Saturday, March 8, 2025
In Numbers ... The Banking Sector During 2024 Is Witnessing A Decrease In Total Deposits, 8 MARCH
In Numbers ... The Banking Sector During 2024 Is Witnessing A Decrease In Total Deposits
Economics 2025-03-06 |Source: Alsumaria News 616 Viewed Alsumaria News -banking sector witnessed During the year 2024, the Iraqi a noticeable decrease in total deposits, as
it decreased by 9%, to decrease from 133.5 trillion Iraqi Iraq Future Foundation dinars at the end of 2023 to 123.5 trillion Iraqi dinars, registering a loss of 10 trillion dinars, according to a report published by the independent concerned with economic affairs.
The head of the Foundation, Manar Al-Ubaidi, said in a post that Alsumaria News followed,
this decline is mainly due to a decrease in government sector deposits by 14%, as it decreased from 47.3 trillion dinars to 42.8 trillion dinars.
The deposits of public institutions decreased by 7.4%, declining from 29.6 trillion dinars to 27.4 trillion dinars. As for the
deposits of the private sector, it witnessed a decrease of 6.52%, as it decreased from 56.5 trillion dinars to 53.2 trillion dinars. At the level of the types of deposits,
the
current deposits recorded the largest decline by 11.6%, to decrease from 107.5 trillion dinars at the end of 2023 to 97.4 trillion dinars. As for
fixed deposits, it declined slightly, from 9.67 trillion dinars to 9.62 trillion dinars, in return, the
savings deposits witnessed a marginal increase of 0.7%, up from 16.3 trillion dinars to 16.43 trillion dinars, according to Al-Ubaidi.
Al-Ubaidi added that this decline raises important questions about the impact of the trend towards electronic payment and the use of modern payment techniques on the banking sector. As
it was expected that the spread of these technologies will contribute to increasing the volume of deposits, especially the ongoing ones, by stimulating banking transactions and reducing dependence on criticism. However, the
current data reflects a different reality, which requires reviewing electronic payment mechanisms and assessing the extent of their effectiveness in achieving the desired financial and banking goals. He added that
electronic payment is a means, not an end, as
it is supposed to contribute to enhancing financial inclusion and increasing dependence on banks by raising deposit rates.
As bank deposits continue to decline in this large percentage, it becomes necessary to review the electronic payment policies and its application mechanisms. The
expansion of this system must be accompanied by motivational and encouraging measures that enhance the confidence of individuals and companies in banking transactions,
instead of being a technical transformation that does not achieve the required impact on the financial sector.
https://www.alsumaria.tv/news/economy/518581/بالأرقام-القطاع-المصرفي-خلال-2024-يشهد-انخفاضًا-في-إجمالي-الودائع
STATUS OF THE RV, PART. 2 BY MNT GOAT, 8 MARCH
STATUS OF THE RV, PART. 2
😊Then as investors we all stood by waiting and watching.
Could the CBI finally break the parallel market and bring the US dollar inline with the “official” CBI price of the dinar? Back then my CBI contact said this might take some time to do and she used the term “slowly”.
Remember I told my readers we must be patient.
Then in a couple of my recent past Newsletters they talked about this slow decline of the US dollar pricing and the dinar gaining. Then just this week yet another article with fantastic news is telling us they are winning the battle finally with breaking the parallel market and this is the article I want to concentrate on now.
The article is titled “GOVERNMENT ADVISOR: ELECTRONIC PAYMENT ENHANCES DINAR STABILITY, SHRINKS PARALLEL MARKET”.
In the article the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the public’s increasing conviction in using electronic payment cards for travel purposes or paying dues to small companies has achieved great success in reducing the size of the parallel market for the US dollar, which has contributed to its gradual decline.
It is explained that “the modern monetary policies that were recently implemented have proven their effectiveness in achieving financial and economic stability, as annual inflation rates have decreased to levels not exceeding 3%, which reflects the strength and stability of the Iraqi dinar against foreign currencies.”
The financial advisor also pointed out that “the new monetary policy tools adopted by the Iraqi government, in cooperation with the Central Bank, have directly contributed to directing cash liquidity towards official channels, which has enhanced public confidence in the dinar and led to a reduction in informal transactions in the dollar.”
Saleh stressed the importance of continuing efforts to enhance the use of electronic means in financial transactions. Is this not what we been reading in countless articles. Yes, the use of electronic means to eliminate CASH which can be sold on the black market (parallel market) at a premium and then most of it ends up in Iran anyway.
Given electronic banking and its pivotal role in supporting the national economy and combating illegal practices associated with the parallel currency market don’t you think this has been all along something we should concentrate on and follow closely.
This wis why we have been following it so closely and did not concentrate so much on a lot of the other jibber jabber nonsense of the budget and other meaningless events many of these so-called intel gurus tried to sucker you into follow for their every day/ any day RV scenarios and bank stories.
Digital Currency .. And An Advanced Financial Future, 8 MARCH
Digital Currency .. And An Advanced Financial Future
Economic 2025/03/05 D. Nabil Al -ordinary
In line with the framework of rapid global developments in financial and technological systems, the
Central Bank of Iraq, in the context of keeping pace with development, is heading towards launching an alternative digital currency for paper cash.
This step, which is not just a transformation in the method of financial transactions,
is a fundamental shift in seeing the Iraqi financial system.
Digital currencies are a new innovation that the world has witnessed, and
it reflects the rapid shift towards the digital age. The
digital currency allows the possibility of
making transactions faster and more safely compared to paper criticism, through the use of this currency, as well as
reducing the costs of transactions, which contributes to
enhancing economic efficiency.
As for the potential benefits of the digital currency in Iraq, they are summarized in
improving the efficiency of the financial system, and then will help
accelerate transactions and
reduce the time required to accomplish them,
which reflects positively on the movement of internal and external trade.
It is also an effective means of
enhancing
transparency and
fighting corruption, and that its use and intended digital currencies may contribute to
reducing informal monetary transactions, which
reduces the chances of financial corruption as well as job evasion.
Perhaps the most prominent advantage of this type of currency is that
it will contribute to
increasing the amount of financial inclusion: the prospects for
access to financial services for new groups of society
may open, especially for those who do not deal with banks directly. In my estimation, the
digital currency can contribute to encouraging innovation in the financial market, giving many startups to provide new services that depend on financial technology. Although
this type of currency has these advantages and despite the great benefits,
it is not without challenges, and
it must be paid attention to, foremost of which is concerns related to cybersecurity and data protection, and
citizens must be educated about how to use this currency and
this requires a clear legal and organizational framework that guarantees the protection of the rights of users. The
launch of the digital currency in Iraq represents a new and important stage in the development of the financial system,
this initiative
reflects Iraq's commitment to move forward towards an advanced technological age, and
will have positive effects in the economy and society, however, the
success of this step depends on
addressing the challenges associated with it, which we pointed to some of them in the context of this article, and the
need to provide adequate support to achieve its goals. https://alsabaah.iq/111170-.html
MAJEED UPDATE, 8 MARCH
MAJEED
Urgent: Al Arabiya Channel:
President Trump: We are very close.
What will happen to Iran in the coming days and hours is very terrible. We will not allow Iran to possess nuclear weapons.
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