Rafidain Bank launches its approach to change and renewal at the station

Samir Nusairi – The fourth goal of the goals of the Central Bank ‘s strategy for the years (2016 – 2020 ) is the investment in human capital has turned this goal into reality embodied in the celebration of joyful and joy ventured organized by the Iraqi Association of private banks at the station in partnership with the Bank of Iraq and the international company for the smart card and a set of joint efforts Jordan, which carried out the training for the graduation of 120 bank employees representing 14 branches of the Rafidain Bank in Baghdad in the two sessions of customer service and the development of skills of staff Teler and organized by the Association of banks for employees of Rafidain Bank for the purpose of preparing the bank to start the banking system The new Ktrona.

The advantage of this event is the participation of the general manager of the bank and its assistants and all the managers of the departments and branches and a large number of employees for the purpose of actually starting the process of change and renewal of work systems and programs and modern banking technologies and stimulate all sections and branches of the bank that their bank has already started the process of change and renewal and that the process started to move in the right direction of the bank The first government to practice banking business, which is considered throughout the years of his work as the home of expertise of the Iraqi banking sector and contributed to the private sector banking expertise and cadres, which are currently managed by employees of Rafidain who have already worked in the bank.

And that the important in the celebration is the supervision of the Central Bank of Iraq in sponsoring and supporting this celebration in line with the achievement of the goal of developing the banking sector and rehabilitation of young people and develop their abilities to start the banking business in accordance with the applications of the new electronic banking system.

That such initiatives are national practices to serve the national economy and serve young people to take their positions in the leadership of society because Iraq is about to move to a new stage in overcoming the stage of the financial crisis and economic to a new stage after a mission that inspires us to draw lessons and lessons from the experiences of peoples and developed countries politically and economically Depending on the Iraqi youth, efficient and ambitious and enlightened in the leadership of institutions of the national economy and in particular the banking market a new methodology depends on the vitality and determination to overcome the challenges and focus on young believers in the ability of his beloved country Iraq and its Iraqi people In the sound construction of the economy in a new spirit that carries all the aspirations of young people and provide the best services and products to the public in accordance with the look of the keenness on the development of policies, programs and visions.

* Economic and banking consultant

Economy-news.net

The Central Bank raises the ceiling of loans to small and medium enterprises to one billion dinars

To enhance the successes achieved by the one trillion dinars initiative, and in order to absorb more investment projects, the Central Bank of Iraq announces the raising of the ceiling of loans granted to finance small and medium enterprises, within this initiative, to (billion dinars), stressing that these loans will cover all sectors except The housing sector, giving more space to the industrial and agricultural sectors .

The Central Bank issued a set of controls on this lending, in which it stressed the possibility of each bank to submit projects worth up to 5 billion Iraqi dinars, in one go, depending on the form sent for each project, and that the bank will audit projects that will be funded after 6 months From the date of feeding the bank account to a maximum, without allowing the extension of the period .

The Central Bank shows that the term of the loan is up to 5 years and can be extended to 7 years, in case the bank asks the lender.

Central Bank of Iraq

Deputy: Budget looting and special grades divided by political agreement without taking into account the people

MP on the bloc of the wisdom stream Hassan Fedad, on Monday, that the financial budget was looted, noting that the special grades were divided by a political agreement without taking into account the people.

“The prime minister pledged to complete all levels and positions run by proxy on April 25, and today, after more than eight months, the government has not been able to pass or amend and change the managers of institutions and degrees administered by proxy,” he said at a press conference held in the parliament building and attended by Alsumaria News. .

“We asked the speaker of parliament to re-vote because we are not convinced of the number of voters on the proposal to amend the law of the general budget, according to the rules of procedure we collected 132 signatures, although the rules of procedure provided for the collection of 50 signatures, and Halbousi refused to re-vote again on the amendment proposal.”

He stressed the support of the bloc “wisdom stream also demanded an amendment to the budget law and obliging the Kurdistan Regional Government to hand over its oil exports to the federal government and not to spend any money to the region only after the payment of the region federal dues, but the presidency of the House of Representatives declined to do so despite the submission of signatures.

