Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Afternoon 3-6-24


Iraq Economic News and Points to Ponder Wednesday Afternoon 3-6-24

Tlm724 Administrator Bondlady’s Corner 

During 2023.. 7 Iraqi Banks Break The Barrier Of 1 Trillion Dinars In The Amount Of Their Deposits

Economy News – Baghdad  Five Iraqi banks were able to exceed the barrier of one trillion dinars in the size of their deposits in 2023, while only two Iraqi banks were able to break the barrier of 2 trillion Iraqi dinars in the size of customer deposits with the two banks.

The economist, Manar Al-Obaidi, said, “The International Development Bank and the National Bank of Iraq were able to break the barrier of 2 trillion dinars in deposits in 2023.”

As for the five banks, they are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Iraqi Islamic Bank, and the Islamic South Bank, according to the economic expert.

He added, “The deposits of the five banks grew by 11.3% compared to the year 2022, bringing the total bank deposits to 9.25 trillion Iraqi dinars.”

He pointed out, “Al-Janoob Islamic Bank achieved the highest percentage of growth in deposits at a rate of more than 147%, then the National Bank of Iraq, whose deposits grew in value by 90%.”

Al-Obaidi stressed, “This growth reflects an increase in public confidence in Iraqi private banks and the ability of private sector banks to acquire part of the monetary mass issued outside the banking system, as it is noted that the volume of deposits for the five banks in 2019 did not exceed the barrier of 1.8 trillion Iraqi dinars, reaching today.” To more than 9.25 trillion dinars.

He continued: “It is expected that the five Iraqi banks will continue their control of the local market and the ability to attract deposits, whether from outside the banking system or from public sector deposits, as a result of the increased confidence in these banks and their spread in various governorates, in addition to the increase in the great competition between these banks in order to acquire the largest… Amount of deposit.

He pointed out, “The increase in the volume of deposits in the private banking sector will contribute to strengthening the wheel of economic growth by directing these banks to invest deposit funds in beneficial economic projects through which they can achieve profits to cover the interest paid on these deposits.”

Al-Obaidi stated, “The total value of deposits in the private and public banking sector amounted to more than 133 trillion dinars at the end of 2023, and these five banks were able to acquire 7% of the total of these deposits, and the largest value of the deposits is still present in government banks.”

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Iraq Is Ranked 30th Globally…The Largest Arab And International Country With Reserves Of Resonant Yellow

Wednesday 06, March 2024 11:59 | Economical Number of readings: 396  Baghdad / NINA / The United States topped the world in gold reserves, and Saudi Arabia ranked first in the Arab world, according to data from the World Gold Council.

According to the council’s report, the United States’ gold reserves amounted to 8,133.5 tons, followed by Germany with 3,352.6 tons, then Italy with 2,451.8 tons.

In the Arab world, Saudi Arabia topped the Arab countries in terms of yellow resonant reserves, which amounted to 323.1 tons, and gold represented only 4.7% of the Kingdom’s total foreign reserves.

Lebanon came in second place with reserves estimated at about 286 tons, and gold represented 56.8% of Lebanon’s total foreign reserves, while Iraq came fourth in the Arab world and 30th globally./End 9

Sales Of The Central Bank Of Iraq Exceed 210 Million Dollars

Wednesday 06, March 2024 12:06 | Economical Number of readings: 382  Baghdad / NINA / Sales of the Central Bank of Iraq at the currency auction decreased today, Wednesday, to reach 210 million dollars.

The Central Bank said in a statement that it sold today during its auction for buying and selling the US dollar 210 million 932 thousand and 703 dollars, which the bank covered at a base exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for foreign transfers, and at a price of 1,310 dinars. For every dollar in cash.

He explained that most of the bank’s dollar sales went to strengthening balances abroad in the form of (transfers, credits), which amounted to 201 million 932 thousand and 703 dollars, higher than the cash sales amounting to 9 million dollars.

He pointed out that the banks that bought The number of cash dollars reached 5 banks, while the number of banks that responded to requests to enhance balances abroad reached 17 banks, while the total number of exchange and brokerage companies participating in the auction was 81 companies.

After Al-Rasheed And Al-Rafidain…The Iraqi Bank Announces The Cessation Of Deducting Installments

Economy  03/06/2024  Mawazine News – Baghdad   The Trade Bank of Iraq announced today, Wednesday, the suspension of deducting loan installments for all employee borrowers for one month only.

The bank’s media expert, Aqeel Al-Shuwaili, said in a statement received by Mawazine News: “In implementation of the directives of Prime Minister Muhammad Shiaa Al-Sudani to stop deducting loan installments for all employees on the occasion of the holy month of Ramadan, we announce the suspension of deducting loan installments for all employee borrowers for one month only.”

He continued, “This came on the occasion of the advent of the holy month,” noting that “the loans will be repaid after the end of the blessed month of Ramadan.”

Al-Sudani: The Period Is Ideal For Establishing A Strategic Economic And Political Relationship With Saudi Arabia

Political | 03/06/2024  Mawazine News – Baghdad.  Prime Minister Muhammad Shiaa Al-Sudani described the current period as ideal for developing relations with the Gulf states, Saudi Arabia and Turkey, indicating that relations between Iraq and Saudi Arabia are important for the stability of the region.

Al-Sudani said in an interview followed by Mawazine News: “The Arabs returned to Iraq after the 25th Gulf and turned us open to receive the Gulf.”

He added, “The period is ideal for establishing a strategic economic and political relationship with Saudi Arabia, and that Saudi Crown Prince Mohammed bin Salman is sincere and clear in his support for Iraq and its people.”

He pointed out that “my visit to Turkey changed the course of relations between the two countries, and they are continuing to develop to remove any crisis between Baghdad and Ankara.”

Oil Prices Rose Due To Fears Of Scarcity Of Supplies In Global Markets

Economy | 03/06/2024   Mawazine News – Baghdad   Oil prices rose slightly in early Asian trading on Wednesday, as markets balanced concerns about demand growth in China, the world’s largest crude importer, with indications of tight supplies in light of production cuts by major producers.

Prices also received support from the decline in the US dollar, which boosted demand for buyers paying in other currencies.

Price action

Brent crude futures rose 8 cents to $82.12 a barrel by 0333 GMT. US West Texas Intermediate crude futures increased 12 cents to $78.27 per barrel.

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Provoking Points to Ponder on Decisions 

Decisions, particularly important ones, have always made me sleepy, perhaps because I know that I will have to make them by instinct, and thinking things out is only what other people tell me I should do. – Lillian Hellman

Statistics are no substitute for judgement.  – Henry Clay

It is the heart always that sees before the head can see.  – Thomas Carlyle

Facts are stubborn things, but statistics are more pliable.  – Laurence J. Peter

A true history of human events would show that a far larger proportion of our acts are the result of sudden impulse and accident than of that reason of which we so much boast.  – Peter Cooper