The US Embassy urges Iraqis to own bank accounts, 4 JAN

The US Embassy urges Iraqis to own bank accounts

The US Embassy in Baghdad announced on Wednesday that Iraqis are among the lowest countries in the region in possessing bank accounts, urging them to possess these accounts.

The embassy stated in a publication, a copy of which was seen by NRT Arabic, entitled, “Did you know that less than a quarter of all Iraqi adults have an official bank account for the year 2021?”

She explained, “Modern banking services contribute to increasing foreign investment, providing loans to Iraqis, and protecting them from financial crimes, theft, and loss,” noting, “Informal money transfer services harm the local economy.”

The embassy continued, “According to the World Bank, in 2021, the percentage of Iraqis over the age of 15 who owned an account in a financial institution was only 18.57%. This represents one of the lowest rates in the Middle East and North Africa region, which averages about 53%.” .

She said, “Iraq’s reliance on cash and informal money transfer services is harmful to the economy because it reduces the opportunities for financial regulation necessary to convince prestigious international companies to operate in Iraq.”

The embassy added, “Over the past two years, the United States government has worked with Iraq to restore confidence in the banking sector and reform transfer mechanisms related to imports financed by Iraqi banks. The new reforms encourage the correct registration of companies and increase the use of official banking outlets.”

She explained, “According to the Central Bank of Iraq, the total deposits in Iraqi commercial banks have increased in the past two years by approximately 37%, and from 2021 to 2022, the total number of accounts in Iraqi banks has increased by 31%.”

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"RV UPDATE" BY MARKZ, 4 JAN

  MarkZ  

 [via PDK] 

 ...with the government forcing the use of dinar only from now on…they need to have a higher value…or these people who have the green light to come in and start building are not coming…I am being told from my folks on the street over there to watch in the coming days or weeks for the rate of dinar on the prices of goods to change. To me this signals there is going to be a substantial change. And they told us they are going to implement their economic reforms in the month of January. And the exchange rate is a key issue in those.

  ...I have ZERO doubt that we are going to reset and the Iraqi dinar, Vietnamese dong, and others are going to do exceptionally well…It’s all in our history.

 A lot of banking contacts are thinking we will see solid movement by the second…today on the first is a holiday and they are consolidating and moving things together…meaning possible announcements...There is a lot of fantastic chatter on what is going to. happen in the next 24 hours or so….

Iraqi Dinar🔥Iraqi Dinar Exchange Rates Systems Fixed Today 2024🔥iraqi di...

Al-Fateh rules out America resorting to imposing sanctions on Iraq, 4 JAN

Al-Fateh rules out America resorting to imposing sanctions on Iraq

Information / Baghdad…
On Wednesday, Ali Al-Fatlawi, a member of the Al-Fatah Alliance, ruled out America’s intention to impose economic sanctions on Iraq, pointing out that Washington is benefiting from the oil file and its sales and considers it its trump card.

Al-Fatlawi told Al-Maalouma, “America benefits from Iraq through the energy and oil issue, which is its trump card that it seizes from the Iraqi people, as Iraq does not have economic sovereignty.”

He added, “The lack of this sovereignty is due to Washington’s control over the oil revenues that are transferred to the US Federal Bank. Therefore, Washington, despite its control over these amounts, seeks to keep this card and not stand against Iraq economically.”

He stated that “the withdrawal of American forces from Iraq will be in the interest of Washington, in that it will preserve the lives of its forces, especially since the resistance is in the process of escalating its operations against the American occupier,” ruling out that America will resort to imposing sanctions on Iraq because it will lose the trump card represented by the oil file and revenues. His sales that he converted to.”

almaalomah.me

"RV UPDATE" BY MNT GOAT, 4 JAN

   Mnt Goat

   ...2023 was an outstanding year for progress in the currency monetary reforms in Iraq. I could hardly believe that so much was done in such a short period of time, if you compare the other 20 years since the 2003 invasion. In today’s news we read multiple articles talking about all this progress and how they have so far managed to get the parallel rate from 160,000 to 145,000. This is very close to the official CBI rate of 132,000, but not yet there as they expected.  My CBI contact is telling me they still want to bring it closer and more stable...It’s all very good signs but now there yet.

My CBI contact tells me they do need it closer and stable and when it does, they will trigger another CBI official rate revaluation. But this will still be the program rate not what we want. We need to keep our eyes on the CBI “official” rate. When this rate drops again, I was told they will move ahead on the project to delete the zeros. 

They want to accomplish this in the month of January and are optimistic they can. So, this is the very good news for today to kick off the new year. 

International Collaboration Iraqi Dinar Exchange Rate System Fixed, Free...

The National Bank of Kuwait increases its stake in the Credit Bank of Iraq, 4 JAN

The National Bank of Kuwait increases its stake in the Credit Bank of Iraq

The National Bank of Kuwait decided to increase its share in the capital of the Iraqi Credit Bank, by adding 50 billion dinars.

The Central Bank of Iraq agreed for the National Bank of Kuwait to pay an amount of 50 billion dinars as a first payment in order to bring the bank’s capital to 400 billion dinars.

According to a statement issued by the Credit Bank of Iraq, the National Bank of Kuwait paid an amount of 50 billion dinars on December 27, 2023, as a first payment under the capital increase account, on its own behalf and on behalf of all shareholders.

This increase comes within the framework of the National Bank of Kuwait’s efforts to strengthen its position in the Iraqi market and support the growth process of the Credit Bank of Iraq.

It is noteworthy that the National Bank of Kuwait owns 91% of the Iraqi Credit Bank.

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