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Samson: Al-Rafidain: Many employees received their salaries for the month of April from the bank’s branches

28th April, 2020

Al-Rafidain Bank announced that many state departments employees received their salaries from the bank’s branches located in Baghdad and the provinces.

The bank’s media office said in a statement that Mawazine News received a copy of it. He pointed out, “The distribution of the salaries of state employees will be according to specific timelines for each department.”

The statement indicated that “the employee or retired person has the freedom to choose to receive his salary from anywhere he is with an electronic card.”  LINK

Samson:  Al-Kiddo: The government has its tools to get out of the financial crisis

08:41 – 04/28/2020

Member of the Parliamentary Finance Committee, Haneen Al-Qaddo, affirmed on Tuesday that the government has its tools to get out of the current financial crisis, pointing out that tackling the situation needs to put government bonds to the people, exploiting the revenue of border ports, borrowing, and handing over the region its sums of money to Baghdad.

Al-Kiddu said in a statement to “Information”, that “the remedies of the financial crisis that the country is going through depend on the government’s actions and procedures, as it is the body responsible for paying the salaries of employees and retirees.”

He added, “The solutions are contingent on addressing the 2020 budget and the changes that will be introduced in line with the current situation.”

and stated that “the government can deal with the financial crisis by moving towards government bonds and selling them to the people, as well as borrowing from the central bank and other banks, as well as asking the region to hand over the sums it has entrusted, in addition to exploiting the revenues of the border outlets to address the current crisis.”   LINK

Iobey777:  Hmmm.. IDK…  oh yeah! sell them “worthless” bonds for a worthless country that is broke!( nor at the very least has stupid leaders who cannot do the right thing for their country!)  Yes, getting rid of Duplicate salaries would be great!! Stop paying those who are NOT doing their jobs to start with!..looks to me like they are scrounging around looking for ANY loophole they can find to get money, instead of addressing the REAL need of the country… a NEW EXCHANGE RATE!!  Which would solve MOST of their problems, but they would still need leaders who are not content to steal every dime they can from their citizens! IMO, of course!


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Samson:  A press release issued by the Board of Governors of Central Banks and Arab Monetary Institutions

28th April, 2020

A press release issued by the Board of Governors of Central Banks and Arab Monetary

Institutions (Arab Day for Financial Inclusion April 27, 2020 under the slogan:

  Towards Building a Community Financial Culture that Promotes Financial Inclusion’ )

For information click here

Council of Arab Central Banks and Monetary Authorities’ Governors Arab Financial Inclusion day – April 27, 2020 Under the Theme of “Towards Building Financial Literacy that promotes Financial Inclusion”

 The Council stresses that the implications of the emerging corona virus highlight the importance of accelerating the transition to digital financial services and enhancing awareness about it

 The Council calls in this context for the following:

Alignment with the priorities of the Group of Twenty (G20)

Promoting digital financial inclusion for young people, women and MSMEs

Encouraging the use of the latest technologies to boost financial inclusion

Spread the digital financial literacy to all segments of community

The Council of Arab Central Banks and Monetary Authorities Governors attaches extreme importance to enhancing access to finance and other financial services in the Arab countries. This focus comes from recognition by the Council of the potential and great opportunities that can be achieved by enhancing financial inclusion to bolster comprehensive and sustainable economic development, assist in addressing unemployment and underemployment challenges and achieving social justice.

There is no doubt that the current developments and the repercussions of the spread of the “Corona emerging” virus, clearly highlighted the great importance of financial inclusion and the need to promote applications of digital financial services, and to educate and educate users of these services.

In this context, the Council of Arab Central Banks and Monetary Authorities’ Governors, in light of the growing need to sensitise all Arab actors to the importance of financial inclusion, endorsed in 2016 the 27th of April as the Arab Day for Financial Inclusion, celebrated this year under the theme of “Towards Building Financial Literacy that promotes Financial Inclusion.”

