The performance of the Iraqi banking sector during the year: decline in some indicators and growth in others, 4 APRIL

The performance of the Iraqi banking sector during the year: decline in some indicators and growth in others

Economy News – Baghdad

The Iraqi banking sector has witnessed significant changes in its financial indicators during the past year, according to the issued data, which reflect the performance of commercial banks, the movement of cash, and the purchases and sales of the dollar, in addition to the policies of the Central Bank.

Commercial banks: decline in some assets and growth in private deposits

The data showed a decline in the assets of commercial banks by 0.92%, falling from 205.25 trillion dinars by the end of 2023 to 203.36 trillion dinars at the end of 2024. Current deposits also recorded a decrease of 9.38%, while private deposits increased by 10.63%, indicating increased trust of individuals in private banks compared to traditional current deposits.

Dollar movements: a sharp decline in central bank purchases

The Central Bank’s purchases of the dollar recorded a significant decline of 61.97%, falling from $8.35 billion to $3.18 billion. In contrast, dollar cash sales saw a slight decline of 0.92%, reflecting a decline in demand for hard currency within local markets.

Currency: decrease in the money supply and decline in the reserves of the issued currency /span>

The issued currency recorded a decrease of 1.36%, while cash outside banks decreased by 10.26% to reach 130.35 trillion dinars compared to 145.26 trillion dinars in the previous year. The ratio of mandatory reserves to the issued currency also decreased from 143.14% to 129.64%, indicating a reduction in cash availability in the market.

Central Bank: A rise in loans and a decrease in gold reserves

Loans granted to small and medium-sized enterprises witnessed a significant increase of 47.02%, reflecting a trend to support economic development through project financing. In contrast, gold reserves recorded a decline of 8.69% to reach 189.90 trillion dinars compared to 207.96 trillion dinars last year.

Inflation and the exchange rate: a marked decline

The inflation rate recorded a decline of 35.56%, falling from 4.50% to 2.90%, reflecting an improvement in price stability. The exchange rate in the parallel market also fell by 1.32%, in an indication of relative stability in the value of the dinar against the dollar

https://economy-news.net/content.php?id=54014

 

WOLVERINE:“ This was the holdup… now we are ready to go" 4 APRIL

WOLVERINE

Per BROTHER TECHNOLOGY

His family’s friend texted the bank manager the “RLUSD going live today” news

She replied to him with 

“ this was the holdup… now we are ready to go… everything is finalized and ready”

MNT GOAT: .we are not likely to see any reinstatement of the dinar until Iran is broken #iqd

 

Iraq takes a calm stance towards increasing US tariffs, 4 APRIL

 Iraq takes a calm stance towards increasing US tariffs

 In the face of the tight trade policies adopted by the administration of US President Donald Trump, Iraq took a calm stance, and reduced the direct economic impact of the decision to raise tariffs by 39% on its exports to the United States.

The economic adviser to Prime Minister Mazhar Mohamed Saleh said in a press statement that: “American tariffs, if they really impose on our country’s trade with it, do not constitute any impediment on the trade and economic stability of Iraq.”

He explained that “Iraqi exports to the US market do not exceed 5 billion dollars annually, mostly from crude oil, while the US market is secondary compared to major markets such as China and India, which import about 70% of Iraqi oil production.”

Saleh pointed out that “this restorative trend from Baghdad reflects a realistic reading of the balances of foreign trade, as Iraq relies in its imports by 90% on partners such as Turkey, China, India, the UAE, and European Union countries. On the other hand, the United States does not represent a key partner, whether in terms of import or export.”

Despite the confident tone, Saleh expressed some concern about the general course of US trade policy, saying, “We hope that Iraq will be free from these protectionist shifts, especially as it is linked to Washington with the Strategic Framework Agreement signed in 2008, which regulates bilateral relations in the fields of security, commercial and economic cooperation.”
 

https://alforatnews.iq/news/العراق-يتخذ-موقفاً-هادئاً-تجاه-زيادة-الرسوم-الجمركية-الأميركية

AJ : What Iraq currency looks like. 4 APRIL

 AJ

GM, I’m heading out to ski today...

super excited!

Before I go, I put together a table of the Iraqi Dinar (IQD) to show what Iraq currency looks like. 

I know it might seem counterintuitive, but take a look at the chart I shared earlier in the feed (the one with the big green upward bar in 2020 when the oil market crashed). 

During the COVID crisis, Iraq made a massive devaluation of their currency, with the IQD jumping from 1,186 to 1,450 per USD. Now, it’s settled lower, closer to the dollar at 1,310, as you can see in the table below. 

Be sure to check out the historical prices in the chart of the Iraqi Dinar (IQD) as well...

it’s the one just below this post in the feed!

💥 BANK SCREENS LIGHT UP WITH FINAL RATES! 💥💰 IQD: $8.73 , 💰 VND: $5.12 @DINARREVALUATION

 

Al-Mandalawi discusses with the Chargé d’affaires of the US Embassy political and economic cooperation, 4 APRIL

Al-Mandalawi discusses with the Chargé d’affaires of the US Embassy political and economic cooperation

 First Deputy Speaker of the House of Representatives Mohsen Al-Mandalawi received, on Thursday, the Chargé d’affaires of the United States Embassy in Iraq, Daniel Rubinstein.

A statement from his office, a copy of which was received by {Euphrates News}, said: “At the beginning of the meeting, Robinstein congratulated Al-Mandalawi on the occasion of the blessed Eid al-Fitr, expressing his wishes for more security and stability for Iraq and the region.”

He added that “the two sides discussed bilateral relations between Iraq and the United States, where the importance of developing cooperation in political and economic files and promoting joint investments to achieve the mutual interests of the two countries, as well as discussing the security situation in Iraq and its reflection on the economic, investment and political sectors, while stressing the importance of political stability as the most important pillar for the success of the democratic experiment.”

Al-Mandalawi stressed “the importance of continuing joint coordination on issues of common interest, while stressing the pivotal role of Iraq in the stability of the region, and the need to stop violations on the countries of the region and that major countries exercise their role in this regard.”
 
The statement continued, “The meeting also witnessed an exchange of views on regional developments, in addition to discussing the frameworks of continuous cooperation between the two countries in the field of combating terrorism and strengthening regional security.”

https://alforatnews.iq/news/المندلاوي-يبحث-مع-القائم-بأعمال-السفارة-الأمريكية-التعاون-السياسي-والاقتصادي