, and the total beneficiaries of these initiatives amounted to more than 200 thousand beneficiaries, and these allocations were launched by the limits of More than 30% of the total cash credit granted to the private sector, constituting more than 8% of GDP and 18.4% of the total actual investment expenditure for the years 2016-2021, in addition to the contributions of the Tamkeen Fund, which is donated by banks and supervised by the Central Bank and the Association of Iraqi Private Banks in supporting, supporting and rehabilitating up to 1100 social, humanitarian, cultural and development projects.

The Central Bank's technical, administrative and developmental measures have contributed to the development of banking systems and the use of new systems that have achieved control over AML/CFT reporting and ensuring the integrity of procedures that guarantee the rights of the person and the beneficiary of the application of the letters of guarantee platform, which achieved excellent results in 2022, and an electronic platform to control external transfers. This contributed effectively to the implementation of the Central Bank's policy in achieving stability in the banking market and sustaining internal and external banking operations and strengthened international confidence in our international banking transactions, and this is evident when comparing the situation of our banks with other countries witnessing the same conditions, as happened in Lebanon, Syria, Iran and Yemen, for example, and this confirms that the policies of the Central Bank and our banks are moving in the right direction.

The Central Bank seeks to proceed with its fixed approach after the formation of the new government and the requirements of the new situation to implement the objectives of its second strategy for the years (2021-2023) basic and subsidiary in 2023 after it was able to accomplish a large percentage of them in 2021 and 2022, with a focus on the implementation of banking strategic projects planned, developed and set by the Central Bank, which are about 15 main objectives and 75 sub-objectives (technical, finance, administrative and development). Here, we emphasize the need for banks to develop their policies and procedures in accordance with their actual needs in sustaining the provision of their banking products in accordance with the financial inclusion strategy, and that the preparation of these policies is carried out in coordination with the specialized departments of the Central Bank in cooperation with the Association of Iraqi Private Banks.

Therefore, work will continue in the areas of developing the structural structure of the banking sector, in addition to paying attention to the application of financial stability standards, which are financial soundness indicators such as capital adequacy ratio, liquidity ratio, profitability ratio such as profit and net profit to capital ratio, return on assets, return on equity ratio, activity cost ratio and leverage, and the percentage of investment of funds, in addition to adopting performance efficiency indicators and developing units for statistics, studies, analysis and financial forecasting to indicate monthly and quarterly deviations. and annual in drawn plans. This requires the new government to support banks and enable them to continue banking activity, and to implement the decisions of the Council of Ministers and the Economic Affairs Committee related to the revitalization of banking work issued during previous years, especially in the field of credit, bank financing, loans and banking facilities, and to give a key role to private banks and involve them in central economic decision-making. And its representation in the economic committees formed in the Council of Ministers and in the Council for the Development of the Private Sector to be formed in its permanent form.


 


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Added 2022/12/09 - 5:13 PM
Update 2022/12/09 - 8:09 PM

 
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