Iraqi News Highlights Saturday Evening 10-15-22
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Abdul-Jabbar Heads A Delegation To Participate In The Meetings Of The International Monetary Fund And The World Bank In Washington
Economie| 09:16 – 10/14/2022 Baghdad – Mawazine News On Friday, the Deputy Minister of Finance, Ihsan Abdul-Jabbar, headed the Iraqi delegation participating in the meetings of the International Monetary Fund and the World Bank, held in the American capital, Washington, with the participation of the Undersecretary and a number of general managers.
A statement by the ministry, which Mawazine News received a copy of, stated that “the Minister of Finance held several side meetings with a number of financial and economic institutions, on the sidelines of the meetings, during which he stressed the importance of strengthening relations with various international partners, and the trend towards developing areas of regional and international cooperation.”
And the minister indicated, “the efforts aimed at solving all problems and removing the obstacles that accompany the process of promoting investment opportunities and establishing projects in Iraq, stressing the need to involve the private sector to take its role in the overall economic activity to achieve comprehensive and sustainable development.”
According to the statement, “participation in the meetings of the Fund and the World Bank included: central bank governors, ministers of finance and development, senior officials from the private sector, representatives of civil society organizations, and academics to discuss issues of global concern.”
The statement indicated that “the visit of the Iraqi delegation comes as part of efforts to enhance and deepen the areas of economic cooperation with the two international institutions, as well as Iraq’s intention to obtain technical and technical support from the US Treasury and other financial institutions.” Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=208271
The Central Bank: The Inflation Rate Is Controlled And We Are Not Thinking Of Changing The Exchange Rate
Money and business Economy News-Baghdad The Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, confirmed that there is no justification for thinking about changing the exchange rate of the Iraqi dinar, especially in light of the high oil prices and foreign cash reserves, which amounted to more than 80 billion dollars, noting that the inflation rate is about 6% and is controlling. It is necessary to stabilize the Iraqi dinar exchange rate.
Khalaf said, in an interview with the Kurdish media network “Rudaw”, on the sidelines of the IMF and World Bank meetings in Washington, which he described as “the mission”, that “there are serious attempts to reform the Rafidain and Al-Rasheed banks, so that they can play their role in the Iraqi economy.”
He added, “The annual meeting of the International Monetary Fund and the World Bank, the meetings held by central bank governors, finance ministers, and governors of the IMF and the World Bank are important to exchange experiences, and to meet with leaders of the financial sector as well as international institutions, in addition to bilateral meetings with some central banks and international institutions, which are very important.” To continue communicating with international organizations and exchanging experiences.
He added, “Iraq’s foreign reserves are more than 80 billion dollars, and the credit for this increase is due to the rise in global oil prices,” stressing that “there is no thought or desire to change the exchange rate, especially in light of the current circumstances and high oil prices and foreign reserves, There is no reason to think about changing the exchange rate of the Iraqi dinar.”
He explained that “the introduction of more dollars in the markets depends on the demand from banks and traders, and the sales of the window have been stable for a while,” noting that “the inflation rate in Iraq is now around 6%, and it is controlled, especially because of the stability of the exchange rate in the local markets, which is controlled.” by the Central Bank of Iraq.
And regarding the opening of branches for Rafidain and Al-Rasheed banks in the Kurdistan region, Khalaf explained that “these are important Iraqi banks owned by the Iraqi government, which constitutes 80% of the banking sector, and there are serious attempts to reform these banks, to play their traditional and important role in the Iraqi economy.” 168 . views Added 10/15/2022 – 11:59 AM Update 10/15-2022 – 5:42 PM https://economy-news.net/content.php?id=30211
The Central Bank publishes interest rates on loans and deposits for government banks
Economie| 12:11 – 10/15/2022 Baghdad – Mawazine News The Central Bank has published the interest rates granted by government banks on fixed deposits, and the interest due on credit (loans).
The Central Bank explained in its publication on its website, that “the interest rates granted by government banks, in Iraqi dinars, differ from those granted by private banks.”
And he indicated that “the interest rate granted on the fixed deposits of the Rafidain Bank in Iraqi dinars ranges between 4 percent to 6 percent, while the interest rate on credit (loans) ranges between 9 to 11 percent, while its rate at Al-Rasheed Bank, on fixed deposits, ranges between 3.5 percent and 6.5 percent, and on loans between 10 and 12 percent.”
He explained, “The interest of the Trade Bank of Iraq granted on fixed deposits ranges between 3 to 3.75 percent, while the interest rate on credit (loans) is 10 percent.”
He continued, “As for the interest on fixed deposits granted by the Industrial Bank, it ranges between 4 and 7 percent, while the interest on bank loans is between 9 and 12 percent,” noting that “the interest rate of the Agricultural Cooperative Bank granted on fixed deposits ranges between 4 and 6 percent, and loans range between 12 and 14 percent.
According to the Central Bank, “the interest rate granted by the real estate bank on fixed deposits ranges between 3 and 5 percent, while the interest rate on its loans ranges between 10 and 13 percent.” Ended https://www.mawazin.net/Details.aspx?jimare=208306
The Economic Contact Group Renews Its Commitment To Support The Iraqi Government In Facing Challenges
Economie| 11:05 – 10/15/2022 Baghdad – Mawazine News, The Economic Contact Group of Iraq confirmed, on Saturday, its commitment to support the government to face economic and social challenges, while identifying the most important points that help in the economic advancement of the country.
The Iraq Economic Contact Group stated in a joint statement that “the United Kingdom and Japan co-hosted a meeting on economic reform and climate action in Iraq, at the annual meetings of the International Monetary Fund and the World Bank Group.”
She added that “the Iraq Economic Contact Group met in Washington, DC, with representatives from Iraq.”
