Saleh: Iraq is on the verge of a banking boom
Baghdad / Al-Sabah – The start of financial institutions to work on the dissemination of services among the Iraqi community in conjunction with the week of Arab financial inclusion, which started yesterday in most Arab countries, represents an important step to communicate and benefit from regional experiences and start the stage of departure where the world ended, and the advancement of the national economy through The interaction with all segments of the society without exception to be the results for the benefit of the national economy through the positive interaction between the banking system and citizen and launched yesterday the effectiveness of the week of inclusiveness to continue its activities for 7 days, targeting all segments of society in different places and sectors, This interest stems from the important positive role of financial inclusion in the reality of the national economy.
Financial services
Financial Advisor to the Prime Minister Dr. The appearance of Mohammed Saleh praised the step and promised the task and the Iraqi financial sector and said: “As far as the financial coverage to mean in essence the delivery of financial services to weaken the income segments in the community, the renaissance led by the government and the central bank together in making the issue of the resettlement of government salaries, which constitute With pension payments and social security, accounts for about 45 percent of GDP. ”
“Banking mechanisms and the benefits of using electronic payment methods for banking will help expand the phenomenon of financial coverage to double what it is today,” he said, adding that “the number of adults involved in banking operations will exceed 20 percent of the adult population, Credit and the granting of loans with the guarantee of home salary will also increase public abuse with the banking system. ”
“Iraq is on the verge of a banking boom in the next few years and this renaissance will be able to achieve its objectives thanks to the rapid progress of banking information technology in the digital banking era,” Saleh said. Banking Education The Director General of Payments in the Central Bank of Iraq, Suha Abdul Karim, has shown “the central quest to develop the financial sector and banking through the development of infrastructure that enable financial institutions and banking to improve services and accessibility by all segments of society,” noting that “In This framework brings attention to the week of financial inclusion and turn it into a carnival for the delivery of services and the participation of banks in a practical way to contribute to the banking education of services, especially for women, as well as for the students, whether schools or universities, Mia Banking “.
Mainstream products
Executive Director of the Association of Iraqi Private Banks Ali Tariq said: “The activities of the Week of Financial Inclusion started yesterday in all parts of Iraq, in order to increase the dealings with the banking sector.”
Financial inclusion means that the financial and banking products and services are at reasonable cost to the largest group of groups, institutions and individuals, especially low-income segments of society, as opposed to the financial exclusion that excludes these segments. Financial inclusion requires the capacity to exclude these segments and the ability of individuals and institutions to obtain On financial services and their effective use in a responsible manner and financial inclusiveness without financial education. The conscious consumer is more aware of the risks and rewards associated with financial products and more aware of his rights and duties.
“Tariq will witness the launch of the Financial Inclusion Week, which involves all banks and financial companies operating in Iraq, in order to educate the public on the importance of financial coverage, which will reflect positively on the economy. Paiement added that ” the Central Bank and the Association of private banks to supervise directly on the organization of financial inclusion Week , which was launched in conjunction with the Arab countries , ” noting that “Iraq wants to increase the number of dealers with the banking sector to large proportions because it will make citizens enjoy banking services available to the public Loans, electronic payments and others. ” Tarek pointed out that “the events of the week of financial inclusion include the Iraqi banks to display their products in public places that it deems appropriate from universities and commercial centers and others,” noting that ”
Development Agenda
International Financial Inclusion Expert d. Sadiq al-Shammari stressed that “it represents an important dimension in the overall and sustainable development strategy because it has an impact on improving the chances of growth and financial and social stability. The G-20 has shown an important goal in the economic and financial development agenda. Financial for all by 2020 for its effective role in fighting poverty and reducing unemployment worldwide. ”
International statistics for 2014 show that nearly one billion of the world’s adult population still do not have access to financial services, although the global average of adults with bank accounts has increased to 62 percent from 51 percent in 2011, according to the Global Financial Services Circular.
