The National Bank of Iraq enjoys international ratings that enhance investment. 27 NOV

 The National Bank of Iraq enjoys international ratings that enhance investment. 27 NOV

The National Bank of Iraq enjoys international ratings that enhance investmentShafaq News/ The National Bank of Iraq stated, on Sunday, that the “positive” credit rating it obtained from the international credit rating agencies, Moody’s and Capital Intelligence, reflected the bank’s “strong financial position and creditworthiness,” which contributed to increasing customers’ “confidence.” shareholders and investors, and enhanced its ability to “grow and prosper.”

Moody’s rated the bank’s long- and short-term deposits in local currency at B3, while Capital Intelligence rated the bank’s short-term deposits in foreign currency at B.

The bank said in a statement today that these classifications are the “cornerstone” of the National Bank of Iraq’s journey towards a “promising future,” especially as they confirm the soundness of the bank’s strategy, its distinguished reputation, and its advanced position within banking financial institutions at the local and regional levels.

The statement added that the National Bank of Iraq, “thanks to these classifications, has become a reliable reference for customers regarding banking services, as the increased confidence of customers enhances the volume of deposits and loan activity, which contributes to enhancing the bank’s resources and its ability to better meet the needs of its customers.”

According to the statement, “The bank’s credit rating is considered a strong signal to investors and donors about its ability to bear risks and achieve a sustainable return, as this support reflects confidence in correct management and financial stability, attracts new investments and enhances its capital.”

For his part, the authorized director of the National Bank of Iraq, Ayman Abu Dhaim, confirmed that “the positive credit ratings obtained by the National Bank of Iraq reflect the efforts made by the bank to enhance the soundness and strength of its financial position, including increasing its capital and improving its risk management.”

The statement indicated that, “Today, the National Bank of Iraq tops the list of banks operating in the Iraqi banking market, in terms of total assets that approached 2.8 billion dollars, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200,000 customers being served.” Through more than 1,000 employees, 27 branches and 200 ATMs.”

shafaq.com

Economists criticize the Central Bank’s policy and determine the level at which the dollar will stabilize, 27 NOV

 Economists criticize the Central Bank’s policy and determine the level at which the dollar will stabilize

11-26-2023

Economists criticize the Central Banks policy and determine the level at which the dollar will stabilizeOn Saturday, economic experts criticized the financial policy of the Central Bank of Iraq, and while they expected the level at which the dollar would stabilize, their opinions differed about repeating the Lebanese scenario in the country.

The professor of public law, Safaa Al-Shammari, said in the program “The Eighth with Ahmed Al-Tayeb”, followed by “ Jarida ”, that “there is clear confusion in the financial policy of the Central Bank, as it recently recognized the parallel market and that the dollar is subject to factors of supply and demand, so the statements of the government and the Central Bank were The precedent for parallel is wrong.”

Al-Shammari added, “The parallel market has received official recognition from the Central Bank, and it is not possible to distinguish between the parallel dollar and the window dollar, and allowing the import of the currency will not reduce the increase in demand, and what is happening is a repetition of the Lebanese scenario in Iraq.”

He continued, “The State Council stated in 2011 that there is no legal basis for importing foreign currency, and that sanctions cannot be imposed without legal provisions, while the Central Bank did not issue an explanation regarding the Abu Dhabi meeting.”

For his part, the economic expert, Ahmed Manaf, said in the same program, “The government is looking for many ways to end the dollar crisis, and that implementing the platform has facilitated the legalization of import transfers, and that transferring through the platform at the official rate takes only 7 days, and the bank’s procedures must be adhered to.” Central Bank regarding the dollar.

Manaf explained, “Increasing circulation in dollars will reduce the increase in demand, and that the dollar will stabilize at 150 thousand dinars, and the Lebanese scenario cannot be repeated in Iraq.”

jaredaiq.net

💣CBI, US Treasury & US Fed Meeting Next Week!?🤔Iraq Dinar RV Updates | 1...

