Monday, April 15, 2024
With the participation of 100 companies from 13 countries...the oil, gas and energy exhibition activities will start tomorrow in Basra, 15 APRIL
With the participation of 100 companies from 13 countries...the oil, gas and energy exhibition activities will start tomorrow in Basra
4/15/2024
The activities of the Oil, Gas and Energy Exhibition will be launched in Basra Governorate tomorrow, Tuesday, sponsored by the Ministry of Oil and with the participation of 100 companies.
Basra International Exhibition Media and Relations Officer, Osama Majeed, told the National Iraqi News Agency ( NINA ) that all preparations for the opening of the Iraq Oil, Gas, Energy and Oil Equipment Exhibition, scheduled to be held for the period from 16 to 19 of this month, have ended. On the grounds of the Basra International Fair next Tuesday at 11 am. He added, "There are more than 100 local, Arab and international companies from 13 countries, including Iraq, Switzerland, the United States, China, Saudi Arabia, Turkey, Iran, France, Japan, Britain, Egypt, and the Emirates, with various specializations in oil and energy industry technology. They will participate in the exhibition."
Majeed pointed out that The exhibition will be open to visitors from eleven in the morning until five in the evening. LINK
"RV UPDATE", (ENGLISH & SPANISH), BY ROD STEEL, 15 APRIL
Sunday April 14, 2024
The General Authority Of The National Bank Of Iraq Announces An Increase In Its Capital To 400 Billion Dinars And The Distribution Of Cash Dividends At A Rate Of (20%), 15 APRIL
The General Authority Of The National Bank Of Iraq Announces An Increase In Its Capital To 400 Billion Dinars And The Distribution Of Cash Dividends At A Rate Of (20%)
Economy News – Baghdad The General Authority of the National Bank of Iraq announced the approval of the Board of Directors’ recommendation to increase the bank’s capital from 300 billion Iraqi dinars to 400 billion dinars through the balance of retained earnings and distributing them as free shares to shareholders and working to amend Clause Five of the bank’s articles of incorporation, praising the policies and instructions of the Central Bank of Iraq.
Which was distinguished by its “flexibility and rapid response” to economic and political changes, while pointing out the completion of all technical requirements for launching the Swiss T24 system and preparing for the adoption of the anti-money laundering system “IML Sirion”.
The bank said in a statement received by Al-Eqtisad News that the general assembly of the bank approved, during its annual meeting, the distribution of cash dividends to shareholders at a rate of (20%) of the bank’s capital, in addition to the Board of Directors’ report and the financial statements of the National Bank of Iraq for the year 2023 and its future plans, especially those related to Financing the opening of 7 branches of the bank during the current year 2024 from retained earnings.
The Chairman of the Bank’s Board of Directors, Bassem Khalil Al-Salem, explained that “the Central Bank of Iraq’s monetary policies and banking instructions during the year 2023 were characterized by flexibility and rapid response to economic and political changes, which contributed to preserving the pillars of monetary stability and supporting exchange rate stability, which strengthened the role of the Iraqi banking sector and maintained... “Its durability, protected the rights of depositors and shareholders, and increased their confidence in the sector.”
Al-Salem pointed out that, “by the end of the year 2023, the National Bank of Iraq achieved distinguished financial performance, after recording net profits after tax of 190 billion Iraqi dinars, compared to 27.5 billion Iraqi dinars during the year 2022, and net interest income increased from 67.6 billion Iraqi dinars.”
To 99.8 billion Iraqi dinars, with a growth rate of 46%, and total income increased from 108.1 billion Iraqi dinars to 343.1 billion Iraqi dinars, with a growth rate of 217%,”
explaining that “these results reflect the effectiveness of the bank’s business strategy, which focuses on basic banking services, the most important of which are bank loans.” For individuals, large, medium and small companies and trade finance services for large companies.”
According to Al-Salem, “The volume of customer deposits increased from 1.5 trillion Iraqi dinars in the year 2022 to 2.9 trillion Iraqi dinars in the year 2023, with a growth rate of 90%, and the total direct credit facilities also increased from 951 billion Iraqi dinars to 1.3 trillion Iraqi dinars, with a growth rate of 38%.” %,” indicating that “this growth came as a result of the expansion of loans granted to the category of employees whose salaries were localized with the bank, in addition to small, medium and large companies.”
Al-Salem pointed out that “the growth of various financial indicators contributed to an increase in the bank’s assets by 65% to reach about 3.9 trillion Iraqi dinars, the highest in the bank’s history,” pointing out that this increase reflects the growth in the volume of banking business, the increase in the bank’s market share, and the strengthening of its ability to provide banking services to its customers.
For his part, the authorized director of the National Bank of Iraq, Ayman Abu Dhaim, said, “The growth in the bank’s business also included a noticeable expansion in its customer base, which reached 210,000 customers in the year 2023, compared to 57,000 customers in the year 2022,” indicating “the expansion as well.” In the ATM network, adding 50 new machines around Iraq, bringing the total number to 190 machines.
Regarding geographical expansion, Abu Dhaim explained, “The bank opened 5 new branches in the year 2023, bringing the total to 31 branches, including one branch in the Kingdom of Saudi Arabia, which provided great added value to Saudi and Iraqi companies by facilitating sending and receiving internal transfers.” Foreign affairs, granting credit facilities, and providing trade financing services.
