Iraq Economic News and Points to Ponder Thursday AM 5-16-24


Iraq Economic News and Points to Ponder Thursday AM 5-16-24

The Association Of Private Banks Praises The Iraqi Central Bank’s Approach To Establishing Digital Banks

 Expenses  Economy News – Baghdad    The Executive Director of the Iraqi Private Banks Association, Ali Tariq, praised the Central Bank’s approach to establishing digital banks to keep pace with the great development in the global banking sector.

 Tariq said in an interview with Al-Iqtisad News,

 “The world is moving towards the digitization of banking services, and

 Iraq has begun its first steps in establishing digital banks, as

until now there is a digital bank licensed inside Iraq, and

it provides its services normally to the public.” He pointed out that “the

Central Bank of Iraq issued instructions to license banks, which

     set their number at a rate not exceeding 10% of the total banks operating inside the country, with

     a capital of 100 billion dinars, with traditional banks participating at a rate of 30%.”

He added,  “Digital banks are similar to traditional banks, but

 they differ in that they do not have branches, and

 most of their services are via mobile phones,” noting that the

size of central banks in the world has increased significantly and has reached more than 500 digital banks. Tariq noted that

  “traditional banks are still providing their services through applications, and

 they are keeping pace with the development taking place in the banking sector.”

 views 481     Added 05/13/2024 –    

Arab Banks Sweep The Dollar Platform.. Washington Sanctions Freeze The Iraqi Government And The Central Bank Is Content With Silence

     May 14 20:03      Information/Private..

 The false and twisted policy of the United States of America towards Iraq is being exposed day after day in many cases, including the dollar crisis that Washington created to impose dictates and blackmail the government publicly after punishing Iraqi banks in two installments and imposing strict measures in exchange for obtaining the dollar from the electronic platform.

This made the opportunity available for Arab banks to invade the platform and dominate the sale of the dollar with clear laxity and in violation of the law from the Central Bank, which abandoned the matter of lifting sanctions on Iraqi banks and continued to grant licenses to Jordanian, Emirati, Gulf and foreign banks, which undermined the work of the local.

 *Central violations

 Speaking about this file, Al-Fath Alliance member Ali Al-Zubaidi criticizes the Central Bank’s controls for granting licenses to foreign and Arab banks to operate in the Iraqi banking sector, while he stressed that continuing to grant the dollar at reduced prices to these banks amounts to wasting the country’s share of the dollar. 

 Al-Zubaidi said in an interview with the Maalouma Agency, “Granting licenses to these banks should be in the field of investment, construction, loans, and initiatives, and not working on the electronic platform,” noting that

 “these banks have undermined the work of Iraqi banks to a very large extent.” 

He continues,   “The entry of Jordanian, Emirati, and Gulf Arab banks into the dollar selling platform will make them compete directly with Iraqi banks,” calling on “the Central Bank to reconsider these licenses or limit the points they offer in general.”  Al-Zubaidi continues his speech:

 “These banks’ possession of the dollar must be ended by buying the dollar at reduced prices and selling it at a higher price,” pointing out that

 “there is a clear error in the Central Bank’s controls in granting licenses to foreign and Arab banks to work in the Iraqi banking sector.” 

*US sanctions

 In addition, economic expert Nabil Al-Marsoumi confirms that the US Federal Reserve’s sanctions revealed the falsity of the strict US administration on Iraqi banks only, while he stressed that

the current central bank law has made Arab banks dominate Iraqi banks.

Al-Marsoumi said in an interview with the Maalouma Agency,

 “The American ambassador contradicts the statements by talking about the development of the Iraqi banking system at a time when the Federal Reserve continues to issue sanctions,” noting that

 “the recent sanctions reduced the number of Iraqi banks to only five banks on the electronic platform.”  He continues,

 “Arab capital opened banks with Iraqi names and management in order to enter the currency auction and the electronic platform,” adding that

 “the issue of granting licenses requires reconsideration of Arab and foreign investments within the country.”  Al-Marsoumi continues his speech:

  “The basic law stipulates that the percentage of Arab banks is not allowed to increase by more than 49%,

but the current Central Bank law allows Arab banks a percentage of up to more than 80%,” adding that

“the current Central Bank law has made Arab banks dominate the Iraqi banks.

 *Bank profits

 For its part, an informed source reveals that Jordanian, Kuwaiti, and Qatari banks operating in Iraq achieved profits estimated at 200 billion dinars in just three months, while he confirmed that the

Kuwaiti-owned Bank of Baghdad recorded profits worth 88.3 billion dinars, while the

 National Bank (of Jordan) recorded profits worth 88.3 billion dinars. Its profits amounted to 84.4 billion dinars.

 The source, who preferred to remain anonymous, said in an interview with the Maalouma Agency,

 “During the same period, Al-Mansour Bank, which belongs to Qatar, achieved profits amounting to 27 billion dinars,” indicating that

 “the error began with granting licenses to Arab banks to work in… Iraqi Financial Market.  He added,

 “The Central Bank’s policy will contribute to losing control over the banking system, which will remain in the hands of the United States and Jordanian banks,” warning against “exploiting this file politically in the future.”

 Many political and popular parties criticized the courtesy shown by the Iraqi governments towards the Jordanian, Emirati and Gulf banks and granting them privileges, facilities and illegal licenses, in light of their hostile policy towards the country on many issues, as well as their support for the usurping Zionist entity against the Palestinian people who have reached… Use of airports, equipment and military aircraft. Ended 25/Jالمصارف-العربية-تكتسح-منصة-الدولار-عقوبات-واشنطن-تجمد-العراق

Iraq Has The Tenth Worst Economic Growth In The Last 5 Years

May 10, 2024 Follow-up/National News Center   Iraq ranked highly globally among the countries with the least economic growth during the last 5 years, while poor economic growth was concentrated in the countries of Africa and the Middle East due to Corona and then the conflicts that have existed so far.

Iraq ranked 10th globally out of 190 countries around the world, as the tenth worst country in terms of economic growth during the years between 2020 and 2024.

 Iraq’s economic growth during these last five years

     reached negative 0.8,

     ranking it tenth globally, and the

     third worst Arab economic growth after Sudan and Yemen.

Sudan came in first place as the worst country in terms of economic growth between 2020 and 2024, reaching negative 5.6%.

 On the contrary, Albania ranked last on the list of countries with poor economic growth, which makes it first in the world in terms of economic growth during 2020 to 2024, with a growth rate of 3.3%, according to “Seaworld.”    

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Provoking Thoughts and Points to Ponder on Advice :

Be frank and explicit. That is the right line to take when you wish to conceal your own mind and to confuse the minds of others.  – Benjamin Disraeli

To make pleasure pleasant, shorten.  – Charles Buxton

Put all thine eggs in one basket and – watch that basket.  – Mark Twain

It has seemed to be more necessary to have regard to the weight of words rather than to their number.  – Cicero

Don’t offer me advice, give me money.  – Spanish proverb