Wednesday, March 6, 2024
"ANALYSIS OF IRAQ NEWS: "THEY OPENED ACCOUNTS FOR THE IRAQI CITIZENS FOR THE MONETARY REFORM" BY FRANK26, 7 MWRCH
KTFA
FRANK26: "THEY OPENED ACCOUNTS FOR THE IRAQI CITIZENS FOR THE MONETARY REFORM"..........F26
During 2023.. 7 Iraqi banks break the barrier of 1 trillion dinars in the amount of their deposits
Baghdad
Five Iraqi banks were able to exceed the barrier of one trillion dinars in the size of their deposits in 2023, while only two Iraqi banks were able to break the barrier of 2 trillion Iraqi dinars in the size of customer deposits with the two banks.
The economist, Manar Al-Obaidi, said, “The International Development Bank and the National Bank of Iraq were able to break the barrier of 2 trillion dinars in deposits in 2023.”
As for the five banks, they are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Iraqi Islamic Bank, and the Islamic South Bank, according to the economic expert.
He added, "The deposits of the five banks grew by 11.3% compared to the year 2022, bringing the total bank deposits to 9.25 trillion Iraqi dinars."
He pointed out, "Al-Janoob Islamic Bank achieved the highest percentage of growth in deposits at a rate of more than 147%, then the National Bank of Iraq, whose deposits grew in value by 90%."
Al-Obaidi stressed, “This growth reflects an increase in public confidence in Iraqi private banks and the ability of private sector banks to acquire part of the monetary mass issued outside the banking system, as it is noted that the volume of deposits for the five banks in 2019 did not exceed the barrier of 1.8 trillion Iraqi dinars, reaching today.” To more than 9.25 trillion dinars.
He continued: "It is expected that the five Iraqi banks will continue their control of the local market and the ability to attract deposits, whether from outside the banking system or from public sector deposits, as a result of the increased confidence in these banks and their spread in various governorates, in addition to the increase in the great competition between these banks in order to acquire the largest... Amount of deposit.
He pointed out, "The increase in the volume of deposits in the private banking sector will contribute to strengthening the wheel of economic growth by directing these banks to invest deposit funds in beneficial economic projects through which they can achieve profits to cover the interest paid on these deposits."
Al-Obaidi stated, “The total value of deposits in the private and public banking sector amounted to more than 133 trillion dinars at the end of 2023, and these five banks were able to acquire 7% of the total of these deposits, and the largest value of the deposits is still present in government banks.”
"RV UPDATE" BY FNU LNU, 6 MARCH
Fnu Lnu
[Reply to Guru Frank26's Dinar on Forex post 3-5-2024 below]
There is no such thing. A) The rule of One Price and B) There is no back side or private side to FOREX...With that being said: There are platforms in Shanghai and Singapore that are totally unregulated.
It is the wild west of commodity trading and they create investment packages where they bundle up packages containing many different speculative investments into a bundle and trade those. But that isn't happening now either though it was a thing with the IQD several years ago but not now...
"IMPORTANT IRAQ NEWS:AUTOMATION AT BORDER CROSSINGS: HOPE FOR IMPROVING THE ECONOMY AND COMBATING CORRUPTION" BY MNT GOAT, 6 MARCH
AUTOMATION AT BORDER CROSSINGS: HOPE FOR IMPROVING THE ECONOMY AND COMBATING CORRUPTION
Since the fall of the dictatorship in 2003, Iraqis have dreamed of transforming the state system from paper to automation through the electronic governance portal.
Border crossings, customs, and taxation are among the departments that suffer most from corruption and waste, which costs the state treasury huge sums estimated at $7 billion annually.
Hope in the Sudanese government:
The Sudanese government gives hope for implementing the automation system in departments and bodies such as border crossings, customs and tax.
Benefits of implementing an automation system:
Reducing evasion of customs duties and taxes.
Availability of detailed information on import content.
Reducing human interference in monitoring, evaluation and demarcation processes.
Providing a detailed statistical information base on the country’s foreign trade.
Availability of speed in completing customs transactions.
Great countries are role models:
Great countries tend to keep pace with technological progress by following a strategy of reducing expenses and maximizing revenues, and this can only be done by making governance an integral part of the structure of building an institutional state.
Benefits of implementing an automation system in the customs and border ports sector:
Achieving stability, economic leaps, and stability at various levels in the short and long term.
Contributing to reducing the spread of corruption in this joint and cutting the way for waste and tampering with public money.
Protecting the Iraqi state, society, and economy from prohibited, suspicious, and smuggled goods that are unfit for consumption and use.
Prime Minister Muhammad Shiaa Al-Sudani’s support for the Customs Authority:
This support contributed to achieving a significant and clear leap and improvement in the Authority’s work.
The Authority’s reports in 2023 show an increase in the revenues of some border crossings that implemented a local electronic system.
Implementing an automation system at border crossings, customs and taxation is necessary to improve the economy and combat corruption, and the Sudanese government gives hope in achieving this goal.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/"IRAQ WANTS A STRONG IRAQI DINAR" BY ARIEL, 6 MARCH
ARIEL
@Prolotario1
People it's really this simple. If Iraq original exchange rate in the 80s was 3.00.
And they told their citizens they want to go back to a previous era or prosperity they are obviously not referring to any current exchange rate. This is not something you have to pray, hope, and wish for. You are hearing this from the economists, governors, and finance deputies. They just announced they have completed all requirements to join the WTO.
And an announcement of their accession is imminent. They want to come out strong because they have an entire country to rebuild.
1 dollar is not going to do the trick. 2 dollars will get them by but not enough to transform the country. 3.00 will do the trick. Even of they come out at 2.70 they are 30 cent shy which will move up very quickly to the 3:1 range.
IMPORTANT IRAQ NEWS: ECONOMIST: ELECTRONIC PAYMENT WILL REDUCE DEMAND FOR FOREIGN CURRENCY IN IRAQ", BY MNT GOAT, 6 MARCH
ECONOMIST: ELECTRONIC PAYMENT WILL REDUCE DEMAND FOR FOREIGN CURRENCY IN IRAQ
Mawazine News – Baghdad
The economist Khaled Al-Shammari stressed that electronic payment will increase investment opportunities by depositing money in banks, while he pointed out that the ATM card increased to one million cards during this year.
“The process of switching to electronic payment reduces the cash payment of the currency , thus reducing the demand for the foreign currency and increasing confidence in the local currency,” Al-Shammari said in a televised interview.
He added, “Only about 15% of Iraqi cash is deposited in banks,” noting that “the increase in bank deposits is used for investment purposes instead of disappearing them in the citizen.”
Al-Shammari called for “the need to put the benefits to the bank deposit process for the purpose of encouraging citizens,” pointing out that “citizens are afraid of hacking and forgery in electronic cards, so it must be directed to add security elements such as the adoption of an eye fingerprint.”
" BY RAISING IQD..THIS COULD PAY OFF THE ENTIRE GLOBAL DEBT , 23 NOV
DIGITAL ASSETS DAILY By raising IQD. Then DJT selling the IQD then buying XRP at current price. Then flip the switch so XRP shoots up immed...
