We buy (and sell) Dinar!! 

We buy (and sell) Dinar!! 

We Buy Iraqi Dinar (& Dong/ZIM) at the highest rate in the industry & are very quick on turn around times.

Our current Dinar Buy-Back rate is, essentially, the OFFICIAL CBI rate as offered in Baghdad.

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International Monetary Fund: Iraq is making progress in non-oil GDP growth

International Monetary Fund: Iraq is making progress in non-oil GDP growth

International Monetary Fund - Iraq is making progress in non-oil GDP growthThe International Monetary Fund confirmed on Wednesday that Iraq has achieved progress in non-oil GDP growth.

A statement from the Ministry of Finance received by Al-Rabaa stated, “The Iraqi delegation, headed by Minister Taif Sami, held discussions with International Monetary Fund experts within the framework of Article Four consultations, held in the Jordanian capital, Amman, during the period from 27 to 29 February.”

The statement explained, “The discussions focus on the reform program for the Iraqi economy and the steps adopted by the Iraqi government towards strengthening financial and banking policy, digital infrastructure, financial inclusion, and public debt issues, in addition to the measures taken to mitigate the repercussions of international conflicts and their effects on the economy.”

He continued, “During the consultations, the delegation will hold discussions related to a road map towards increasing non-oil revenues and enhancing coordination between financial and monetary policies in Iraq, in addition to defining joint work programs that include the IMF providing the necessary technical and advisory support for the economic reform adopted by the Iraqi government to achieve financial stability.” and cash, improving the level of financial planning for budgets and the continuity of implementation of important development projects.”

According to the statement, the Fund’s expert mission praised “the government measures to improve the business climate and stimulate the investment environment,” noting that “Iraq is making progress in the growth of non-oil domestic product and strengthening public financial management.”

She pointed to “the importance of maintaining economic stability and supporting social protection, praising the remarkable progress in maintaining economic and financial stability, as represented by lower inflation rates and an improved balance of payments, as well as stimulating economic diversification and creating job opportunities led by the private sector.”

Alrabiaa.tv

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The Central Bank begins establishing the National Company for Electronic Payment Systems

The Central Bank begins establishing the National Company for Electronic Payment Systems

The Central Bank begins establishing the National Company for Electronic Payment SystemsToday, Wednesday, the Central Bank announced the start of establishing the National Company for Electronic Payment Systems, while confirming the increase in the volume of deposits in the banking sector to 131 trillion dinars and the volume of foreign reserves to 148 trillion dinars.

Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech during the opening of the eighth annual exhibition and conference for finance and banking services in Iraq, that “Iraq experienced many challenges last year and the Central Bank faced them with high responsibility, as it was able, through various monetary policy tools and sound decisions, to achieve its set goals.” In its law, in addition to achieving the general level of prices through a decrease in the inflation rate, as since the beginning of 2023 the inflation rate has reached 7.5 percent and decreased at the end of the year 2023 to 4 percent.”

He pointed out, “activating monetary policy tools and raising the price from 4 percent to 7.5 percent, in addition to issuing various financial tools, including bank transfers and Islamic certificates of deposit instruments, which were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to using monetary policy tools.” Various, including raising the mandatory reserve ratio from 15 percent to 18 percent,” indicating that “these tools are intended to manage excess liquidity in the Iraqi economy.”

He pointed out that “last year witnessed clear growth in most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion in 2022 to 131 trillion in 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars, as well as An increase in the volume of credit in the banking sector from 60 trillion to 69 trillion in 2023, in addition to an increase in credit to the private sector from 35 to 40 trillion dinars, in addition to an increase in the volume of foreign reserves from 140 to 148 trillion dinars.

He continued, “The efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to expanding the use of electronic payment tools, as there was a clear rise and growth in electronic payment tools in Iraq, as the number of POS points of sale increased from 10 thousand devices in the year 2022.” To more than 20 thousand devices in the year 2023, the number of ATM machines also increased from 2,223 devices in the year 2022 to about 3 thousand devices in the year 2023, and the number of electronic cards of various types reached about 16 million cards in the year 2022 and 18 million cards in the year 2023. Noting that “the past year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank.”

He explained, “There is less use of foreign currency in daily transactions, in contrast to increased reliance on the national currency for local transactions, in addition to the existence of cooperation in the issue of restructuring government banks and developing private banking institutions to build sound and sound banking institutions.”

