The National Bank of Iraq obtains an American loan to finance small and medium-sized companies, 13 DEC

 The National Bank of Iraq obtains an American loan to finance small and medium-sized companies

2023-12-12 23:03

The National Bank of Iraq obtains an American loan to finance small and medium-sized companiesShafaq News/ The National Bank of Iraq announced on Tuesday that it had obtained a loan from the American Foundation (DFC) worth $50 million to support small and medium-sized companies in Iraq, indicating the need to increase the competitive capabilities of this segment and develop their businesses.

The bank explained in a statement today that the entire loan is allocated to the bank’s clients from small and medium-sized companies at a low cost, in exchange for the bank’s commitment to contribute by adding $35 million in facilities over the next five years to the small and medium-sized companies’ loan portfolio.

He stated that this loan will enable the bank to continue its regular support for this vital sector by increasing financing and working capital, which in turn will boost commercial activity, preserve jobs, and ensure greater economic stability, especially since small and medium-sized companies are a major driver of economic growth and provide job opportunities. New, contribute to economic and social development, and stimulate sustainable economic growth, which will have a significant impact on the revenues of small and medium-sized companies and their operations in Iraq.”

The statement added, “The past few years have witnessed increasing international recognition of small and medium enterprises (SMEs) because of the critical and important roles they play in creating new job opportunities, and their significant contribution to achieving economic development and reducing the crises of poverty and unemployment, in addition to their complementary roles in supporting companies.” The largest in size is that it is considered the main source of the work of these companies.”

According to a report prepared by the World Bank, small and medium-sized companies in Iraq represent about 90% of the total companies operating in the country, provide about 70% of job opportunities, and contribute about 25% of the gross domestic product, and at a time when the private sector provides… About 60% of jobs in Iraq, small and medium-sized companies are responsible for most of them. However, small and medium-sized companies in Iraq face many challenges, including a lack of liquidity, according to the bank’s statement.

The statement affirmed its commitment to “supporting small and medium-sized companies by launching programs dedicated to supporting this segment of customers with the aim of increasing their competitive capabilities and developing their business.”

It is noteworthy that the National Bank of Iraq today 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 thousand customers who are served by more than It has 1,000 employees, 27 branches, and 200 ATMs.

shafaq.com

Samsung's Take on Iraq's Market?💣Turkey & Iraq?!🤔Iraq Dinar RV Updates |...

"RV UPDATE" BY WALKINGSTICK, 13 DEC

 Walkingstick  

What does it mean to float?  ...It means the Iraqi dinar de-pegging [from the dollar] and pairing with a bunch of currencies in an international basket from the Middle East...The reason why they're adding it to a basket is to add value to the currency of Iraq via the international markets...

The most important thing here is all of this international movements via this basket are being done with no restrictions...This rate will be determined by the amount of supply and demand of the currency of Iraq in that basket.  You can already see that demand is astronomical with all the contracts that have been signed that want to come into the country of Iraq and invest...Currencies have already been swapped. 

 You are going to keep hearing more and more about the monetary reform education until they announce it.  This monetary reform was once a secret but...now they're flat out telling you.  That which was once a secret is no longer needed to be a secret.  The secret is no more. 

Question: "Do you think the tellers [In Iraq] have the lower denoms?"  No.  "...Executive levels?"  Yes.  Samples and specimens and LDs only at executive levels right now...

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-walkingstick-12-dec.html

 [Iraqi bank friend update] 

IRAQI BANK FRIEND: The meetings we have had with the CBI we are learning the next steps.  Also we talked about in the meeting we are seeing many people in Iraq now coming into the banks and asking questions and we have given the banks permission, they are now allowed to explain all about the monetary reform process and where it's at right now to the citizens as they ask...

One of their biggest questions is, 'Is it true we are getting a new currency?  Yes.  Are we going to receive more purchasing power with this new currency?  Yes.  Are we going to see a change in our exchange rate?  Yes.  Is this why we are removing the dollar?  Yes.'  

They keep asking questions over and over again.  Also the question people are asking a lot about, 'When?  And how much?'  But at the meeting we agreed that the banks are not to be given that information just yet, not even the upper echelon.  The banks are saying, "In the very near future."  

These questions are due to the fact that it is no longer a secret...The monetary reform has been successful thus far. 

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-walkingstick-11-dec.html

Democratic Party: The current stage requires approving the oil and gas law, 13 DEC

 Democratic Party: The current stage requires approving the oil and gas law

12-12-2023

Democratic Party - The current stage requires approving the oil and gas lawInformation / Baghdad…

On Tuesday, the representative of the Kurdistan Democratic Party, Sharif Suleiman, stressed the country’s need to pass the oil and gas law in order to avoid problems between the center and the region, pointing to the possibility of amending the laws to suit the country’s needs.