“The rapid and rapid development of ICT has contributed to the emergence of many innovative financial services and business models such as mobile banking and branchless banking, as well as improved access to individuals and enhanced financial coverage,” he said. The direct impact of the South Islamic Bank relations director Jamal Shaker al – Rubaie said the “speed in the variables and the technological race puts the media in the forefront of the direct means of influencing public opinion , because the media ‘s role is to create cultural awareness and orientation in the community.”
“Today, the media has diversified, thanks to scientific progress. Perhaps scientific studies have given the media many ways and means to influence the public opinion. This task is not easy and at the same time is not impossible because the convictions are different towards the goal pursued by any institution. And acceptable. ”
He stressed that “financial inclusion will impose itself when banking culture is an important part of the life of the individual and to support that step we have to provide infrastructure for various sectors to facilitate dealing with them very easily and be close to the reach of the individual in the city or village, I am in order to break the frequency of some and the banks to create attractive ways to attract the customer and graduated from traditional frameworks inherited through contracts while retaining lines of safety and confidence and banking standards.
Short loans
“Financial inclusion requires a comprehensive range of financial services including bank accounts, savings, short and long term loans, leasing, mortgages, insurance, salaries, payments, local and international remittances and retirement plans, as well as the protection of the problem and the strengthening of financial capacity,” said Haidar Kazem al-Baghdadi.
“Expanding participation in the formal financial system or achieving financial inclusion is not an end in itself but a means to achieve an objective because of its important developmental role in human development, improving the standard of living, empowering women, promoting equal opportunities, financing small and medium enterprises, reducing poverty, Thus achieving comprehensive and sustainable economic growth. ”
Economic life
In conjunction with the event, the International Company for Smart Card (K-Card) organized a workshop on the dimensions of financial inclusion and importance in economic life, and participated a large number of employees of the company in this workshop, which was attended by international experts, Sadiq Rashed Al-Shammari. Participants reviewed the stages of interest in the economic life of the family and the national economy through reliance on financial inclusion, and presented successful global experiences in this important chapter and how some economies have been able to achieve important successes through financial inclusion.
The participants interacted with this step, where consensus was reached on the importance of working towards spreading awareness among the community about financial inclusion and its role in achieving development for all segments of society and in all cities and towns.
Read More: http://www.dinarupdates.com/showthread.php?56739-Saleh-Saleh-Iraq-is-on-the-verge-of-a-banking-boom (Special Thanks to Loopster)
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Continued decline in the dollar exchange in Iraq
[Ayna-Baghdad] – Foreign currency markets in Baghdad, on Tuesday morning, a decline in the dollar exchange rate against the Iraqi dinar.
The market price on the Kifah Stock Exchange in Baghdad was 1196 dinars per dollar, or 119 thousand and 600 dinars per hundred dollars.
The prices of selling and buying dollars in banking companies were:
The sale price of one dollar 1200 dinars, or 120 thousand dinars, for one hundred dollars.
And the purchase price of the dollar is 1190 dinars, or 119 thousand dinars, for one hundred dollars, and this price is the lowest recorded by the currency markets for years in Iraq.
Foreign Exchange Rates:
EUR World Price: 100 Euro = 122.15 USD The
World Price: 100 Bounds = 139.44 $ The
Turkish Lira The International Price: $ 100 = 409.70 Turkish Lira
Article Credit: Alliraqnews.com Special Thanks to Vernell Washington
BGG ~ There has been a lot of great news out the last few days. This, however, will fly under the radar yet is very, very important. The USD / IQD rate continues to decline. Looking better and better everyday.
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Adam Montana (Dinar Guru) – [Instead of asking when, I’m gonna ask how much longer can Iraq survive with the currency the way it is?] Realistically, the answer is “indefinitely”. But I believe they have motivation to RV, so the question goes back to “when”. [Do you think they will really wait until after elections, cabinet formation and Ramadan?] I can’t speculate any more than I have already done regarding the “when” – hopefully immediately after elections but before Ramadan.