And she continued, “The representatives from Iraq, the World Bank, the International Monetary Fund, and the Group of Seven discussed economic challenges and opportunities in Iraq, and the need for broad-based economic reform.”
She noted that “despite the progress that has been made under the current government and in the midst of difficult conditions, Iraq continues to face enormous medium and long-term economic difficulties, exacerbated by the negative effects of climate change – including water scarcity, desertification, drought, high Temperatures”.
For its part, the Economic Contact Group for Iraq is working to “encourage the Iraqi government to present an ambitious plan for economic reform and to take decisive climate action.”
The contact group stressed that “the reform and recovery of the Iraqi economy, the consolidation of democracy in the country, and the increased participation of women and girls in all aspects of economic and political life, are all essential factors for enhancing stability not only in Iraq, but also in the region.”
He pointed out that “the diversification of the economy and building a dynamic private sector that includes everyone to complement the fossil fuel sector, which leads to strengthening the resilience of the overall economy and providing opportunities and livelihoods for the Iraqi people, and this requires reforms that will improve the business environment, modernize the financial sector, and enhance the stability of the overall economy and financial management.” public sector, combating corruption, and thus stimulating growth and laying the necessary building blocks for the prosperity of the private sector.
He explained that “prudently investing Iraq’s oil revenues – through good governance, effective financial management and transparency – will be important to rebuilding climate-resilient infrastructure, improving basic services, and laying the foundations for sustainable growth.”
The Iraq Economic Contact Group affirmed its commitment to support the Government of Iraq to face the important economic and social challenges in Iraq. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=208297
In Billions… Ihsan Abdul-Jabbar Reveals Thefts In The Ministry Of Finance
Political | 04:14 – 10/15/2022 Baghdad – Mawazine News On Saturday, Oil Minister Ihsan Abdul-Jabbar revealed billions of thefts in the Ministry of Finance.
Abdul-Jabbar said in a tweet via Twitter, which was followed by “Mawazine News”, that “the (outgoing) prime minister has graciously agreed to our request regarding the exemption from the duties of the acting ministry of finance.”
He added, “The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group, which were handed over from the Ministry of Finance to the competent authorities, including the committee. Parliamentary finances, which asked us to do so officially and in the media.”
He continued, “We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money.” Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=208335
Mazhar Muhammad Salih: The Financial Surplus Will Reach $20 Billion Within 60 Days
Today 18:53 Information / Baghdad..The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected, on Saturday, that Iraq will achieve a financial abundance that may reach 20 billion dollars during the next two months.
And Arab media quoted Saleh as saying that “Iraq’s foreign reserves may reach 90 billion dollars at the end of this year, and most of these reserves are for the Central Bank, as a cash cover for the Iraqi dinar.”
He described the central bank’s foreign currency investment portfolio as a “sovereign fund or quasi-fund.”
He also called for the establishment of what he described as the “Generation Fund”, adding:
“The establishment is one of the savings in the general budget, which may reach the end of this year 15 to 20 billion dollars, which must be invested after the issue is legally adapted, through the Reconstruction Council, especially in projects Infrastructure and productive activities to bring about a renaissance in the Iraqi economy. https://almaalomah.me/news/economy/مظهر-محمد-صالح:-الفائض-المالي-سيصل-الى-20-مليار-دولار-خلال-6
For The First Time, Local Bank Deposits With The Central Bank Of Iraq Exceed 40 Trillion Dinars
460 Economie 10/15/2022 10:52 Baghdad today – Baghdad Today, Saturday, the economist, Manar Al-Obaidi, revealed that local banks’ deposits with the Central Bank have exceeded the 40 trillion dinars barrier for the first time.
Al-Obaidi said, in a Facebook post, which I followed (Baghdad Today), that “for the first time, local banks’ deposits with the Central Bank of Iraq exceed the 40 trillion dinars barrier, and represent 22.5% of the total liabilities of the Central Bank, with an annual growth rate of 36.5% compared to last year”.
He added, “In contrast, the value of the issued currency remained within the barrier of 82 trillion dinars, representing 47% of the total liabilities of the Central Bank, with an annual growth rate of 9.7% compared to the same period last year,
and then deposits of government institutions, amounting to 21 trillion Iraqi dinars, which represents 12% of the total liabilities of the Central Bank of Iraq, with a growth rate of 420 percent compared to the same period last year.
Al-Obeidi explained, “The rise in local banks’ deposits with the Central Bank and their exceeding the barrier of 40 trillion dinars indicates the improvement in the level of financial inclusion in Iraq,
which contributed to increasing the assets of monetary banks and depositing them with the Central Bank,” noting that “this illustrates the success of the Central Bank of Iraq’s policy in The financial inclusion strategy, which contributed to the arrival of local bank deposits with the Central Bank of Iraq to this level.
And he continued, “The total assets of the Central Bank of Iraq until the end of the month of 8 amounted to 178 trillion Iraqi dinars.”
He pointed out that “the assets with the Central Bank were distributed between securities worth 68 trillion dinars and dues to the Ministry of Finance worth 44 trillion dinars, as well as gold and now reserves worth 27 trillion dinars,
in addition to deposits with central and foreign banks worth 27 trillion Iraqi dinars, While there are loans to finance small and medium enterprises worth 9 trillion dinars Iraqi”.
He pointed out that “this is the first time in the history of the Central Bank of Iraq that its assets reach the barrier of 180 trillion Iraqi dinars, and it is expected that the barrier of financing loans for small and medium projects until the end of the year will exceed the barrier of 12 trillion Iraqi dinars.”
https://baghdadtoday.news/news/203303/لأول-مرة-ودائع-البنوك-ال
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