“Banking Sector on the Rise” – Mon. PM KTFA Thoughts, News w/ Frank26 12-13-21

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KTFA

Frank26 » December 14th, 2021

PSSSST ……………. ANY NEGATIVE HUMANS OUT THERE ……………BEHOLD :

In the face of speculations and warnings posed by international monetary institutions, regarding the Iraqi economy, the Central Bank had accumulated cash reserves of hard currency to 64 billion dollars, which makes it able to influence exchange rates and provide a comfortably stable economic environment.

Don961 » December 14th, 2021

The Central Bank: The cash reserve increased to 64 billion dollars

Monday 13th December 2021  Baghdad: Ahmed Abd Rabbo

In the face of speculations and warnings posed by international monetary institutions, regarding the Iraqi economy, the Central Bank had accumulated cash reserves of hard currency to 64 billion dollars, which makes it able to influence exchange rates and provide a comfortably stable economic environment.

International reserves, deposits and bonds of foreign currency held by central banks and monetary authorities, are necessary to support the currency and pay the debts owed by the country.

On the other hand, the inflation index in the major countries of the world constitutes an obsession that pushes them to stimulate the interest rate hike of the dollar, and this is what the US Federal Reserve plans to do; By the middle of next year, he will raise interest rates on the dollar.

Those indicators drawn by the US data, the Iraqis read, are an increase in the material returns and interest on Iraqi funds, assets and bonds located in America, most notably the hard currency reserves in the US Federal Bank in Washington.

A senior source in the Central Bank told “Al-Sabah”, “The hard currency reserves of the US Federal Bank rose to 64 billion dollars, due to the rise in the oil markets.”

The source commented on the possible US decision that “it will bring great financial benefits to Iraq,” which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.

Saleh said in a statement to “Al-Sabah”: that Iraq “will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, which provides the highest returns and lower risks.”   link

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Frank26 » December 14th, 2021

“BANKING SECTOR ON THE RISE… SO IS YOUR CURRENCY & EXCHANGE RATE”…(CBI, UST HAS A SURPRISE FOR YOU -F26).F26

Don961 » December 14th, 2021

Central Bank: Iraq has become attractive to investment

Monday 13th December 2021  Baghdad: morning

The Governor of the Central Bank of Iraq, Mustafa Ghaleb, said that all indicators of the Iraqi banking sector are on the rise, indicating that Iraq has become an attractive arena for investment.

A statement by the Central Bank, received by {Al-Sabah}, stated that the Governor of the Central Bank of Iraq, Mustafa Ghaleb, “opened the activities of the Iraqi banking week in the Iraq Pavilion at Expo Dubai 2020, in the presence of the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, and the head of the Association of Iraqi Private Banks, Wadih Al-Handal, and a number of managers.” The two years in the Central Bank and the heads of the banks’ boards}. 

The Governor of the Central Bank said: {The launch of the activities of the Banking Week in the Iraq Pavilion contributes greatly to the openness of the Iraqi banking sector to the Arab and international world}, indicating that {the supervision of the Central Bank contributed significantly to the development of the banking sector.} 

He added, “There are many Iraqi banks that have begun to expand outside Iraq, and this is what made them obtain good ratings by the competent financial institutions,” noting that “Iraq today has become an attractive arena for investments and requires an effective banking sector to keep pace with these investments.”

He pointed out that {all indicators of the Iraqi banking sector are on the rise, and this is a good indicator for the outside world, of the need to open up prospects for cooperation with the Iraqi banking sector}.

On the other hand, the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, praised the central bank’s policy that contributed to the development of the banking sector. 

Al-Hamidi said, “The Governor of the Central Bank of Iraq and the Chairman of the Board of Governors of the Arab Monetary Fund, Mustafa Ghaleb, are now working to ensure the openness of the Iraqi banking sector to Arab and foreign banks,” noting that we “praise the measures taken by the Central Bank of Iraq.”

The head of the Association of Iraqi Private Banks, Wadih Al-Handal, also confirmed that “the event of the Iraqi Banks Week in the Dubai Expo represents an important sign and a very strong beginning to revitalize banking relations with the outside world,” noting that “the banking sector today represents a major point in the development of the economy.

Country}. 

And he indicated that {the participation of banks and electronic payment companies in the activities of the Banking Week represents a strong and clear message to the world}, explaining that {Iraq is witnessing an openness carried out by the private sector, and the state must protect it and facilitate its tasks}. 

