Government advisor points to weak cash credit ratio in Iraqi private banks

The financial advisor to the Iraqi government, Mazhar Muhammad Salih, explained on Wednesday that the ratio of cash credit to total deposits in private banks may approach the standard ratio of 75%, which banks should reach or at least approach.

Saleh added to Shafaq News Agency that deposits are the basics of traditional banking.

He explained that the market share of 63 private banks does not exceed 15% of credit and deposit operations, while the government banking system accounts for 85% of banking activity.

In the same context, the International Development Bank announced the opening of investment deposit accounts with the aim of serving Iraqi families.

The bank explained, in a statement received by Shafak News Agency, that these accounts offer returns of up to 10% annually, with a monthly payment and cash prizes within monthly draws. Deposit holders also receive free life insurance, facilities to obtain a loan with a deposit guarantee, and a free credit card.

The bank confirmed that the funds will be used to serve the national economy, with a guarantee from the Iraqi Deposit Insurance Company authorized by the Central Bank of Iraq, noting that deposits are one of the most important sources of funds at the level of the national economy and depositors.

Economic statistics show that the number of government banks in Iraq is 7 banks, while the number of private banks is 74 banks, which means that private banks constitute 91% of the total number of banks in Iraq.

Shafaq.com

Iraq sets date for US withdrawal, US denies

Iraqi sources told Reuters, on Tuesday (July 23, 2024), a date for the start of the withdrawal of US forces from Iraq, while American sources confirmed that no official agreement has been reached yet.

The sources said, “A delegation from the Iraqi government will meet this week with the American leadership in Washington to discuss the details of the withdrawal, and it expects to begin its withdrawal in September of this year, and to end it in September of next year.”

Meanwhile, American sources explained that “the negotiations have not yet led to an agreed date for the American withdrawal, or a schedule for the gradual exit of forces, and that the negotiations are still ongoing, and no official agreement has been reached on the details so far.”

It is noteworthy that the US administration announced, at the beginning of US President Joe Biden’s assumption of office, its intention to withdraw US forces from Iraq completely, which did not happen during the past period due to the changing political data in the region, according to Reuters.

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Rafidain Bank starts selling dollars to travelers through the electronic reservation form

A government source revealed, on Tuesday, the mechanism for selling dollars to travelers wishing to travel outside the country.

The source said in an interview with Al-Maalouma Agency, “Rafidain Bank has started selling dollars to travelers by filling out an electronic reservation form and reserving it 72 hours before the travel date.”

He added, “The opening of the form according to the new instructions begins at 8 am and ends at 1 pm, when the process of depositing the dollar amount for the traveler will take place in the bank’s branches and receiving it through the bank’s office at Baghdad International Airport.”

He pointed out that “the mechanism will be adopted to provide hard currency to travelers according to the official exchange rate set by the Central Bank of Iraq.”

It is noteworthy that in the past few days, travelers have had difficulty obtaining dollars due to the procedures at the airport and the changes that accompanied them.

Aalmaalomah.me

The Central Bank approved increasing the capital of the Real Estate Bank to 500 billion dinars

The Finance Committee in the Council of Representatives confirmed, on Tuesday, that the Central Bank approved increasing the capital of the Real Estate Bank to 500 billion dinars to expand the coverage of citizens with housing loans.

A statement by the Media Department of the Council of Representatives, received by /Al-Maalouma/ Agency, stated that “the Finance Committee hosted the Director of the Real Estate Bank to discuss the real estate initiative and review the latest developments in completing citizens’ loan requests and financing housing complex projects.”

The head of the Finance Committee, Atwan Al-Atwani, stressed that “supporting and empowering banks is the best way to achieve sustainable development.”

He added, “The initiative to increase the capital of the Real Estate Bank to 500 billion dinars, which was approved by the Central Bank, aims to expand the coverage of citizens with housing loans and support investment in building housing complexes.”

Almaalomah.me

Al-Sudani directs the Iraqi negotiating delegation to demand that Washington withdraw its forces at specific and rapid times

A security source revealed, on Tuesday, that Prime Minister Mohammed Shia al-Sudani directed the Iraqi military delegation that will hold negotiations with the international coalition forces led by the United States of America in Washington, regarding withdrawal from Iraq during the second round of negotiations.

The source, who preferred to remain anonymous, told Al-Maalouma Agency, “The negotiations will take place in Washington as part of the second round of negotiations for the withdrawal of international coalition forces from Iraq, in which the American side will request an undisclosed period of time to withdraw from the bases in Iraq and move to Syria.”

He added, “Prime Minister Mohammed Shia al-Sudani informed the Iraqi negotiating delegation of the necessity of agreeing on a timetable for the withdrawal of those forces and announcing it in a joint statement between Iraq and the United States of America. Otherwise, Iraq will set a timetable for the withdrawal. If the American side does not adhere to the timings, Iraq will submit a request to the UN Security Council to withdraw the coalition forces, including the American forces, as there is no longer a need for them.”

It is noteworthy that four Iraqi sources confirmed that Iraq wants the US-led military coalition forces to begin withdrawing starting next September and to end by September 2025.