He pointed out that “the budget today, looted and distributed Balzagat and even grades and positions and grades were divided by a political agreement without taking into account the rights of the people,” noting that “all promises made previously in the government program on the exclusion of quotas are false promises and laughed at the Iraqi people.”

He explained that the House of Representatives does not meet the wishes of Iraqis, even if otherwise it has to distribute money and wealth to all Iraqis of all affiliations and to distribute to one party without another, and the declaration of the distribution of special grades to the people and not granted to the political parties.

The MP said the bloc of wisdom, that “so far continue to political parties in the acquisition of these degrees and distribution among them,” adding that “the House of Representatives does not represent the Iraqi people now.

Alsumaria.tv

The Central Bank raises the ceiling of loans to small and medium enterprises to one billion dinars

Economy News – Baghdad: The Central Bank of Iraq, on Monday, raising the ceiling of loans for small and medium enterprises to one billion dinars, indicating that the loan term of up to 5 years can be extended to 7 years.

The bank said in a statement read by “Economy News”, that “to enhance the successes achieved by one trillion dinars, and in order to absorb more investment projects, the Central Bank of Iraq announces raising the ceiling of loans granted to finance small and medium enterprises, within this initiative, (Billion dinars), “stressing that” these loans will include all sectors except the housing sector, giving more space for the industrial and agricultural sectors. ”

“The Bank has issued a set of controls on this lending, in which it confirmed the possibility that each bank will submit projects worth up to 5 billion Iraqi dinars, in one go, depending on the form sent for each project, and that the bank will audit the projects that will be funded after 6 months from the date of replenishment of the bank account to a maximum, without allowing the extension of the period.

“The loan period of up to 5 years can be extended to 7 years, in the event that the bank requested the lender.”

Economy-news.net

Distribution of the instruments of Article 140 on Kurdish families

Twilight News / started in Kirkuk, on Sunday, the distribution of compensation packages to the Kurdish families stage covered by Article 140 constitutional, after a pause of several years.

Kaka Rush, a friend of the official office of Article 140 in Kirkuk, said during a televised statement that these instruments are disposed of the allocations of Article 140 in the general budget for the year 2019, amounting to 50 billion Iraqi dinars.

He added that the office of Article 140 in Kirkuk received 230 instruments, which are the right of the families of the phase of Kirkuk, and daily distributed 80 instruments to the compensated, noting that the priority in the distribution of instruments are for the families of martyrs and Monophils and widows.

Shafaaq.com

Committee to implement the budget: the auction of currency outside the control of the Central Bank .. Major corruption operations taking place in broad daylight

Baghdad today – “The currency auction is outside the control of the central bank, while the latter sells 150-200 million dollars on a daily basis,” said Abdul Hadi al-Saadawi, a member of the parliamentary mini-committee on budget follow-up.
Al-Saadawi said in a press statement that “there are problems and irregularities recorded on the sale of the currency by the Central Bank as well as the currency exchange rate, which is often moving and unstable in most cases,” pointing out that “any candidate for the post of governor to sit with the parliamentary finance to discuss These two things. ”

MPs from various blocs and components often speak of large corruption at the currency sale auction by banks and individuals accused of money laundering.

The Supreme Judicial Council has decided to set up a judicial investigation body in 2015 to consider documents on money laundering, but has not announced the results of its investigations so far.

The deputy for the province of Dhi Qar that “there is a complete conviction is available in the parliamentary finance confirms the existence of corruption in the window selling the currency because of the way the sale of the dollar and those dealing with the Central Bank.”

Al-Saadawi proposed “solving the problem of selling the currency and reducing the phenomenon of corruption by monitoring all private banks and banking companies in the issue of selling the currency.” He pointed out that “the Central Bank sales of the dollar range from 150 to 200 million dollars on a daily basis.”