It is noteworthy that the Iraqi Banks Week, at Expo Dubai 2020 includes many banking activities, informing the public about the banking services provided by banks, as well as holding bilateral meetings between Iraqi banks and banks operating in the United Arab Emirates.   LINK

Frank26 » December 14th, 2021

“THEY’RE SIGNING WITH EVERY BANK IN THE WORLD”…….F26

The Central Bank signs a memorandum of understanding with the Emirates Bank  LINK

The Central Bank of Iraq signs a memorandum of understanding with the Central Bank of the United Arab Emirates  LINK

“READY… SET… GO!!!”……..F26

70 Exchange Companies Resume Their Work In Nineveh

70 Exchange companies have resumed their work in the city of Mosul, after stopping for more than seven years, and this was done after the National Security Agency completed its fundamental audit.

The mayor of Mosul, Zuhair al-Araji, said in a statement reported by the newspaper “Al-Sabah” and seen by “The Information”, that “the re-work of the banking companies will contribute to improving the city’s economy, and facilitate the work of shop owners and businessmen, as a contribution to efforts to restore economic life to what it was before the events of the tenth of June.” for the year 2014”.

Al-Araji added, “More than 70 exchange companies in the city had submitted their papers to re-license their work, and it was approved to resume their work after a security audit.” He pointed out “the great importance of the province because there are two border crossings with Turkey and the Kurdistan region.”    LINK

Weston » December 14th, 2021

THIS SAYS IT ALL!!! THEY ARE GOING INTERNATIONAL!!!!!!!

Page 4 – The United Nations imposed on Iraq more than thirty years ago, and the dire consequences and bloodshed as a result of Iraq remaining under the cover of the aforementioned chapter, so that Iraq can exercise its duties with the international community in accordance with the practices of Chapter VI of the Charter of the United Nations and peaceful interaction in international relations and through a safe incubator.  International peace and stability and closing the file of conflicts forever.    

Samson » December 14th, 2021

Iraq has the fifth highest inflation rate in the Middle East

13th December, 2021

Iraq ranked fifth with the highest inflation rates in the Arab world, according to Forbes Middle East magazine.

The magazine said in a report that “Sudan ranked first with the highest average inflation rates in the Arab countries for the year 2021, at 194.6%, compared to 163.3% during 2020, after the value of the Sudanese pound fell against the US dollar since the beginning of the year by 695%.”

She added that Yemen ranked second in terms of the highest Arab inflation rates this year at 40.7% compared to 23.1% in the year of Covid-19, followed by Libya with 21.1% in 2021 from only 2.8% during the past year, and then the fourth Arab countries with an average annual inflation of 6.5% In 2021, compared to 2.4% last year.

She pointed out that “Iraq ranked fifth in the ranking of the highest inflation rates in the Arab countries, as inflation will rise to 6.4% this year 2021 from 0.6% in 2020, while inflation for 2022 will decrease to 4.5%,” noting that “the rise in inflation in Iraq the recovery of domestic demand in Iraq and the devaluation of the currency resulted in inflationary pressures in the country, although the past eight years witnessed stabilization of inflation from low levels due to the decline in import prices and weak demand.

However, the statistics of the Central Bank of Iraq show that the Iraqi dinar fell 23.6% against the dollar, which was exchanged last month at a price of 1480.8 dinars, compared to 1198.4 dinars in March 2020, that is, with the outbreak of the epidemic in the region, and the inflation rate in Iraq rose by 6.8% in the month of October. Last October, according to the Ministry of Planning.

She explained that “the IMF expected Sudan, Yemen, Libya and Algeria to remain in the first four places in terms of the average annual inflation rate for 2022 at 41.8%, 31.5%, 8% and 7.7%, respectively, while Tunisia may displace Iraq from the fifth place, where inflation will reach In Tunisia, it will reach 6.4% next year, while Iraq will record 4.5%.”

Tunisia, whose average annual inflation rate will rise to 5.7% this year from 5.6% last year, is in sixth place, ahead of Egypt, which comes in seventh place, where the average inflation rate for the fiscal year 2020/2021 will reach 4.5% from 5.7% in 2019/2020. 

While inflation in Kuwait will rise to 3.2% this year from 2.1% last year, the average inflation in Saudi Arabia will decline this year to 3.2% from 3.4% last year, provided that it approaches the acceptable limits at 2.2% next year, and the Sultanate of Oman ranks tenth With inflation reaching 3% this year, it is expected to decline to 2.7% in 2022.

The average inflation rate in the rest of the Arab countries will be less than 2% this year, noting that international monetary institutions such as the Federal Reserve and the European Central Bank consider the acceptable level of inflation to be 2% or slightly less.  LINK

Source: Dinar Recaps

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