Almaalomah.me

Al-Fatah: Dialogue rounds with Washington did not yield anything

Member of the Fatah Alliance, Salam Hussein, confirmed today, Tuesday, that the rounds of dialogue with Washington regarding the withdrawal of American forces have not yielded anything so far.

Hussein said in a statement to Al-Maalouma Agency, “The Iraqi reality rejects the American presence, whether military or as advisors,” noting that “negotiations to schedule the exit of American forces do not need all this time.”

He added, “The American side does not provide any assistance to Iraq and there must be an undermining of their influence in the country,” noting that “America has goals and plans and we do not believe that the negotiations will produce results.”

He explained that “the issue of the withdrawal of American forces is very difficult and the government is required to know the truth about this presence, in addition to clarifying the work of the committees tasked with their withdrawal,” indicating that “Washington’s statements about ISIS activity are evidence of the negativity of the negotiations.”

Defense Minister Thabet Al-Abbasi headed the delegation of the Republic of Iraq on an official visit to the United States of America, which will hold the second round of talks to end the mission of the international coalition in Iraq.

Almaalomah.me

24 billion of which went abroad.. More than 26 billion dollars in sales of the Central Bank of Iraq in 6 months

The total sales of hard currency in US dollars by the Central Bank of Iraq during the past 6 months, during which the auction was opened, amounted to more than 26 billion dollars.

Shafaq News Agency correspondent stated that the Central Bank sold during the past 6 months in which the auction was opened 26 billion, 539 million, 598 thousand, and 281 dollars, at a monthly rate of 4 billion, 423 million, 266 thousand, and 380 dollars.

The highest dollar sales were in May, when sales amounted to 5 billion, 257 million, 79 thousand, and 903 dollars, while the lowest sales were in January, when sales amounted to 4 billion, 95 million, 583 thousand, and 404 dollars.

Our correspondent indicated that foreign remittance sales during the past 6 months amounted to 24 billion, 105 million, 770 thousand, and 121 dollars, an increase of 89% compared to cash sales, which amounted to 2 billion, 565 million, 785 thousand, and 811 dollars.

shafaq.com

Sources: Iraq looks forward to withdrawal of international coalition forces starting in September

Four Iraqi sources reported that Iraq wants the US-led military coalition forces to begin withdrawing starting next September, and to officially end the coalition’s work by September 2025, with the possibility of some US forces remaining in a newly negotiated advisory capacity.

Reuters quoted Iraqi sources and American officials as saying that the Iraqi position is being discussed with American officials in Washington this week at a security summit, and that there is no official agreement to end the alliance or any timetable associated with it yet.

The two sides are meeting in Washington this week to determine how to transition the U.S.-led coalition’s mission based on the threat posed by the Islamic State group, State Department spokesman Matthew Miller said in a briefing, adding that he had no further details.

US-led forces invaded Iraq in 2003, toppling former President Saddam Hussein, then withdrew in 2011, only to return in 2014 to fight ISIS at the head of the coalition.

Shafaq.com

Mustafa Sand indicates violations in the allocations of Al-Sudani’s office: He used the emergency budget in his favor

Member of the Parliamentary Finance Committee, Mustafa Sand, pointed out, on Tuesday, violations in the allocations of the office of Prime Minister Mohammed Shia al-Sudani within the 2024 budget tables.

Sand told Shafaq News Agency, “We noticed that the allocations for the Prime Minister’s Office have more than one aspect. The first aspect is the increase in allocations and the transfer of allocations in other sections for the purpose of reducing the form in front of the tables, especially the funds, the development fund, and others.”

The second violation, according to Sand, “is in spending, especially in the emergency budget,” adding, “We have a report from the Financial Control Bureau that proves about 80% of the violations in the mechanisms for spending the emergency budget.”

Sand criticised “spending three billion dinars on renovating the guest house”, pointing out that “the allocations for the Red Crescent, camps and some projects have a political and electoral aspect”.

He pointed out that “the emergency budget is for emergency events such as fires, floods and disasters, but what happened was additional spending for the Prime Minister’s Office in full view of all political blocs.”

Sand added, “The financial expenditure for the emergency budget last year reached 150 billion dinars, while this year it did not exceed 50 billion dinars.”

He explained that “the disbursement rate in the Development Fund was 1% in 2023, and the government punished the governorates that disbursed 30%.”

Shafaq.com

Parliamentary Integrity: We will investigate the changes made to the budget tables

The Parliamentary Integrity Committee announced, on Monday, its intention to investigate the changes that occurred in the budget tables, noting that the challenge to the budget tables before the Federal Court is still pending.

Committee member Hadi Al-Salami told Al-Maalouma Agency, “Parliament opened an investigation into the loss of 15 trillion dinars after tampering with the budget tables.”

He added, “The House of Representatives approved the 2024 general budget schedules without any change, noting that the budget will be returned again for the purpose of ratification by the Presidency of the Republic.”

He added, “The major responsibility lies with the supervisory authorities to uncover the circumstances of the changes that occurred in the budget tables.”

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