“There are annual, quarterly and monthly reports submitted to the Finance Committee of the Parliament from the Office of Financial Supervision and the Integrity Commission since 2014 confirms the existence of manipulation and major corruption in the window of selling the currency,” adding that “these reports indicate the lack of control of the Central Bank of the currency sale window” .

He pointed out that “the Parliamentary Finance Committee commissioned a small committee of six deputies to investigate this file is currently a series of meetings and additions with many of the persons responsible for selling the window or currency (auction currency).

He pointed out that “private banks declare some of their profits and hide profits achieved by tax evasion and cover up foreign transactions (money laundering).”

Baghdadtoday.news

The Association of Banks holds a graduation ceremony for two courses of customer service and the development of the skills of Taler employees

Economy News – Baghdad: The Association of Iraqi Private Banks, in cooperation with the Joint Efforts Group and the International Card Company (Key Card), held Sunday the graduation ceremony of “Customer Service” and “Taler Skills Development” session in the station hall in central Baghdad.

And ended before the days of 120 trainees from the Rafidain Bank these two sessions at the training center of the Association of Iraqi private banks at its headquarters in Baghdad.

The course was divided into four axes: the first dealing with dealing with cash and the second in the field of forgery, forgery and bank fraud, and the third in excellence in customer service, quality of service and the latest in the technical aspects of the function of teler in banks.

The Teller staff is the one who deals with cash, receiving cash from depositors at banks and conducting cash deposit procedures.

The event, which was attended by “Economy News”, a speech to the Executive Director of the Association Ali Tariq, said, “The Association is keen to provide the environment suitable for trainees from the staff of banks, but the most important is the application of training on the ground and the implementation of what the trainee learned to develop the work of public and private banks “He said.

Tarek added that “the near future will certainly see a clear change in banking work within the country,” pointing out that “the management of Rafidain Bank was brave when I decided to use this new system (ATM) in banking.”

He called on employees to “be flexible in the implementation of this program in order to present it to the fullest customers of the bank,” adding that “the Association of Banks aspires to continue cooperation and increase with Rafidain Bank and other banks in general.”

For her part, the Director General of Rafidain Bank Dr. Khawla Al-Asadi said in a speech during the ceremony that “the Association of Banks impressed us in providing the appropriate environment to train our cadres and succeeded in this success by attracting qualified trainers of Arab nationalities, in addition to the excellent handling by the administration of the Association With the bank and trainees. ”

Al-Asadi added, “We hope that the Association of Banks new wheel in the banking system of Iraq,” calling on the staff of the bank to “good dealing with the customer and gain and abide by the rules and regulations of the bank.”

Then the graduation ceremony was distributed to the trainees at the end of the ceremony attended by senior banking figures.

Economy-news.net

Distribution of the instruments of Article 140 in Kirkuk

Started in Kirkuk, on Sunday, the distribution of compensation packages to the Kurdish families stage covered by Article 140 constitutional, after a pause of several years.

“These instruments are disposed of the allocations of Article 140 in the general budget for the year 2019, which amounts to 50 billion Iraqi dinars,” said Kakha Rush, a friend of the official office of Article 140 in Kirkuk, during a televised statement by PUKmedia.

He added that the office of Article 140 in Kirkuk received 230 instruments, which are the right of the families of the phase of Kirkuk, and daily distribute 80 instruments to the compensated, noting that the priority in the distribution of instruments are for the families of martyrs and Monophils and widows.

PUKmedia on Cordesat News

Iraqakhbar.com

The Central Bank endorses the rules of merger and the Union of Banks

Baghdad today – On Sunday, July 07, 2019, the Central Bank of Iraq ratified the merger and banking union regulations.

A statement to the Central Bank’s Information Office said: “In the belief of the need to develop and improve services in the banking sector, the Board of Directors of the Central Bank of Iraq approved the (controls merger and the Union of Banks) in its resolution No. 90 of 2019.

He pointed out that “the controls included the requirements of merger or union between banks wishing to, as well as the benefits obtained by the merged banks or the United, and the powers of the Central Bank in those operations, and can be accessed through the controls by visiting the website of the Central Bank of Iraq.”