On this occasion, the Council affirms its support for the international community in enhancing financial inclusion, especially the efforts made by the G20 under the presidency of the Kingdom of Saudi Arabia (KSA). The financial inclusion topic was adopted by the G20 as one of the main aspects of the economic and financial development program, especially as it is closely related to achieving the objectives of sustainable development.

The Council also reaffirms its support for the efforts and priorities of KSA in enhancing digital financial inclusion during its presidency of the G20. The Group pays special attention to supporting the access by young people, women and micro, small and medium enterprises (MSMEs) to financial services by tapping into the latest technologies, as well as awareness-raising and community education efforts which increase the chances of success of Arab countries’ efforts and policies in this regard.

The Council also attaches importance to financial inclusion issues in the Arab world through its approach to launch a number of different activities and initiatives in cooperation with regional and international organisations.

The Council welcomed the launch of the Financial Inclusion for the Arab Region Initiative (FIARI) by the Arab Monetary Fund in cooperation with several regional and international organisations. FIARI aims to empower and enhance capacities and capabilities to overcome the obstacles hindering the advancement of financial inclusion indicators in the Arab countries. In this regard, the Council values the comprehensive model of demand side surveys which detect the trends of demand on financial services in the Arab countries for both households and MSMEs.

In view of that, the Council invites all Arab counties to put this model into force to help improve financial inclusion indicators and adopt appropriate policies and strategies in this respect. The Council also calls on FIARI’s partners’ organisations to further support the utilisation of new technologies in providing individuals, and MSMEs with access to financial services.

The Council further values the actions taken by the Arab countries to promote financial literacy, especially the digital financial literacy. It reaffirms the need to integrate all segments of society into the formal financial system, especially young people, women, entrepreneurs and the MSMEs sector. To this end, it is necessary to raise the awareness of those segments, protect their rights and improve their knowledge of financial issues so that they can make sound investment decisions. The Council also calls on all ministries of education, culture and higher education in the Arab countries to double their efforts in order to expand and increase financial education and awareness.

The Council highlights the increasing importance of using new financial technologies in financial and banking sectors, and the significant accelerated growth witnessed by the financial services sector of such technologies and their related services world-wide. In addition, the great potentials offered by these technologies and services in terms of enhancing the efficiency of financial and banking operations, particularly in supporting the opportunities to access finance and financial services and encouraging entrepreneurship. In this connection, the Council calls for raising the awareness of all segments of society about the topics of modern financial technologies and taking the necessary measures to achieve this in coordination with the relevant official authorities.

It also stresses the importance of the Regional Taskforce on Modern Financial Technologies launched by Arab Monetary Fund in sharing expertise and knowledge about modern financial technologies and crystallising different visions on the best way to regulate and put such technologies into effect in the Arab countries.

On the other hand, the Council values the role played by the Financial Inclusion Taskforce in enhancing financial inclusion in the Arab countries.

This role is clear in developing policies and procedures related to financial inclusion in the Arab countries and considering studying ways to improve financial inclusion indicators in the Arab countries and help them implement the relevant international standards and principles. The role of the taskforce is also to strengthen cooperation between the various national institutions and entities concerned with financial inclusion issues in the Arab countries and the relevant international organisations.

Furthermore, the Council looks forward to pursuing the improvement in financial inclusion indicators in the Arab countries, especially as the latest statistics reflect the efforts made by the Arab countries in enhancing access to financial services. Figures indicate that the percentage of the adult population in the Arab countries who have access to formal finance and financial services has risen, on average, to 37%, and soared to 265 for women, and to 28% among low-income segments.

Although these figures draw a veil over the disparities in this regard among the Arab countries, they still indicate the great potential opportunities – especially for private financial and banking institutions – that can be tapped into to enhance access to financial services in the Arab communities.

Likewise, the Council values the efforts exerted by Arab central banks and monetary authorities, and commercial banks and official financial institutions in the past years in marking the Arab Day for Financial Inclusion and their related activities and events on this day. These efforts have contributed to spreading awareness and financial education among all members of the community.

