Monday, March 4, 2024
CLARE: Advisor to the Association of Banks: Riyada Bank will launch lending to youth and vulnerable segments of society to develop small and medium enterprises, 4 MARCH
CLARE
Advisor to the Association of Banks: Riyada Bank will launch lending to youth and vulnerable segments of society to develop small and medium enterprises
Baghdad
Advisor to the Association of Private Banks in Iraq, Samir Al-Nusairi, said today, Sunday, that the Riyada Bank, which will be launched soon, is one of the pillars of the Central Bank of Iraq’s strategy to achieve social development.
Al-Nusairi added, in an interview with Al-Iqtisad News, that “Riyadah Bank seeks to achieve social development by supporting all segments of society, especially youth and vulnerable groups,” noting that “the bank will be one of the pillars of the Central Bank of Iraq’s strategy for the coming years.”
He pointed out that "the bank is consistent with the government's vision in its approach to supporting the youth group," pointing out that "the Central Bank of Iraq will provide all forms of support to make it successful."
He stressed that "the bank will support low-income people through soft loans and simple guarantees to support vulnerable segments, and will work to diversify the non-oil economy by supporting small, medium and micro enterprises to stimulate the private sector and reduce unemployment and poverty rates in Iraq."
Al-Nusairi stated that Riyada Bank will be a “base to launch and finance small and medium enterprises” in Iraq according to new mechanisms that support the directives of the Central Bank to reconsider the bank financing structure currently approved in banks in directions that help to move them to the real work, which is banking financing, in accordance with the vision and applications of digital transformation to provide New banking products that contribute to attracting deposits and achieving financial inclusion.”
Sunday, March 3, 2024
"ANALYSIS OF IRAQ NEWS: "EXAMPLE OF THE CURRENCIES FOR THE BASKET"BY FRANK26, 4 MARCH
KTFA
FRANK: "EXAMPLE OF THE CURRENCIES FOR THE BASKET"...........F26
The Iraqi Central Bank confirms to Shafaq News the provision of five foreign currencies as an alternative to the dollar for merchants
3/2/2024
The Central Bank of Iraq confirmed, on Saturday, that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank.
Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee).
He added, "These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency."
Last week, the Central Bank of Iraq's total sales of hard currency in US dollars amounted to more than one billion dollars.
Shafaq News Agency correspondent stated that the Central Bank sold during the past week, and for a period of five days during which the auction was opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, lower than what it recorded the previous week, when it amounted to one billion and 62. One million 587 thousand and 198 dollars.
CLARE: The International Monetary Fund warns Iraq of its economy being exposed to oil price shocks, 4 MARCH
The International Monetary Fund warns Iraq of its economy being exposed to oil price shocks
3/3/2024
On Sunday, the International Monetary Fund warned Iraq that its oil revenues would be affected by any decline in crude prices.
The IMF said that greater declines in oil prices or an extension of OPEC+ cuts could affect Iraq's financial and external accounts.
He added, "Iraq needs to increase non-oil exports and government revenues, and reduce the economy's exposure to oil price shocks."
The IMF said that Iraq needs higher and more sustainable growth in the non-oil sector to accommodate the rapidly growing workforce, and that estimates indicate that Iraq’s real non-oil GDP will grow by 6% in 2023 after growth stopped in 2022.
"ANALYSIS OF IRAQ NEWS: Iraq.. Expectations of a decline in the dollar difference and a return to the official rate" BY FRANK26, 4 MARCH
KTFA
FRANK: "I TOLD YOU SO!!!"..............F26
Iraq.. Expectations of a decline in the dollar difference and a return to the official rate
3/2/2024
The economic expert, Safwan Qusay, expected today, Saturday, a decline in the dollar difference in Iraq and a return to the official rate after a series of financial and economic measures taken by the government of Muhammad Shiaa Al-Sudani .
Safwan said {to Al-Furat News} that: “The mechanisms of the Central Bank previously did not know who was requesting the dollar from the informal market, and after the legalization of the financial transfer process, the demand for the dollar in the informal market began to enter the electronic platform.”
He added, "Gradually, with the control of border crossings and the facilitation of ordering, I believe that the difference will recede and return to the official price."
Qusay added, “The Central Bank is now investing in spreading financial inclusion and investment by Iraqi banks and spreading (POS) at the sector and private levels,” stressing that “all government units are currently required to issue credit cards and that purchasing committees purchase from economic units that have (POS).”
He explained, "Controlling the movement of the dinar and knowing where it comes from and where it moves will help in commercial regulation and enhance the level of international investor confidence in financial procedures. We also have the file of money laundering and terrorist financing, and currently with the expansion of the circle of financial inclusion, we will be able to know where the dinar goes."
He concluded by saying, "There are 70 trillion Iraqi dinars outside the banking system, and when they enter this system, it will turn into a productive dinar, which is what the Sudanese government is seeking to achieve."
According to its sales schedule, the Central Bank of Iraq set the cash selling price (1305) dinars per dollar.
Wafaa Al-Fatlawi