TNT – “Tidbits From TNT” Monday Morning 12-11-2023

CandyKisses:  Border forces thwart attempt to smuggle 76 bank cards at Najaf International Airport

Economy Baghdad News

The Border Forces Command announced, on Sunday, the seizure of (3) defendants in possession of (76) bank cards prepared for smuggling at Najaf International Airport.

The command said in a statement, seen by “Economy News”, that “the detachments of the police station Kumarak Najaf Airport of the police directorate of the fifth region (3) managed to seize defendants in possession of (76) bank cards of various types.”

She pointed out that “it was packed with sums of money prepared for smuggling,” noting that “the report of the seizure of assets was organized and the seizures were referred to the competent authorities.”

Tishwash:  Samsung: Iraq represents the most prominent market in the Middle East

Samsung Electronics Levant and a number of media representatives discussed ways to enhance cooperation in a way that serves and strengthens the local market. The company expressed its thanks and appreciation to its media partners and journalists who contributed to the success of Samsung’s events and covered its news with all dedication and mastery. 

On this occasion, Sangmin Kim, General Manager of Samsung Electronics Levant in Iraq, said: “We are very grateful for the efforts of all media professionals and journalists for their constant support and great contribution to our success here in Iraq. Your strong and effective concern for the presence of the Samsung brand in all media outlets It contributes significantly to conveying our message and achieving our goals in the Iraqi market.”

Kim added: “Samsung is keen to hold this type of event that brings it together with its partners who have always contributed to its success, with the aim of strengthening the ties between Samsung and the press and media sector on the one hand, and enhancing communication with them and informing them of the achievements and developments that Samsung has achieved from generation to generation.

 It is distinguished by The Iraqi market is one of the most important markets in the Middle East and North Africa, which Samsung seeks to supply and enrich with the latest devices, accessories and technologies, as well as achieving further growth in it by meeting the needs and desires of our customers in a way that exceeds their expectations.”

The event included an exchange of conversations between Samsung and representatives of media companies about the Iraqi market and the needs of customers in it. Samsung displayed the most prominent technologies that it was keen to have in the Iraqi market, including SmartThings technology, which contributed to making customers’ lives easier and more flexible. link

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Tishwash:  An organization estimates that there are 90 trillion dinars outside the banking system

The “Future Iraq” Foundation for Economic Studies and Consultations counted the local currency circulating outside the country’s banking system during the year 2023, and said that it exceeded 90 trillion dinars.

The institution stated in a report that the value of the issued cash currency increased from 78 trillion dinars at the beginning of the year 2022 to reach more than 102 trillion dinars at the end of the year 2023, with a growth rate in the issued cash currency amounting to 9.24% during 2023 and a growth rate in 2022 amounting to 20%, an increase over the year. 2019 by 58 trillion Iraqi dinars, according to data from the Central Bank of Iraq.

The report added that the cash currency outside the banking system amounted to approximately 93 trillion Iraqi dinars, an increase of 30% compared to 2022, and it is the highest volume of funds existing outside the banking system throughout the history of the Iraqi banking system.

According to data from the Ministry of Planning, the population of Iraq in 2023 reached approximately 43 million people, representing only 60% of them over the age of 15 years. Therefore, the number of Iraqis’ population who are more than 15 years old exceeds 26 million people, and based on the Ministry’s figures Work, which indicates that the size of social welfare beneficiaries is approximately 14 million people, while the number of adult Iraqi citizens who are not covered by social welfare is approximately 12 million people.

The report indicated that, based on data from the Ministry of Labour, the Ministry of Planning, and the Central Bank of Iraq, it can be concluded that the average value of each Iraqi’s 12 million people hoarding money in the Iraqi currency “exclusively” is approximately 7.2 million Iraqi dinars per citizen, higher than the year 2019, which was approximately 4 million. Iraqi Dinar.

According to the Foundation, considering that each home contains at least two adults (a man and a woman) who are not covered by social care, the rate of each Iraqi home hoarding money exclusively in the Iraqi currency amounts to 15 million Iraqi dinars, which is a higher percentage than in 2019, which was approximately 8.12 million dinars. Iraqi.

The report noted that, based on these official figures issued by official bodies, every adult Iraqi citizen over the age of 15 (man and woman) who is not a beneficiary of social welfare was able to increase his money stored in Iraqi dinars by 1.2 million Iraqi dinars during the years 2022 and 2023 despite From the decline in the value of the dinar compared to the dollar in the local market, in addition to the rise in commodity prices and the rise in inflation rates by 4%, according to data from the Ministry of Planning.

Hoarded money is defined as the value of money that a person keeps away from the banking system, and does not invest it or buy his own assets, but rather keeps it away from financial institutions and exclusively in the Iraqi currency and not in other currencies.

The institution concluded in its report that some believe that these numbers may be illogical, and that Iraqis are suffering from a major shortage of funds and deteriorating social conditions. However, what is proven is that the Central Bank of Iraq has, in two years, exported more than 24 trillion Iraqi dinars, warning that more Of the 22 trillion Iraqi dinars that were hoarded by adult citizens and non-beneficiaries of social welfare.  link