Wed. AM TNT Iraq News Articles 3-22-23



The new Deputy Governor of the Central Bank begins his duties

Today, Wednesday, the new Deputy Governor of the Central Bank, Faisal Al-Haimus, began his duties .

The Central Bank said, in a statement received by the Iraqi News Agency (INA), that “the new Deputy Governor of the Central Bank, Faisal Al-Haimus, has begun today his duties in the position.”

Al-Haimus expressed his “full support for teamwork and the plans set by His Excellency the Governor of the Central Bank, with the aim of upgrading and advancing the status of the bank.”

And he stressed, “Striving to shoulder the responsibility entrusted to him, and to be up to this task,” noting that “The Central Bank is one of the most important state institutions, as it plays an important role in community service.”  link

Al-Alaq: 70 trillion dinars outside the banking system and our next focus is on small projects

{Economic: Al-Furat News} The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the presence of 70 trillion dinars outside the banking system.


Al-Alaq said in a press statement that “the banking system is required to diversify the lending portfolio of more than one sector to stimulate all sectors and make them contributors to the development process, as well as to protect the banking system from any future risks that expose its existence to collapse,” pointing out that “the collapse of Silicon Bank was caused by the concentration of credit in a specific sector, which leads us to benefit from this experience.”

“The amounts that were lent through the banking system touched 13 trillion dinars, and we are working to evaluate these initiatives, benefit from lessons and put them in the right directions,” Al-Alaq said.

He explained that “the focus of financing for the next phase will be towards small and medium enterprises, as well as with regard to projects or loans for renewable energy in an attempt to meet climate challenges and move seriously towards clean energy.”
He said: “The next phase will witness the development of a national strategy for lending, which will be presented jointly to the government and other parties, to be the issue of their participation in supporting this plan to provide the necessary decisions and procedures for its success.”

“Indicators and data indicate that the banking sector has reached the upper ceiling for lending because the percentage set according to the instructions of the Central Bank is 70% of deposits, and almost the banking sector has reached this percentage, which requires that there be great efforts to attract deposits to the banking sector,” Al-Alaq said.

He pointed out that “there are more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of GDP, so it is necessary to focus in the next stage on finding the necessary means to stimulate the movement of deposits through several measures in this regard.”

The Governor of the Central Bank pointed to “the importance of reviewing banking services in quantity and quality, because banking services have come a long way despite the short life of some banks, but some of them have reached advanced stages and others still need to upgrade the level of banking services in different types and in the way of presentation.

Kurds remain biggest winners from US-led invasion of Iraq


IRBIL, Iraq (AP) — Complexes of McMansions, fast food restaurants, real estate offices and half-constructed high-rises line wide highways in Irbil, the seat of the semi-autonomous Kurdish region in northern Iraq.

Many members of the political and business elite live in a suburban gated community dubbed the American Village, where homes sell for as much as $5 million, with lush gardens consuming more than a million liters of water a day in the summer.

The visible opulence is a far cry from 20 years ago. Back then, Irbil was a backwater provincial capital without even an airport.

That rapidly changed after the 2003 U.S.-led invasion of Iraq that toppled Saddam Hussein. Analysts say that Iraqi Kurds — and particularly the Kurdish political class — were the biggest beneficiaries in a conflict that had few winners.

That’s despite the fact that for ordinary Kurds, the benefits of the new order have been tempered by corruption and power struggles between the two major Kurdish parties and between Irbil and Baghdad, the Iraqi capital.

In the wake of the invasion, much of Iraq fell into chaos, as occupying American forces fought an insurgency and as multiple political and sectarian communities vied to fill the power vacuum left in Baghdad. But the Kurds, seen as staunch allies of the Americans, strengthened their political position and courted foreign investments.

Irbil quickly grew into an oil-fueled boom town. Two years later, in 2005, the city opened a new commercial airport, constructed with Turkish funds, and followed a few years after that by an expanded international airport.

Traditionally, the “Kurdish narrative is one of victimhood and one of grievances,” said Bilal Wahab, a fellow at the Washington Institute think tank. But in Iraq since 2003, “that is not the Kurdish story. The story is one of power and empowerment.”

Source: Dinar Recaps



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