Four banks account for more than 50% of the size of the banking sector in Iraq, 1 MARCH

Four banks account for more than 50% of the size of the banking sector in Iraq

Shafaq News / Iraq Al-Future for Economic Studies and Consulting said on Friday that there are four banks in the private sector that accounted for more than 50% of the size of the Iraqi banking sector.

According to a report issued by the Foundation, the four banks are: the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, and the Islamic Bank of South, followed by banks: the Iraqi Islamic Bank, the Investment Bank, the Commercial Region Bank, Al-Mansour Bank, Cihan Bank

The report pointed out that the above banks achieved growth during 2023, bringing the value of their assets to about 17 trillion Iraqi dinars, after they were in 2022 of 11.5 trillion Iraqi dinars.

The institution explained that this increase came as a result of the increase in deposits with these banks and the increase in dependence on the banking sector, especially in the field of foreign transactions.

The report continued, it is expected that the volume of assets for these banks during the five years to reach more than 40 trillion Iraqi dinars with the increase in dependence on the private banking sector at the expense of the public banking sector.

In its report, the Foundation published a graph of the assets of the leading Iraqi private banks within 5 years as attached below:

https://www.shafaq.com/ar/اقتصـاد/ربعة-بنوك-تستحوذ-على-كثر-من-50-من-حجم-القطاع-المصرفي-بالعراق

"RV UPDATE" BY BRUCE, 1 MARCH

 Bruce

 Notification for Tier4b (us, the Internet Group) to set redemption/exchange appointments will be sent sometime between Fri. 1 March and Mon. 4 March. 

Another Iraqi Source said Tier4b would receive notification Fri. 1 March or Sat. 2 March. Appointments for Tier4b to exchange will start by at least Mon. 4 March.  We will have 14-15 days to exchange at a Redemption Center. 

After that you would have to exchange at a bank at the lower rates. Redemption Centers can give you the higher and special rates. The banks cannot. The Restitution and Rebate monies will begin to be paid out in March a week after the USN comes out. The increase in Social Security payments will begin on your regular SS check in the month of March.

Iraqi Dinar update for 03/01/24 - Best day of news for Iraq BY PIMPY

PM says investment climate in Iraq is now promising, welcoming, and open, 1 MARCH

PM says investment climate in Iraq is now promising, welcoming, and open

Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani on Thursday received a delegation from the Turkish company Limak, which specializes in transportation and construction projects.

In his meeting with the representatives, who were led by Limak co-founder Nihat Özdemi, the premier praised Iraq’s investment climate as “promising and open” after recent financial and administrative reforms.

Al-Sudani highlighted Iraq’s potential for investment, especially in infrastructure like highways and the Grand Faw Port. He also shed light on opportunities for projects involving roads, bridges, and industrial zones.

The prime minister reiterated Iraq’s readiness to welcome companies with technical expertise, emphasizing the country's growing investment environment thanks to reforms that encourage partnerships with global firms.

https://shafaq.com/en/Economy/PM-says-investment-climate-in-Iraq-is-now-promising-welcoming-and-open

"RV UPDATE" BY GINGER LIBERTY'S LOUNGE ROOM, 1 MARCH

 GINGER LIBERTY'S LOUNGE ROOM

💢 Goldilocks update on Iraqi Dinar News 🗞️. Please note, in Arabic, when they say "next March" they mean tomorrow - as in the next month, which begins tomorrow. I just didn't want you to feel deflated thinking the meaning was "next year March" (as English connotation might suggest). Tomorrow, folks!! March 1. Enjoy! ✨✅✨⬇️⬇️ 2.29.24

💢Goldilocks Highlights ™ 🌱🧂

Iraq Banking Announcement:

"The Central Bank of Iraq has decided to restore the mechanism of financing Iraq’s foreign trade, starting next March." 

Look what we have here. Iraq is planning to move forward with financing their foreign trade mechanism. 

March 1st, 2024 is the day they expect to begin this process. They are telling their banks that they expect to do this with all currencies. 

Iraq has been working with Governmental Agencies and Technological Developers to get them to this point. 

They have tested their money and in process of testing their money this month on electronic mechanisms that will help them to move forward in the new Digital asset-based Trading System.

We are on the verge of witnessing them move into a global implementation stage of their currency.

© Goldilocks 

https://search4dinar.wordpress.com/2024/01/28/the-central-bank-of-iraq-decides-to-restore-the-mechanism-of-financing-foreign-trade-for-iraq-starting-next-march/

FRANK26….2-29-24……CALM DOWN

IMF acknowledges decline in Iraq's inflation rates and positive economic developments, 1 march

IMF acknowledges decline in Iraq's inflation rates and positive economic developments

Shafaq News/ The International Monetary Fund (IMF) indicated a "significant decline" in inflation rates in Iraq, which was reflected in the decline in food and energy prices and the stability of the foreign exchange market in Iraq. 

According to the Ministry of Finance, an Iraqi delegation headed by Finance Minister Taif Sami concluded its discussions with the IMF's Article IV mission experts in Amman, Jordan, during which many issues were discussed, including the implementation of the economic reform program, the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and boosting non-oil revenues.

The Ministry's statement quoted the Iraqi delegation as confirming that the IMF "promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction, indicating its intention to continue discussions and consultations during the Fund's periodic annual meetings."

Furthermore, IMF's mission praised "the strong return of growth in the non-oil sector during 2023, with a noticeable decline in inflation rates, which is reflected in the decline in food and energy prices."

According to the statement, the mission "noted the positive developments in the return of trade financing operations to their normal course and the stability of the foreign exchange market following the implementation of anti-money laundering and anti-terrorist financing controls on cross-border payments."

Notably, the International Monetary Fund's Article IV consultations are bilateral meetings held annually between the IMF group and member states, after which a team of experts meets with the member country and conducts formal consultations with its officials.

https://shafaq.com/en/Economy/IMF-acknowledges-decline-in-Iraq-s-inflation-rates-and-positive-economic-developments