More temptations to deposit money … Al-Rafidain raises the interest rate on deposits again
On Friday, Rafidain Bank announced an increase in the fixed deposit interest rate for citizens who deposit their money in the bank.
The bank’s media office said in a statement, “It was decided to increase the interest rate on deposits for a period of six months to become 4.5 percent, as well as to increase the interest rate on fixed deposits for a year to 5.5 percent.”
“The interest rate on deposits for a period of two years has been increased to 6.5 percent,” the statement added.
This trend comes to attract the largest possible number of citizens to deposit their money in banks at a time when Iraq suffers from citizens ’lack of confidence in the banking sector, and a large proportion of the financial mass is stored in homes instead of using it through bank link
Source: Dinar Recaps
Shafaq: USA announce the Continuation of the National Emergency with Respect to the Stabilization of Iraq
U.S. President Joe Biden declared on Friday a national emergency pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), “to deal with the unusual and extraordinary threat to the national security and foreign policy of the United States posed by obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq.”
“The obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States.” The Notice said.
“For this reason, the national emergency declared in Executive Order 13303, as modified in scope and relied upon for additional steps taken in Executive Order 13290 of March 20, 2003, Executive Order 13315 of August 28, 2003, Executive Order 13350 of July 29, 2004, Executive Order 13364 of November 29, 2004, Executive Order 13438 of July 17, 2007, and Executive Order 13668 of May 27, 2014, must continue in effect beyond May 22, 2021.
Therefore, in accordance with section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)), I am continuing for 1 year the national emergency with respect to the stabilization of Iraq declared in Executive Order 13303.” The Notice added.
Reuters: Indonesia begins its Eid al-Fitr travel ban as some try to skirt rules
Indonesia began imposing a previously announced ban on domestic travel on Thursday as it sought to contain the spread of the coronavirus during the Eid al-Fitr celebrations, when millions normally travel to mark the end of the Islamic fasting month.
Police officers were deployed across the capital city of Jakarta on Thursday to check documents and prevent travellers without special permission from leaving the city. They were enforcing a ban on travel by air, land, sea, and rail announced in April which is due to be in place between May 6-17.
Millions of people in the world’s largest Muslim-majority nation traditionally “mudik” or return home to visit their families for the celebrations.
But senior health officials have expressed concern about the emergence of new and more virulent coronavirus mutations across Indonesia, including two cases this week of the B.1.617 variant, which was first identified in India late last year and is ravaging the country.
Indonesia has seen the highest number of coronavirus cases and deaths in Southeast Asia.
Despite the risks, some people still tried to dodge the rules early on Thursday, with police saying on Twitter that several individuals had tried to leave the capital city by hiding out on the back of a vegetable truck.
“I will still try to return home because this has become a tradition even though we have not gone home for two years already,” said 44-year old Basuki Riyanto, who was contemplating how to get to Central Java province on Thursday.
“I will try to go ahead regardless of the conditions if there is a closure. Indonesia has reported a total of 1,691,658 confirmed coronavirus cases and 46,349 COVID-19 deaths.
Earlier this week, the country’s health minister said the first two cases of the Indian variant had been identified in Jakarta. Some 13 cases of the B.117 variant first detected in the United Kingdom were previously discovered in the country.
The risk of a spike in COVID-19 infections is weighing on Indonesia’s economic outlook this year. Household consumption, the biggest component in the country’s gross domestic product (GDP), shrank in the first quarter of 2021.
Southeast Asia’s biggest economy slumped 0.74% year-on-year in the January-March period, contracting for a fourth consecutive quarter, official data showed on Wednesday.
Vietnam+: Vietnam should continue support for vulnerable groups: IMF
Vietnam will record positive economic growth in 2021, at around 6-7 percent, if the country continue support for vulnerable groups in the economy, as well as the freshly-rolled out vaccination campaign, said Jonathan Ostry, Deputy Director of the Asia and Pacific Department of the International Monetary Fund (IMF).
The Southeast Asian country needs to lay a foundation for strong growth in the mid-term, including ensuring sufficient revenue resources for infrastructure development and implementation of public investment, he stressed.
It is necessary for the nation to ensure a resilient financial system, and continue efforts to better the investment climate, Ostry added.
Regarding a plan that is being drafted by the Vietnamese Government to assist enterprises during the pandemic, the IMF official held that the country’s fiscal policy should be loosened to support economic activities, and limit negative impacts from the pandemic.
Policy adjustments depend largely on the speed of economic recovery at the global level, which is undergoing a lot of uncertainties, he said.
Pointing out weak uptake of tax deferrals in Vietnam, particularly in the hardest-hit sectors of the economy, the IMF recommended introduction of temporary corporate income tax (CIT) loss-carry backwards to improve firms’ cash flows, better targeting of temporary CIT reductions to benefit distressed but viable small-and medium-sized enterprises, and introduction of temporary provisions for accelerated depreciation or investment tax credits to lower to user cost of capital and encourage investment.
He moved to underscore that Vietnam’s economic growth story in the past three decades is notable since it is sustainable and inclusive growth that helps improve local livelihoods.
Thanks to market-oriented reforms which enable improvements in the business climate, and attraction of huge amount of FDI flows, Vietnam has risen from being in the group of the world’s poorest country to gaining the “middle-income” status.
The country should work more to better the business environment and ensure an equal playground, he said, adding this includes reforms geared towards simplifying and reducing the regulatory burden for domestic firms, easing entry costs for enterprises, continued reform of state-owned firms, and enhancing good governance.
Additionally, he suggested Vietnam enhance human capital and technology access to boost labour productivity, which facilitate investments in more complicated products that can gain better competitive edge in the international market.
Source: Dinar Recaps
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