He stressed, “The Central Bank of Iraq is focusing on the importance of strengthening compliance with compliance standards for all financial institutions in accordance with local and international standards,” pointing out that “external transfer operations witnessed great discipline during the past year and a high response from all banks to facilitate trade financing operations and various external transfers.” Especially after the issuance of external transfer controls at the beginning of last year.”

He added, “The Central Bank of Iraq was able to strengthen its banking relations with a large number of Arab and foreign financial and banking institutions to open wider areas and ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or next to the US dollar.”

He pointed out, “The Central Bank sought to strengthen the banks by increasing the capital of all banks from 250 to 400 billion dinars,” noting that “One of the most important projects launched by the Central Bank last year, and work on which is still underway in the current year, is the establishment of Riyada Bank, which He will be specialized in providing financing for small and medium enterprises, as well as preparing a national strategy for bank lending, due to the importance of the depth and development of the Iraqi financial economy and the importance of the role of financing in enhancing production and investment opportunities in Iraq, in addition to enhancing the role of non-banking financial institutions that support financial and banking stability in Iraq, by strengthening The role of the Deposit Guarantee Company, as well as the Loan Guarantee Company, in addition to starting to establish the National Company for Electronic Payment Systems, which will hopefully have a major role in regulating electronic payment operations in Iraq.”

Alrabiaa.tv

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The assets of the Central Bank of Iraq amount to 207 trillion dinars.. What does this mean?

The assets of the Central Bank of Iraq amount to 207 trillion dinars.. What does this mean?

The assets of the Central Bank of Iraq amount to 207 trillion dinars.. What does this meanThe assets of the Central Bank of Iraq rose to 207 trillion Iraqi dinars, according to a new economic statistic seen by Al-Sumaria News.

According to statistics published by the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, the assets of the Central Bank of Iraq are as follows:

* Securities and bonds, 71 trillion Iraqi dinars
* Debts to the Ministry of Finance, 45 trillion Iraqi dinars.
* Balances with external banks 26 trillion Iraqi dinars
* Balances with external central banks 24 trillion Iraqi dinars
* Loans granted within the Small and Medium Enterprises Initiative 12.6 trillion dinars
* Existing gold reserves 12 trillion dinars
* Accounts with international organizations 12 trillion Iraqi dinars
* Foreign exchange reserve There are 443 billion dinars in the bank’s coffers
* Balances in local banks are 153 billion dinars
* Total assets are 207 trillion Iraqi dinars.

Bank assets: Also called “bank assets,” it means everything the bank owns that can be converted into liquidity in time of need. This includes various physical assets such as banks, loans, reserves, the bank’s deposits with third parties (with other banks), and investment securities; As well as the cash in the bank’s vault.

In conjunction with this statistic, the Central Bank announced, today, Wednesday, that the volume of deposits in the banking sector had increased to 131 trillion dinars and the volume of foreign reserves to 148 trillion dinars.

Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech during the opening of the eighth annual exhibition and conference for finance and banking services in Iraq, that “last year witnessed clear growth with most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion dinars in 2022 to 131 trillion dinars in 2022.” 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars, in addition to an increase in the volume of credit in the banking sector from 60 trillion to 69 trillion dinars in 2023, in addition to an increase in credit to the private sector from 35 to 40 trillion dinars. In addition to the increase in the volume of foreign reserves from 140 to 148 trillion dinars,

he continued, “The efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to expanding the use of electronic payment tools, as there was a clear rise and growth in electronic payment tools in Iraq, as the number of POS points of sale increased from 10,000 devices in the year 2022 to more than 20,000 devices in the year 2023, and the number of ATMs increased from 2,223 devices in the year 2022 to about 3,000 devices in the year 2023, as for the number of electronic cards of various types. Its types reached about 16 million cards in 2022 and 18 million cards in 2023.”

He noted that “last year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank.” He pointed out, “The Central Bank seeks to strengthen banks by increasing the capital of all banks from 250 to 400 billion dinars.”

Alsumaria.tv

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Parliamentary insistence on legislating investment, oil and gas laws

Parliamentary insistence on legislating investment, oil and gas laws

Information / Baghdad… Member of the Economy and Investment Committee, MP Muhammad Al-Ziyadi, confirmed on Wednesday that the committee has begun discussing amendments to the National Investment Law for approval during the current semester, indicating that there is parliamentary insistence to approve the oil and gas law.