Read more: http://www.dinarupdates.com/observer/
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Central Bank of Iraq Auctions $197,457,640 on April 26th 2018
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on April 26 registered $197,457,640 in sales, a 21.58% volume increase from the US $162,405,813 sold by Iraqi Dinar, credit and transfer at the previous auction held on April 25.
The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on April 26 compared to the previous auction.
Data for the April 26 auction was made public by CBI Announcement Number 3686.
Dollar sales in the in the period January 1, 2018 to April 19, 2018 saw an increase of -1% compared to the sales of US $10.78 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.
An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.89 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.
Article Credit: http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
BGG ~ We will continue to highlight the regular auctions.
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Tomorrow will start the week of financial inclusion in Iraq
The Association of Iraqi Private Banks announced the launch of the Financial Inclusion Week on Wednesday in all parts of the country, with the aim of increasing the dealings with the banking sector.
The Executive Director of the Association of Iraqi Private Banks, Ali Tariq in a press statement that “on Wednesday will see the start of the activities of the week of financial inclusion, which will involve all banks and financial companies operating in Iraq, in order to educate the public on the importance of financial coverage, which will reflect positively on the economy “He said.
He added that “the Central Bank and the Association of Private Banks are directly supervising the organization of the week of financial inclusion, which will be launched in conjunction with Arab countries,” noting that “Iraq wants to increase the number of customers with the banking sector to a large proportion because it will make citizens enjoy the banking services available to the public of loans Electronic payment and others. ”
He pointed out that “the activities of the week of financial inclusion include the Iraqi banks to display their products in public places that you see appropriate from universities and commercial centers and others.” He pointed out that “the banks will during the week of financial coverage to open bank accounts and the granting of credit cards and others.”
Article Credit: http://economy-news.net Special Thanks to Charles Bright!!
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Mnt Goat (Dinar Guru) – I believe Abadi when he says “after the election.” We will see the project to delete the zeros…So where are we really? We are kind of in a waiting mode for the next couple weeks to see how this election all shakes out on May 12th. …We know Iraq is ramping up seriously for the 2018-2022 Development & Reconstruction Plan. They are having yet another Investment conference and its this week. This time it is in Iraq. Remember they have had many of these conferences and seminars over the years and so they probably will have many more, even after they reinstate their currency. I can assure you that Haider al-Abadi has a very good opportunity to get re-elected. If he does, we are going to see Iraqi just take off during the rest of 2018 and into 2019.
Read more: http://www.dinarupdates.com/observer/
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MilitiaMan (Dinar Guru) – Article “The Central Bank signs a memorandum with Visa International tomorrow” This is the same day for the start of the Financial Inclusion… Smells International! Article 8, convertible currency… What we all know now is that is about to change starting from what they say: TOMORROW. The memorandum with VISA comes the day of the beginning of Financial Inclusion. …they were given phones by the CBI months ago and those phones are being used for a purpose and that purpose is now openly stated by the CBI that they are about to distribute the new notes and that they have a suitable environment. Citizens are getting TEXT MESSAGES now to come in and get paid, cards, exchange, etc…The program rate is imo about to change and they clearly are not hiding it. The process is underway and almost complete. I believe your witnessing that each and everyday.
Read more: http://www.dinarupdates.com/observer/
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The Central Bank signs a memorandum with Visa International tomorrow
Economy News Baghdad – The Central Bank of Iraq announced that it will sign a memorandum with Visa International on Wednesday to grant its legal framework within Iraq.
“On Wednesday, the central bank will sign a memorandum of understanding with Visa International that will provide the legal framework for the company in terms of providing services, consultancy and support to the banking and financial sector,” said Central Bank Payments Department Director, Duha Abdel Kareem.
“The presence of Visa International in Baghdad will make a positive change on the economic market,” adding that “the central bank has steps to support competition between international financial companies.”