Suleiman told Al-Maalouma, “Iraq is in dire need of an oil and gas law, especially since the current stage is witnessing problems between the region and the center due to the lack of this law, which can spare the two sides any disputes between them.”

He added, “Most of the laws have been amended, including the Federal Budget Law. If all parties reach agreements to pass the Oil and Gas Law, the door will be opened to amending the Budget Law in line with the wordings of the new law.”

He stated that “the laws are not considered a written book, as they are all subject to amendment according to formulas presented through the proposals of the relevant parliamentary committees or by the Prime Minister, in proportion to the requirements of the stage or the country’s need to amend any law enacted in Parliament.”

almaalomah.me

Iraq and the UAE begin financial transfer, trade and import in dirhams, 13 DEC

 Iraq and the UAE begin financial transfer, trade and import in dirhams

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hanaa Al-Rustamani.

During the meeting, according to a statement by the Central Bank, a copy of which {Al-Furat News} received, “it was agreed to launch financial transfer operations between the two countries and to finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank, as transfer operations in the UAE dirham began this day, Wednesday.” December 13.”

The first phase of this agreement will be, according to the statement, “with five Iraqi banks, which will be gradually increased.” The Central Bank of Iraq noted that "this step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims towards reducing reliance on the electronic platform for financial transfers and working in accordance with normal international practices adopted in strengthening the balances of Iraqi banks for the purposes of financing trade."

The First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq.

It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars.  link

Nice articule from soudani BY NADER FROM MID EAST

Coffee with MarkZ and Andy Schectman. 12/13/2023

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ  Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Coffee with MarkZ and Andy Schectman. 12/13/2023

Member: Gm Mark Z, Moderators and Patriots Worldwide!

Member: Hoping it’s a “Wonderful Wednesday” today!

Member: Inquiring minds want to know…. WTF is taking this RV so long?

MZ: : In Iraq they are supposedly opening the 2023 budget on Dec. 20th and have to have it (supposedly) all spent between the 20th and the First of the year when they do their full de-dollarization.  There are a whole lot of eyes on Iraq for the next few days leading up to the 20th.

Member: Is that even possible to spend 80% of budget in 11 days?????

MZ: Spending 80% of the entire year’s budget in 10 days is crazy…..Something is happening. IMO

Member: I hear the RV will be between the 15th and the 20th

MZ: A lot of people are agreeing with you right now.  

Member: I believe for Iraq to increase they wanted to wait for USD to start decrease. Thank you Putin and SA…….Petro dollar ended 6th

Member: Mark, 5 trillion in stock options set to expire on Friday. 

Member: Warren Buffet dumped 28 billion in stock

Member: 100 trillion due by Fed on Friday December 15

MZ: And we get a interest rate decision at 2PM est today. Will give us an idea of how the Fed is going to move. My guess is they are going to sit on their hands….we will find out. There is a lot coming together like a “perfect storm” 

Member: I heard. Inflation will go up 30% in 2024

MZ: Nader had a few fantastic videos. A good article from Sudani about automation of ports ect…..He also talks about the Parliamentary Finance Committee revealed that the government has only spent 20% of this years budget..and they are expected to release the rest of the budget on Dec. 20th.   This is huge dollars about to move….. Be sure to go listen and like and share his videos. 

MZ: There was another one on “The IQD is on forex “ as a tradeable currency. This means individuals and institutions can buy and sell IQD on the forex market…just like any other currency-the IQD is traded against other currencies like the US dollar, the Euro and the British pound. The exchange rate of the IQD is determined by market forces. In other words ther is an article coming out that says it is looking for a “float” or adjustment against other currencies. They say they are adjusting the exchange rate and the value of it. So yes…Nader had good news today. 

Member: So the dinar is going to float?

MZ: IMO –If it floats it will be likely to just float in the local market. And we would still get a fixed rate because the rate would quickly float and balance at their target rate. So don’t panic. 

MZ: Nothing else from groups or bond folks today….Mr. C has not been paid. But there is nothing negative. Just waiting. 

Member: Well if it’s a shotgun start – we will all go together …so that makes sense 

MZ: Had a bank story sent in from Tennessee. It was a teller there who was asked about the new currency….and if they had seen it?  They said Yes…and it is very pretty. Then our member showed them pictures from their cell phone of the rainbow currency….and asked the teller if it looked anything like this?  The teller said “absolutely. It looked exactly like it.”

MZ: So this new currency is physically at this branch and waiting distribution. 

Member: I loved the currency video on youtube showing the new money. Hope it’s this one. 

MZ: I had pictures of possible designs….will share it with you when I find it. 

Member: Mark, do you think you’ll get to exchange while you’re in the states??

MZ: There is a good chance we will be exchanging while I am here…….we will see. I may end up leaving and have to come right back…which is ok with me. 

Member: Thank MARKZ, and the MODS for all you do! 

Andy Schectman from Miles Franklin joins the stream today….Please listen to the replay for his information and opinions 

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