Al-Ziyadi told Al-Maalouma, “The Economy and Investment Committee has begun making amendments to the National Investment Law, suggesting that the amendments will be completed next week before submitting it to the Presidency of the Council for approval.”
He added that “the Federal Court’s decision regarding the region’s oil prompted the political forces to move to approve the law.” “Oil and gas.”

It is noteworthy that the Federal Supreme Court, in its session held last Wednesday, obligated the Kurdistan Regional Government to hand over all oil and non-oil revenues to Baghdad.

Almaalomah.me

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The Central Bank of Iraq reveals an increase in bank deposits and credit

The Central Bank of Iraq reveals an increase in bank deposits and credit

The Central Bank of Iraq reveals an increase in bank deposits and creditShafaq News / The Central Bank of Iraq revealed, on Wednesday, that the volume of deposits in the banking sector had increased to more than 180 trillion dinars, as well as an increase in bank credit to 69 trillion dinars, indicating that the volume of foreign cash reserves had reached 148 trillion dinars.

The Deputy Governor of the Bank, Ammar Hamad, said during a speech at the Finance and Banking Services Conference in Iraq, attended by a Shafaq News Agency correspondent, that “The Central Bank of Iraq faced all challenges with high responsibility and was able, through various monetary policy tools and its correct decisions, to achieve its goals set forth in its law, which is the main goal.” Achieving stability in the general level of prices through a decrease in the inflation rate since the beginning of 2023 from 7% to 4% at the end of last year and activating various monetary policy tools, in addition to issuing various financial instruments, including bank transfers and Islamic certificates of deposit instruments.”

He added, “These Islamic securities and certificates of deposit were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to using various monetary policy tools, including raising the mandatory reserve ratio from 15% to 18%. The purpose of all these tools was to manage excess liquidity in the Iraqi economy.” “.

He continued, “In addition, during the past year there was a clear growth in most monetary changes, for example the increase in the volume of deposits in the banking sector from 129 trillion dinars last year to 131 trillion dinars, as well as the increase in private sector deposits in the banking system from 54 trillion dinars to 55 trillion dinars.” Trillion dinars.

Hamad also pointed out “an increase in the volume of credit in the banking sector from 60 trillion to 69 trillion dinars in 2023, as well as an increase in the completion of the private sector from 35 trillion dinars to 40 trillion dinars, in addition to an increase in the volume of foreign cash reserves from 140 trillion dinars to 148 trillion dinars.” “.

He stressed that “the efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to the use of electronic payment tools, and there was a clear rise and growth in electronic payment tools in Iraq. For example, the number of POS points of sale increased from 10 thousand devices in 2023 to more than 20 thousand devices, and the number of ATM machines increased from 2,223 devices to about 3 thousand devices, and as for the various cards, their number increased from 15 million cards to 18 million cards, and the number is increasing.”

Hamad pointed out that “the past year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank, and we notice that there is less use of foreign currency in daily transactions, in contrast to increased reliance on The national currency in local transactions”

He stated that “the use of electronic payment tools has been enhanced and expanded, as well as the development of private banking institutions to build sound and sound banking institutions, and the Central Bank of Iraq emphasizes the importance of enhancing commitment to compliance standards for all financial institutions in accordance with local and international standards.”

He added, “External transfer operations witnessed great discipline during the past year, and a high response from all banks to facilitate the operations of financing foreign trade and various external transfers, especially after the issuance of external transfer controls at the beginning of 2023. The Central Bank of Iraq was also able to strengthen its banking relationships with a number of… A large number of Arab and foreign financial and banking institutions will open wider areas to ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or in addition to the US dollar.

Hamad explained, “The Central Bank seeks to strengthen banks by increasing their capital from 250 billion dinars to 400 billion dinars, and this increase will last until the end of the current year.”

He stated that “one of the most important projects launched by the Central Bank of Iraq last year and work is still underway during the current year is the establishment of Riyada Bank, which will specialize in providing financing for small and medium enterprises and preparing a national strategy for banking purposes due to the importance of the financial depth of the Iraqi economy and the importance of the role of finance in enhancing Production and investment opportunities in Iraq.

He concluded by saying, “This also aims to strengthen the role of non-banking financial institutions that support financial and banking stability in Iraq by strengthening the role of the Deposit Guarantee Company as well as the Loan Guarantee Company, in addition to starting to establish the National Company for Electronic Payment Systems, and we believe that this company will have a major role.” “Very important in regulating electronic payment operations in Iraq.”