Baghdadtoday.news

Report: Iraq is an ATM machine for Iran .. So circumvent the US sanctions

Iraq seeks to establish a financial “outlet” that allows it to continue to buy electricity and vital gas from Iran and to circumvent the US sanctions, reflecting a European mechanism entered into force last Friday.

The “special purpose mechanism” will allow Iraq to pay the price of imported Iranian energy in Iraqi dinars, which Iran can use to buy humanitarian goods exclusively, according to three Iraqi officials told AFP.

This alternative solution will allow Baghdad to continue the import process and avoid popular protests caused by the lack of electricity, without being sanctioned, as it runs along a dangerous rope between its main allies, Tehran and Washington.

A senior government official said the mechanism was the result of months of talks between Iraqi, Iranian and US officials.

“The Iraqi government will continue to pay Iran in exchange for gas by depositing funds in a special bank account inside Iraq with the Iraqi dinar.”

“Iran will not be able to withdraw funds, but it will be able to use them to buy goods from outside Iraq,” he said.

Iraq has to pay an outstanding bill of about $ 2 billion for a previous gas and electricity purchase, according to Iranian Oil Minister Bijan Namdar Zangana.

A US official said Washington was aware of the mechanism, but the US embassy in Baghdad refused to comment.

Two Iraqi officials assert that Baghdad is establishing a similar mechanism with the knowledge of the United States, did not specify whether the deposit in the account has begun.

But one of them says: “How can Iraq pay what it has to Iran? We have no other choice. ”

ATM

To overcome the chronic shortage of energy resources, Iraq imports up to 28 million cubic meters of natural gas from Tehran to its factories and directly buys about 1,400 megawatts of Iranian electricity.

This dependence is uncomfortable for the United States, which sought to curtail Tehran’s influence and re-impose sanctions on Iranian financial institutions, shipping lines, the energy sector and oil products.

Washington re-imposed sanctions on Iran’s energy sector in November after it pulled out of a nuclear deal signed between the superpowers and Tehran in 2018, but gave Iraq several temporary exemptions to continue buying Iranian energy until October.

The United States insists that Iraq should stop its dependence on Iranian energy, but Baghdad says it could take up to four years to buy at least Iranian gas.

To do so, the central banks of Iraq and Iran agreed in February to establish a method of payment to avoid US sanctions, the official IRNA news agency reported.

That means not dealing with US dollars, and buying only “humanitarian supplies” allowed by the United States, such as food and medicine.

“We will become an ATM for Iran,” another Iraqi official said.

According to senior Iraqi officials, the account is likely to be established at the Commercial Bank of Iraq (TBI), which has carried out most of the international transactions of the Iraqi government since it was established following the US invasion in 2003.

A source from the bank confirms that the bank participated in the negotiations, but the account has not yet been established.

“The US Treasury has confidence in the operations of the Commercial Bank of Iraq. We are in discussions to reach an agreement, which will be fully in the US exemptions. ”

Account book

Ahmed al-Tabakli, a researcher at the Institute of Regional and International Studies in the city of Sulaymaniyah Baqim Kurdistan, said that it would be an effective avoidance of sanctions.

“It’s like a book of accounts, the money is being paid, and Iran has that big asset in Iraq,” he says.

Thus, this system will be similar to the recently implemented “Ensticks” mechanism by Britain, Germany and France to trade legitimately with Iran without prejudice to US sanctions.

Nevertheless, the system is fraught with political, financial and practical complexities.
Iraq’s economy relies almost entirely on oil revenues, which are paid in US dollars, making Baghdad highly vulnerable to any punitive measures the United States can take in response to any violation.

It remains unclear what exactly Iran can buy from Iraq, as trade exchange tends in the other direction.

“Credit will develop for Iran, but how will it go? “Adding that importing goods from outside Iraq requires a third party willing to take political and financial risks for a similar deal.

In the end, most of Iraq’s transactions with Iran are cash purchases of commercial goods, which the US sanctions authorities can not enforce. “Cash can not be tracked,” al-Tabakali said

Basnews.com