Abu Dhaim stated, “The National Bank of Iraq opened a number of advanced centers for counting and sorting cash, and a section dedicated to external transfers to ensure the provision of distinguished service to the bank’s customers from large, medium and small companies,” explaining that the bank offers a variety of new products that meet the needs of its customers and enhance their banking experience.
In addition to providing custodian services, after obtaining official approvals from both the Securities Commission and the Iraqi Stock Exchange, this service aims to protect Iraqi and foreign investors and provide them with all investment services.
At the level of international cooperation, Abu Dhaim pointed out that “the National Bank of Iraq opened a new account with JPMorgan and increased financial transactions with Citibank, in addition to signing a financing agreement with the US International Finance and Development Corporation (DFC),”
pointing to “a commitment The bank is keeping pace with the latest technological developments and enhancing information security and the efficiency of banking services, as it worked to complete all the technical requirements to launch the T24 banking system, the best and most modern in the world from the Swiss company Temenos, which was launched at the beginning of 2024.
We also made technical preparations to launch a new anti-money laundering management system (AML). Sirion".
Abu Dhaim stated, “The Iraqi National Installment Company began its work during the year 2023, as it provides car selling services in installments to customers whose salaries have been settled with the National Bank of Iraq.”
Regarding the bank’s future plans, Abu Dhaim confirmed that “the bank will continue to expand its branch network, which will be increased by 7 branches to reach 38 branches by the end of 2024. The ATM network will also be expanded and increased to reach 400 tellers, in addition to focusing on developing and marketing services.
” Electronic banking, increasing the bank’s share in financing trade for large companies, expanding the salary localization project and financing small and medium-sized companies, in addition to expanding the attraction of deposits from individuals, companies, and official government institutions, armed with the confidence the bank has gained in the banking sector supported by its financial results and advanced services.” Views 137 04/14/2024 - https://economy-news.net/content.php?id=42437
"RV UPDATE" BY TEXAS SNAKE (ENGLISH & SPANISH), 15 APRIL
TEXAS SNAKE
Sunday April 14, 2024
20:21 P.M. Time TEXAS USA
Texas Snake: Says
News of the visit of the Prime Minister of IRAQ to
USA.
It should be interesting what happens in DC next week with the Prime Minister's visit to Biden, the rumors will be seen on Tuesday with a publication in the Gazzete, which is Wednesday. We will see!!!!!
I've heard that this is possibly the most positive week we've had since this journey began.
The banker very much hopes to hear something tomorrow or Tuesday at the latest.
Greetings
Hernan
--------
TEXAS SNAKE
Monopoly In Banking Services , 15 APRIL
Monopoly In Banking Services
Economy News – Baghdad Yasser Al-Metwally In a remarkable step, there is a reading in the recent directives of the Prime Minister regarding stimulating the activity of the private banking sector, as an important paragraph indicated that the Council for Competition and Monopoly Affairs was authorized to take the necessary measures to prevent monopoly in banking services, and this is the paragraph that I stopped at and pondered a lot...
The title was striking and an unprecedented step that, if successful, will create a qualitative leap in the performance of the private banking sector and push it to return to practicing its basic activity of providing credit and loans aimed at achieving the required economic development.
I am certain that one of the most prominent reasons for the decline in the performance of the banking sector is its duties assigned to it by the Banking Law, which is the practice of the activity of banking services and products, such as deposits, credit, and lending, given that deposits are the basis of banking activity, but the government banking sector’s monopoly on banking services and the deprivation of private banks has created an imbalance in the performance of private banks. .
Among these services are government deposits, restricting them to government banks, and depriving private banks of benefiting from them in order to invest them in serving borrowers, which has limited them, and I mean private banks, to rely entirely on the currency window to conduct banking affairs.
Thus, these procedures contributed to neutralizing private banks from performing their development role and pushing them to deviate from their banking duties, and this language is understood by specialists.
If the Competition Affairs Council succeeds in this mission, the directives will bear fruit and achieve their goals.
This is at the level of government monopoly on banking services and its restriction to public (governmental) banks.
To be fair, a new phenomenon of monopoly in banking services has recently emerged, which is summed up by the reliance of a limited number of private banks on dealing in dollars, and this is what was imposed by the circumstances of collective sanctions on many private banks.
Here, the Competition Commission must take this aspect of monopoly seriously and search for means to dismantle this type of monopoly by some private banks, especially those with external partnerships. Note that I am not against participation and I do not target these banks,
but to be fair I say that it is unfair for banks participating with foreign countries, regardless of their nationality, to enjoy state funds and to deprive a number of steadfast Iraqi local banks that received a strong blow with penalties for various reasons, most of which are violations. Call them whatever you want and it is possible to address their deprivation. of dealing in dollars and affected its performance.
We hope that this phenomenon will be studied and fair measures will be taken so that banks are equal in their tasks and duties, that there will be no monopoly on banking services, and that an integrated and competitive banking market will be achieved at the same time.
Views 55 04/14/2024 - https://economy-news.net/content.php?id=42441
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