Sat. AM TNT News Articles from Iraq 6-3-23




The Iraqi Credit Bank decides to distribute cash dividends worth 30 billion dinars to shareholders

The Credit Bank of Iraq decided to distribute cash dividends worth 30 billion dinars to shareholders during the year 2022.

The head of the Iraq Stock Exchange Investors Association, Alaa al-Moussawi, told Al-Eqtisad News that the General Authority of the Credit Bank held its meeting today, Saturday, in Erbil.

He added that the meeting included discussing the report of the Board of Directors, the report of the auditor, and the final accounts for the year 2022, and approving them unanimously, in addition to distributing cash dividends amounting to 30 billion dinars, or 12% of the capital.

He confirmed that the next credit policy was discussed     link

Parliamentary Finance: The budget will be approved before the ninth of this month of June

A member of the Parliamentary Finance Committee, Saad Al-Toobi, confirmed, on Saturday, that the budget will be approved before the ninth of this June.




Al-Toubi said, “The committee requested earlier to set a date for the session, because there is nothing to delay voting on the budget, as the committee needs hours only in order to make transfers that are almost ready and are just waiting for classification in the budget, as well as some added materials.”

He explained that “the delay that is taking place now is only for the sake of the region’s articles that were duly voted on within the committee,” adding, “But it is possible that political consensus will take place and the vote will be changed,” noting that “it is possible to change the voted materials because the voting took place in Within the committee, the budget was not voted on as a whole, and this is one of the legal tricks.”

And he continued: “Parliament will enter its legislative recess on the ninth of June, so the budget will be approved effectively before this date,” and indicated that “it is possible to set a date for the next Sunday or Monday to vote on the budget in Parliament.”

Al-Tobi indicated that “there are drafts that have arrived as proposals adopted by the (Coordinating Framework) or (the State Administration Coalition) regarding the region’s share, as the dispute was that the region refuses to export through the (SOMO) company, and it also rejects the issue of the bank account, demanding that the region’s government act directly with the account.”

He explained, “What we have now reached is that the region agreed to export through the (SOMO) company, but the bank account is not by opening an account in the central bank, but rather an account approved by the central bank. link

A ‘right direction’.. Iraq is boosting its reserves of the ‘precious metal’

Experts and researchers in the economic affairs considered the purchase of new quantities of the yellow metal as a “right direction” by the Central Bank of Iraq, pointing out that many countries of the world are striving to possess it in support of their reserves due to the state of apprehension resulting from the geopolitical and economic instability that dominates the global scene. .  




The Central Bank of Iraq recently announced the purchase of new quantities of gold of approximately 2.3 tons, which resulted in an increase in its possession of this metal by 1.79 percent, bringing the total that Iraq possesses (132.74) tons, maintaining its sequence in the rank (30) in the ranking. Possession of gold for the countries of the world.    

Economist Dr. Nabil Al-Marsoumi said in a statement to the official newspaper, followed by “NAS” (June 3, 2023), that “the trend towards the acquisition of precious metal represents an important and desirable matter in monetary policy, in addition to being a wise act by the Central Bank of Iraq that simulates the behavior of central banks.” In the world”.  

Al-Marsoumi added, “The United States of America has the largest gold reserves in the world, estimated at 8,000 tons, followed by Germany, and Iraq is currently moving in this direction to diversify its investment portfolio,” noting that “gold constitutes about 9 percent of international reserves.”  

The spokesman believes that the acquisition of gold represents a correct global trend by central banks as a result of its continuous rise, so that global central banks go to buy more of it in support of international reserves due to fears of an imminent economic recession, which leads to preferring hedging from it to avoid global inflation.  

Al-Marsoumi indicated that it is expected that central banks will continue to purchase the precious metal in the short term due to the state of geopolitical and economic instability that dominates the global scene as a result of the Ukrainian war and before that the Corona pandemic, pointing out that Iraq is working to maintain its thirtieth position in the ranking of countries in possession of gold.  

In turn, the researcher in the economic affairs, Imad Al-Muhammadawi, said in a statement to the official newspaper, that several countries are seeking to possess gold, with the aim of doubling their reserves of the precious metal and thus increasing their hedges to confront inflation due to their apprehension about the future of the global economy, pointing out that Iraq is not the only country that seeks that, but most International banks tend to support their international reserves.  

Al-Muhammadawi confirmed that the data issued by the World Gold Council indicated that international investment funds purchased 32 tons of gold last March for the current year 2023, which is equivalent to $1.9 billion.  

It is noteworthy that the Investments Department of the Central Bank of Iraq made it clear that the purchase process came with the aim of increasing its possession of gold in light of the economic and political conditions that the world is witnessing, noting that gold is one of the most important components of the reserves held by banks and international financial institutions, as these banks and institutions deliberately To increase its reserves of this metal on an ongoing basis, because this procedure has a positive impact on the financial solvency of these institutions and the creditworthiness of their countries.    link

Source: Dinar Recaps


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