Iraqi Banking Sector Witnesses Significant Growth: Reports, 12 DEC

 Iraqi Banking Sector Witnesses Significant Growth: Reports

In a remarkable development, the Iraqi Private Banks Association has reported a significant surge in the banking sector, attributing the growth to substantial support from the government and the Central Bank of Iraq. The association’s executive director, Ali Tariq, highlighted that the number of bank accounts, payment cards, and electronic payment devices all registered substantial increases.

Impressive Growth in Banking Metrics

By the end of the third quarter of 2023, the number of bank accounts had grown by 14% to over 10 million. This is a significant increase from slightly below 9 million at the end of 2022, indicating the creation of more than 1.2 million accounts in less than a year. Furthermore, current accounts saw a growth of 17.7%, while savings accounts and fixed deposit accounts rose by 11% and 4.6% respectively.

Card Usage and Electronic Payments on the Rise

The issuance of payment cards also saw an upward trajectory, increasing by 14.2% with the issuance of 2.3 million new cards in the past nine months. This brings the total number of cards in circulation to 18.5 million. In addition, point-of-sale devices and ATM machines also registered significant growth, increasing by 117% and 30.5% respectively.

Driving Economic Reform

These developments are part of the economic reform efforts in Iraq, aimed at encouraging citizens to trust and use banking services rather than keeping cash at home. This is evidenced by the Central Bank of Iraq issuing currency worth 24 trillion Iraqi dinars during 2022 and 2023, but a significant amount of this currency, approximately 93 trillion dinars, remained outside the banking system. This aligns with the report by the Future of Iraq Institute for Economic Studies, which noted that the cash hoarding in Iraq soared to a record 93 trillion dinars in 2023.

https://bnnbreaking.com/finance-nav/iraqi-banking-sector-witnesses-significant-growth-reports/

Iraqi Dinar Crisis Sparks Parliamentary Divide; Turkey Moves to Liquidate TIAGEM, 12 DEC

 Iraqi Dinar Crisis Sparks Parliamentary Divide; Turkey Moves to Liquidate TIAGEM, 12 DEC

The unfolding crisis of the Iraqi dinar, persistently depreciating in exchange rates against the US dollar, has sparked a severe schism within the Financial Committee of the Iraqi Parliament. This division was ignited by the criticisms from committee member MP Mohammed Nouri al-Khazali targeted at the financial policies of the Central Bank of Iraq, including an unaccounted loss of 35 trillion Iraqi dinars (approximately 21 billion dollars).

Allegations of Financial Mismanagement

Al-Khazali’s bold media statements claim that over 35 trillion printed Iraqi dinars are unaccounted for within the nation. He alluded to neighboring Iran, which conducts transactions with Iraq in dinars, hinting at potential financial mismanagement. Additionally, Al-Khazali accused the quota system within the financial infrastructure and the political parties of being the root of Iraq’s economic failure. He also criticized the Central Bank for its alleged missteps, including the dollar pricing in the budget. He argues that this has cost Iraq more than 9 trillion dinars due to the substantial discrepancy between the budget rate and market prices.

Reactions to the Accusations

The Financial Committee, including its chairman from the State of Law coalition, Atwan Al-Atwani, voiced severe discontent at Al-Khazali’s unrestrained statements. They rejected his allegations and called for an investigative committee to maintain the reputation of Iraqi state institutions. In retaliation, Al-Khazali launched a blistering attack on the Financial Committee and Al-Atwani, questioning the legitimacy of the committee’s statement. He singled out Al-Atwani for the committee’s oversight failure, demanding a vote of no confidence against him.

Turkey’s Move on TIAGEM

In a parallel development, Turkey has initiated procedures to dissolve the Turkish-Sudanese International Agriculture and Livestock Company (TIAGEM). This comes in the wake of failed agricultural and animal production cooperation plans with Niger and Venezuela. Initiated by a presidential decree signed by President Recep Tayyip Erdogan, this move has triggered reactions from the opposition due to the hefty expenditures on the company without discernible benefits. Accusations of wasteful spending on executive board fees and travel expenses have been leveled against the company.

https://bnnbreaking.com/politics/iraqi-dinar-crisis-sparks-parliamentary-divide-turkey-moves-to-liquidate-tiagem/

FRANK26…..12-11-23….1:1 …..IS TOOPIT

A parliamentary committee proposes a solution to the controversial points regarding the oil and gas law, 11 DEC

A parliamentary committee proposes a solution to the controversial points regarding the oil and gas law

Kazem Al-Touki, a member of the Parliamentary Oil, Gas, and Natural Resources Committee, stated on Monday that political discussions between Baghdad and Erbil are necessary to resolve the controversial aspects of the oil and gas law. Once these discussions have occurred, the law can be submitted to Parliament for a vote.

According to Al-Touki, the committees responsible for dealing with matters related to the oil and gas law have completed their discussions. The goal was to prepare the law for presentation and discussion among the government, political parties, and the Ministry of Oil. Additionally, there were discussions between the region and the Ministry of Oil regarding the same law.

According to him, it is expected that the oil and gas law will be discussed in the next legislative term of the Parliament. The relevant committees were able to resolve all the technical controversial points in this law except for the issues related to the region. Discussions with Kurdistan are required to move forward with the law.

“He stated that resolving the legal matter requires dialogue with the region’s political parties, especially since the technical committees have resolved all controversial points about the law, except for some points that require political intervention.”

 

Evening News with MarkZ. 12/11/2023

Iraqi Dinar🔥Al Sudani Started His Journey For New Exchange Rates Releasi...

"RV UPDATE" BY FRANK26, 11 DEC

 Frank26 

 We're at the stage now where there's no need to look for anything.  There's a need to watch everything that's coming out.  Everything that's going to be coming out is the ambrosia of our study, the reward of our years of studying together.  

There's only one thing left on the CBI's and Sudani's part of the monetary reform...bring out the new exchange rate and the new national currency that belongs to the Iraqi citizens and to their future.  That' the one thing that's left.  

  There is no more guessing.  The World Bank has just told the whole world Iraq is about to raise the value of its currency.

Question: "How long will we have to exchange IYO?"  The American dollar 3-zero notes are still legal tender.  They're from the turn of last century!  We still have 3-zero notes...and they've never been expired.  But in this case it's different.  IMO I think they'll probably give you within a year.  Therefore it could be a year, six months, 3 months ...

Of course they [the banks] are going to verify it [your dinars upon exchange].  I love when people say, 'Hey Frank I need my Certificate of Authenticity...So I can give it to the guy at the bank to prove this is real dinars.'  Who told you that?  'The guy that sold me the dinars...'When you take your dinars to a bank they are not going to say let me see your certificate of authenticity.  They will tell you if they are real or not.

  The CBI meetings are in Dubai right now...they are coming to a conclusion.  Were the CBI meetings discussing, should we use this rate, should we do this, this this, that?  No.  What they were discussing is, 'Are we going to release it on this date at this rate and this is what we have to do and this, this, this and this.'  Okay!  Now these meetings IMO are coming to a conclusion.  Yeah, they are working a few things but it's over and done with.