Shafaq.com

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We will host the Governor of the Central Bank and the directors of licensed banks 

We will host the Governor of the Central Bank and the directors of licensed banks 

We will host the Governor of the Central Bank and the directors of licensed banks - Parliamentary IntegrityBaghdad – 964… Member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, said that the Central Bank directed the banks to deliver external transfers in dollars, but some of them did not comply with the instructions, and we will take quick decisions against them, indicating that there is talk within the committee to host the Governor of the Central Bank, Ali Al-Alaq, and the directors of licensed banks, in the coming days, Against the background of these violations.

Al-Mayahi explained, in an interview with the official newspaper, followed by the 964 Network , that “banks’ violation of instructions regarding converting customers’ transfers in foreign currency into the Iraqi dinar at a price set by the state at 132 causes serious harm to customers, due to the price difference,” calling it “a violation, despite From the directive of the Central Bank dated 12/31/2023, and its confirmation on 1/2/2024, then reaffirming the instructions for a period not exceeding nine days on 1/11/2024 on the necessity of adhering to the instructions of the Central Bank and taking into account the rights of customers.”

Al-Mayahi added, “The Central Bank directed that customers be given their remittances in dollars, not Iraqi dinars, and that the banks should inform the Central Bank of the amounts they need for cash dollars to meet their customers’ requests,” indicating that “the banks, unfortunately, did not respond to the call of the Central Bank, did not implement the instructions, and are still delivering external transfers to customers in dinars.” .

He pointed out that “the Integrity Committee will have a major role in relation to these violations, especially since there is talk within the committee to begin hosting the Governor of the Central Bank and the advanced staff in the coming days, in addition to the directors of licensed banks to examine the violations committed by them.”

Al-Mayahi stated, “Council of Ministers Resolution No. (23.26) of 2023 emphasized taking into account dealing in the Iraqi currency and supplying the dinar, and this does not apply to converting foreign remittances to the dinar,” and said: “This is a clear violation and quick decisions will be taken regarding it by the committee.”

964media.com

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Parliamentary Finance criticizes the government’s handling of the crisis of the rise in the price of the dollar

Parliamentary Finance criticizes the government’s handling of the crisis of the rise in the price of the dollar

Information / Baghdad… Member of the Parliamentary Finance Committee, Muhammad Nouri, warned on Monday of the impact of the continued rise in the dollar exchange rate on the poor and middle classes.

Nouri told Al-Maalouma, “The reasons for the rise in the price of the dollar are due to misconduct and the monopoly policy practiced by some parties, as well as smuggling, without the government having any realistic solutions to control this issue.”

He added, “The attempts of the government and the Central Bank to solve the problem of the fluctuation of the dollar’s rise are still timid, as the dollar’s exchange rate is still recording a significant increase compared to the official price, and this rise would increase poverty rates in Iraq.”

Almaalomah.me

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Law: The government is required to invest in the path of development by pressuring Turkey

Law: The government is required to invest in the path of development by pressuring Turkey

Information/private… Today, Monday, the State of Law coalition called on the government to invest in the development road and dry canal project in pressuring Turkey to release water quotas for Iraq, while stressing the need to make Ankara take the initiative to resolve these issues in light of future joint cooperation with it.

Coalition member Ibrahim Al-Sakini said in an interview with the Maalouma Agency, “Providing Turkish companies with the opportunity to invest in many projects should not be free of charge,” noting that “Ankara’s withdrawal of its combat forces from the lands of northern Iraq is the first step.”

He continued, “The country’s arrival at the stage of economic service with Turkey gives strength to Baghdad in negotiating a solution to the outstanding issues,” pointing out that “the end to Ankara’s lurking must be through partnership in implementing future projects.”

Al-Sakini concluded his speech: “The United Nations Charter gives Iraq the right to have Turkey withdraw its forces present in northern Iraq and release its water quotas,” adding that “the government is required to invest in the development road and dry canal project in pressuring Turkey to release Iraq’s water quotas.”

Ankara continues its hostile policy towards Baghdad in many vital issues that primarily affect citizens, amid silence from the Ministry of Foreign Affairs and the lack of firm and serious action towards Turkey’s clear violations against Iraq.

Almaalomah.me

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