"RV UPDATE" BY GOLDILOCKS, 27 NOV

  Goldilocks and Seeds of Wisdom

As of October 2023, many Vietnamese banks are already in the process of migrating to ISO 20022. For example, Vietcombank, the largest bank in Vietnam, announced in August 2023 that it had successfully completed the migration of its cross-border payments to ISO 20022.

Other major Vietnamese banks, such as BIDV, Agribank, and Techcombank, are also expected to complete their migrations to ISO 20022 by the November 2025 deadline.

Vietnamese banks accelerate migration to ISO 20022

VnExpress International Link

Finance sets the date for issuing the second issuance of reconstruction bonds and reveals its details, 27 NOV

 Finance sets the date for issuing the second issuance of reconstruction bonds and reveals its details

Finance sets the date for issuing the second issuance of reconstruction bonds and reveals its detailsInformation / Baghdad..

On Sunday, the Ministry of Finance announced the offering of the second reconstruction bonds next Tuesday, while clarifying their details.

The Ministry stated in a statement received by the “Al-Ma’louma” Agency, “In continuation of the government program related to achieving financial stability and enhancing the capabilities of economic and investment activities, and in view of the success of the first issuance of Emaar bonds, the Ministry of Finance intends to offer the second issuance of bonds and make them available for circulation to citizens as of Tuesday, October 28.” The second is 2023 and for a period of 30 days.”

She noted, “Details of the bonds offered: The second issuance of bonds with a value of one and a half trillion Iraqi dinars, tradable on the Iraqi Stock Exchange, is available in the form of two denominations: the first at a price of (500,000) five hundred thousand dinars, with an annual interest rate of 6% for two years, and the second at a price of 1,000,000 one million.” Dinar, with an annual interest rate of 8% for four years.

She added, “Purchasing and trading of the bonds offered are exempt from taxes, according to what is stated in the General Federal Budget Law No. 13 of 2023.”

She explained that “the mechanism for applying to buy a bond: People wishing to buy bonds can submit a direct request to one of the approved banks, bringing with them the original identification documents. The buyer will be given a receipt by the bank for the amount he paid to buy the bond. The buyer keeps the receipt until the bond is prepared.” The buyer brings the aforementioned receipt to the bank to receive the bond after preparing it.”

almaalomah.me

An Iraqi delegation will head to Turkey tomorrow to discuss the possibility of opening correspondent accounts for Iraqi banks, 27 NOV

An Iraqi delegation will head to Turkey tomorrow to discuss the possibility of opening correspondent accounts for Iraqi banks 

An Iraqi delegation will head to Turkey tomorrow to discuss the possibility of opening correspondent accounts for Iraqi banksShafaq News/ A government source said on Sunday that a Malian delegation will head to Ankara tomorrow, Monday, to discuss organizing trade exchange between Iraq and Turkey and stabilizing it through approved legal and banking methods and means, indicating that the discussions that the Iraqi delegation will engage in come as a continuation of the first round of discussions that took place in Baghdad on Wednesday. November 15th.

The source told Shafaq News Agency: The delegation includes the financial advisor to the Prime Minister, three officials of the Central Bank of Iraq, and directors of twelve Iraqi banks, to hold discussions with a number of Turkish financial and banking institutions, including the Central Bank of Turkey and the Association of Banks, in addition to the Turkish Banking Regulation and Supervision Agency.

He pointed out that the discussions will focus on a number of topics, including discussions with Turkish banks for the purpose of opening correspondent accounts for Iraqi banks in various foreign currencies to be used in account settlements between the two countries and resolving all obstacles facing the two parties in implementing this process.

According to the source, the Iraqi financial delegation will discuss facilitating the use of credit cards for Iraqi residents and tourists in the Turkish banking market.

The organization of trade exchange between the two countries will also be discussed through the Turkish and Iraqi customs authorities matching the goods supplied to Iraq with the financial transfer documents through the foreign currency buying and selling window, in a way that protects the interests and stability of trade between the two countries.

The source suggested that the above discussions will result in the signing of a number of agreements on banking arrangements between the two countries, which will contribute to containing the demand for the cash dollar through the irregular market for foreign currencies.

shafaq.com

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