Most private banks closed, fears of liquidity crisis amid citizens’ anger , 8 OCT

 Tishwash:  keep in mind the dollar has been very volatile this past week it's at or just about at 1600 dinars per dollar   but this is definitely interesting

Most private banks closed, fears of liquidity crisis amid citizens’ anger

Today, many banks in Iraq witnessed a state of chaos and tension after their sudden closure, which raised widespread concern among citizens, especially with the emergence of reports about some other banks refusing to return customers’ deposits under the pretext of a lack of cash liquidity. 

This development prompted many citizens to quarrel with the management of the banks that remained open, amid growing fears that the officials of these banks would flee after emptying them of money.

The banks that have closed their doors include:

World Bank

Ashur Bank Babylon

Bank

Al Ansari

Bank Middle East

Bank Al-Qabeed Bank

Noor Iraq

Bank Trans Iraq

Bank Al-Huda

Bank Mosul Bank

As for the banks that remained open, but refused to return customers’ deposits under the pretext of lack of liquidity, they include:

National Bank,

Baghdad

Bank, Development

Bank, Al-Nasik Bank

, Bank of the South,

United Bank,

Union Bank,

Al-Tayf Bank

The sudden closure comes amid reports of financial turmoil hitting Iraq's banking sector, with many customers fearing they will lose their money amid growing rumours that some bank officials are planning to flee the country after withdrawing assets from branches.  link

RV UPDATE BY MARKZ, 8 OCT

 MarkZ 

  [via PDK]

  Question:  Are the goal posts moving again? 

 MarkZ:  I do not believe our goal posts are moving…I believe things are funneling quickly in the right direction.

 “Al Rafidain: More the 4 Trillion dinars electronic collection amounts for government departments"  this is a marked improvement to the government...

a big increase in revenue from getting rid of graft and inefficiency by using electronic systems. They are very much streamlining their government.  This has made a massive difference in stability in Iraq.

IRAQ BOOTS ON THE GROUND REPORT : THE RV MAYBE BY THE END OF THIS YEAR...

Central Bank of Iraq: All employees must open bank accounts before the end of March 2025, 7 OCT

  Central Bank of Iraq: All employees must open bank accounts before the end of March 2025

Today, Sunday, October 6, 2024, a number of employees of the Kurdistan Region received their salaries for the month of August through the "Hesabi" banking project.

In this context, an informed source in the Central Bank of Iraq told Kurdistan 24 that the agreement concluded between the Kurdistan Regional Government and the federal government obliges all employees to open bank accounts.

The source confirmed that employees who do not open a bank account and do not register in the "Hesabi" project until March 2025, will not be able to receive their salaries.

The source explained that there is no difference between the Iraqi localization project and the bank account project, as both come in response to the request of the US Federal Reserve.

He stressed the need for all employees to have bank accounts, with the aim of reorganizing the financial and banking sector in Iraq and the Kurdistan Region.

This comes at a time when 132,000 employees in the Kurdistan Region are preparing to receive their salaries for the month of August through the "Hesabi" project within three days. Today, 40,000 employees received their salaries, with another 46,000 receiving their salaries on Monday and another 46,000 on Tuesday.  link

RV UPDATE BY MARKZ, 7 OCT

 MarkZ  

 [via PDK] 

  “Al Rafidain: More the 4 Trillion dinars electronic collection amounts for government departments"  this is a marked improvement to the government...a big increase in revenue from getting rid of graft and inefficiency by using electronic systems. They are very much streamlining their government.  This has made a massive difference in stability in Iraq.

..Chase always saying they have nothing to do with Iraq…but in the meantime they are opening 10 branches in Iraq while working with them to update their banking system.

THEY ARE TALKING ABOUT DELETE THE THREE ZEROS ON TV AGAIN BY FIREFLY @DI...

Minister of Communications: We are proceeding with the procedures for implementing the national license project for mobile phones using fifth-generation technology, 7 OCT

  Minister of Communications: We are proceeding with the procedures for implementing the national license project for mobile phones using fifth-generation technology

Minister of Communications Hiyam Al-Yasiri announced today, Saturday, that the ministry is proceeding with completing the procedures for implementing the national license project for mobile phones using fifth-generation technology.

The ministry said in a statement received by the Iraqi News Agency (INA): "In continuation of the intensive efforts to follow up on the procedures for implementing the national mobile phone license project, Minister of Communications Hiyam Al-Yasiri held a meeting with the Supreme Committee for the project in the ministry," indicating that "the meeting comes within a series of ongoing and intensive meetings and procedures to move forward with the procedures for implementing the national mobile phone license project using fifth-generation technology."

The statement added that "these efforts come in implementation of the Council of Ministers' decision, which included the Communications and Media Commission granting the national mobile phone license to the Ministry of Communications to implement it using fifth-generation technology."

It is worth noting that the Ministry of Communications is working on multiple axes to implement the project, including attracting solid specialized international companies to benefit from their expertise in operating the project and communicating with a number of government agencies to contribute to financing the project in a way that ensures that the largest number of segments of society in Iraq benefit from the project's revenues, in addition to communicating with the Communications and Media Commission to complete the procedures for granting the license.  link