Thursday, February 29, 2024
The assets of the Central Bank of Iraq amount to 207 trillion dinars.. What does this mean?, 29 FEB
The assets of the Central Bank of Iraq amount to 207 trillion dinars.. What does this mean?, 29 FEB
The assets of the Central Bank of Iraq rose to 207 trillion Iraqi dinars, according to a new economic statistic seen by Al-Sumaria News.
According to statistics published by the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, the assets of the Central Bank of Iraq are as follows:
* Securities and bonds, 71 trillion Iraqi dinars
* Debts to the Ministry of Finance, 45 trillion Iraqi dinars.
* Balances with external banks 26 trillion Iraqi dinars
* Balances with external central banks 24 trillion Iraqi dinars
* Loans granted within the Small and Medium Enterprises Initiative 12.6 trillion dinars
* Existing gold reserves 12 trillion dinars
* Accounts with international organizations 12 trillion Iraqi dinars
* Foreign exchange reserve There are 443 billion dinars in the bank’s coffers
* Balances in local banks are 153 billion dinars
* Total assets are 207 trillion Iraqi dinars.
Bank assets: Also called “bank assets,” it means everything the bank owns that can be converted into liquidity in time of need. This includes various physical assets such as banks, loans, reserves, the bank’s deposits with third parties (with other banks), and investment securities; As well as the cash in the bank’s vault.
In conjunction with this statistic, the Central Bank announced, today, Wednesday, that the volume of deposits in the banking sector had increased to 131 trillion dinars and the volume of foreign reserves to 148 trillion dinars.
Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech during the opening of the eighth annual exhibition and conference for finance and banking services in Iraq, that “last year witnessed clear growth with most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion dinars in 2022 to 131 trillion dinars in 2022.” 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars, in addition to an increase in the volume of credit in the banking sector from 60 trillion to 69 trillion dinars in 2023, in addition to an increase in credit to the private sector from 35 to 40 trillion dinars. In addition to the increase in the volume of foreign reserves from 140 to 148 trillion dinars,
he continued, “The efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to expanding the use of electronic payment tools, as there was a clear rise and growth in electronic payment tools in Iraq, as the number of POS points of sale increased from 10,000 devices in the year 2022 to more than 20,000 devices in the year 2023, and the number of ATMs increased from 2,223 devices in the year 2022 to about 3,000 devices in the year 2023, as for the number of electronic cards of various types. Its types reached about 16 million cards in 2022 and 18 million cards in 2023.”
He noted that “last year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank.” He pointed out, “The Central Bank seeks to strengthen banks by increasing the capital of all banks from 250 to 400 billion dinars.”
alsumaria.tv
"STATUS OF THE RV" BY MNT GOAT, 29 FEB
STATUS OF THE RV
In my last newsletter dated Thursday February 22nd I presented a recent article by the CBI telling us once again the plan to end the currency auctions which also means the U.S. Treasury electronic platform, installed last January 2023. Do you remember? Here is the quote from the article again- “The Central Bank of Iraq is heading to cancel the electronic platform and the currency auction soon”. Then this news also in the same article – I want to quote yet another statement from this recent article – “Banks will be responsible for financing foreign trade directly through the dollars they own” (and not from the CBI reserve) Then in the same article it also says and I quote – “Banks will be fully responsible for auditing invoices and transfers, which is the practice globally.”s).
We must now connect the dots of this past news (above) with what I am going to tell you today. Yes, you guessed it. Iraq is finally breaking the news all about the Project to Delete the Zeros. This is fantastic news but just news for now. The actual execution part is coming and I was told by my weekly call to my CBI contact in Iraq on Saturday, that it will be VERY SOON!
Let’s get into today’s special news…. I am VERY excited and so should you be!
Just take a look at the headlines of the news articles from Iraq this period. They are all mostly about three main topics: the Project to Delete the Zeros, electronic banking and the American economic war against Iraq. But there are in particular three articles about the Project to Delete the Zeros alone that really stand out and these are the focus of our news today.
We also should all realize by now that the electronic banking effort is so closely tied to the timing of the Project to Delete the Zeros. It is all interconnected. You can read all three of these complete articles in the Newsletter today, if you wish. I will now pick them apart and explain in detail why each one is so important for us to understand for the RV.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/The Central Bank begins establishing the National Company for Electronic Payment Systems, 29 FEB
The Central Bank begins establishing the National Company for Electronic Payment Systems
Today, Wednesday, the Central Bank announced the start of establishing the National Company for Electronic Payment Systems, while confirming the increase in the volume of deposits in the banking sector to 131 trillion dinars and the volume of foreign reserves to 148 trillion dinars.
Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech during the opening of the eighth annual exhibition and conference for finance and banking services in Iraq, that “Iraq experienced many challenges last year and the Central Bank faced them with high responsibility, as it was able, through various monetary policy tools and sound decisions, to achieve its set goals.” In its law, in addition to achieving the general level of prices through a decrease in the inflation rate, as since the beginning of 2023 the inflation rate has reached 7.5 percent and decreased at the end of the year 2023 to 4 percent.”
He pointed out, “activating monetary policy tools and raising the price from 4 percent to 7.5 percent, in addition to issuing various financial tools, including bank transfers and Islamic certificates of deposit instruments, which were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to using monetary policy tools.” Various, including raising the mandatory reserve ratio from 15 percent to 18 percent,” indicating that “these tools are intended to manage excess liquidity in the Iraqi economy.”
He pointed out that “last year witnessed clear growth in most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion in 2022 to 131 trillion in 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars, as well as An increase in the volume of credit in the banking sector from 60 trillion to 69 trillion in 2023, in addition to an increase in credit to the private sector from 35 to 40 trillion dinars, in addition to an increase in the volume of foreign reserves from 140 to 148 trillion dinars.
He continued, “The efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to expanding the use of electronic payment tools, as there was a clear rise and growth in electronic payment tools in Iraq, as the number of POS points of sale increased from 10 thousand devices in the year 2022.” To more than 20 thousand devices in the year 2023, the number of ATM machines also increased from 2,223 devices in the year 2022 to about 3 thousand devices in the year 2023, and the number of electronic cards of various types reached about 16 million cards in the year 2022 and 18 million cards in the year 2023. Noting that “the past year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank.”
He explained, “There is less use of foreign currency in daily transactions, in contrast to increased reliance on the national currency for local transactions, in addition to the existence of cooperation in the issue of restructuring government banks and developing private banking institutions to build sound and sound banking institutions.”
He stressed, “The Central Bank of Iraq is focusing on the importance of strengthening compliance with compliance standards for all financial institutions in accordance with local and international standards,” pointing out that “external transfer operations witnessed great discipline during the past year and a high response from all banks to facilitate trade financing operations and various external transfers.” Especially after the issuance of external transfer controls at the beginning of last year.”
He added, “The Central Bank of Iraq was able to strengthen its banking relations with a large number of Arab and foreign financial and banking institutions to open wider areas and ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or next to the US dollar.”
He pointed out, “The Central Bank sought to strengthen the banks by increasing the capital of all banks from 250 to 400 billion dinars,” noting that “One of the most important projects launched by the Central Bank last year, and work on which is still underway in the current year, is the establishment of Riyada Bank, which He will be specialized in providing financing for small and medium enterprises, as well as preparing a national strategy for bank lending, due to the importance of the depth and development of the Iraqi financial economy and the importance of the role of financing in enhancing production and investment opportunities in Iraq, in addition to enhancing the role of non-banking financial institutions that support financial and banking stability in Iraq, by strengthening The role of the Deposit Guarantee Company, as well as the Loan Guarantee Company, in addition to starting to establish the National Company for Electronic Payment Systems, which will hopefully have a major role in regulating electronic payment operations in Iraq.”
alrabiaa.tv
"IMPORTANT IRAQ NEWS: DOES DELETING THE CURRENCY’S ZEROS AFFECT ITS VALUE? AN ECONOMIST EXPLAINS" BY MNT GOAT, 29 FEB
DOES DELETING THE CURRENCY’S ZEROS AFFECT ITS VALUE? AN ECONOMIST EXPLAINS
Economic expert, Durgham Muhammad, said on Sunday that deleting the currency’s zeros does not conflict with its value, explaining what needs to be taken before resorting to this step.
Muhammad told Jarida, “Deleting the currency’s zeros is a regulatory process that does not conflict with its value, but this step needs educational campaigns to precede it , and a transitional period for trading the currency with its zeros and the new currency to know that the two currencies are equal in value.”
He stressed, “Printing new denominations must be proportional to the market’s need to cover daily trading, provided that there is no significant increase in the monetary supply in the market so that inflation does not occur.”
https://www.youtube.com/watch?v=794EPvK0Ue0The Central Bank Of Iraq Sells More Than $894 Million In Three Days, 25 NOV
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