Accordingly, the Council calls on all member states to celebrate the Arab Day of Financial Inclusion and encourage community participation (virtually) in marking the day through the implementation of awareness-raising activities and events to promote the importance of financial inclusion and its objectives. The Council hopes that the planned events of the Arab Day of Financial Inclusion will be successful, and their desired objectives are achieved.

On this occasion, the Director General Chairman of the Board of the Arab Monetary Fund, H.E. Dr. Abdulrahman Al-Hamidy, stressed the importance and the vital role of financial inclusion in addressing the economic challenges affecting growth. He added that this goal would be attainable by mobilising resources to maximise investment rates and create new job opportunities. Dr. Al-Hamidy also praised the growing interest of policymakers in Arab countries on financial inclusion related issues, and this would assist in addressing the challenges of poverty, unemployment and social development. He then referred to the continued efforts made by Arab central banks and monetary authorities and the great interest in the issues of improving financial inclusion and access to quality financial services at reasonable costs.

Dr. Al-Hamidy also lauded them for giving appropriate importance and priority to such matters as part of their economic policies and spreading the literacy of responsible financing in the banking sector. Moreover, he referred to their utilisation of financial technologies in providing financial services, developing legislation, rules and regulatory frameworks that help improving the spread of financial and banking services and encouraging innovation in the industry.

They also aim to follow up the endeavours made to develop a sound financial and banking system infrastructure and encourage the development and expansion of non-banking financial services, as well as policies and programs that enhance transparency in the financial and banking sector.    link


Samson:  Mr. Governor’s speech on the occasion of the Arab Financial Inclusion Day, 27 April 2020

28th April, 2020

Arab Day for Financial Inclusion April 27, 2020

Under the slogan

Towards building a community financial culture that promotes financial inclusion

We celebrate this day on the occasion of the Arab Day for Financial Inclusion, which falls on April 27 each year and under the slogan towards building a community financial culture that promotes financial inclusion.

Financial inclusion has a significant positive impact in spreading financial culture and the spread of financial and banking services. The Central Bank has developed plans and strategies that contribute to raising awareness and financial education in order to achieve knowledge of financial and banking services and create an economically and financially informed generation and has the ability to plan and manage its financial life properly. 

Especially in light of the tremendous and rapid development in the field of modern financial technologies, which is the best solution to face the Corona virus crisis, as it enables beneficiaries to conduct financial and banking operations remotely and reduces the use of banknotes that are considered a carrier of the virus, and the Central Bank seeks to apply these technologies and integrate society segments Different according to their need for it, with a focus on developing legislations and supervisory and supervisory frameworks in a way that achieves the spread of financial services and protecting the consumers of these services.

To transfer and provide applications by banks and payment service providers that enable customers to have easy access to financial and banking services. Online purchase.

The Central Bank of Iraq

information Office




Samson:  Lebanon’s developments .. Burning banks to deteriorate living and the collapse of the currency

04/28/2020 16:01:33

Protesters, on Tuesday, burned banks in Tripoli, northern Lebanon, in protest against the deteriorating living conditions and the collapse of the Lebanese pound.

Reports said that protesters had destroyed the façades of the banks in Tripoli, while others had set them on fire. Currently, firefighting teams are trying to control fires in some banks. She explained that this development comes in the wake of the return of protests to the Lebanese cities due to the collapse of the lira.

Hundreds of people demonstrated in the city of Tripoli, on Monday night, against the backdrop of the deteriorating economic situation in the country, in protests interspersed with clashes with security forces despite the isolation measures imposed to contain the emerging Corona virus. A group of men, women and children participated in a march that roamed the streets of the city, calling “a revolution .. a revolution”, while the demonstrators tried to reach a house of a lawmaker, but the army forces prevented them, which led to confrontations, according to “AFP.”

Following these developments, the Lebanese Association of Banks announced the closure of all headquarters and branches of banks in the city of Tripoli in northern Lebanon , starting from today until the restoration of the security situation.    LIN