Article Credit: Economy-news.net Special Thanks to Sherry Miller
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Frank26 (Dinar Guru) – IMO, they printed just the small notes and the others (three zero notes) are being collected, and they will not be replaced. The three zero notes and the small denom’s are going to co-exist together. They don’t care about the three zero notes. And even though the CBI gave the banks and exchangers the plan several weeks ago, the banks and money exchangers are refusing the TZN’s. Therefore, The citizens are now applying pressure. Complaining to the government, the CBI. …CBI issued a statement and said, “STOP refusing the three zero notes.” The CBI is listening to the citizens and addressing this issue. Telling the “banks, money changers, don’t mess this up! We told you the plan through the memo we sent you weeks ago.”
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – First off the cbi’s exchange rate is not a program rate. It is the real value of the Iraq dinar as it appreciated from almost 3,500 to $1 back in 2004 when it was introduced as the new Iraqi currency. There has been a few adjustments most recently in an agreement with the IMF none of which refers to it as program rate… And when the CBI moves off the peg to a float, as well as opening its capital account, the CBI will then have a means to appreciate the currency gradually.
Read more: http://www.dinarupdates.com/observer/
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Arab Monetary Fund announces the establishment of a regional entity to settle payments between the 22 countries
The Arab Monetary Fund (AMF) announced on Sunday that its board of directors has approved the establishment of an independent regional entity to settle payments among the 22 member states.
Arab countries have ended plans to set up an independent payment system across the region after high compliance costs and global banks have reduced their activities to undermine existing arrangements.
Correspondent banks currently handle most of the payments and settlements among Arab countries and act as agents for foreign institutions that have no actual presence in a country.
US and European banks’ tightening in recent years has increased the cost of anti-money laundering, while some banks have moved out of the market to focus on more profitable sectors.
The fund did not specify a timing for the new mechanism to start, but Bank officials had earlier expected it to start operating in 2020. The capital of the new entity, backed by Arab banks, would be $ 100 million and owned by the Arab Monetary Fund.
The new entity aims to support the use of local currencies in the settlement process between Arab countries as well as major international currencies.
Article Credit: http://economy-news.net/content.php?id=12029 Special Thanks to Vernell Washington
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Some interesting headlines…
Oil is at its highest level since 2014
Governor of the Central Bank of Iraq participates in the meeting of Governors of the Arab Monetary Fund
Iraqi oil ministry calls on US companies to increase their presence in Iraq
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An Iraqi delegation will visit Kuwait next month to follow up the pledges of the reconstruction conference
The reconstruction fund of the affected areas revealed on Tuesday the visit of an Iraqi delegation to Kuwait early next month to follow up the commitments made at the reconstruction conference of Iraq.
“An Iraqi delegation consisting of the Secretary-General of the Council of Ministers Mahdi Al-Alaq and the Chairman of the Reconstruction Fund and a delegation from the Ministry of Education will visit Kuwait on the fifth of next month to follow up the commitments made by Kuwait on the reconstruction of Iraq,” he said.
Al-Hiti added that ’47 countries made pledges at the Kuwait conference, ‘noting that’ such pledges need to sign agreements and this may take time in such conferences, but it remains. ‘
He added that ‘the Republic of Egypt has expressed its willingness to receive students from the affected areas and also received patients to deal with them and these are all pledges and there is a higher committee to follow up these pledges.’
He pointed out that ‘will be held next Thursday, a meeting in the Rashid Hotel to follow up the investment projects that were presented at the Kuwait conference,’ explaining that ‘a section of companies submitted to Iraq to carry out these projects will be discussed these projects in this forum.’
On February 14, Kuwait hosted a conference for the reconstruction of the affected areas in Iraq. The Kuwaiti Foreign Minister announced at a press conference at the end of the conference about the collection of 30 billion dollars out of the 88 billion dollars Iraq declared its need for reconstruction of liberated areas and other areas in the provinces Other.
Article Credit: ikhnews.com Special Thanks to Tim Tarkington
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Click this link to join the DU “private” FaceBook Group…
https://www.facebook.com/groups/571383766355188/
(go here and ask to join… then add some Dinar Friends!!)
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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